Bank Niaga pays dividends

Bank Niaga pays dividends

JAKARTA (JP): Bank Niaga, a private bank listed on the Jakarta
Stock Exchange, will distribute dividends of Rp 13.57 billion or
Rp 235 (10.6 U.S. cents) per share for the 1994 book year.

Gunarni Soeworo, the bank's president director, said that the
dividends will be distributed to its shareholders in August.

She explained the bank's net profits rose by 20 percent last
year to Rp 41.67 billion from Rp 34.66 billion in 1993. "The net
profit is expected to grow by 30 percent this year," she added.

The bank's assets as of last December reached Rp 4.89
trillion, up 22.99 percent from Rp 3.98 trillion in the previous
year, she said following the bank's annual shareholders meeting
Tuesday.

In the first quarter of this year, the bank's assets grew by
18.2 percent to Rp 5.04 trillion from Rp 4.26 trillion in the
same period last year.

Soeworo said the bank also announced the formation of a three-
member auditing committee responsible for controlling the bank's
financial operations, as required by the Indonesian central bank,
Bank Indonesia.

The committee was chaired by George S. Tahija, she added.(32)