Bank NISP's profit up 198%

JAKARTA (JP): Publicly-listed Bank NISP almost doubled its net profit to Rp 58.05 billion (US$6.1 million) last year and increased its total assets to Rp 5.26 trillion from Rp 4.04 trillion in 1999, the bank said in a statement.

The bank said its lending operations also expanded to Rp 3.02 trillion from Rp 1.35 trillion and total deposits raised were up 45 percent to Rp 3.97 trillion in the period under review.

According to Bank NISP, the International Finance Corporation, the private sector arm of the World Bank, officially became one of its shareholders with 9.6 percent ownership last year through the second rights share issue which raised Rp 47 billion.

"The IFC also has committed to eventually increasing its ownership in Bank NISP to 15 percent," the bank said, adding that it is now the only bank in the country that is owned partly by the World Bank affiliate.

It said part of the fresh funds raised through the second rights issue was used to increase Bank NISP's capital so that its capital adequacy ratio (capital against risk-weighted assets) rose to 12 percent, far higher than the minimum 8 percent required by the central bank by the end of this year.