Bank Papan's profits fall

Bank Papan's profits fall

JAKARTA (JP): The publicly-listed Bank Papan Sejahtera posted a decline of 44 percent in its net profits to Rp 9.4 billion (US$4.02 million) last year, it has been revealed.

"It was due to higher provisions for bad credits and narrowing interest margins," Bank Papan's vice president Al Njoo told journalists here on Thursday evening.

Al Njoo said that the management decided to raise the bank's allowance for bad loans from 0.5 percent in 1994 to 1.14 percent last year, an increase of Rp 6.7 billion.(08)