Bank Pelita posts profit

Bank Pelita posts profit

JAKARTA (JP): Bank Pelita, which has been taken over by the
Djojohadikusumos, announced yesterday an increase of its before-
tax profit to Rp 575 million (US$257,000) for the first semester
of this year from Rp 417 million for the entire year of 1994.

The management of the bank issued a statement revealing that
its total assets soared to Rp 317 billion as of June from Rp 140
billion as of last year-end, while its deposits increased to Rp
74 billion from Rp 17 billion.

Bank Pelita, a foreign exchange bank, suffered major setbacks
in its profitability during the last three years. Its before-tax
profit plunged to Rp 417 million last year from Rp 1.5 billion in
1993 and Rp 4.18 billion in 1992.

Last February, the family of economist Sumitro Djojohadikusumo
through the Kredit Asia Group, acquired the 100 percent stake of
Bank Pelita. Following the takeover, the new shareholders
replaced all members of the bank's board of management.

The bank's new directors include Okie Rehardi Lukita, Alfred
Franciscus and Maria Nila Puspa Sidarta, while its board of
commissioners are Sumitro, Hashim S. Djojohadikusumo -- Sumitro's
son -- and Siswanto Sudomo.

Bank Pelita, established in 1967, was formerly majority-owned
by Eka Tjipta Widjaja, the chairman of the well-diversified Sinar
Mas Group, until 1992, when he sold his stake in the bank to
local businessman Boediarto Boentaran.

The Djojohadikusumos also injected fresh funds to raise the
bank's paid-up capital to Rp 35 billion from Rp 10 billion, while
its authorized capital has been raised to Rp 125 billion from Rp
50 billion.

The bank currently has offices in six cities, Jakarta,
Surabaya in East Java, Bandung in West Java, Medan in North
Sumatra, Manado in North Sulawesi and Ujungpandang in South
Sulawesi. (rid)