Bank Tiara's profit soars

Bank Tiara's profit soars

JAKARTA (JP): Bank Tiara, a publicly listed private bank,
reported a 90 percent increase in its after-tax profit to Rp 19
billion (US$8.48 million) or Rp 254 per share last year from Rp
10 billion or Rp 183 per share in 1993.

The bank said yesterday that the development of its marketing
strategy and the fee-based income contribution of 15.4 percent
caused its revenues to increase by 58.8 percent to Rp 140 billion
last year from Rp 88 billion in 1993.

Its total assets as of the end of last year reached Rp 1.07
trillion, up from Rp 648.64 billion as of the end of 1993, it
said.

It said that its loan to deposit ratio at the end of last year
was recorded at 93.5 percent and its capital adequacy ratio at
11.5 percent.

The bank said that it plans to distribute cash dividends of Rp
40 per share, totaling Rp 6 billion.(32)