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)