Bank Universal's profit

JAKARTA (JP): Publicly listed Bank Universal said on Wednesday its lendings as of September reached Rp 2.1 trillion (US$238 million), far exceeding its Rp 1.7 trillion credit target for the year.

Bank Universal president Stephen Satyahadi said during a public expose at the Jakarta Stock Exchange (JSX) building that the bank also had completed the restructuring of Rp 1.2 trillion in bad loans, thereby reducing its problem loans to 22 percent of total lending, which is below the average level in the banking industry.

The public expose was part of the new requirements imposed by the JSX management on all listed companies, a step meant to ensure compliance with good corporate governance practices.

He said the bank booked a profit of Rp 23 billion in the first nine months of the year, much better than the Rp 20 billion income target set for the entire year.

Satyahadi added that total third-party funds at the bank increased by Rp 900 billion to Rp 9.9 trillion, or more than 92.5 percent of its total assets of Rp 10.7 trillion as of September.