BII returns to profit in 2002

BII returns to profit in 2002

JAKARTA: Bank Internasional Indonesia (BII) said on Monday it posted a net profit of Rp 132.52 billion (US$14.9 million) last year against a loss of Rp 4.13 trillion in 2001 due to an asset write-back.

The company booked interest income of Rp 3.09 trillion, down from Rp 3.33 trillion the previous year.

It recorded a net interest loss of Rp 49.30 billion against a net interest profit of Rp 40.62 billion a year earlier.

But it posted an operating profit of Rp 86.76 billion against a loss of Rp 3.60 trillion in 2001 thanks to the write-back of a Rp 736.04 billion rupiah assets provision write-off.

At the end of 2002, BII's capital adequacy ratio rose to 33.21 percent from a negative 47.41 percent. The sharp rise was mainly attributable to government recapitalisation through a Rp 4.8 trillion rights issue last year.

The Indonesian Bank Restructuring Agency took over BII as part of a massive bank bailout after the 1997/98 financial crisis. -- AFP