Danamon achieves ISO

Fri, 13 Jun 2003

JAKARTA: Newly divested Bank Danamon announced on Thursday that it had won ISO 9001 for quality management from PT SGS International Certification Services Indonesia.

The company, in a statement, said that the award was in line with the company's success in increasing its net profit as of May this year to Rp 559 billion (US$68 million) from Rp 346 billion in the same period last year.

Danamon's non-performing loan (NPL) was down to 3.4 percent as of May this year, from 4.4 percent in December 2002. However, its capital adequacy ration (CAR) declined to 24.9 percent from 25.3 percent in December last year.

A consortium of Temasek Holdings Pte. Ltd. and Deutsche Bank own a 51 percent stake in the bank after it won an auction in May. -- JP

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