Danamon pays dividends

JAKARTA (JP): The publicly-listed Bank Danamon will distribute a cash dividend of Rp 80 (3.6 U.S. cents) per share for its 1994 book year.

The bank said, in a statement, that the dividend payout plan was endorsed by the bank's shareholders in an annual meeting on Friday.

It said that in 1994, the bank's after-tax profit doubled to Rp 97 billion from Rp 48 billion in the previous year.

About Rp 35.84 billion of the 1994 profit would be distributed as dividends to existing shareholders and the remainder would be retained to support the expansion of its networks.

Total assets of the bank, which is listed on Jakarta and Surabaya stock exchanges, rose by around 28 percent to 10.5 trillion as of last December, from Rp 8.2 trillion as of the end of 1993.

The statement said that the shareholders approved the appointment of Nienie Narwastu Admajaya as the bank's new president to replace R. Bientarno.(hen)