Ficorinvest announces decline in dividends

Ficorinvest announces decline in dividends

JAKARTA (JP): A profit decline in 1993 is forcing Ficorinvest
Bank to reduce its dividends distributed to shareholders to Rp
310 (14.3 U.S. cents) per share, compared to Rp 392 in 1992.

The bank's directors reported to an annual meeting of
shareholders here yesterday that the bank's net profits fell by
20.9 percent to Rp 6.2 billion (US$2.87 million) last year from
Rp 7.8 billion in 1992.

Revenues from interest declined to Rp 15.7 billion from Rp
17.7 billion, while those from other sectors, including those
from brokerage activities of the bank's subsidiary, PT Ficoritas,
rose 40 percent to Rp 2.4 billion from Rp 1.7 billion.

The directors said an additional subordinated borrowing of Rp
30 billion from majority shareholders has improved the bank's
+capital, bringing its capital adequacy ratio to 16.1 percent at
the end of last year.

The bank's total assets increased from Rp 597.6 billion as of
the end of 1992 to Rp 714.8 billion as of last December.

Bank Indonesia, the central bank, is the majority shareholder
of Ficorinvest Bank with a stake of 71 percent, while PT Bina
Usaha Indonesia holds four percent and the investing public 25
percent.

In yesterday's meeting, the shareholders approved the
appointment of Haryono as chief commissioner and Surasto as
commissioner of Ficorinvest Bank. They also assigned S. Sumeri as
a director.(yns)