IBRA raises Rp 5.7t revenue

IBRA raises Rp 5.7t revenue

JAKARTA: The Indonesia Bank Restructuring Agency (IBRA) raised Rp 5.7 trillion in revenues during the first quarter, said an agency official.

IBRA's Chairman Syafruddin Temenggung said late Wednesday that the amount surpassed IBRA's target of raising Rp 3 trillion in the first quarter of the year.

The revenues were garnered from the sale of bad loans, debt collections and sales of property assets.

IBRA, which was established in early 1998, is tasked to recover nearly Rp 300 trillion in banks' bad loans and to sell assets pledged by former bank owners to settle their obligations with the government.

IBRA is racing against time to sell the assets before it will be dissolved at the end of the year. It's aiming to raise Rp 18 trillion this year to help finance the deficit in the state budget.

It's in the midst of selling Bank Danamon Indonesia, from which it expects to raise $400 million. -- Dow Jones