Lippo Securities' dividend

JAKARTA (JP): Publicly listed PT Lippo Securities said yesterday it would set aside Rp 11.1 billion or 24 percent of its net profit last year for dividends.

The company reported at an annual shareholders meeting that its net profit increased to Rp 45.9 billion (US$3.2 million at the current rate) last year from Rp 45.7 billion in 1996.

Nevertheless, the company's operating profit rose 96 percent to Rp 158.9 billion last year from Rp 77.8 billion in 1996. This came from a 88 percent increase in brokerage fees to Rp 54.1 billion and a 284 percent increase in corporate finance receipts to Rp 89.4 billion.

The company booked a paid-up capital of Rp 1.1 trillion at the end of 1997, making it the largest investment bank in the country.

Through internal acquisitions in mid 1996, Lippo Securities bought a 32 percent share of Lippo Life, while Lippo Life bought a 45 percent stake in Lippo Bank. (rid)