Lippobank's profit rises

Lippobank's profit rises

JAKARTA (JP): PT Lippobank, an affiliate of the Lippo Group,
has reported a 52.6 percent increase in after-tax profit to Rp
31.1 billion (US$14.32 million) during the first six months of
this year over the same period of last year.

The bank's president, Markus Parmadi, said in a statement here
on Saturday that its before-tax profit posted a significant
growth to Rp 47.9 billion from Rp 31.4 billion.

The bank stockholders' equity also increased by 87.4 percent
to Rp 414.8 billion due to the proceeds of a one-for-three rights
issue in late 1993 and earnings retained from profits, he said.

He said the bank's capital adequacy ratio (CAR) now stands at
10.27 percent.

With its 241 branches throughout the country, the bank, which
had total assets of Rp 5.69 trillion as of June, recorded a rise
in its annualized return on average equity to 1.18 percent, as
compared to 1.03 a year ago, he said. (fhp)