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)