Mochtar appointed as new chairman of Lippo Bank
Mochtar appointed as new chairman of Lippo Bank
JAKARTA (JP): Shareholders of publicly listed Lippo Bank
approved yesterday Mochtar Riady's appointment as chairman
replacing Rudi Bachrie.
Mochtar, who had been the bank's vice president commissioner,
said Lippo bank would look after shareholders' interests by
streamlining itself.
"This is aimed at managing expenses, maintaining the quality
of assets and harnessing technology to enhance competitiveness."
said Mochtar, also chairman of the widely diversified Lippo
Group.
Lippo Bank's president, Markus Permadi, said the bank's
record-breaking performance was consistent from year to year.
The bank, which had a Rp 16.5 billion net profit in 1996, had
a net profit of Rp 39.6 billion (US$16.50 million) in the first
quarter of this year, up from Rp 27.46 billion in the
corresponding period last year.
The bank had a pretax profit of Rp 56.6 billion in the first
quarter this year, up from Rp 38.6 billion in the corresponding
period last year.
It's operating income surged 51 percent to Rp 60.8 billion
from Rp 40.20 billion.
The bank's total assets were worth Rp 10.7 trillion (US$4.45
billion) on March 31, up 42.9 percent on Rp 7.5 trillion a year
earlier.
The bank said its loan portfolio had risen from Rp 6 trillion
to Rp 7.6 trillion with mobilized funds worth Rp 9.2 trillion in
the first quarter, up from Rp 6.6 trillion in the first quarter
of 1996.
"It is clear that we are on the right path to achieving our
strategic goal to become one of the strongest banks in
Indonesia," Markus said.
Lippo Bank, established in 1948, is one of the country's
oldest commercial banks with 307 branches in 104 Indonesian
cities.
The bank has a wide range of retail, commercial, consumer,
international and investment banking products. And has a share in
domestic joint venture banks and financial institutions with
foreign partners, including Banque National de Paris, Tokai Bank,
Daiwa Bank, Bankers Trust and GMAC Finance.
Lippo Bank, a Lippo Group subsidiary, wholly owns merchant
banks in Sydney, Bangkok, Kuala Lumpur, Hanoi and Ho Chi Minh
City. (09)