Niaga bank to open five new branches

Niaga bank to open five new branches

JAKARTA (JP): Bank Niaga, a private bank listed on the Jakarta Stock Exchange, said yesterday that it will open five new branches this year, at a cost of Rp 3 billion (US$1.34 million), and provide 14 additional automated teller machines (ATMs), at a cost of Rp 2.1 billion.

The bank's president, Gunarni Soeworo, said that three of the new branches would be in Jakarta.

The bank currently has 55 branch offices in Indonesia and two overseas branches, which are located in Los Angeles in the United States and in the Cayman Islands respectively.

Gunarni said most of the new ATMs would be in Jakarta.

She said that the bank's net profit had increased by 49 percent to Rp 13.36 billion in the first quarter of 1995, up from Rp 8.97 billion in the same period of last year.

The bank's annual report shows that its net profit increased to Rp 41.66 billion last year from Rp 34.65 billion in 1993.

The bank's total assets as of the end of March reached Rp 5.03 trillion, up from Rp 4.26 trillion at the end of March 1994, she said.

She said that the total loans extended by the bank as of March 31 had reached Rp 3.76 trillion, up 26.4 percent from Rp 2.97 trillion a year earlier. (32)