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)