Panin Bank splits stock

Panin Bank splits stock

JAKARTA (JP): Publicly listed Panin Bank will split its shares
in a bid to improve the liquidity of the bank's stock trading on
the local stock market.

Roosniati Salihin, the bank's vice president, said the stock
split was approved on Friday by shareholders in a meeting late
last week.

The 1:2 stock split, which cut the nominal value of the bank's
shares to Rp 250 from Rp 500, doubled the total issued stock to
2.3 billion.

The bank's share price increased sharply on Friday to end the
week at Rp 1,425 from Rp 1,125 on the previous day partly due to
the approval of the its stock split proposal.

She also said the bank's rights issue launched early July
raised the bank's total paid-up capital to Rp 2.79 trillion. The
bank's capital adequacy ratio (CAR) also increased 66.47 percent.

Roosniati also said the bank booked a net interest income of
Rp 273.8 billion in the first half of this year, an increase of
11 percent from Rp 247.7 billion in the same period last year.

The bank booked a profit of Rp 1.27 billion as of June, this
year. (01)