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)