Panin books Rp877b profit

JAKARTA: Panin Bank more than doubled its net profit for this year to Rp 877 billion (US$93 million), from Rp 427 billion the previous year.

The profit came mainly from the bank's achievement in booking total revenue of Rp 1.19 trillion in credit interest and Rp 527 billion in fee-based income, a press statement from the bank said.

Panin Bank's lending over the year, meanwhile, increased by 29 percent to Rp 11 trillion, on the back of an improving consumer credit portfolio to small and medium-sized enterprises (SMEs) throughout the year.

The bank's assets also rose by 21.6 percent to Rp 22.96 trillion, while its third-party liabilities increased by 30 percent to Rp 15 trillion.

With the year's profit, management has decided to pay out a total of Rp 321 billion in dividends to shareholders, or Rp 20 per share.-- JP