Permata may give dividend next year

JAKARTA: Bank Permata, the country's seventh largest bank in term of assets, said on Friday it might distribute dividends in 2004 as it projected an impressive performance this year.

Permata's president Agus Martowardojo said the bank was optimistic about its capacity to pay out dividends next year in view of the "a better than expected increase in the bank's revenue this year.

However, the bank should first seek approval from its shareholders of the plan.

As of the first semester of this year, Permata booked a Rp 151.4 billion (US$18.2 million) net profit, up from Rp 47.8 billion in the same period last year.

The bank has set a net profit target for this year of more than Rp 200 billion, higher than the initial target of Rp 118 billion.

The bank is now 97.67 percent owned by the government with the public holding the remaining 2.33 percent. The government acquired the shares following its injection of around Rp 11 trillion-worth of recap bonds into the bank. -- JP