BII earmarks 35% of profit for dividend

The Jakarta Post ,  Jakarta   |  Wed, 04/05/2006 9:25 AM  |  Business

JAKARTA: Bank International Indonesia (BII) will set aside 35 percent of its 2005 net profit, or Rp 254 billion (some US$27.9 million), for the payment of a dividend, a shareholders meeting decided Tuesday.

""The decision was made during the meeting although we have yet to decide on the mechanism, or when we will pay the dividend,"" said BII director Sukatmo Padmosukarso.

BII president Henry Ho said the bank's net profit declined 12 percent to Rp 725 billion in 2005 from Rp 822 billion the year before amid a high inflation and interest rate environment.

For 2006, however, Ho was optimistic that the lender would be back on the profit growth trail, forecasting a 20 to 25 percent increase in lending expansion. As of the end of 2005, the bank was owed outstanding loans of Rp 22.1 trillion. (06)

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