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Private lender Bank Ganesha sees profit skyrocket
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A man speaks to the audience during an event organized by private lender bank Ganesha. (kontan.co.id/Daniel Prabowo)
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ublicly listed private lender Bank Ganesha saw its net profit skyrocket by more than 600 percent to Rp 39.2 billion (US$2.9 million) last year from the Rp 5.5 billion booked in the previous year.
Its revenue jumped by 58.3 percent year-on-year (yoy) to Rp 180 billion, mainly driven by a growth in its net interest income (NII). The lender's NII grew by 68 percent yoy to Rp 160.9 billion while its fee-based income went up by 5 percent to Rp 19.1 billion last year, Bank Ganesha's official statement reads.
"2016 is the year when Bank Ganesha moved forward after its transformation with improvements seen in many business lines, such as loan [disbursement], third party funds, capitalization, branding, organizational capacity and excellence in services," the bank's president director, Surjawaty Tatang, said as quoted in the statement.
(Read also: Bank Ganesha to use IPO to raise status)
Bank Ganesha held its initial public offering (IPO) early last year and since then has focused its investment on product and service development, marketing and branding rejuvenation, office renovation and improvements in information and technology systems.
It channeled Rp 2.43 trillion of loans last year, a 94 percent yoy jump, while its assets value of Rp 4.24 trillion grew by 115 percent yoy.
Bank Ganesha also booked 65 percent growth yoy in its third party funds to Rp 2.73 trillion last year. (bbn)
