The Jakarta Post
Indonesia’s largest lender by assets, PT Bank Mandiri, has promoted its senior executive vice president of special assets management, Tony Eko Boy Subari, to helm its sharia subsidiary, Bank Syariah Mandiri (BSM), replacing Agus Sudiarto.
The appointment was approved in a general shareholders meeting attended by Bank Mandiri and Mandiri Sekuritas representatives on Tuesday. BSM shareholders also agreed to appoint Achmad Syafei and Ade Cahyo Nugroho as directors.
The general meeting also approved the nomination of Mulya E. Siregar as the sharia lender's president commissioner and Yustandi as commissioner. Mulya previously served in Bank Indonesia as the director of the Sharia Banking Directorate before being transferred to Indonesia’s Financial Services Authority (OJK) as deputy commissioner.
The meeting also agreed to allocate Rp 100 billion of its net profit in 2016 to its general reserves, after allocating Rp 11.15 billion from the bottom line for zakat (alms), while the remainder was kept as retained earnings.
In 2016, BSM reported a 12.38 percent increase in its net profit year-on-year (yoy) to Rp 325 billion. BSM disbursed Rp 55.58 trillion in financing, equaling to a 8.79 percent yoy increase compared to last year’s total financing.
Third party funds grew by 12.62 percent to Rp 69.94 trillion compared to last year.
Meanwhile, its total assets climbed 12 percent to Rp 78.83 trillion, compared to Rp 70.37 trillion in December 2015, with return on assets (ROA) of 0.59 percent in 2016, compared to 0.56 percent in 2015. (ags)