TheJakartaPost
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Credit growth rose 7.74 percent year-on-year (yoy) to Rp 8.3 quadrillion (US$493 billion) in November, accelerating from growth of 7.36 percent yoy in October, according to the Financial Services Authority (OJK).
A consolidation push in the banking industry looks set to make small lenders targets of mergers and acquisitions as the Financial Services Authority (OJK) wants to eliminate the lowest core capital category, which currently dominates the industry.
Bank Central Asia (BCA) posted a net profit of Rp 29 trillion (US$1.7 billion), up 8 percent year-on-year (yoy), in the first half of this year, in line with growing loan disbursement and funding, as well as rising transaction volume.
A series of corruption and fraud cases have been uncovered at several regional development banks (BPDs), including Bank Jabar dan Banten (BJB), Bank DKI Jakarta, Bank Jatim and Bank Jateng. These cases involve practices such as side streaming, fictitious debtors, hidden debtors and document forgery, resulting in losses amounting to trillions of rupiah. The revelations have raised serious concerns about weak corporate governance in the BPD sector.
Traders in Jakarta are bracing for the inauguration of Donald Trump as US president on Monday and will watch closely for his day-one policies, especially for potential changes in trade and immigration policies that could impact global business and investor sentiment.
