Aug 27, 2010

Bank Ekonomi 1H operating income up

Publicly listed PT Bank Ekonomi Raharja Tbk (BAEK) today reports a 29.11% rise in net operating income during the first half of this year as a result of higher other operating income.
In the financial statement submitted to Indonesia Stock Exchange (IDX) today, Bank Ekonomi, 98.96% controlled by HSBC Asia Pacific Holdings (UK) Ltd, posted Rp253.25 billion net operating income in 1H 2010 from Rp196.15% a year earlier.
Bank Ekonomi booked a 181.96% jump in other operating income from Rp39.03 billion in 1H 2009 to Rp110.05 billion in 1H 2010. 
But, the bank's net interest income slightly abated 3.49% from Rp427.09 billion in 1H 2009 to Rp412.16 billion in 1H 2010.
Bank Ekonomi's net profit rose 17.06% from Rp164.37 billion in 1H 2009 to Rp192.41 billion in 1H 2010.
As of June 2010, Bank Ekonomi is 98.96% controlled by HSBC Asia, PT Surya Sakti Investment holds 1%, and public share holders hold 0.04% shares.
On 20 October 2008, HSBC Asia Pacific entered into a conditional sale and purchase agreement with several major share holders to acquire 88.89% share ownership of Bank Ekonomi.
Under the terms of the agreement, HSBC Asia Pacific acquired 38.84% stake from PT Lumbung Arlakencana, 38.60% from PT Alas Pusaka, and 11.45% from several individual share holders.
The acquisition became effective upon closing of the transactions. On 22 May 2009, the shares sale and purchase transactions were completed and thus, the acquisition became effective.
Bank Ekonomi stocks are illiquid. The last transaction was on August 4 when the stock jumped 14% to Rp2,850 per share. 

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: