Mar 9, 2011

BRI FY10 net income reaches Rp9.03 trio

PT Bank Rakyat Indonesia Tbk (BRI) bagged Rp9.03 trillion net income during 2010 while Bank Mandiri packed Rp8.8 trillion net income.
Minister of State-Owned Enterprises, Mustafa Abubakar said that such net income jump was mainly backed by the huge credit disbursement from those two lenders.
“After Bank Mandiri conducted the rights issue then the capital is somehow more intensified merely to disburse more credit. The same case applies to BRI that previously issued bonds for earning capital,” he said today.
With such amount of net income, BRI recorded 23.52% growth compared to the net income in 2009, reaching Rp7.31 trillion. The percentage is relatively higher than the company’s net income target at 15%.
In the meantime, Bank Mandiri booked 22.9% net income growth compared to the year before, Rp7.16 trillion.
Mustafa added that besides those two banks, PT Bank Negara Indonesia Tbk and PT Bank Tabungan Negara Tbk also booked a significant net income jump.
“However, for BNI and BTN, we have not received the data. We estimate that the jump is somehow significant,” said Mustafa.
In order to boost the growth of credit disbursement, government through the Ministry of State Owned Enterprises chooses to cut the dividend of state lender from the 2010’s year book.
According to Mustafa, such dividend cut will be also imposed to other state owned enterprises that foster the growth of real sector.

Disclosure: No position at the stock mentioned above.

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