Sharp decline in bad debt pushes up Bank Permata’s profit

first_imgThe bank also demonstrated continued asset quality improvement amid global and domestic economic challenges throughout 2019, as seen in a decline in the nonperforming loan (NPL) ratio to 2.8 percent in December 2019 from 4.4 percent a year earlier.The publicly listed bank noted that the improvement of the ratio was a result of the restructuring of nonperforming loans, loan write-offs and loan settlements.“Our efforts to maintain healthy asset quality, cost-efficient operations, a healthy NPL ratio and innovation, particularly through digitalization, have been the keys to success in achieving the bank’s 2019 revenue targets,” the bank’s president director, Ridha D. M. Wirakusumah, said in a statement.The lender’s profitability also showed an improvement, as reflected in its net interest margin (NIM), which grew to 4.4 percent by the end of the fourth quarter of 2019 from 4.2 percent in September 2019 and from 4.1 percent in December 2018.In its technological efforts, the bank highlighted strategic collaboration with fintech firms and notable achievements in digital banking through API Banking, PermataMobile X, and its new all-digital model branch, Ridha said.Thailand-based Bangkok Bank agreed in December 2019 to assume control of Bank Permata for around US$2.67 billion by acquiring a stake of 89.12 percent from British financial giant Standard Chartered and Indonesian diversified conglomerate PT Astra International.Shares in Bank Permata, traded on the Indonesia Stock Exchange under the code BNLI, closed at Rp 1,215 on Wednesday, unchanged from the previous trading day. (ydp)Topics : Bank Permata has seen its profit grow more than 66 percent in 2019 thanks partly to a significant decline in its nonperforming loans.Bank Permata financial director Lea Kusumawijaya said in Jakarta on Wednesday that the lender’s net profit rose by 66.5 percent to Rp 1.5 trillion (US$109.73 million) in 2019, despite the challenging economic situation during the year.The increase in profit was supported by a sharp decline in the provision for bad debt, as well as by a 5.6 percent increase in net interest income (NII) and a 24.3 percent rise in fee-based income, Lea said.last_img read more

Investors keen on northern suburbs despite lack of stock in area

first_imgMore from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019One of the rooms inside 281 Kitchener Road, Stafford Heights.He said investors and first homebuyers were keen on purchasing properties in the area.“I’ve had multiple offers on nearly every property,” he said.“There is a lack of stock. I am getting calls from 120 to 130 buyers every month wanting to buy. It’s about competition all the time.”Mr Jessup said investors from Melbourne and Sydney were looking for properties up to $600,000, within 10km from the city.He said the drawcard to the Kitchener Rd home, on a 597sq m block, was that it was a solid double brick home needing some updating. “There’s just nothing under $500,000 around here, that’s why it went,” he said. 281 Kitchener Road, Stafford Heights.A Stafford Heights property has proved extremely popular with buyers keen on a double brick home which sold for $479,000. Selling agent Jonathan Jessup from Johnson Real Estate Chermside said the three-bedroom and one-bathroom residence at 281 Kitchener Rd was bought by a single man last Wednesday.“It sold over the asking price, and I had about three to four offers on the property,” he said. “I’ve just sold 19 houses this year in and around the northern suburbs.”last_img read more