JAKARTA: PT Bank Muamalat Indonesia Tbk made profit before tax of IDR374 billion in 2011, or increased by 61.85% compared to the previous year.
Director of Bank Muamalat Andi Buchari said the increase in earnings ratio is affected by the better corporate efficiency and financing business development. (source)
Director of Bank Muamalat Andi Buchari said the increase in earnings ratio is affected by the better corporate efficiency and financing business development. (source)
"Our profit before tax in 2011 is about IDR374 billion. That is the unaudited one, because the audit process is still ongoing," he said yesterday.
In 2010, the first and the second largest Islamic bank in Indonesia established in 1991, recorded position IDR231.07 trillion of profit before tax, with IDR170.94 trillion of net profit.
According to Andi, the company's income is actually higher, because Bank Muamalat posted the allowance for possible losses earning (PPAP) of 120%, above the required provision of 100%.
"We do it in accordance to the central bank regulation to strengthen our reserve in facing the global crisis. If we make only 100% of reserve, the actual profit could be even greater," he explained.
He explained the company's efficiency can be seen in the ratio of operating expenses and operating income (BOPO), to about 85%. The 2010 company’s BOPO was 87.38%.
The efficiency is also gained by boosting the number of automated teller machines (ATMs), so the cost of using another bank's ATM network can be cut. Last year, the bank’s ATMs were 500 units.
"Our network expanded and our business continued to grow with labor efficiency. With Rp32 trillion of assets, our employees are only 3,600 people, "he said.
Andi said the increase in profits is also driven by the growing lending by 50%-52%, to IDR23.89 trillion at the end of 2011. "Our financing portion is still dominated to retail business with a share of 55%-60% and the rest is to corporation," he said.
The bank's third party funds grew 50%-52%, in line with the increasing financing, to IDR26.05 trillion. "In total, our assets grew about 52% to IDR32.5 billion," he explained. (t03/ags)
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