Foreign banks recorded better 2005 performance

In contrast to the banks owned by Indonesian or majority controlled by foreign investors, the branches of foreign banks such as HSBC, Standard Chartered, and Citibank reported impressive net profit and asset growth last year. But ABN Amro and JP Morgan recorded heavy drop in net profit due to slashed margin despite impressive asset growth.

Citibank: Assets grew 31.6% to Rp32.3 trillion (US$3.29 billion), while net profit increased 19% to Rp1.099 trillion (US$111.8 million).

HSBC: Assets grew 49% from Rp16.38 trillion to Rp24.45 trillion (US$2.49 billion). The bank reported net profit of Rp446 billion (US$45 million) last year, up 13.8% from 2004.

Standard Chartered: Assets grew 35% to Rp19.72 trillion (US$2 billion), while net profit jumped 77% to Rp638 billion (US$65 million).

ABN Amro: Assets increased 24% to Rp18.84 trillion (US$1.9 billion), while net profit dropped significantly by 60% to Rp193 billion (US$19.6 million).

JP Morgan: Assets jumped 115% to Rp4.2 trillion (US$428 million), while net profit dropped to Rp36 billion (against Rp177 billion in 2004).

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