Maybank subsidiary reported net loss

PT Bank International Indonesia (BNII) Tbk, a bank controlled by Malaysia's Maybank, reported consolidated net loss of Rp40.97 billion last year against net profit of Rp468.7 billion in the previous year.

BII actually reported higher net interest income of Rp3.1 trillion against Rp2.75 trillion in 2008. The bank's other operational income declined slightly to Rp1.678 trillion, but its other operational expense increased to Rp3.05 trillion. Provision of write off on productive/non-productive assets surged from Rp1.08 trillion to Rp1.73 trillion. As a result, BII reported operating loss of Rp12.35 billion against operating profit of Rp395 billion in 2008.

BII had total asset of Rp60.96 trillion as of December 2009, increased 7.2% from Dec 2008. The stock closed unchanged at Rp285 today. At that price, BII has market cap of Rp14.258 trillion or about US$1.52 billion.

Two years ago, Maybank paid US$1.24 billion for 55.6% shares of BII. Maybank then purchased 41% shares from the market at Rp510. In total, Maybank spent over US$2.3 billion in BII. Maybank currently controls 97.5% shares in BII.

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