(MENAFNEditorial)
JAKARTA April 24 2015—PT Bank Tabungan Negara Tbk. prefers to strengthen its Islamic business unit before deciding to perform a spinoff.
BTN President Director Maryono said the company was not in a rush to separate its Islamic business unit if it is considered not too strong in terms of assets. If forced the impact will be not good.
“We will conduct the spinoff if we already have assets at least IDR15 trillion” he said in the Indonesia Stock Exchange (BEI) Building Wednesday (4/22).
Based on the company’s financial report BTN Syariah has assets worth IDR11.14 trillion at the end of last year or grew by 16.40% from IDR9.57 trillion last year.
If each year BTN Syariah assets can grow around 30%-40% he added the spinoff could be implemented soon.
“If it grows around 30%-40% each year it can conduct the spinoff in the next two to three years” he said.
Despite having a growth in assets BTN Syariah’s profit decreased in 2014. The profit as of December 2014 reached IDR202.14 billion or 11.88% lower than IDR229.38 billion in 2013.
BTN Syariah’s profit fell due to lower profit in BTN as a result of the global and national slowdown over the past year. BTN posted a net profit of IDR1.1 trillion at the end of 2014 or slightly lower than IDR1.5 trillion in the previous year.
In terms of credit BTN channeled loan and financing with a total value of IDR115.9 trillion. The company’s third-party fund (DPK) reached IDR106.5 trillion or higher than IDR96.21 trillion in 2013. The total assets in the company grew 10.22% to IDR144.57 trillion from IDR131.70 trillion in 2013.
As reported earlier PT Bank Danamon Tbk. (Bank Danamon) is also not in a rush to separate its Islamic business unit before the assets are deemed sufficient. Danamon Syariah Director Herry Hykmanto said Islamic business unit should be around IDR8 trillion-IDR10 trillion in order to separate from its parent company. Read more..
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