Bank Pundi’s Profit Plummets 89%

JAKARTA (Yosefardi) – Bank Pundi, controlled by PT Recapital Securities, posted net profit of Rp5.7 billion in the first half of 2013, plummeted 89% from Rp55.45 billion in the corresponding period of 2012.
Bank Pundi, which had total assets of Rp8.22 trillion as of June 30, 2013, actually reported 12% growth in net interest income to Rp494.4 billion in the first half.
Non-interest operational revenues, however, dropped substantially by 26% to Rp103 billion, while non-interest operational expenses grew significantly by 20% to Rp593 billion, mainly due to substantial increase in labor costs.
Accordingly, Bank Pundi’s operating profit crashed from Rp88.5 billion to Rp5.2 billion in the period.
Other than Recapital Securities, which holds 67.85% shares, IF Services Netherlands BV owns 13.34% shares, while Pershing LLC with 10.71%.