JAKARTA: PT Bank Pan Indonesia Tbk targets to generate IDR1.95 trillion net profit in 2011 or grows by 30% of the target this year of IDR1.5 trillion.Vice President Director of Roosniati Salihin Bank Panin was optimistic the profit next year could reach the target along with the credit growth set at 30%."Net profit next year will not be as large as in 2010, because in terms of funding this year is cheaper than the previous years so the growth is 80.95% up to end of September," he said in public expose yesterday.Up to end of 2010, the company targets IDR1.5 trillion net profits. Up to September, Bank Panin recorded the net profit growth of IDR1.13 trillion or grew 80.9% from IDR625 billion last year."We expected profit by end of the year it could meet the target. For the credit in quarter IV is estimated to rise 2 percent so the 2010 credit grows as targeted by 31%-32%," she said.Besides, the company will also keep the DPK growth by 30 percent every year. Up to September, Bank Panin recorded DPK IDR69.2 trillion or grew 30% from DIR53.55 trillion last year.To backup credit expansion next year, Roosniati unveiled the company will open 500 branch offices and focus on commercial sector financing next year.
"Along with the credit expansion in the future we will add branch office so far, the company has got 420 branch office and will keep growing next year," he said.Bank Panin is the bank with the seventh largest assets in Indonesia. Early November the bank issued two bonds to meet the business expansion needs. First, it is Bank Panin IV/2010 bonds with fixed rate worth IDR540 billion. The five years tenured bond here got idAA rating from Pefindo.Second, it is Bank Panin III/2010 subdebt with fixed rate worth IDR2.46 trillion. The seven years tenured bonds here got idAA- from Pefindo.She said next year the company still plans to issue subdebt to support the 30% credit expansion. But he failed to mention the exact number.
"Subdebt here becomes the option due to the average short term funding resource," he said.She said the bond issuance is done upon considering the corporate assets worth IDR100 trillion and third party fund of IDR70 trillion so far.
In addition to last month, Bank Panin has issued the first subdebt in 2003 worth IDR1.3 trillion maturing in 2008. Then in 2008 the company issued IDR1.5 trillion subdebt. (NOM)
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