Indonesia’s BNI grows in Saudi Arabia

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Indonesia’s state-owned financial services major Bank Negara Indonesia (BNI) is expanding in Saudi Arabia in an effort to tap the Middle East banking market, local Indonesian media reported on October 20.

The bank, Indonesia’s fourth-largest by assets, plans to open a branch in Jeddah, Adi Setianto, director for treasury and finance, told the Kotan news portal. The bank plans to open additional branches in Mecca and Medina, he said.

Those branches will bring the number of Bank Negara Indonesia’s outlets in the region to seven. The bank currently operates branches in Riyadh, in Qatar, the United Arab Emirates and Kuwait.

“There is a large potential in the region. Not to mention, Saudi Arabia is an entryway to Africa,” Setianto told Kontan.

Bank Negara Indonesia is focusing on conventional as well as Shariah-compliant financial services and banking products, including insurance and securities services.

Currently, the bank has 168 domestic branches, 912 domestic sub-branches, four overseas branches located in Singapore, Hong Kong, Tokyo and London and one representative office in New York.

On October 22, the bank reported that its net profits rose by 24.5 per cent as the company managed to press down its cost of funding amid moderate growth in loan disbursement. The bank booked 5.04 trillion rupiahs ($524 million) in net profits up to the third quarter of 2012 compared with 4.1 trillion rupiahs in the same period last year. The growth was supported by lower bad debt provisions, a lower tax level and growing interest income, the bank’s finance director Yap Tjay Soen said in the quarterly report.

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Reading Time: 1 minute

Indonesia’s state-owned financial services major Bank Negara Indonesia (BNI) is expanding in Saudi Arabia in an effort to tap the Middle East banking market, local Indonesian media reported on October 20.

Reading Time: 1 minute

Indonesia’s state-owned financial services major Bank Negara Indonesia (BNI) is expanding in Saudi Arabia in an effort to tap the Middle East banking market, local Indonesian media reported on October 20.

The bank, Indonesia’s fourth-largest by assets, plans to open a branch in Jeddah, Adi Setianto, director for treasury and finance, told the Kotan news portal. The bank plans to open additional branches in Mecca and Medina, he said.

Those branches will bring the number of Bank Negara Indonesia’s outlets in the region to seven. The bank currently operates branches in Riyadh, in Qatar, the United Arab Emirates and Kuwait.

“There is a large potential in the region. Not to mention, Saudi Arabia is an entryway to Africa,” Setianto told Kontan.

Bank Negara Indonesia is focusing on conventional as well as Shariah-compliant financial services and banking products, including insurance and securities services.

Currently, the bank has 168 domestic branches, 912 domestic sub-branches, four overseas branches located in Singapore, Hong Kong, Tokyo and London and one representative office in New York.

On October 22, the bank reported that its net profits rose by 24.5 per cent as the company managed to press down its cost of funding amid moderate growth in loan disbursement. The bank booked 5.04 trillion rupiahs ($524 million) in net profits up to the third quarter of 2012 compared with 4.1 trillion rupiahs in the same period last year. The growth was supported by lower bad debt provisions, a lower tax level and growing interest income, the bank’s finance director Yap Tjay Soen said in the quarterly report.

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