JAKARTA. PT Bank BTPN Tbk (BTPN) has decided not to distribute dividends to shareholders despite having reached Rp 2.26 in net profit in 2018.
This was conveyed by BTPN President Director Ongki Wanadjati Dana after the company's Annual General Meeting of Shareholders (AGM) in Jakarta today (15/2).
Mr Dana said BTPN's profit this year will be retained as capital to improve the company's performance. "This year all of our profit will be placed as a return earning," he said.
Mr Dana also affirmed that BTPN will strengthen its working capital this year from the 2018 net profit. "Certainly this net profit will strengthen our capital," he said.
BTPN's net profit was recorded with a 59.15% growth. Mr Dana said this growth is significant because it was the consolidated profit between BTPN and PT Bank Sumitomo Mitsui Indonesia (SMBCI). In 2017, BTPN's net profit had been recorded at only Rp 1.42 trillion.
The two banks were previously merged on February 1, with BTPN as the receiving bank. Pemeringkat Efek Indonesia (Pefindo) awarded BTPN an AAA rating with a stable prospect following the merger. (KR/MS)