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Bank Mandiri: global bond issuance scheduled at yearend

January 06, 2010 | Bisnis Indonesia

PT Bank Mandiri Tbk called for the government as the major shareholder to cut down dividend from 2009 net profit by 35 percent as the company needs expansion fund this year.
President Director of Mandiri Agus Martowardojo said the figure here is still lower than the dividend taken from 2008 net profit by 35 percent or IDR1.85 trillion.

"We call for the government to consider the request as we need fund for development. We propose 25-35 percent of the net profit in 2009," he said yesterday.

Agus said with the dividend cut the company could increase the market capitalization so as to compete against the other banks particularly overseas banks.

In May 2009, Bank Mandiri shared IDR88.55 dividend to shareholders. The total dividend here stood at IDR1.85 trillion or 35 percent of the 2008 net profits.

Dividend percentage given the company at the time was far lower than the former year of 90 percent of the total net profit in 2007 which was worth IDR3.91 trillion. At the time, Mandiri shared quite larger dividend due to the quite robust liquidity.

Agus said the 2009 net profit is predicted to rise above 10 percent if compared to the previous year. Mandiri in 2008 booked IDR5.31 trillion net profits or rose 22.3 percent as from IDR4.35 trillion in 2007.

The 2009 credit grew 13 percent from the previous year. Besides, the non performing loan (BPL) ratio stood at 2.85 percent and net NPL 0.45 percent.

"This year we target to grow credit by 15 -17 percent as from 2009," he said.

One of the companies getting credit facility here includes PT Pertamina. Mandiri has so far disbursed IDR5 trillion loan to the oil and gas firm here and it might increase by IDR1 trillion this year.

Director of Bank Mandiri Pahana N. Mansyuri said the company put bond issuance into the company agenda. The global bond issuance is scheduled by end of the year.

"In the near future we have not got any bond issuance scheme. Bank Mandiri has owned US dollar liquidity reserves or worth about US$2.2 billion. We guess the figure is adequate."

Bank Mandiri is one of the state firms planning to issue global bonds in addition to PT Bank Negara Indonesia Tbk and Pertamina.

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