Bank Negara Indonesia books $1.37M lending profits in NY

The New York branch of state-owned Bank Negara Indonesia booked net profits of US$1.37 million from credit issued in the first eight months of this year.

The branch generated a net profit of $871,000 in the same period in 2011.

BNI New York manager Mohammad Yudayat said that the lender generated income from significant US-based companies and Indonesian business players striving to penetrate the US market.

Yudayat made his remarks in New York on Sunday before the start of the high-profile Indonesia Investment Day at the New York Stock Exchange on Monday.

President Susilo Bambang Yu-dhoyono opened the event by ringing the bell at the New York Stock Exchange Euronext to mark the start of trading.

Yudayat classified Bank BNI New York’s major customers into three groups.

The first group, he said, comprised local companies issued export-import financing and total outstanding credits of $27.6 million.

Yudayat said that out of the credits, $7.8 million was loaned to Global Airtech, which supplies aircraft spare parts, and Golden Nest, which produces swallow nest beverages.

Global Airtech and Golden Nest are new Bank BNI New York customers that were approached in the last two years.

The second group comprises firms given about $10 million in inter-country financing from a major oil company from Indonesia, Medco Energy.

The third group comprised 16 firms given syndication financing valued at $104 million, including financing for five companies: Verifone, Omnicare, RPI Finance Trust, Jazz Pharmaceuticals and Oxbow Carbon.

“The five received financing from BNI New York worth $37 million, with agreements reached in 2012,” according to Yudayat.

BNI New York managed to book total lending of $142 million from the three groups of customers as of Aug. 31, which was a major source of the $7.1 million in profits that the branch booked as of Aug. 31.

Irzal said that BNI New York recorded assets of $288 million as of Aug. 31 this year, up 27.83 percent from $225 million in the same period last year.

For more.

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