Bank Muamalat to offer 30% of shares, wants capital a third higher | Company data
(Insider Stories) – Indonesian shariah bank PT Bank Muamalat expects to raise IDR2.5 trillion from a secondary public offering of up to 30% of its shares, with PT Bahana Securities and PT Danareksa Sekuritas as joint lead underwriters on the deal that it hopes will increase its capital by a third and allow it to lend more aggressively.
“We want to increase our capital from IDR3.7 trillion to IDR5 trillion after the secondary publc offering,” Bank Muamalat CEO Arviyan Arifin told The Insider Stories. It expects lending to grow 37% to IDR45 trillion this year with 43% in corporate loans and 57% in retail loans and targets net profit rising 80% to IDR800 billion. Net profit in the first quarter of 2013 rose 65.21% to IDR190 billion.
Bank Mumalat Finance & Operations Director Hendiarto said in 2012 Bank Muamalat’s net profit rose 42.3% from IDR273.6 billion to IDR34.9 billion. Loans grew 46.3% to IDR32.9 trillion from IDR22.5 trillion in 2011 while total deposits were IDR34.9 trillion, up 30.4% from IDR26.8 trillion. Total assets rose to IDR44.9 trillion from IDR32.5 trillion.
In March Muamalat issued IDR700 billion of Islamic subordinated loans underwritten by Bahana, Danareksa and PT Indo Premier Securities Indonesia. It operates 82 branches and 475 ATMs.
