BJB overshoots profit target by 130.3 percent

BANDUNG. Regional Development Bank of West Java and Banten (BJB) reported profit before tax at Rp 1.152 trillion in the first half of the year or already exceeding its annual target by 130.3 percent.

"This is more than we have expected. Our previous estimate was that we would reach and exceed the target in September," said Ahmad Irfan, the president of the bank which is jointly owned by the West Java and Banten provincial administrations.

Irfan described BJB as a competitive bank in the country, saying it has recorded positive trend from year to year.

In May 2016, its net profit grew 57.7 percent year-on-year, he said, adding the bank is healthy in capital, which was valued at Rp1.5 trillion by the end of June.

"BJBR, the code name of BJB shares at the Indonesian Stock Exchange recorded the highest growth in value , up 19 percent in a month by the end of June," Irfan said.

The bank's shares closed at Rp1,180 each on Friday , up from Rp755 by the end of last year.

"The share price hike was higher than the BEI index rise of 13.16 percent ," he said.

West Java Governor Ahmad Heryawan expressed his appreciation for the performance of the bank, which is ranked among 15 largest banks in the country.