Stock price of PT Bank Pundi Indonesia Tbk (BEKS) is relatively flat ahead of the second Extraordinary General Meeting (EGM) of Stakeholders which will decide the fourth limited public offering with preemptive rights. Investors refrain from transacting the stock because BEKS’ performance worsened as of May 2016.
The company’s published financial report as of May 2016 showed that BEKS’ credit disbursement plunged 35.6% YOY to Rp 3.5 trillion following the decline in its third-party fund (DPK) by 32% to Rp 4.28 trillion. Declined credit caused the bank’s interest income to fall sharply by 56.42% to Rp 224.31 billion. The company also recorded increased net loss of 80.12% to Rp 151.25 billion.
Industry-wise, medium sized bank (BUKU II) group recorded 6.24% YOY credit growth to Rp 552.53 trillion as of May 2016 and DPK rise of 3.45% to Rp 623.27 trillion. Despite higher credit, BUKU II banks’ interest income sank 3.17% to Rp 46.99 trillion. The group also recorded a significant net profit drop by 22.18% to Rp 4.7 trillion.
During trades on July 18-20, 2016, BEKS’ stock price was flat at Rp 85. BEKS’ transaction value in the period was quite high, amounting to Rp 13.39 billion, Rp 30.51 billion and Rp 20.06 billion, respectively, but has dropped compared to July 13’s transaction of Rp 66.04 billion—BEKS’ highest transaction value in the past month. (*)
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