Earning Billions Of Profits, This Bank Owned By Conglomerate Hary Tanoesoedibjo Doesn't Divide Dividends

JAKARTA - PT Bank MNC Internasional Tbk or MNC Bank did not distribute dividends from the profits it earned last year. This was the decision of the bank's annual general meeting of shareholders codenamed BABP which was held on June 9, 2021.

Previously, the bank belonging to the conglomerate Hary Tanoesoedibjo was also absent from distributing dividends from profits for the 2019 and 2018 financial years. Based on the summary of RUPST and RUPSLB report in Bursa Efek Indonesia (BEI), as quoted on Monday, June 14, BABP shareholders agreed not to distribute dividends for the financial year ending on December 31, 2020.

All profits in 2020 will be recorded as retained earnings. This is to strengthen the company's capital and to focus on developing digital banking.

For information, MNC Bank recorded a net profit of Rp10.41 billion in 2020. This number decreased by 49.5 percent compared to the same period the previous year of Rp20.43 billion.

In addition to the decision on the use of profits, the AGMS also approved and accepted the annual report of the company's directors including the report on the supervisory duties of the company's board of commissioners for the financial year ending December 31, 2020.

Furthermore, to approve and ratify the company's financial statements for the financial year ending on December 31, 2020. The shareholders also agreed to grant power and authority to the board of commissioners to appoint an independent public accounting firm to audit the company's financial statements for the 2021 financial year.

The shareholders also approved the reappointment of all members of the company's board of commissioners for a period starting from the closing of the meeting until the closing of the 3rd AGMS held in 2024. The AGMS also approved the appointment of Tee Teddy Setiawan as the new director of MNC Bank.