Bank Mas From Wings Group Owned By Conglomerate Harjo Sutanto Earns Rp 87 Billion Profit In Semester I 2021

JAKARTA - PT Bank Multiarta Sentosa Tbk or Bank Mas managed to record net profit growth in the first six months of this year. This banking issuer with the stock code MASB earned a net profit for the current year of Rp. 87.22 billion in the first semester of 2021.

In Bank Mas' financial report published on the Indonesia Stock Exchange (IDX) website, quoted Wednesday, August 18, the bank's profit from the Wings Group owned by conglomerate Harjo Sutanto increased 74.19 percent compared to the same period last year of Rp50.07 billion.

Profit growth was supported by an increase in interest income by 9.54 percent yoy to Rp. 637 billion, while interest expense fell by 5.4 percent yoy to Rp. 352.91 billion. So that net interest income rose 36.3 percent yoy to Rp284.09 billion.

Meanwhile, loans extended as of June 30, 2021 amounted to Rp7.22 trillion, or down 1.5 percent from the position at the end of December last year of Rp7.33 trillion. Meanwhile, customer deposits grew 2.38 percent ytd, from IDR 19.32 trillion as of December 31, 2020 to IDR 19.78 trillion as of June 30, 2021.

So that its total assets grew by 5 percent ytd, from IDR 21.54 trillion as of December 31, 2020 to IDR 22.61 trillion as of June 30, 2021.

For information, Bank Mas obtained a business license as a Non-Foreign Exchange Commercial Bank on October 15, 1992, as well as a foreign exchange trading business license on December 24, 2003. Then, since 2013 the company has become part of the Wings Group.

Bank Mas is officially listed on the IDX on June 30, 2021 with an IPO price of IDR 3,360. After the initial public offering, the composition of share ownership is PT Danabina Sentana at 59.50 percent, PT Multi Anekadana Sakti at 21.25 percent, PT Halim Sakti at 4.25 percent, public shareholders at 14.85 percent, and employees 0 ,15 percent.

The IPO offering price of Bank Mas is quite premium when compared to the prices of top banks on the IDX, namely PT Bank Rakyat Indonesia Tbk (BBRI) at Rp.4,250, PT Bank Negara Indonesia Tbk (BBNI) at Rp.5,525/share, and PT. State Savings Bank Tbk (BBTN) at Rp1,605 per share.

In trading on Monday, August 16, Bank Mas shares closed at Rp3,410 per share.