BRI voted country's best bank due to its role in local banking

PT Bank Rakyat Indonesia (BRI) and four other Indonesian financial institutions have been voted the best financial institutions in the country in the latest evaluation by Alpha South East Asia, an investment magazine based in Hong Kong.

Besides BRI, which was named best bank, the other three are PT Bank Mandiri, Mandiri Sekuritas and PT Danareksa Sekuritas.

Mandiri was named Best Cash Management House and Best Trade Finance House, Mandiri Sekuritas named Best Bond House, and Danareksa named Best Investment Bank, Best Equity House and Best Broker.

"This award is the first of its kind in Asia, uniquely recognizing the achievements and capabilities of locally incorporated banks and brokerages in South East Asia," said Siddiq Bazarwala, CEO of Alpha South East Asia, during the presentation of the awards Thursday evening.

In its special awards issue, the magazine describes BRI as the best bank due to its role in local banking and its ability to generate substantial return for its shareholders.

Alpha reported that BRI was one of the few banks in Asia that could maintain an NPL rate of less than 5 percent, operate on a high net interest margin of over 11 percent, and generate a return on assets of 4.36 percent and a 33.75 percent return on equity.

"No other bank in Southeast Asia enjoys as large a net interest margin as BRI does. With its banking reach the widest among Indonesian banks, BRI is a model for banking in Indonesia."

A total of 35 awards were announced after the credentials of 128 financial institutions, banks and brokerages from Indonesia, Singapore, Malaysia, Thailand and the Philippines were reviewed. (JP/02)
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