JAKARTA. PT Bank Tabungan Negara (Persero) Tbk (BBTN), a state-owned bank, is predicted to set up cash dividend distribution of IDR 700 billion, which will be taken out of its 2023 net profit.

Said estimation is in line with the Bank Business Plan designed by BBTN, according to Nixon L.P. Napitupulu, President Director of BBTN, as quoted by Bisnis. “The bank business plan [our dividend payout ratio] reaches 20%,” he said.

For the record, BBTN will hold its Annual General Meeting of Shareholders on March 6, 2024. One of the agenda in the meeting is the cash dividend portion allocated by the company.

Throughout 2023, BBTN recorded net profit of IDR 3.5 trillion. The net profit in this period soared 14.97% year-on-year (yoy).

According to IDNFinancials data, BBTN had channelled cash dividend of IDR 609 billion or 20% of total 2022 net profit. The dividend per share allocated by the company was IDR 43.39. Meanwhile, in 2021, the company had distributed cash dividend of IDR 237.62 billion, or equal to approximately 10% of net profit.

During the first session today (4/3) on Indonesia Stock Exchange (IDX), BBTN’s stock price went down 25 points or 1.74% or IDR 1,410, recorded at 10.56 AM WIB. Since the beginning of this year, the company’s price has reportedly increased 150 points or 11.86%. (KR/ZH)