JAKARTA - PT Bank Pembangunan Daerah (BPD) Jawa Timur Tbk (BJTM) is officially allocating capital of up to IDR 200 billion to Regional Banks (BPD) of Southeast Sulawesi and East Nusa Tenggara. This follows the plan of Bank Business Group (KUB) formation, which is expected to boost the banks’ core capital.

Based on the information disclosure quoted Friday (13/12), the corporate action was reportedly approved by holders of 12.01 billion shares, equal to 80.04% of total shares with valid votes, present during yesterday’s (11/12) Extraordinary General Meeting of Shareholders.

BJTM is set to distribute capital of IDR 100 billion to BPD of Southeast Sulawesi, and another IDR 50-100 billion to BPD of East Nusa Tenggara.

With the KUB of BPDs, BJTM will be able to expand its services and boost its revenue in the future.

In 2023, BJTM reported net profit of IDR 1.47 trillion, slipping from IDR 1.54 trillion recorded in 2022. In terms of stock performance, however, since June 2024, BJTM has shown an increase by IDR 40, boosting the price from IDR 510 to IDR 550 per share. (LK/ZH)