2004 Q1 Summary Financials

(1)

BALANCE SHEETS As of March 31, 2004 and 2003

(In millions of Rupiah)

(Unaudited) (Unaudited) (Unaudited) (Unaudited) ASSETS

1. C a s h 2,086,305 2,147,785 2,141,888 2,174,536

2. Placements with Bank Indonesia

a. Current Accounts with Bank Indonesia 10,357,038 9,474,493 10,540,389 9,544,455

b. Certificates of Bank Indonesia 13,666,499 12,857,558 14,293,099 13,201,308

c. Others 1,160,000 60,000 1,160,000 60,000

3. Current Accounts with Other Banks

a. Rupiah 4,102 4,082 21,550 20,704

b. Foreign currencies 318,572 314,170 329,986 332,828

4. Placements with Other Banks

a. Rupiah 847,867 130,168 886,567 192,901

b. Foreign currencies 9,397,482 3,067,477 9,236,292 2,965,945

Allowance for possible losses on placements with other banks - / - (115,714) (35,765) (115,902) (36,203)

5. Securities Held a. Rupiah

i. Trading - - 170,072 2,817

ii. Available for sale 604,658 170,641 924,006 164,641

iii. Held to maturity 1,405,182 1,265,885 1,424,630 1,329,060

b. Foreign currencies

i. Trading 69,870 210,307 121,283 210,307

ii. Available for sale 409,012 365,245 550,697 432,010

iii. Held to maturity 2,520,714 2,336,526 2,999,769 2,692,394

Allowance for possible losses on securities held - / - (1,853,137) (1,925,338) (1,855,836) (1,925,650)

6. Government Bonds

a. Trading 1,445,677 9,928,223 1,478,226 9,928,223

b. Available for Sale 37,320,950 36,328,563 37,320,950 36,328,563

c. Held to maturity 68,518,212 106,470,922 68,518,212 106,470,922

7. Securities Purchased with Agreement to Resell (reverse repo)

a. Rupiah - - 110,468

b. Foreign currencies - - -

Allowance for possible losses on securities purchased with agreement to resell (reverse repo) -/- - - -

8. Derivative Receivables 762,745 339,100 769,678 339,100

Allowance for possible losses on derivative receivables - / - (10,343) (3,625) (10,343) (3,625)

9. Loans a. Rupiah

i Related parties 496,294 483,007 496,860 476,427

ii Third parties 45,088,535 39,359,476 47,741,712 40,530,940

i Related parties 413,093 419,520 516,898 371,764

ii Third parties 27,196,642 26,768,542 27,896,939 27,294,050

Allowance for possible loan losses - / - (8,827,938) (8,910,974) (8,893,862) (8,968,154)

10. Acceptances Receivable 3,866,275 2,411,814 3,866,275 2,421,026

Allowance for possible losses on acceptances receivables - / - (118,242) (145,142) (118,242) (145,142)

11. Investments in Shares of Stock 1,866,639 1,492,375 101,293 150,922

Allowance for possible losses on investments in shares of stock - / - (96,233) (62,835) (96,233) (62,835)

12. Accrued Income 1,761,023 2,887,209 1,774,776 2,895,338

13. Prepaid Expenses 479,484 369,697 526,320 391,571

14. Prepaid Taxes 42 363,497 13,243 366,451

15. Deferred Tax Assets - net 2,193,224 2,117,077 2,195,125 2,115,592

16. Premises and Equipment 6,968,208 3,364,244 7,278,615 3,635,680

Accumulated depreciation - / - (1,790,461) (1,471,501) (1,964,517) (1,624,499)

17. Leased Assets 37,550 - 37,550

Accumulated depreciation for leased assets - / - (11,891) - (11,891)

-18. Repossessed Assets 118,173 72,038 152,797 80,656

19. Other Assets 6,655,340 5,062,736 6,854,134 5,212,134

TOTAL ASSETS 235,211,448 258,087,197 239,383,473 259,567,157

March 31, 2004

March 31, 2003

NO DESCRIPTION

BANK CONSOLIDATED

March 31, 2004

(2)

BALANCE SHEETS As of March 31, 2004 and 2003

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

LIABILITIES AND SHAREHOLDER'S EQUITY

1

Demand Deposits

a. Rupiah 30,753,765 24,789,282 30,981,256 24,953,865

b. Foreign currencies 10,669,673 8,045,706 10,861,791 8,116,796 2

Other Current Liabilities 737,677 616,527 780,950 667,670 3

Savings Deposits 40,462,539 28,934,991 41,718,554 29,334,867 4

Time Deposits a. Rupiah

i Related parties 322,682 2,110,782 138,219 2,110,782 ii Third parties 70,018,994 102,990,713 71,651,145 103,244,518 b. Foreign currencies

i Related parties 163,326 29,920 163,326 29,920 ii Third parties 16,288,940 19,399,941 16,503,736 19,644,927 5

Certificates of Deposit

a. Rupiah 25 764 25 764 b. Foreign currencies - - - -6

Deposit from Other Banks 6,668,983 13,785,158 6,988,782 13,767,587 7

Securities Sold with Agreement to Repurchase (repo) 2,342,500 1,135,000 2,480,844 1,135,000 8

Derivative Payable 12,712 6,969 13,844 6,969 9

Acceptances Payable 3,866,275 2,411,814 3,866,275 2,421,026 10

Securities Issued

a. Rupiah 576,184 240,338 776,184 240,338 b. Foreign currencies 3,836,532 1,250,424 3,728,940 1,205,914 11

Fund borrowings

a. Funding Facilities from Bank Indonesia - - - b. Others

i. Rupiah

- Related parties - - - - Third parties 2,028,928 3,319,407 2,178,928 3,319,407 ii. Foreign currencies

- Related parties - - - - Third parties 5,787,922 9,439,445 5,787,922 9,439,445 12

Allowance for Possible Losses on Commitments and Contingencies 513,553 1,540,056 514,528 1,540,163 13

Obligation under Capital Lease 10,983 - 11,723 -14

Accrued Expenses 553,724 904,364 582,841 926,799 15

Taxes Payable 514,136 - 530,954 -16

Deferred Tax Liabilities - - - -17

Other Liabilities 7,665,870 8,810,228 7,963,338 9,044,672 18

Subordinated Loans

a. Related parties - - - b. Third parties 4,913,480 6,100,685 4,945,480 6,132,685 19

Loan Capital

a. Related parties - - - b. Third parties 2,910,938 2,956,770 2,910,938 2,956,770 20

Minority Interests - - 3,513 3,119

21

Shareholder's Equity

a. Share Capital 10,000,000 4,251,000 10,000,000 4,251,000 b. Additional Paid-in Capital - 173,550,319 - 173,550,319 c. Agio (Disagio) 5,926,418 - 5,926,418

d. Share Options 14,845 14,845

e. Donated Capital - - - f. Differences Arising from Translation of Foreign Currency Financial Statements 20,992 24,236 47,588 69,223 g. Premises and Equipment Revaluation Increment 3,046,936 - 3,056,724 9,788 h. Unrealized Gain (Losses) from Securities and Government Bonds Available for Sale (390,552) 1,195,798 (390,086) 1,196,264 i. Other Comprehensive Income - - - j. Retained Earnings (Accumulated Losses) 4,972,469 (159,753,440) 4,972,469 (159,753,440) k. Reacquired shares by subsidiary for trading purposes - - (328,521)

-TOTAL LIABILITIES & SHAREHOLDER'S EQUITY 235,211,448 258,087,197 259,567,157239,383,473

BANK CONSOLIDATED

NO DESCRIPTION March 31,

2004

March 31, 2003

March 31, 2004

(3)

(Unaudited) (Unaudited) (Unaudited) (Unaudited) INCOME AND EXPENSES FROM OPERATIONS

1. Interest Income

1.1. Interest Income

a. Rupiah 4,419,306 6,286,953 4,538,232 6,341,219 b. Foreign currencies 489,338 619,623 506,822 633,326 1.2. Fees and Commissions

a. Rupiah 105,010 90,591 111,210 97,996 b. Foreign currencies 21,407 16,496 21,553 16,525

TOTAL INTEREST INCOME 5,035,061 7,013,663 5,177,817 7,089,066

2

Interest Expenses

2.1. Interest Expense

a. Rupiah 2,330,879 4,989,021 2,383,614 5,008,744 b. Foreign currencies 232,508 331,996 238,819 336,270 2.2. Fees and Commissions - - -

-TOTAL INTEREST EXPENSE - / - 2,563,387 5,321,017 2,622,433 5,345,014

NET INTEREST INCOME 2,471,674 1,692,646 2,555,384 1,744,052

3. Other Operating Income

3.1. Other Fees and Commissions 246,768 142,348 279,542 149,602 3.2. Foreign Exchange Gain-net *) 125,288 34,410 125,883 34,526 3.3.a. Gain from Sale of Securities and Government Bonds **) 716,688 171,903 716,688 171,903 b. Gain from Increase in Value of Securities and Government Bonds **) 60,413 710,253 60,413 710,253 3.4. Other Income 155,205 107,445 151,309 114,731

TOTAL OTHER OPERATING INCOME 1,304,362 1,166,359 1,333,835 1,181,015

4. Provision of Allowance for Possible Losses on Earning Assets 296,137 (417,881) 307,577 (417,881)

5. Provision (Reversal of Allowance) for Possible Losses on Commitments

and Contingencies (64,858) 415,805 (64,633) 415,805

6. Other Operating Expenses

6.1. General and Administrative Expenses 432,881 347,124 490,915 379,430 6.2. Salaries and Employee Benefits 517,140 390,475 557,665 416,843 6.3. a. Losses from Sale of Securities and Government Bonds - - - b. Losses from Decline in Value of Securities and Government Bonds

6.4. Foreign Exchange Loss - net - - - -6.5. Other expenses 168,787 176,175 168,389 185,162

TOTAL OTHER OPERATING EXPENSES - / - 1,118,808 913,774 1,216,969 981,435

PROFIT FROM OPERATIONS 2,425,949 1,947,307 2,429,306 1,945,708

7. Non-Operating Income 34,954 175,967 44,996 180,327 8. Non-Operating Expenses 3,727 96,837 9,053 98,181

NON OPERATING INCOME - NET 31,227 79,130 35,943 82,146

9. Extraordinary Income / Expenses - - -

-10. PROFIT BEFORE INCOME TAX 2,457,176 2,026,437 2,465,249 2,027,854

11. Estimated Income Tax Expense /

-- Current Income Tax 569,835 - 578,332 -- Deferred Income Tax 143,446 477,302 142,982 479,096

12. PROFIT BEFORE MINORITY INTERESTS 1,743,895 1,549,135 1,743,935 1,548,758

13. Minority Interests - / - - - 40 (377) 14. Accumulated Losses Beginning of the Year 3,228,574 (161,302,575) 3,228,574 (161,302,575) 15. Dividend - / - - - - Others - / - - - -

-16. Accumulated Losses end of Year 4,972,469 (159,753,440) 4,972,469 (159,753,440)

17. EARNINGS PER SHARE

- Basic 87.46 77.46

- Dilluted - - 86.71 76.80 *) Presented as a net of gain (losses) from foreign exchange transactions

*) Presented as a net of gain (losses) from increase (decrease) in value of Securities and Government Bonds DESCRIPTION

BANK March 31,

2004

March 31, 2003

March 31, 2004

CONSOLIDATED

STATEMENTS OF PROFIT AND LOSS

For the three months period ended March 31, 2004 and 2003

(4)

(Unaudited)

COMMITMENTS

COMMITMENT

RECEIVABLES

1.

Unused fund borrowings facilities

a. Rupiah

-

-2.

Others

-

33,027

-

33,027

TOTAL COMMITMENT RECEIVABLES

-

33,027

-

33,027

COMMITMENT PAYABLES

1.

Unused loan facilities

a. Rupiah

14,400,620

7,163,735

14,411,416

7,172,898

3,269,045

2,841,703

3,271,443

2,842,415

2.

Outstanding irrevocable letters of credit

4,588,169

7,606,457

4,857,446

7,733,265

3.

Others

-

50,121

1,155

50,121

TOTAL COMMITMENT PAYABLES

22,257,834

17,662,016

22,541,460

17,798,699

COMMITMENTS - NET

(22,257,834)

(17,628,989)

(22,541,460)

(17,765,672)

CONTINGENCIES

CONTINGENT

RECEIVABLES

1.

Guarantees received

a. Rupiah

114,168

127,581

114,168

127,581

1,052,579

1,166,625

1,052,579

1,166,625

2.

Unrecognized interest income

-

a. Rupiah

1,463,955

3,069,107

1,463,955

3,069,107

781,822

1,522,049

781,822

1,522,049

3.

Others

36,828

19,873

36,828

19,873

TOTAL CONTINGENT RECEIVABLES

3,449,352

5,905,235

3,449,352

5,905,235

CONTINGENT PAYABLES

1.

Guarantees issued

a. Bank guarentees

a. Rupiah

2,878,263

2,027,228

2,923,557

2,028,644

5,722,295

5,938,232

5,769,190

5,944,219

b. Others

-

429

-

429

2.

Outstanding revocable letters of credit

-

-3.

Others

44,411

11,370

45,776

14,446

-

-TOTAL CONTINGENT PAYABLES

8,644,969

7,977,259

8,738,523

7,987,738

CONTINGENCIES - NET

(5,195,617)

(2,072,024)

(5,289,171)

(2,082,503)

BANK

CONSOLIDATED

STATEMENTS OF COMMITMENTS AND CONTINGENCIES

As of March 31, 2004 and 2003

NO

DESCRIPTION

March 31,

2004

March 31,

2003

March 31,

2004

(5)

MANAGEMENT OF THE BANK Jakarta, 29 May, 2004

Board of Commissioners

- Chairman : Binhadi S. E & O

- Deputy Chairman : Markus Parmadi Board of Directors

- Commissioner : Darmin Nasution PT Bank Mandiri (Persero)

- Commissioner : Arie Soelendro - Commissioner : Mohammad Syahrial *) - Commissioner : A. Tony Prasentiantono - Commissioner : Riswinandi

Board of Directors

- President Director : E.C.W. Neloe - Director : I Wayan Pugeg

- Director : I Wayan Agus Mertayasa I Wayan Pugeg

- Director : M. Sholeh Tasripan Managing Director

- Director : Omar S. Anwar - Director : Ventje Rahardjo - Director &

Corporate Secretary : Nimrod Sitorus **) - Director : J.B. Kendarto - Director : Zulkifli Zaini

*) Resigned and has been approved by Annual General Shareholders' Meeting on May4, 2004 and replaced by Fransisca Oei

**) Acting as Director of Compliance and Corporate Secretary

Notes :

1. The above financial information have been prepared for the purpose of complying with Bank Indonesia’s Regulation No. 3/22/PBI dated December 13, 2001 regarding Transparency of Banks’ Financial Condition, Bank Indonesia’s Circular Letter No. 3/30/DPNP dated December 14, 2001 regarding Presentation of Quarterly and Monthly Published Financial Statements

of Commercial Banks and Certain Report Submitted to Bank Indonesia, Bank Indonesia Regulation No. 4/7/PBI/2002 dated September 27, 2002 regarding Prudential Principles for Purchase of Credit

by Commercial Bank from the Indonesian Bank Restructuring Agency (IBRA), Bank Indonesia's Circular Letter No. 5/559/DPNP/IDPnP dated December 24, 2003 regarding Bank's Published Financial Statements

and Rule No. X.K.2 Decision of the Chairman of Bapepam Attachment No. Kep-36/PM/2003 dated September 30, 2003 regarding Obligation to Submit Periodic Financial Statements.

2. The above financial information as of and for the three-month period then ended March 31, 2004 and 2003 is derived from consolidated financial statements that have been reviewed by by Prasetio, Sarwoko & Sandjaja, public accounting firm, a member of Ernst & Young Global Partner In-charge are Drs. Sandjaja (2004) and Drs. Iman Sarwoko (2003).

3. Quasi-reorganization was effective as of April 30, 2003 based on the Resolution of the Extraordinary General Meeting of Shareholders of PT Bank Mandiri (Persero) Tbk. dated October 30, 2003. The accumulated deficit of Rp162,874,901 million was eliminated against additional paid-in capital/agio at quasi-reorganization as of April 30, 2003. As the result of quasi-reorganization as of April 30, 2003.

4. For comparative purposes, certain accounts in the financial information for the three-month period ended March 31, 2003 have been reclassified to conform with the presentation of accounts in the financial information as of and for the three-month period ended March 31, 2004.

5. Exchange rate of 1 US Dollar as of March 31, 2004 and 2003 was Rp 8,562.5 and Rp 8,902, respectively.

6. Basic and diluted earnings per share are calculated by dividing the net profit/loss with the weighted average number of shares issued and fully paid during the period, after considering the effects of conversion of additional paid-in capital and retained earnings to issued and fully paid-up capital, stock split and stock options, and repurchsed shares by subsidiary for trading purposes.

Republic of Indonesia : 70% (Ultimate Shareholders')

Public : 30 %

President Director

(6)

SPECIAL SUB SPECIAL SUB

MENTION STANDARD MENTION STANDARD

A Related Parties

1

Placement with other banks 387,174 - - - - 387,174 808 - - - - 808 2

Securities Held *) 107,426,534 - - - - 107,426,534 152,727,708 - - - - 152,727,708 3

Loan to related parties 535,551 258 51 - 373,527 909,387 363,254 482,771 - 56,502 - 902,527

a. Small scale business credit (KUK) - - - - - - - - - - - -b. Property Loans 28,896 165 - - - 29,061 30,655 244 - - - 30,899

i. Restructured 18,850 - - - - 18,850 24,100 - - - - 24,100 ii. Unrestructured 10,046 165 - - - 10,211 6,555 244 - - - 6,799 c. Other restructured loans 192,019 - - - 373,527 565,546 60,537 482,517 - 56,502 - 599,556 d. Others 314,636 93 51 - - 314,780 272,062 10 - - - 272,072 4

Investment in shares of stock of related parties 1,767,734 - - - 13,655 1,781,389 1,342,905 - - - 8,106 1,351,011

a. In bank financial institutions 926,542 - - - - 926,542 894,508 - - - - 894,508 b. In non bank financial institutions 713,974 - - - 13,655 727,629 320,229 - - - 8,106 328,335 c. Due to loan restructuring - - - - -

-d. Others 127,218 - - - - 127,218 128,168 - - - - 128,168 5

Other receivables from related parties - - - - - - - - - - - -6

Commitments and contingencies to related parties - - - - - - - - - - -

-B Third Parties

1

Placement with other banks 11,326,849 - - - 14,000 11,340,849 3,574,921 - - - 168 3,575,089 2

Securities Held (issued by Bank Indonesia and third parties) 16,760,353 - - - 1,773,886 18,534,239 15,429,887 - - - 1,776,275 17,206,162 3

Loan to third parties 55,696,957 10,620,367 1,686,135 938,423 3,343,295 72,285,177 44,842,760 16,839,081 1,282,061 1,132,975 2,031,141 66,128,018

a. Small scale business credit (KUK) 2,400,921 436,565 65,528 75,369 168,675 3,147,058 2,015,933 426,155 48,963 34,570 224,996 2,750,617 b. Property Loans 1,653,538 782,206 173,504 1,254 140,079 2,750,581 2,455,457 1,376,216 69,305 212,865 131,225 4,245,068

i. Restructured 456,850 610,559 413 - 52,126 1,119,948 448,863 743,833 21 201,894 117,088 1,511,699 ii. Unrestructured 1,196,688 171,647 173,091 1,254 87,953 1,630,633 2,006,594 632,383 69,284 10,971 14,137 2,733,369 c. Other restructured loans 13,057,261 5,510,335 842,909 479,683 476,371 20,366,559 12,908,434 11,425,750 634,266 627,072 1,427,129 27,022,651 d. Others 38,585,237 3,891,261 604,194 382,117 2,558,170 46,020,979 27,462,936 3,610,960 529,527 258,468 247,791 32,109,682 4

Investment in shares of stock of third parties 3,000 - - - 82,250 85,250 87,738 - - - 53,626 141,364

a. In bank financial institutions - - - - - - - - - - 50,400 50,400 b. In non bank financial institutions - - - - - - - - - - - -c. Due to loan restructuring - - - - 82,250 82,250 82,449 - - - - 82,449 d. Others 3,000 - - - - 3,000 5,289 - - - 3,226 8,515 5

Other receivables from third parties 4,314,286 314,735 - - - 4,629,021 2,480,105 253,310 - - 17,499 2,750,914 6

Commitments and contingencies to third parties 12,703,443 485,282 - - - 13,188,725 15,304,268 163,686 21,189 74,653 8,550 15,572,346

210,921,881

11,420,642 1,686,186 938,423 5,600,613 236,154,354230,567,745 17,738,848 1,303,250 1,264,130 3,895,365 260,355,947

7 Required allowance for losses on earning assets **) 1,249,710 1,279,873 247,509 500,840 5,443,305 8,721,237 1,564,543 846,336 195,487 609,377 3,895,365 7,111,108 8 Established allowance for losses on earning assets 2,099,594 2,377,222 765,105 849,934 5,443,305 11,535,160 3,634,372 3,321,093 622,121 1,150,784 3,895,365 12,623,735 9 Value of bank's assets pledge as collateral :

a. To Bank Indonesia b. To other banks

10 Percentage of small scale business credit to total loans 4.30% 4.10%

11 Percentage of small scale business credit debtors to total debtors 31.13% 33.17%

*)Include Government Bond (recapitalization program)

**)The calculation of allowance of earning assets should be provided after deducted by collaterals

No allowance for possible losses is required for Certificate of Bank Indonesia intervention and Government Bonds.

TOTAL

CURRENT DOUBTFUL LOSS CURRENT DOUBTFUL LOSS TOTAL

MARCH 31, 2004 MARCH 31, 2003

(in millions of Rupiah)

EARNING ASSETS QUALITY AND OTHER INFORMATION As of March 31, 2004 and 2003

No ACCOUNT

B A N K

(7)

FOREIGN EXCHANGE TRANSACTIONS AND DERIVATIVES

As of March 31, 2004

Contract Value with

Hedging

Others

Receivable

Payable

Netting Agreement

A.

Exchange Rate Related

1

Spot

-

222,724

-

-2

Forward

-

156,095

680

3,326

-3

Option

a. Purchased

-

-b. Written

-

-4

Future

-

-5

Swap

-

2,384,043

642,943

9,386

-6

Other

-

-B

Interest Rate Related

1

Forward

-

-2

Option

a. Purchased

-

-b. Written

-

-3

Future

-

-4

Swap

64,242

54,880

119,122

-

119,122

5

Other

-

-C

Other

-

-TOTAL

762,745

12,712

BANK

Contract Market Value

Derivative Receivable & Payable

(8)

(Unaudited) (Unaudited)

I. COMPONENTS

A. Core Capital

20,719,339

14,942,408

1. Paid-Up Capital

10,000,000

4,251,000

2. Disclosed Reserves

a. Agio

5,926,418

-b. Disagio (-/-)

-

-c. Shares Options

14,845

-c. Donated Capital / Additional Paid-In Capital

-

173,550,319

d. General and Appropriated Reserves

-

2,099,638

e. Previous Years Profit After Tax

3,813,645

-f. Previous Years Losses (-/-)

-

(165,996,901)

g. Current Year Profit After Tax (50%)

-

-h. Current Year Losses (-/-)

943,439

1,014,116

i. Differences Arising from Translation of Financial Statements

-

in Foreign Currencies

-

1) Positive Adjustment

-

2) Negative Adjustment (-/-)

20,992

24,236

j. Funds for Paid-Up Capital

-

-k. Decline in Value of Equity Participation in Available for Sale Portfolio (-/-)

-

-l. Differences Arising from Restructuring of Transaction among Entities

-

under Common Control

-

3. Goodwill (-/-)

-

B. Supplemental Capital (Max 100% of core capital)

9,142,976

7,169,856

1. Reserve for Premises and Equipment Revaluation

3,046,936

2. General Reserves of Allowance for Possible Losses on Earning Assets

-

(max 1.25% of risk weighted assets)

1,177,413

972,168

3. Loan Capital

1,893,713

1,935,266

4. Subordinated Loans (max 50% of core capital)

3,024,914

4,262,422

5. Increase in Value of Equity Participation in Available for Sale Portfolio (45%)

-

-II. Total Core Capital and Supplemental Capital (A+B)

29,862,315

22,112,264

III. Investments in Shares of Stock (-/-)

(1,784,389)

(1,407,823)

IV. Total Capital (II-III)

28,077,926

20,704,441

V. Risk-Weighted Assets

94,193,027

77,773,428

VI. Established Capital Adequacy Ratio (IV : V)

29.81%

26.62%

VII. Required Minimum Capital Adequacy Ratio

8%

CALCULATION OF CAR

Bank

March 31,

2004

March 31,

2003

(9)

March 31,

2004

March 31,

2003

(Unaudited) (Unaudited)

I.

Capital

1.

CAR

29.81%

26.62%

2.

Premises and Equipment to Capital *)

18.53%

9.14%

II.

Earning Assets

1.

Non-Performing Earning Assets

3.57%

2.48%

2.

NPL :

- Gross NPL

8.66%

6.72%

- Net NPL

1.59%

1.35%

3.

Allowance for Possible Losses on Earning Assets

5.00%

4.85%

4.

Compliance for Allowance for Possible Losses on Earning Assets

132.27%

177.52%

III.

Rentability

1.

ROA

4.13%

3.15%

2.

ROE

35.66%

41.81%

3.

NIM

4.67%

2.84%

4.

Operating Expenses to Operating Income **)

61.73%

76.19%

IV. Liquidity

LDR

43.32%

35.89%

V.

Compliance

1.

a. Percentage Violation of Legal Lending Limit

a.1. Related Parties

-

a.2. Third Parties

-

-b. Percentage of Lending in Excess of the Legal

Lending Limit

a.1. Related Parties

-

a.2. Third Parties

-

-2

Reserve Requirement (Rupiah)

5.07%

3

Net Open Position

3.54%

3.70%

*) Premises and equipment are computed after deducted by accumulated depreciation.

**) Operating expenses include interest expense, provision for possible losses on earning assets, and provision for

possible losses on other assets divided by operational income including interest income

FINANCIAL RATIOS

Bank

(10)

a. Summary of loan purchased from IBRA

1

Loan principal / outstanding balance as of March 31, 2004

5,069,374

2

Amount of loans purchased from January 1, 2003 - March 31, 2004

5,579,541

3

Total provision for loan losses / deferred income

392,824

4

Allowance for possible loan losses as of March 31, 2004

1,985,384

5

Interest Income from January 1, 2004 - March 31, 2004

63,323

b. Summary of movement of loans purchased from IBRA

1

Beginning Balance

5,249,139

2

Foreign currency translation

58,464

3

Additional loan purchased during the period

-4

Repayment during the period

(238,229)

5

Loans written off during the period

-6

Ending Balance

5,069,374

c. Summary of movement of allowance for possible loan losses derived from the difference

between purchase price and loan principal

1

Beginning Balance

186,972

2

Foreign Currency translation

2,836

3

Additional allowance for possible loan losses of loans purchased from IBRA

during the period

-4

Allowance for possible loan losses for loans written off

-5

Reversal of provision for loan losses due to the repayment over purchase price

(8,915)

6

Ending Balance

180,893

d. Summary of movement of deferred income derived from the difference between purchase

price and loan principal

1

Beginning Balance

209,573

2

Foreign currency translation

2,358

3

Additional deferred income of loans purchased from IBRA during the period

-4

Deferred income for loans written off

-5

Reversal of deferred income due to the repayment over purchase price

-6

Ending Balance

211,931

e

Loans covered by new credit agreements

3,319,654

f

Additional facility extended to debtors under loans purchased from IBRA

-(Based on Bank Indonesia's Regulation No. 4/7/PBI/2002 dated September 27, 2002 Chapter VI section 24)

LOAN PURCHASED FROM IBRA

January 1, 2004 to March 31, 2004

NO

DESCRIPTION

Amount

NO

DESCRIPTION

Amount

NO

DESCRIPTION

Amount