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Indonesia’s Bank Bukopin faces regulatory scrutiny over financial reporting

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Indonesia’s Bank Bukopin faces regulatory scrutiny over financial reporting

Indonesia Stock Exchange, or IDX, and the country's financial services watchdog OJK are examining possible irregularities in PT Bank Bukopin Tbk's financial reporting practices in 2016 and 2017, IDX news outlet IDN Financials reported May 2.

IDX director Samsul Hidayat told the publication that officials are particularly concerned about significant changes in the reporting of key metrics from one year to the next, which could be the result of careless or negligent disclosure.

The bank attributed the differences in the year-over-year figures to changes in how credit card receivables were being recognized as well as various impairments on certain types of debt at unit PT Bank Syariah Bukopin.

Among the figures under scrutiny is the bank operating profit, which in 2017 it reported as 476.57 billion rupiah, compared with 1.38 trillion rupiah in 2016. Similarly, net profit dropped to 183.53 billion rupiah from 1.08 trillion rupiah between 2016 and 2017.

As of May 2, US$1 was equivalent to 13,983.00 Indonesian rupiah.