JakartGlobe-Feb 6
Indonesia’s largest banks posted positive results as the country’s economy continued its recovery in the post-pandemic era. State-owned Bank Rakyat Indonesia (BRI) has once again secured its position as the top bank in terms of net profit. BRI recorded a net profit of Rp 60.4 trillion ($3.83 billion) throughout 2023, surging by 17.5 percent on a year-on-year basis. BRI distributed loans totaling Rp 1,266.4 trillion last year, reflecting an 11.2 percent year-on-year increase. BRI’s loans were primarily driven by the disbursement of loans to micro, small, and medium enterprises (MSMEs), reaching Rp 1,068.7 trillion, accounting for 84.4 percent of the company’s total credit disbursed.
Bank Mandiri, Indonesia’s biggest bank by asset, booked a record-high net profit of Rp 55.1 trillion in 2023, reflecting robust growth of 33.7 percent year-on-year, driven by the positive outcomes of its digitalization initiatives. The state-owned bank disbursed Rp 1,398.1 trillion in credit last year, marking a notable 16.3 percent increase compared to the credit disbursement in the previous year. Meanwhile, Bank Central Asia (BCA), the largest private bank, announced a net profit of Rp 48.6 trillion for the fiscal year 2023, an increase of 19.4 percent compared to the previous year. Looking ahead, the Financial Services Authority (OJK) has identified three industrial sectors expected to be the driving force behind credit growth in 2024. “For 2024, the financial intermediaries, transportation, and services sectors are expected to remain growth drivers in line with the increasing socio-economic activities of the community,” Dian Ediana Rae, Executive Director of Banking Supervision at OJK. Read more at:
https://jakartaglobe.id/business/indonesias-leading-banks-thrive-in-postpandemic-recovery
