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BANKING - JAKARTA. As the season for the release of banking financial performance reports for the first quarter of 2024 approaches, it appears that there will be a decline in performance due to the persistently high benchmark interest rate.
Indeed, Bank Indonesia has raised it to a level of 6.25% as of April 24, 2024. This projected decline in performance is reflected in the financial performance reports of 11 major banks in the country as of February 2024.
Take, for example, PT Bank Rakyat Indonesia Tbk (BBRI). As of February 2024, BRI recorded a net profit decrease of 3.51% year-on-year, to IDR 8 trillion. In the same period in 2022, BRI recorded a net profit of IDR 8.35 trillion.
In addition to BRI, other state-owned banks that recorded a decline in net profit performance include PT Bank Mandiri Tbk (BMRI) and PT Bank Negara Indonesia Tbk (BBNI). The net profits of these two banks decreased by 2.98% and 5.90% respectively as of February 2024 (see table).
Source: Financial Report
Meanwhile, state-owned banks that still recorded net profit growth include PT Bank Tabungan Negara Tbk (BBTN) and PT Bank Syariah Indonesia Tbk (BRIS), which grew by 4.40% and 10.25% respectively as of February 2024.
On the other hand, national private banks such as PT Bank Central Asia Tbk (BBCA) were able to maintain net profit performance growth in the first quarter of 2024, growing by 11.70% to IDR 12.9 trillion. In line with this, third-party funds (DPK) also grew positively.
Meanwhile, looking at the financial performance position of other private banks as of February 2024, the national private bank that recorded a dazzling net profit performance is PT Bank Pan Indonesia Tbk (PNBN) with net profit growth reaching 71.52%, followed by PT Bank Permata Tbk (BNLI) with net profit growth of 58.83%, and PT Bank OCBC NISP Tbk (NISP) whose profit grew by 33.73%.
On the other hand, the decline in net profit performance of national private banks is shown by PT Bank CIMB Niaga Tbk (BNGA) and PT Bank Danamon Indonesia Tbk (BDMN), which each fell by 4.69% and 13.81%. However, credit and DPK still appear to be growing.
