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BANK - JAKARTA. PT Bank Danamon Indonesia Tbk in the third quarter of 2018 posted a net profit of Rp 3.03 trillion. This figure is somewhat stagnant when compared with the performance in the same period the previous year.
Bank Danamon's Finance Director, Satinder Ahluwalia said, this stagnant profit was mainly due to the consolidation carried out by the company in recent years. One of them is the cleaning and collection of Danamon Simpan Pinjam (DSP) micro-credit with a total portfolio of Rp 3.5 trillion at the end of September 2018.
"In general, our net profit is relatively stable compared to the previous year," Satinder said when meeting Kontan.co.id at Danamon's headquarters on Wednesday (10/24).
Details based on the company's achievements, Bank Danamon's net interest income grew by 2% year on year (yoy) to Rp 10.82 trillion. On the other hand, operating income also only grew 1% to Rp 13.26 trillion at the end of September.
Non-interest income shrank 7% yoy from Rp 2.6 trillion in the third quarter of 2017 to Rp 2.43 trillion in the September 2018 period.
However, in line with the company's consolidation plan, credit costs are indeed stagnant at Rp 2.51 trillion. While operating costs grew only 1% yoy from Rp 6.39 trillion to Rp 6.43 trillion.
"Until the end of this year we will remain stable due to the upward trend in interest rates on the market. Cost of funds (CoF) has started to rise slightly, and we decided to keep the main lending rate (basic lending rates). As a result there is little impact on income," he said.
Meanwhile, despite stagnant profits, banks with the BDMN code said that until the third quarter of 2018, the Bank's total loans and trade financing continued to grow by 6% to Rp 134.3 trillion compared to Rp 126.9 trillion in the same period last year. .
"Loans in the SME banking segment grew 11% to Rp 30.5 trillion, while mortgage loans grew 35% to Rp 7.3 trillion," he said.
Bank Danamon's loan and trade finance growth was also supported by the performance of Adira Finance's subsidiaries. Until the third quarter of 2018, Adira Finance posted financing growth of 12% to Rp 49.7 trillion.
He said, this growth was driven by new financing which grew 14.8% yoy for two-wheeled vehicles and 22% for four-wheeled vehicles. This contrasts with the conditions in the same period in 2017, where new financing for two-wheeled vehicles fell 16% and four-wheeled vehicles experienced stagnation.
This means, apart from microfinance, the Bank's total loan portfolio and trade financing still grew 10% to Rp 131.1 trillion compared to the previous year.
As a result, Bank Danamon's total assets on a consolidated basis increased 3% to Rp 178.63 trillion. The average placement of funds in government bonds also increased quite high, reaching 43% yoy from Rp 9.16 trillion to Rp 13.08 trillion in the third quarter of 2018.
Well in terms of financial ratios, Bank Danamon's net interest margin (NIM) fell from 9.3% to 9%. Ahluwalia said that this was deliberately lowered along with the fund recomposition by Bank Danamon to focus on low-cost funds (CASA).
The cost to income ratio also remained stable at 48.6% in September 2018. Likewise, asset returns (ROA) reached 2.3% and return on equity (ROE) edged down 0.6% to 11%.
The ratio of gross non-performing loans (NPLs) fell slightly by 0.3% to 3%. Director of Bank Danamon, Dadi Budiana, said that the increase in NPL was due to its focus on the collection process, as well as gradual mitigation of the elimination process.
In addition, the Bank's capital adequacy ratio (CAR) is still safe at the level of 22.3%. Practically unchanged from the position of September last year.
