Digital Credit Soars, Bank Raya Records 112.47% Profit Surge to IDR 24.35 Billion

BANKING - JAKARTA.  Bank Raya, which focuses on quality digital business growth, recorded a profit growth of 112.47% annually or year on year (yoy) amounting to IDR 24.35 billion in 2023

Ida Bagus Ketut Subagia, President Director of Bank Raya, said that the profit growth is a commitment of Bank Raya to become a strong and healthy digital bank. "The growth of digital products up to double digits is a manifestation of our commitment to expand the potential market for digital business, and continue to synergize with the BRI Group ecosystem to serve the micro and small segments," said Ida Bagus, in a release received by Kontan.co.id, Friday (15/3). 

Throughout 2023, Bank Raya has initiated business and innovation to support digital business. Bank Raya optimizes the potential synergy with its parent ecosystem, Bank Rakyat Indonesia (BRI). 

Not only that, the bank with the stock code AGRO is also targeting digital credit distribution which reached IDR 10.89 trillion in 2023. While the previous year was IDR 5.64 trillion or skyrocketed 93.08% yoy.  

This has driven the outstanding digital business credit of the Bank to reach IDR 1.26 trillion or grow 37.42% yoy from previously IDR 918 billion in 2022. On the other hand, digital savings grew 94.84%. (yoy) to IDR 1.2 trillion from previously IDR 616 billion. 

Throughout 2023, Bank Raya introduced digital products such as digital lending products namely Pinang Maksima and Pinang Performa which provide productive loans for business actors. Then Pinang Dana Talangan is a loan to support the productivity of BRILink Agents, a multipurpose loan for permanent employees namely Pinang Flexi. As well as Pinang Connect which distributes loans to business actors through fintech lending.  

As a result, the Pinang Flexi digital loan increased by 169.14% (yoy) or became IDR 307 billion. While Pinang Dana Talangan grew 95.14% yoy, to IDR 334 billion, Pinang Performa grew 80.12% yoy or became IDR 49 billion, and Pinang Maxima grew 58.06% yoy or became IDR 252 billion.

 

.