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JAKARTA, LISTED COMPANY - PT Bank Muamalat Indonesia Tbk reported a decline in performance for the first quarter of 2024, with a net profit of IDR 2.78 billion, a 72.7% year-on-year decrease compared to the same period last year when it stood at IDR 10.23 billion.
According to the company's financial report released on Wednesday (8/5), this decrease in net profit was due to a 13.62% YoY decrease in revenue after profit sharing, which amounted to IDR 49.39 billion in the first quarter of 2024, compared to IDR 57.17 billion last year.
The burden of profit sharing from increased investment funding rose by 23.29% YoY to IDR 477.16 billion in the first quarter of 2024, compared to IDR 387.04 billion in the same period last year.
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In addition, commission-based income or fee-based income also decreased by 48.57% YoY to IDR 130.06 billion from IDR 252.89 billion.
Operational costs increased from IDR 31.68 billion to IDR 39.5 billion in the first quarter of 2024. This was due to a 5.66% YoY increase in labor costs, which amounted to IDR 156.21 billion.
From an intermediation function perspective, Bank Muamalat disbursed financing of IDR 21.38 trillion in the first quarter of 2024, a 10.21% increase from IDR 19.4 trillion in the same period last year.
With the increase in financing, the ratio of non-performing financing (NPF) gross improved from 2.75% to 2.22% as of March 31, 2024.
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From the perspective of third-party funds (DPK), Bank Muamalat recorded a growth of 1.3%, from IDR 45.5 trillion to IDR 46.1 trillion in the first quarter of 2024. In detail, the cheap funds deposit segment (CASA) was the main support with a growth of 11.7% YoY, where checking accounts contributed the highest growth of 39.4% YoY.
As a result, the bank's total assets increased by 5.42% YoY to IDR 64.93 trillion in the first quarter of 2024.
Bank Muamalat's CEO, Indra Falatehan, stated that cheap funds, especially checking accounts, have become a mainstay in line with the company's strategy of actively offering internet-based financial management services or Cash Management System (CMS) to customers.
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“The increase in DPK reflects the level of customer trust in Bank Muamalat, which remains well maintained. In addition, we are also actively collaborating with various institutions in the education sector, hospitals, and social institutions," he said in a press release on Wednesday (8/5).
Indra detailed that one of the services they offer is a CMS named MADINA. This has led to an increase in the placement of checking accounts for customer transaction needs.
