Net Profit of Bank Mega (MEGA) Decreases by 13.37% to IDR 3.5 Trillion in 2023

FINANCIAL REPORT-JAKARTA. PT Bank Mega Tbk (MEGA) recorded unsatisfactory financial performance for the fiscal year 2023.

This bank, owned by conglomerate Chairul Tanjung, recorded a net profit of IDR 3.5 trillion, down 13.37% annually (year on year/YoY) from a net profit of IDR 4 trillion in 2022.

Based on the company's financial report on Thursday (22/2), the decrease in net profit was due to a decrease in net interest income (NII) of Bank Mega by 4.48% yoy, from IDR 5.87 trillion to IDR 5.53 trillion at the end of last year.

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So the net interest margin (NIM) also decreased from 5.42% to 5.21% in December 2023

Other operating income also decreased by 32.39% yoy, from IDR 5 trillion to IDR 4.33 trillion in 2023. Meanwhile, the Operational Expense to Operational Income (BOPO) ratio increased to 65.36% in December 2023 from 56.76% in December 2022.

In line with this, Bank Mega's credit distribution also decreased by 5.68% YoY from IDR 70.29 trillion to IDR 66.29 trillion in 2023.

 

Meanwhile, the Non-Performing Loan (NPL) gross and net ratios of Bank Mega increased to 1.57% and 1.18% respectively in December 2023 from previously at 1.23% and 0.91% in December 2022. However, the NPL ratio of Bank Mega is still maintained healthy.

This has led to an increase in the Allowance for Impairment Losses (CKPN) ratio to productive assets to 0.56% in December 2023 from previously 0.49% in the same period the previous year.

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On the funding side, Third Party Funds (DPK) of Bank Mega decreased by 13% yoy from IDR 102.89 trillion to IDR 89.43 trillion by the end of 2023. The largest decrease occurred in deposit savings, which fell 15.58% yoy from IDR 75.399 trillion to IDR 63.65 trillion in December 2023

Return on Asset (ROA) and Return on Equity (ROE) each decreased to 3.47% and 17.62%. Meanwhile, the total assets of Bank Mega decreased by 6.84% (YoY) from IDR 141.75 trillion to IDR 132.04 trillion in 2023