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BANKING - JAKARTA. PT Bank BTPN Tbk (BTPN) reported a decline in profits for the first quarter of 2024. During this period, BTPN recorded a profit of IDR 543.85 billion, a drop of 32.45%.
For comparison, in the first quarter of 2023, BTPN posted a net profit of IDR 806.19 billion.
The decrease in BTPN's net profit was due to an increase in interest expenses to IDR1.82 trillion in the first quarter of 2024, or an increase of about 9% year-on-year from IDR1.67 trillion in the first quarter of 2023.
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Despite this, BTPN was still able to record a net interest income of IDR 3 trillion, or an increase of 2% year-on-year from IDR 2.94 trillion in the same period last year.
As a result, BTPN's net interest margin ratio increased from 6.88% to 9.49% as of March 31, 2024.
BTPN's fee-based income also increased by 39.86% year-on-year to IDR247.34 billion in the first quarter of 2024.
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From the intermediation side, BTPN has disbursed loans amounting to IDR186.56 trillion in the first quarter of 2024, an increase of 24.45% from IDR 149.90 trillion in the same period last year.
In terms of loan quality, BTPN's gross non-performing loan (NPL) ratio remained stable at 1.69% as of March 31, 2024, although it increased slightly from the same period last year at 1.63%. However, the net NPL ratio appeared to improve, dropping to 1.17% as of March 31, 2024, from previously at 1.24%.
From the funding side, BTPN raised third-party funds (DPK) amounting to IDR 120.27 trillion in the first quarter of 2024, an increase of 3.35% year-on-year from IDR116.37 trillion in the same period last year.
