Nobu Bank's (NOBU) Profit Soars 67.31% in the First Quarter of 2024

JAKARTA - PT Bank Nationalnobu Tbk, owned by conglomerate James Riady, has reported a positive performance in the first quarter of 2024. The bank, also known as NOBU, recorded a net profit of Rp 51.03 billion, a year-on-year (YoY) increase of 67.31% from Rp 30.5 billion in the same period last year.

The growth in Bank Nobu's profit was supported by a net interest income of Rp 215.6 billion in the first quarter of 2024, up 22.46% YoY from Rp 176.06 billion in the same period last year.

As a result, Bank Nobu's net interest margin (NIM) slightly increased from 3.51% to 3.54% in the first quarter of 2024.

In line with this, the bank's fee-based income also surged 177.94% YoY to Rp 53.17 billion in the first quarter of 2024, compared to Rp 19.13 billion in the same period last year.

From its intermediation function, Bank Nobu has disbursed loans amounting to Rp 16.65 trillion, up 34.93% YoY from Rp 12.34 trillion. Despite this, the quality of credit remains well-maintained, with the gross non-performing loan (NPL) ratio standing at 0.48% as of March 31, 2024, a slight increase from 0.36%.

During the first three months of 2024, Bank Nobu has collected third-party funds (DPK) amounting to Rp 20.03 trillion, up 39.07% YoY from Rp 14.4 trillion in the first quarter of 2023.

As a result, the bank's assets also rose 30.19% YoY to Rp 29.19 trillion in the period from January to March 2024.