Fee Based Income Meroket, Bank Muamalat Bagisi Profit Rp252.9 Billion

Illustration (Photo: Doc. Antara)

JAKARTA PT Bank Muamalat Indonesia Tbk recorded double-digit growth in commission-based income in the first quarter of 2023 of 35.8 percent or IDR 252.9 billion.

Bank Muamalat President Director Indra Falatehan said that the positive fee-based income growth resulted in a profit before the company's tax (profit before tax) of Rp. 16.4 billion or a growth of 7 percent (yoy).

"Bank Muamalat's positive achievements in this period are in line with our business strategy so that it is able to generate profit before tax of Rp. 16.4 billion and net profit of Rp. 10.2 billion," he said in an official statement, Friday, May 5.

Meanwhile, the distribution of Bank Muamalat financing as of March 31, 2023 was recorded at IDR 19.4 trillion or grew 2.4 percent (yoy).

Indra explained that the outstanding financing this quarter is the highest since March 2022.

The company's financing to deposit ratio (FDR) also increased from 41.3 percent as of March 31, 2022 to 42.47 percent at the end of March 2023.

Meanwhile, third party funds (DPK) reached Rp45.5 trillion while low-cost funds or Current Account and Saving Account (CASA) were recorded at Rp21.4 trillion.

"The company continues to spur the growth of low-cost funds by maximizing the IB Hijrah and Giro iB Hijrah Savings products," added Indra.

In terms of the Cash Management System (CMS) business as of March 31, 2023, CMS acquisition increased by 46 percent compared to the same period last year.

This acquisition growth contributed to the increase in CASA by 6 percent year to date (ytd).

Bank Muamalat's assets as of March 31, 2023, were recorded at IDR 61.6 trillion.

The company managed to maintain the quality of assets well as seen from the Non Performing Financing (NPF) ratio of 0.75 percent (nett).

Indra added that Bank Muamalat's total capital as of the end of March 2023 was recorded at IDR 6.97 trillion.

The capital adequacy ratio (CAR) is 32.38 percent as of the end of March 2023.

"The ratio is far above the regulatory threshold," concluded Indra.