SeaBank Earns IDR 132.26 Billion Net Profit During Semester I 2023

PT SeaBank Indonesia recorded a net profit after tax of IDR 132.26 billion during the first semester of 2023.

This number increased significantly compared to the same period last year (yoy) which was IDR 8.3 billion.

This net profit growth was contributed by an increase in operating income, mainly from net interest income, which was compensated for by an increase in asset value reduction losses.

In addition, SeaBank also recorded asset growth of 47 percent (yoy) in July 2023 to IDR 32.78 trillion from IDR 22.32 trillion in July 2022.

Credit disbursement until July 2023 amounted to IDR 15.09 trillion while Third Party Funds (DPK) were recorded at IDR 26.00 trillion.

"We hope that this positive trend will continue until the end of the year, while still presenting service and product innovations based on the principle of prudence in business in order to maintain customer safety and comfort," said the President Director of SeaBank Indonesia, Sasmaya Tuhuleley.

SeaBank's positive performance can also be seen when comparing the final financial statements of Semester I 2023 with the end of Semester I 2022.

It can be seen that SeaBank managed to record a net profit after tax of IDR 34.81 billion at the end of the first semester of 2023, an increase compared to the same period last year, which was IDR 5.97 billion or almost 6 times compared to 2022.

In terms of asset quality, SeaBank managed to improve the ratio of gross non-performing loans (NPL) which fell to 2.09 percent while net NPL fell to 0.13 percent, which showed that credit disbursement continued to be carried out with continuous precautionary principles.

The return rate of SeaBank assets or return on assets (ROA) has improved to 0.28 percent compared to the first semester of 2022, which was 0.07 percent.

The return on equity (ROE) rate also grew well from 0.48 percent to 1.33 percent in the first semester of 2023.

Meanwhile, the cost to income ratio (CIR) was reduced to 18.39 percent from the previous one in 2022 of 36.21 percent.