Fulfill The Requirements For Spin Off, Sharia BTN Assets Reach IDR 54.3 Trillion

JAKARTA - The Sharia Business Unit (UUS) of PT Bank Tabungan Negara (Persero) Tbk (BBTN) or BTN Syariah throughout 2023 managed to record a net profit of IDR 702.3 billion in 2023.

The achievement of BTN Syariah shot up 110.5 percent compared to the previous year's net profit of IDR 333.6 billion.

President Director of BTN Nixon LP Napitupulu said the increase in net profit was supported by the increase in the distribution of BTN Syariah financing by 17.4 percent to Rp37.1 trillion compared to the previous year which amounted to Rp31.6 trillion.

A significant increase also occurred in the DPK BTN sharia which grew rapidly by 20.7 percent to Rp41.8 trillion in 2023, from the previous year of Rp34.64 trillion.

Nixon conveyed that the brilliant performance in terms of the distribution of financing and the acquisition of the DPK had made the position of state-owned sharia BTN assets increase by 19.79 percent to Rp54.3 trillion in 2023 compared to Rp45.3 trillion in the previous year.

Regarding the progress of the Sharia BTN Spin Off, Nixon said that the growth of Islamic BTN assets has reached more than IDR 50 trillion.

"The increase in BTN Syariah assets, which is already more than Rp. 50 trillion, has made the company have an obligation to spin off BTN Syariah and establish a BUS which will be carried out this year," he said.

Based on the Financial Services Authority Regulation (POJK) Number 12 of 2023 states that if the total UUS assets are more than IDR 50 trillion, then they are required to separate from certain stages. OJK also regulates the deadline for submitting separation agreements no later than 2 years after the deadline for submitting quarterly publication reports.