Neo Commerce Bank Earns IDR 14.23 Net Profit In The First Quarter Of 2024

JAKARTA - PT Bank Neo Commerce Tbk (BNC) recorded a net profit of IDR 14.23 billion throughout the first three months of 2024, better than the same period last year which posted a loss of IDR 68.40 billion.

The ratio of BNC's operating income operating expenses (BOPO) was recorded to have decreased by 7.91 percent to 98.83 percent in the first quarter of 2024, from the previous 106.74 percent in the same period in 2023.

"We believe that with the various steps that BNC has taken, and starting with performance in the first quarter of 2024 which recorded good growth, BNC's achievements until the end of the year will grow even better," Neo Commerce Bank Business Director Aditya Windarwo quoted Antara as saying.

According to the company, the decline in the BOPO value in the first quarter of 2024 was the result of various efficiency in its banking operations since early 2023 until now.

This efficiency step is taken by implementing more targeted promotional activities, focusing on improving services with complete products and features, improving credit quality, increasing risk awareness, and better risk management.

BNC's total assets decreased slightly from IDR 19.11 trillion at the end of March 2023 to IDR 18.91 trillion in March 2024.

From the intermediation performance, BNC disbursed loans of Rp9.40 trillion in the first quarter of 2024 or decreased by 13.87 percent from the same period in the previous year which amounted to Rp10.91 trillion.

If viewed monthly, the loans disbursed by BNC at the end of February 2024 and the end of January 2024 amounted to Rp9.76 trillion and Rp10.14 trillion, respectively. This trend, according to the company, will continue for loans disbursed in April 2024.

The company said that BNC always maintains credit quality as reflected in net non-performing loans (NPL) by 1.30 percent at the end of March 2024 or improves from the previous 2.67 percent in the first quarter of 2023. This is because BNC focuses on lending with more selective quality in its distribution.

Then, BNC's third party funds (DPK) as of March 31, 2024 were recorded at IDR 14.35 trillion. Previously, at the end of February 2024 and the end of January 2024, the number of DPK was recorded at IDR 13.84 trillion and IDR 14.62 trillion, respectively.

As of the end of March 2024, the ratio of low-cost accounts (CASA) in BNC reached 27.60 percent. Savings in BNC increased by 16.17 percent from IDR 3.05 trillion in the first quarter of last year to IDR 3.54 trillion in the same period this year. Meanwhile, deposits fell 3.59 percent from IDR 10.77 trillion in the first quarter of 2023 to IDR 10.39 trillion in the first quarter of 2024.

BNC's net interest income (NII) for the first three months of 2024 was recorded at IDR 773.27 billion. According to the company, BNC's net interest income for the period until April 2024 will reflect the trend of lending in that period.

"However, we are sure that this situation will soon turn around because credit distribution will grow high with good quality," said Aditya.

He also said that BNC is optimistic that the Indonesian economy will continue to grow. According to him, Indonesia's economic growth is an opportunity for BNC to continue to expand in lending.

At the same time, added Aditya, BNC continues to maintain credit quality which is channeled more selectively in lending and expand lending to various customer segments, ranging from individuals, MSMEs, and corporations.