BSI's Ambition Targets The Top Three Positions Of Global Sharia Banks From The Cap Market Side In 10 Years

PT Bank Syariah Indonesia Tbk or BSI targets to be included in the top three ranks of global Islamic banks in terms of market caps within the next 10 years.

"What's next, what does BSI want to achieve? We have been preparing a work plan for 10 years, BSI is in the top 3 global Islamic banks in terms of market caps," said BSI President Director Hery Gunardi quoting Antara.

After the merger, said Hery, BSI managed to achieve the target return on equity (ROE) above 18 percent, precisely 18.30 percent as of March 2024. Then, BSI's market capitalization as of March 13, 2024, broke through Rp131.47 trillion which pushed the BRIS stock coded bank into the top ten position of the global Islamic bank in March 2024.

Hery said that BSI achieved this achievement one year earlier than the company's target, namely in 2025.

According to him, the merger results of the three subsidiaries of state-owned banks have also succeeded in bringing great benefits to BSI, including an increasing business scale and a significant increase in the number of customers. After the merger, the number of BSI customers increased by more than 5 million customers to 20 million customers as of March 2024.

BSI's financial performance after the merger, notes Hery, also always grows with healthy quality. From year to year, BSI's asset growth reaches double digits while the industry only grows in single digits. In addition, financing and third party funds (DPK) also increased from year to year.

For information, BSI posted a net profit of IDR 1.71 trillion in the first quarter of 2024 with returns on assets (ROA) and ROE, which grew to 2.51 percent and 18.30 percent, respectively. BSI's assets as of March 2024 were recorded to have penetrated IDR 358 trillion or grew 14.25 percent year-on-year (yoy).

In terms of funding, the BSI DPK grew significantly in the first quarter of 2024, which was 10.43 percent yoy to Rp297 trillion, supported by the dominance of low-cost funds (CASA) of Rp181 trillion or grew 9.29 percent yoy. Meanwhile, in terms of intermediation, the distribution of BSI financing in the first three months of this year reached Rp247 trillion or grew 15.89 percent yoy.