BSI Records A 21.60 Percent Net Profit Increase

JAKARTA PT Bank Syariah Indonesia Tbk (BSI) posted a net profit growth of BSI reaching IDR 5.11 trillion in the third quarter of 2024, an increase of 21.6 percent compared to the same period the previous year of IDR 4.20 trillion.

President Director of BSI Hery Gunardi said that profit growth stems from the implementation of the right business strategy which remains focused on healthy and sustainable financing.

According to Hery, this was driven by the consumer and retail segments with a composition of 72.17 percent and funding focused on the growth of low-cost funds (CASA) with a composition of 61.69 percent of the total DPK.

In addition, optimizing customer bases currently reaches 21 million customers.

"We continue to grow double digits until the third quarter in the midst of a macro economy which is quite challenging with the high referral rate. However, BI began to lower its benchmark interest rate," he said at a press conference, Tuesday, October 29.

According to Hery, the company is still growing potential segments with maintained quality while continuing to improve service quality to customers, especially from the digital side.

Hery said, in the quarter of 2024, BSI's revenue-sharing margin will reach IDR 18.41 trillion, growing by 1.98 percent year on year (yoy).

In addition, BSI noted, Third Party Funds (DPK) amounted to 14.92 percent to Rp301.22 trillion in the third quarter of 2024.

The composition of the DPK is dominated by savings products of IDR 130.18 trillion or grew by 13.40 percent (yoy).

Meanwhile, low-cost funds or current account saving accounts (CASA) amounted to Rp186 trillion, an increase of 18.85 percent on an annual basis.

Hery said that the increase in savings was in line with the increase in customer bases, which since the merger averaged 2.5 million customers per year.

"To improve services, BSI continues to improve services including preparing SuperApps which will be launched immediately, in addition to increasing the number of ATMs, EDC, QRIS services, and BSI Agent access," he said.

On the other hand, BSI financing in the third quarter of 2024 reached IDR 267.06 trillion, growing 15.28 percent, growing above the industry average of 11.30 percent as of August 2024.

On the other hand, maintained quality is marked by a decline in gross NPF to a level of 1.97 percent and cost of credit to a level of 0.97 percent.

Meanwhile, BSI's assets in September reached IDR 371 trillion, growing 15.91 percent (YoY) with Return of Equity (ROE) at 17.59 percent.

BSI Digital Transaction Penetration

Hery conveyed that transactions through BSI e-channels reached 607 million transactions or almost 50 times the transaction on tellers or around 97.94 percent of transactions of BSI customers had used e-channels which reached Rp709 trillion.

For BSI Mobile, currently the number of users reaches 7.5 million customers, with the volume of BSI Mobile transactions reaching Rp464.8 trillion with a total transaction frequency of 387.6 million transactions.

Hery said, to complete the BSI Mobile service, BSI will soon release SuperApps, which is the development of BSI Mobile which is expected to become a financial, social, spiritual and lifestyle friend.

"This superApps will be very user friendly, and have a much more interesting feature that makes all customer financial activities easy. Later, simple application for financing can be easily accessed by the public without having to go to the branch," he concluded.