SMBC Indonesia's Net Profit Increases 2 Percent To IDR 634 Billion In The First Quarter Of 2025

JAKARTA - PT Bank SMBC Indonesia Tbk (SMBC Indonesia) posted a net profit after tax (consolidation) during January-March 2025 or the first quarter of 2025 reached IDR 634 billion, an increase of 2 percent on an annual basis (year on year/yoy).

The company noted that this achievement was also supported by the joining of the OTO Group into the SMBC Indonesia conglomerate in providing products and services for customers in various segments.

"SMBC Indonesia continues to show its resistance to challenging global market dynamics with solid and sustainable operational performance," said SMBC Indonesia President Director Henoch Munandar quoting Antara.

SMBC Indonesia's consolidated financial report for the January-March 2025 period has taken into account the performance of the OTO Group. Meanwhile, for the same period the previous year, SMBC Indonesia has not taken into account the performance of the OTO Group considering the acquisition was carried out at the end of March 2024.

SMBC Indonesia recorded an increase in operating income by 42 percent yoy to IDR 4.6 trillion in the first quarter of 2025.

In the midst of still high interest rates and the challenges of global economic uncertainty, this bank managed to record an increase in net interest income (NII), increasing 34 percent yoy to IDR 4.1 trillion.

The NII, among others, comes from interest income from credit, placement of liquid assets, and net interest income from the OTO Group. In addition, revenue growth is also contributed by fee income from the OTO Group.

In terms of intermediation, retail credit grew 31 percent yoy thanks to contributions from Joint Finance (282 percent yoy), Jenius (outside Digital Micro, 22 percent yoy), and Micro (29 percent yoy).

Corporate and commercial loans are 2 percent lower yoy with the dynamics of interest rates, exchange rate fluctuations, and strict market competition that affects corporate business decisions in general. On the other hand, small and medium enterprise loans (SMEs) recorded a growth of 2 percent.

In total, SMBC Indonesia's lending increased 1 percent yoy to Rp188.1 trillion. Furthermore, SMBC Indonesia's total assets grew slightly to Rp240.1 trillion.

In terms of funding, the total third party funds (DPK) were 2 percent yoy to Rp117.4 trillion. Even so, the company maintains the performance of the DPK in the retail segment by recording growth of 14 percent yoy to Rp59.2 trillion, compared to Rp51.9 trillion in the same period last year.

The time deposit grew 6 percent yoy to IDR 75.4 trillion, resulting in a lower current account saving account (CASA) to 36 percent.

Meanwhile, in terms of digitalization, the digital banking application Jenius posted 6 million registered users at the end of March 2025, up 8 percent yoy. Jenius also recorded a 19 percent increase in DPK to Rp31.7 trillion, while Jenius' lending also increased by 19 percent to Rp3.3 trillion.