BCA Changed The Name Of Bank Royal To Bank Digital BCA

JAKARTA - PT Bank Central Asia Tbk (BCA) changed the name of its subsidiary, PT Bank Royal Indonesia, to become BCA Digital Bank. The name change has been approved by the shareholders as well as the board of directors and commissioners.

BCA Finance Director Vera Eva Lim said previously BCA had injected nearly IDR1 trillion in capital into this subsidiary. "Rp1 trillion is additional capital for Bank Royal. And there is already a new name, namely BCA Digital Bank. This means that our subsidiary's capital is now Rp1.3 trillion," Vera said in a video conference in Jakarta, Wednesday, May 27.

Furthermore, Vera said, BCA Digital Bank will be introduced to the public in the second half of 2020. According to Vera, his party is still finalizing the product and internal network system before being introduced to the public.

"The plan is that in the second semester there will be a soft opening for the BCA Digital Bank, but that is internal first for the application we are currently preparing," said Vera.

It is known, BCA has signed an acquisition deed by controlling 99.99 percent of Bank Royal shares, while 0.01 percent of its shares are owned by PT BCA Finance. Vera said that the acquisition was driven by the need for BCA to have a small bank to be more flexible in serving customers in terms of digital services.

In the midst of the pandemic of COVID-19 and other economic challenges in the first quarter of 2020, BCA managed to book a net profit of Rp.6.6 trillion. This figure is up 8.6 percent over the same period the previous year.

This profit growth was supported by BCA operating income which jumped 17.3 percent on an annual basis (year on year / yoy) to IDR 19.6 trillion. This is supported by BCA credit growth, where as of March 2020, BCA's loan portfolio grew 12.3 percent yoy to Rp612.2 trillion.

This growth was mainly supported by corporate loans, which shot up 25.4 percent annually to IDR 260.4 trillion at the end of March. Meanwhile, commercial and SME loans edged up 5.0 percent yoy to Rp191.2 trillion.

Consumer loans grew slightly by 3.0 percent yoy to Rp154.9 trillion in line with the slow growth trend in home and automotive purchases. In the consumer credit segment, KPR BCA increased by 7.0 percent to Rp92.5 trillion.