Bank Sinarmas Owned By Conglomerate Eka Tjipta Widjaja Earns IDR 127.74 Billion Profit In 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - The banking company belonging to the late Eka Tjipta Widjaja conglomerate, PT Bank Sinarmas Tbk posted a net profit for the year of IDR 127.74 billion throughout 2021. This profit grew 8 percent year-on-year (YoY) compared to the same period in 2020, which is IDR 118.52 billion.

In a Bank Sinarmas publication released on the official website, quoted on Tuesday, April 5, the issuer bank with the BSIM code experienced an increase in interest income of 1 percent YoY, from IDR 3.19 trillion in the December 2020 period to IDR 3.23 trillion as of December 2021.

Meanwhile, Bank Sinarmas' interest expense decreased by 22 percent YoY, from IDR 1.04 trillion to IDR 817.83 billion. As a result, the net interest income of Bank Sinarmas grew by 13 percent YoY, from IDR 2.14 trillion to IDR 2.41 trillion.

On the other hand, loans extended by Bank Sinarmas also decreased by 18 percent YoY, from IDR 15.31 trillion to IDR 12.61 trillion. From there, total assets owned by issuers codenamed BSIM rose 18 percent YoY, from IDR 44.61 trillion to IDR 52.67 trillion.

Then, in terms of liabilities, Bank Sinarmas' Third Party Funds (DPK) grew 21 percent YoY, from IDR 36.75 trillion to IDR 44.46 trillion. The increase came from low-cost funds or CASA (Current Account Saving Account) in the form of demand deposits and savings which grew by 57 percent YoY, from IDR 19.63 trillion to IDR 30.77 trillion.

In addition, BSIM is noted to have core capital (tier 1) worth IDR 6.94 trillion as of December 2021, or an increase of 25 percent YoY from the previous IDR 5.57 trillion in the same period the previous year.

Meanwhile, Bank Sinarmas succeeded in reducing the ratio of non-performing loans (NPL) both gross and net by 4.64 percent and 1.18 percent respectively on December 31, 2021, from 4.75 percent and 1.39 percent respectively. as of 31 December 2020.

Furthermore, BSIM's net interest margin (NIM) fell to 5.79 percent and Operating Expenses to Operating Income (BOPO) also fell to 97.12 percent.