The Profit Of Bank Mega, Owned By Conglomerate Chairul Tanjung, Slumped 4.4 Percent To IDR 1.49 Trillion In The First Semester Of 2022, Why?

Conglomerate Chairul Tanjung together with his daughter, Putri Tanjung. (Photo: Instagram @putri_tanjung)

JAKARTA - The banking company owned by the conglomerate Chairul Tanjung alias CT, PT Bank Mega Tbk (MEGA) posted an individual net profit for the year of IDR 1.49 trillion in the first semester of 2022.

MEGA's profit shrunk by 4.4 percent year-on-year (yoy) compared to the same period last year which was able to pocket funds of IDR 1.56 trillion.

In the financial report published on the company's official website, quoted Monday, August 8, Bank Mega's interest income was IDR 4.08 trillion during the first six months of 2022. This means that MEGA's interest income grew slightly by 0.5 percent yoy from the previous IDR 4.06 trillion.

Meanwhile, Bank Mega's interest expense shrank 21.3 percent yoy, from IDR 1.62 trillion to IDR 1.27 trillion. As a result, the company's net interest income grew 15 percent yoy to IDR 2.81 trillion from the original IDR 2.44 trillion.

On the other hand, Bank Mega noted that lending rose 22.7 percent yoy. Loans extended from IDR 52.45 trillion to IDR 64.38 trillion as of June 30, 2022. From there, total assets owned by Bank Mega grew 6.6 percent yoy, from IDR 115.86 trillion to IDR 123.54 trillion as of June 2022.

Furthermore, in terms of liabilities, Bank Mega was able to raise public funds or third party funds (DPK) with growth reaching 8.4 percent yoy, from IDR 84.07 trillion to IDR 91.09 trillion.

Meanwhile, the increase in TPF came from low-cost funds (current account saving accounts/CASA) in the form of demand deposits and savings, which grew 10.1 percent yoy, from IDR 23.23 trillion to IDR 25.57 trillion.

Furthermore, for core capital (tier I) on a bank only basis, MEGA experienced a slight increase, namely 0.6 percent yoy. Tier I owned by Bank Mega grew from IDR 16.32 trillion to IDR 16.42 trillion as of June 2022.

In terms of financial ratios, the ratio of bad loans or non-performing loans (NPL) of Bank Mega recorded a decline and was at the level of 1.16 percent (gross) and 0.83 percent (net). Meanwhile, the loan to deposit ratio (LDR) rose to 70.52 percent from 61.46 percent.

Then the ratio of net interest margin (NIM) and operating expenses to operating income (BOPO) were 5.35 percent and 62.73 percent, respectively, at the position of June 30, 2022.