Not Fasting Only IDR 3 Trillion, BRI Adds Buyback Shares IDR 1.5 Trillion

BRI President Director Sunarso (Photo: Doc. BRI)

JAKARTA PT Bank Rakyat Indonesia Tbk. (BRI) is known to continue corporate actions by repurchasing shares (buyback) in order to strengthen business performance.

Most recently, the issuer controlled by the government will buy back shares of IDR 1.5 trillion which can be carried out in stages or at the same time. The buyback process itself is completed no later than 18 months after the date of the 2023 AGMS.

"The announcement of this corporate action in the form of share buyback was made after the company completed the buyback process worth IDR 3 trillion at the end of January 2023," said BRI President Director Sunarso in an official statement, Sunday, February 5.

According to him, the company has completed a buyback of 647,385,900 shares with a value of Rp 2,999,999,915,000 (excluding the cost of the commission intermediary trading securities and other costs).

He explained that the shares of this buyback will be used to provide rewards and incentives to workers and management, thus spurring the company's sustainability of performance in the long term.

Meanwhile, until the end of the third quarter of 2022, BRI Group was able to print a profit of IDR 39.31 trillion or grew 106.14 percent year on year (yoy) with total assets increasing 4 percent to IDR 1684.60 trillion.

"In the future, we are optimistic that we can continue to maintain positive performance supported through the integration of ultra-micro holdings, strong capital, adequate liquidity, and finally efforts to maintain a non-performing loan (NPL) ratio of 3.09 percent," he said.

Sunarso added that the main goal of buyback is given to employees to increase employee engagement.

"Considering that in terms of the cost of buying (buyback) there is, then in terms of the need for the welfare of employees by providing existing shares, then matching is approximately there. The money is there, the needs are also there, therefore we do it," he concluded.