Bank Raya's Profit Increases 28 Percent In The Third Quarter Of 2023

Photo: Doc. Bank Raya

JAKARTA - PT Bank Raya Indonesia Tbk (Bank Raya) posted positive financial performance as well as digital business achievements that continue to grow in the third quarter of 2023. Bank Raya managed to record a net profit before tax of IDR 140.9 billion or grew 29.4 percent YoY.

Meanwhile, net profit after the Bank Raya tax was recorded at Rp. 14.7 billion. This achievement increased 28 percent compared to the company's net profit at the end of last year.

Ida Bagus Ketut Subagia as President Director of Bank Raya said, in the past two years of transforming into a digital bank, Bank Raya continues to build a digital business with strong and sustainable growth through product-based approaches and customer experience.

"We also continue to strengthen synergies with the BRI Group ecosystem to expand access to banking products and services for customers and provide the best experience in digital banking transactions," he said in a written statement, Tuesday, October 31.

In the third quarter of 2023, Bank Raya has released several features on digital saving such as the Saku Jaga Optimal (Locked) feature, increasing the number of budget pockets to 10 pockets with different account numbers and increasing user experience so that pocket creation is easier.

In addition to adding features to digital saving, the development of the Raya application for user interfaces is also made more attractive by launching the Mission Rayagamification to get rewards and a Grand application home revamp with a fresher look.

Not only developing features in digital saving, but Bank Raya continues to innovate to help business growth of business actors, one of which is in the Pinang Dana Bailang product to BRILink Agents. Pinang Dana Batangan can be accessed through BRILink Mobile, which uses it to provide bailout funds so that it can continue to make it easier for the public to carry out various banking transactions.

In July 2023, Pinang Dana Batangan was present with a larger ceiling access, adjusting to the agency level and being able to access loans of up to IDR 50 million. In order to accommodate this, the quality of credit scoring is increased to strengthen product quality so that more customers can take advantage of it, besides that the disbursement of Pinang Dana Payang still pays attention to the precautionary principle in accordance with risk appetite.

"Investment in infrastructure and technology to support digital banking products that are increasingly integrated in the Bank Raya application continues to focus on going forward in order to increase user experience for customers, in the future Bank Raya will present features and products that can be accessed by anyone and reach all levels of society. That way, Bank Raya can continue to support BRI Group's steps to accelerate financial inclusion by eliminating public limitations to access to financial products and services," explained Ida Bagus.

The focus of digital business performance was marked by the increase in total digital lending in the third quarter of 2023, increasing by 45.3 percent (yoy) so that Bank Raya's digital loans were recorded at IDR 943.5 billion. The growth of Bank Raya's digital loan products cannot be separated from the results of synergies with the BRI Group ecosystem which are increasingly complete to serve financial services.

Along with the growth of digital lending, digital saving in the third quarter of 2023 also recorded an increase of 77.5 percent (yoy) to IDR 775.4 billion at the end of September 2023. This growth was also seen in the number of users which continued to increase to more than 770 thousand CIFs.

Throughout the third quarter of 2023, the number of transactions on the Raya Application increased by 287.8 percent (yoy) with an increase in nominal amount of 196.2 percent (yoy). The most popular feature is online transfer using BI Fast by 59.2 percent, payment transactions using QRIS by 13.7 percent, e-wallet top up transactions by 13.1 percent, transfers from fellow Raya by 6.5 percent and others by 7.5 percent.

"Although the performance in the third quarter of 2023 generally still has a slowdown, due to the company's strategy to transform, it can be seen that the performance of digital business can still grow in double digits. With the growth that is already in accordance with our milestones, namely doing a scale-up business through the BRI Group ecosystem, we are optimistic that by the end of the year we can record better profits than the previous year," explained Ida Bagus.

Several key ratios of Bank Raya have also improved, as can be seen from the BOPO ratio which improved in the third quarter of 2023 by 84.56 percent compared to the previous same period of 91.43 percent.

Bank Raya also has a strong capital ratio, shown from the CAR ratio in the third quarter of 2023 of 48.98 percent, higher than the previous same period of 27.33 percent.

"In the future, Bank Raya's synergy with the BRI ecosystem will be further strengthened through various program collaborations that encourage the acceleration of public financial inclusion through innovation of digital saving and digital lending products to support our steps to become a digital bank of choice for the community," concluded Ida Bagus.