Bank Muamalat Assets Grow 10.7 Percent, Bank Muamalat's Assets Reach IDR 59.8 Trillion

Bank Muamalat (Between)

PT Bank Muamalat Indonesia Tbk recorded a positive performance during the third quarter of 2023. Bank Muamalat's assets grew by 10.7 percent (yoy) from IDR 59.8 trillion as of September 30, 2022 to IDR 66.2 trillion as of September 30, 2023. This asset growth was supported by an increase in financing distribution which grew 22.4 percent yoy to IDR 21.7 trillion.

This asset achievement is the largest in the history of the first bank of pure sharia. This is also in line with the significant to double profit growth. Of course this is an encouraging thing and is part of Bank Muamalat's plan towards healthy business growth and sustainable profit," said Bank Muamalat President Director Indra Falatehan in a statement to the media, Wednesday, November 1.

Meanwhile, Bank Muamalat's profit before tax grew by 90.7 percent yoy from IDR 40.5 billion as of September 30, 2022 to IDR 77.3 billion as of September 30, 2023. Indra said that the increase in profit was driven by commission revenues that grew double digits by 20.8 percent yoy.

As for the Third Party Fund (DPK), Bank Muamalat grew positively by 6.9 percent yoy to IDR 48.1 trillion as of September 30, 2023. This increase was supported by an increase in low-cost funds or the Current Account and Saving Account (CASA) which increased 2.7 percent yoy. The biggest increase occurred in the game which grew by 13.0 percent yoy.

As of September 30, 2023, Bank Muamalat's total capital was recorded at IDR 6.9 trillion with a capital adequacy ratio (CAR) of 28.67 percent, well above the regulator's regulatory threshold.

Meanwhile, the quality of financing is also positive where the net Non Performance Financing (NPF) ratio decreases from 0.65 percent as of September 30, 2022 to 0.43 percent at the end of September 2023.

Indra added, Muamalat also continues to maximize the penetration of the Muamalat DIN mobile banking application to grow low-cost funds. As of September 30, 2023, the total CASA through Muamalat DIN was recorded at around Rp. 8.6 trillion. The number of DIN Muamalat users also continues to grow which reaches more than 460 thousand users as of the end of September 2023.

To support this penetration, a number of new features of Muamalat DIN have been launched, including cardless cash withdrawals at Indomaret. The innovation was followed by mobile cash which is a feature of withdrawal and cash deposit using Muamalat DIN through a teller or known as in-branch without having to bring documents and without filling out a form or paperless.