BSI Records 21.38 Percent Gold Business Growth, Majority Contributed By Millennials

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Bank Syariah Indonesia Tbk (BSI) recorded a gold business growth of 21.38 percent (year-on-year/yoy) as of December 2023, around 47.47 percent of this growth came from the millennial generation.

"As of December 2023, the gold business at BSI has reached IDR 7.2 trillion, growing 21.38 percent on an annual basis, which is dominated by the millennial generation of 47.47 percent," said BSI Sales & Distribution Director Anton Sukarna in a written statement, quoted from Antara, Tuesday, February 6.

In addition to the performance that has been achieved, BSI projects that the gold business will continue to increase along with the rising world gold trade price, the increasing demand from the public, as well as the role of banks/financial services in introducing gold.

The bank sees this trend indicating the interest of young people in investing through gold. For this reason, BSI seeks to increase literacy and inclusion of financing and investment through gold.

This is done by facilitating gold services in more than 1,000 BSI outlets throughout Indonesia. In addition, digital services through BSI Mobile for gold installments, gold tubes & gold pawns, gold installment products with competitive margins, and light installments that can be disbursed for a maximum period of 5 years.

BSI Mobile provides an E-mas menu to help customers start saving gold according to their rupiah balance converted to gold. This feature also allows customers to pay in installments of gold according to the chosen timeframe, as well as pawning gold to help people who need cheap and fast funding solutions.

"The increase in the number of Islamic financial inclusion is a big challenge for BSI to provide literacy to the public, in many forms, one of which is investment that has been common in Indonesian society for a long time, namely gold," added Anton.

Previously, BSI reported a net profit of IDR 5.7 trillion or grew 33.88 percent in 2023 on an annual basis (yoy).

President Director of BSI Hery Gunardi revealed that the main contributors to BSI's positive performance include financing, collecting third party funds (DPK) and low-cost funds that grow in double digits, appropriate strategic responses, and flexible and digitized business models.