BSI Enters Top 10 Global Islamic Bank Faster Than Target, Erick Thohir: Proof Our Performance Grows

Illustration (Photo: Doc. ANTARA)

JAKARTA - PT Bank Syariah Indonesia Tbk. or BSI again shows impressive performance. BSI officially entered the ranks of the Top 10 Global Islamic Bank in terms of market capitalization, even faster than the target set by the Ministry of SOEs, namely by 2025.

Related to this, SOE Minister Erick Thohir said foreign investors increasingly believe in the company's fundamental performance and the performance of its shares on the Indonesian stock exchange floor.

Erick also said that this achievement proves the presence of BSI since 2021 which is projected to be the locomotive of the sharia economy to grow sustainably.

"The appreciation of foreign investors who are trusted institutions in the investment sector is an extraordinary trust for BSI. This is proof that our growing performance has potential economic value in the future," Erick said in an official statement, Thursday, March 14.

Erick said that the government is actually targeting BSI to be included in the top 10 world Islamic banks based on market capitalization by 2025. However, it turns out that the realization is faster, which proves that BSI has high resilience in facing various economic challenges.

"This BSI achievement is proof that Indonesia as a country with the majority of Muslim population has the largest Islamic bank with a strong performance fundamental," he said.

For your information, BSI managed to achieve faster than the company's target to reach the Top 10 Global Islamic Bank position based on the largest market capitalization or market cap by 2025.

The largest market capitalization score refers to the closing of BRIS' share price on Wednesday, March 13, BRIS's market capitalization to IDR 131.47 trillion, equivalent to USD 8.44 billion.

Globally, BRIS is ranked 10th with the largest market capitalization of world Islamic banks under Emirates Islamic Bank 10.38 billion US dollars in 9th and Abu Dhabi Islamic Bank 10.94 billion US dollars in the 8th largest position.

BSI has succeeded in maintaining its financial performance to continue to grow impressively amid the challenges and uncertainties of the global economy due to the increasing geopolitical tension in the world.

BSI's success in maintaining positive performance was shown by the achievement of profits that grew 33.88 percent on an annual basis or year on year (yoy) to Rp5.70 trillion until the fourth quarter of 2023.

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.

In trading on the Indonesia Stock Exchange, Wednesday, March 13, BRIS shares opened at a price level of Rp2,610 and closed at Rp2,850, an increase of 9.62 percent. From the closing price, BRIS's share price has risen to 63.79 percent if calculated since the beginning of 2024 (YTD), an increase of 114 percent in one year.

With BRIS' current price level, the target price consensus of analysts at Bloomberg of IDR 2,540 has been exceeded.