BTN's Net Profit Increases 7.4 Percent To IDR 860 Billion In The First Quarter Of 2024

Illustration of BTN (Photo: website BTN)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk or BTN posted a net profit in the first quarter of 2024 to Rp860 billion. This amount grew 7.4 percent compared to the same period last year which was valued at Rp801 billion.

"Positive performance in the first quarter of 2024 can finally bring BTN to record a net profit for the first 3 months or the first quarter of 2024 of IDR 860 billion," said Deputy President Director Oni Febriarto Rahardjo quoting Antara.

In January-March 2024, BTN recorded credit and financing growth of 14.8 percent to Rp344.2 trillion, compared to the same period in the previous year of Rp299.7 trillion.

BTN's credit and financing growth, the company noted, was supported by housing loans and financing and high-margin loans (high-keyield loans) which are quite attractive to the public.

According to the company, housing loans and financing still contributed a majority of around 85 percent of all credit and financing disbursed by the company.

The gross non-performing loan (NPL) ratio fell to 3 percent in the first quarter of 2024, from the previous 3.5 percent in the first quarter of 2023.

The loan-at-risk ratio (LAR) also recorded a decline to the level of 21.6 percent from the previous 24.2 percent. Meanwhile, NPL coverage increased to 152.8 percent from the previous 145.9 percent in the first quarter of 2023.

In terms of funding, third party funds (DPK) grew 11.9 percent to Rp357.7 trillion in the first quarter of 2024, compared to Rp319.6 trillion in the same period last year.

This growth, the company noted, still exceeds the growth of the banking industry's DPK in February 2024 which was recorded at 3.8 percent yoy.

Of the total DPK, the portion of low-cost funds or current account savings accounts (CASA) reached 49.9 percent in the first three months of this year.

Supporting DPK growth in BTN is partly due to the increasing number of users of the BTN Mobile application and transactions made.

Until the end of March 2024, the number of active BTN Mobile users reached 1.4 million customers, with a transaction value of IDR 20.5 trillion or a growth of 60.1 percent yoy.

The increase in transactions at BTN Mobile is one of the contributors to fee-based income (FBI). The company noted that the FBI in the first quarter of 2024 reached IDR 686 billion, an increase of 14.27 percent compared to the same period in 2023 which amounted to IDR 565 billion.

Thanks to solid credit and DPK growth, BTN's total assets grew 13.1 percent yoy to Rp454.0 trillion compared to the same period last year of Rp401.5 trillion.