BTN Syariah Net Profit Soared 56.1 Percent In The First Quarter Of 2024

BTN Syariah (Photo: Antara)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) through sharia business units (UUS) or BTN Syariah recorded a 56.1 percent increase in net profit in the January-March period (quarter I) 2024.

This increase made BTN Syariah's net profit to IDR 164.1 billion during the first quarter of 2024, compared to the same period last year of IDR 105.1 billion.

"BTN Syariah continues to grow consistently as a strong player in one of the most interesting business niches in the domestic housing market," said BTN President Director Nixon LP Napitupulu quoting Antara.

The company noted that the increase in BTN Syariah's net profit was supported by the distribution of financing which increased 20 percent to Rp39.1 trillion in the first quarter of 2024, compared to Rp32.6 trillion in the same period last year.

Not only in terms of financing distribution, the company also recorded double-digit growth in the collection of third-party funds (DPK) of BTN Syariah which reached 20.3 percent to Rp42.9 trillion.

Along with positive growth in terms of financing and collecting DPK, BTN Syariah posted an increase in assets of 17.9 percent yoy.

Thus, until the end of March 2024, BTN Syariah assets grew to IDR 54.8 trillion compared to the same period the previous year which amounted to IDR 46.5 trillion.

The positive performance in the first three months of 2024 was achieved in the middle of a due diligence process with one of the Islamic banks in Indonesia ahead of the separation or spin off of the BTN sharia business unit.

On the same occasion, Nixon said that the feasibility test had not yet been completed due to data delays, especially credit data, so BTN could not announce the results.

"It has not been completed (the feasibility test process). At the beginning, there was indeed a delay in the data we received so that the accounting firm's office collected the data over time," he said.

Earlier in February, Nixon targeted the feasibility test to be completed in April 2024. At that time, Nixon did not specify which Islamic bank was in the process of joint feasibility test with BTN Syariah.

"At that time there were two (syria bank targeted). One, we left it for a while. (Now) we are due diligence the other," he said at the time.

In December 2023, Minister of State-Owned Enterprises (BUMN) Erick Thohir revealed plans for a synergy between BTN Syariah and Bank Muamalat to become a large Islamic bank in Indonesia.

The merger of Bank Muamalat and BTN Syariah is expected to enter the top 16 Islamic banks in the world, and can even compete with Bank Syariah Indonesia (BSI).