Bank Raya Earns IDR 9.16 Billion Profit In The First Quarter Of 2024

Photo: Doc. Bank Raya

JAKARTA - PT Bank Raya Indonesia Tbk or Bank Raya recorded net profit growth in the first three months of 2024 which jumped by 109.56 percent year on year (yoy) to Rp9.16 billion compared to the same period last year.

Bank Raya President Director Ida Bagus Ketut Subagia said that the company has a commitment to continue to be on the right track towards sustainable growth, thus making Bank Raya innovate by building a directness product so that it can become a competitive advantage of banks in the midst of competition.

"In addition, as part of the BRI Group, Bank Raya has full parent support and access to an exclusive ecosystem that allows Bank Raya to expand market access and expand," Bagus said in a written statement in Jakarta, quoted on Saturday, April 27.

The operating income before the first quarter of 2024's pre-provisioning operating profit (PPOP) grew significantly by 466.70 percent yoy to Rp168.45 billion. Meanwhile, the net interest margin (NIM) was recorded at 4.29 percent, an increase compared to the previous period of 3.61 percent.

In terms of funding, Bank Raya's digital deposits grew by 27.48 percent yoy to Rp905.60 billion compared to the same period the previous year of Rp710.37 billion.

Meanwhile, in terms of lending, Bank Raya recorded digital credit which reached IDR 4 trillion in the first three months of 2024, an increase of 54 percent yoy.

This prompted the outstanding digital credit to grow strongly by 75.06 percent yoy to reach Rp1.32 trillion compared to the position in the first quarter of 2023 which was recorded at Rp756 billion.

Digital credit growth in the first three months of this year also supported a sustainable growth trend. This can be seen from the growth of Pinang Flexi's digital loan, multipurpose loans for employees, which increased 140.98 percent yoy to Rp317.53 billion.

Pinang Maxima and Pinang Performa, which provide productive loans for business actors, also grew by 55.17 percent yoy to Rp275.58 billion.

Meanwhile, Pinang Dana Batangan, as one of Bank Raya's mainstay products, has been utilized in the BRI Group ecosystem such as Agent BRILink, shot up 121.79 percent or to IDR 423.10 billion yoy.

Through Pinang Dana Payang, according to Bank Raya, access to financing for daily productivity of BRILink agents can be facilitated. Bank Raya provides short-term loan facilities that agents can use to meet customer transaction requests.

In addition to transforming business models, the company noted that business operational efficiency is getting better with digital-based business processes. This is shown from the increasing capital intensity ratio (CIR) to 46.45 percent from the previous period of 84.30 percent.

The ratio of low-cost funds (CASA) has improved to 28.28 percent from the previous period of 24.01 percent. According to the company, the achievement of the CASA ratio in the first quarter of 2024 is the result of a strategy to obtain low-cost funds through the development of savings products (saving) and targeting communities and ecosystems as end users.

Bank Raya also ensures that the liquidity and capital ratios are at an adequate level. This is reflected in the ratio of macroprudential intermediation (RIM) maintained at the level of 86.14 percent and loan to deposit ratios (LDR) at the level of 83.93 percent with a solid capital adequacy ratio (CAR) of 45.33 percent.