Bank Danamon Pockets IDR 831 Billion Net Profit

Illustration (Photo: Doc. ANTARA)

JAKARTA - PT Bank Danamon Indonesia Tbk announced its financial performance in the first quarter of 2024.

During the first quarter, Danamon scored a consolidated Net After Tax (NPAT) profit of IDR 831 billion, an increase of 2 percent yoy.

Danamon's operating income grew by 8 percent yoy to IDR 4.7 trillion.

Meanwhile, Pre-Provisioning Operating Profit (PPOP) increased 14 percent yoy to IDR 2.3 trillion, this shows the efficiency of banks in managing its core operations and strengthening its foundation for investment growth in the future.

This achievement is a good start in 2024. In the future, Danamon will continue to grow as a Financial Group along with other members of the MUFG Group to support the growth of all stakeholders and the Indonesian economy," said the President Director of Bank Danamon, Daisuke Ejima, quoted on Tuesday, April 30.

Danamon also posted a record high in its loan portfolio, with Total Credit and Trade Finance reaching IDR 179.7 trillion, or an increase of 18 percent yoy driven by growth from all business segments.

In terms of funding, Danamon recorded a total increase in third party funds by 14 percent yoy to Rp143.2 trillion.

Although funding growth has shifted to the Futures Deposit amid a higher interest rate situation, Granular Funding can grow by 12 percent yoy.

In line with credit growth, Danamon continues to strive to maintain the quality of healthy assets reflected in several key indicators including the Loan at Risk (LAR) ratio including the restructuring of Covid-19 which is still being relaxed to improve by 70 basis points (bps) yoy to 12 percent; The ratio of Non Performing Loan (NPL) coverage has increased to 261.8 percent, from 254.2 percent in the previous year; and the gross NPL ratio has also improved by 20 bps yoy to 2.2 percent.