Permata Bank Earns IDR 807.3 Billion Net Profit In The First Quarter Of 2024

Permata Bank (Photo: Antara)

JAKARTA - PT Bank Permata Tbk (BNLI) posted a net profit of IDR 807.3 billion in the first quarter of 2024. This achievement is 6.8 percent compared to the same period last year.

With credit growth of 13.6 percent compared to the same period the previous year. This achievement is supported by maintained asset quality, as well as a strong liquidity and capital position.

The strong synergy of the partner ecosystem and with Bangkok Bank as the controlling shareholder of Bank, PermataBank maintains the position of one of the largest commercial banks in Indonesia.

PermataBank President Director Meliza M. Rusli said the achievement in early 2024 for Permata Bank was the result of implementing a sustainable business strategy while still prioritizing customer-centricity.

"In addition to this, collaboration and cooperation are important factors in our efforts to achieve ambition as the best and most profitable choice bank in class by prioritizing growth based on the principle of prudence," he quoted a written statement, Thursday, May 2.

Until the first quarter of 2024, PermataBank recorded total assets of IDR 252.8 trillion, stable compared to the same period last year.

Along with a strategy to expand segments and deepen ties with customers, lending to the public is well maintained and 13.6 percent YoY increases to IDR 147.8 trillion, driven by growth in lending to the Corporate segment by 24.6 percent YoY. These results strengthen Bank's commitment to continue to encourage and accelerate credit financing growth while adhering to prudential principles in maintaining credit portfolio quality.

By continuing to be disciplined in implementing balance sheet optimization, the Loan to Deposit (LDR) ratio grew to 82 percent in March 2024 compared to 67.6 percent in March 2023.

The management of asset quality and credit portfolio is well maintained, this is reflected in the ratio of Gross NPL and Loan at Risk (LAR) PermataBank in March 2024 at 2.7 percent and 8.2 percent respectively, getting better compared to the same period the previous year, at the level of 3.2 percent and 11 percent, respectively.

Furthermore, PermataBank always maintains reserve needs for the potential for conservative credit risk reduction, as reflected in the NPL coverage ratio and the LAR coverage ratio at the level of 303.7 percent and 99.5 percent, respectively. The bank continues to seek problematic credit settlement through restructuring, litigation, and asset sales efforts.

Through the implementation of disciplined cost management and operational efficiency that has been carried out optimally, as well as adaptation of increasingly advanced digital working methods, the Bank managed to maintain the Cost to Income (CIR) ratio at an increasingly efficient level of 50.2 percent in March 2024 compared to the December 2023 period of 51.5 percent.

Total customer deposits were recorded at IDR 178.8 trillion in the first quarter of 2024, with the CASA ratio increasing by 69 bps YoY to 57.7 percent.

The Bank Capital Structure is one of the strongest among the largest commercial banks in Indonesia which is a solid foundation and provides more prospective business growth opportunities in the future in terms of organic or inorganic growth. The CAR and CET-1 Bank ratios were recorded at 37.2 percent and 28.3 percent in the first quarter of 2024, respectively.