BTN Records Credit Performance Grows 14.43 Percent As Of April 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk or BTN recorded credit performance starting according to the company's target in April 2024 or growing by 14.43 percent on an annual basis (year-on-year/YoY) to around Rp345.5 trillion compared to the 2023 period.

In a written statement in Jakarta, Thursday, May 16, the company said that the movement of credit growth for issuers codenamed BBTN shares was monitored in line with the business direction for 2024.

BTN credit growth as of April 2024 began to adjust the company's business target or slightly sloping from a credit increase of 14.8 percent YoY in the first quarter of 2024.

Meanwhile, BTN's third party funds (DPK) showed positive performance with growth of 11.39 percent YoY from IDR 321.7 trillion in April 2023 to around IDR 358.3 trillion in April 2024.

BTN's assets grew by 11.11 percent YoY to around Rp450.53 trillion in April 2024 compared to the same period in the previous year. With this performance, BTN recorded a net profit of around Rp983.8 billion, an increase of about 5.15 percent YoY.

Previously in the Performance Exposure as of March 2024, BTN President Director Nixon LP Napitupulu said that the bank would start to maintain credit growth at the level of 10 percent to 11 percent in 2024. This was done in anticipation of the impact of the increase in the benchmark interest rate of Bank Indonesia (BI-Rate) and anticipating uncertainty in global geopolitical and macroeconomic conditions.

"(The decline in credit growth) in anticipation of liquidity which may later become more expensive, the funds become more expensive because the increase is more BI-Rate and so on so that interest competition will become more challenging today," said Nixon, as reported by Antara.

In addition to maintaining credit growth, BTN also set growth in third party funds by 8 percent to 9 percent YoY in 2024.

In the first quarter of 2024, BTN recorded credit and financing growth of 14.8 percent to IDR 344.2 trillion, compared to the same period in the previous year of IDR 299.7 trillion. Growth is supported by loans and housing and high-margin loans (high-yield loans) which are considered quite attractive to the public.

In the same period, the DPK grew 11.9 percent to Rp357.7 trillion compared to Rp319.6 trillion in the same period last year. Of the total DPK, the portion of BTN's low-cost account savings account (CASA) reached 49.9 percent in the first three months of 2024.

BTN's liquid cover ratio (LCR) value in the first quarter of 2024 was 225.00 percent, an increase of 34.77 points compared to the same period the previous year which was 190.24 percent. The company ensures that BTN liquidity is in adequate condition because the LCR value is above the regulator's threshold of 100 percent.