Bank Raya's Net Profit Soared 115.9 Percent In The Second Quarter Of 2024

Illustration (Photo: Doc Antara)

JAKARTA - PT Bank Raya Indonesia Tbk (AGRO) managed to record net profit growth of IDR 20.02 billion until the second quarter of 2024.

This number recorded a shot of 115.9 percent from the achievement of the same regulation the previous year (yoy).

Meanwhile, total credit in the second quarter was 12.1 percent (yoy) or reached IDR 6.8 trillion.

This growth also supported the growth of Bank Raya's total assets in the Second Quarter to Rp13.1 trillion or grew 9.0 percent (yoy).

"The commitment of Bank Raya to continue to strengthen digital business is also shown by the distribution of digital loans during the first semester of 2024 which reached Rp8.1 trillion or grew 60.3 percent (yoy), thus encouraging significant outstanding growth of Bank Raya digital loans of 81.5 percent (yoy) to reach Rp1.5 trillion," said Bank Raya President Director Ida Bagus Ketut Subagia, Thursday, July 25.

Bank Raya also recorded growth in Third Party Funds (DPK) reaching IDR 8.7 trillion or grew 5.7 percent (yoy).

This growth was supported by demand growth of 55.4 percent (yoy) to Rp772 billion, savings to Rp1.5 trillion or grew 5.1 percent (yoy) and deposits to Rp6.3 trillion or grew 1.9 percent (yoy).

The growth of low-cost funds continues to be boosted, especially from the growth of digital saving which grew by 22.3 percent (yoy).

"Digital saving growth shows that Bank Raya's digital saving products supported by easy features have been able to answer the needs of customers in daily digital banking transactions," continued Bagus.

The growth in low-cost funds boosted Bank Raya's CASA ratio in the second quarter of 2024 to 26.8 percent, from the previous 24.0 percent in the second quarter of 2023.

The growth in terms of credit that has been successfully offset by growth in terms of Third Party Funds has kept Bank Raya's liquidity condition maintained.

It was recorded that the Loan to Deposit Ratio (LDR) of Bank Raya in the second quarter of 2024 was 78.25 percent from the previous 73.77 percent in the second quarter of 2023.

In terms of capital, the company still has strong capital, as can be seen from the total CAR ratio in the second quarter of 2024 of 40.84 percent, the majority of which are Tier 1's capital which will support the company's business growth expansion in the future.