After Acquisition Of OTO And SOF, BTPN Assets Grow 22 Percent In Semester I 2024

President Director of Bank BTPN Henoch Munandar. (Photo: Doc. ANTARA)

PT Bank BTPN Tbk recorded asset growth of 22 percent year on year (yoy) to IDR 235.8 trillion in the first semester of 2024 after acquiring PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF) at the end of March 2024.

According to the company, the acquisition of Bank BTPN of two financing companies under the OTO Group played a major role in asset growth and credit. In line with asset growth, Bank BTPN's lending also grew by 19 percent yoy to Rp176.2 trillion at the end of June 2024.

"Bank BTPN is committed to creating meaningful growth to all levels of society. We continue to encourage the development of prospective sectors so that the impact of the company's business sustainability can be felt by stakeholders at large," said Bank BTPN President Director Henoch Munandar as reported by ANTARA, Tuesday, July 30.

In lending, especially in potential sectors, Bank BTPN maintains its credit quality as reflected in the ratio of non-performing loans (NPL) at the level of 2.21 percent as of the end of June 2024.

According to the company, the NPL figure is lower than the industry average of 2.34 percent at the end of May 2024.

In terms of funding, the total third party funds (DPK) of Bank BTPN grew 11 percent yoy to almost Rp119.0 trillion at the end of June 2024. The company said that Bank BTPN always optimizes the cost of funds.

The current account and saving account (CASA) balance increased by 29 percent yoy to IDR 48.1 trillion at the end of June 2024 and deposits rose 1 percent yoy to IDR 70.9 trillion. CASA ratio also increased to 40.4 percent at the end of June 2024.

As an effort to diversify funding sources and maintain better funding maturity profiles, Bank BTPN also issued Phase I V Sustainable Bonds in 2024 with a principal amount of IDR 355 billion in early July 2024.

Bank BTPN's liquidity and funding ratio is at a healthy level, with a liquid cover ratio (LCR) reaching 234.9 percent and a net stable funding ratio (NSFR) of 115.6 percent on June 30, 2024.

The capital adequacy ratio (CAR) is also recorded at a strong level of 28.8 percent.

The company noted that Bank BTPN's efforts to generate net interest income also increased. This is reflected in the net interest margin (NIM) which rose to 6.41 percent at the end of June 2024 from 6.33 percent a year earlier.

Bank BTPN's net interest income (NII) also recorded an increase of 17 percent yoy to almost IDR 7.0 trillion on June 30, 2024. The increase in net interest income boosted operating income (consolidation) to grow 18 percent yoy to IDR 8.2 trillion.

Net profit after Bank BTPN (consolidation) taxes attributable to owners of the parent entity was recorded at IDR 1.2 trillion at the end of June 2024, 15 percent yoy lower.

This decrease in net profit, the company noted, occurred due to an increase in credit costs by 46 percent yoy or Rp540 billion after the OTO Group acquisition.

The decrease in net profit also occurred due to an increase of 26 percent yoy in operational costs to Rp4.6 trillion, in line with the growth in business volume and initiatives that Bank BTPN is working on.

Then in terms of digitization, Bank BTPN's digital banking Jenius service also posted a positive performance.

This is reflected in the growth in the number of registered users by 21 percent yoy to 5.8 million as of the end of June 2024, from 4.8 million a year earlier.

Until the end of June 2024, total lending through Jenius also increased by 134 percent yoy to Rp3.1 trillion, from Rp1.3 trillion.

This credit includes Flexi Cash, Digital Micro, Credit Card Jenius, and Jenius Paylater. Not only that, Jenius managed third-party funds (DPK) also grew 10 percent yoy to Rp27.2 trillion in the same period.