Profit Drops 82 Percent, Bank Muamalat Still Earns Profit Of IDR 4.62 Billion

Bank Muamalat (Between)

PT Bank Muamalat Indonesia Tbk posted a net profit of IDR 4.62 billion in the first semester of 2024. This figure has decreased by 82 percent from the same period the previous year which was recorded at IDR 26.90 billion.

Meanwhile, Bank Muamalat's profit before tax was recorded at IDR 9.1 billion as of June 30, 2024.

As of June 30, 2024, the pioneer of Islamic banks in the country also recorded financing growth of 1.9 percent (yoy). The highest growth was recorded in profit-sharing financing (musyarakah) which grew by 16.5 percent (yoy).

Bank Muamalat's total capital was recorded at IDR 6.8 trillion as of the end of June 2024. Then the capital adequacy ratio (CAR) reached 31.20 percent as of the end of June 2024, far above the regulatory threshold.

Bank Muamalat also recorded low-cost fund growth or Current Account and Saving Account (CASA) in the first semester of 2024. As of June 30, 2024, Bank Muamalat's CASA was recorded at IDR 21.7 trillion, an increase of 4.9 percent compared to the same period last year of IDR 20.7 trillion.

Director of Bank Muamalat, Karno said, CASA's highest growth occurred in the demand component, which increased 12.2 percent year on year (yoy) from IDR 4.8 trillion on June 30, 2023 to IDR 5.4 trillion on June 30, 2024.

"This shows Bank Muamalat's ability to raise low-cost sources of funds," said Karno, Wednesday, July 31.

With this growth, Bank Muamalat's Third Party Fund (DPK) was recorded at IDR 43.8 trillion as of June 30, 2024.

Karno also explained that one of the focuses of Muamalat's business since 2023 is the acquisition of payroll customers, especially in the State Civil Apparatus (ASN) segment.

"This is the main driver of low-cost fund growth, especially demand. This growth also reflects that customer trust, both institutional and individual, remains high in Bank Muamalat," he said.

Karno explained, with the expansion of the payroll business, it is hoped that it can become the basis for other products such as financing to be offered to customers. Bank Muamalat itself has been officially appointed as a Salary Distribution Bank (BPG) for ASN based on the Decree of the Director General of Treasury of the Ministry of Finance Number 50 dated June 16, 2023.