SeaBank Earns Profit Before Tax In The Second Quarter Of 2024 Of IDR 204 Billion, Soars 350 Percent

Illustration (Photo: Doc Antara)

PT Bank Seabank Indonesia (SeaBank) posted a profit before tax (PBT) of IDR 204 billion as of June 2024 or an increase of 350 percent (year-on-year/yoy) when compared to the same period last year which was only IDR 44.96 billion.

"We are leading to a positive trend that at every time our performance gets better. But we don't only see how much the amount is but rather look at the sustainability (continued growth). We want the sustainability to underlie all of our policies, for example policies related to business growth," said SeaBank Indonesia President Director Sasmaya Tuhuleley as reported by ANTARA, Wednesday, August 7.

SeaBank noted that asset growth was 11 percent compared to the position in December 2023 to IDR 31 trillion in the second quarter of 2024.

The increase in assets was also supported by credit disbursement growth of 24 percent yoy from IDR 14.5 trillion in the second quarter of 2023 to IDR 18 trillion in the second quarter of this year.

In lending, SeaBank maintains its quality as shown from gross non-performing loans (NPL) and net NPL ratios, respectively at 1.98 percent and 0.18 percent as of the end of June 2024. Previously in the same period last year, NPL gross and NPL nett SeaBank were at the level of 2.09 percent and 0.13 percent, respectively.

In terms of funding, Sasmaya said that the portion of low-cost funds (CASA) consisting of demand deposits and savings reached 60 percent. According to him, the large composition of CASA indicates a positive achievement even though SeaBank has lowered its savings interest to 3.5 percent compared to the initial launch.

In its financial report, CASA SeaBank in the second quarter of 2024 reached IDR 14.69 trillion, down 6 percent from the same period last year of IDR 15.64 trillion.

SeaBank's cost of funds (CoF), said Sasmaya, is below 5 percent. He said SeaBank currently does not give customers excessive interest because the company has confidence that CoF can gradually decline in line with the rapid growth in the number of customers.

The average daily transaction of SeaBank customers also shows a positive performance. The digital bank noted that there were 3 million transactions a day with an average money circulation of IDR 2 trillion.

The number of transactions comes from the SeaBank digital service ecosystem, such as payment of credit, electricity, multifinance, transfer of incoming and outgoing accounts, QRIS, and others.

One indicator of retail bank performance is the number of transactions. In the future, transactions are expected to continue to increase so that they can contribute to improving SeaBank's fee-based income," said Sasmaya.

Populix's survey results last July showed that SeaBank is the most selected digital bank by Gen Z with services that are favorites including top-up digital wallets (e-wallet), inter-bank transfers, shopping on e-commerce or online platforms, as well as inter-rekening transfers.

The SeaBank net interest margin (NIM) was recorded at 15.82 percent as of the end of June 2024, down from the previous 19.07 percent at the end of June 2023.

In terms of profitability, return on assets (ROA) was recorded at 1.29 percent, down from 0.28 percent at the end of June 2023.

Then the return on equity (ROE) was recorded at 5.98 percent, up from 1.33 percent at the end of June 2023.

SeaBank's operating expenses on operating income (BOPO) were recorded at 92.02 percent as of the end of June 2024, down from 98.93 percent at the end of June 2023.

The cost to income ratio (CIR) and loan to deposit ratio (LDR) as of the end of June 2024 were 30.28 percent and 76.59 percent, respectively. This figure is an increase compared to the end of June 2023, which was 18.39 percent and 60.88 percent, respectively.