Bank Mega, Owned By A Conglomerate, Chairul Tanjung, Earned IDR747 Billion In Profit In The First Quarter Of 2021

Chairul Tanjung conglomerate. (Photo: Doc. Antara)

JAKARTA - PT Bank Mega Tbk managed to record performance growth in the first quarter of 2021. The net profit of this MEGA-coded bank grew by 11.6 percent year on year (YoY) to IDR747 billion, from the same period the previous year of IDR669 billion.

The profit before tax of the company owned by the conglomerate Chairul Tanjung grew 15.3 percent YoY to IDR 923 billion, from the previous position of IDR801 billion. President Director of Bank Mega Kostaman Thayib said the profit growth was obtained from net interest income which rose 17.8 percent YoY to IDR1.2 trillion from the same position the previous year of IDR989 billion.

"In addition to net interest income, Bank Mega's profit income is also due to Bank Mega's success in reducing operating costs by 22.6 percent YoY to IDR686 billion from the same period last year of IDR887 billion", said Kostaman in a written statement, Thursday, May 6.

As of March 2021, the total assets of this Mega Corpora business entity were recorded at IDR111.6 trillion. Meanwhile, third-party funds collected amounted to IDR78.5 trillion with a current account to saving account (CASA) ratio of 31 percent or an improvement compared to the end of 2020 of 28 percent.

The improvement in the CASA ratio was supported by current accounts that grew by 25.6 percent YTD to IDR 10.7 trillion in March 2021 from the position at the end of 2020 of IDR 8.5 trillion.

On the lending side, even though the economy was still affected by the Covid-19 pandemic, Bank Mega was still experiencing positive growth. Credit grew by 1.6 percent YTD to IDR49.3 trillion, from the position at the end of 2020 of IDR48.5 trillion.

This was mainly supported by corporate credit which grew positively by 3.7 percent YTD to IDR27.2 trillion in March 2021. The success of digital innovations and automation has resulted in an improvement in the ratio of operating expenses to operating income (BOPO) to 62.17 percent in March 2021, or an improvement from the same position the previous year amounted to 69.71 percent.

Bank Mega also managed to record an improvement in the CAR (Capital Adequacy Ratio) to 26.60 percent from the same position the previous year of 24.70 percent. Non-performing loans (NPLs) are also maintained in an increasingly better position, with gross NPLs in March 2021 recorded at 1.30 percent from the same position in the previous year of 1.55 percent.