Bank Owned By Eka Tjipta Widjaja Conglomerate Achieves Net Profit Of Rp36.83 Billion In Q1 2021

Illustration. (Photo: Doc. Between)

JAKARTA - In the midst of the COVID-19 pandemic, PT Bank Sinarmas Tbk managed to record performance growth in the first quarter of 2021. Even the profit of BSIM-coded issuers jumped by double digits in the period.

Quoted from BSIM's financial statements on the Information Disclosure Page of the Indonesia Stock Exchange (IDX), the bank owned by the late conglomerate Eka Tijpta Widjaja recorded a net profit of Rp36.83 billion. The profit grew 13.01 percent year on year (yoy).

Profit growth was supported by a 5.03 percent yoy increase in net interest income to Rp543.11 billion. Operating expenses other than net interest were also reduced 32 percent yoy to Rp507.96 billion.

Bank Sinarmas recorded the credit provided, down 1.46 percent ytd to Rp15.09 trillion. Similarly, sharia financing decreased 18.68 percent ytd to Rp4.57 trillion.

Meanwhile, in terms of third party fund raising, Bank Sinarmas recorded growth of 12.74 percent ytd to Rp41.44 trillion. The increase in deposit came from current accounts which grew by 52.22 percent ytd to Rp14.08 trillion and savings of 2.79 percent ytd to Rp10.68 trillion

Thus, casa ratio also increased from 53.42 percent at December 31, 2020 to 59.74 percent on March 31, 2021. Meanwhile, in total assets, Bank Sinarmas has total assets of Rp47.93 trillion as of March 31, 2021, up 7.44 percent from Rp44.61 trillion on December 31, 2020.