JAKARTA - The Financial Services Authority (OJK) assesses that the stability of the financial system is maintained and the intermediation performance of financial service institutions continues to improve.
Chairman of the OJK Board of Commissioners Mahendra Siregar said this was reflected in the contribution of the financial services sector to the continued national economic recovery amid a global weakening accompanied by high inflation due to prolonged geopolitical factors.
"Indonesia's gross domestic product (GDP) in the second quarter of 2022 grew above expectations at the level of 5.44 percent driven by increased consumption and export growth," he said in a written statement after the Board of Commissioners' Meeting (RDK) on Monday, September 5.
According to Mahendra, supported by the Purchasing Managers' Index (PMI) for Manufacturing July 2022, it also began to increase to 51.3 level in line with improvements in mobility and increased domestic demand.
In detail, the Chairperson of the OJK explained that the banking industry's intermediation function in July 2022 was recorded to have increased, with credit growing by 10.71 percent year on year (yoy).
However, nominally, banking loans slightly decreased by Rp. 17.54 trillion to Rp. 6,159.33 trillion.
Meanwhile, third-party funds (DPK) grew by 8.59 percent slower than the previous month 9.13 percent yoy, which was mainly driven by a slowdown in line with Bank Indonesia's monetary policy normalization.
"The banking risk profile in July 2022 is still maintained with a net banking NPL ratio of 0.82 percent with a gross NPL of 2.90 percent," he said.
Then for the capital market sector, until August 31, 2022, the JCI recorded a gain of 3.27 percent to the level of 7,178.59 with non-residents recording an inflow of Rp7.52 trillion.
Furthermore, the collection of funds in the capital market is stated at IDR 168.75 trillion, with 48 new issuers recorded.
Then in the non-bank financial industry (IKNB) sector, posting a collection of insurance sector premiums in July 2022 was recorded to increase with the collection of life insurance premiums increasing by Rp. 13.2 trillion, and general insurance increasing by Rp. 8.6 trillion.
The risk profile of financing companies in July was still maintained with the NPF ratio recorded at 2.72 percent. Meanwhile, the pension fund sector recorded an asset growth of 3.86 percent with an asset value of Rp336.14 trillion.
"Fintech peer to peer (P2P) lending in July 2022 continues to record growth with outstanding financing growing by 88.8 percent on an annual basis or increasing by Rp1.14 trillion to Rp46 trillion," he said.
Meanwhile, the development of OJK's education and consumer protection continues to optimize the role of 408 Regional Financial Access Acceleration Teams (TPAKD) spread across 34 provinces and 374 regencies/cities.
Meanwhile, until August 26, 2022, the authorities have received 199,111 services through various channels, including 8,771 complaints.
From the complaint, as much as 50 percent are complaints from the IKNB sector, 49.5 percent are complaints from the banking sector, and the rest are capital market sector services.
"The most common types of complaints are credit/financing restructuring, behavior of financial information collection officers and services," he asserted.
Through these steps, OJK is optimistic that the financial services sector can face conditions of uncertainty in the future better and is expected to continue to provide positive performance in a sustainable manner. For this reason, OJK is always proactive and strengthens collaboration with stakeholders in order to maintain financial system stability, especially in anticipating increased external risks and maintaining the momentum of national economic recovery," concluded Mahendra.
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