Revenue Drops, Bank Raya's Profit Continues To Grow 100.38 Percent Earns IDR 11.46 Billion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Bank Raya Indonesia Tbk (AGRO) as a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) in the field of micro banking posted a profit of 100.38 percent year on year (yoy) to Rp11.46 billion in 2022, from previously recording a loss of Rp3.04 trillion in 2021.

"The company will continue to maintain its fundamental performance and focus on healthy and sustainable growth," said Bank Raya Finance Director Akhmad Fazri quoting Antara.

The net profit of the issuer coded AGRO shares was supported by interest income which reached IDR 1.02 trillion in 2022, although it decreased from the previous IDR 1.62 trillion in 2021.

The interest income was the highest contribution from the medium segment of IDR 378.53 billion, followed by the retail segment of IDR 294.07 billion, then other segments worth IDR 235.70 billion, and the consumer segment worth IDR 121.65 billion.

Bank Raya recorded total assets of IDR 13.89 trillion as of December 31, 2022, or a decrease of 17.60 percent yoy from the previous IDR 16.86 in 2021.

Fazri explained that the decline in total assets was dominated by a decrease in the company's lending by 33.09 percent yoy to Rp7.76 trillion in 2022, from the previous Rp11.60 trillion in 2021.

"This is because the company is rearranging its business portfolio which focuses on developing digital businesses and no longer expands its legacy credit," said Fazri.

Furthermore, the company recorded liabilities of IDR 10.51 trillion as of December 31, 2022, or a decrease of 27.06 percent yoy from the previous IDR 14.40 trillion in 2021.

Fazri explained that the decrease in total liabilities was due to a decrease in Third Party Funds (DPK) by 27.27 percent yoy to Rp9.81 trillion in 2022, from the previous Rp13.49 trillion in 2021.

"This decrease is in line with digital transformation which focuses on developing digital saving, especially for increasing low-cost funds," said Fazri.

For information, starting in 2023, Bank Raya customers can deposit and withdraw cash through BRILink's Agent.

To make cash withdrawals at Agent BRILink, customers only need to enter the Bank Raya application, then select the option of withdrawing cash and selecting it through the BRILink Agent, and customers can make a cash withdrawal of a maximum of IDR 5 million per day.

Meanwhile, customer cash deposits only need to bring an ID card and mention the destination account, then the BRILink agent will assist with a maximum transaction of IDR 10 million per day.

"As part of the BRI Group, Bank Raya will continue to increase its synergy with the BRI Group ecosystem, in order to provide broad innovation and access to banking products for customers," said Bank Raya President Director Ida Bagus Ketut Subagia.