JAKARTA - PT Bank Rakyat Indonesia Tbk. (BRI) reports that credit restructuring affected by the COVID-19 pandemic continues to show a decline.
BRI Risk Management Director Agus Sudiarto said this positive signal was mainly supported by micro, small and medium enterprise (MSME) debtors who were the company's core business.
"Until the end of the first quarter of 2023, only Rp. 99.8 trillion was recorded from the accumulation of restructuring of Rp. 263.4 trillion," he said in a press statement broadcast Friday, May 12.
Agus explained that many debtors who previously submitted rescheduling obligations had paid on time as usual.
"It's quite encouraging, this decrease is around 61 percent due to smooth payments. So we both know that the decline in Loan at Risk (LAR) during this pandemic is not only due to payments, a small part of it is due to unflagging, in the sense that the customer's condition has improved, so we release the COVID reconstruction flag. But most of the decline in the restructuring value is due to payments," he said in a release Friday, May 12.
According to Agus, debtors who failed or could not be saved were only about 2 percent of the total restructuring debtors.
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"And our default rate, between those who become NPL and us PH, is approximately 11 percent. So we remain optimistic because our NPL coverage is above 280 percent, even our LAR coverage is 49 percent. With the default rate of approximately 11 percent, we are quite confident and comfortable that the credit risk related to the risk of LAR Covid is quite well mitigated," he said.
On the same occasion, BRI President Director Sunarso revealed that currently the company has a very adequate reserve in the event of potential worsening in the future.
"We have now backed up our LAR, our reserves reached 49 percent, even though only 2 percent could not be saved. So BRI reserves to anticipate the risk of worsening this Covid restructuring, I don't think it's just enough, but much more than enough," he said.
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