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BRI books Rp 44.21 trillion profit in Q3 2023
According to BRI’s Q3 performance analysis, the bank reported a net profit of Rp 44.21 trillion (US$2.7 billion), demonstrating a 12.46-percent increase over the previous year.
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A Bank Rakyat Indonesia (BRI) customer exits a BRI ATM kiosk in Kediri, East Java on March 13. The bank reported on Wednesday a net profit of Rp 44.21 trillion (US$2.7 billion) in Q3, a 12.46-percent increase over the previous year. (Antara/ Prasetia Fauzani)
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tate-owned bank PT Bank Rakyat Indonesia (BRI) posted on Wednesday their financial statement, showing a net profit of Rp 44.21 trillion (US$2.7 billion), a 12.46-percent increase over the previous year.
The bank’s positive performance also includes a 14.43-percent increase in interest income to Rp 131.89 trillion. However, interest expenses also increased to Rp 30.69 trillion, resulting in a net interest income of Rp 101.19 trillion. The amount still translates to a 4.85 percent increase from Rp 96.50 trillion in 2022.
Notably, BRI’s net interest margin ratio fell from 6.97 percent to 7.23 percent.
BRI’s consolidated lending in Q3 reached Rp 1,184.68 trillion, a 12.51 year-on-year (yoy) increase from the previous year's Rp 1,054.72 trillion. Third-party funds amounted to Rp 1,290.29 trillion, with a Current Account Savings Account (CASA) portion of Rp 821.13 trillion.
As of September 2023, BRI's total assets stood at Rp 1,851.96 trillion.
The bank’s target
BRI's profit target for the year is Rp 58 trillion, as stated by BRI president director Sunarso. As they have already pocketed Rp 29.56 trillion in Q2, more than half of the target profit, the bank appears to be on track to achieving their target.
"We are optimistic that we can achieve the Rp 58 trillion profit target. That is our commitment to our high leverage capital," Sunarso said in Jakarta on Sept. 12. "If I missed, it could be around Rp 60 trillion."
Citing BRI’s performance report, a noteworthy aspect of its performance is the significant boost in non-interest income in the first half of 2023, especially given the prevailing high interest rates.
While the bank's interest income rose by 11.4 percent yoy, interest expenses saw a substantial increase of 63.7 percent yoy. Consequently, the bank's net interest income experienced a modest 1.4 percent yoy increase, reaching Rp 65.54 trillion, up from Rp 64.61 trillion.
As of June 2023, BRI's non-interest income had surged by 22.9 percent yoy to Rp 21.13 trillion, with a significant portion contributed by commission income, which amounted to Rp 10.22 trillion.
