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Bank of India Indonesia experience increase in almost all financial parameters
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ank of India Indonesia’s performance, during the January 2022 to September 2022 period, has experienced an increase in almost all financial parameters compared to the same period in 2021.
The bank's total assets increased by 14.75 percent from Rp 4.255 (US$272,895) billion to Rp 4.883 billion, while its loans increased by 24.98 percent from Rp 1.805 billion to Rp 2.256 billion.
In addition, Third Party Funds increased by 27.53 percent from Rp 2.054 billion to Rp 2.620 billion, while overall net profits rose by 121.90 percent from a loss of Rp 44 billion to a profit of Rp 10 billion.
Bank of India Indonesia's total capital increased by 0.41 percent, from Rp 2.025 billion to Rp 2.033 billion.
The Bank's financial ratios recorded a return on asset (ROA) rate of 0.36 percent, a return on equity (ROE) of 0.64 percent.
At the same time, it recorded a loan to deposit ratio (LDR) of 86.12 percent, a capital adequacy ratio (CAR) of 80.73 percent, net non performing loan (NPL) of 2.80 percent, net interest margin (NIM) of 3.11 percent and a cost to income ratio (BOPO) of 98.54 percent.
During the Bank of India Indonesia’s extraordinary general shareholders meeting on Tuesday, shareholders agreed to a new composition of the management, where Chandra Sekhar Mukherjee has been appointed as director of credit and international banking. The position will be effective immediately after receiving confirmation from the Financial Services Authority (OJK).
According to Bank of India Indonesia president director Raharjo Satrio Unggul, the bank is targeting a loan growth of 13 percent in FY2023 and 14 percent in FY2024.
“We are realigning our loan portfolio by focusing more on SME loans rather than corporate loans. NIM is expected to increase from 3.13 percent currently to 3.54 percent next year,” Raharjo said.
In 2023, Bank of India Indonesia also plans to migrate to new core banking, mobile banking and internet banking systems to provide better services to its customers.
