BRI Prudent Strategy Yields IDR29.90 Trillion Profit in Q2 2024

Rhea-AI Summary

Bank Rakyat Indonesia (BRI) reported a profit of IDR 29.90 trillion in Q2 2024, driven by double-digit growth in credit distribution and Third-Party Funds (DPK). BRI's credit distribution reached IDR 1,336.78 trillion, an 11.20% year-on-year (yoy) growth, with the MSME segment accounting for 81.96% of total credit. Assets grew by 9.54% yoy to IDR 1,977.37 trillion, while DPK increased by 11.61% yoy to IDR 1,389.66 trillion.

BRI's hybrid banking strategy, AgenBRILink, saw transaction volume reach IDR 767 trillion, a 13.6% yoy growth. The BRImo super app recorded 2.01 billion transactions with a volume of IDR 2,574 trillion, up 35.81% yoy. Fee-based income grew by 10.15% yoy to IDR 11.26 trillion. BRI maintains strong liquidity with an LDR of 86.59% and a CAR of 25.13%.

Positive

• Profit of IDR 29.90 trillion in Q2 2024
• Credit distribution grew 11.20% yoy to IDR 1,336.78 trillion
• Assets increased 9.54% yoy to IDR 1,977.37 trillion
• Third-Party Funds (DPK) grew 11.61% yoy to IDR 1,389.66 trillion
• AgenBRILink transaction volume reached IDR 767 trillion, up 13.6% yoy
• BRImo app transaction volume grew 35.81% yoy to IDR 2,574 trillion
• Fee-based income increased 10.15% yoy to IDR 11.26 trillion
• Improved Loan at Risk (LAR) ratio from 14.94% in Q2 2023 to 12.00% in Q2 2024
• Strong liquidity with LDR of 86.59% and CAR of 25.13%

Negative

• None.

JAKARTA, Indonesia, July 26, 2024 /PRNewswire/ -- Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) and its subsidiaries, BRI Group, reported a profit of IDR 29.90 trillion in the Second Quarter of 2024, achieved through selective and prudent growth. This was announced by BRI President Director, Sunarso, during the Q2 2024 financial performance press conference on July 25^th, in Jakarta.

Sunarso attributed BRI performance to double-digit growth in credit distribution and Third-Party Funds (DPK). "As of Q2 2024, BRI's credit distribution reached IDR 1,336.78 trillion, an 11.20% year-on-year (yoy) growth. The MSME segment accounts for 81.96% of total credit distribution, or IDR 1,095.64 trillion." This growth boosted BRI's assets by 9.54% yoy to IDR 1,977.37 trillion by June 2024, while maintaining loan quality. "The Loan at Risk (LAR) ratio improved from 14.94% in Q2 2023 to 12.00% in Q2 2024," Sunarso added. BRI's DPK grew by 11.61% yoy to IDR 1,389.66 trillion, with CASA funds growing by 7.66% yoy to IDR 877.90 trillion.

BRI's hybrid banking strategy, AgenBRILink, demonstrates its commitment to serving all societal segments. In Q2 2024, AgenBRILink's transaction volume reached IDR 767 trillion, a 13.6% yoy growth, with 993,000 agents in over 61,000 villages, covering more than 80% of Indonesia's villages.

BRI continues to enhance its super app BRImo, which by June 2024 had over 35.2 million users, recorded 2.01 billion transactions, and reached a transaction volume of IDR 2,574 trillion, a 35.81% yoy growth.

BRI's fee-based income also grew by 10.15% yoy to IDR 11.26 trillion. Sunarso is optimistic about the second half of 2024, citing BRI's strong liquidity and capital conditions, with an LDR of 86.59% and a CAR of 25.13%, providing room for further growth.

BRI's robust and sustainable performance has gained international recognition. In June 2024, BRI was ranked as Indonesia's largest company in the Forbes Global 2000 list, placing 308th globally, ahead of companies such as Starbucks, Renault, Uber, and Nissan. Fortune listed BRI as the top banking and finance company in Indonesia and fourth in Southeast Asia in the Fortune Southeast Asia 500. BRI also received 11 awards at The Finance Asia Awards and Asia's Best Companies Poll 2024. The Banker ranked BRI first among Indonesian banks and 110th globally in the Top 1000 World Banks 2024 list.

For more information about Bank BRI, please visit: https://www.bri.co.id/

 

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SOURCE PT Bank Rakyat Indonesia Tbk (BRI)

FAQ

What was BRI's profit in Q2 2024?

BRI reported a profit of IDR 29.90 trillion in Q2 2024.

How much did BRI's credit distribution grow in Q2 2024?

BRI's credit distribution grew by 11.20% year-on-year, reaching IDR 1,336.78 trillion in Q2 2024.

What percentage of BRI's credit distribution went to the MSME segment in Q2 2024?

The MSME segment accounted for 81.96% of BRI's total credit distribution, or IDR 1,095.64 trillion, in Q2 2024.

How much did BRI's assets grow in Q2 2024?

BRI's assets grew by 9.54% year-on-year to IDR 1,977.37 trillion by June 2024.

What was the transaction volume of BRI's AgenBRILink in Q2 2024?

AgenBRILink's transaction volume reached IDR 767 trillion in Q2 2024, a 13.6% year-on-year growth.