BRI Reports IDR 15.98 Trillion Profit, Eyes Global Trends, Prioritizes Domestic with MSMEs Empowerment

Rhea-AI Summary

BRI Reports Robust Profit of IDR 15.98 Trillion in Q1 2024. PT. Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) announced a strong profit despite global economic challenges. President Director Sunarso emphasized domestic resilience and growth, with a focus on supporting domestic initiatives. BRI's support for the SME sector remained strong, with a significant increase in loans directed towards SMEs, resulting in a rise in BRI's assets. In terms of liabilities, BRI saw an increase in Third-Party Funds and dominated the deposit portfolio through Current Account Savings Account. The company maintained strong financial ratios, including a robust Loan to Deposit Ratio and Capital Adequacy Ratio, while achieving substantial growth in Fee Based Income and expanding its user base through BRImo and AgenBRILink.

JAKARTA, Indonesia, April 28, 2024 /PRNewswire/ -- PT. Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) announced a robust profit of IDR 15.98 trillion for the first quarter of 2024, despite challenging global economic and geopolitical conditions. At the financial performance press conference, BRI's President Director Sunarso discussed the impact of high US interest rates and Middle East tensions on the Rupiah and stock indices, expressing optimism and highlighting domestic resilience. Sunarso emphasized, "BRI recognizes Indonesia's current economic resilience amidst global instability and remains dedicated to supporting government initiatives for domestic economic growth." Notably, BRI's support for the SME sector remained strong, with loans amounting to IDR 1,308.65 trillion, a 10.89% increase year-over-year, primarily directed towards SMEs, resulting in BRI's assets reaching IDR 1,989.07 trillion, a 9.11% rise.

All BRI loan segments experienced growth, particularly in the micro, consumer, small and medium, and corporate sectors, while maintaining stable credit quality, with a Non-Performing Loan (NPL) ratio of approximately 3.11% by the end of Q1 2024. On the liabilities side, BRI accumulated Third-Party Funds (TPF) totaling IDR 1,416.21 trillion, marking a 12.80% increase year-on-year as of March 2024. Current Account Savings Account (CASA) continued to dominate the deposit portfolio, growing by 7.80% year-on-year, in line with BRI's strategy to bolster its funding base with stable and sustainable low-cost funding from CASA.

BRI maintained strong financial ratios by March 2024, with an 83.28% Loan to Deposit Ratio (LDR) and a robust 23.97% Capital Adequacy Ratio (CAR), allowing for further growth. Additionally, a 6.92% year-over-year growth in Fee Based Income (FBI) drove profit growth, with the super app BRImo boasting 33.5 million users by March 2024, a 30.3% increase from the previous year. Sunarso noted, "BRImo processed 969 million financial transactions totaling IDR 1.251 trillion in three months, a 41.8% year-over-year increase."

AgenBRILink also made a substantial contribution to BRI's FBI, recording 285 million transactions valued at IDR 370 trillion from January to March 2024, generating IDR 395 billion. By March 2024, BRI had expanded its network to 796,836 agents across 61,122 Indonesian villages. Operationally, BRI improved its efficiency, reducing its Cost to Income Ratio (CIR) to 37.43% by March 2024 from 41.83% a year earlier, reflecting effective cost management to drive revenue.

For more information, visit www.bri.co.id 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bri-reports-idr-15-98-trillion-profit-eyes-global-trends-prioritizes-domestic-with-msmes-empowerment-302129632.html

SOURCE PT Bank Rakyat Indonesia Tbk (BRI)

FAQ

How much profit did BRI report in the first quarter of 2024?

BRI reported a profit of IDR 15.98 trillion in the first quarter of 2024.

What was the percentage increase in BRI's loans to the SME sector year-over-year?

BRI's loans to the SME sector increased by 10.89% year-over-year.

What is the Non-Performing Loan (NPL) ratio for BRI by the end of Q1 2024?

The NPL ratio for BRI was approximately 3.11% by the end of Q1 2024.

What were the total Third-Party Funds (TPF) accumulated by BRI as of March 2024?

BRI accumulated Third-Party Funds totaling IDR 1,416.21 trillion as of March 2024.

How many users did the super app BRImo boast by March 2024?

BRImo boasted 33.5 million users by March 2024, a 30.3% increase from the previous year.