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BRI's 2023 Stellar Performance: Earning Rp.60.4T Profits

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PT Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) concluded 2023 with exceptional financial performance, showcasing resilience and growth despite external challenges. The company's consolidated assets rose by 5.3% to IDR 1.965T, accompanied by a remarkable 17.5% year-on-year profit increase, reaching IDR 60.4T. BRI's focus on MSMEs, effective risk management, and digital transformation contributed to its success, with Sunarso, President Director of BRI, affirming the company's ability to transform challenges into opportunities.
Positive
  • Consolidated assets rose by 5.3% to IDR 1.965T
  • Year-on-year profit increase of 17.5%
  • 84.4% of total credit disbursements focused on MSMEs
  • Effective risk management with NPL controlled at 2.95% and NPL Coverage of 229.09%
  • Digital transformation reduced CIR to 41.9% from 47.4%
Negative
  • None.

As an Agent of Development and Value Creator in Indonesia, BRI funnels its profit to the country via taxes and dividends payouts, supporting developments and fostering Indonesian welfare

JAKARTA, Indonesia, Jan. 31, 2024 /PRNewswire/ -- PT Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) concluded 2023 with an exceptional financial performance, showcasing resilience and growth despite external challenges. The company's consolidated assets rose by 5.3% to IDR 1.965T, accompanied by a remarkable 17.5% year-on-year profit increase, reaching IDR 60.4T.

Sunarso, President Director of BRI, underscores the company's ability to transform challenges into opportunities, affirming, "Through strategic responses, BRI consistently demonstrates that hardships can be turned into advantages, evolving into a more resilient entity."

BRI's outstanding performance, driven by significant credit growth exceeding national banking standards, is largely attributed to its focus on MSMEs, which account for 84.4% of total credit disbursements. BRI's successful integration of the ultra-micro ecosystem has fueled the growth of its MSME loan portfolio, strengthening its position and supporting initiatives such as the empowerment of women entrepreneurs through PNM.

Effective risk management was another cornerstone of BRI's success, with Non-Performing Loans (NPL) controlled at 2.95% and NPL Coverage of 229.09%. Their ability to manage NPLs below 3% also demonstrates that their risk management principles, especially in the MSME segment, have been executed effectively.

Despite high-interest rates, BRI achieved a 3.9% YoY deposit growth to IDR 1,358.3T by December 2023. The majority sourced from low-cost deposits (CASA), constituting 64.4% or equals to IDR 874,1T. BRI also remained resilient, maintained an 84.2% LDR and a 27.3% CAR.

Digital Transformation Enhances Efficiency

Digital transformation significantly increased operational efficiency, reducing CIR to 41.9% from 47.4%. Sunarso stated, "BRImo's effectiveness and widespread integration of AgenBRILink highlight our dedication to digital innovation, resulting in more efficient customer service. BRImo transactions saw a 55.8% YoY increase by December 2023."

AgenBRILink not only offers efficient services but also operates on an economy-sharing business model, creating income opportunities for agents. With over 740,000 agents, transactions reached IDR 1,427T in 2023, generating fee-based income of IDR 1.5T.

Looking ahead to 2024, Sunarso affirms, "BRI's commitment goes beyond financial success; we aim to overcome challenges, promote sustainable growth and explore new opportunities creating an inclusive and thriving community."

For more information about BRI, please visit www.bri.co.id.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bris-2023-stellar-performance-earning-rp60-4t-profits-302050040.html

SOURCE PT Bank Rakyat Indonesia Tbk (BRI)

FAQ

What is the ticker symbol for PT Bank Rakyat Indonesia (Persero) Tbk?

The ticker symbol for PT Bank Rakyat Indonesia (Persero) Tbk is IDX: BBRI.

What were the consolidated assets of PT Bank Rakyat Indonesia (Persero) Tbk in 2023?

The consolidated assets of PT Bank Rakyat Indonesia (Persero) Tbk rose by 5.3% to IDR 1.965T in 2023.

What was the year-on-year profit increase for PT Bank Rakyat Indonesia (Persero) Tbk in 2023?

The year-on-year profit increase for PT Bank Rakyat Indonesia (Persero) Tbk in 2023 was 17.5%.

What percentage of total credit disbursements did PT Bank Rakyat Indonesia (Persero) Tbk focus on MSMEs?

PT Bank Rakyat Indonesia (Persero) Tbk focused 84.4% of total credit disbursements on MSMEs.

What was the Non-Performing Loans (NPL) of PT Bank Rakyat Indonesia (Persero) Tbk in 2023?

The Non-Performing Loans (NPL) of PT Bank Rakyat Indonesia (Persero) Tbk was controlled at 2.95% with NPL Coverage of 229.09% in 2023.

What was the percentage of low-cost deposits (CASA) for PT Bank Rakyat Indonesia (Persero) Tbk in 2023?

The majority of deposits, 64.4% or equals to IDR 874,1T, for PT Bank Rakyat Indonesia (Persero) Tbk in 2023 were sourced from low-cost deposits (CASA).

What was the CIR percentage for PT Bank Rakyat Indonesia (Persero) Tbk in 2023?

The CIR percentage for PT Bank Rakyat Indonesia (Persero) Tbk reduced to 41.9% from 47.4% in 2023.

How many agents does AgenBRILink have for PT Bank Rakyat Indonesia (Persero) Tbk?

AgenBRILink has over 740,000 agents for PT Bank Rakyat Indonesia (Persero) Tbk.

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