REPUBLIKA.CO.ID, JAKARTA — PT Bank Rakyat Indonesia (Persero) Tbk and its subsidiaries or BRI Group managed to record a positive and sustainable performance until the end of the second quarter of 2024. With selective and prudent growth, BRI consolidated to make a profit of Rp 29.90 trillion. This was stated by the President Director of BRI Sunarso at the press conference presentation of the financial performance of the Second Quarter 2024 in Jakarta, Thursday (25/7/2024).
Sunarso revealed that BRI Group's positive performance was not in spite of the growth in credit distribution and the consumption of Third Party Funds (DPK), which grew by double digits.
“Until the end of the second quarter of 2024, BRI credit distribution recorded IDR 1,336.78 trillion or grew 11.20 percent year on year (yoy). The SME segment still dominates the distribution of BRI loans, with the share reaching 81.96 percent of the total BRI credit distribution, or about Rp 1,095.64 trillion,” he said.
The double-digit growth of credit led to the increase in BRI's assets. Until the end of June 2024, BRI's assets grew 9.54 percent yoy to Rp 1,977.37 trillion.
The credit growth was followed by selective and prudent lending so that the company was able to maintain the quality of the credit being channeled. “The Loan at Risk (LAR) ratio was recorded as improving or declining, from 14.94 percent at the end of Q2 2023 to 12 percent at the end of Q2 2024. Meanwhile, the non-performing loan ratio (NPL) remained in the range of 3.05 percent with the NPL coverage ratio at an adequate level of 211.60 percent,” Sunarso said.
In terms of funding, BRI's Third Party Fund (DPK) grew 11.61 percent yoy to Rp 1,389.66 trillion. The Current Account and Savings Fund (CASA) grew 7.66 percent yoy to Rp 877.90 trillion.
“Low-cost funds still dominate BRI's DPK structure, where CASA's share accounts for 63.17 percent of BRI's total DPK,” Sunarso added.
BRI's commitment to continue serving all walks of life is realized through hybrid bank strategies, one of which is the presence of Agenbrilink. Agenbrilink has proven to be able to respond to the characteristics of micro customers and currently has an important role in the wheels of the economy and people's lives.
The presence of Agenbrilink facilitates the life activities of Indonesians through the features and services provided, such as for payment of electricity bills, water bills, pulse purchases, installment payments, BRIZZI top-up, loan deposits, providing referral services for opening BSA savings accounts and loans, as well as other transactions.
By the end of June 2024, BRI had 993 thousand Agenbrilinks spread across more than 61 thousand villages. This number is recorded to have covered more than 80 percent of the total villages in Indonesia. The volume of Agenbrilink transactions during January-June 2024 has reached Rp 767 trillion or grew by 13.6 percent yoy.
On the other hand, the company also continues to strengthen the BriMo superapps ecosystem as one of its digital transformation strategies to provide people with various ease in transacting. Until the end of June 2024, BriMo has been used by more than 35.2 million users and managed to record 2.01 billion financial transactions with transaction volume reaching Rp 2.574 trillion or growing 35.81 percent yoy.
In addition to the quality growth, the company also proved to be able to increase fee based income to Rp 11.26 trillion or grow 10.15 percent yoy from the same period of the previous year, i.e. Rp 10.22 trillion.
Sunarso also looks at the second half of 2024 with optimism. This is not apart of the BRI's adequate liquidity and capital conditions, with the Bank's Loan to Deposit Ratio (LDR) at 86.59 percent and Capital Adequacy Ratio (CAR) at 25.13 percent.
With such adequate liquidity and capital conditions, BRI still has room to grow better in the future. Such healthy and sustainable BRI performance has also gained recognition from the international world. In mid-June 2024, BRI was named by Forbes International as the largest (1st) company in Indonesia in the Forbes Global 2000 list of 2024 and ranked 308th among the 2000 largest publicly traded companies in the world, outperforming other multinational companies such as Starbucks, Renault, Uber and Nissan Motor.
Not long ago, another leading economic media outlet, Fortune announced the Fortune Southeast Asia 500 list, which ranks the 500 largest companies in Southeast Asia based on revenue, profit and assets. On the list, BRI ranked first for the banking and finance industry in Indonesia and fourth for the financial category in Southeast Asia. Later, BRI also won 11 awards at The Finance Asia Awards and Asia's Best Companies Poll 2024 held in Hong Kong, June 27, 2024.
Some of the award categories are Best Managed Company, Best Bank For Financial Inclusion, Best Commercial Bank — SME, and Best CEO for BRI President Director. Recently, the London economic and financial media, The Banker, on July 10, 2024 announced the list of the Top 1,000 World Banks 2024, in which BRI
ranked the top of the 26 banks in Indonesia included in the list and ranked 110 globally. The Top 1000 World Banks 2024 contains the top 1,000 banks around the world assessed by the criteria of Tier 1 Capital, Assets, Profit Pre-Tax, Capital Asset Ratio, Return on Capital, and Return on Assets.
For this achievement, Sunarso revealed that this award is proof that BRI's commitment to creating economic value and delivering social value is simultaneously appreciated by various independent and credible international parties/institutions.
“We dedicate this achievement and award to all BRI customers, mainly to MSME players that are the backbone of Indonesia's economy, as well as all BRiLiN people (BRI workers) who have made their best contributions. The achievement will also motivate BRI to continue to create economic value and deliver social value to all stakeholders,” Sunarso said.
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