Bank Rakyat Indonesia’s assets leaps 9.2% YoY in Q2

It boosted its consolidated earnings to IDR23.56t.

Bank Rakyat Indonesia (BRI) has reported a significant boost in assets, surging by 9.21% year-on-year (YoY) to a staggering IDR1,805.15t during the second quarter (Q2).

This growth has propelled BRI to reach a consolidated profit of IDR29.56t, marking an impressive 18.83% YoY increase.

President Director, Sunarso, during the presentation of BRI's Q2 2023 Financial Performance on 30 August attributed BRI's success to several key factors, including robust growth in microcredit and CASA, sustained asset quality, improved efficiency ratios, a consistent rise in fee-based income, and the strong performance of BRI Group's subsidiaries.

In terms of credit distribution, BRI extended loans and financing totaling IDR1,202.13t by Q2 2023. Notably, the micro-segment exhibited exponential growth, surging by 11.41% YoY to reach IDR577.94t.

This has bolstered microcredit's share to 48.08% of the total credit, with MSME credit representing an impressive 84.48% of the overall credit portfolio.

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By Q2 2023, Ultra Micro Holding (Umi) successfully integrated 36 million loan customers and 162 million micro savings customers.

BRI's commitment to loan quality is evident in its successful NPL management, boasting an NPL Coverage of 248.54% by Q2 2023, as highlighted by Sunarso.

BRI's prudent credit management is further reflected in its improved Non-Performing Loan (NPL) ratio, which was reduced to 2.95% by Q2 2023, accompanied by enhanced provisioning, leading to a lower Credit Cost of 2.26%.

The bank's growth trajectory is bolstered by the effective accumulation of CASA, which expanded by 10.13% year-on-year to reach IDR815.42t, enhancing operational efficiency.

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