By implementing a consistent and sustainable business strategy, PT Bank Permata Tbk (“PermataBank” or the “Bank”) started 2023 by recording a net profit after tax of IDR 756 billion. In the first quarter of 2023, PermataBank also recorded an asset growth of 4.9% Year-on Year (YoY) to IDR 252.7 trillion. This achievement was supported by asset quality maintained at a safe level, strong liquidity, and capital positions. Synergy and continuous support from the controlling shareholder, Bangkok Bank PCL, has contributed to maintaining PermataBank's among the largest commercial banks in Indonesia.
PermataBank's Operating Profit before Provisions (PPOP) grew 3.3% to IDR 1.6 trillion compared to last year. This was contributed by an increase in Operating Income of 5.3% YoY to IDR 3.1 trillion, supported by a growth in Net Interest Income of 20.7%.
Meliza M. Rusli, President Director of PermataBank, said, "In line with Indonesia's strong domestic economic growth in the first quarter of 2023, PermataBank achieved good performance. This is inseparable from our commitment to carry out a business strategy by maintaining sustainable growth and profitability through sound credit growth with prudent principles. Continuously strengthening our synergy with Bangkok Bank as one family, one team, we aim to continue making a difference for all our stakeholders by working with heart.”
Along with the strategy to expand segments and deepen customers’ relationships, lending to the public was well maintained and increased 0.5% YoY to IDR 130.1 trillion, driven by the growth of Mortgage Loan of 7.0% YoY. These results strengthen the commitment to continue to encourage and accelerate the growth of credit financing while adhering to the principle of prudence in maintaining the quality of the loan portfolio.
The gross Non-Performing Loan (NPL) ratio was maintained at 3.2%, while the net NPL ratio was recorded at a better level of 0.4%, compared to 0.6% in the first quarter of 2022. The Bank continues to seek resolution of problem loans through efforts restructuring, litigation, and sale of assets.
Amid rising inflation due to rising food prices, the Cost to Income (CIR) ratio was recorded to have improved to 50.2% in March 2023 compared to the same period last year at 54.4%. The BOPO ratio was also recorded to have improved to 78.1%, compared to December 2022's position of 82.4%.
Total customer deposits were recorded at IDR 190.4 trillion, an increase of 3.6% compared to last year. Currently, PermataBank is focused on increasing CASA low-cost funds, in line with management's strategy to strengthen low-cost sources of funds and remain stable. Until the first quarter of 2023, CASA grew 4.7% YoY to IDR 108.6 trillion, with a contribution of 5.7% Current Accounts growth and 3.1% Savings, so that the Bank's CASA ratio managed to increase to 57.1%, higher compared to the position at the end of March 2022 of 56.4%.
The Bank's strengthened capital is a solid foundation and provides more prospective business growth opportunities in the future, either through organic or inorganic growth. This makes PermataBank as one of the banks with a strong capital structure, as reflected in the CAR and CET-1 ratios of 41.4% and 31.6%, respectively, far above the minimum requirements of the applicable regulations.
Strengthening Digital Capabilities
In developing Sharia-based banking products, PermataBank provides convenience in Sharia RDN (Customer Fund Account) Permata products through PermataAPI (Permata Application Program Interface) technology services that are directly integrated with Securities Company (PE) applications. This technology allows customers to open RDN Syariah accounts in minutes.
In the first quarter of 2023, PermataBank introduced three branches with the Branch Model concept in Sumatra: Zainul Arifin-Medan, Podomoro City - Medan, and Palm Spring – Batam. The Model Branch concept aims to provide a consistent and integrated digital experience online and offline so that #SemuaMakinBisa enjoy PermataBank services.
"Going forward, we will continue to focus on the Bank's strategic priorities, which are to continue to strive to become a leading deposit and wealth franchise, the ecosystem partner of choice for business and technology players, and a leader in digital innovation and banking services," closed Meliza.
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