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PermataBank's 2023 Performance Sustains Consistent Growth

Feb 13, 2024
3 Minutes

Closing the year 2023, PT Bank Permata Tbk ("PermataBank" or "the Bank") continues its consistent performance by achieving a Net Profit of IDR 2.6 trillion, reflecting a YoY growth of 28.4% compared to the same period last year. The Bank upholds a cautious approach in credit risk management and ensures adequate credit loss provisions. With the robust support of a strong ecosystem of partners and Bangkok Bank as the controlling shareholder, PermataBank strengthens its position as one of the largest commercial banks in Indonesia.

Meliza M. Rusli, President Director of PermataBank stated, "The positive achievements of PermataBank in 2023 reflect our continuous efforts to sustain growth and deliver meaningful value to the community. This success is also attributed to the support from stakeholders, enabling PermataBank to execute its business strategy framework to becoming the 'Bank of Choice.' Our focus on customer-centricity remains paramount, aimed at enhancing services for both customers and the wider community."

The Bank's Operating Income grew by 9.3% YoY to IDR 12.1 trillion, primarily driven by a 9.6% growth in Net Interest Income, aligning with the credit disbursement growth in 2023. Pre-Provision Operating Profit (PPOP) increased to IDR 5.9 trillion, marking an 18.6% YoY growth compared to the same period last year. This reflects the application of prudent banking principles by aligning risk appetite and risk-based pricing to provide optimal services to the Bank's customers.

Credit disbursement to the public in 2023 grew by 4.3% YoY to IDR 142.2 trillion, driven by a 6.1% YoY growth in corporate credit disbursement.

Consistently optimizing the balance sheet, the Loan to Deposit Ratio (LDR) increased to 74.8% in December 2023 compared to 68.9% in December 2022.

Prudence in managing asset quality is reflected in PermataBank's Gross NPL and Loan at Risk (LAR) ratios in December 2023, each at 2.9% and 8.7%, showing improvement compared to the same period the previous year, at 3.1% and 10.9%, respectively. Furthermore, PermataBank continuously maintains conservative provisions for potential credit risk reduction, reflected in NPL coverage and LAR coverage ratios at 288% and 94%, respectively. The Bank continues efforts to resolve problematic loans through restructuring, litigation, and asset sales.

Through disciplined cost management, optimal operational efficiency, and agile digital work practices, the Bank achieved a better Cost to Income Ratio (CIR) of 51.5% in December 2023 compared to 55.1% in the same period last year.

On the funding side, total third-party funds amounted to IDR 188.3 trillion, with a continued focus on increasing low-cost CASA funds, maintaining the CASA ratio at 55%.

The Bank's capital ratios are among the strongest among the largest commercial banks in Indonesia, with CAR and CET-1 ratios at 38.7% and 29.5%, respectively.

Customer-Focused and Integrity

PermataBank is increasingly focused on enhancing its commitment to serving customers and partners by collaborating and working together with the spirit of One Family, One Team through synergy with Bangkok Bank. With a network in 15 countries (Southeast Asia, Japan, China, Hong Kong, Taiwan, the UK, and the United States), this synergy provides broader potential to support services for PermataBank's loyal customers. This aligns with PermataBank's efforts to enhance customer loyalty and focus on cultivating a customer-centric culture within the bank.

As a commitment to being a financial institution consistently providing a sense of security and enhancing integrity in Indonesia, PermataBank has obtained ISO 37001:2016 certification for the Anti-Bribery Management System and ISO 27001 for the Information Security Management System. These certifications have been implemented across all operational lines at PermataBank.

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