PT Bank Permata Tbk (“PermataBank” or “Bank”) continues to record solid performance until the third quarter of 2022, which is the result of a prudent, consistent and sustainable business strategy implementation. In the midst of the Government of Indonesia's efforts to maintain national economic stability in the face of uncertain global economic conditions as well as optimism from the G20 presidency in Indonesia, PermataBank managed to record a Net Profit after tax of Rp2.2 trillion or grew 170% year-on-year (yoy). This Net Profit growth was contributed by Operating Income of Rp8.5 trillion or grew by 14.4% (yoy) supported by the growth of Net Interest Income of 12.1% (yoy).
Meliza M. Rusli, President Director of PermataBank said, “We are grateful for this third quarter of 2022 achievement that PermataBank can record a healthy and solid financial performance. This is contributed from the Bank’s strategy, maintaining sustainable growth and profitability through healthy credit growth and risk management, as well as good prudence and governance. For 20 years PermataBank has served customers with heart, it's time to continue our commitment to remain a trusted partner of customers and become a universal bank by providing products and services for various segments as well as for all generations. This commitment will continue to be strengthened with full support from our controlling shareholder, Bangkok Bank"
The Bank continues to implement operational cost management optimally and to improve asset quality as reflected in the improvement in the ratio of Operating Expenses to Operating Income (BOPO) in the third quarter of 2022 to 73.4% compared to the BOPO ratio in the same period last year of 88.3%. Furthermore, amid rising inflation due to rising food and fuel prices, PermataBank managed to reduce the CIR ratio to 53.1%, improving compared to December 2021's position of 54.9%.
PermataBank continues to be committed to lending to the public, growing by 9.2% (yoy) to Rp135.7 trillion, primarily driven by growth in corporate loans and mortgage loans of 9.2% and 19.1%, respectively. In line with this, the Bank's RIM ratio also improved to 83% from 69% at the end of 2021. The Bank continues to adhere to the principle of prudence in disbursing loans given the uncertainty of global economic conditions that can affect inherent credit risk. The gross NPL ratio at the end of September 2022 was maintained at the level of 3.1%, improving compared to the position at the end of December 2021 at 3.2% and September 2021 at 3.3%. The net NPL ratio, which reflects prudence in the formation of credit loss reserves, also improved to 0.5% compared to 0.7% at the end of December 2021. The NPL coverage ratio is well maintained in the range of 238%, or an increase compared to December 2021 at 227% and September 2021 at 217%. The Bank continues to seek settlement of non-performing loans through restructuring, litigation, and asset sales.
In terms of funding, customer deposits decreased slightly by 1.2% yoy which is in line with the Bank's strategy to reduce expensive deposit funds and continue to focus on the growth of CASA, which is a cheap and stable source of funds. As of the third quarter of 2022, CASA funds grew by 10.6% yoy to Rp95.8 trillion through the contribution of growth in Current Accounts by 10.2% and Savings by 11.1%. In line with this, the Bank's CASA ratio increased to 59.3%, higher than the position at the end of December 2021 at 54.0%. This ensures that the Bank's liquidity position is well maintained to support credit distribution with more competitive interest rates in the long term.
The Bank's capital ratio is one of the strongest among the top 10 Commercial Banks, with a CAR and CET-1 ratio of 33.2% and 25.1%, respectively, which is a key enabler for the Bank to accelerate business growth both in terms of organic or inorganic.
In expanding segments and deepening customer relationships, as part of Bangkok Bank Group and through its international network, expertise and scale, PermataBank continues to broaden its partner ecosystem and build synergies in corporate banking and cross-border initiatives.
PermataBank's performance until the third quarter also received recognition from the industry through various awards, including "The Best Performance Bank for Category KBMI 3 Bank” at the Bisnis Indonesia Financial Award 2022, "The Consistent Bank in Mortgage Product and Process" at the Property Indonesia Award 2022 and received “Very Good” rating for PermataBank Syariah in the Infobank 2022 sharia financial rating.
PermataBank has also made a positive contribution towards promoting national economic recovery by supporting B20 Indonesia 2022 as Bronze Sponsor through a series of activities until the G20 Summit in November 2022. PermataBank's support of B20 Indonesia 2022 which is part of the G20 Indonesia presidency, aligns with the Bank’s mission to support collaborative recovery and growth, drive an innovative global economy, while setting up an inclusive and sustainable future.
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