PT Bank Permata Tbk. (“PermataBank” or “Bank”) successfully ended 2021 with a positive performance, maintaining its asset growth momentum while exercising prudential principles in managing credit risk and ensuring adequate credit loss reserves. In the midst of Indonesia's economic recovery, PermataBank recorded a Net Profit after tax of Rp1.2 trillion, a significant increase of 71% compared to the same period last year of Rp722 billion. The continued support from the Bank’s controlling shareholder, Bangkok Bank PCL, has allowed PermataBank to strengthen its position as one of the 10 largest Commercial Banks in Indonesia based on total asset value.
Chalit Tayjasanant, President Director of PermataBank said, “2021 was a good year for PermataBank. With the ongoing challenges of the pandemic, we were able to achieve an increasingly positive performance. The Bank achieved good momentum in strengthening our digital capabilities with several new digital initiatives, strategic partnerships and the launching of the first-in-market blockchain technology for our trade transactions. The continued support of our shareholder Bangkok Bank and trust of our loyal customers has played an important role in our commitment to make PermataBank a universal bank. With our current achievements, we are confident in becoming a leading deposit and wealth franchise, an ecosystem partner of choice for business and technology players, and the leader in digital-first banking services for our customers in Indonesia in the coming years.”
PermataBank recorded asset growth of 18.5% Year-on-Year (YoY) to Rp234 trillion. Loan disbursement grew by 6.2% YoY to Rp125.5 trillion mainly driven by 12% YoY growth in Corporate loans and 22% YoY growth in mortgage loans.
In terms of funding, customer deposits grew by 24% YoY, mainly contributed by the growth in savings and current accounts by 30% in line with the Bank's strategy to focus on growing customer deposits with lower cost of funds to support lending with more competitive interest rates in the long term. In line with this, the Bank's CASA ratio increased to 54%, higher than the December 2020 position of 51%.
Furthermore, the Bank recorded an Operating Income of Rp10.1 trillion or grew by 11% YoY so that Operating Profit before Provisions grew by 24% YoY to Rp4.7 trillion. Operating Income growth was contributed by Net Interest Income growth of 17% in line with the growth in lending in 2021. This also reflects that fund management, both customer deposits and capital deposit funds from shareholders, can be managed optimally.
The Bank continues to apply the prudential principle in lending given the impact of the pandemic that continues and has indirectly led to an increase in inherent credit risk. This is reflected in the increase in the gross NPL ratio in December 2021 to 3.2% compared to the same period last year of 2.9%. However, the net NPL ratio was better maintained at 0.7% compared to 1.0% in the previous year. This is in line with the Bank's policy to book credit loss reserves prudently in anticipating potential credit losses. The Bank's NPL coverage ratio is adequately maintained at around 227%.
The Bank's capital ratio is one of the strongest among the top 10 Commercial Banks, with a CAR and CET-1 ratio of 35% and 27%, respectively, which is a key enabler for the Bank to accelerate business growth both organically and inorganically. The Bank is committed to continuing to support the Government of Indonesia in economic recovery by carrying out the financial intermediation function effectively and efficiently with the support of Bangkok Bank PCL as the controlling shareholder of the Bank.
As part of the Bangkok Bank Group, the strongest corporate bank in Thailand, PermataBank will continue to accelerate its growth by leveraging collaboration with Bangkok Bank's scale and expertise, increasing the Bank's share of wallet in managing trade & cash, winning new international/local corporate clients and conglomerates in Indonesia, as well as continuing to build relationships through prudent and healthy credit growth.
The fourth quarter of 2021 also highlights PermataBank as the first bank in Indonesia to successfully implement Trade Finance transactions using blockchain technology. PermataBank also made achievements as The Favorite Mortgage Bank in Indonesia (Properti Indonesia Awards 2021), Best Retail Banking in Indonesia & Highly Recommended Trophy in the Best Mortgage Offering (Retail Banker International – Asia Trailblazer Awards 2021), and The Best Financial Resilience Bank – category of Conventional and Sharia Bank Assets > 100 Trillion Rupiah (Tempo Financial Awards 2021). Meanwhile, in terms of corporate actions, on December 30, 2021, PermataBank completed the share transfer transaction (divestment) of PT. Sahabat Finansial Keluarga (“SFK”), an affiliated company of PermataBank, to Honest Financial Technologies International Private Limited (“Honest”) as the new controlling shareholder.
Through its PermataHati CSR program, PermataBank continued to provide financial literacy education targeting different levels of society, including people with disabilities throughout Indonesia. In 2021, PermataHati reached out to more than 3,000 beneficiaries, provided almost 800 scholarships and engaged approximately 2,500 employee volunteers as key enablers of the Bank’s CSR initiatives. PermataBank also continues to provide education and training to editorial journalists through its Banking Journalist Academy and to photojournalists through Permata PhotoJournalist Grants. Until 2021, more than 230 editorial and photo journalists have benefited from the Bank’s media educational programs. The Bank also supported more than 150 journalists who were impacted by the pandemic through financial aid and counseling programs in collaboration with Independent Journalist Alliance (AJI Indonesia).
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