PT Bank Permata Tbk (“PermataBank” or “Bank”) has again performed its consistency in asset growth and solid performance improvement while maintaining the principle of prudence in managing credit risk and ensuring adequate credit loss reserves. The growth of Gross Domestic Product (GDP), which began to occur in the second quarter and the success of the vaccination program carried out by the Government of Indonesia to curb the COVID-19 cases, started to show positive movements in economic recovery and credit growth.
Chalit Tayjasanant, President Director of PermataBank stated, “Towards the end of 2021, PermataBank continues to show strong and consistent performance. We strive to continue to reach a wider market and customer segment by offering innovative digital banking products and services with the full synergy and support of our controlling shareholder, Bangkok Bank. "This positive performance in the third quarter of 2021 will not happen without the support of our loyal customers who always move forward together to make us their bank of choice and our commitment to continue to provide convenience and security for banking transactions and contribute to Indonesia's economic growth."
In line with the Indonesia's economic recovery, the Bank recorded asset growth of 31% YoY to IDR 219 trillion which maintain PermataBank's rank position in the 10 largest commercial banks in Indonesia by total asset value. Loan disbursement grew significantly by 21% YoY to IDR 124.2 trillion mainly driven by 45% YoY growth in corporate loans and 23% YoY growth in mortgage loans.
In terms of funding, customer deposits grew by 23% YoY, mainly contributed by the growth in savings and current accounts by 28%. This increase is in line with the Bank's strategy that focuses on customer deposits growth with lower cost of funds to support credit at more competitive interest rates in the long term. In accordance with this, the Bank's CASA ratio increased to 53%, higher than in December 2020 of 51%.
In line with the growth of asset, the Bank recorded an Operating Income of IDR 7.5 trillion or grew by 17% YoY and pre-provision operating profit grew by 28% YoY to IDR 3.5 trillion. Operating Income growth was highly contributed by Net Interest Income growth of 28%. This reflects the optimal management of funds, both customer deposits and capital deposit funds from shareholders. The ratio of Operating Expenses to Operating Income (BOPO) also improved by 88%, improved from the same period last year of 92%, which was contributed by a decrease in allowance for credit losses, in line with the improvement in the quality of the Bank's credit portfolio.
Credit growth and improvement in the Bank's performance have shown positive results in the third quarter of 2021, Net Profit after tax was recorded at IDR 831 billion, a significant increase of 93% or almost doubled compared to the same period last year of IDR 430 billion.
The quality of the Bank's credit portfolio is still well maintained with gross and net NPL ratios of 3.3% and 0.9%, respectively, corrected to be better than the same period last year with ratios of 3.8% and 1.5%. Prudentially, the Bank recorded a credit loss reserve to anticipate potential credit losses that could occur as a result of the pandemic by maintaining an NPL coverage ratio of 217%, almost double the NPL coverage ratio of 118% last year.
The Bank's capital ratio is the strongest among the top 10 Commercial Banks in Indonesia, with a CAR and CET-1 ratio of 34% and 26%, respectively, which becomes a key enabler for the Bank to accelerate business growth both organically and inorganically. PermataBank continues to strengthen its commitment to support the Government of Indonesia in the economic recovery by carrying out intermediary functions effectively and efficiently with the support from Bangkok Bank PCL as the controlling shareholder.
Being a part of the Bangkok Bank Group, which is the strongest Corporate Bank in Thailand, PermataBank will continue to strengthen its branding position as a universal bank in Indonesia and make innovations and sustainable investments, both in terms of offering relevant products and in the field of digital banking to provide excellent transaction services and experiences for customers in the Retail, SME, Commercial and Corporate segments.
Until the third quarter of 2021, PermataBank scored a number of achievements in digital product innovation through the collaboration of API Banking with the Rural Banks Association and the implementation of Cross-Border QR Pay in order to support Bank Indonesia's initiatives. PermataBank Syariah also launched “The First Shariah API Solution” for Islamic Financial Institutions (IFI). This year, PermataBank celebrates its 19-year journey of serving customers in Indonesia and present Wealth Wisdom, the largest wholistic wealth event in Indonesia which was held for the first time virtually and succeeded in attracting more than 1 million participants in two days by presenting various prominent speakers consisting of 4 Indonesian Ministers and more than 50 speakers covering various current topics related to this year's theme, Wellness to Wealth. As a part of our corporate social responsibility, PermataHati CSR relaunched the PermataBRAVE CSR initiative, which is a sustainable commitment through the People with Disabilities (PWD) Empowerment Program which includes education, coaching and competency improvement to create equality for people with disabilities in Indonesia.
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