Heaptalk, Jakarta — PT Bank Permata Tbk (PermataBank) closed its net profit worth US$166 million (around Rp2.6 trillion) in 2023. This output reflects a YoY enhancement of approximately 28.4% compared to last year.
Commenting on the enhancement, the President Director of Permata Bank, Meliza, voiced, “Our positive achievements last year reflect the company’s continuous efforts to sustain growth and deliver meaningful value to the community. This accomplishment is also attributed to the support from stakeholders, enabling Permata Bank to execute its business strategy framework. Our focus on customer-centricity remains paramount, aimed at enhancing services for both customers and the wider community,”
Furthermore, the bank’s operating income also grew by 9.3% YoY, attaining Rp12.1 trillion, primarily driven by a 9.6% growth in Net Interest Income, aligning with the credit disbursement improvement in 2023. PermataBank’s Pre-Provision Operating Profit (PPOP) also increased to Rp5.9 trillion, elevating about 18.6% YoY compared to the equivalent period last year. This result represents the application of prudent banking principles by aligning risk appetite and risk-based pricing to proffer optimal services to the bank’s customers.
The company’s credit channel to the public also elevated by 4.3% YoY, reaching Rp142.2 trillion in 2023. The corporation’s credit distribution of 6.1% contributed to this output. With the balance sheet optimization, PermataBank’s loan-to-deposit ratio (LDR) increased to 74.8% in December 2023, compared to December 2022, which was only 68.9%.
The prudence in managing asset quality bumped the bank’s Gross NPL of 2.9% and Loan at Risk (LAR) ratio at 8.7% in December 2023, demonstrating an improvement compared to the similar period last year, 3.1% and 10.9%, respectively. Besides, the company has maintained conservative provisions for potential credit risk reduction, reflected in NPL coverage (288%) and LAR coverage (94%).
This banking company continues to resolve problematic loans through restructuring, litigation, and asset sales. Through its disciplined cost management, optimal operational efficiency, and agile digital work practices, Permata Bank achieved a cost-to-income ratio (CIR) of 51.5% at the end of 2023, compared to the same period of 55.1% last year.
On the funding side, the total third-party funds of PermataBank amounted to Rp188.3 trillion, with a continued focus on increasing low-cost CASA funds, maintaining the CASA ratio at 55% in 2023. The bank’s capital ratio is also the most robust among other commercial banks in the archipelago, with CAR (38.7%) and CET-1 ratio (29.5%).
