Heaptalk, Jakarta — Permata Bank demonstrated fantastic financial performance through the third quarter of 2024, posting a net profit of Rp2.8 trillion, reflecting a 30.1% YoY increase.
The Bank’s strategic focus on prudent and consistent credit distribution led to an 8.6% growth in lending, reaching Rp150.8 trillion compared to the same period last year. As a part of Bangkok Bank, this achievement strengthens Permata Bank’s position as a trusted partner for its customers, supported by collaborations that reinforce its stability and growth.
Permata Bank’s President Director, Meliza M. Rusli, expressed enthusiasm regarding the Bank’s performance, saying, “Our positive financial results in the third quarter of 2024 inspire us at Permata Bank to continue to thrive amid global economic uncertainties and Indonesia’s dynamic political, economic, and social climate. This success is also driven by our commitment and collaboration with partners to fulfill our vision of becoming the preferred Bank that creates meaningful value for our clients.”
Asset Growth and Continued Credit Expansion
The Bank’s total assets grew by 1.1% in Q3 2024, reaching Rp254.6 trillion compared to last year. The Bank is dedicated to credit distribution across Corporate, Commercial, and Consumer segments, with disciplined asset and credit portfolio management that emphasizes a prudent approach.
This focus has led to an improved Loan-to-Deposit Ratio (LDR), rising from 75.6% in September 2023 to 81.6% in September 2024, reflecting Permata Bank’s steady credit expansion and funding strategies.
The Bank’s strict asset quality and risk management adherence have resulted in lower Gross Non-Performing Loan (NPL) and Loan at Risk (LAR) ratios. As of September 2024, these ratios improved to 2.1% and 8%, respectively, from 2.9% and 9.4% in the previous year. Permata Bank has also allocated reserves to mitigate potential credit risk, with an NPL coverage ratio of 381% and a LAR coverage ratio of 97%.
Permata Bank’s disciplined cost management and agile digital transformation contributed to an improved Cost-to-Income Ratio (CIR), which stood at 48.9% in September 2024, down from 49.2% in the same period last year. These efficiencies demonstrate Permata Bank’s adaptability and operational resilience, further supporting sustainable growth.
The Bank’s funding base saw an increase in total deposits, attaining Rp183.3 trillion in the first nine months of 2024, supported by a CASA ratio of 55.1%. The company also maintains one of the most significant capital structures among Indonesia’s central commercial banks, with a Capital Adequacy Ratio (CAR) and Common Equity Tier-1 (CET-1) ratio at 33.2% and 25.5%, respectively, as of Q3 2024. This solid capital foundation positions Permata Bank for expensive, sustainable growth through organic initiatives and potential mergers and acquisitions.
