Achieving Ramadan and Eid Blessings, BCA Earns a Net Profit of Rp12.9 Trillion in Q1-2024

Raih Berkah Ramadan dan Lebaran, BCA Kantongi Cuan Bersih Rp12,9 Triliun di Kuartal I-2024

"Attain the Blessings of Ramadan and Eid, BCA Earns Net Profit of Rp12.9 Trillion in Q1-2024"

Dream - The largest private bank in Indonesia, PT Bank Central Asia Tbk (BCA), and its subsidiaries reported a net profit of Rp12.9 trillion in the first quarter of 2024. Compared to the same period last year, BCA's profit grew by 11.7 percent (yoy).

Achieving Ramadan and Eid Blessings, BCA Earns a Net Profit of Rp12.9 Trillion in Q1-2024

The profit acquisition of BCA is mainly supported by the growth of disbursed financing expansion, consistent improvement in loan quality, as well as an increase in transaction volume and funding.

Meanwhile, BCA and its entities also recorded a total credit increase of 17.1 percent (YoY) to Rp835.7 trillion as of March 2024. The growth of the total credit is considered above the industry average.

"We see the optimism of consumer spending, especially during this year's Ramadan and Idulfitri period, also having a positive impact on BCA credit distribution until March 2024,"

The following is the translation of the provided 'Bahasa' text to 'English' while preserving any html tags: "words of the President Director of PT Bank Central Asia Tbk, Jahja Setiaatmadja in his statement, quoted on Tuesday, April 23, 2024."

Jahja said that consumer credit interest is well maintained, reflected in the high enthusiasm of BCA Expoversary 2024 visitors, which took place offline from February 29 to March 3, 2024, and online until the end of April 2024. Until the end of March, the total applications for home loans and consumer loans at BCA Expoversary 2024 have reached more than Rp30 trillion.

On the funding side, total third-party funds (DPK) increased by 7.9 percent (YoY) reaching Rp1,121 trillion as of March 2024. Current accounts and savings (CASA) grew by approximately 7.3 percent, reaching Rp904.5 trillion.

The solidity of CASA growth is in line with BCA's total transaction volume, which increased by 20.8 percent (yoy) to reach 8.3 billion in the first quarter of 2024. Specifically, in the digital channel, BCA's mobile banking and internet banking transaction volume reached 7.2 billion, representing a 23.5 percent increase (yoy).

The loan at risk (LAR) ratio is at 6.6 percent in the first quarter of 2024, down from the previous year's figure of 9.8 percent. The non-performing loan (NPL) ratio remains at 1.9 percent. The NPL and LAR provisioning ratios are at solid levels, at 220.3 percent and 71.9 percent, respectively. "Overall, BCA has managed to maintain sustainable profitability," BCA wrote.

Net interest income (NII) of BCA during the first quarter of 2024 reached Rp19.8 trillion, growing 7.1 percent annually (yoy). Meanwhile, non-interest income increased by 6.8 percent (yoy) to Rp6.4 trillion. In total, operational income reached Rp26.2 trillion, or a 7 percent increase (yoy) in the first quarter of 2024. The cost-to-income ratio remained at 32.4 percent. Additionally, as asset quality improved, BCA's provision costs decreased by 29.8 percent (yoy), contributing to BCA's profit growth.

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