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PermataBank Starts 2022 with Solid Asset Growth

Jun 03, 2022
3 minutes

PT Bank Permata Tbk (“PermataBank” or “Bank”) started 2022 by posting a solid performance in the first Quarter of 2022 by continuing to grow good quality assets by applying prudential principles in managing credit risk. In line with the Government of Indonesia's efforts to maintain national economic stability in the midst of uncertainty and increasing geopolitical tensions between Russia and Ukraine, PermataBank managed to record an asset growth of 18.4% (yoy) to Rp241 trillion in the first quarter of 2022.

Chalit Tayjasanant, President Director of PermataBank said, “The first quarter of 2022 has ended with very encouraging results. With the achievement of Operating Income which grew rapidly at 21.9% and strong asset growth, PermataBank's performance continues to improve and strengthen its position as one of the 10 largest banks in Indonesia. We continue strengthening PermataBank's commitment as a leading deposit and wealth franchise, and a leader in digital innovation as we continue to strive to become the ecosystem partner of choice for businesses and technology players. We thank our loyal customers and controlling shareholder, Bangkok Bank, for their valued trust and support. We will continue to focus on becoming a Universal Bank with complete and digitally integrated products and services for all segments and generations.”

PermataBank continues commitment in Indonesia economic growth through supporting loan disbursements to the public, which grew by 10.0% (yoy) to Rp129 trillion, mainly driven by growth in corporate loans and mortgage loans of 17.3% and 22.7%, respectively. In this commitment, PermataBank continues to apply the precautionary principle in disbursing loans given the ongoing impact of the pandemic and has indirectly led to an increase in inherent credit risk.

In terms of funding, customer deposits continued to grow by 23.3% (yoy) mainly contributed by growth in Current Accounts by 36.6% and Savings by 15.6% in line with the Bank's strategy to continue to focus on growing customer deposits with lower cost of funds for support lending with more competitive interest rates in the long term. In line with this, the Bank's CASA ratio increased to 56.4%.

Furthermore, the Bank recorded an Operating Income of Rp2.9 trillion, up by 21.9% (yoy), recording a Pre-Provision Operating Profit of Rp1.5 trillion. Operational Income growth was contributed by Net Interest Income growth of 4.2% and Non-Interest Income of 113.3% in line with growth in lending until the end of March 2022. This also reflects the management of deposit, both third party funds and shareholders’ equity fund, can be managed optimally.

In addition, the Bank continues to implement operational cost management optimally as reflected in the improvement in the ratio of Operating Expenses to Operating Income (BOPO) to 72.5% or an improvement of 9.8% compared to the same period last year of 82.3%. The Bank also ensures that there is adequate provision for impairment losses prudently to anticipate potential losses considering the impact of the COVID-19 pandemic that continues in the current year. The NPL coverage ratio is well maintained in a fairly conservative range of 226%. The gross NPL ratio in March 2022 was maintained at the level of 3.17% and the net NPL ratio was at 0.6%. This is in line with the Bank's policy to book credit loss reserves prudently in anticipating potential credit losses.

The Bank's capital ratio remains one of the strongest among Commercial Banks in Indonesia, with a CAR and CET-1 ratio of 33.1% and 25.4%, respectively, which is the key driving force for the Bank to accelerate good business growth. organically or inorganically. PermataBank's continuous commitment to support the Government of Indonesia in economic recovery is realized by carrying out the financial intermediation function effectively and efficiently. The support from Bangkok Bank PCL as the controlling shareholder and the strongest Corporate Bank in Thailand gives PermataBank the advantage to synergize to expand and strengthen its position as a universal bank.

In the first quarter of 2022, PermataBank welcomed Mrs. Meliza M. Rusli as Vice President Director who joined on January 25, 2022 through its Extraordinary General Meeting of Shareholders (EGMS). PermataBank also received various awards during the period including Top Digital Company Award 2022 from Marketing Magazine for Group of Banks Based on Core Capital (KBMI) 3 category and Best Digital Company of the Year category for PermataBank Syariah; Silver Award for Top 100 Most Valuable Brands at the 9th Brand Finance Indonesia from Investor Magazine; and 1st rank at Satisfaction, Loyalty & Engagement (SLE) Award 2022 for KBMI 3 category. PermataBank through its corporate social responsibility platform, PermataHati, also held its 11th “Unite For Education Sustainability Forum” themed “Making A Difference” to support the Bank’s CSR ecosystem of strategic partners, regulators and government to advance the quality of education and create equality in Indonesia. This sustainability forum was participated by more than 1,000 people advocating for better education, financial literacy and inclusion in Indonesia.

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