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PermataBank Closed 2022 with Total Assets of IDR 255 Trillion

Feb 23, 2023
3 Minutes

PT Bank Permata Tbk (“PermataBank” or “Bank”) closed the year, once again, with a solid performance in 2022. The Bank continues to maintain the momentum of asset growth and prudent principles in managing credit risk and ensuring adequate provision for credit losses. Even though faced with slowing global economic growth and Indonesia's economic recovery efforts, PermataBank managed to record a net profit after tax of IDR 2 trillion, growing 64% Year-on-Year (YoY). Continuous synergy and support from the controlling shareholder, Bangkok Bank PCL, maintains PermataBank's position among the 10 largest commercial banks in Indonesia.

The net profit growth was contributed by operating income of IDR 11.5 trillion which grew by 13.2% YoY supported by net interest income growth of 14.4% YoY.

Meliza M. Rusli, President Director of PermataBank said, “In 2022, we utilized momentum that strengthened PermataBank's position as one of the leading banks in Indonesia. Achievements in the digital domain, implementing blockchain technology, supporting the G20 presidency through B20 activities, and integrated products and services have allowed PermataBank to continue to provide the best for our stakeholders. In our 20-year journey in the Indonesian banking sector, we continue to be committed to serving our customers as a universal bank that provides products and services for various segments across all generations."

PermataBank recorded an asset growth of 8.8% YoY to IDR 255.1 trillion. Along with the recovery of the national economy, the Bank continues its support to extend credit to the public, growing 8.7% YoY to IDR 136.3 trillion, mainly driven by an increase in Corporate and Mortgage loans by 10.3% and 12.6%, respectively.

In terms of funding, customer deposits grew by 8.8% YoY to IDR 195.6 trillion, mainly contributed by the 16.8% YoY growth in current accounts and savings accounts, in line with the Bank's strategy to focus on growing customer deposits with a lower cost of funds to support lending with more competitive interest rates in the long term amidst rising market interest rates. Efficient cost of funds will strengthen the Bank's position in channeling bank loans with competitive interest rates. The Bank's CASA ratio increased to 58%, higher than the position at the end of December 2021 of 54%.

The Bank continues to apply prudent principles in lending given the global economic slowdown accompanied by an increase in global interest rates which can directly or indirectly affect inherent credit risk. The gross NPL ratio at the end of December 2022 was maintained at a level of 3.1%, an improvement compared to the position at the end of December 2021 of 3.2%. The net NPL ratio, which reflects prudent allocation of reserves for credit losses, also improved to 0.4% compared to 0.7% at the end of December 2021, where the NPL coverage ratio was well maintained in the range of 240%. The Bank continues to seek settlement of non-performing loans through restructuring, litigation, and asset sales.

In line with the decrease in the NPL ratio, the Loan at Risk (LAR) ratio also experienced a significant improvement from 14.6% in 2021 to 10.9% at the end of 2022.

The Bank continuously maintains and improves asset quality, even with credit loss provisions (net) of IDR 2.4 trillion during 2022, to ensure adequate reserves in face of the domestic and global economic conditions, which is expected to experience significant challenges in 2023. Furthermore, amid rising inflation due to growing food and fuel prices, PermataBank managed to maintain a stable CIR ratio at around 55%.

The Bank's capital ratio is one of the strongest among the top 10 Commercial Banks, with CAR and CET-1 ratios of 34.2% and 25.7%, respectively, which is a crucial enabler for the Bank to accelerate business growth, both organic and inorganically.

In expanding segments and deepening relationships with customers, as part of the Bangkok Bank Group and through its international network, expertise, and shareholder scale, PermataBank continues to expand its partner Bank ecosystem and build synergies with Bangkok Bank through its expertise and support in corporate banking, as well as cross-border initiatives.

In the fourth quarter of 2022, PermataBank also re-launched two branches with the largest Model Branch concept in Central Java and East Java, providing a seamless offline and online digital experience for customers as well as adding to a total of 19 model branch concepts throughout Indonesia.

Strengthening the Bank's commitment to continue to inspire customers and the public in providing new perspectives in financial management, entering its eighth year, Wealth Wisdom - the biggest Wholistic Wealth conference in Indonesia – returned to its offline format featuring 35 prominent speakers from the government and private sectors carrying the theme “Mindfully Recover”. For the first time PermataBank and Bangkok Bank held a joint-webinar for all customers of both banks with the theme “Gearing Up – Getting Ready for Challenges in 2023”.

In its continued efforts to increase financial literacy education and inclusion throughout Indonesia, PermataBank, through its PermataHati CSR program, continuously provided financial literacy education to all levels of society throughout 2022.

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