PermataBank Records Net Profit of IDR 1.5 Trillion in the First Half of 2024

PT Bank Permata Tbk ("PermataBank" or "the Bank") achieved positive performance in the first half of 2024, with Net Profit increasing by 8.7% Year-on-Year (YoY) to IDR1.5 trillion. This solid achievement was driven by an increase in loan disbursement to IDR151.4 trillion and improved asset quality management by the Bank. By maintaining sustainable synergy with ecosystem partners alongside Bangkok Bank as the controlling shareholder, PermataBank has also kept its liquidity position at a safe level with a strong capital structure. This has reinforced the Bank’s position as one of the largest banks in Indonesia.

Meliza M. Rusli, President Director of PermataBank, stated, “Despite being impacted by global economic uncertainty, PermataBank has continued to demonstrate strong support from customers and Bangkok Bank through positive performance up to the middle of 2024. The Bank’s improved performance is also accompanied by a disciplined cost management strategy and optimal operational efficiency through digitalization. Entering our fourth year with Bangkok Bank has provided a boost for PermataBank to grow into a bank that can deliver meaningful value not only for Indonesia but also for the ASEAN region.”

PermataBank recorded Total Assets of IDR258.4 trillion in the first half of 2024, growing 2.8% compared to the same period last year.

Loan disbursement to the public grew by 10.2% YoY to IDR151.4 trillion, primarily driven by a 17.3% YoY increase in lending to the Corporate segment. The Loan-to-Deposit Ratio (LDR) increased to 78.2% in June 2024 from 73.3% in June 2023, with continued discipline in optimizing the Bank’s balance sheet. This commitment is upheld by consistently applying prudence principles in the disbursement and supervision of the credit portfolio quality.

PermataBank’s NPL-Gross and Loan at Risk (LAR) ratios in June 2024 were recorded at 2.4% and 7.8%, respectively, showing improvement compared to the same period last year and the previous quarter. To meet the reserve requirements for potential credit risk declines, the Bank continues to adopt a conservative approach, as reflected in the prudent NPL coverage ratio of 337.9% and LAR coverage ratio of 103.2%. The Bank remains committed to resolving non-performing loans through restructuring, litigation, and asset sales.

As a result of more disciplined and digitalized cost management, the Bank successfully maintained a more efficient Cost to Income Ratio (CIR) at 49.6% in June 2024, compared to 51.5% in December 2023.

Meanwhile, total customer deposits were recorded at IDR191.8 trillion in the first half of 2024, growing by 3.4% compared to the same period in 2023, with the CASA ratio remaining stable at 56.3%.

In terms of capital, the Bank's CAR and CET-1 ratios were recorded at 35.4% and 26.6%, respectively, in the first half of 2024. PermataBank's capital structure is among the strongest of the largest commercial banks in Indonesia, providing a solid foundation for broader business growth prospects in the future, both organically and inorganically.

Dividend Distribution and Reputation Achievements

Balancing returns for shareholders and maintaining a strong capital structure, in the second quarter of 2024, the Bank distributed dividends amounting to IDR904.5 billion or IDR25 per share in cash dividends for the fiscal year ending 31 December 2023, to entitled shareholders.

PermataBank received an [idAAA] rating with a “Stable” outlook from PEFINDO and a [Baa1] rating with a “Stable” outlook from Moody’s, demonstrating positive sentiment from both domestic and international market towards the Bank's performance and achievements, with strong support from its controlling shareholder, Bangkok Bank.

In the first half of 2024, PermataBank achieved several reputation milestones, including being selected as one of the Best Banks in Asia 2024 by Forbes magazine, Most Active Banks for Electronic FX Trading Platform by LSG, and winning Asia-Pacific Stevie Awards 2024 for “Innovation in Paid Media Planning & Management,” “Innovation in Content Marketing/Branded Editorial,” and “Innovation in Brand Renovation/Re-Branding.” In customer service, PermataBank received the Banking Service Excellence 2024 award from Infobank magazine, both in the conventional banking and Islamic banking unit categories. Advancement on the Bank’s human resource development, PermataBank earned recognition the "Excellent" award in the Learning & Development and Knowledge Management category, and a "Very Good" rating in the Employer Branding and Talent Acquisition category at the Indonesia HR Excellence Awards 2024, organized by SWA magazine.