SeaBank's Net Profit Soars 482% in the First Half of 2023

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Nabilah Muhamad 15/08/2023 20:10 WIB

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PT Bank Seabank Indonesia (SeaBank) reported positive performance with a 482.9% increase in net profit to Rp34.82 billion in the first half of 2023.

SeaBank Revenue* and Net Profit, First Semester (2022-2023)

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SeaBank's Net Profit Soars 482% in the First Half of 2023

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SeaBank Revenue* and Net Profit, First Semester (2022-2023)

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PT Bank Seabank Indonesia (SeaBank) reported a net profit of Rp34.81 billion for the first half of 2023. This represents a 482.9% year-on-year (yoy) increase compared to the Rp5.97 billion profit recorded in the first half of the previous year.

According to its financial report, this increase in profit for the Sea Ltd subsidiary is driven by several factors.

One of these is a 139.04% yoy increase in net interest income to Rp3.01 trillion in the first half of 2023, compared to Rp1.26 trillion in the same period of the previous year.

Furthermore, SeaBank also saw an increase in commission-based income, which grew by 49.46% yoy to Rp44.58 billion from Rp29.83 billion in the same period of the previous year.

Other income also grew significantly, increasing by 751.72% yoy to Rp160.15 billion, compared to Rp18.80 billion in the same period of the previous year.

Although interest expenses increased to Rp662.31 billion in the first half of 2023, SeaBank's operating profit still rose to Rp41.43 billion during the same period.

(See also: Bank Mandiri's Profit Increases, Reaching Rp25 Trillion in the First Half of 2023)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."