Dulang Laba Bersih BTN Reaches Rp860 Billion in Q1 2024, a 7.4% Increase

PT Bank Tabungan Negara (BTN) Tbk's report reveals that this state-owned bank achieved a net profit of Rp860 billion in the first quarter of 2024.

This result represents an approximate 7% year-on-year (YoY) increase from Rp800.88 billion in the first quarter of 2023.

The company, with the stock code BBTN, generated net interest income of Rp3.22 trillion, a 3.41% YoY increase from Rp3.12 trillion in the first quarter of 2023.

As reported by *Katadata*, fee-based income increased by Rp1 trillion year-on-year, representing a 14.8% growth from Rp875 billion. From January to March 2024, BTN recorded a 14.8% growth in credit and financing, reaching Rp344.2 trillion, up from Rp299.7 trillion year-on-year.

BTN's President Director, Nixon LP Napitupulu, stated that this growth in credit and financing was driven by housing loans. The increase in financing was also supported by high-yield loans, which are popular among the public.

"This is inseparable from the company's efforts to reduce the housing backlog and provide decent housing for all," said Nixon during the First Quarter 2024 Financial Performance Presentation in Jakarta on Thursday, April 25, 2024.

(Also read: BTN Achieves Net Profit of Rp3.5 Trillion in 2023, Up 14.97%)

Housing credit and financing still contributed the majority, approximately 85%, of all credit and financing disbursed by the company. During the first quarter of 2024, total housing credit and financing reached Rp292.7 trillion, a 10.7% increase compared to the same period last year, which was Rp264.5 trillion.

Of this amount, subsidized mortgage loans (KPR) still dominated, reaching Rp167 trillion. This figure increased by 12.3% in the first quarter of 2024 compared to the same period last year, which was Rp148.6 trillion. Meanwhile, non-subsidized mortgage loans increased by 11.2% to Rp98.8 trillion from Rp88.8 trillion in the first quarter of 2023.

The company recorded a decrease in the gross non-performing loan (NPL) ratio to 3% in the first quarter of 2024, down from 3.5% in the same period the previous year. The loan-at-risk (LAR) ratio also decreased to 21.6% from 24.2%.

"At the same time, we increased NPL coverage to 152.8% from 145.9% in the first quarter of 2023," said Nixon.

Third-party funds (DPK) collected amounted to Rp357.74 trillion, an 11.9% increase from Rp319.6 trillion. In detail, low-cost funds grew by 7.1% to Rp178.6 trillion, while deposits grew by 17.2% to Rp179.1 trillion. The composition of low-cost funds decreased from 52.2% in the first quarter of 2023 to 49.9%.

BBTN's total assets reached Rp454 trillion in the first quarter of 2024, up from Rp438.74 trillion in the first quarter of 2023. The 2024 asset components consist of liabilities of Rp423.45 trillion and equity of Rp30.56 trillion.

(*Katadata* article: BTN's Profit Rises to Rp860 Billion in Q1 2024: Here's What Drove It)