BTN's Net Profit Projected at Rp3 Trillion in 2024, Down as Much as 14%

PT Bank Tabungan Negara (BTN) Tbk's report reveals that the state-owned bank achieved a net profit of Rp3 trillion in 2024.

However, this represents a 14.1% year-on-year (yoy) decrease from the Rp3.5 trillion profit recorded in 2023.

Interest and profit-sharing income for the company (BBTN stock code) actually increased by 3.03% yoy, rising from Rp24.72 trillion in 2023 to Rp25.47 trillion in 2024.

Nevertheless, interest expenses also swelled by 21.9% year-on-year, reaching Rp17.84 trillion. Consequently, net interest and profit-sharing income fell by 14.42% yoy to Rp11.49 trillion, down from Rp13.43 trillion in 2023.

As reported by *Katadata*, BTN's credit and financing disbursement totaled Rp357.97 trillion in 2024. This represents a 7.3% increase compared to the Rp333.69 trillion disbursed in 2023.

BTN's President Director, Nixon L.P. Napitupulu, stated that BTN has prepared various strategic initiatives for "going beyond mortgage" with comprehensive banking solutions in 2025. Credit disbursement in 2024 was primarily driven by the increasing demand for homeownership, particularly in subsidized and non-subsidized mortgage loans (KPR).

"By the end of December 2024, BTN's subsidized KPR disbursement reached Rp173.84 trillion, a 7.5% increase compared to 2023," Nixon said in an official statement on Wednesday, February 12, 2025. Meanwhile, non-subsidized KPR increased by 10.2% to Rp105.95 trillion by the end of 2024.

The state-owned bank also recorded growth in the high-margin credit segment, namely micro, small, and medium enterprise (KUR) loans, home collateral loans (KAR), and easy loans (KRING), reaching a 13.9% yoy increase to Rp16.4 trillion at the end of 2024.

"This growth was supported by several strategic initiatives, such as collaboration with non-bank financial institutions for KUR, improved payroll services for KRING, and cross-selling through several of BTN's main institutional clients for KAR," he explained.

BBTN's gross non-performing loan (NPL) ratio stood at 3.16%. Nixon aims to reduce the NPL to below 3% in 2025.

BTN recorded a 9.1% yoy growth in deposits (DPK) to Rp381.67 trillion compared to Rp349.93 trillion in 2023. This growth was driven by an increase in low-cost funds, namely savings and current accounts (CASA), which contributed 54.1% to total DPK, up from 53.7% in 2023.

Nixon stated that BTN's DPK growth exceeded the industry's DPK growth of 4.48% yoy at the end of 2024. Furthermore, BTN maintained its loan-to-deposit ratio (LDR) at 93.8% in 2024.

"BTN is optimistic that total assets can reach Rp500 trillion by the end of 2025, supported by positive growth prospects," he concluded.

BBTN's total assets reached Rp469.61 trillion in 2024, a 7% increase from Rp438.75 trillion in 2023. The 2024 asset composition consisted of Rp407.79 trillion in liabilities and Rp32.57 trillion in equity.