BRI's Net Profit Soars 78% in Q1 2022

PT Bank Rakyat Indonesia (Persero) Tbk., or Bank BRI, reported consolidated net profit of Rp12.2 trillion in Q1 2022. This figure represents a 78.13% year-on-year (YoY) increase from Rp6.86 trillion in the same period of 2021.

Net profit per share for the company (BBRI) also rose by 41.3% (YoY) to Rp80 per share in Q1 2022, compared to Rp56 per share in the same period last year.

According to the company's report, profit growth was driven by a 6% (YoY) increase in interest income. Interest income rose from Rp34.68 trillion at the end of March 2021 to Rp36.73 trillion at the end of March 2022.

Meanwhile, interest expense decreased by 16.42% (YoY) from Rp7.56 trillion to Rp6.32 trillion. As a result, net interest income grew by 12% (YoY) to Rp30.41 trillion from Rp27.12 trillion.

Bank BRI recorded a 3% year-to-date (YTD) increase in disbursed loans. Loans disbursed increased from Rp994.41 trillion as of December 31, 2021, to Rp1,024 trillion as of March 31, 2022.

However, BBRI's consolidated total assets decreased by 2% (YTD), falling from Rp1,678 trillion as of December 31, 2021, to Rp1,650 trillion as of March 31, 2022. In terms of third-party funds (DPK), BRI also experienced a slight decrease of 1% (YTD), from Rp1,138 trillion to Rp1,126 trillion.

Meanwhile, the gross non-performing loan (NPL) ratio increased to 3.15% in March, compared to 3.08% in December 2021. The net NPL, however, decreased to 0.77% in March 2022 from 0.7%.