Indonesia's Banking Sector Profits Shrink Amidst the COVID-19 Pandemic

Yosepha Pusparisa 10/02/2021 13:40 WIB

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The COVID-19 pandemic resulted in a contraction of the average net profit of Indonesian banks in 2020. BNI experienced the steepest decline, reaching 78.7% in 2020 compared to 2019, resulting in a pr

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Indonesia's Banking Sector Profits Shrink Amidst the COVID-19 Pandemic

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The COVID-19 pandemic resulted in a decrease in the average net profit of Indonesian banks in 2020. Even the four dominant banks in the country could not avoid this decline. The drop in net profit in 2020 ranged from 5% to 78.7% compared to the same period in 2019.

Bank Central Asia (BCA) recorded the highest net profit among several state-owned banks. The bank generated Rp27.13 trillion last year, a 5% decrease from Rp28.6 trillion in 2019. Meanwhile, Bank Negara Indonesia (BNI)'s net profit plummeted by 78.7% in 2020, falling from Rp15.38 trillion to Rp3.3 trillion.

In addition to BCA and BNI, the profitability of Bank Mandiri and Bank Rakyat Indonesia (BRI) also decreased. This is suspected to be due to the increase in provisions or reserves by each bank. This is because all four banks have undertaken restructuring for customers whose businesses were impacted by COVID-19.

Editor : Muhammad Ahsan Ridhoi

"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."