PT Bank Tabungan Negara (Persero) Tbk (BTN) reported a net profit of Rp774.4 billion in the first quarter of 2022.
This figure represents a 23.8% increase compared to the first quarter of the previous year, which stood at Rp625.1 billion (year-on-year/yoy).
According to the company's performance report, several factors supported BTN's net profit growth, including a 28.8% yoy increase in net interest income to Rp3.57 trillion in Q1 2022.
BTN's net interest income increased due to a 31% yoy decrease in expenses to Rp2.47 trillion as of March 2022. Meanwhile, the company's interest income decreased by 4.8% yoy to Rp6.05 trillion during the same period.
The operating profit of the issuer with the code BBTN was also higher than the same period last year. In Q1 2022, its operating profit amounted to Rp988.15 billion, a 14% yoy increase from Rp866.54 billion a year earlier.
The increase in BTN's operating profit was supported by an increase in the company's commission-based income/provisions/fees and administration, which grew by 23% from Rp242.12 billion in Q1 2021 to Rp297.82 billion in Q1 2022.
Furthermore, BTN had disbursed Rp248.89 trillion in credit as of the end of March 2022. This figure is not significantly different from the position at the end of 2021, which amounted to Rp247.28 trillion.
BTN's gross non-performing loan (NPL) ratio decreased to 3.6% yoy as of March 2022, compared to 4.25% in the same period of the previous year.
BTN's assets reached Rp367.51 trillion at the end of March 2022. This represents a slight decrease of 1.2% compared to the end of 2021, which stood at Rp371.86 trillion.
Based on this performance, the net profit per share of BBTN was Rp73 per share in the January-March 2022 period.
A year earlier, BBTN's net profit per share was only Rp59 per share.
(See also: Positive Performance of State-Owned Banks, Net Profit Soars 78%)