BTN's 2019 Net Profit Plunges 92.5%, Worst Among Other State-Owned Banks
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PT Bank Tabungan Negara Tbk (BBTN)'s net profit plummeted by 92.5% in 2019, reaching only Rp 209.3 billion. This decline was due to an increase in provisioning costs resulting from a surge in the non-performing loan (NPL) ratio.
Meanwhile, other state-owned banks recorded positive net profit growth, although slower than the previous year. PT Bank Mandiri Tbk (BMRI) showed the highest growth at 9.9%, followed by PT Bank Rakyat Indonesia Tbk (BBRI) at 6.2%, and PT Bank Negara Indonesia Tbk (BBNI) at 2.5%.
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