Four State-Owned Banks Earned a Net Profit of Rp 47.75 Trillion in Q3 2021: Who's on Top?

PT Bank Rakyat Indonesia (Persero) Tbk (BRI) reported a net profit attributable to the parent company of Rp 19.26 trillion (approximately US$1.35 billion) for the third quarter of 2021. This represents a 36.41% year-on-year (yoy) increase.

This net profit, the largest among the four state-owned banks (BUMNs), was driven by a 6% yoy increase in interest income to Rp 91.01 trillion (approximately US$6.3 billion), and a 35.2% yoy decrease in interest expenses to Rp 19.32 trillion (approximately US$1.35 billion).

PT Bank Mandiri (Persero) Tbk came in second, with a net profit attributable to the parent company of Rp 19.23 trillion (approximately US$1.34 billion) for the January-September 2021 period, a 37.08% yoy growth. This was boosted by an 8.89% yoy increase in interest income and a 21.72% yoy decrease in interest expenses.

PT Bank Negara Indonesia (Persero) Tbk (BNI) achieved a net profit attributable to the parent company of Rp 7.75 trillion (approximately US$540 million) in the third quarter of 2021, a 79.33% yoy increase. A 42.64% yoy decrease in interest expenses to Rp 8.82 trillion (approximately US$610 million) supported this profit growth.

PT Bank Tabungan Negara (Persero) Tbk (BTN) recorded a net profit of Rp 1.51 trillion (approximately US$105 million) for the January-September 2021 period, a 35.32% yoy increase. A 17.92% yoy decrease in interest expenses to Rp 9.81 trillion (approximately US$680 million) contributed to this profit growth.

In total, these four state-owned banks recorded a combined net profit of Rp 47.75 trillion (approximately US$3.3 billion) for the January-September 2021 period, a 42.17% increase compared to Rp 33.58 trillion (approximately US$2.3 billion) in the same period of the previous year.