Supported by Net Interest Income, Bank Permata Achieves Rp2.24 Trillion Profit in Q3 2022

PT Bank Permata Tbk recorded a net profit of Rp2.24 trillion in the third quarter of 2022. This profit grew by 170% year-on-year (yoy) from Rp1 trillion in the same period last year, according to the third-quarter 2022 financial report.

This net profit growth was supported by a 12.5% yoy increase in net interest income from Rp5.92 trillion to Rp6.66 trillion.

PermataBank's President Director, Meliza M. Rusli, stated that the positive financial performance was inseparable from the collective contribution in implementing the company's strategy, maintaining sustainable growth and profitability. "This commitment will continue to be strengthened in the future, fully supported by the controlling shareholder, Bangkok Bank," she said in an official statement on Monday (31/10), as reported by Katadata.co.id.

PermataBank's loan disbursement grew by 9.2% yoy to Rp135.7 trillion. This was driven by the growth of corporate loans and mortgage loans by 9.2% and 19.1%, respectively. Furthermore, the Bank's RIM ratio also improved to 83% from 69% at the end of 2021.

From the funding side, customer deposits decreased by 1.2% yoy. This is in line with the Bank's strategy to reduce expensive deposit funds and continue to focus on the growth of Current Accounts and Savings Accounts (CASA), which are a source of cheap and stable funds.

Up to the third quarter of 2022, CASA grew by 10.6% yoy to Rp95.8 trillion. This achievement was contributed by the growth of current accounts by 10.2% and savings accounts by 11.1%. In addition, the Bank's CASA ratio increased to 59.3%, higher than the position at the end of December 2021 of 54.0%.

Meanwhile, the Bank recorded an Operating Expenses to Operating Income (BOPO) ratio in the third quarter of 2022 of 73.4% compared to the BOPO ratio in the same period last year of 88.3%. Amidst rising inflation due to rising food and fuel prices, PermataBank lowered its CIR ratio to 53.1% compared to 54.9% in December 2021.

(read: BSI Records Rp3.2 Trillion Profit until Quarter III 2022)