BNI's Net Profit Soars 79% to Rp 7.5 Trillion in January-September 2021

State-owned bank, PT Bank Negara Indonesia (Persero) Tbk (BBNI), reported consolidated net profit of Rp 7.45 trillion for the January-September 2021 period. This figure surged 79.3% compared to the previous year's Rp 4.31 trillion.

However, this profit remains lower than pre-COVID-19 levels. BBNI's net profit in the January-September 2019 period reached Rp 11.97 trillion.

The increase in BBNI's profit was driven by a decrease in interest expense of Rp 6.56 trillion (42.63%), down to Rp 8.84 trillion in the January-September 2021 period, compared to Rp 15.38 trillion in 2020. Meanwhile, interest income only decreased by Rp 4.51 trillion in the first nine months of this year compared to the same period last year. The rise in BBNI's profit was also boosted by a 55% increase in profit from the sale of financial assets, reaching Rp 1.65 trillion in the first three quarters of 2021 compared to the same period last year.

In other financial performance indicators, the state-owned bank's assets grew by Rp 28.1 trillion (3.15%) to Rp 919.45 trillion in the January-September 2021 period compared to the end of 2020. Specifically, BBNI's equity grew by 8.7% to Rp 117.32 trillion at the end of the third quarter of this year compared to the end of December 2020. Similarly, BNI's liabilities increased by 2.29% to Rp 802.13 trillion at the end of September this year compared to the end of 2020.

For information, three sharia banks from three subsidiaries of the state-owned bank, namely Bank Syariah Mandiri, BNI Syariah, and BRI Syariah, merged to form a new entity, Bank Syariah Indonesia (BSI). After becoming a new entity, BSI became a subsidiary of PT Bank Mandiri (Persero) Tbk.

(read: Net Profit of SOEs Soars Fourfold in the First Half of 2021)