Before Merging with Nobu Bank, MNC Bank's Net Profit Soared 897% in Q3 2022

The merger of two commercial banks, PT Bank Nationalnobu Tbk (NOBU) and PT Bank MNC International Tbk (BABP), is currently underway. The Financial Services Authority (OJK) has even stated that a team is already working on the merger process.

OJK Banking Supervisory Executive Head Dian Ediana Rae said that both banks have begun the merger process. He welcomed the merger, stating that both banks possess strong ecosystems.

"Of course, (the merger) will strengthen both MNC and Lippo's businesses. Both are very strong conglomerate groups," he said in an OJK press conference reported by *Katadata* on Monday, February 27, 2023.

How are the net profit figures for both companies?

In its monthly report, Bank Nobu recorded a net profit of Rp96.5 billion for the January-November 2022 period.

Meanwhile, Bank MNC recorded a net profit of Rp57.51 billion in the third quarter of 2022. In its release, MNC Bank stated that this figure surged 897.17% year-on-year (yoy) compared to Rp5.77 billion in the same period the previous year.

This surge in profit is due to increased interest income and decreased interest expenses. Rita Montagna, President Director of MNC Bank, also mentioned the company's credit growth and healthy governance, leading her to be optimistic about MNC Bank's future strength.

MNC Bank originates from MNC Group, a company owned by businessman Hary Tanoesoedibjo. MNC Group acquired PT Bank ICB Bumiputera Tbk and changed its name to MNC Bank in 2014.

Meanwhile, Bank Nobu, which is under the Lippo family, was originally named PT Bank Alfindo Sejahtera. In 2010, the bank changed its name to PT Bank Nationalnobu.

(See also: [This is the Market Capitalization of MNC Bank and Bank Nobu that will Merge](https://databoks.katadata.co.id/datapublish/2023/02/28/ini-nilai-kapitalisasi-pasar-bank-mnc-dan-bank-nobu-yang-akan-merger?utm_source=dlvr.it&utm_medium=twitter))