Bank Syariah Indonesia's Net Profit Rises 37% in Q3 2021

Bank Syariah Indonesia (BSI) Tbk reported a net profit of Rp 2.26 trillion (approximately USD 156 million) up to the third quarter of 2021. This figure represents a 37.01% year-on-year (yoy) increase compared to Rp 1.65 trillion in the same period of the previous year.

BSI's net profit growth was supported by funding disbursement revenue, which reached Rp 13.8 trillion by the third quarter of 2021. This represents a 6.42% yoy increase from Rp 12.99 trillion.

Meanwhile, profit sharing for investment fund owners decreased by 5.29% yoy to Rp 3.4 trillion. Consequently, revenue after profit sharing distribution amounted to Rp 10.44 trillion, a 10.85% yoy increase.

BSI's President Director, Hery Gunardi, stated that the increase in net profit aligns with the company's strategy focusing on digitalization of both products and services. This is reflected in the cumulative transactions of BSI Mobile, which reached 74.24 million transactions, a 133% yoy growth.

This is further demonstrated by the increase in transactions through e-channels, reaching 162.40 million transactions in September 2021. This accounts for 95% of total transactions at BSI, with the remaining 5% conducted through teller services.

Meanwhile, BSI's third-party funds (DPK) reached Rp 219.19 trillion by the third quarter of 2021. Wadiah savings grew by 16.22% yoy to Rp 30.35 trillion during the same period.

Total savings at BSI grew by 11.57% yoy to Rp 91.43 trillion from January to September 2021. BSI's financing increased by 7.38% yoy to Rp 163.32 trillion.