BJB Bank's Profits Grow 18% in the January-September 2021 Period

PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Bank BJB) reported a net profit attributable to owners of Rp 1.42 trillion (approximately US$98 million) up to the third quarter of 2021. This profit increased by 18.22% compared to the Rp 1.2 trillion (approximately US$83 million) achieved in the third quarter of 2020. This net profit for the January-September 2021 period is also the highest compared to previous years.

The growth in profit for this issuer, with the trading code BJBR, was supported by a 5.8% increase in net interest income to Rp 9.76 trillion (approximately US$675 million) during the January-September 2021 period compared to the same period last year. On the other hand, interest expense decreased by 8.57% to Rp 4.09 trillion (approximately US$283 million) in the first nine months of 2021 from the same period last year.

Bank BJB's assets also grew by 13% to Rp 159.26 trillion (approximately US$11 billion) during the January-September 2021 period compared to the end of 2020. This asset growth was driven by a 3.3% increase in equity to Rp 12.35 trillion (approximately US$850 million) and a 13.9% increase in liabilities to Rp 146.9 trillion (approximately US$10 billion).

Although Bank BJB's financial performance shows growth, its share price has not moved significantly. The BJBR share price closed at Rp 1,425 (approximately US$0.98) per unit on Wednesday, October 27, 2021. This share price is down 2.23% compared to the end of December 2020. Bank BJB's share price reached its highest level of Rp 1,655 (approximately US$1.14) per unit on January 15 of this year.

The largest shareholder of Bank BJB is the West Java Provincial Government, holding 38.18% of the shares. 24.03% of BJBR shares are owned by the Regencies/Cities throughout West Java, 5.29% by the Banten Provincial Government, and 7.87% by the Regencies/Cities throughout Banten. Meanwhile, 24.64% of Bank BJB shares are owned by the public.