Still Losing Money in Q3 2022, Bank Neo Commerce Explores Rights Issue

PT Bank Neo Commerce Tbk (BNC) still recorded a net loss of Rp601.17 billion in the third quarter of 2022. This net loss increased by 127.07% compared to the same period in the previous year, which was Rp264.74 billion.

Meanwhile, Bank Neo Commerce recorded interest income of Rp1.48 trillion in the first nine months of this year. This figure increased by 226.18% from the same period in the previous year, which was Rp453.97 billion.

Along with the increase in interest income, BNC's interest expense also rose to Rp491.53 billion from Rp251.97 billion previously. Therefore, this digital bank affiliated with the Akulaku Group recorded a 350.78% increase in net interest income, reaching Rp1.089 trillion compared to September 2021's Rp241.8 billion.

Furthermore, the bank, with the stock code BBYB, achieved a 342.03% increase in fee-based income in Q3 2022, reaching Rp254.14 billion compared to Q3 2021's Rp57.49 billion. With the increase in fee-based income and net interest income in Q3 2022, BNC managed to book a profit of Rp10.1 billion. However, BNC's net loss as of September 2022 deteriorated to Rp601.2 billion.

In the third quarter of this year, the company's operating expenses increased sharply to Rp1.89 trillion from Rp525.34 billion in the previous year. One item that experienced a significant increase was the impairment loss on financial and non-financial assets, which rose from a loss of Rp28.94 billion to a loss of Rp652.56 billion.

In addition, the increase in BBYB's operating expenses is also in line with the increase in the number of customers, which reached 19.5 million in Q3 2022, compared to less than 10 million in Q3 2021.

Tjandra Gunawan, President Director of PT Bank Neo Commerce Tbk, said that approaching its second anniversary since the launch of its neobank application, and supported by continued positive performance, BNC is increasingly demonstrating its existence as a solution for customer needs while providing the best financial services by continuously adding innovative features and products.

On the other hand, as a commercial bank and a public company, Bank Neo is also committed to complying with applicable regulations and laws, including core capital adequacy requirements. "Currently, we are in the midst of implementing a rights issue, and it will certainly be completed in Q4 of this year," said Tjandra Gunawan as reported by Katadata.co.id.

He also believes that with this financial performance, BNC's fundamental business and financial position is strengthening over time.