JAKARTA - PT Bank Syariah Indonesia Tbk (BRIS) booked net profit surge of 22.83% year-on-year (yoy) in 2024 to IDR 7.01 trillion from IDR 5.7 trillion recorded in 2023.

BSI scored revenue, after profit-sharing distribution, amounting to IDR 18.5 trillion, up 8.26% yoy from IDR 17.16 trillion in 2023. Fee-based income also supported growth with a significant increase of 34.17% yoy to IDR 2.36 trillion. Meanwhile, other income rose 18.92% yoy from IDR 1.15 trillion to IDR 1.37 trillion.

Lower cost of allowance of impairment losses contributed to the increase in BSI's profit. In 2024, impairment fell from IDR 2.65 trillion to IDR 1.99 trillion.

In terms of intermediation, total financing disbursed by BSI reached IDR 277.86 trillion, growing 15.92% yoy. BSI's assets, as the largest sharia bank in Indonesia. also increased by 15.55% yoy, from IDR 353.62 trillion to IDR 408.61 trillion.

The gross non-performing financing (NPF) ratio was seen declining from 2.08% in 2023 to 1.90% in 2024. Net NPF was also lowered slightly from 0.55% to 0.50%.

BSI managed to increase third party funds (TPF) by 11.46% yoy to IDR 327.45 trillion in 2024, compared to IDR 293.77 trillion in the previous year. Deposits were the main contributor with a growth of 12.72% yoy, amounting to IDR 130.58 trillion.

In other performance ratios, BSI's net operating margin (NOM) increased from 2.58% in 2023 to 2.84% in 2024. Meanwhile, the ratio of operating expenses to operating income (BOPO) also improved from 71.27% to 69.93%. (EF/LK/ZH)