JAKARTA – PT Bank QNB Indonesia Tbk (BKSW) recorded a net profit of IDR 55.64 billion in 2024, down 24.4% year-on-year (yoy) from IDR 69.24 billion in the previous year.

This decline led to a reduction in BKSW’s earnings per share (EPS), shrinking to IDR 1.58 from IDR 2.50.

BKSW’s lower net profit in 2024 was in line with the performance of its net interest income, which fell by 16% yoy to IDR 450.92 billion. Additionally, the company’s other operating income plunged by 62% yoy to IDR 93.22 billion.

While interest and operating income fell significantly, BKSW sought to reduce its operating expenses. This is evident in the 35% yoy decrease in other operating expenses, which reached IDR 457.74 billion in 2024.

Meanwhile, BKSW increased its allowance for impairment losses (CKPN) on financial assets by IDR 19.02 billion in 2024. In the previous year, the company's CKPN decreased by IDR 136.67 billion.

According to its financial report, BKSW’s total equity rose to IDR 4.74 trillion in 2024, up from IDR 4.69 trillion the previous year. Total liabilities increased by 14.7% to IDR 8.1 trillion, while total assets grew by 9% yoy to IDR 12.85 trillion. (EF/KR/ZH)