JAKARTA - PT Bank Amar Indonesia Tbk (AMAR) has become the first digital bank to distribute cash dividend to its shareholders for the fiscal year 2023, amounting to IDR 55 billion or approximately IDR 3.03 per share.

According to the Annual General Meeting of Shareholders (AGMS) held on May 29, 2024, shareholders agreed upon the allocation of 31% of net profit in 2023 as dividend.

It is worth mentioning that AMAR’s net profit in 2023 reached IDR 177.97 billion, skyrocketing as high as 214.54% year-on-year (yoy) from net loss of IDR 155.38 billion recorded in 2022.

Thankfully, this impressive record was well maintained in Q1 2024, scoring net interest income surge of 41.11% yoy to IDR 269.02 billion, while net profit soared 41.91% yoy to IDR 48.64 billion.

Cum and ex dividend in the regular and negotiation market is set to June 6 and 7, followed by the cum and ex dividend date in the cash market on June 10 and 11. The recording date is also scheduled on June 10, followed by the dividend payment that will take place on June 28, 2024.

“When compared with several well-known competitors in the digital banking industry, AMAR is able to distribute dividends after successfully achieving turn-around performance,” said Leonardo Lijuwardi, Equity Research Analyst at NH Korindo Sekuritas, quoted from the press release of Bank Amar today (5/6).

Based on IDNFinancials data, other digital banks publicly listed on the stock exchange have yet to announce a dividend distribution plan, despite having reached profitability. These bank digitals in question include PT Bank Jago Tbk (ARTO), PT Bank Aladin Syariah Tbk (BANK), PT Bank Neo Commerce Tbk (BBYB), and PT Bank Dinar Indonesia Tbk (DNAR).

It is also worth to note that with the dividend per share of IDR 3.03 and AMAR’s stock price that reached IDR 248 per share as of 1.55 PM WIB today (5/6), the indication of dividend yield reaches 1.22%. (ZH)