JAKARTA. PT Bank BTPN Syariah Tbk (BTPS), one of banks under Sumitomo Mitsui Banking Corporation in Indonesia, reported net profit of IDR 1.08 trillion throughout 2023.

Said number is 39.2% smaller than the net profit recorded by BTPS in 2022, in which the company managed to score net profit of IDR 1.78 trillion. This decrease in net profit dragged its earning per share (EPS) down to IDR 140.

From the top line, the profit-sharing revenue of BTPS in 2023 was seen climbing 4.5% year-on-year (yoy) to IDR 5.26 trillion. However, other operating income shrank 7.2% yoy to IDR 3.94 trillion.

On the other hand, BTPS’s operating expenses in 2023 swelled 40.04% yoy to IDR 3.94 trillion, induced by the increase in employee expenses of 14.1% yoy to IDR 1.36 trillion.

Then, the asset impairment reserves of BTPS also soared by up to 100.8% to IDR 1.89 trillion at the end of 2023. At the end of 2022, it was only IDR 768.25 billion.

The management of BTPS admitted that the increased reserves in 2023 is a strategy of prudence implemented by the company to face the recovery period post-COVID-19 pandemic. The strategy also includes the settlement of credit restructuring during the pandemic. (KR/ZH)