JAKARTA - PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR) reported significant shrinkage in its net profit by 25% year-on-year (yoy) to IDR 1.7 trillion at the end of 2023. On the other hand, its credit distribution went up 7% yoy to IDR 116.3 trillion.

According to the Financial Report of 2023 quoted today (5/3), BJBR’s interest and sharia income also grew shyly by 4.6% yoy to IDR 14.26 trillion. However, interest and sharia expenses also swelled 37.6% yoy to IDR 7.2 trillion.

This expense surge forced the net interest and sharia income down by up to 16% yoy to IDR 7.06 trillion, and further declining until its net profit dropped 25% yoy to IDR 1.7 trillion from IDR 2.25 trillion seen in 2022.

In December 2023, conventional segment revenue (IDR 5.64 trillion) far exceeded sharia segment revenue (IDR 574 billion). However, interestingly, BJBR’s net profit in 2023 was actually supported by sharia segment, with contribution reaching IDR 1.2 trillion, whereas conventional segment lost IDR 369 billion.

In total, credits disbursed by BJBR increased 7% yoy from IDR 108.34 trillion to IDR 116.3 trillion at the end of 2023.

The distributed loans to related parties dominate total credits, recorded at IDR 710.25 billion. Meanwhile, loans to third parties also grew to IDR 115.6 trillion. Unfortunately, BJBR’s gross and net NPL seemingly increased, as well, in 2023, to 1.35% and 0.75%, respectively. (ZH)