JAKARTA - PT Bank Nationalnobu Tbk (NOBU) reported fantastic growth in credit distribution, revenue, as well as net profit in 2023. Credit growth of 22.7% year-on-year (yoy) allowed this private bank to score double-digit increases in revenue and profit.

Based on Financial Report of 2023 of NOBU quoted today (5/3), NOBU’s net interest income reportedly climbed 11.6% yoy to IDR 735.8 billion at the end of December 2023.

This surge was driven by credit channelling that soared by up to 22.7% yoy from IDR 12.33 trillion in 2022 to IDR 15.14 trillion in December 2023. Credits were disbursed evenly to all economic sectors served by NOBU, led by credits for service sectors of IDR 2.29 trillion.

The credit growth unfortunately was not accompanied with credit quality improvement. NOBU recorded gross and net non-performing loan (NPL) of 0.59% and 0.44%, slightly increasing from 0.41% and 0.33% seen in 2022.

Credit growth and revenue surge resulted in rapidly increasing net profit, of 36.3% yoy, to IDR 141.5 billion at the end of December 2023. In 2022, NOBU’s net profit only clocked up to IDR 103.85 billion.

In terms of assets, NOBU also reported improvement by up to 20% yoy. As of December 2023, NOBU booked assets of IDR 26.62 trillion, while the equity reached IDR 3.3 trillion. (ZH)