JAKARTA. PT Bank Central Asia Tbk (BBCA), the company with the highest market capitalisation in Indonesia, reported net profit of IDR 26.9 trillion in the first half (H1) of 2024, up 11.1% year-on-year (yoy) from the same period last year.

BBCA’s net profit increase in H1 2024 is driven by its credit distribution rate that grew 15.5% yoy to IDR 850 trillion. It is worth mentioning that this growth is above its peers in the industry.

“The corporate credit was seen increasing strongly, both in corporate or MSME segment. The growth was also seen in consumer credit segment, driven by BCA Expoversary 2024,” said Jahja Setiaadmadja, President Director of BBCA.

As of June 2024, BBCA’s corporate credit grew 19.9% yoy to IDR 388.6 trillion. Commercial credit also increased 7.9% yoy to IDR 127.8 trillion, followed by SME credit that shifted 12.7% yoy to IDR 114.4 trillion.

In the meantime, BBCA’s consumer credit portfolio went up by 13.6% yoy to IDR 210 trillion. This shift resulted from housing loans that increased 10.8% yoy to IDR 126.9 trillion, as well as vehicle loans that grew 18.4% yoy to IDR 62.1 trillion.

Credit growth distributed by BBCA in H1 2024 is fortunately accompanied with credit quality improvement, as indicated through loan-at-risk (LAR) that arrived at 6.4% yoy, and non-performing loan (NPL) rate at 2.2%.

Total third-party funds of BBCA in H1 2024 were reportedly IDR 1,125 trillion, up 5% yoy, 82% of which is secured from current account and saving account (CASA). (KR/ZH)