BANDUNG – Busrul Iman, President Director of PT Bank Pembangunan Daerah Jawa Timur Tbk (BJTM) or Bank Jatim, has been awarded The Best CEO for his success in boosting international banking transactions.

The award, presented by Tempo and IDN Financials, recognizes BJTM’s achievement under Iman’s leadership in capturing opportunities in remittance transactions, a notable success for a regional bank.

East Java, the province with the highest number of migrant workers in Indonesia, has been central to BJTM’s strategy. In 2023, there were 68,089 migrant workers from East Java, according to the Indonesian Migrant Worker Protection Agency (BP2MI).

BJTM capitalized on this opportunity with impressive results. The bank’s trade finance and remittance products grew by more than 200% in 2023.

Remittance transactions alone increased by 271.45%, reaching IDR 2.76 trillion. Exports and imports saw a 108.85% growth, totaling IDR 302.47 billion, while transactions involving Domestic Documented Certificates (SKBDN) grew by 285.47% to IDR 55.91 billion.

BJTM recorded a net profit of IDR 1.47 trillion in 2023, resulting in a Compound Annual Growth Rate (CAGR) of 1.32% per year for the bank’s net profit.

Despite this, BJTM remains a constituent of the Indeks52, a stock index compiled by Tempo and IDN Financials since 2023. The bank is classified under the High Dividend category in the Indeks52, reflecting its high dividend yield over the past five years, which stands at 8.10%. (KR)