JAKARTA - PT Bank Raya Indonesia Tbk (AGRO) profit for the year soared 108.98% year-on-year (yoy) to IDR 50.89 billion in 2024 from IDR 24.35 billion in 2023. This increase was in line with the growth in interest income and a significant decrease in tax expenses.

In the 2024 Financial Statements published on Tuesday (11/3), Ida Bagus K Subagia, President Director of AGRO, said that the company earned net revenue of IDR 571.96 billion, up 17.24% yoy from IDR 487.82 billion.

The growth in net income was due to a 17.41% yoy increase in interest income to IDR 1.04 trillion from IDR 890.95 billion. Meanwhile, total operating income was IDR 529.96 billion, up 28.14% yoy from IDR 413.56 billion, and total operating expenses rose to IDR 639.29 billion from IDR 621 billion.

With this achievement, operating profit fell 57.75% yoy to IDR 52.37 billion from IDR 123.99 billion. Profit before tax was IDR 55.34 billion, also down 56.89% yoy from IDR 128.39 billion.

However, there was a 95.72% yoy decrease in tax expense to IDR 4.45 billion from IDR 104.03 billion, which resulted in an increase in profit for the year.

Loans totalled IDR 7.12 trillion in 2024, up from IDR 6.89 trillion recorded in 2023.

Meanwhile, third-party customer deposits (DPK) totalled IDR 8.13 trillion, down slightly from IDR 8.18 trillion, with current and savings accounts were IDR 714.86 billion and IDR 1.52 trillion respectively, and time deposits were IDR 5.89 trillion. (LK/LM/ZH)