JAKARTA - PT Bank Oke Indonesia Tbk (DNAR) is optimistic about attaining net profit of IDR 30.04 billion at the end of this year despite its profit declining in Q1 2024 compared to the same period in 2023. In 2023, it reported net profit of IDR 28.65 billion, increasing from IDR 13.21 billion in 2022.

After the Annual General Meeting of Shareholders earlier today (15/5), Hendra Lie, Vice President Director of OK Bank, confirmed the net profit in Q1 2024 only reached IDR 4.31 billion, while net interest income clocked up to IDR 142.10 billion.

Lie also targets OK Bank’s assets to grow 7.65% year-on-year (yoy), as well as third-party funds by 11.75% yoy, net profit by 4.85%, CAR by 46.14%, and NIM by 5.82% until the end of 2024.

Credit distribution reached IDR 8.44 trillion in Q1 2024, up 6.08% yoy from IDR 7.96 trillion. For the credit distribution, it is projected to grow by 11.40% yoy or IDR 9.5 trillion in 2024.

In the AGMS, the company also agreed upon the allocation of net profit as general reserves and retained earnings in order to strengthen capital structure of the company. “The company has yet to plan a dividend distribution in 2023-2024,” Lie added.

For the record, the net profit of DNAR in Q1 2023 was reported at IDR 5 billion, while the revenue reached IDR 139.73 billion. (LK/W)