BRI's Profit Soars to IDR 44.21 Trillion, Credit Surges by 12.53% in 9 Months

Despite the global economic challenges, assets of PT Bank Rakyat Indonesia (BRI) Persero Tbk. (IDX: BBRI) grew by 9.93% to IDR 1,851.97 trillion, net profits increased by 12.47% to IDR 44.21 trillion, and credit disbursement rose by 12.53% to IDR 1,250.72 trillion in the first nine months of 2023.

BRI's entire credit portfolio grew, with MSME loans up by 11.01% from IDR 935.86 trillion in Q3 2022 to IDR 1,038.90 trillion in Q3 2023, now accounting for 83.06% of the total.

Furthermore, the bank's commitment to ESG principles is shown by an 11.89% growth in ESG-related loans, totaling IDR 750.91 trillion, making up 66.1% of the credit portfolio. Effective risk management reduced the Loan-to-Risk Ratio to 13.80% by Q3 2023. Maintaining credit quality lowered Credit Cost to 2.44% in Q3 2023, with Non-Performing Loan Coverage at 228.65%.

"BRI recorded a 13.21% YoY growth, totaling IDR 1,290.29 trillion in Third-Part Fund Collection, primarily from Low-Cost Funds at 63.64% or IDR 821.14 trillion, through value chain optimization using Qlola, integrating Cash Management, Trade Finance, Supply Chain Management, Foreign Exchange, Investment Services, and Financial Dashboard," explained Sunarso.

Fee-based Income rose by 12.19% to IDR 15.56 trillion, driven by a 66.87% YoY growth in BRImo Super Apps transactions, serving 29.8 million users. AgenBRILink, with 698,000 agents and a 7.97% increase in transaction value to IDR 1.040 trillion, also boosted fee-based income. Additionally, BRI's digital transformation increased operational efficiency, reducing the Operating Costs to Income ratio from 68.36% to 68.07% and the Cost-to-Income Ratio from 42.55% to 41.28%.

The Loan-to-Deposit Ratio remains at 87.76%, while Capital Adequacy Ratio is at 27.48%, fortifying BRI's risk management and supports its growth in financial services and empowering MSMEs.

Sunarso also highlighted BRI's dual strategies: uplifting existing customers and expanding in the ultra-micro sector. "Desa BRIlian" (BRIlian Village) has supported 2,843 villages, and the "Klasterku Hidupku" (My Cluster, My Life) program has empowered 18,685 business clusters. Additionally, 54 state-owned enterprise houses have supported over 400,000 SMEs. The Ultra-Micro Holding initiative integrated over 37.3 million customers.

"We are optimistic about closing 2023 with impressive performance by focusing on sustainable growth to strengthen impact in Indonesia," concluded Sunarso.