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Top Indonesian Banks Strong Profits in Q3 2024: BRI, Mandiri, BCA, and BNI Lead!

by Becky
2024-10-31
in Economic
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Top Indonesian Banks

(X/invest.daily)

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Jakarta, Indonesia Sentinel — The top Indonesian banks, recognized as the country’s “big four,” demonstrated resilient earnings in Q3 2024, highlighting their crucial role in supporting economic growth and their strategic focus on quality lending and digital expansion.

The top Indonesian banks:

Bank Rakyat Indonesia (BRI)

BRI led in net income, reporting IDR 45.36 trillion (approximately $2.9 billion), a 2.9% year-over-year (YoY) increase. BRI’s success is largely due to its strong lending base among small and medium enterprises (SMEs), which make up over 81% of its lending portfolio. This emphasis on SME lending has proven critical to the bank’s asset growth, which rose by 5.94% YoY to IDR 1,961.92 trillion ($124 billion), positioning BRI as a stabilizing force in Indonesia’s financial ecosystem.

Bank Mandiri

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Bank Mandiri, a major player among top Indonesian banks, reported substantial earnings for the quarter, with profits reaching IDR 42 trillion (around $2.7 billion), a 7.56% YoY increase. The bank’s CEO, Darmawan, attributed this growth to strong lending in the wholesale sector, which expanded by 20.8% YoY.

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Mandiri’s efforts are aligned with supporting the Indonesian economy through various digital initiatives and a concentrated effort on lending to the micro, small, and medium enterprise (MSME) sector. Additionally, Mandiri achieved a 14.9% YoY increase in third-party funds, which grew to IDR 1,667.5 trillion ($106 billion), signaling its success in capturing both corporate and retail clients across the country.

Bank Central Asia (BCA)

In the private banking sector, BCA, Indonesia’s largest private bank, recorded a 12.8% YoY increase in net profit, reaching IDR 41.1 trillion ($2.6 billion). This significant growth is attributed to its 14.5% rise in corporate lending, bringing BCA’s corporate loan portfolio to IDR 877 trillion ($55.5 billion).

BCA’s CEO, Jahja Setiaatmadja, noted that the bank’s strategic focus on high-quality lending and increased digital transactions has allowed it to solidify its market position while contributing to national economic stability.

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Bank Negara Indonesia (BNI)

BNI, rounding out Indonesia’s big four, saw a 3.43% YoY increase in net income, totaling IDR 16.3 trillion ($1 billion). BNI’s performance in Q3 2024 was supported by operational income recovery and an emphasis on credit expansion to low-risk corporate and consumer sectors.

CEO Royke Tumilaar stated that BNI’s steady growth reflects its ability to navigate both domestic and international economic challenges, with the bank’s credit portfolio expanding 9.5% YoY to IDR 735 trillion ($46 billion).

The robust third-quarter results underscore the financial strength of these top Indonesian banks as they continue to drive economic growth through effective lending strategies, asset quality management, and digital innovation.

These banks play an essential role in not only funding the real economy but also leading digital transformation within the financial sector, contributing to the resilience of Indonesia’s economy amid global uncertainties.

 

(Becky)

Tags: bankBCAbniBRImandiriPROFITTop Indonesian Banks
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