JAKARTA. The performance of PT Bank Sinarmas Tbk (BSIM) has deteriorated, and its profit has been eroded by allowance for impairment losses (CKPN) to anticipate losses from non-performing loans.
Based on Bank Sinarmas's financial report quoted on Wednesday (20/11), the company's net profit was recorded at Rp 10.54 billion, 95.8% lower than the figure recorded in Q3 2018 of Rp 256.09 billion.
Bank Sinarmas's non-performing loan (NPL) ratio rose quite significantly. As of September 2019, the company's gross NPL rose to 7.48% from 4.47% and net NPL rose from 2.73% to 3.78%.
Bank Sinarmas's NPL came from the wholesale and retail trade sector (Rp 966.4 billion) and financial intermediary sector (Rp 353.6 billion). (AM/AR)