Bank Permata's net profit dropped 99.53% in Q1 2020
JAKARTA - PT Bank Permata Tbk recorded Rp 1.736 billion of net profit in Q1 2020, 99.53% lower than its record in Q1 2019 of Rp 377.36 billion. The significant decline in profit was caused by the hike in operational expenses.
As quoted from its financial statements, Bank Permata actually managed to record growth in net interest and sharia income, at Rp 1.53 trillion, up 15.32% compared to the first quarter of 2019. The bank net a slight growth in interest income (1.79% from Rp 2.51 trillion to Rp 2.55 trillion) and a 5.13% drop in sharia income, from Rp 415.28 billion in Q1 2019 to Rp 393.99 billion in Q1 2020. However, interest expenses dropped 14.09% from Rp 1.43 trillion in Q1 2019 to Rp 1.23 trillion in Q1 2020 dan sharia expenses rose 8.40% from Rp 160.82 billion in Q1 2019 to Rp 174.33 billion in Q1 2020.
On the other hand, during the first quarter of 2020, the total operational expense of Bank Permata was recorded at Rp 1.79 trillion, up 43.21% compared to the Rp 1.25 trillion in the first quarter of 2019. The largest increase in Bank Permata operating expenses was contributed by the post impairment loss of financial assets, recorded amounting to Rp 621.67 billion, an increase of 481.05% compared to the first quarter of 2019.
Ridha Wirakusumah, President Director of BNLI, said that the increase in net interest and sharia income was in line with the annual credit growth of 5.7%, mainly supported by the wholesale banking segment. (ARM/AC/AR)