JAKARTA. PT Bank Syariah Indonesia Tbk (BSI) recorded a net profit of IDR 742 billion in Q1 2021, soaring 12.85% from IDR 657 billion in Q1 2020.
The President Director of BSI, Hery Gunardi, claimed that the company’s expansion to financing and the increasing cheap funds (CASA) managed to drive this profit growth.
With this significant surge in profit, the return on equity (ROE) of BSI also went up to 14.12% in March 2021 from 11.19% in December 2020. In its first three months, BSI has provided financing amounting to IDR 159 trillion, increasing 14.74% from IDR 138.6 trillion in Q1 2020.
While performing positively in financing activities, BSI still maintained its quality. It was indicated by the decreasing non-performing financing (NPF) ratio, from 3.35% in Q1 2020 to 3.09% in Q1 2021. To sustain its prudential principles, the bank has reserved cash coverage of 137.48% by the end of March 2021. (AM/ZH)