OCBC NISP first quarter net profit soars 20.7%
JAKARTA - Indonesia's economic growth accelerated quite well in the first quarter of 2022, as reflected in state revenues which grew by 37.7% yoy in February 2022 and the increase in the Manufacturing Index (PMI) to 51.3 in March 2022. In line with the economic recovery process, Bank OCBC NISP managed to record a sustainable positive performance in the first quarter of 2022.
Bank OCBC NISP's net profit grew 20.7% to Rp621 billion in the first quarter of 2022 from Rp515 in the same period in 2021. This net profit growth was contributed by Operating Income which grew 5.3% yoy to Rp2.5 trillion in the first quarter of 2022 and lower allowance for impairment losses. Various indicators of Bank OCBC NISP's financial performance also showed positive growth.
“With the more controlled pandemic conditions and more even distribution of vaccines, Bank OCBC NISP is optimistic that credit distribution can grow even better this year. With loan growth of 7.3% in the first quarter of this year, we are targeting positive loan growth throughout 2022, in line with the growth plan from the Regulator. With the principle of prudence, Bank OCBC NISP will focus on encouraging the growth of retail loans and productive loans and continue to maintain good communication with customers," said Parwati Surjaudaja, President Director of Bank OCBC NISP
Credit demand began to improve as seen from the growth of Bank OCBC NISP's lending, which was driven by retail credit growth of 16%. Credit disbursement continues to be carried out with the principle of prudence, as can be seen from the NPL ratio maintained below the average NPL of the banking industry and regulatory provisions, where net NPL is at 0.7% and gross NPL is 2.3%. (LM)