JAKARTA. Amidst its rights issue, PT Bank Amar Indonesia Tbk (AMAR) revealed to have suffered from a loss of IDR 172.86 billion as of September 2022. The loss resulted from the asset closure, bringing the value down to IDR 477.85 billion.
According to the information disclosure, EVP Finance of Bank Amar, David Wirawan, mentioned that this asset shrinkage followed the recent final payment for placements in Bank Indoensia (BI) and other banks. The payment was made with an intention to reduce users’ savings in high-interest funds.
The loss suffered by Bank Amar was also a result of a depreciation of non-financial assets of IDR 621 million, leading to a total expense of asset depreciation of IDR 478.48 billion. Furthermore, the labor cost also increased from IDR 122.21 billion to IDR 158.29 billion, as did its general and administrative expenses from IDR 128.81 billion to IDR 217.48 billion (year-on-year/yoy).
On the other hand, AMAR actually posted net interest income growth of 65% to IDR 501.84 billion. However, several costly expenses, combined with the weakened credit channelling from IDR 2.24 trillion in December 2021 to IDR 1.95 billion in September 2022, dragged Bank Amar down with a loss of IDR 172.6 billion. This loss was a total contrast from the profit recorded in September 2021 of IDR 565.18 million.
As of present, AMAR’s total assets clock up to IDR 3.70 trillion, shrinking 28.88% from the numbers seen in December 2021. Meanwhile, its liabilities dropped 55.87% year-to-date (ytd) to IDR 1.82 trillion in September 2022. (AM/ZH)