JAKARTA. PT Bank BTPN Tbk (BTPN) booked IDR 805 billion of net profit in Q1 2023, 7% year-on-year (yoy) higher than the profit seen in the same period last year.

The net profit increase resulted from 3% raise of operating revenue, as well as 4% decline in cost of credit.

“Bank BTPN managed to secure growth in net profit in the first quarter of 2023. This early achievement will drive BTPN to maintain its positive performance,” Henoch Munandar, President Director of BTPN, explained in the official statement.

BTPN’s operating profit in Q1 2023 was supported by its interest income that grew 26% yoy. This achievement aligns with the increased demands for corporate credit and sharia financing that were disbursed by BTPN.

The total credit disbursed by BTPN in this Q1 2023 amounted to IDR 149.90 trillion, shifting 5% yoy. In the same quarter last year, the credit distributed by the company reached IDR 142.37 trillion.

The channelled credit growth was fortunately accompanied with the sustained credit quality. The non-performing loan (NPL) ratio arrived at 1.38%, below the average NPL ratio in the industry in February 2023 of 2.6%.

“We are proud that our positive performance was backed by increased credit demand. However, we are always committed to prioritise prudency in every business decision,” Munandar said. (KR/ZH)