BRI Prudent Strategy Yields IDR29.90 Trillion Profit in Q2 2024

July 26, 2024 08:30 PM AEST | By Cision

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BRI Prudent Strategy Yields IDR29.90 Trillion Profit in Q2 2024 — Image source: Kalkine Media

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JAKARTA, Indonesia, July 26, 2024 /PRNewswire/ -- Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) and its subsidiaries, BRI Group, reported a profit of IDR 29.90 trillion in the Second Quarter of 2024, achieved through selective and prudent growth. This was announced by BRI President Director, Sunarso, during the Q2 2024 financial performance press conference on July 25^th, in Jakarta.

Jakarta (26/07) - BRI President Director, Sunarso, reported a profit of IDR 29.90 trillion in the Second Quarter of 2024.

Sunarso attributed BRI performance to double-digit growth in credit distribution and Third-Party Funds (DPK). "As of Q2 2024, BRI's credit distribution reached IDR 1,336.78 trillion, an 11.20% year-on-year (yoy) growth. The MSME segment accounts for 81.96% of total credit distribution, or IDR 1,095.64 trillion." This growth boosted BRI's assets by 9.54% yoy to IDR 1,977.37 trillion by June 2024, while maintaining loan quality. "The Loan at Risk (LAR) ratio improved from 14.94% in Q2 2023 to 12.00% in Q2 2024," Sunarso added. BRI's DPK grew by 11.61% yoy to IDR 1,389.66 trillion, with CASA funds growing by 7.66% yoy to IDR 877.90 trillion.

BRI's hybrid banking strategy, AgenBRILink, demonstrates its commitment to serving all societal segments. In Q2 2024, AgenBRILink's transaction volume reached IDR 767 trillion, a 13.6% yoy growth, with 993,000 agents in over 61,000 villages, covering more than 80% of Indonesia's villages.

BRI continues to enhance its super app BRImo, which by June 2024 had over 35.2 million users, recorded 2.01 billion transactions, and reached a transaction volume of IDR 2,574 trillion, a 35.81% yoy growth.

BRI's fee-based income also grew by 10.15% yoy to IDR 11.26 trillion. Sunarso is optimistic about the second half of 2024, citing BRI's strong liquidity and capital conditions, with an LDR of 86.59% and a CAR of 25.13%, providing room for further growth.

BRI's robust and sustainable performance has gained international recognition. In June 2024, BRI was ranked as Indonesia's largest company in the Forbes Global 2000 list, placing 308th globally, ahead of companies such as Starbucks, Renault, Uber, and Nissan. Fortune listed BRI as the top banking and finance company in Indonesia and fourth in Southeast Asia in the Fortune Southeast Asia 500. BRI also received 11 awards at The Finance Asia Awards and Asia's Best Companies Poll 2024. The Banker ranked BRI first among Indonesian banks and 110th globally in the Top 1000 World Banks 2024 list.

For more information about Bank BRI, please visit: https://www.bri.co.id/

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