ARTICLE

BNLI - Profit skyrocketed to IDR3.56 tn in FY24 Bank Permata (BNLI) recorded a net profit of IDR3.56 tn in 2024. With that value, Bank Permata's net profit has increased by 37.95% yoy. Based on the information disclosure released today (15/2), one of the contributors to Bank Permata's net profit is net interest income. In that position, Bank Permata recorded revenue amounting to IDR9.85 tn, an increase of 2.4% yoy. Meanwhile, Bank Permata's non-interest income actually recorded an annual decline. From 2023 amounting to IDR1.95 tn, while a year later it only received non-interest income amounting to IDR1.86 tn. On the other hand, Bank Permata's profit also recorded efficiency in operational expenses. Because there was a decrease of about 13.63% yoy to IDR7.1 tn in 2024. Meliza M. Rusli, President Director of Permata Bank, said that this achievement is supported by sustainable business strategy management and backed by the implementation of digitalization in the bank's operations, allowing the bank to provide leading services to customers. With solid support and a partnership ecosystem, Meliza said Permata Bank continues to strengthen its synergy with Bangkok Bank as the controlling shareholder. (Source : Kontan) Comment : Bank Permata's robust earnings was underpinned by a confluence of favorable factors: robust loan portfolio expansion, a significant reduction in credit impairment provisions, and a consistent cost-to-income ratio. This synergistic effect translated into a substantial enhancement of the FY24 bank's overall financial performance. The bank's focus on digitalization and its strategic partnership with Bangkok Bank position it well for future growth. However, challenges such as declining non-interest income and potential economic headwinds need to be carefully monitored and addressed. NOT RATED.