2Q2023 Financial Performance Summary
Key Takeaways
Improving Quarterly Performance, but Challenges Still Remain
Net Interest Income in 2Q23 has already grown
positively by +3.4% QoQ, driven by the benign
growth of Interest Expense at +0.3% QoQ. Boosted
by Fee Based Income growth at +6.6% QoQ and
Operating Expense efficiency at -9.6% QoQ, Net
Income managed to grow by +48.2% QoQ, reaching
Rp 543 billion, although not yet reached the average
2022's Quarterly Net Income of Rp 561 billion.
As long as there are no significant changes in the
benchmark rate, the performance in 2Q23 marks a
good start for performance recovery in the following
quarters.
Quarterly Net Income
Rp Billion
593
605
585
462
543
3,490
3,427
Quarterly
Interest Income
Rp Billion
+1.8% QoQ
362
386
1Q23
2Q23
1Q23
2Q23
366
1,728
1,734
1,579
Quarterly
1,428
Interest Expense
Rp Billion
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
1Q23
2Q23
bank bjb
Quarterly
Fee Based Income
Rp Billion
+6.6% QoQ
+0.3% QoQ
1Q23
2Q23
Quarterly
Operating Expense
Rp Billion
-9.6% QoQ
One Step Closer for The
First BPD's KUB
High-Yield Segment
Continues to Expand
Consumer Loans with a loan yield of
12.2% managed to grow +5.6% YoY, with
NPLs close to zero. The growth driver is
driven by Multipurpose Loan provided to
Civil Servants which grew 4.78% YoY, Pre-
Pensioners Loan which grew +3,67% YoY
and Pensioners Loan which grew
+12.37% YoY.
Lagging Impact from
Loan-Rate Repricing
Based on its common practices,
Consumer Segment uses a Fixed Rate, so
loan repricing cannot be done instantly
like a Floating Rate. Repricing is driven
through new bookings, which takes time
to have a visible impact on financial
performance. The effects expected to be
seen at least in 4Q23.
2023's Guidance
Adjusted
In current high-interest regime, bank bjb
reduces its expansion rate in the low-yield
segment while managing cost of fund by
optimizing LDR. We adjust the guidance
for loan growth to 10%±1% and LDR to
<92%. Moreover, considering loan quality
is well maintained, we are also adjusting
Coverage Ratio to 110%-120%.
In June 2023, bank bjb executed a Capital
Injection Phase II amounted Rp 149.9 bn.
Bank bjb now seeking approval from the
OJK for Capital Injection Phase II as well
as Fit and Proper Test to become
additional Controlling Shareholder. If
granted, Bank Bengkulu will officially
become a member of bank bjb's KUB.
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