PT Bank BTPN Syariah (BTPS) Q2 2024 earnings summary

Executive summary

• BTPN Syariah serves 7 million customers, with 3.9 million active, across 26 provinces and 2,600 sub-districts, maintaining a strong presence in microfinance and empowerment programs.

• Net profit for the six months ended 30 June 2024 reached Rp 750.5 billion, up from Rp 543.9 billion in the same period last year.

• Total assets as of 30 June 2024 stood at Rp 21.0 trillion, slightly down from Rp 21.4 trillion at year-end 2023.

• Shareholders' equity increased to Rp 6.96 trillion from Rp 6.61 trillion as of 31 December 2023.

• Fitch affirmed a AAA (idn) rating with a stable outlook in March 2024.

Financial highlights

• Operating income for H1 2024 was Rp 1.11 trillion, compared to Rp 889.95 billion in H1 2023.

• Net margin income for 1H 2024 was IDR 2.48 trillion, down 4% year-over-year.

• Gross financing (loans) declined 14% year-over-year to IDR 10.4 trillion.

• Allowance for impairment on financial assets decreased to Rp 929.1 billion from Rp 1.21 trillion at year-end 2023.

• Net cash flows from operating activities increased to Rp 865.8 billion from Rp 575.2 billion in H1 2023.

Outlook and guidance

• Fitch rating outlook remains stable as of March 2024, reflecting confidence in capital and risk management.

• Capital Adequacy Ratio (CAR) remains robust at 48.01% as of 30 June 2024, supporting future growth and risk absorption.

• Financing to Deposit Ratio (FDR) at 88.84% indicates healthy liquidity and lending capacity.