PT Bank Danamon Indonesia (BDMN) Q3 2024 earnings summary

Executive summary

• Achieved double-digit YoY growth in lending (12%) and funding (14%), with sustainable profitability and strong performance across all business engines.

• Net profit after tax (NPAT) reached Rp2.3 tn, down 9% YoY, while net income for the nine months ended 30 September 2024 was Rp2,331,585 million, down from Rp2,560,923 million in the same period last year.

• Total comprehensive income for the period was Rp2,497,511 million, compared to Rp2,600,725 million in 2023.

• Asset quality improved, with gross NPL ratio declining to 2.0% and NPL coverage rising to 272.3%.

• Total assets as of 30 September 2024 reached Rp218,621,477 million, up from Rp202,570,926 million at year-end 2023.

Financial highlights

• Total assets grew 15% YoY to Rp240.4 tn, with total loans and trade finance up 12% YoY to Rp186.5 tn.

• Interest income for the nine months was Rp10,892,282 million, up from Rp9,193,868 million year-over-year.

• Net interest income rose 4% YoY and reached Rp6,592,762 million from Rp6,302,548 million year-over-year.

• Non-interest income surged 23% YoY, mainly from credit-related fees and treasury activities.

• Cost of credit increased 26% YoY, impacting operating profit, which fell 12% YoY.

Outlook and guidance

• Focus remains on growing as a financial group, leveraging synergies within MUFG and expanding ecosystem-based business models.

• Continued investment in digital, IT, and branch transformation to deepen customer engagement and support future growth.

• The company continues to focus on sustainable growth, risk management, and capital adequacy, with ongoing monitoring of capital ratios and compliance with regulatory requirements.