Our net profit has grown very significantly by 671 percent owing to the downgrade measures taken in 2019. Our profit is Rp1.6 trillion.Jakarta (ANTARA) - State-owned lender Bank Tabungan Negara (BTN) Tbk saw its net profit shoot up 671 percent to Rp1.615 trillion last year as a result of downgrade measures taken a year earlier.
“Our net profit grew very significantly by 671 percent owing to the downgrade measures taken in 2019. Our profit was Rp1.6 trillion,” BTN acting president director Nixon Napitupulu said during a hearing with Commission XI of the House of Representatives (DPR) here on Tuesday.
The bank's assets also grew by 16.2 percent to the tune of Rp362.23 trillion in 2020 from Rp311.77 trillion the year before, he informed.
The credit channeled by BTN swelled 1.7 percent to Rp260.12 trillion in 2020 from Rp255.4 trillion a year ago, he said.
Meanwhile, third-party fund placements reached Rp279.1 trillion in 2020, an increase of 23.8 percent from Rp225.4 trillion recorded a year earlier, he added.
The bank’s gross non-performing loans (NPL) were recorded at 4.24 percent and net NPLs stood at 2.05 percent, Napitupulu informed.
The bank also recorded a loan-to-deposit ratio (LDR) of 93.19 percent.
"For the first time ever, we are looking at an LDR ratio of below 100 percent. Even in October (2020), it had reached 88 percent, and we will try to maintain it at less than 95 percent," Napitupulu said. (INE)
Related news: BTN books Rp801 billion in net profit for Q3 2019
Related news: Global economic turbulence not affecting business: BTN
EDITED BY INE
Translator: Astrid Faidlatul H/Suharto
Editor: Fardah Assegaf
Copyright © ANTARA 2021
