Bank Raya Indonesia Tbk (AGRO) booked credit distribution growth of 12.1% year-on-year (yoy) to IDR 6.8 trillion in the second quarter (Q2) of 2024, supported by enhancement in its digital business line.
During the Public Expose Live 2024 held by AGRO today (27/8), outstanding digital credit distributed by the bank reportedly reached IDR 1.5 trillion until Q2 2024. Outstanding digital credit of AGRO saw 81.5% yoy increase in this period.
This growth is further followed by asset quality improvement, as indicated through gross non-performing loan (NPL) rate at 4,14% and net NPL of 1.80%, from the previous 4.35% and 1.75%, respectively.
Ida Bagus Ketut Subagia, President Director of AGRO, mentioned that as of now, the market demand for digital banking products is quite high. In response to this, Subagia said, the company will optimise digital bank business line through collaborations.
“Therefore, in the future, we will continue to expand and deepen collaborations with several ecosystems and communities,” added Subagia in today’s public expose.
It is worth mentioning that AGRO booked net profit of IDR 20 billion in Q2 2024. Its net profit soared 115.9% yoy, driven by the increase of net interest margin (NIM) to 4.13% from 3.53%. Furthermore, its cost-to-income ratio (CIR) also improved to 52.44% in Q2 2024 from 82.95% in Q2 2023. (KR/ZH)