During the first six months of 2024, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR) was only able to record a net profit of IDR 725.86 billion or a 21.11% drop compared to Semester I-2023 which amounted to IDR 920.14 billion.

Based on BJBR's financial report for the period ending June 30, 2024 quoted on Sunday (4/8), the bank under the control of the West Java Regional Government was able to record revenue and sharia income of Rp7.76 trillion or grew 12.14 compared to the same period in 2023 of Rp6.92 trillion.

Unfortunately, BJBR's management failed to optimize the control of interest and sharia expenses in the first half of 2024, which was recorded to swell 29.19% (year-on-year) to Rp4.47 trillion, so that net sharia income and interest became Rp3.29 trillion or fell 4.91% (y-o-y).

In the first half of 2024, BJBR recorded other operating income of Rp989.27 billion or an increase of 15.1% when compared to other operating income in the same period in 2023 worth Rp859.47 billion.

With other operating expenses amounting to Rp3.33 trillion in H1-2024, BJBR's operating profit amounted to Rp945.04 billion or slipped 14.8% compared to H1-2023 which reached Rp1.11 trillion.

BJBR's income statement performance during the first six months of this year was further depressed by other operating expenses (net) which swelled 104.97% (y-o-y) to Rp11.95 billion, so that profit before tax in Semester I-2024 became Rp931.1 billion or fell 15.6% (y-o-y).

As a result of income tax expense (net) in the first half of this year amounting to Rp160.17 billion, the profit for the year recorded by BJBR was Rp770.92 billion, or slumped 15.17% (y-o-y). The amount of profit for the year attributable to owners of the parent entity in the first semester of 2024 was IDR 725.86 billion, or a 21.11% drop (y-o-y).

As of the end of June 2024, BJBR recorded a loan disbursement of Rp126.95 trillion or only grew 9.16% compared to December 31, 2023 which amounted to Rp116.3 trillion. As of June 30, 2024, total assets were recorded at IDR207.27 trillion, an increase of 10.07% (year-to-date), with cash and cash equivalents of IDR2.93 trillion, a decrease of 17% (y-t-d).

The decrease in cash was influenced by the net cash flow used for investment activities amounting to Rp6.82 trillion or soared 360.81% (y-o-y), especially the placement of funds in securities which reached Rp11.51 trillion or soared 327.88% (y-o-y).

As of June 30, 2024, total customer deposits amounted to Rp141.04 trillion, an increase of 10.68% (y-t-d), with total liabilities of Rp181.93 trillion, an increase of 11.22% compared to the position as of December 31, 2024 which amounted to Rp163.58 trillion.

SOURCE