Jakarta. State-owned lender Bank Negara Indonesia (BNI) posted a net profit of Rp 16.3 trillion ($1.04 billion) for the third quarter of 2024, marking a 3.5 percent year-on-year (YoY) increase from the same period last year.

BNI President Director Royke Tumilaar attributed this robust net profit to strong asset quality. “This year, unlike previous years, growth in savings and deposits (DPK) was driven primarily by retail savings, aligning with our funding structure transformation program,” Royke said at a press conference held in Jakarta on Friday.

This shift contributed to a lower cost of funds, which was reflected in an improved net interest margin (NIM) in Q3 2024. BNI’s structured growth strategy, including the launch of its latest mobile application, Wondr by BNI, and the transformation of its branch network with a focus on sales culture, also supported this improvement.

BNI’s profit growth was further bolstered by loan disbursements totaling Rp 735 trillion, up 9.5 percent y-o-y, primarily in the corporate and low-risk segments. “Our transformation efforts this year have strengthened our DPK structure, and we aim to further diversify funding sources,” Royke added.

BNI’s DPK reached Rp 769.7 trillion, a 3 percent increase from the previous year, with low-cost funds (CASA) growing by 5.5 percent Yy-o-y to Rp 541.19 trillion as of September 2024.

BNI also reported total assets of Rp 1,068 trillion as of Q3 2024, reflecting a 5.8 percent increase compared to Q3 2023.