Jakarta. State-owned Bank Syariah Indonesia (BSI) managed to maintain positive performance, recording a profit of Rp 1.71 trillion ($ 105.11 million) in the first quarter of 2024, marking a 17.07 percent annual growth amidst fluctuating global economic conditions.

According to BSI's President Director, Hery Gunardi, this positive performance was driven by the growth of low-cost funds and BSI's consistent execution of intermediation functions.

"Thanks to God, amidst the uncertain global economic conditions, BSI has once again proven its ability to achieve impressive performance," said Hery during a press conference on Tuesday.

BSI's positive achievement was fueled by the rapid growth of third-party funds, which increased by 10.43 percent to Rp 297 trillion in the first quarter compared to the same period last year. Savings collected by the bank, coded BRIS in the stock market, grew by 8.75 percent, while demand deposits increased by 10.52 percent. These achievements have also propelled BSI to the fifth position nationally in terms of savings collection.

BSI's financing distribution in the first quarter of 2024 reached Rp 247 trillion, marking a 15.89 percent year-on-year increase. Of this amount, 54.62 percent was allocated to the consumer segment, 27.81 percent to the wholesale segment, and 17.56 percent to the retail segment.

In the consumer segment, the largest financing was allocated for housing, productive business ventures, pensions, gold trading, automotive financing, installment gold, and hasanah cards.

Regarding sustainable financing, BSI has distributed Rp 59.2 trillion, dominated by the small and medium enterprises sector, amounting to Rp 46.6 trillion. Sustainable agriculture received Rp 4.9 trillion, renewable energy Rp 0.9 trillion, and other green projects received Rp 0.6 trillion.