Jakarta. State-owned bank BNI said recently its credit distribution to fellow state-owned enterprises (SOEs) had been on the rise.

BNI reported that its credit distribution to SOEs had grown by Rp 6.3 trillion as of September 30 of teh current year. Credit distribution rose from Rp 91.6 trillion (December 2022) to Rp 97.9 trillion (September 2023). BNI attributed the increase to “strategic SOEs”, among others, the oil and gas firm Pertamina and the state logistics agency Bulog. BNI said it had also been supporting other SOEs such as the pawnshop Pegadaian and toll operator Jasa Marga.

Many SOEs have been gearing up for expansion since the beginning of the second semester, according to BNI's President Director Royke Tumilaar. This is expected to further drive Indonesia’s economic growth.

“Indonesian SOEs are beginning to grow. We are happy with this trend because SOEs have become a huge economic engine to the country,” Royke said in a statement.

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Royke also applauded today’s SOE governance. This led to a positive effect on BNI’s credit quality, in which the bank tries to strike a balance between credit growth and being prudent. He added: “BNI will proactively analyze projects that can bring added value for the economic growth, starting with the potential sectors in the SOE segment,” Royke said.

According to Royke, Indonesia’s economic growth is the third-largest in the G20, just behind China and India. The top banker added that Indonesia had kept inflation under control despite high global inflation. As of Sep. 2023, Indonesia’s inflation stood at 2.28 percent, the fifth-lowest among the G20 economies.

The development of the new capital Nusantara, coupled with efforts to speed up energy transition and bolster the national tech industry, are proof of Indonesia’s robust economy. 

“As a state-owned bank, we wish to maintain this optimism to spur positive sentiments among investors and economic stakeholders, both at home and abroad,” Royke said.

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