Jakarta. Subsidiaries of state-owned bank BNI have booked a double-digit growth in September, according to a press release.

BNI’s subsidiaries overall have booked a 22.7 percent year-on-year (yoy) increase in net profit as of Sep. 2023. Their assets also stood at Rp 45.3 trillion, up by 13.7 percent year on year. BNI attributed the subsidiaries’ growth to state-owned enterprises (SOE) transformation.

“We have recorded a strong performance amidst the transformation that we are doing. We will continue to encourage all of our subsidiaries to book a positive performance and become a market leader in their respective industries,” Okki Rushartomo, the corporate secretary at BNI, was quoted as saying in a recent press statement.

According to Okki, Hibank is one of BNI’s subsidiaries that is currently undertaking transformation. Hibank is a digital bank that focuses on the micro, small and medium enterprise (MSME) segment. Okki called this strategy effective as the subsidiary understood what the MSMEs need by coming up with the right products. This is seen in how Hibank booked a 70 percent yoy credit growth in September, while also posting improving asset quality.

“Going forward, Hibank is expected to become an orchestrator of integrated digital banking solutions for MSMEs, while also driving the development of the MSME segment, which is the backbone of Indonesia’s economy,” Okki said.

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Okki said BNI Sekuritas was also undergoing transformation by “redefining their visions and missions to be Indonesia’s most respected investment banking and securities brokerage firm”. To this end, they are focusing on optimizing an integrated solution, a BNI ecosystem, and quality talents all these supported by robust risk governance, agile digital technology, and strong capital structure. Okki added these transformations had brought benefits for BNI Sekuritas as seen in the investment banking fee that grew 18.7 percent year-on-year. There are also successful initial public offering (IPO) dealings among top-tier clients such as Barito Renewables Energy (BREN) and Aman Mineral (AMMN), among others.

"Hopefully, our subsidiaries can grow healthily and sustainably, accompanied by increasingly strong business synergies between the parent and fellow subsidiary companies. So that the BNI Group's performance will skyrocket even higher," Okki said.

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