Indonesia's best domestic bank 2023: Bank Rakyat Indonesia
Bank Rakyat Indonesia
Bank Rakyat Indonesia (BRI) markets itself as the most profitable bank in Indonesia, so the pressure is on to prove it year after year.
Over the last year it succeeded, and then some. Despite slowing Chinese demand and widespread geopolitical upheaval, BRI achieved the largest bank profit in history in Indonesia when it reported a 67% year-on-year jump in net profit to Rp51.41 trillion ($3.4 billion) in 2022.
President director Sunarso and his team attribute this to the bank’s success in managing the growth of net interest income, fee-based income and recovery income, and to a careful watch over provisioning costs.
In 2022, overall assets rose 11.2% to Rp1,866 trillion while loans increased 9.23% to Rp1,139 trillion. Loan activity was particularly brisk in the micro, small and medium-sized enterprises segment, which has long been BRI’s core business in southeast Asia’s biggest economy.
MSME segment loans and financing increased to Rp965 trillion, accounting for 84.7% of BRI’s total loans. This puts the bank within reach of its long-term target of 85%.
BRI also wins Asiamoney’s award for best domestic bank in Indonesia because of its strong support of the micro and ultra-micro segments that are so crucial in creating new job opportunities for young Indonesians and women in particular.