As of September 2024, several digital banks in Indonesia have reported their financial performance for the first nine months of the year, showing a mix of significant profit growth and challenges. PT Allo Bank Indonesia Tbk (BBHI), affiliated with CT Corp, emerged as the leader among digital banks, recording the highest net profit at Rp 302.59 billion. However, despite this top position, Allo Bank’s profit saw a 10.69% decline compared to the same period in 2023, which stood at Rp 338.82 billion. This drop was primarily attributed to the absence of profits from securities sales and a significant increase in provisions for credit loss reserves, which surged to Rp 165.73 billion.

While Allo Bank's net profit decreased, the bank experienced increases in both net interest income (NII) and fee-based income (FBI), which grew to Rp 818.69 billion and Rp 14.70 billion, respectively. Despite these positive figures, the overall profitability was still impacted by the higher provisions.

Following Allo Bank in terms of profitability is PT Bank Amar Indonesia Tbk (AMAR), which reported a net profit of Rp 152.26 billion for the period ending September 2024. Bank Amar saw a remarkable 20.37% year-on-year (YoY) increase from Rp 126.49 billion in 2023. This growth was fueled by strong operational revenue, which rose to Rp 1.18 trillion. The bank also reported a significant increase in both net interest income (up 30.39%) and non-interest income (up 18.31%).

Next on the list is PT Krom Bank Indonesia Tbk (BBSI), which posted a net profit of Rp 107.13 billion. This represents a 9.54% YoY growth compared to Rp 97.8 billion last year. Krom Bank’s profitability was driven by a remarkable 149.4% surge in net interest income, which reached Rp 677.94 billion by September 2024.

In the broader digital banking landscape, other players also demonstrated notable profit growth. PT Bank Jago Tbk (Bank Jago) saw a substantial increase in its net profit, rising 70.67% to Rp 85.84 billion. Meanwhile, PT BCA Digital Tbk (BCA Digital) posted an impressive 532.7% increase in net profit, reaching Rp 72.13 billion.

Other digital banks that reported profits include Bank Raya, with Rp 33.9 billion (a 130.9% YoY increase), and Bank Neo Commerce, which recorded a modest profit of Rp 4.06 billion.

While these figures indicate a strong financial performance overall, it is worth noting that some digital banks have yet to announce their Q3 2024 financial results, meaning the final rankings of digital banks by profit may still change.

KOMPAS.COM