PT Bank Syariah Indonesia (Persero) Tbk, or BSI, recorded the highest savings growth in Indonesia’s banking industry, supported by strong growth in Hajj savings accounts that reached 7.25 million customers as of the first quarter of 2026 (12/05).

The bank said 1.2 million of its Hajj savings customers came from the millennial and Gen-Z segments. Since the merger on February 1, 2021, BSI has added 9.26 million customers, including 500,000 new customers during the first three months of 2026, bringing its total customer base to 23.7 million.

Hajj Savings Support Growth in Third-Party Funds

The increase in customers contributed to the growth of BSI’s third-party funds (DPK), which rose 18% year-on-year to Rp376.8 trillion in the first quarter of 2026.

Current accounts increased 24.17% year-on-year to Rp71.7 trillion, while savings accounts grew 20.18% year-on-year to Rp164.5 trillion. Total low-cost funds (CASA) reached Rp236.2 trillion, up 21.36% year-on-year.

“Savings have become BSI’s growth engine, including Hajj Savings,” said BSI President Director Anggoro Eko Cahyo during the company’s first-quarter 2026 performance presentation.

He said BSI continues to focus on growing Hajj savings, payroll accounts, and business savings. According to BSI data, national Hajj registrations increased from 286,400 applicants in 2023 to 422,300 applicants in 2025.

BSI Increases Share in National Hajj Registration Market

BSI increased its market share in national Hajj registrations from 49.5% in 2023 to 53.6% in 2025.

Out of 422,300 Hajj registrants in 2025, around 226,400 registered through BSI. The bank also dominated the 2026 departure phase, with 83.5% of the total Hajj departure quota consisting of pilgrims registered through BSI.

The company said the increase was supported by easier account opening through the BYOND by BSI platform and nationwide Hajj campaign programs.

BSI’s total assets rose to Rp460.1 trillion as of March 2026. The increase placed BSI among the top five banks in Indonesia after officially becoming a state-owned bank on January 23, 2026.

Dual Licence Strategy Boosts Profit and Fee-Based Income

BSI stated that its role as an Islamic bank supports Hajj services, while its gold banking licence contributed to broader financial inclusion. The bank said non-Muslim customers now account for 12% of its customer base.

“The uniqueness of the dual licence has generated healthy and sustainable profit growth for BSI.”

BSI recorded a net profit of Rp2.2 trillion in the first quarter of 2026, growing 17.1% year-on-year. The company said the growth was supported by lower funding costs, maintained financing quality, and higher fee-based income, mainly from its gold business.

Finance and Strategy Director Ade Cahyo Nugroho said fee-based income rose 22.98% year-on-year to Rp2.09 trillion. The gold business contributed the largest portion at 33.69% or Rp705 billion, growing 125% year-on-year.

Treasury services contributed 21.67% of fee-based income, while electronic channels contributed 17.46%. Gold pawn financing grew 58.3% year-on-year, while E-mas grew more than 2,700%.

Financing Growth Remains Supported by Healthy Asset Quality

BSI’s financing grew 14.39% year-on-year to Rp329 trillion, mainly driven by the consumer financing segment.

Gross non-performing financing (NPF) improved to 1.8% from 1.88% in the previous period, while net NPF stood at around 0.38%.

Around 72.37% of financing was distributed to consumer and retail segments, while 27.63% went to wholesale financing.

The increase in low-cost funds reduced BSI’s cost of funds to 2.12%, while the cost of credit remained at 0.73%. The company recorded a return on assets (ROA) of 2.53% and a return on equity (ROE) of 19.36% in the first quarter of 2026.

Sales and Distribution Director Anton Sukarna said BSI also supported government economic programs through Rp198 billion in support for 211 MBG kitchens, financing distribution to more than 80,000 cooperatives under KDMP, and KUR financing for 17,732 recipients.

BSI also distributed subsidized housing financing (FLPP) to 894 customers during the first quarter of 2026. Total subsidized housing financing reached Rp5.7 trillion. The bank also participated in housing financing programs for MSMEs.

PHOTO: BSI

This article was created with AI assistance.

We make every effort to ensure the accuracy of our content, some information may be incorrect or outdated. Please let us know of any corrections at [email protected].