Upper Middle Class Banks Post Mixed Performances Throughout 2023

KBMI III banks have posted a varying degree of performances, with some achieving profit growth while others posting a decline in revenue due to high cost of funds and difficulties in credit distribution.

Emanuel Berkah Caesario

29 Feb 2024 - 18.20
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Upper Middle Class Banks Post Mixed Performances Throughout 2023

Ilustration bank

Bisnis, JAKARTA — Almost all second-tier banks or core capital group III (KBMI III) banks have reported their financial performance for the fiscal year 2023.

The Financial Services Authority (OJK) has issued a report on the overall financial performance of the banking industry for the end of 2023, showing a generally healthy growth in the industry.

OJK noted that the total profit of the national banking industry reached Rp243,3 trillion throughout 2023, soaring by 20,57% year-on-year (YoY). When grouped by KBMI, the largest profit contributors still come from the four KBMI IV banks, amounting to Rp173,5 trillion, up by 21,05% YoY.

However, the performance of mid-tier banks is also commendable. Upper mid-tier banks grouped in KBMI III, with core capital between Rp14 trillion to Rp70 trillion, recorded a total profit of Rp38,7 trillion throughout 2023, growing by 12,44% YoY.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.