DBS Indonesia’s net profit surges 75% in Q1

PT Bank DBS Indonesia, a subsidiary of Singapore-based DBS Bank, has reported a 75 percent year-on-year (yoy) increase in its net profit during the first quarter of 2017 to Rp 263 billion.

The net profit increase was supported by a 16 percent yoy increase in revenue, which reached Rp 1 trillion in the first quarter this year. Its net interest income rose 23 percent to Rp 740 billion.

“The positive performance reflects our strong commitment in the corporate and consumer banking segment,” Bank DBS Indonesia director of strategy and planning Rudy Tandjung said in a press statement on Saturday.

Focusing on corporate banking and small and medium enterprises (SME) banking segments, the lender booked increases in the return on assets (ROA) ratio and the return on equity (ROE) ratio to 2.16 percent and 13.45 percent, respectively.

Rudy said the bank was on its way to transforming itself into a digital bank this year. “We are focusing in our […] agenda on becoming a digital bank. We started the transformation from the inside, by changing the mindset and behavior of our employees and also redefining their respective roles,” he said.

In the first quarter of this year, DBS Indonesia issued a negotiable certificate of deposit (NCD) with a 7.1 percent annual interest rate. DBS Indonesia had also released a new bancassurance product in its Wealth Management portfolio during the same period, Rudy said.