Danamon Announces Full Year 2022 Financial Results

Press Release / 15 February 2023

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Jakarta, 15th February 2023 - PT Bank Danamon Indonesia Tbk (“Danamon” or “the Bank”) announces its Full Year 2022 Financial Result virtually during the Press Conference in Jakarta today.

Danamon successfully reported a Consolidated Net Profit After Taxes (NPAT) of Rp 3.3 trillion in 2022, an increase of 110% from the same period last year. The increase in net profit was due to an increase in Net Interest Margin of 30 basis points (bps) which was supported by the improvement in funding composition and cost of fund. 

Danamon has managed to reach its record high in Total Loan and Trade Finance amounted to Rp 146.7 trillion, grew by 12% year-on-year (YoY). Both loan for Enterprise Banking segment and Consumer Banking segment grew by 18% YoY, respectively. The sustained growth in the portfolio was the result of Danamon’s strategy in applying different value propositions based on customer segmentation and collaboration with MUFG, its shareholder. In addition, Adira Finance as the subsidiary of Danamon has booked 22% YoY increase in new financing. 

Danamon remained focused in growing its granular funding through institutional approach strategy and enhancement in digital partnership. As a result, Danamon reached its record high in Total Third-Party Deposits of Rp 127.3 trilliun. Contribution from CASA reached Rp 81.3 trillion, grew by 12% YoY. CASA ratio has improved to reach 63.9% as of December 2022 compared to 59.1% as of December 2021.    

Danamon also continuously strengthen its Quality of Asset. Danamon improved its provision with the NPL Coverage ratio reaching 231%, an increase of 520 bps from last year. While LAR (Loan at Risk - including COVID restructure still under forbearance) has improved (decreased) by 340bps YoY to 12.6%.    

Yasushi Itagaki, President Director of Bank Danamon, explained that the synergies with MUFG and Adira Finance are Danamon’s key differentiations. “We continue leveraging each entities’ strengths and capabilities in becoming a local bank with global capabilities. We will continue to optimize the “Bersama Bersinergi” spirit to reach higher level of performance. 

To further expand our business, Danamon Adira Finance, will continue leveraging MUFG's strategic investments. In late 2022, MUFG has invested in Akulaku as well as Home Credit where Adira Finance also participated on the investment for their business in Indonesia. While most recently, a couple of weeks ago, we also proudly announced our placement in Garuda Fund, a venture fund dedicated for Indonesian startups which is managed by MUFG's corporate venture capital arm. As a member of MUFG Group, we have more opportunities in accessing collaboration and realize more business synergies in the future,” he explained.

Awards and Achievements

Danamon received several prestigious awards throughout 2022, including the ABF Retail Banking Awards 2022 by Asian Banking & Finance magazine for two categories, namely Open Banking Initiative of the Year - Indonesia and Strategic Partnership of the Year - Indonesia. Also from Asian Banking & Finance, Danamon won Indonesia Domestic COVID Management Initiative of the Year category at the ABF Wholesale Banking Awards 2022. At the 13th Edition of Asia’s Best Employer Brand 2022, Danamon was also awarded Best Employer Brand, Excellence in Training, and Young HR Professional of the Year for Dhanu Koentoro Djati by the Employer Branding Institute and World HRD Congress. The Bank received recognition at the prestigious “13th Annual Retail Banker International Asia Trailblazer Awards” and won three awards, namely Best Retail Bank (Indonesia), Indonesia’s Best Open Banking Initiative, and Highly Recommended - Best Fintech Partnership. Aside from that, Danamon won two awards at the Euromoney Market Leaders 2022, namely  Market Leader - Corporate Banking and Highly Regarded - Digital Solutions.

Sustainable Finance

We are committed in supporting sustainable finance. In 2022, we have carried out several key programs such as installation of solar panels in selected branches, partnering with EV Charging projects, Platinum Green Building Certificate for our Menara Bank Danamon, and various CSR programs such as planting 10 thousand mangroves in commemorating our 66th anniversary. 

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