Danamon Announces Full Year 2023 Financial Results

Jakarta, 19 February 2024 - PT Bank Danamon Indonesia Tbk (Danamon or Bank) continued to set another record high in loan. The Total Loan and Trade Finance grew by 19% Year-on-Year (YoY) reaching to Rp174.9 trillion supported by the growth in Danamon’s four main business lines. This loan growth is higher than the average banking industry growth of 10% throughout 2023.  

Consumer Loan portfolio showed the highest loan growth at 41% YoY helped by partnerships with Japanese real estate developers, and acquisition of Standard Chartered Bank’s consumer loan portfolio. Through focus on productivity and process improvements, SME segment grew its loan balance by 9% compared to the previous year. The loan from Enterprise Banking & Financial Institution segment contributed the highest loan portfolio reaching to Rp78.8 trillion, grew by 15% YoY. Automotive and Multi-Purpose financings from PT Adira Dinamika Multi Finance, Tbk. (Adira Finance), a subsidiary of Danamon, grew by 25% YoY amounting to Rp55.7 trillion. Through enhanced collaboration with Danamon and MUFG, Adira Finance succeeded in growing its new financing by 31% YoY in 2023.

The strong growth in loan was supported with strong asset quality management. The Non-Performing Loan (NPL) ratio - gross was managed down to 2.2%, while Loan at Risk (LAR) ratio (include COVID-19 restructure under forbearance) was decreased to 11.6%, improved by 100bps YoY. Danamon also balanced its high growth in loan with a strong NPL coverage ratio of 265.9%. 

Danamon managed to record 10% YoY growth in Third-party Deposits, reaching to Rp140.4 trillion. Nationwide programs such as Danamon Hadiah Beruntun, implementations of next generation branch concepts, and continuous enhancements of digital platforms have increased customer reach and engagement. 

Amidst the higher interest rate environment, Danamon continued to grow its Net Interest Margin (NIM) by 20 bps reaching 8.2%. Operating Income has improved by 7% YoY, amounted to Rp18.2 trillion. Danamon reported a consolidated Net Profit After Taxes (NPAT) of Rp3.5 trillion in 2023, increased by 6% YoY compared to last year. 

“Danamon closed the year 2023 with new records particularly in loan growth. This was all through disciplined execution of our strategies and strengthened collaborations with MUFG and Adira Finance group members. In line with our 2024-2026 strategic direction, this sets foundation for Danamon to Grow as a Financial Group, and to continue to deliver tangible contributions to the Indonesian economy.” Said Daisuke Ejima, President Director of PT Bank Danamon Indonesia Tbk. 

Progressive Efforts for Sustainability  

Herry Hykmanto, Sharia and Sustainability Finance Director, PT Bank Danamon Indonesia Tbk emphasized that Danamon has been putting progressive efforts towards sustainability by participating in numerous green and sustainable economic development initiatives in the country. Throughout 2023, Danamon recorded a 24% YoY growth in Sustainable Loan portfolio (based on KKUB Category - the Sustainable Business Activities Category) which accounted for 22% of bank’s total loan portfolio. 

Continue its journey to achieve Net Zero Carbon Emissions on own operation, Danamon has carried out various decarbonization initiatives in 2023 such as implementing the use of Solar Panels, LED Lights, and EV Charging Station in Danamon buildings, as well as rejuvenating the ecosystem through mangrove planting. In 2023, Danamon starting to participate in the Carbon Exchange as an effort to support the transition to renewable energy and carbon offsets through ownership of Carbon Credit. 

As part of Corporate Social and Responsibility, Danamon supports the use of electric vehicles for the Cooperative community and the installation of solar panels for 2 educational communities. Danamon also carries out financial literacy and inclusion for various communities such as students, teachers, MSMEs and the disabled community. In addition, to support the recovery process of disaster-affected areas, Danamon built water and sanitation facilities in 3 disaster locations.

Enabling Customers thru Digital Developments 

As briefly mentioned earlier, in improving its customer reach and engagement, Danamon has been continuously advancing its digital technology capabilities and expanding its digital partnerships with digital and fintech players in Indonesia, while keep building up the operational and cyber resiliency.

In 2023, Danamon had launched 22 new features in D-Bank PRO app (digital banking for individual customers) allowing more flexibility in account and transaction management, and providing more access to financial solutions including loans, wealth management and forex. Specific for digital banking for business customers, Danamon Cash Connect app had been further developed and offering more comprehensive modules for Cash Management and Financial Supply Chain services. Furthermore, in 2023, Danamon has been implementing various digital tech-based devices that can be experienced by customers at 53 branches of next generation branch concept across 18 cities. These digital developments support the 154% increase in number of transactions and 18% increase in value of transactions during full year 2023. 



For media inquiries, please contact:


Tarida Fransiska

Corporate Communications Manager

PT Bank Danamon Indonesia Tbk

Email: tarida.fransiska@danamon.co.id

Cindyani Lasmana

Corporate Communications Head

PT Bank Danamon Indonesia Tbk

Email: cindyani.lasmana@danamon.co.id