Danamon Announces First Quarter 2024 Financial Results

Jakarta, 29 April 2024 - PT Bank Danamon Indonesia Tbk (Danamon) today announced its financial results for the first quarter of 2024, showing significant progresses in lending and funding growth. 

Danamon recorded consolidated Net Profit After Tax (NPAT) of Rp831 billion, increased by 2% Year-on-Year (YoY). This consistent growth in profits, reflected Danamon's financial resilience and strategic soundness amidst fluctuating economic condition. Danamon's Operating Income grew by 8% YoY to Rp4.7 trillion. Meanwhile, Pre-Provisioning Operating Profit (PPOP) increased by 14% YoY to Rp2.3 trillion, highlighting the bank's efficiency in managing its core operations and strengthening its foundation for future growth investment.

Danamon also posted a record high in its loan portfolio, with Total Loan and Trade Finance reaching Rp179.7 trillion, or increased by 18% YoY, driven by growth from all business engines. In terms of funding, Danamon recorded an increase of 14% YoY in total third party deposits to Rp143.2 trillion. While funding growth shifted to Time Deposit (TD) due to higher interest rate environment, Granular Funding also grew by 12% YoY. 

In line with loan growth, Danamon continuously maintains healthy asset quality reflected in several key indicators: Loan at Risk (LAR) ratio (include COVID-19 restructure under forbearance) improved by 70 basis points (bps) YoY to 12%; Non-Performing Loan (NPL) Coverage Ratio rose to 261.8%, up from 254.2% in the previous year; and, Gross NPL Ratio improved by 20 bps YoY to 2.2%.

“This achievement is a strong start for 2024. Going forward, Danamon will continue to grow as a Financial Group with other MUFG Group members to support the growth of all stakeholders and the Indonesian economy,” said Daisuke Ejima, President Director of PT Bank Danamon Indonesia Tbk

Danamon will continue to grow as a Financial Group and be able to dominate the targeted ecosystems to achieve double-digit growth in terms of lending and funding with sustainable profitability. As part of the MUFG Group, together with Adira Finance, Home Credit Indonesia and also strategic partners, Danamon commits in helping customers and strategic partners to grow through various programs such as Indonesia International Motor Show, Bridestory Market, and Danamon Syariah Travel Fair.

Danamon's significant presence at the Indonesia International Motor Show 2024, held from February 15-25, 2024, at JIExpo Jakarta, underline its commitment to the automotive industry. As an Official Bank Partner, Official Multifinance Partner, and Official Trade-in Partner through platforms like momobil.id and momotor.id, Danamon together with Adira Finance and MUFG, provides holistic financial solutions covering the entire automotive industry chain. This partnership represents Danamon's dedication in providing added value to every part of the automotive financial supply chain, from upstream to downstream, to support Indonesia’s economic growth.

Danamon also plays a pivotal role in the Bridestory Market 2024, which caters the young generation of emerging affluent who are planning their weddings. Through Danamon Optimal, the bank offered integrated financial products and services to facilitate end-to-end wedding financial planning. This included everything from financial advisory services for wedding preparations to post-wedding financial planning needs.

In March 2024, Danamon through the Sharia Business Unit (Danamon Syariah) also succeeded in holding the Danamon Syariah Travel Fair as the bank's commitment to support its customers' religious travel needs. The event, which was held at Gandaria City Mall, Jakarta, presented 14 travel agent companies and provided Special Hajj and Umrah Packages as well as various main events and in-depth talk shows presenting valuable insight and support for the Muslim community.




For media inquiry, please contact:


Tarida Fransiska

Corporate Communications Manager

PT Bank Danamon Indonesia Tbk


Cindyani Lasmana

Corporate Communications Head

PT Bank Danamon Indonesia Tbk

Email: cindyani.lasmana@danamon.co.id