Danamon Announces First Half 2024 Financial Results

Press Release / 30 July 2024

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Jakarta, 30 July 2024 - PT Bank Danamon Indonesia Tbk (Danamon) announced its Financial Results for the First Half 2024 virtually through a Press Conference in Jakarta today. 

Danamon achieved double-digit annual growth for both total Loans and Third-party Deposits, supported by sustainable growth across all business engines (Enterprise Banking & Financial Institution, Consumer Banking, SME Banking & Adira Finance). Optimization of branch networks and ecosystem approaches also contributed to the financial performance this semester.

Total Loans including Trade Finance increased by 14% Year-on-Year (YoY) to Rp183.9 trillion. In line with loan growth, Third-party Deposits grew by 15% YoY to Rp146.1 trillion, supported by a 10% increase in Granular Funding in the first half of 2024.

Loan growth is also followed by healthy asset quality. This is shown by the Non-Performing Loan (NPL) coverage ratio which increased to 263.2% from 259.9% last year, and the Gross NPL ratio improving by 10 bps YoY to 2.2%.

In terms of profitability, Danamon reported an increase in Operating Income to Rp9.4 trillion, driven by growth in net interest income and fee income. Danamon achieved a Pre-Provision Operating Profit (PPOP) of Rp4.3 trillion, supported by the increase in Operating Income while continuously focus in optimizing investment on foundation building. These achievements contributed to a Net Profit After Tax (NPAT) of Rp1.5 trillion.
   
Committed to Continuously Transforming as One Financial Group

Together with MUFG as the parent company with global and local networks, and with its group members (Adira Finance, Home Credit Indonesia, Mandala Finance, and Zurich Indonesia) as well as other strategic partners, Danamon is committed to continuously transform as One Financial Group and become a trusted financial partner with customer centricity. Danamon will continue to innovate and grow together as a leading financial group that meets the needs of customers, employees, shareholders, and regulators.

As a reflection of our commitment to continuous transformation, Danamon proudly announces the simplified version of Danamon’s logo which was launched in conjunction with our 68th anniversary on 16 July 2024. The simplified version of Danamon’s logo will be implemented gradually, hence, there will be two logos used simultaneously in public: before and after the simplification.

“This 68th anniversary marked our continuous journey as a leading Financial Group in making active contribution to the growth of Indonesian economy”, said Daisuke Ejima, President Director of PT Bank Danamon Indonesia Tbk.

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