Danamon Announces Q3 2024 Financial Performance

Press Release / 30 October 2024

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Jakarta, 30 October 2024 - PT Bank Danamon Indonesia Tbk (Danamon) has released its Q3 2024 Financial Report, demonstrating consistent strong business growth supported by contributions its four key business segments: Enterprise Banking & Financial Institutions, SME Banking, Consumer Banking, and Adira Finance, all of which exhibited comprehensive and solid results.

The total loans, including Trade Finance, increased by 12% year-on-year (YoY) to IDR 186.5 trillion. On the funding side, total Third-Party Funds grew by 14% YoY to IDR 148.9 trillion, and Granular Funding also recorded a growth of 11% YoY.

This growth is also followed by healthy asset quality, evidenced by the improvement in the Loan at Risk (LAR) ratio (include COVID-19 restructure under forbearance), which improved by 80 basis points (bps) to 11.5%.  The gross NPL ratio saw an improvement of 30 bps bringing it down to 2.0%, followed with coverage for Non-Performing Loans (NPL) coverage strengthened to 272.3%, up from 252.7% last year. 

This robust performance is highlighted by a 7% year-on-year (YoY) increase in Operating Income, reaching IDR 14.2 trillion for the nine months period ended 30 September 2024. Pre-Provision Operating Profit (PPOP) also experienced a 5% YoY growth, totaling IDR 6.3 trillion. As a result, Danamon recorded a Net Profit After Tax (NPAT) of IDR 2.3 trillion.

Danamon Continues to Grow as One Financial Group with a Customer-Centric Approach and Commitment to Sustainable Finance

In line with its strong business growth, Danamon remains committed to focusing on its targeted ecosystem, continuing its transformation, and collaborating with MUFG and group members as One Financial Group to deliver holistic and tailored financial solutions that meet customer needs.

Danamon as a bank that supported by both global and local networks through its parent company MUFG and its group members: Adira Finance, Zurich Asuransi Indonesia, Home Credit Indonesia and Mandala Finance alongside strategic partners, remains committed to continuously transforming as One Financial Group. Our goal is to become a trusted financial partner that is always customer-oriented and innovative, meeting the needs of shareholders, customers, employees, and regulators by providing integrated financial solutions, so that we can grow together.

The collaboration between Danamon and its group members was highlighted during the celebration of Danamon's 68th anniversary, where the company hosted the DXPO by Danamon 2024 in both Jakarta and Makassar. This event showcases Danamon’s extensive network alongside its group companies, offering comprehensive financial solutions tailored to meet customer needs while expressing gratitude for the trust and loyalty customers have placed in Danamon over the years.

In line with its commitment to social responsibility and environmental sustainability, Danamon also implemented various Corporate Social Responsibility (CSR) initiatives. Notably, the Self-Branding Skills and Literacy Development Program for 68 individuals with disabilities, in partnership with Yayasan Sunyi Harapan Indonesia, underscored Danamon's dedication to empowering vulnerable communities.

Danamon continues to showcase its commitment to addressing the evolving financial needs of the community with the launch of the Danamon Lebih PRO savings product, highlighting the bank's focus on foreign exchange services tailored to customer demands. Meanwhile in the sustainability focus, Danamon reiterated its commitment aligns with long-term value creation goals through various initiatives, including the inaugural MUFG Net Zero World (MUFG N0W) event, which was held in partnership with MUFG to back Indonesia's energy transition goals. 

"This achievement shows that Danamon is on the right path in executing strategies and investments aimed at driving sustainable growth. We will continue to evolve as One Financial Group and establish ourselves as a trusted, customer-centric financial partner," said President Director of PT Bank Danamon Indonesia Tbk, D. Ejima.

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