Danamon Continues Its Business Growth in Fiscal Year 2024

Press Release / 18 February 2025

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Jakarta, 18 Februari 2025 – – PT Bank Danamon Indonesia Tbk (“Danamon”, IDX: BDMN), a member of MUFG, a global and Japan’s largest financial group, today announces its consolidated financial and operational performance for the fiscal year ended 31 December 2024 (“FY2024”). Danamon recorded a consolidated total loan and trade finance of Rp189.4 trillion, growing by 8% compared with the same period the previous year (“year-on-year”). In terms of funding, Danamon recorded third-party funds of Rp153.2 trillion, growing by 9% year-on-year. Danamon’s business growth resulted in a consolidated pre-provision operating profit (“PPOP”) of Rp8.3 trillion for the full year.

D. Ejima, President Director of Danamon, explained, “Danamon’s positive achievements in FY2024 were supported by Danamon’s strategy to Grow Together as One Financial Group. Despite various challenges from global uncertainties, Danamon once again recorded positive performance, especially in lending, funding, and profitability. We appreciate the trust and support of our customers, partners, shareholders, regulator, government, and all relevant stakeholders, to Danamon throughout 2024.”

On financial intermediation, Danamon’s loan growth is supported by growth in the Enterprise Banking and Financial Institution, SME Banking, and Consumer Banking business lines. In terms of funding, total granular funding reached Rp93.6 trillion, growing by 8% year-on-year.

On profitability, Danamon recorded an operating income of Rp18.9 trillion, growing by 4% year-on-year, while PPOP grew by 1% year-on-year, and net profit after tax (NPAT) for the year recorded at Rp3.2 trillion. In terms of profitability ratio, Danamon recorded a net interest margin of 7.3%.

Danamon puts prudence as paramount in its business. Asset quality was maintained, with loan-at-risk (LAR) ratio as of 31 December 2024 recorded at 10.6%, a 102 basis points improvement compared with the previous year. Gross non-performing ratio (NPL) ratio for the same period was 1.9%, a 29 basis points improvement year-on-year. Danamon’s sustained asset quality is also exhibited by the NPL coverage ratio for the period at 287.2%, higher than the previous year which was recorded at 265.9%.

Danamon’s positive performance is also reflected in its operations. Danamon’s efforts in reaching select priority ecosystems also resulted in growths. In the automotive ecosystem, Danamon strengthened its business synergy initiatives with Adira Finance. The cumulative amount of synergy loan disbursement in this ecosystem in 2024 increased by 12% year-on-year, reaching Rp4.0 trillion. In the hajj and umrah ecosystem, Danamon further deepened its customer base and market penetration by reaching out to associations, religious travel agencies, and prospective pilgrims. In 2024, the number of religious travel agencies that commenced partnerships with Danamon increased by 213% year-on-year, while funding from associations, religious travel agencies, and the Hajj Financial Management Agency (BPKH) increased by 143% year-on-year. In the education ecosystem, Danamon established strategic partnerships with more than 20 partner institutions, leading to 37% year-on-year increase in account opening.

On digital banking solutions, D-Bank PRO, Danamon’s personal digital banking solution, recorded growth in number of transactions processed in 2024 by 28% year-on-year, along with a 26% year-on-year increase in the total transaction amount. Danamon Cash Connect, Danamon’s digital banking solution for corporations and business owners, recorded an 8% year-on-year increase in the number of transactions, and a 16% year-on-year increase in the total transaction amount.

Danamon’s Synergy as One Financial Group

The year 2024 marked five years since the completion of MUFG’s acquisition of Danamon. Aligned with the Bank’s strategic direction to Grow Together as One Financial Group, in 2024, Danamon has strengthened collaboration with MUFG, Adira Finance, other MUFG entities, and the Group’s strategic partners. In February 2024, Danamon, together with MUFG and Adira Finance, supported the Indonesia International Motor Show (IIMS) 2024 as a realization of a shared commitment to support Indonesia’s automotive industry. Danamon also commemorated its 68th anniversary through DXPO, together with the Danamon Group members, Adira Finance, Home Credit Indonesia, and Zurich Asuransi Indonesia. Furthermore, in support of Indonesia’s energy transition efforts, MUFG and Danamon jointly hosted MUFG Net Zero World (MUFG N0W), aligning with MUFG’s groupwide commitment to achieve net-zero emission in its operations by 2030 and its portfolio by 2050. In addition, along with other members of MUFG, Danamon arranged more than 160 meetings in the form of business matching, bringing together businesses who were the Group’s customers to explore partnership opportunities in the future.

Synergy as One Financial Group also contributed directly to business, as shown by a variety of synergy indicators. The cumulative amount of synergy loan disbursed in 2024 increased by 13% year-on-year, reaching Rp24.5 trillion, while the number of synergy deals reached in 2024 grew 19% year-on-year. As One Financial Group, Danamon also managed to offer various employee benefit programs for MUFG Group business customers. In 2024, total of payroll accounts belonging to employees of MUFG Group customers saw a seven-fold increase compared to the previous year. 

Further information regarding Danamon’s FY2024 performance is available in the Investor & Analyst Briefing presentation, which can be accessed on Danamon’s corporate website. Danamon’s consolidated financial statements will be available on Danamon’s corporate website and Indonesia Stock Exchange’s website.

President Director of Danamon, D. Ejima, together with the Board of Directors at Danamon’s virtual press conference for its full year 2024 performance.

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