PT Bank Syariah Indonesia Tbk (BSI) reported a strong financial performance in 2024, with double-digit growth across all key indicators, including third-party funds (DPK), financing, assets, and net profit.
BSI's net profit surged 22.83% year-on-year (YoY) in 2024, placing the bank among the top 10 banks with the highest performance growth. The positive performance was attributed to the successful implementation of BSI's 2024 strategy, which included improvements in banking transaction infrastructure through the launch of BYOND by BSI and the adoption of a new business model focused on gold-based businesses, Hajj savings, bancassurance, and treasury operations.
BSI's third-party funds (DPK) grew by 11.46% to Rp327.45 trillion, with a majority (60.12%) coming from low-cost funds (CASA). Savings, the primary source of low-cost funds, increased by 12.67% to Rp140.53 trillion. Savings accounted for 42.90% of the total DPK, followed by deposits (39.4%) and current accounts (17.2%).
BSI's financing grew by 15.88% YoY, exceeding the industry average, reaching Rp278.48 trillion. This growth was driven by the consumer segment, which accounted for 54.54% of the total financing. The wholesale segment contributed 27.73%, and retail contributed 17.73%. Financing quality improved, with the gross NPF decreasing to 1.90% in December 2024.
The strong performance in financing was driven by the growth of the gold business, both gold pawn and gold installment. By December 2024, BSI's gold business reached Rp12.8 trillion, a 78.18% YoY increase, driven by the gold installment product, which rose by 177.42% YoY to Rp6.40 trillion.
BSI's Islamic ecosystem and digitalization initiatives contributed to a positive growth in fee-based income (FBI), particularly in the pawn, treasury, and e-channel segments. FBI in 2024 grew by Rp1.36 trillion or 32.58% YoY. Bankwide, BSI successfully increased the composition of fee-based revenue to approximately 17.95%, driven by gold pawn and treasury products. BSI recorded operating profit of Rp11.17 trillion, up 9.38% YoY. BSI's assets reached Rp408.61 trillion, a 15.55% YoY increase, with a Return on Equity (ROE) of 17.77%.