Aditya Hadi Pratama · · 1 min readIndonesia’s BTPN Syariah posts 12% revenue jump in Q2 2022
Indonesia’s BTPN Syariah, a Shariah-compliant bank that focuses on women entrepreneurs, recorded an almost 12% year-on-year hike in revenue to hit 1.3 trillion rupiah (around US$87.6 million) in the second quarter of this year.
The bank’s return for third parties – equivalent to interest expenses in a conventional bank – is also down 22% to US$5.5 million. This resulted in a 13% increase in net profit to US$29.8 million for the period.
The growth was fueled by a surge in loan disbursements, which rose by 10% to US$741 million in the quarter compared to the same period a year prior.
Founded as a Shariah-compliant business unit of Bank BTPN in 2010, BTPN Syariah was spun off in 2014. It focuses on disbursing loans to women entrepreneurs in rural areas across Indonesia, with a network of more than 10,000 agents reaching over 4.1 million active borrowers.
Earlier this year, it launched its own investment arm called BTPN Syariah Ventura with around US$21 million in capital to be disbursed. Hadi Wibowo, the bank’s executive director, said that it aims to invest in at least one startup every year through the corporate VC arm.
Recently, BTPN Syariah Ventura led a US$6.6 million funding round for Indonesian social commerce platform Dagangan.
See also: As digibanks rise, will Indonesia’s online lenders become obsolete?
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,958 rupiah.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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