PT Bank Syariah Mandiri posted a net profit of Rp 120.68 billion in the first quarter of 2018. The profit rose 33.70 percent compared to the first quarter of 201 which amounted to Rp 90.26 billion.
President Director of Syariah Mandiri, Toni EB Subari, said that the first quarter profit of 2018 was generated from the increase in financing which grew 10.47 percent to Rp 61.22 trillion compared to Rp 55.42 trillion in the previous period.
"We are grateful to book a better performance in the first quarter of 2018 compared to the same period in 2017," Toni said in a press release on Sunday (13/5).
Toni explained that the growth of financing is sustained by financing the retail segment consisting of consumer financing, pawning, and small and micro businesses.
The retail segment grew 13.58 percent year on year (yoy) to Rp 35.55 trillion in the first quarter of 2018 compared to Rp 31.30 trillion in the first quarter of 2017.
Meanwhile, wholesale segment financing grew 6.70 percent (yoy) to Rp 25.67 trillion as of March 31, 2018 compared to Rp 24.06 trillion as at 31 March 2017.
The performance improvement was also offset by improvements in quality as reflected in the decrease in non-performing financing (NPF) ratio from 3.16 percent to 2.49 percent.
The NPF Gross per quarter I 2018 amounted to 3.97 percent or down compared to the first quarter of 201 which amounted to 4.91 percent.
According to Toni, quality improvement is still one of the strategies of the five business strategies set in 2017 and 2018.
The established strategies include, sound and sustainable Business Growth, Improved Financing Quality, Increased Fee Based Income (FBI), Productivity and Efficiency, and Contribution Margin.
Toni added that the financing growth resulted in revenue margin which rose 7.77 percent from Rp 1.71 trillion to Rp 1.85 trillion.
Third party Fund Funds (DPK) per quarter I-2018 increased 16.26 percent to Rp 82.58 trillion from Rp 71.04 trillion in the first quarter of 2017.