BNI's Profit Depressed Amid the New Accounting Standard Adoption

Summary

PT Bank Negara Indonesia Tbk (BNI) posted a net profit of Rp 15.38 trillion or US$ 1.13 billion in 2019, growing 2.5 percent from Rp 15.01 trillion in 2018.

BNI Finance Director Ario Bimo said one of the reasons is the formation of the company's impairment losses (CKPN) last year to meet the new Financial Accounting Standard (PSAK) 71, which came into force in early 2020.

BNI's lending only grew by 8.6 percent year-on-year (YoY) to Rp 556.77 as of the end of 2019. Meanwhile, net interest income (NII) rose 3.3 percent.

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