COVID-19 Crushed MSME: Will BRI Suffer Massive Loss in Q2?

By Editorial Team 13/08/2020
Downward profit
Summary

Profits of big banks predictably dropped in the second quarter of the year. The weakened economy was the primary factor of their losses. One of the big banks suffered the most from the drop in revenue due to the COVID-19 pandemic was PT Bank Rakyat Indonesia Tbk (BBRI).

In its latest research, Mirae Sekuritas predicted that BRI would record a net loss of Rp 1.9 trillion in the second quarter of 2020. If true, it would be BRI’s first loss in history. The primary cause of BRI’s net loss was the decrease in net interest income and higher provision costs.

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