Bank BTN targets super rich customers to raise third party funds
English
JAKARTA – Bank Tabungan Negara has developed a strategy to encourage an increase in Third Party Funds (DPK) in 2024. Until November 2023, BTN's DPK grew positively by 2.62 percent to IDR 345 trillion. This growth was driven by an increase in cheap funds (CASA) of 11.41 percent with a CASA ratio reaching 51.86 percent.
Director of Distribution and Funding at Bank BTN, Jasmin, said that Bank BTN had implemented several strategic initiatives to increase low-cost funds. One of them, said Jasmin, is developing digital capabilities in acquiring low-cost funding and increasing transactions based on non-interest income or fee-based income.
The digital capability is optimizing the BTN Mobile application where since its launch on February 12 2023 BTN Mobile has acquired 1 million users and developed 75 transaction features, one of which is the development of e-deposit products. As of November 2023, BTN's e-deposit balance has reached IDR 10.37 trillion.
Jasmin added that Bank BTN is currently developing a new Priority segmentation with management of funds above IDR 10 billion. Also, the "Preferred" segment is for customers with assets between IDR 100 million to IDR 500 million.
With several strategic initiatives, Bank BTN can continue to maintain the momentum of DPK growth amidst currently tight liquidity with a relatively low cost of funds. Keeping the cost of funds under control in an era of high interest rates is a challenge for corporations.
Bank BTN management's steps to maintain the cost of funds were quite successful because Bank BTN's profitability remained positive. Bank BTN's net profit for the 11 months running 2023 will still grow positively by 2.10 percent to IDR 2.85 trillion.
Kresna Hutabarat, Mandiri Sekuritas analyst, assesses that BTN is able to break the historical pattern of declining income in the midst of an era of high interest rates. Several steps have been taken by Bank BTN to improve and develop CASA products by increasing fee-based income which is more productive and keeping interest and operational expenses stable.
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