Bank QNB Indonesia Holds Its Annual General Meeting of Shareholders (AGMS), Showing Strong Financial Performance
30 May 2024 – PT Bank QNB Indonesia Tbk held the Annual General Meeting of Shareholders (“AGMS”) on Thursday, 30 May 2024, at the Bank’s Head Office in Jakarta.
During the meeting, Bank QNB Indonesia approved the Annual Report, Director’s and Commissioners’ Supervisory Report, and the Financial Statements for the fiscal year ended on 31 December 2023 audited by the Public Accountant Firm Purwantono, Sungkoro & Surja (affiliated with Ernst & Young).
As the global and national economy continued to recover in 2023, the Bank succeeded to maintain a positive performance momentum and recorded a net profit of IDR69.2 billion as of 31 December 2023. The Bank strives to maintain this positive performance amidst the economic challenges this year.
Several factors contributed to business growth in 2023 such as the increase in net interest income (NII), which reached IDR503.89 billion to grow 16.6% year on year (yoy) from IDR432.00 billion the previous year.
The Bank also recorded a growing net interest margin (NIM) of 3.83% or up by 0.64% yoy.
In terms of loans, the Bank remained cautious of increased credit risks, including the increase in the non-performing loans (NPL). Therefore, the Bank disbursed loans very carefully and selectively by implementing a good corporate governance, ensuring a strong risk management, and enhancing its credit management system.
The Bank succeeded to maintain its NPL ratio at 0.77% as of 31 December 2023.
Among others, this was reflected through the liquidity coverage ratio (LCR) of 465.30%, and net stable funding ratio (NSFR) with 190.59% as of December 2023. Both ratios are well above the regulator’s minimum requirement of 100%.
Supported by QNB Group, the largest financial institution in the Middle East and Africa, the Bank continued to strengthen its capital structure in order to implement its strategies and grow its business in the future.
The Bank’s strong capital structure further supported its capital adequacy ratio (CAR) to stay at a healthy level of 62.23% as of December 2023.
Moving forward, the Bank will focus on continuously enhancing its deposit and funding capabilities while accelerating opportunities for cross-selling products such as trade business, foreign exchange, and cash management.
During the meeting, the shareholders also approved some changes in the composition of the Board of Commissioners and the Board of Directors of the Bank with the appointment of Lee Guo Chun (Luke Lee) as the President Director and Gede Shanta Wiguna as the Finance Director. This will come into effect after the Bank receives the letter of notification from OJK regarding the decision of the Fit and Proper Test, with a term of office that ends at the closing of the Bank’s AGMS in 2027.
Shareholders also reappointed all members of the Bank’s Board of Directors and Board of Commissioners until the closing of AGMS in 2027, except for Haryanto Suganda and Soemenggrie Jongkamto, who will continue their tenure until the term of office for Lee Guo Chun (Luke Lee) as President Director and Gede Shanta Wiguna as Finance Director are effective.
Luke Lee is a seasoned banker with more than 25 years of experience in the international banking sector. He has previously held positions at HSBC Hong Kong, JP Morgan Chase Bank Hong Kong, and Sumitomo Mitsui Banking Corporation Hong Kong, where he held the post of General Manager Corporate Banking.
Gede Shanta Wiguna brings with him a broad experience in banking sector. Prior to joining Bank QNB Indonesia, he worked at several leading international banks in the country, including ABN AMRO Bank N.V. Indonesia and HSBC Indonesia, with his last position as Head of Insight & Advisory.
PT Bank QNB Indonesia Tbk thanked Haryanto Suganda and Soemenggrie Jongkamto for their contributions to the bank.
