BRI Signals Strength: Launches Buyback Amidst Stock Price Corrections
JAKARTA, Indonesia, May 6, 2024 /PRNewswire/ -- PT. Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) announced the commencement of a share buyback process for BBRI shares. This strategic move comes in response to significant adjustments in BBRI's share price following the release of the Q1 2024 Financial Report. The buyback program, which was approved at the Annual General Meeting (AGM) on March 13, 2023, allows BRI to repurchase up to IDR 1.5 trillion worth of BBRI shares within 18 months from the date of the AGM approval.
BRI's President Director, Sunarso, emphasized that the buyback is intended to signal the company's stronger position compared to market perceptions. Meanwhile, BRI's Finance Director Viviana Dyah Ayu R.K. underscored that management is focused on ensuring the long-term growth and health of the company, even if it requires minor corrections in the short term. "For long-term shareholders, the enhancements and improvements we're making should yield greater benefits," she added.
In terms of BRI's performance, amidst the dynamic global economic and geopolitical challenges, BRI has managed to achieve positive profit growth. By the end of the first quarter of 2024, BRI's consolidated profit reached IDR 15.98 trillion, as revealed by Sunarso at the Q1 2024 Financial Performance Press Conference held in Jakarta on Thursday (4/25).
As of March 2024, BRI has successfully disbursed loans totaling IDR 1,308.65 trillion, representing a double-digit growth of 10.89% year-on-year. Of these loans, 83.25% amounting to IDR 1,089.41 trillion were allocated to the micro, small and medium enterprise (MSME) segment. "BRI believes that the continuous empowering of the MSME segment can contribute to the national economic resilience, considering that MSMEs account for about 97% of job creation and about 61% of Indonesia's GDP," Sunarso explained.
The double-digit loan growth has contributed to the company's asset increase, with BRI's total assets reaching IDR 1,989.07 trillion, up 9.11% year-on-year. "With the positive performance in the first three months of 2024, BRI is optimistic about sustainable growth, prioritizing prudent banking principles and effective risk management amid the evolving global economic and geopolitical landscape. BRI will focus on addressing domestic challenges, particularly through MSME empowerment," Sunarso concluded.
For more information on BRI, please visit www.bri.co.id
SOURCE PT Bank Rakyat Indonesia Tbk (BRI)
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