News Update
Wednesday, 12 Jun 2024
Tokyo, Japan, June 12 2024. PT Bank J Trust Indonesia Tbk (J Trust Bank) signed a business cooperation agreement with Kagawa Bank Co., Ltd. (Kagawa Bank) from the city of Takamatsu, Kagawa Prefecture, Japan. The signing of this collaboration was carried out by the President Director of J Trust Bank, Ritsuo Fukadai and the President Director of Kagawa Bank, Michio Yamada.
Through this collaboration, J Trust Bank and Kagawa Bank are committed to combining the strength and knowledge of Japanese standard banking to meet the needs of working partners, including the need for business expansion, business matching, and financing for the needs of Indonesian workers abroad.
President Director of J Trust Bank, Ritsuo Fukadai said, "J Trust Bank and Kagawa Bank realize the potential for high economic growth in Indonesia due to the large population and the number of middle-income people continuing to increase. "This collaboration will open up wider business opportunities and improve the welfare of business actors, which will ultimately help the economic growth of Indonesia and Japan."
It is known that Japan is currently facing economic decline due to a decreasing population accompanied by a low birth rate. This demographic shift has major social and economic implications, including slowing economic growth.
This encouraged Kagawa Bank to enter the Indonesian market through collaboration with J Trust Bank. Through the business matching work agenda, it is not just about connecting the needs of J Trust Bank and Kagawa Bank, beyond that, it is about forming mutually beneficial relationships within the J Trust Bank and Kagawa Bank business ecosystem.
"We believe that this collaboration will contribute to resolving local issues such as the existence of a surplus of labor in Indonesia, at the same time that Japan requires labor. After the COVID-19 pandemic, we believe that the number of Indonesian workers working abroad (one of which is to work in Japan) will increase. "We believe that utilizing resources wisely and together will revitalize the Japanese economy and contribute to Indonesia's economic development," concluded Ritsuo Fukadai.
J Trust Bank continued its positive performance by recording a net profit of IDR 44.02 billion in the 2024 First Quarter Financial Report. The catalyst for improving performance was triggered by gross credit growth of IDR 26.10 trillion from the previous IDR 20.05 trillion or a growth of 30.15 percent YoY (Year-on-Year). The acquisition of third-party funds (DPK) grew to IDR 33.53 trillion from IDR 25.46 trillion or 31.69 percent YoY in the first quarter of 2024 compared to the first quarter of 2023.
J Trust Bank's credit portfolio in the first quarter of 2024 is supported by an NPL ratio which is also getting better. J Trust Bank's net NPL is at 0.67 percent. Credit growth pushed interest income to increase to IDR 724.54 billion in the first quarter of 2024 from IDR 559.25 billion in the first quarter of 2023 or a growth of 29.56 percent YoY.
