JAKARTA, Indonesia, Feb. 8, 2023 /PRNewswire/ -- PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) continues with its share buyback programs. As stated in the disclosure of information published on 2 February 2023, the share buybacks will be carried out in stages or all at once for a maximum of IDR 1.5 trillion and will be completed in no more than 18 months after the Annual General Meeting of Shareholders 2023 (AGMS 2023).

Sunarso, BRI President Director

The new share buyback plan was announced at the end of January 2023 after BRI completed share buybacks worth IDR 3 trillion. Through the information disclosure to the Indonesia Stock Exchange (IDX) on 31 January 2023, BRI has confirmed that the company managed to accelerate the buyback period to 26 January 2023. In total, BRI successfully completed 647,385,900 share buybacks with a total value of IDR 2,999,999,915,000. These numbers do not include securities brokerage commission fees and other costs.

To further maintain the company's sustainability and long-term success, the shares from the buybacks will be given as incentives to BRI's employees and management. In Q3 2022, BRI was able to make a profit of IDR 39.31 trillion or 106.14% year-on-year (YoY) growth with total assets increasing 4.00% YoY to IDR 1,684.60 trillion.

Moving forward, BRI President Director Sunarso, is optimistic that BRI will maintain its positive performance which is supported by four main factors. "The first factor comes from a new source of growth, the integration of the ultra-micro (UMi) holdings. Other factors include a strong capital as reflected in BRI's consolidated capital adequacy ratio (CAR) of 26.14%, an adequate liquidity of BRI's consolidated loan-to-deposit (LDR) of 88.51%, as well as the quality of growth with non-performing loans (NPL) of 3.09% and loans at risk (LAR) of 19.28%."

"The main purpose of the share buybacks is to increase employee engagement. As we looked at the cost of the buybacks and employees' welfare, we were able to see a match between the two. Since BRI has the capabilities for the share buybacks while the demand for employees welfare by giving shares also exists, we have decided to do the share buybacks," concluded Sunarso.

More information about Bank BRI can be accessed at www.bri.co.id

 

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Source: PT Bank Rakyat Indonesia Tbk (BRI) Related Stocks: Jakarta:BBRI OTC:BKRKY