JAKARTA, March 28, 2023 – PT Bank KB Bukopin Syariah, known as KB Bank Syariah (KBBS), continues to enhance its performance at the beginning of 2024, as reflected in its consistent profitability in January and February 2024.

Over the past three years, KBBS has been actively implementing financial recovery measures, including a capital increase of IDR 680 billion in 2023. A portion of this fund was utilized for financial restructuring, particularly through the write-off strategy for non-performing financing impacted by the COVID-19 pandemic, which affected the bank’s profit and loss statements. However, this strategic move enables KBBS to expand its business in 2024 while continuously improving its business processes to ensure a healthier financing portfolio. Notably, in December 2023, KBBS received an AAA rating with a stable outlook from Fitch Ratings, a leading credit rating agency.

KBBS President Director, Koko T. Rachmadi, emphasized that despite the bank's ongoing recovery efforts, all KBBS services remain fully operational, including fund withdrawals and transfers. “On the contrary, we are committed to continuously improving our service quality to provide greater convenience for our customers in their transactions,” Koko stated. Furthermore, the bank's restructuring program does not affect the number of service offices or KBBS's operational areas. “In fact, we plan to open two additional branches in 2024,” he added.

Customer funds at KBBS remain secure and are guaranteed by the Indonesia Deposit Insurance Corporation (LPS). The bank regularly fulfills its premium payment obligations to LPS. In terms of capital adequacy, KBBS maintains compliance with regulatory requirements, with a CAR of 19% and core capital exceeding IDR 1 trillion. KBBS is part of KB Financial Group (KBFG), one of South Korea's largest financial institutions, with total assets of IDR 14,040 trillion, continuously supporting all affiliated entities.

Regarding the delayed publication of KBBS's financial report for December 2023, the bank clarified that external auditors require additional data for audit purposes. Additionally, differences in audit findings between the current auditors and those from 2022 necessitate a restatement or correction of prior financial reports. Therefore, external auditors require additional time to complete the 2023 financial audit.

About KB Bank Syariah

PT Bank KB Bukopin Syariah, formerly known as PT Bank Swansarindo Internasional, was established in 1990 in Samarinda, East Kalimantan, under Deed No. 102 dated July 29, 1990. Between 2001 and 2003, the bank was acquired by the Muhammadiyah organization and renamed PT Bank Persyarikatan Indonesia.

Between 2005 and 2008, PT Bank KB Bukopin Tbk gradually acquired Bank Persyarikatan Indonesia following Bank Indonesia Governor's Decree No. 10/69/KEP.GBI/DpG/2008 on October 27, 2008, authorizing its conversion from a conventional bank into an Islamic bank. Consequently, the bank was rebranded as PT Bank Syariah Bukopin.

On June 30, 2021, the bank underwent another name change to PT Bank KB Bukopin Syariah, following approval from an Extraordinary General Meeting of Shareholders (EGMS), as documented in Deed No. 02 dated July 6, 2021.

To serve its customers, KB Bank Syariah operates through 23 outlets, 49 Islamic service offices, and an extensive ATM network, including KB Bank Syariah ATMs, KB Bank ATMs, and Prima/Bersama network ATMs. For more information, customers can contact the KB Bank Syariah Call Center at 1500666.