| PT Bank Syariah Indonesia Tbk (BSI) is capitalizing on rising gold prices to expand its gold-related business, with financing growing 30.5% YoY as of April 2024, recording Rp 5.1 trillion in gold pawning and Rp 2.74 trillion in gold installments. BSI offers a special 0% down payment program for select customers.
As of December 2023, BSI’s gold business grew 21.38% YoY to Rp 7.2 trillion, with 47.47% of the growth coming from millennials. BSI is enhancing financial literacy and inclusion in gold investment through more than 1,000 outlets and digital services via BSI Mobile. BSI Mobile provides E-mas for saving, installment, and pawning gold. As of May 2024, BSI’s gold business grew 37.42% YoY to Rp 8.5 trillion, dominated by gold installments with a growth of 89.88% YoY. Millennial customers for gold installments increased 38% YoY to 82,000. BSI reported a net profit of Rp 5.7 trillion in 2023, growing 33.88% YoY, supported by financing, third-party funds collection, effective strategies, and a flexible, digitized business model.
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