Aldira Sunrise 3 September 2024

Economy: BPS recorded a deflation of 0.03% on Aug 24
The Central Statistics Agency (BPS) announced that Indonesia’s annual inflation rate is at 2.12% in 8M24, slightly down from 2.13% in 7M24. This position is still within Bank Indonesia’s target range of 1.5-3.5% and is in line with market expectations. On a monthly basis, there was a deflation of 0.03% on Aug 24, the fourth in 2024. The largest expenditure group contributing to monthly deflation is food, drinks, and tobacco, which recorded a deflation of 0.52%. (Kontan)
Economy: Indonesia manufacturing contracted on Aug 24
Based on the S&P Global report, Indonesia’s Manufacturing PMI was recorded at 48.9 on Aug 24, down from 49.3 on Jul 24. This was caused by the sharp decline in output levels and new orders. Furthermore, manufacturing companies have also reduced the number of employees. Amidst reports of ongoing global delivery challenges, input prices were still rising even though inflation continued to fall slowly, reaching its lowest position in ten months in Aug. (Kontan)
BRIS’s net profit rose 20.28% in 1H24
Bank Syariah Indonesia (BRIS) recorded an IDR 3.39T net profit in 1H24 (+20.28% yoy). The consumer segment has been the main driver of the performance because the quality and yield are considered good. Furthermore, the main supporters of this segment are payroll-based customers. BRIS manages around 1.3 million payroll customers per Aug 24, where 15%-16% of them received financing from the bank. Besides that, BRIS recorded income after profit-sharing distribution of IDR 8.78T (+2.83% yoy). Income from financing grew to IDR 12.64T (+11.7% yoy), fee-based income to IDR 961.15B (+20.15% yoy), and other income to IDR 614.75B (+21.76% yoy). (Bisnis Indonesia)