PT Bank BTPN Syariah Tbk posted a decrease in profit for the year of around 6.74% to Rp375.145 billion during the first quarter of this year compared to the same period last year of Rp402.297 billion.

Based on the company's financial report published on Thursday (22/4), the low-profit achievement was triggered by weakening income after the distribution of profit sharing of around 4.2% or to Rp1.003 trillion as of the end of March 2021 from the same period of the previous year, Rp1.047 trillion.

Thus, the ratio of revenue sharing to total financing shrank to 0.07% from 0.32%.

BTPN Syariah's operational expenses also increased by around 2.55%, from Rp510.202 billion to Rp523.237 billion.

The decline in profit was also triggered by the high allowance for impairment losses of financial assets against productive assets during the first three months of this year, which was at 4.78% from the same period last year of 2.12%.

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