JP Morgan Chase Bank, NA Indonesia Branch recorded a net profit for the year throughout 2020 amounting to Rp593.55 billion or growing 125.12% compared to the same period in the previous year Rp239.658 billion.

Based on the financial report published on Monday (12/4), the significant growth in net profit was supported by the company's success in pocketing other operating income of around Rp524 billion from previously recorded as an expense of Rp148.89 billion.

The other operating income contributions came from profit from the spot and derivative transactions, which reached Rp561.166 billion, an increase in profit on sales of financial assets by around 65.3% to Rp296.91 billion, and other income, which rose 209.04% to Rp148.89 billion.

Unfortunately, net interest income decreased by around 32.41%, from Rp512.85 billion to Rp347.26 billion.

Meanwhile, the company's financial ratios, including allowance for impairment losses of financial assets to production assets, decreased to 0.06% from 0.11%, net interest margin (NII) was also reduced to 1.89% from 2.88%, the debt-to-time deposit ratio rose to 27.31% from 23%.

However, the company managed to reduce operating expenses to operating income from 70.44% to 39.34%, the ratio of expenses to income fell to 31.34% from 52.68%.

Until the period ending December 2020, JP Morgan Chase's Jakarta branch's total assets were recorded at Rp14.87 trillion, down from Rp22.93 trillion in the previous year. These assets consisted of liabilities of Rp14.70 trillion and equity of Rp171.69 billion.