In 2024, Bank Syariah’s wealth management group (WMG) delivered outstanding performance, significantly advancing its position in the Islamic financial sector.
Key financial metrics showed robust growth, with total managed funds reaching Rp75 trillion ($4.56 billion), a 13% year-on-year increase, assets under management growing 54% year-on-year to Rp19.76 trillion, and third-party funds (DPK) rising steadily to Rp54.96 trillion. The customer base expanded to 69,604, supported by a 127% increase in new investors.
Profitability saw a strong boost through fee-based income of Rp119.8 billion – up 114% year-on-year – driven by successful sukuk and secondary market sales. Net interest income grew 23% to Rp1.129 trillion, while the cost of funds was efficiently managed at 1.92%.
Digital initiatives … and the development of a consolidated statement platform further improved customer experience
The WMG introduced several new products, including the Protection Syariah Mutual Fund, offshore USD funds, and innovative bancassurance options in collaboration with partners like Prudential and BNI Life. Digital initiatives such as online mutual fund purchases via BSI Mobile and the development of a consolidated statement platform further improved customer experience.
Service enhancements included estate and inheritance planning, medical and mourning concierge services, and new priority lounges. Strategic partnerships with government ministries, state-owned enterprises and hospitals attracted high-net-worth clients, boosting engagement and loyalty.
