JAKARTA, Indonesia, July 19, 2023 /PRNewswire/ -- PT Bank Rakyat Indonesia (BRI) Persero Tbk. (IDX: BBRI) has secured the top position in The Banker's list of Top 1000 World Banks 2023 published on July 5, 2023. The list has positioned BRI at the 109th rank, making it the highest-ranked bank in Indonesia.

Sunarso, President Director Bank BRI

The Banker, a renowned global financial and economic media based in London, United Kingdom, evaluated the financial achievements of banks for the year 2022 to determine their rankings in the Top 1000 World Banks 2023. The evaluation criteria include balance sheet, income statement, and capital adequacy.

According to BRI's President Director, Sunarso, BRI has continued to grow amid challenging economic conditions. "We thank The Banker for objectively and transparently assessing our performance. I would like to acknowledge the hard work of all BRILian employees as this achievement is a testament to our ongoing efforts to create economic and social value for all stakeholders. I would also like to dedicate this recognition to the micro, small, and medium-sized enterprises (MSMEs) sector, the backbone of our core business as well as the national economy."

The Banker's analysis has shown that 2022 was a challenging year for the global banking industry. Central banks around the world have tightened monetary policies after a decade of low to negative interest rates, in response to various shocks including the rebound of aggregate demand post-Covid-19 pandemic, supply chain disruptions, and surging inflation.

Furthermore, the profitability of banks is often positively influenced by higher interest rates. While the increase in interest rates has been advantageous for banks, it has also introduced challenges that affect their balance sheets.

There are ongoing risks surrounding inflation and increasing economic uncertainty globally. According to the International Monetary Fund (IMF), the global gross domestic product (GDP) growth is expected to decline from 3.4% in 2022 to 2.8% in 2023. In addition, the economic growth is predicted to decrease from 2.7% in 2022 to 1.3% in 2023.

The Banker has projected that given the more challenging business environment; loan growth is likely to remain weak as banks are expected to be cautious in their lending decisions. Economic slowdown and high policy interest rates will also weigh on credit demands.

More information about BRI, visit www.bri.co.id.

Source: PT Bank Rakyat Indonesia Tbk (BRI)