Top! Brand Finance Names BRI as the Most Valuable Brand in Indonesia

Jakarta, Tangerangtalk.Online - Brand Finance, a leading brand valuation consultant worldwide, has published the Brand Finance Indonesia 100 2023, which lists the 100 most valuable and strongest brands in Indonesia. In the publication, BRI (Bank Rakyat Indonesia) was named the brand with the highest valuation or the most valuable brand in Indonesia, amounting to USD 4.3 billion or approximately IDR 63.86 trillion (at an exchange rate of IDR 14,850 per US$), and BRI received an AAA rating.

BRI has also climbed the rankings, moving from second place in 2022 to the top position in 2023. Compared to previous years, BRI's brand valuation has grown by 15% year on year. Taking a further look, since 2018, BRI's brand valuation has increased by USD 1.2 billion or 38% growth.

The top 10 most valuable brands in Indonesia, according to Brand Finance 100 in 2023, are BRI, Telkom Indonesia, Pertamina, Mandiri, HM Sampoerna, BCA, Gudang Garam, A Mild, PLN, and BNI, in consecutive order.

Regarding this achievement, BRI's President Director, Sunarso, stated that it is an appreciation of BRI's success in providing the best services to the community, enabling BRI to enhance its reputation and long-term public trust.

"BRI has become a brand with the highest value that resonates with the public. This is evidence of the company's success in providing the best services to the wider community," explained Sunarso.

BRI's success in topping the list of the most valuable brands in Indonesia is attributed to the company's strong financial performance. In the first quarter (Q1) of 2023, BRI recorded a net profit of IDR 15.56 trillion, a growth of 27.4% compared to the previous year.

"This achievement is a result of BRI's commitment to consistently create value by focusing on the micro, small, and medium enterprises (MSMEs) segment and maintaining good risk management. Additionally, BRI continues its digital transformation to enhance productivity, efficiency, and customer service," he continued.

BRI also continues to grow inorganically through various corporate actions, such as the acquisition of Danareksa Investment Management in 2022, aiming to establish itself as a one-stop financial services provider. On the wholesale side, BRI meets the digital needs of its customers by launching QLola in 2022.

Another factor contributing to the continuous increase in BRI's brand valuation is the presence of the BRImo super app, which has become the most widely used banking application in Indonesia, with over 26.3 million total users as of the end of Q1 2023. The financial transaction volume through the app reached IDR 884 trillion in the past 3 months, a 99.07% increase year on year.

Sunarso added that the presence of the BRImo super app aligns with customers' changing preferences, as they increasingly engage in digital transactions, particularly in the micro and ultra-micro segments. As a result, banking services can be more effective, efficient, and integrated in accordance with the digital literacy journey of the Indonesian population.

In addition, BRI remains committed to aligning its business practices with the implementation of environmental, social, and governance (ESG) principles. As of the end of Q1 2023, BRI has allocated IDR 710.9 trillion in financing for sustainable business activities, the highest figure in Indonesia.

"We are confident that BRI's commitment to ESG implementation will provide added value for global investors who are currently highly concerned about ESG. BRI can also become the leading global bank in terms of ESG implementation, particularly in social empowerment," concluded Sunarso.

Brand Finance is a leading brand valuation consultant worldwide, which conducts research and monitoring on over 5,000 brands in 38 countries and 31 sectors. More than 150,000 respondents are surveyed annually, and 2023 marks the seventh consecutive year of their research.

Every year, Brand Finance releases "The Top 100 Most Valuable and Strongest Indonesian Brands," evaluating the 100 strongest and most valuable brands in Indonesia. The evaluation process begins with reviewing companies that operate with their own brands. This is followed by an analysis of how the brand affects profitability in the sector compared to other brands. Furthermore, they analyze the three core pillars that shape brand strength, namely inputs, equity, and the resulting output. Finally, the assessment also considers the calculation of future forecast brand value.