Today, January 15, 2024, we opened our 40th office network at Jalan Patimura No. 32, Denpasar, Bali, which began a series of new branch office openings in 2024.
The branch office in Denpasar is the first branch of Bank MAS to open in 2024. New branch offices are also planned for Karawang, Tegal, Kediri, and Samarinda. This is part of the Bank's hybrid business development, which includes adding branch office networks and acquiring customers through digital banking.
Bank MAS started operating in 1993, becoming part of the Wings Group as a controlling shareholder in December 2013. This added capital to become a BUKU 2 Bank and obtained a license to operate as a Foreign Exchange Bank in June 2016. Bank MAS's branch network is spread across 20 cities, namely Jakarta, Tangerang, Depok, Bekasi, Bandung, Semarang, Kudus, Solo, Yogyakarta, Surabaya, Malang, Lampung, Palembang, Pekanbaru, Medan, Makassar, Banjarmasin, Pontianak, Kupang and now in Denpasar.
Strong capitalization supports Bank MAS's growth year after year. After going public in 2021, Bank MAS met the minimum core capital requirement of IDR 3 trillion. At the end of December 2023 (unaudited), Bank MAS's core capital reached IDR 3.63 trillion.
In addition to expanding the branch network, technology-based business development with Internet Banking and Mobile Banking products is also being carried out continuously. With the development of digital banking, the number of customers increased by 69.60% from 51,285 customers in 2022 to 86,979 customers in December 2023, and the number of transactions through digital banking increased by 155.18% or from 3.28 million transactions in 2022 to 8.37 million digital banking transactions in December 2023.
As of the end of December 2023 (unaudited), Bank MAS' assets had reached IDR 27.37 trillion, with savings funds collected reaching IDR 23.16 trillion. The continuing improvement in national economic growth can be utilized by Bank MAS through credit distribution growth reaching IDR 9.70 trillion. In December 2023, Bank MAS recorded a profit of IDR 240.93 billion.
Denpasar City was chosen as the location for the 40th branch office because it is the capital city of Bali province, known for its tourism industry with high economic growth. In the third quarter of 2023, the economy of the province of Bali grew by 5.35% (yoy). In addition to the tourism industry, which is the driver of economic activity, Bali also has natural resources in the form of agriculture, plantations, and mining, which are suitable market shares for the Bank. Coupled with the Wings Group ecosystem, agents, shops, stalls, and Wings suppliers in the Denpasar area, the presence of Bank MAS can contribute to the people of Denpasar and the surrounding cities, both in the commercial and MSME sectors.
Amid the improving economic climate in Indonesia, Bank MAS is optimistic that it can develop even better in the coming years. The commitment of shareholders and the principle of prudence carried out by management and professional employees support the creation of an increasingly good relationship between Bank MAS and its customers. Thus, Bank MAS is confident that it will be able to face future challenges.