Digital bank Superbank, a joint ventur (JV) of Elang Mahkota Teknologi (EMTK) and Grab ride hailing service, suffered loss of Rp105.06 billion in the first quarter (Q1) of 2024, tripled y/y. Meanwhile Superbank President Director Tigor M. Siahaan said that currently his party is making a lot of investments so that it can provide easy, fast, safe and reliable financial product services for customers.

Superbank is indeed carrying a series of increasing expenses. Labor costs increased 54.15% to Rp119.34 billion and other expenses increased by 183.74% to Rp60.46 billion. While Superbank’s credit jumped 221.85% to Rp3.11 trillion in Q1 this year. Third party funds grew 27.69% to Rp603.41 billion.