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Financial Performance


  • Financial Highlight
  • Dividend Policy
  • Rating Report
  • Analyst Coverage

Financial Highlight

2016 2015 2014 2013 2012

Balance Sheets

Total Assets 603,032 508,595 416,574 386,655 333,304
Cash, Current Account, Placement (Net) 81,275 86,238 55,056 60,795 68,849
Marketable Securities (Gross) 23,765 9,927 12,738 8,513 9,801
Loand (Bruto) 393,275 326,105 277,622 250,638 200,742
Government Bonds 63,006 47,222 43,830 44,884 38,561
Investment (Net) 57 36 37 40 24
Customer Deposit 435,545 370,420 313,893 291,890 257,661
Borrowing and Marketable Securities Issued 40,192 29,891 17,370 24,987 13,519
Total Liabilities 513.778 430.157 355,552 338,971 289,778
Minority Interest 2,097 2,023 1,950 83 52
Equity 89,254 78,438 61,021 47,684 43,525

Income Statement

Interest Income 43,768 36,895 33,365 26,451 22,705
Interest Expense (13,773) (11,335) (10,989) (7,392) (7,246)
Net Interest Income 29.995 25.560 22,376 19,058 15,459
Fee Income 9,963 8,565 8,379 7,545 7,180
Operating Income 41.299 35.258 33,091 28,499 23,905
Operating Expense (OPEX) (19.217) (16.510) (16,103) (14,573) (12,739)
Provision for Possible Losses (7.853) (7.336) (3,642) (2,708) (2,525)
Net Operating Income 14,229 11,412 13,345 11,219 8,641
Non Operational Income (Expense) - Net 74 54 178 59 259
Income Before Tax 14,303 11,466 13,524 11,278 8,900
Income Tax (2,893) (2,326) (2,695) (2,220) (1,851)
Net Income After Tax 11,410 9,141 10,829 9,058 7,048
Income attributable to:
» Minority Interest 71 74 46 4 2
» Net Income 11,339 9,067 10,783 9,054 7,046

Financial Ratio [%]

Return On Assets (ROA) 2,7 2,6 3.5 3.4 2.9
Return On Equity (ROE) 15,5 17,2 23.6 22.5 20.0
Net Interest Margin (NIM) 6,2 6,4 6.2 6.1 5.9
Fee Income to Operating Income 25,7 26,0 32.4 33.1 35.3
Loan to Deposit Ratio (LDR) 90,4 87,8 87.8 85.3 77.5
Capital Adequacy Ratio (CAR) 19,4 19,5 16.2 15.1 16.7
Earning (Loss) Per Share (EPS) (Rp) 610 487 578 486 378

Other Ratio [%]

NPL Gross 3,0 2,7 2.0 2.2 2.8
NPL Net 0,4 0,9 0.4 0.5 0.8
LLP/NPL Gross (Coverage Ratio) 146,0 140,4 130.1 128.5 123.0
Cost to Income Ratio (CIR) 146,0 44,2 43.8 46.7 49.5
Operating Expense to Operating Income 73,6 75,5 69.8 67.1 71.0
Net Operating Income/Employee (in million Rp) 1,320 1,196 1,247 1,092 962
Net Open Position (NOP) 3,4 1,7 1.6 3.4 2.2

Number of Outlets 1,876 1,826 1,766 1,693 1,590
Number of ATMs 17,056 16,071 14,071 11,163 8,227
Number of Employees 28,390 26,875 26,536 26,100 24,861

Dividend Policy

Year Number of Dividend
(Billion Rupiah)
Dividend
Per Share
Rasio Dividend Payment Date
2012 2,113.84 113.35 30% of 2012 net income 16 Mei 2013
2011 1,165.18 62.48 20% of 2011 net income 30 Mei 2012
2010 1,230.51 65.98 30% of 2010 net income 30 Juni 2011
2009 869.39 9.44
47.48
35% of 2009 net income 11 December 2009
24 Juni 2010
2008 122.24 8.00 10% of 2008 net income 7 Juli 2009
2007 449.05 29.40 50% of 2007 net income 4 Juli 2008
2006 962.92 72.50 50% of 2006 net income 2 Juli 2007
2005 707.40 53.26 50% of 2005 net income 4 Juli 2006
2004 1,568.20 118.07 50% of 2004 net income 7 Juli 2005
2003 314.90 23.71 75.01% of 2003 net income 21 Juli 2004
2002 1,254.30 94.44 50% of 2002 net income 5 November 2003
2001 878.30 66.15 50% of 2001 net income 28 October 2002
1997 60.80 210.00 20% of 1997 net income 7 Agustus 1998
1996 56.40 195.00 30% of 2nd half year 1996 net income 13 Juni 1997

Rating Report

Moody's 2016
Outlook Positif
Bank Deposits Baa3/P-3
Baseline Credit Assessment ba1
Adjusted Baseline Credit Assessment ba1
Counterparty Risk Assessment Baa3(cr)/P-3(cr)
Senior Unsecured Baa3
Fitch Rating 2015
Long Term Issuer Default Rating BBB-
Short Term Issuer Default Rating F3
Local Currency Long Term Issuer Default Rating BBB-
National Long Term Rating AA+ (idn)
National Short Term Rating F1+ (idn)
Viability Rating bb+
Support Rating 2
Support Rating Floor BBB-
Standard & Poor's 2015
Issuer Credit Rating BB/Positive/B
SACP bb
Anchor bb
Business Position Adequate(0)
Capital & Earnings Adequate(0)
Risk Position Weak (-2)
Funding and Liquidity Above Average & Strong (+1)
Support +1
GRE Support 0
Group Support 0
Sovereign Support +1
Additional Factors 0
Moody's 2015
Outlook Stable
Bank Deposits Baa3/P-3
Bank Financial Strength D+
Baseline Credit Assessment ba1
Adjusted Baseline Credit Assessment ba1
Senior Unsecured Baa3
PEFINDO 2015
Corporate Rating AAA/Stable

Analyst Coverage

Securities Analyst Telp E-mail
Kim Eng Securities Rahmi Sari Marina +62 21 2557-1128 rmarina@kimeng.co.id
PT Bahana Securities Teguh P. Hartanto +62 21 250-5081 teguh.hartanto@bahana.co.id
Indo Premier Securities Stephan Hasjim +62 21 2991-3347 stephan.hasjim@ipc.co.id
DBS Vickers Sue Lin Lim +60 3 2711-0971 suelin@hwangdbsvickers.com.my
PT BNP Paribas Securities Indonesia Igor Nyoman +62 21 2358-4935 igor.nyoman@asia.bnpparibas.com
CIMB-Gk Securities Pte Hadi Soegiarto +62 21 3006-1721 hadi.soegiarto@cimb.com
PT Samuel Sekuritas Indonesia Joseph Pangaribuan +62 21 2854-8107 joseph.pangaribuan@e-samuel.com
PT UOB Kay Hian Securities Rufina Tam +62 21 2557-8845 emerentiatam@uobkayhian.com
Citibank NA Salman Ali +92 21 263-8058 salman.ali@citi.com
Danareksa Securities Eka Safitri ekas@danareksa.com
CLSA Asia-Pasific Markets Jayden Vantarakis +62 21 2554-8827 jayden.vantarakis@clsa.com
Andalan Artha Advisindo Adriana Indrajatri +62 21 515-2640 a.indrajatri@aaasecurities.com
PT Credit Suisse Securities Teddy Oetomo teddy.oetomo@credit-suisse.com
PT Sucorinvest Central Gani Robby Hafil +62 21 526-6466 robbyhafil@sucorinvest.com
Ciptadana Sekuritas Syaiful Adrian +62 21 2557-4919 adriansyaiful@ciptadana.com
PT Mandiri Sekuritas Tjandra Lienandjaja +62 21 5296-9542 tjandra.lienandjaja@mandirisek.co.id
Standard Chartered Bank (HK) Ltd Jaj Singh +65 6596-8518 jaj.singh@sc.com
PT Macquarie Securities Indonesia Nicolaos Oentung +62 21 2598-8366 nicolaos.oentung@macquarie.com
Deutsche Bank AG Raymond Kosasih +62 21 318-9525 raymond.kosasih@db.com
UBS Joshua Tanja +62 21 2554-7030 joshua.tanja@ubs.com
Morgan Stanley Mulya Chandra +62 21 3048-8125 mulya.chandra@morganstanley.com
AM Capital Yap Swie Cu +62 21 574-2310 swiecu@amcapital.co.id
Panin Securities Raymond Budiman +62 21 5153-055 raymond@pans.co.id
RHB Research Institute Rocky Indrawan +60 3 9280-2175 rocky.indrawan@dgmgaps.com.sg
JP Morgan Securities Harsh Modi +62 21 5291-8573 harsh.w.modi@jpmorgan.com
Goldman Sachs Benjamin Koo +62 852 2978-6681 ben.koo@gs.com.au