Financial Performance


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

Financial Highlight

(in Billion Rp)




20212020201920182017

Balance Sheets

Assets964,838891,337845,605808,572709,330
Cash, Current Account, Placement (Net) 174,226 129,827 115,205 102,093 94,206
Marketable Securities (Net)25,80329,68727,16232,04436,050
Loan (Bruto)582,436586,207 556,771 512,778 441,314
Government Bonds (Net)111,42890,65981,02986,79179,849
Investment (Net)830813523604713
Customer Deposit729,169679,452614,311578,775516,098
Borrowing and Marketable Securities Issued51,20947,19960,321 55,112 48,204
Total Liabilities838,318746,236720,601698,198608,427
Minority Interest2,7822,6802,4882,2972,311
Equity126,520112,872125,004110,374100,903

Income Statement

Interest Income50,02656,17358,53254,13948,178
Interest Expense(11,779)(19,021)(21,930)(18,692)(16,240)
Net Interest Income38,24737,15236,60235,44631,938
Premium Income and Investments Return1,399 1,4711,6971,7121,768
Otder Operating Income16,22013,41313,71211,61311,507
Operating Expense (OPEX)24,801 (24,214)(23,687)(21,783)(20,863)
Provision for Possible Losses(18,297)(22,590)(8,838)(7,388)(7,126)
Net Operating Income12,767 5,23119,48719,59917,223
Non Operational Income (Expense) - Nett(216)(119)(118)221 (57)
Income Before Tax12,551 5,11219,36919,82117,165
Income Tax(1,574)(1,791)(3,861)(4,729)(3,395)
Net Income After Tax10,977 3,32115,50915,09213,771
Income attributable to :
» Minority Interest794112477154
» Net Income10,8993,28015,38415,01513,616

Financial Ratio [%]

Return On Assets (ROA)1.4%0,5%2,4%2,8%2,7%
Return On Equity (ROE)10.4%2,9%14,0%16,1%15,6%
Net Interest Margin (NIM)4.7%4,5%4,9%5,2%5,5%
Loan to Deposit Ratio (LDR)79.7%87,3%91,5%88,7%85,5%
Capital Adequacy Ratio (CAR)19.7%16,8%19,7%18,4%18,6%
Earning (Loss) Per Share (EPS)585176825805730

Other Ratio [%]

NPL Gross3.7%4,3%2,3%1,9%2,3%
NPL Net0.7%0,9%1,2%0,8%0,7%
LLP/NPL Gross (Coverage Ratio)233.4%182,4%133,5%152,9%148,0%
Cost to Income Ratio (CIR)43.3%44,2%43,9%42,5%43,9%
Operating Expense to Operating Income81.2%93,3%73,16%70,15%70,99%
Operating Income/Employee (in million Rp)1,9851,7381,7321,6571,496
Net Open Position (NOP)0.9%3,2%2,4%2,0%2,5%



Number of Outlets2,1832,2192,3682,2622,150
Number of ATM16,38518,23018,65918,31117,966
Number of Employees27,17727,20227,21127,22427,209



Dividend Policy

YearNumber of Dividend (Billion Rupiah)Dividend Per SharePay Out Rasio DividendAnnouncement DatePayment Date
2020820,1044,0225% of 2020 Net Income31 Mar 202130 Apr 2021
20193.846,12206,2425% of 2019 Net Income24 Feb 202024 Mar 2020
20183.753,78201,2925% of 2018 Net Income14 May 201914 Jun 2019
20174,765.77255.55548835% of 2017 net income22 March 201820 April 2018
20163,968.56212.80684935% of 2016 net income20 March 201718 April 2017
20152,266.64122.53382725% of 2015 net income14 March 201613 April 2016
20142,695.66144.54965825% of 2014 net income19 March 201517 April 2015
20132,716.30145.7130% of 2013 net income03 April 201419 May 2014
20122,113.84113.3530% of 2012 net income02 April 201316 May 2013
20111,165.1862.4820% of 2011 net income
30 May 2012
20101,230.5165.9830% of 2010 net income
30 June 2011
2009869.39 9.44 47.4835% of 2009 net income
11 December 2009 24 June 2010
2008122.248.0010% of 2008 net income
7 July 2009
2007449.0529.4050% of 2007 net income
4 July 2008
2006962.9272.5050% of 2006 net income
2 July 2007
2005707.4053.2650% of 2005 net income
4 July 2006
20041,568.20118.0750% of 2004 net income
7 July 2005
2003314.9023.7175.01% of 2003 net income
21 July 2004
20021,254.3094.4450% of 2002 net income
5 November 2003
2001878.3066.1550% of 2001 net income
28 October 2002
199760.80210.0020% of 1997 net income
7 August 1998
199656.40195.0030% of 2nd half year 1996 net income
13 June 1997

On September 2021

Share price on 30th September 2021 : Rp 5.375,-.

PEFINDO2021
Corporate RatingAAA/Stable
Moody's2021
OutlookStable
Bank DepositsBaa2/P-2
Baseline Credit AssessmentBaa3
Adjusted Baseline Credit AssessmentBaa3
Counterparty Risk AssessmentBaa2/P-2
Fitch Rating2021
Long Term Foreign CurrencyBBB-/Stable
Long Term Local CurrencyBBB-/Stable
Short Term Foreign CurrencyF3
Support Rating FloorBBB-
Support Rating2
Viability Ratingbb+
National Long Term RatingAA+/Stable
National Short Term RatingF1+
Standard & Poor's2021
OutlookNegative
Long Term Foreign Issuer CreditBBB-
Long Term Local Issuer CreditBBB-
Short Term Foreign Issuer CreditA-3
Short Term Local Issuer CreditA-3
Fitch Rating2020
Long Term Foreign CurrencyBBB-/Stable
Long Term Local CurrencyBBB-/Stable
Short Term Foreign CurrencyF3
Support Rating FloorBBB-
Support Rating2
Viability Ratingbb+
National Long Term RatingAA+/Stable
National Short Term RatingF1+
Senior Unsecured BondBBB-
Standard & Poor's2020
OutlookStable
Issuer Credit RatingBBB-/Stable/A-3
SACPbbb-
AnchorBb+
Business PositionStrong (+1)
Capital and EarningStrong (+1)
Risk PositionModerate (-1)
Funding and LiquidityAverage & Strong (0)
Support0
GRE Support0
Group Support0
Sovereign Support0
Additional Factors0
Moody's2020
OutlookStable
Bank DepositsBaa2/P-2
Baseline Credit AssessmentBaa3
Adjusted Baseline Credit AssessmentBaa3
Counterparty Risk AssessmentBaa2/P-2
PEFINDO2020
Corporate RatingAAA/Stable
Fitch Rating2019
Long Term Foreign CurrencyBBB-/Stable
Long Term Local CurrencyBBB-/Stable
Short Term Foreign CurrencyF3
Support Rating FloorBBB-
Support Rating2
Viability Ratingbb+
National Long Term RatingAA+/Stable
National Short Term RatingF1+
Senior Unsecured BondBBB-
Standard & Poor's2019
OutlookStable
Issuer Credit RatingBBB-/Stable/A-3
SACPbbb-
AnchorBb+
Business PositionStrong (+1)
Capital and EarningStrong (+1)
Risk PositionModerate (-1)
Funding and LiquidityAverage & Strong (0)
Moody's2019
OutlookStable
Bank DepositsBaa2/P-2
Baseline Credit AssessmentBaa3
Adjusted Baseline Credit AssessmentBaa3
Counterparty Risk AssessmentBaa2/P-2
PEFINDO2019
Corporate RatingAAA/Stable
Fitch Rating2018
Long Term Foreign CurrencyBBB-/Stable
Long Term Local CurrencyBBB-/Stable
Short Term Foreign CurrencyF3
Support Rating FloorBBB-
Support Rating2
Viability Ratingbb+
National Long Term RatingAA+/Stable
National Short Term RatingF1+
Senior Unsecured BondBBB-
Standard & Poor's2018
OutlookStable
Issuer Credit RatingBB+
SACPbb
Anchorbb
Risk PositionModerate (-1)
Funding and LiquidityAbove Average & Strong (+1)
Moody's2018
OutlookStable
Bank DepositsBaa2/P-2
Baseline Credit AssessmentBaa3
Adjusted Baseline Credit AssessmentBaa3
Counterparty Risk AssessmentBaa2/P-2
PEFINDO2018
Corporate RatingAAA/Stable
Fitch Rating2017
Long Term Foreign CurrencyBBB-/Stable
Long Term Local CurrencyBBB-/Stable
Short Term Foreign CurrencyF3
Support Rating FloorBBB-
Support Rating2
Viability Ratingbb+
National Long Term RatingAA+/Stable
National Short Term RatingF1+
Senior Unsecured BondBBB-
Standard & Poor's2017
OutlookStable
Issuer Credit RatingBB+
SACPbb
Anchorbb
Risk PositionModerate (-1)
Funding and LiquidityAbove Average & Strong (+1)
Moody's2017
OutlookPositive
Bank DepositsBaa3/P-3
Baseline Credit AssessmentBa1
Adjusted Baseline Credit AssessmentBa1
Counterparty Risk AssessmentBaa3/P-3
Senior UnsecuredBaa3
PEFINDO2017
Corporate RatingAAA/Stable
Moody's2016
OutlookPositif
Bank DepositsBaa3/P-3
Baseline Credit Assessmentba1
Adjusted Baseline Credit Assessmentba1
Counterparty Risk AssessmentBaa3(cr)/P-3(cr)
Senior UnsecuredBaa3
Fitch Rating2015
Long Term Issuer Default RatingBBB-
Short Term Issuer Default RatingF3
Local Currency Long Term Issuer Default RatingBBB-
National Long Term RatingAA+ (idn)
National Short Term RatingF1+ (idn)
Viability Ratingbb+
Support Rating2
Support Rating FloorBBB-
Standard & Poor's2015
Issuer Credit RatingBB/Positive/B
SACPbb
Anchorbb
Business PositionAdequate(0)
Capital & EarningsAdequate(0)
Risk PositionWeak (-2)
Funding and LiquidityAbove Average & Strong (+1)
Support+1
GRE Support0
Group Support0
Sovereign Support+1
Additional Factors0
Moody's2015
OutlookStable
Bank DepositsBaa3/P-3
Bank Financial StrengthD+
Baseline Credit Assessmentba1
Adjusted Baseline Credit Assessmentba1
Senior UnsecuredBaa3
PEFINDO2015
Corporate RatingAAA/Stable

Analyst Coverage

NOSekuritasAnalisE-mail
1Bahana SecuritiesPrasetya GunadiPrasetya.Christy@bahana.co.id
2BCA SekuritasJohanes Indra PrasetiaJohanes.prasetia@bcasekuritas.co.id
3CGS-CIMBYulinda HartantoYulinda.hartanto@cgs-cimb.com
4Ciptadana SekuritasErni M SiahaanSiahaanerni@ciptadana.com
5Citi Investment ResearchFerry WongFerry.wong@citi.com
6CLSA LimitedSarina LesminaSarina.Lesmina@clsa.com
7Credit SuisseAndri NgaserinAndri.ngaserin@credit-Suisse.com
8Danareksa SekuritasEka SavitriEka.Savitri@danareksa.com
9DBS BankRui Wen Limruiwenlim@dbs.com
10Goldman SachsMelissa KuangMelissa.kuang@gs.com
11Indo Premier SecuritiesJovent MuliadiJovent.muliadi@ipc.co.id
12JP MorganHarsh Wardhan ModiHarsh.w.modi@jpmorgan.com
13Korea Investment & Securities Co Ltd.Edward Ariadi TanuwijayaEdward.t@kisi.co.id
14MacquarieJayden VantarakisJayden.vantarakis@macquarie.com
15Mandiri SekuritasKresna HutabaratKresna.hutabarat@mandirisek.co.id
16Maybank Kim EngRahmi Sari MarinaRahmi.Marina@maybank-ke.co.id
17Mirae Asset Daewoo SecuritiesHandiman Soetoyohandiman.soetoyo@miraeasset.co.id
18MNC SecuritiesVictoria VennyVictoria.nawang@mncgroup.com
19Morgan StanleyMulya ChandraMulya.Chandra@morganstanley.com
20Nomura VerdhanaRaymond KosasihRaymond.kosasih@verdhanaindonesia.com
21RHB ResearchChristopher Andre BenasChristopher.benas@rhbgroup.com
22Samuel SecuritiesSuria DharmaSuria.dharma@samuel.co.id
23Sinarmas SekuritasEvan Lie HadiwidjajaEvan.hadiwidjaja@sinarmassekuritas.co.id
24Sucorinvest Central GaniEdward LowisEdward.lowis@sucorsekuritas.com
25Trimegah SecuritiesWillinoy SitorusWillinoy.sitorus@trimegah.com
26UOB Kay HianRaphon PrimaRaphonprima@uobkayhian.com