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Financial Performance


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

Financial Highlight

(in Billion Rp)

2020 2019 2018 2017 2016

Balance Sheets
Total Assets 891,337 845,605 808,572 709,330 603,032
Cash, Current Account, Placement (Net) 129,827 115,205 102,093 94,206 81,274
Marketable Securities (Gross) 29,687 27,162 32,044 36,050 23,765
Loand (Bruto) 586,207 556,771 512,778 441,314 393,275
Government Bonds 90,659 81,029 86,791 79,849 63,006
Investment (Net) 813 523 604 713 57
Customer Deposit 679,452 614,311 578,775 516,098 435,545
Borrowing and Marketable Securities Issued 47,199 60,321 55,112 48,204 39,616
Total Liabilities 746,236 720,601 698,198 608,427 513,778
Minority Interest 2,680 2,488 2,297 2,311 2,097
Equity 112,872 125,004 110,374 100,903 89,254

Income Statement
Interest Income 56,173 58,532 54,139 48,178 43,768
Interest Expense (19,021) (21,930) (18,692) (16,240) (13,773)
Net Interest Income 37,152 36,602 35,446 31,938 29,995
Premium Income and Investments Return 1,471 1,697 1,712 1,768 1,342
Other Operating Income 13,413 13,712 11,613 11,507 9,963
Operating Expense (OPEX) (24,214) (23,687) (21,783) (20,863) (19,217)
Provision for Possible Losses (22,590) (8,838) (7,388) (7,126) (7,853)
Net Operating Income 5,231 19,487 19,599 17,223 14,229
Non Operational Income (Expense) - Net (119) (118) 221 (57) 74
Income Before Tax 5,112 19,369 19,821 17,165 14,303
Income Tax (1,791) (3,861) (4,729) (3,395) (2,893)
Net Income After Tax 3,321 15,509 15,092 13,771 11,410
Income attributable to :
» Minority Interest 41 124 77 154 71
» Net Income 3,280 15,384 15,015 13,616 11,339

Financial Ratio [%]
Return On Assets (ROA) 0,5% 2,4% 2,8% 2,7% 2,7%
Return On Equity (ROE) 2,9% 14,0% 16,1% 15,6% 15,5%
Net Interest Margin (NIM) 4,5% 4,9% 5,2% 5,5% 6,1%
Loan to Deposit Ratio (LDR) 87,3% 91,5% 88,7% 85,5% 90,4%
Capital Adequacy Ratio (CAR) 16,8% 19,7% 18,4% 18,6% 19,3%
Earning (Loss) Per Share (EPS) 176 825 805 730 610

Other Ratio [%]
NPL Gross 4,3% 2,3% 1,9% 2,3% 3,0%
NPL Net 0,9% 1,2% 0,8% 0,7% 0,4%
LLP/NPL Gross (Coverage Ratio) 182,4% 133,5% 152,9% 148,0% 146,0%
Cost to Income Ratio (CIR) 44,2% 43,9% 42,5% 43,9% 44,0%
Operating Expense to Operating Income 93,3% 73,16% 70,15% 70,99% 73,59%
Operating Income/Employee (in Billion Rp) 1,738 1,732 1,657 1,496 1,330
Net Open Position (NOP) 3,2% 2,4% 2,0% 2,5% 3,4%

Number of Outlets 2,219 2,368 2,262 2,150 1,990
Number of ATM 18,230 18,659 18,311 17,966 17,056
Number of Employees 27,202 27,211 27,224 27,209 28,184

Dividend Policy

Year Number of Dividend (Billion Rupiah) Dividend Per Share Pay Out Rasio Dividend Announcement Date Payment Date
2020 820,10 44,02 25% of 2020 Net Income 31 Mar 2021 30 Apr 2021
2019 3.846,12 206,24 25% of 2019 Net Income 24 Feb 2020 24 Mar 2020
2018 3.753,78 201,29 25% of 2018 Net Income 14 May 2019 14 Jun 2019
2017 4,765.77 255.555488 35% of 2017 net income 22 March 2018 20 April 2018
2016 3,968.56 212.806849 35% of 2016 net income 20 March 2017 18 April 2017
2015 2,266.64 122.533827 25% of 2015 net income 14 March 2016 13 April 2016
2014 2,695.66 144.549658 25% of 2014 net income 19 March 2015 17 April 2015
2013 2,716.30 145.71 30% of 2013 net income 03 April 2014 19 May 2014
2012 2,113.84 113.35 30% of 2012 net income 02 April 2013 16 May 2013
2011 1,165.18 62.48 20% of 2011 net income 30 May 2012
2010 1,230.51 65.98 30% of 2010 net income 30 June 2011
2009 869.39 9.44 47.48 35% of 2009 net income 11 December 2009 24 June 2010
2008 122.24 8.00 10% of 2008 net income 7 July 2009
2007 449.05 29.40 50% of 2007 net income 4 July 2008
2006 962.92 72.50 50% of 2006 net income 2 July 2007
2005 707.40 53.26 50% of 2005 net income 4 July 2006
2004 1,568.20 118.07 50% of 2004 net income 7 July 2005
2003 314.90 23.71 75.01% of 2003 net income 21 July 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 August 1998
1996 56.40 195.00 30% of 2nd half year 1996 net income 13 June 1997

Rating Report

On September 2021

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

PEFINDO 2021
Corporate Rating AAA/Stable
Moody's 2021
Outlook Stable
Bank Deposits Baa2/P-2
Baseline Credit Assessment Baa3
Adjusted Baseline Credit Assessment Baa3
Counterparty Risk Assessment Baa2/P-2
Fitch Rating 2021
Long Term Foreign Currency BBB-/Stable
Long Term Local Currency BBB-/Stable
Short Term Foreign Currency F3
Support Rating Floor BBB-
Support Rating 2
Viability Rating bb+
National Long Term Rating AA+/Stable
National Short Term Rating F1+
Standard & Poor's 2021
Outlook Negative
Long Term Foreign Issuer Credit BBB-
Long Term Local Issuer Credit BBB-
Short Term Foreign Issuer Credit A-3
Short Term Local Issuer Credit A-3
Fitch Rating 2020
Long Term Foreign Currency BBB-/Stable
Long Term Local Currency BBB-/Stable
Short Term Foreign Currency F3
Support Rating Floor BBB-
Support Rating 2
Viability Rating bb+
National Long Term Rating AA+/Stable
National Short Term Rating F1+
Senior Unsecured Bond BBB-
Standard & Poor's 2020
Outlook Stable
Issuer Credit Rating BBB-/Stable/A-3
SACP bbb-
Anchor Bb+
Business Position Strong (+1)
Capital and Earning Strong (+1)
Risk Position Moderate (-1)
Funding and Liquidity Average & Strong (0)
Support 0
GRE Support 0
Group Support 0
Sovereign Support 0
Additional Factors 0
Moody's 2020
Outlook Stable
Bank Deposits Baa2/P-2
Baseline Credit Assessment Baa3
Adjusted Baseline Credit Assessment Baa3
Counterparty Risk Assessment Baa2/P-2
PEFINDO 2020
Corporate Rating AAA/Stable
Fitch Rating 2019
Long Term Foreign Currency BBB-/Stable
Long Term Local Currency BBB-/Stable
Short Term Foreign Currency F3
Support Rating Floor BBB-
Support Rating 2
Viability Rating bb+
National Long Term Rating AA+/Stable
National Short Term Rating F1+
Senior Unsecured Bond BBB-
Standard & Poor's 2019
Outlook Stable
Issuer Credit Rating BBB-/Stable/A-3
SACP bbb-
Anchor Bb+
Business Position Strong (+1)
Capital and Earning Strong (+1)
Risk Position Moderate (-1)
Funding and Liquidity Average & Strong (0)
Moody's 2019
Outlook Stable
Bank Deposits Baa2/P-2
Baseline Credit Assessment Baa3
Adjusted Baseline Credit Assessment Baa3
Counterparty Risk Assessment Baa2/P-2
PEFINDO 2019
Corporate Rating AAA/Stable
Fitch Rating 2018
Long Term Foreign Currency BBB-/Stable
Long Term Local Currency BBB-/Stable
Short Term Foreign Currency F3
Support Rating Floor BBB-
Support Rating 2
Viability Rating bb+
National Long Term Rating AA+/Stable
National Short Term Rating F1+
Senior Unsecured Bond BBB-
Standard & Poor's 2018
Outlook Stable
Issuer Credit Rating BB+
SACP bb
Anchor bb
Risk Position Moderate (-1)
Funding and Liquidity Above Average & Strong (+1)
Moody's 2018
Outlook Stable
Bank Deposits Baa2/P-2
Baseline Credit Assessment Baa3
Adjusted Baseline Credit Assessment Baa3
Counterparty Risk Assessment Baa2/P-2
PEFINDO 2018
Corporate Rating AAA/Stable
Fitch Rating 2017
Long Term Foreign Currency BBB-/Stable
Long Term Local Currency BBB-/Stable
Short Term Foreign Currency F3
Support Rating Floor BBB-
Support Rating 2
Viability Rating bb+
National Long Term Rating AA+/Stable
National Short Term Rating F1+
Senior Unsecured Bond BBB-
Standard & Poor's 2017
Outlook Stable
Issuer Credit Rating BB+
SACP bb
Anchor bb
Risk Position Moderate (-1)
Funding and Liquidity Above Average & Strong (+1)
Moody's 2017
Outlook Positive
Bank Deposits Baa3/P-3
Baseline Credit Assessment Ba1
Adjusted Baseline Credit Assessment Ba1
Counterparty Risk Assessment Baa3/P-3
Senior Unsecured Baa3
PEFINDO 2017
Corporate Rating AAA/Stable
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

NO Sekuritas Analis E-mail
1 Bahana Securities Prasetya Gunadi Prasetya.Christy@bahana.co.id
2 BCA Sekuritas Johanes Indra Prasetia Johanes.prasetia@bcasekuritas.co.id
3 CGS-CIMB Yulinda Hartanto Yulinda.hartanto@cgs-cimb.com
4 Ciptadana Sekuritas Erni M Siahaan Siahaanerni@ciptadana.com
5 Citi Investment Research Ferry Wong Ferry.wong@citi.com
6 CLSA Limited Sarina Lesmina Sarina.Lesmina@clsa.com
7 Credit Suisse Andri Ngaserin Andri.ngaserin@credit-Suisse.com
8 Danareksa Sekuritas Eka Savitri Eka.Savitri@danareksa.com
9 DBS Bank Rui Wen Lim ruiwenlim@dbs.com
10 Goldman Sachs Melissa Kuang Melissa.kuang@gs.com
11 Indo Premier Securities Jovent Muliadi Jovent.muliadi@ipc.co.id
12 JP Morgan Harsh Wardhan Modi Harsh.w.modi@jpmorgan.com
13 Korea Investment & Securities Co Ltd. Edward Ariadi Tanuwijaya Edward.t@kisi.co.id
14 Macquarie Jayden Vantarakis Jayden.vantarakis@macquarie.com
15 Mandiri Sekuritas Kresna Hutabarat Kresna.hutabarat@mandirisek.co.id
16 Maybank Kim Eng Rahmi Sari Marina Rahmi.Marina@maybank-ke.co.id
17 Mirae Asset Daewoo Securities Handiman Soetoyo handiman.soetoyo@miraeasset.co.id
18 MNC Securities Victoria Venny Victoria.nawang@mncgroup.com
19 Morgan Stanley Mulya Chandra Mulya.Chandra@morganstanley.com
20 Nomura Verdhana Raymond Kosasih Raymond.kosasih@verdhanaindonesia.com
21 RHB Research Christopher Andre Benas Christopher.benas@rhbgroup.com
22 Samuel Securities Suria Dharma Suria.dharma@samuel.co.id
23 Sinarmas Sekuritas Evan Lie Hadiwidjaja Evan.hadiwidjaja@sinarmassekuritas.co.id
24 Sucorinvest Central Gani Edward Lowis Edward.lowis@sucorsekuritas.com
25 Trimegah Securities Willinoy Sitorus Willinoy.sitorus@trimegah.com
26 UOB Kay Hian Raphon Prima Raphonprima@uobkayhian.com