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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
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 March 2020

Share price on 31^st March 2020 : Rp 3.820,-.

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	Tirta Ng	Tirta.ng@bcasekuritas.co.id
3	CGS-CIMB	Ilham Firdaus	Firdaus.ilham@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	Lee Young Jun	Lee.youngjun@miraeasset.com
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