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Financial Performance

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

Financial Highlight

(in Million Rp)

	2017	2016	2015	2014	2013
Balance Sheets
Total Assets	709,330,084	603,031,880	508,595,288	416,573,708	386,654,815
Cash, Current Account, Placement (Net)	94,206,269	81,274,183	86,238,205	55,056,486	10,089,927
Marketable Securities (Gross)	36,049,899	23,764,750	9,927,494	12,738,296	23,130,059
Loand (Bruto)	441,313,566	393,275,392	326,105,149	277,622,281	250,637,843
Government Bonds	79,849,452	63,006,339	47,222,319	43,829,797	41,431,956
Investment (Net)	713,423	57,169	35,793	37,434	39,507
Customer Deposit	516,097,982	435,544,913	370,420,785	313,893,430	291,890,195
Borrowing and Marketable Securities Issued	48,204,444	39,615,617	29,890,248	17,370,296	24,987,056
Total Liabilities	608,426,780	513,777,880	430,157,066	355,552,400	338,971,310
Minority Interest	2,311,015	2,096,666	2,023,486	1,949,535	83,270
Equity	100,903,304	89,254,000	78,438,222	61,021,308	47,683,505
Income Statement
Interest Income	48,177,849	43,768,439	36,895,081	33,750,031	26,450,708
Interest Expense	(16,240,086)	(13,773,377)	(11,334,885)	(10,988,641)	(7,392,427)
Net Interest Income	31,937,763	29,995,062	25,560,196	22,761,390	19,058,281
Fee Income	11,507,024	9,962,683	8,872,380	8,854,761	9,440,904
Operating Income	45,212,355	41,299,306	35,258,238	31,748,624	28,499,185
Operating Expense (OPEX)	(20,863,357)	(19,216,843)	(16,509,898)	(14,760,341)	(14,572,688)
Provision for Possible Losses	(7,126,335)	(7,853,131)	(7,336,259)	(3,641,992)	(2,707,694)
Net Operating Income	17,222,663	14,229,332	11,412,081	13,346,291	11,218,803
Non Operational Income (Expense) - Net	(57,276)	73,573	54,067	178,019	59,362
Income Before Tax	17,165,387	14,302,905	11,466,148	13,524,310	11,278,165
Income Tax	(3,394,795)	(2,892,709)	(2,325,616)	(2,694,931)	(2,220,224)
Net Income After Tax	13,770,592	11,410,196	9,140,532	10,829,379	9,057,941
Income attributable to :
» Minority Interest	154,116	71,448	73,951	46,751	3,596
» Net Income	13,616,476	11,338,748	9,066,581	10,782,628	9,054,345
Financial Ratio [%]
Return On Assets (ROA)	2,75%	2,69%	2,64%	3,49%	3,36%
Return On Equity (ROE)	15,60%	15,54%	17,21%	23,64%	22,47%
Net Interest Margin (NIM)	5,50%	6,17%	6,42%	6,31%	6,11%
Loan to Deposit Ratio (LDR)	85,58%	90,41%	87,77%	87,81%	85,30%
Capital Adequacy Ratio (CAR)	18,53%	19,36%	19,49%	16,22%	15,09%
Earning (Loss) Per Share (EPS)	730	610	487	578	486
Other Ratio [%]
NPL Gross	2,26%	2,96%	2,70%	1,96%	2,17%
NPL Net	0,70%	0,44%	0,91%	0,39%	0,55%
LLP/NPL Gross (Coverage Ratio)	148,0%	146,0%	140,4%	130,1%	128,5%
Cost to Income Ratio (CIR)	43,9%	44,0%	44,2%	43,8%	46,7%
Operating Expense to Operating Income	70,99%	73,59%	75,48%	68,02%	67,09%
Net Operating Income/Employee (in million Rp)	1,496	1,330	1,196	1,115	984
Net Open Position (NOP)	2,51%	3,40%	1,65%	1.61%	3.39%
Number of Outlets	2,158	1,997	1,826	1,766	1,693
Number of ATM	17,966	17,056	16,071	14,071	11,163
Number of Employees	27,209	28,184	26,875	26,536	26,100

Dividend Policy

Year	Number of Dividend (Billion Rupiah)	Dividend Per Share	Pay Out Rasio Dividend	Announcement Date	Payment Date
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

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

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