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(1)

PT Bank Mandiri (Persero)

PT Bank Mandiri (Persero)

Tbk

Tbk

.

.

Audited Results & Financial Performance for

First Half Year Ended 30 June 2003

(2)

Mandiri at a Glance

Assets - Market Share as of Mar 2003 (1)

Other Indonesian Banks IDR 354 tn

10.7% 10.6%

7.8%

4.3% 3.4% 23.5%

Mandiri BNI BCA BRI Danamon BII

„ Formed in 1999

„ Dominant market position

¾ Largest bank in terms of

31 March 2003 IDR tn US$ bn(3)

Assets 258.1 29.0

Loans 66.9 7.5

Deposits 186.3 20.9

¾ Strong brand recognition

„ Extensive infrastructure

¾ Nationwide reach with 691 branches and 1,574 ATMs as of June 30 2003

¾ Centralised online system

„ Large customer base

¾ 6.8 mn active deposit accounts

¾ Strong and deep relationships with Government and corporate borrowers

¾ Strong momentum in commercial and consumer segments

Bank Mandiri

IDR 67 tn Bank Mandiri IDR186 tn

Other Indonesian Banks IDR 647 tn

16% 84%

22%

78%

(3)

Growing Loan Book is Generating Higher

Loan to Deposit Ratio

41.2

43.0

49.2

48.3

50.4

65.4

66.8

26.3%

28.3%

25.3%

27.5%

35.4%

36.2%

26.7%

0

10

20

30

40

50

60

70

80

1H2000 2H2000 1H2001 2H2001 1H2002 2H2002 1H2003

0%

5%

10%

15%

20%

25%

30%

35%

40%

Loans LDR

Loans, Rp. Trillion

LDR Ratio

(1.8%) 14.4%

4.4% 4.3% 29.8% 2.1%

(4)

Loan Origination Remains Strong in the First Half

IDR tn

Total Loan Growth (Jan-Jun 2003, IDR tn) – Bank Only

63,941

0

64,885

4,609

724

987

1,954

Beg. Balance New Loans F/X Impact IBRA Purchases

Loans Written Off

Principal Collection

End Balance

(5)

Loan Portfolio Growth is Well Diversified

40.2

22.2

1.5 40.4

22.8

1.6

0 5 10 15 20 25 30 35 40 45

Corporate Commercial Consumer

2002

H1 2003

Breakdown By Sector, June 2003(1)

(1) As of June 2003; Non-consolidated numbers

Loan by Customer Type

IDR tn

F&B 6%

Textile 8%

Pulp& Paper 6%

Chemical 10%

Non metal mining

5% Trading,

Services 12% Agriculture

13%

Other Mfg 6%

Others, <5% each

25% Transport.,

Comms. 6%

Share of Loan Book, Jun. 2003

35.2% 2.5%

(6)

NPL Reduction

55.4%

9.2%

7.3% 7.3%

2.8% 1.9% 2.0%

9.7%

14.1%

19.8%

3.1%

5.6%

5.6%

222%

130% 123%

190%

178%

147%

81%

0% 10% 20% 30% 40% 50% 60%

H1 '00 H2 '00 H1 '01 H2 '01 H1 '02 H2 '02 H1 '03 0% 75% 150% 225%

Gross NPL Ratio Net NPL Ratio Prov / NPL

NPL Ratio

P

rovisioning Coverage

Asset Quality

3 pronged approach to improving asset quality

„ Conservative provisioning

¾ 178% coverage of NPLs as of June 30 2003

¾ Actual versus BI requirement was Rp. 4.5 trillion higher

„ Rigorous restructuring and recovery

¾ In H1 2003, IDR 0.1 tn of NPLs were restructured

¾ In H1 2003, IDR 0.5 tn of written-off loans and IDR 0.6 tn of NPLs were recovered

„ Risk management for new credit

¾ 4-Eyes principle

¾ Portfolio risk management

¾ Customer facilities rating

(7)

H1 2003 Movement in Performing and Non-Performing

Loans

409

59,214

60,061

1,774

3,966

1,754

Beg. Balance U/G from NPL D/G to NPL

Net

Disbursements

FX Impact

End Balance

Performing Loan Movements - Bank Only

IDR bn

Non-Performing Loan Movements – Bank Only

181

987

724

644

1,754

4,727

409

4,824

Beg. Balance U/G to PL D/G from PL

Net

Disbursements

Collections Write-Offs FX Impact End Balance

(8)

H1 2003 Movement in Category 1 and 2 Loans

43,102

1,172

3,185

99

223

2,162

2,529

44,623

Beg. Bal. D/G to Cat. 2 U/G from Cat. 2 D/G to NPL U/G from NPL

Net

Disbursements

FX Impact

End Bal.

Category 1 Loan Movements – Bank Only

IDR bn

Category 2 Loan Movements – Bank Only

602

781

308

1,530

2,162

2,529

16,113

15,438

Beg. Bal. Cat. 1 D/G U/G to Cat. 1 D/G to NPL NPL U/G Net Disbursements

(9)

73.4%

67.1% 68.0% 68.6% 67.7% 66.0% 62.8%

10.8%

11.0% 11.4% 11.7% 13.5% 16.3% 17.7%

15.8%

21.9% 20.6% 19.7% 18.8% 17.7% 19.5%

0%

20%

40%

60%

80%

100%

H1 2000

H2 2000

H1 2001

H2 2001

H1 2002

H2 2002

H1 2003

Time

Savings

Demand

0% 20% 40% 60% 80% 100%

Funding Mix Improves

163 190

154 174 183 184 184

Total (Rp Tr)

Deposit Analysis(1)

Consumer & Commercial Deposits

By Depo

sit Type

(10)

Savings Deposit Growth Generating a Better Funding Mix

22.3

24.7

29.9

32.5

16.6

19.8 18.0

11.0% 11.4% 11.7%

13.5%

16.3%

17.7%

10.8%

0

5

10

15

20

25

30

35

40

H1 2000

H2 2000

H1 2001

H2 2001

H1 2002

H2 2002

H1 2003

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Savings Deposits, Rp. Trillion

%

o

f Total Deposits

8.5% 9.9% 12.6% 10.7% 21.3% 8.7%

(11)

Enhanced Distribution System

Prior to Legal Merger Prior to Legal

Merger June 2003June 2003

406 full fledged branches

174 sub branches

160 cash outlets

513 ATMs

54 hubs

422 spokes

215 cash outlets

1,574 ATMs

Enhanced Distribution Network

1,574 533 1,184 1,559 248 176 63 16 0 500 1,000 1,500 2,000 2,500

2000 2001 2002 H1 2003

0 50 100 150 200 250

ATMs ATM Transactions ('000)

# of Distribution Outlets

Avg. Daily

ATM

Trans

a

c

tion Volume (‘00

0)

15-fold increase in electronic transactions

within 2.5 years

ATM Transaction Growth

Distribution Capability ATMs ATMs Cash Cash Outlets Outlets Tele

Tele- -banking banking Mobile Mobile Banking Banking Internet Internet Banking

Banking(1)(1)

Branches Branches Distribution Distribution Capability Capability CBCs

CBCs Priority Priority

Banking

Banking

(12)

Recap Bond Portfolio

AFS 21.5% HTM 75.5% Trading 3.0% Fixed 26.6% Variable 64.4% Hedge 9.0%

Breakdown as of Jun 2003

> 5 Years 87.8%

< 1 Year 1.7%

1 - 5 Years 10.5%

„During H1 2003, we sold Rp. 13.29 trillion in Re-cap bonds, with an aggregate realized 1.2 137.0 135.8 (2.7) 148.8 151.5 (7.3) 153.5 160.8 Total 0.0 103.4 103.4 0.0 108.0 108.0 0.0 114.3 114.3 Held to Maturity

1.1 29.5 28.4 (2.2) 31.6 33.8 (5.0) 31.2 36.2 Available for Sale

(13)

Summary P&L Information

0.1 90 0.8 950 0.2 288

Non Operating Income

(0.2) (308) (0.8) (937) (0.3) (421)

Other Operating Expenses

2.5 3,147 2.3 2,830 2.3 2,980

Net Income Before Tax

(0.7) (857) (1.0) (1,213) (0.7) (847)

G & A Expenses

(0.7) (894) (0.7) (837) (0.6) (729) Personnel Expenses 0.2 283 0.2 288 1.0 1,243

Unrealized Gain/Loss in Value of Bonds

(0.7) (917) (0.3) (347) (0.5) (590) Provisions, Net 1.7 2,239 1.5 1,815 1.4 1,770

Net Income After Tax

2.4 3,057 1.5 1,880 2.1 2,692

Profit from Operations

1.1 1,364 0.2 295 0.2 195

Realized Gain from Sale of Bonds

0.6 746 0.8 999 0.5 613

Other Operating Income

2.8 3,641 2.9 3.633 2.5 3,229

Net Interest Income

(8.1) (10,406) (9.3) (11,626) (10.4) (13,390) Interest Expense 11.0 14,047 12.2 15,259 12.9 16,620 Interest Income

% of Av. Assets Rp (Billions) % of Av.Assets Rp (Billions) % of Av.Assets* Rp (Billions) H1 2003 H2 2002 H1 2002

(14)

26.4%(2) 23.4% 29.8% Total CAR 16.2%(2) 15.2% 19.6%

Tier 1 CAR

178%

190%

123%

NPL Provisions / NPLs

39.9%

44.3%

41.0%

Cost to Income(1)

24.5%

26.2%

27.6%

RoE – after tax

2.5%

2.3%

2.3%

RoA - before tax

1,052

722

696

Book Value/Share (Rp) (3)

112

90

89

EPS (Rp) (3)

7.3%

7.3%

9.1%

Gross NPL / Total Loans

3.1% 2.9% 2.7% NIM 184.4 184.1 183.4 Customer Deposits 257.8 250.4 248.9 Total Assets 137.0 148.8 153.9 Government Bonds 66.8 65.4 50.4 Gross Loans H1 2003 H2 2002 H1 2002 IDR tn / %

Key Balance Sheet Items and Financial Ratios

„ Strongly capitalised

„ Converting Government bonds into profitable loans

„ Improving performance ratios

„ Track record of earning growth

„ Landmark financing transactions

¾ US$ 125 mn (FRN 2001)

¾ US$ 125 mn (Sub Debt 2002)

¾ US$ 300 mn (MTN 2003)

„ July IPO was Indonesia’s largest post-crisis

¾ Upsized from 15% to 20% due to demand

¾ Over-subscribed by 7.2 times

(15)

71.7% 74.1% 70.4%

62.4% 65.3%

62.2% 57.0%

27.0% 26.8%

20.7%

17.0% 17.8% 19.9%

19.1%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

H1 2000 H2 2000 H1 2001 H2 2001 H1 2002 H2 2002 H1 2003

E

a

rn

in

g A

sset

s (

%

Government Bond Loans Other Assets

19.8% 19.0% 18.1% 19.0% 19.3% 22.1%

29.9%

74.1%

63.6% 67.8%

68.2% 74.9% 75.4% 74.7%

0% 20% 40% 60% 80% 100% 120%

Int. from Bonds Int. from Loans

As a

%

of Total Interest Income

(16)

44.0 42.6

49.9

58.1

56.1

72.5

79.5

15.4 16.8 17.0

21.0 14.5

13.3 9.7

0

20

40

60

80

H1 2000

H2 2000

H1 2001

H2 2001

H1 2002

H2 2002

1H2003

21.9%

31.3%

28.5%

26.4%

29.8%

23.4%

26.4%

5% 10% 15% 20% 25% 30% 35%

CAR BI Min Req

A Strong Capital Base to Support Growth

RWA/Total Capital, Rp. Trillion

(17)

3.0%

2.7%

2.9%

3.1%

2.9%

2.7%

0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 2.4% 2.8% 3.2%

13.8% 13.3%

11.7%

0.8% 1.0%

1.3% 1.8%

2.1%

2.2%

2.4%

11.1% 11.5%

12.5%

13.1%

10.3% 10.5% 11.3% 11.4%

11.7%

11.1%

9.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

H1 2000

H2 2000

H1 2001

H2 2001

H1 2002

H2 2002

1H2003

= Average Yield of Earning Assets

= Average Cost of Funds

= Interest Spread

Maintaining Margins Despite a Fluctuating Interest Rate

Net Intere

st Ma

rgins

(18)

103

227

109

297

159

404

246

148

475

285

804

340 306

224 8.0%

10.2%

12.6%

15.8%

14.7%

8.8% 8.0%

0

300

600

900

H1 2000 H2 2000 H1 2001 H2 2001 H1 2002 H2 2002 H1 2003

-2.5%

2.5%

7.5%

12.5%

17.5%

Loan related Fees Non-loan related Fees

Fees & Commissions / Operating Income(1)

IDR bn

(19)

695

1,168

587

1,083

729

837

894

655

695

752

995

847

1,213

857

-1,000 2,000 3,000 4,000 5,000

H1 2000 H2 2000 H1 2001 H2 2001 H1 2002 H2 2002 1H2003

Personnel Expenses G&A Expenses

Overhead Spending Remains Under Control Despite Heavy

Investment in Brand & IT Platform

27.8%

33.4%

45.6%

41.0%

44.3%

39.9%

37.1%

0% 10% 20% 30% 40% 50%

Overhead Cost (Rp.Billion)

Cost to In

come Ratio

(20)

Consistent Improvement in Profitability

762

1,608

1,770

2,239

420

1,138

1,816

0

2,500

5,000

7,500

2000

2001

2002

H1 2003

H1 PAT H2 PAT

Profit after Tax

Return on Equity

IDR bn

9.7%

21.5%

26.2%

24.5%

(21)

Upcoming Corporate Actions

Dividends

Dividends

Quasi-Reorganization

Quasi-Reorganization

„ The Bank is in the process of preparing for a Quasi-Reorganization, which is planned for submission to shareholders at an EGM in Q4 2003

„ Dividends may only be paid from profits booked after the effective date of the quasi-reorganization

„ Our intention in respect of dividends, as described in our IPO Prospectus, remains unchanged, i.e.

¾ Total dividend payout of 50% of audited net profit for the year

¾ Interim dividend payment [currently planned for Q4]

EGM

September 29 2003

EGM

September 29 2003

„ Proposed Agenda:

¾ Appointment of Directors and Commissioners

¾ Appointment of Auditors for 2003

(22)

21

Question &

(23)

PT Bank Mandiri (Persero)

PT Bank Mandiri (Persero)

Tbk

Tbk

.

.

CLSA Investors’ Forum 2003

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