ANALYST MEETING
PT Bank Tabungan Negara (Persero) Tbk.
Business & Financial Performances
as of December 31, 2015
Disclaimer
IMPORTANT: The following forms part of, and should be read in conjunction with, the other material in this presentation
This presentation contains privileged information and has been prepared solely for the recipient(s). By accepting a copy (or the contents) of this presentation, you are deemed to have acknowledged and agreed to the provisions appearing hereinafter. The existence of this presentation and the contents thereof should not be disclosed, reproduced, copied or otherwise disseminated to any other person or published, in whole or in part, without prior consent of PT Bank Tabungan Negara (Persero) Tbk. (“BTN” or the “Company”).
This presentation does not constitute or form part of any offer for sale or invitation, or solicitation of an offer, to subscribe for or purchase any securities and neither this document nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Any decision to purchase or subscribe for securities should be made only on the basis of the information contained in a prospectus or offering circular issued by the Company in connection with any such offering.
Information and opinions contained in this presentation are provided for reference of the recipients only and are not to be relied upon as authoritative or without the recipient’s own independent verification or taken in substitution for the exercise of the recipient’s own judgment. Any reference to past performance should not be taken as an indication of future performance. In furnishing the presentation, the Company has not undertaken to provide the recipient(s) with access to any additional information or updates. None of the Company warrant or guarantee whatsoever that this presentation will lead to the successful completion, or consummation, of any transactions whether or not under contemplation.
3
Macro Economy
4
Outline
Page
Performance Overview
15
Sharia Business
38
Appendices
40
Macro Economy
5
On 13-14th January 2016, BI lowered the BI Rate to
7.25%, after stayed at 7.5% since February 2015. The
decision was made due to monetary easing particularly the
reduced global uncertainty post-FFR hike.
Annual inflation for 2015 stood at 3.35%, which is within
the BI target of 4+1%.
Updates on Macro Economy
Updates on Banking System
Loan growth has remained vulnerable to sluggish economic growth and escalating currency risk. It was slowing
down to 9.85% (yoy) in November 2015, from 11.58% (yoy) in December 2014.
Deposit growth also decelerated to 7.7% (yoy) in November 2015, from 12.29% in December 2014, primarily due
to a decline in time deposits.
NPL stood at 2.66% (gross) in November 2015, jumped from 2.16% in December 2014. It was due to slow
economic growth and the depreciation of Rupiah that affect the borrowers.
7
Updates on Housing Industry
Residential Property Index
Growth of Property Sales (% qtq)
Source: Bank Indonesia Residential Property Survey for Primary House
The growth of Residential Property Price Index in
quarter III-2015 decelerated in both quarterly (0.99%,
qtq) and annually (5.46%, yoy). The trend was also
predicted to persist into quarter IV-2015. Rising Prices of
building materials, higher wages and more expensive
fuel prices as the main determinants of rising residential
property prices.
Developers confirmed a slump in residential property
sales growth during third quarter of 2015, with survey
results indicating a downturn from 10.84% (qtq) to
7.66% (qtq). The slowdown affected all house types,
especially medium houses.
INITIATIVES DONE IN 2015
•
TRANSFORMATION PHASE 2
DIGITAL BANKING PERIOD
•
1 MILLION HOUSES PROGRAM
•
LOAN PROCESS IMPROVEMENT
9
1 Million Houses Program
Bank BTN has become the anchor of the Government One Million Houses Program to reduce the
backlog of housing in Indonesia
11
Achievement of 1 Million Houses Program
Unit
Unit
IDR Billion
Unit
IDR Billion
Unit
IDR Billion
Subsidized Mortgage
331,000
125,422
12,761
161,325
6,587
286,747
19,348
86.63%
Non Subsidized Mortgage
100,000
54,054
13,453
133,298
19,651
187,352
33,104
187.35%
TOTAL
431,000
179,476
26,214
294,623
26,238
474,099
52,452
110.00%
Loan Type
2015 Target
Progress as of 31 December 2015
Mortgage Disbursed
Construction Loans in Progress
Total
Loan Process Improvement
Front-End
•
Implementation of Four-eyes principles
•
Improvement of credit scoring model
•
Increase competence of loan analyst
•
Set up credit risk units
Middle-End
•
Tight monitoring on borrowers business & collateral
•
Improvement of Loan Monitoring System (iCremo)
Back-End
•
Adding field collectors
•
Improvement of Consumer Collection & Remedial
& Asset Management Organization
•
Improvement of collection system (iColl)
•
Asset sales through investor gathering, BTN Property
Website, Auction Body, Exhibition & Property Agents
13
Digital & Branchless Banking Development
Result Summary
Despite of the economy slow down, BBTN recorded a satisfying result in the year of 2015.
Total assets grew by 18.83% (yoy) to Rp171.81 trn, mainly driven by growth on loan and deposit.
Total loans increased by 19.88% (yoy) to Rp 138.96 trn, much higher than system s growth of 9.85% (as of
November 2015). Loan growth has been driven by Housing Loans, particularly Subsidized Mortgages &
Construction Loans, as part of BTN s support to the One Million Houses Program. As a result, we are still
sustaining the leadership of mortgage in Indonesia by 30.6%.
Deposits have been successfully managed to support loan growth. Deposits rose by 19.97% to Rp 127.75 trn.
Current accounts marked the biggest growth at 32.93%.
Net profit increased by 61.57% (yoy) to Rp1.85 trn, due to lesser pressures on cost of funds as well as asset
quality improvement. Interest income growth (16.39%) was exceeding interest expense (10.23%). Net interest
income grew by 25.26%, while fee based income also increased by 22.29%.
NPL was 3.42%, improved from 4.01% in December 2014. The achievement was made through improvement of
collection management system, collateral sale and business process improvement in new loan acquisitions.
Profitability has picked up. NIM increased from 4.47% to 4.87%, while ROA and ROE expanded from 1.14% and
10.92% in December 2014 to 1.61% and 16.84% in December 2015 respectively.
15
Performance Overview
Financial Highlight
(IDR Billion)
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
y.o.y
(NOV 2015)
INDUSTRY
Target BBTN *)
Total Asset
89,121
111,749
131,170
144,582
171,808
18.83%
9.29%
18% - 20%
Total Loan & Financing
63,564
81,411
100,467
115,916
138,956
19.88%
9.85%
19% - 20%
Total Deposits
61,974
80,688
96,213
106,479
127,746
19.97%
7.70%
23% - 25%
Equity
7,322
10,279
11,557
12,252.9
13,860
13.12%
16% - 18%
Net Profit
1,119
1,364
1,562
1,146
1,851
61.57% -8.25% (Aug)
> 40%
Earning per Share (IDR)
123
148
148
108
175
62.04%
CAR (Tier 1)
14.20%
16.95%
14.91%
14.05%
14.86%
CAR (BI)
15.03%
17.69%
15.62%
14.64%
16.97%
21.12%
15% - 16%
NPL (Gross)
2.75%
4.09%
4.05%
4.01%
3.42%
2.66%
3,5% - 3,8%
NPL (Net)
2.23%
3.12%
3.04%
2.76%
2.11%
N I M
5.76%
5.83%
5.44%
4.47%
4.87%
5.20%
5,3% - 5,5%
C I R *)
51.66%
49.71%
50.86%
57.21%
50.08%
COVERAGE RATIO
54.11%
29.48%
27.97%
33.77%
43.14%
ROE
17.65%
18.23%
16.05%
10.95%
16.84%
16% - 18%
ROA
2.03%
1.94%
1.79%
1.14%
1.61%
2.30%
1,8% - 2,0%
17
Balance Sheet
IDR Billion
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
y.o.y
Total Assets
89,121
111,749
131,170
144,582
171,808
18.83%
Total Earning Assets
81,401
101,538
118,305
132,192
157,049
18.80%
- Term Deposit with BI
9,475
10,867
4,834
1,496
7,529 403.15%
- Loans and Financing
63,564
81,411
100,467
115,916
138,956
19.88%
- Securities
7,846
8,491
12,595
13,684
10,001
-26.92%
- Other Earning Assets
517
769
408
1,095
562
-48.65%
Provision on Earning Asset
(954)
(997)
(1,148)
(1,581)
(2,064)
30.55%
Others
8,675
11,208
14,013
13,972
16,823
20.41%
Deposits
61,974
80,688
96,213
106,479
127,746
19.97%
Securities Issued
5,438
7,137
8,837
7,939
10,937
37.76%
Deposits from Other Banks
808
741
285
1,770
3,255
83.94%
Repurchase Agreements
4,450
2,335
2,653
3,818
2,135
-44.07%
Borrowings
5,693
6,734
7,070
6,996
7,725
10.41%
Others
3,436
3,834
4,556
5,329
6,151
15.42%
Asset Composition
Total Assets
(IDR Trillion)
Assets Composition
19
Earning Asset Composition
Total Earning Asset
(IDR Trillion)
Earning Asset Compositions 2015
Loans Composition
Gross Loan
(IDR Trillion)
Housing and Non-Housing Loans
(%)
Rp. Bn
S hares
IDR Bn
S hares
IDR Bn
S hares
IDR Bn
S hares
IDR Bn
S hares
Hous ing L oans
55,805
87.79%
70,223
86.26%
87,005
86.60%
102,614
88.52%
124,927
89.90% 21.74%
21
Growth in Mortgages
Subsidized Mortgages
(IDR Billion)
Non Subsidized Mortgages
(IDR Billion)
Note : Figures on all graphs Include Sharia financing
Mortgage Composition
(%)
Total Mortgages
23
Loan Quality (1/2)
Note : Figures on all graphs Include Sharia financing
Gross NPL
(%)
Net NPL
Loan Quality (2/2)
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
(Gross)
2011
2012
2013
2014
2015
2.74%
3.93%
3.80%
3.43%
2.79%
2.37%
5.00%
5.24%
3.96%
2.48%
2.88%
2.90%
2.61%
2.51%
2.57%
Other Housing Loans
2.78%
3.08%
3.17%
3.47%
3.44%
3.66%
4.74%
4.75%
5.13%
3.81%
3.14%
5.08%
5.60%
8.51%
9.02%
Consumer Loan
1.30%
2.00%
2.03%
2.55%
2.17%
Commercial Loan
3.60%
5.72%
6.63%
10.16%
11.57%
Housing Loans
Subsidized Mortgage
Non-Subsidized Mortgage
Construction Loan
Non-Housing Loans
Loan Type
IDR Bn
Share
IDR Bn
Share
Rp. Bn
Share
Rp. Bn
Share
Rp. Bn
Share
Current
54,052 85.04% 68,420
84.04% 84,301 83.91% 95,262 82.18% 116,887 84.12%
Special Mentioned
7,767 12.22% 9,665
11.87% 12,101 12.04% 16,004 13.81% 17,316 12.46%
PL
61,819 97.25%
78,085
95.91%
96,402 95.95% 111,266 95.99% 134,203 96.58%
Substandard
178
0.28% 686
0.84% 458
0.46% 338
0.29% 250
0.18%
Doubtful
199
0.31% 542
0.67% 457
0.45% 454
0.39% 359
0.26%
Loss
1,368
2.15% 2,098
2.58% 3,151
3.14% 3,859
3.33% 4,144
2.98%
NPL
1,745
2.75%
3,326
4.09%
4,066
4.05%
4,650
4.01%
4,753
3.42%
PL + NPL
63,564 100.00%
81,411
100.00% 100,467 100.00% 115,916 100.00% 138,956 100.00%
NPL Gross
2.75%
4.09%
4.05%
4.01%
3.42%
NPL Netto
2.23%
3.12%
3.04%
2.76%
2.11%
31-Dec-13
31-Dec-15
Collectibility
25
Liabilities
Total Liabilities
(IDR Trillion)
Funding Composition
(IDR Trillion)
Funding Composition 2015
Deposits
Total Deposits Mix
(IDR Trillion)
CASA Composition
(%)
Total Deposits
(IDR Trillion)
Deposits
FY 2011
FY 2012
FY 2013 FY 2014 FY 2015
y.o.y
Current Account
13.15
13.27
19.12
23.23
30.88
32.93%
Savings Account
14.82
21.54
24.24
25.55
29.87
16.93%
Time Deposits
34.01
45.88
52.86
57.70
66.99
16.10%
27
Equity (1/2)
Total Equity
(IDR Trillion)
Equity (2/2)
2011
2012
2013
2014
2015
*)
Tier - 1 Capital
6,584
9,038
9,879
10,736
12,172
Tier - 2 Capital
512
582
722
797
1,721
Capital on B/S
7,322
10,279
11,557
12,253
13,860
Securitization exposure
127
187
247
362
344
RWA - Credit Risk
40,940
46,582
57,749
66,251
70,474
RWA - Market Risk
150
182
284
226
223
RWA - Operational Risk
5,284
6,557
8,229
9,856
11,185
RWA - Total
46,374
53,321
66,262
76,333
81,882
CAR Tier 1/(RWA Credit + Market Risk)
16.02%
19.33%
17.02%
16.15%
17.22%
CAR Tier 1/(RWA Credit + Market + Ops
Risk)
14.20%
16.95%
14.91%
14.06%
14.86%
CAR B/S/(RWA Credit + Market Risk)
17.82%
21.98%
19.91%
18.43%
19.60%
CAR B/S/(RWA Credit + Market + Ops Risk)
15.79%
19.28%
17.44%
16.05%
16.93%
CAR BI ((Tier 1+2)/(RWA Credit + Market Risk))
16.96%
20.17%
17.84%
16.81%
19.65%
CAR BI ((Tier 1+2)/(RWA Credit + Ops Risk))
15.08%
17.75%
15.69%
14.68%
17.01%
CAR BI ((Tier 1+2)/(RWA Credit + Market +
29
Income Statement
(IDR Billion)
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
y.o.y
Interest Income
7,791
9,106
11,197
13,374
15,567
16.39%
Interest Expense
(4,000)
(4,379)
(5,558)
(7,893)
(8,700)
10.23%
Net Interest Income
3,791
4,726
5,639
5,482
6,867
25.26%
Other Operating Income
571
577
798
923
1,132
22.56%
Other Operating Expense
(2,836)
(3,438)
(4,301)
(4,828)
(5,465)
13.20%
Profit From Operating
1,526
1,865
2,136
1,577
2,534
60.62%
Non Operating Income (Expense)
(3)
(8)
5
2
8
322.56%
Profit Before Tax
1,522
1,857
2,141
1,579
2,542
60.95%
Interest Income Composition 2015
(IDR Billion)
FY2012 FY2013 FY2014 FY2015
Y.o.Y
Placement with Bank Indonesia
46
74
81
107
33.06%
Placement with other bank
52
63
40
37
-7.61%
Securities
534
726
982
858
-12.65%
Loan
7,901
9,605
11,353
13,523
19.11%
Income from Syariah
573
729
919
1,042
13.39%
31
Interest Expense Composition 2015
(IDR Billion)
FY2012 FY2013 FY2014 FY2015
Y.o.Y
Bank Indonesia
8
5
2
1
-52.22%
Deposits from other Banks
20
39
84
328
292.68%
Deposits from Non Banks
3,118
4,082
6,290
6,750
7.31%
Securities Issued
674
826
787
883
12.23%
Fund Borrowings
400
450
529
516
-2.41%
Others
159
157
201
222
10.61%
Other Operating Income Composition 2015
(IDR Billion)
*) Reclassified
FY2012 FY2013 FY2014 FY2015
Y.o.Y
Mark to market
9
17
7
-
-100.0%
Gain
17
32
112
170
51.5%
Reversal on Provisions
-
8
5
8
47.5%
Commissions, Services & Admin Fee *)
11
31
496
596
20.2%
Others *)
541
709
303
358
17.9%
33
Other Operating Expense Composition 2015
(IDR Billion)
FY2012 FY2013 FY2014 FY2015
Y.o.Y
Provisions
214
441
777
901
16.00%
Salaries & Employee Benefit
978
1,161
1,260
1,459
15.79%
Electricity, Telp, Office Supp.
384
365
494
591
19.54%
Others *)
355
337
227
422
85.81%
Rent, Service & Maintenance
376
482
542
563
3.73%
Depreciation
267
279
226
196
-13.02%
Promotion
275
411
509
417
-18.06%
Collector Fees & Consultan
313
386
451
544
20.63%
Insurance Premium
145
175
217
245
12.95%
Training
117
110
107
106
-0.89%
Research & Development
4
4
6
7
25.43%
Other Taxes
11
6
8
8
7.31%
Gain
0
1
3
4
18.07%
Mark to Market
-
144
0
0
0%
Total
3,438
4,301
4,828
5,465
13.20%
Key Financial Ratios (1/4)
Net Income
(IDR Billion)
35
Key Financial Ratios (2/4)
ROA
1before tax
1Calculated based on income before income tax (include tax benefit and extraordinary item)/ average total assets based on Bank Indonesia regulation 2Calculated based on net profit/average total assets
Key Financial Ratios (3/4)
ROE
3tier 1 capital
ROE
4balance sheet
15.28%
37
Key Financial Ratios (4/4)
Loan-to-Deposit Ratio
Loan-to-Funding Ratio
Sharia Business
39
Sharia Business
Sharia Assets
(IDR Billion)
Sharia Net Profit
(IDR Billion)
Sharia Deposits
(IDR Billion)
Sharia Financings
Appendices
41
Public Share Ownerships
Share Ownerships Composition as of 31 Dec 2015
IPO by listed on IDX on 17 December 2009 at IDR800 per
share
Rights issue successfully done in November 2012 by issuing
additional 1.512.857.500 new shares
Market cap as of 31 Dec 2015 was IDR 13,7 Bio
Shares Information
Ownership
# of Shares
%
G O I
6,354,000,000
60.04%
Public
4,228,345,000
39.96%
- Domestic
1,838,804,196
43.49%
- Foreign
2,389,540,804
56.51%
Total
10,582,345,000
100.00%
Period Opening Lowest Highest Closing Average Volume
(Lots) PBV (x) BVPS
Market Cap (IDR Million)
2015 1,205 935 1,315 1,295 302,217 0.99 1,310 13,704,137
2014 880 835 1,525 1,205 438,915 1.04 1,155 12,734,074
Outlets
I N D O N E S I A
Regional Offices
2
Branch Offices
38
Sub Branch Offices
158
Cash Outlets
375
Sub Branch Offices
5
Cash Outlets
8
Sharia Outlets
-Priority Outlet
2
Post Offices
141
Bali & Nusa Tenggara
Regional Offices
1
Branch Offices
11
Sub Branch Offices
34
Cash Outlets
58
Sub Branch Offices
10
Cash Outlets
18
Sub Branch Offices
13
Cash Outlets
18
Sub Branch Offices
3
Cash Outlets
2
2009 2010 2011 2012 2013 2014 2015
Regional Offices - 1 2 3 3 3 4
Branch Offices 61 63 65 65 65 65 65
Sub Branch Offices 204 214 218 223 223 223 223
Cash Outlets - 111 316 415 479 479 479
Sharia Outlets 21 26 39 50 50 50 50
Priority Outlet - 1 7 13 23 34 39
Total Outlets 286 416 647 769 843 854 860
Post Offices 2,045 2,661 2,738 2,922 2,922 2,951 2,951
43
INTERNATIONAL AWARDS 2015
THE LEAGUE OF AMERICAN COMMUNICATIONS
PROFESSIONALS (LACP) AWARD 2014
•
Gold Award
•
#77 of Top 100 Annual Report Worldwide
•
#17 of Top 50 Annual Report in the Asia Pacific Region
•
#10 Indonesian Annual Report of 2014
REGIONAL AWARDS 2015
ASEAN CORPORATE GOVERNANCE
AWARD 2015
45
