INVESTOR QUARTERLY REPORT
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1 INVESTOR QUARTERLY REPORT 4 rd Edition 2016 Okt Des rd QUARTER 2016 HIGHLIGHTS Indonesia Macro Economy Monetary easing continued through the fourth quarter of 2016, Bank Indonesia decided to maintain the BI 7-day Reverse Repo Rate (BI 7-day Rate RR) in December 2016 at 4.75%, Deposit interest rates Facility (DF) at 4.00% and Lending Facility (LF) at 5.50%. Lower interest rates on deposits and credits continued until the end of the fourth quarter of Compared to the third quarter of 2016, the weighted average (RRT) deposit rate in the fourth quarter 2016 decreased by 14 bps to 6.7%. For the year-to-date (ytd), average interest rates on deposits in the fourth quarter of 2016 have decreased by 122 bps. In line with deposit rates, bank lending rates in the fourth quarter 2016 recorded a decrease. Compared 4.92% to the third quarter of 2016, lending rates in the fourth quarter 2016 fell by 19 bps to 12.04%. For the year to date (ytd), lending rates in the fourth quarter of 2016 decreased by 79 bps, slower than the decline in the average interest rate on deposits. After experiencing pressure after the announcement of the US presidential election, the rupiah exchange rate strengthened in December as capital flows back sign, In point to point, the rupiah appreciated 0.59% (mtm) to Rp per US dollar. Liquidity conditions in the money market were maintained. Interbank rates O / N in the third quarter 2016 decreased from 4.76% in the third quarter of 2016 to 4.30% in the fourth quarter. Growth in Third Party Funds (TPF) in the fourth quarter 2016 was recorded at 9.6% (Yoy), up compared to the previous quarter growth of 3.1% (yoy). Credit growth in the fourth quarter 2016 showed an increase. Credit growth was recorded at 7.9% (yoy), lower than previous quarter s growth of 6.5% (yoy). Source: Graph USD/IDR - Source : Bank Indonesia Graph : Third Party Fund Growth - Source: Bank Indonesia Investor Relations Sahid Sudirman Center 56F Unit A-B Jl. Jend. Sudirman Kav 86 Jakarta Pusat Telp : Fax : deasy.wulaningsih@bankandara.co.id Website: Our issue this quarter From Management 2 Finance and Operations Loan and Deposit Portfolio 3 5 Pro-poor Information Electronic Banking Service 6 7 Corporate Governance 7 About Bank Andara Bank Andara is a wholesale banking institution with social and financial bottom lines. Bank Andara obtained BI s approval to run the business in January 2009, and currently serves as a strategic banking partner to the Indonesian microfinance sector (MFI) in providing loans and services. Established by a trusted international investment consortium, Bank Andara s shareholders are Mercy Corps, IFC, KfW, Hivos- TriodosFonds, and Developing World Markets Fund S.C.A SICAV SIF, global investors in microfinance. The Bank currently works with more than 700 MFIs throughout Indonesia and intends to reach 1,200 MFIs in the next 3 (three) years. The microfinance sector in Indonesia is one of the world s largest, with estimated of 50,000 MFIs operating in the country. Annual inflation rate - Source: Bank Indonesia Graph: Interest Rate Source: Bank Indonesia Vision To serve as catalyst to reach millions of Indonesians that lack access to the financial sector by providing financial products and services through financial institutions as well as through direct means. Mission To provide access to wide-ranging financial services directly or through financial or non-financial institutions in a sustainable and accountable manner.
2 From the CEO s desk Dear Friends of Bank Andara, 2016 has been the "Year of Bank Growth" with the motto Andara Baru, Andara Maju", where the Bank is focusing on diversification through the development of non BPR business segments, increasing lending productivity, managing the capital increase efficiently, strengthening human resources capabilities and equipping staff through various training. There were several important event for the Bank in Q In Nov 2016 APRO Financial Co, Ltd became Bank Andara s controlling shareholder by taking 40% of the Bank s shares. We have carried out office relocation for 3 branches (Jakarta, Semarang and Surabaya) with cost saving up to 1.2billion annually. In 2016 Bank Andara gradually began to show increasingly positive performance, as indicated by the improved financial performance and increased lending to more diverse business segments. As of December 2016 the position of Bank Andara s loan portfolio grew 48% compared to the position in December At the same time, the Bank also reduced dependence on the BPR and micro-finance institution segments, As of Dec 2016 the share of the Bank s lending for BPR segment was 66%, down from 91.5% in With this performance improvement, the Bank has successfully turned losses of about 1.5 billion per month into a profit since July 2016, or two months earlier than previously projected in the RBB. The Bank also has posted a profit in the fourth quarter of 2016, excluding one off acquisition cost (Rp.10.9billion) in Nov In 2016, the Bank was able to maintain its COF and increase NII so that the NIM increased from 4.68% to 5.48%. The business expansion to other segments showed very positive signed in 2016 there were no significant additional NPL accounts so the NPL ratio also able to decrease from 3.33% in 2015 to 2.22%. Andaralink volume of transactions, as the valuable facility for customers, in Q increased significantly by 985 thousand transactions when compared to the end of Q This is because of the success of the Optima 2 program and Andaralink features developed for group loans through cooperation with MFI. The Bank will continue to provide better services, better funding products with initiatives such as Tabungan Umroh and Qurban, KPG (loan with salary deduction scheme), broadening SME lending to other area, to etc. The Bank will continue to assess the organizational structure, in order to support the improvement of the productivity and performance of the Bank. The 3 business strategy objectives for the next 3 years plan are: a. Strengthening capital through a capital increase of APRO Financial Co Ltd. Through the capital increase the bank is expected to grow healthier and faster while maintaining business continuity. b. Business diversification so that the Bank can adapt to the conditions of the Indonesian market. Developing a business model in accordance with the capacity of the Bank and synergized with the second bank. c. Improvement in quality of human resources and capacity to support healthy growth. Enclosed you will find the highlights of Bank Andara s fourth quarter 2016 performance. If you would like more information, please deasy.wulaningsih@bankandara.co.id. Warm Regards, Darwin Wibowo INVESTOR QUARTERLY REPORT Page 2
3 Finance and Operations Finance BALANCE SHEET (IDR million) Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 ASSETS Cash & Short-term Investment 216, , ,731 52, ,748 Marketable Securities 142, , ,894 67, ,338 Total Loans (Net) 673, , , ,298 1,008,347 Fixed Assets (Net) 5,623 4,851 4,207 4,748 4,208 Other 22,439 23,058 22,770 22,234 23,251 TOTAL ASSETS 1,061,084 1,006,611 1,024, ,312 1,390,891 LIABILITIES Third Party Funds 763, , , , ,988 Fund Borrowings 77,189 66,174 55,155 44,133 33,106 Other Liabilities 68,938 69,954 86,011 67,070 23,596 TOTAL LIABILITIES 909, , , , ,691 EQUITY Total Paid Up Capital 330, , , , ,103 Other Comprehensive Income (11,180) (4,490) (2,090) 1,719 (5,037) Retained Earnings (167,700) (172,644) (181,551) (181,218) (187,865) TOTAL EQUITY 151, , , , ,201 TOTAL LIABILITIES & EQUITY 1,061,084 1,006,611 1,024, ,312 1,390,891 Cash and short term Investment were maintained at IDR 237billion, a significant increase from the level of the previous quarter due to the effects of the capital injection. The placement of money market funds amounted to IDR 118billion, an increase IDR 51billion compared to September 2016, due to the purchase of SUKUK Bonds SR bio. In Dec 2016, the Bank s loan portfolio closed at IDR 1,036billion. The gross NPL ratio was maintained at 2.22%, and NPL net ratio was 0.05%. With tight monthly monitoring and watchlist reporting and follow up, the Loan Loss Provision has been maintained at IDR 27.2bio. Third party funds acquisition was rose to IDR748billion, an increase of approximately IDR62bio from the previous quarter. During this time, the bank was able to maintain the cost of funds for deposits at 6.92% (excluding fund borrowing). Financial highlights: YTD Net Loss December 2016 is IDR 20.17bio compared to a budgeted loss of IDR 16.28bio. YTD Net Interest Income for Dec 2016 is IDR 56bio, lower than budget IDR 71bio. YTD OPEX (personnel and other operating expense) as of Dec 2016 is IDR 68.9bio, lower than budget IDR 75.6bio. YTD Loan loss Provision Expenses for Dec 2016 is IDR 6.1bio compared to budget IDR 10.1bio. Net Interest margin 5.48% increase from Sep 2016 at 4.94%. OEOI ratio as of Dec 2016 is %, it s higher than budget Dec 2016 at %. NPL gross as of Dec 2016 is maintained at 2.22% due to stable loan asset quality with no additional NPL in Q4. INVESTOR QUARTERLY REPORT Page 3
4 INCOME STATEMENT (IDR million) Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Total Interest Revenue 9,856 9,298 9,270 9,686 12,948 Total Interest Expense (6,013) (5,837) (5,040) (4,719) (4,807) Interest Income - Net 3,843 3,461 4,230 4,966 8,141 Total Other Operating Revenues Total Operating Expenses (7,690) (5,644) (7,674) (4,918) (6,592) Net Operating Income/Loss (3,538) (2,042) (3,347) 167 1,633 Net Non Operating Revenue/Expense (259) (5) 58 (3) (206) EBIT (3,797) (2,046) (3,289) 164 1,426 Tax Benefit/ Expense NET INCOME (LOSS) MTD (3,797) (2,046) (3,289) 164 1,426 NET INCOME (LOSS) YTD (19,172) (4,945) (13,851) (13,518) (20,165) RATIOs Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Capital Adequacy Ratio 28.38% 30.57% 25.67% 25.22% 77.68% Loan to Deposit Ratio (LDR) 91.46% 84.51% % % % Loan To Total Funding 83.07% 77.37% % % % ROA -1.95% -1.95% -2.76% -1.80% -1.89% ROE % % % % -9.55% NIM 4.50% 4.28% 4.41% 4.94% 5.28% Ops Expense to Ops Income % % % % % Yield Of Lending 13.34% 13.60% 13.18% 12.97% 12.71% COF (Cost Of Fund) 8.13% 8.05% 7.28% 7.26% 6.92% PAR >30 days 3.32% 3.86% 2.96% 2.42% 1.91% The Early Warning report (Watch List) is produced on a monthly basis to notify the problem alerts and take necessary actions to mitigate credit risk. The Bank continues its efforts and priorities to obtain better insights into client s conditions and assists them during difficulties where possible. Portfolios Lending increased during the fourth quarter of 2016, 62% of the new lending was disbursed to BPRs, and 38% was disbursed to SME, Multifinance and Channeling. INVESTOR QUARTERLY REPORT Page 4
5 Operations The following is the current headcounts of our permanent staff: Operations Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Offices Total Staff BOD Head Office Jakarta Bali Semarang Surabaya AO FO BO In Q4, there was no change in the Organizational Structure of the Bank, But the bank has made and set a new organizational structure to be effective in 2017 that is aligned with business needs. In fourth quarter 2016, 9 ( nine ) new employees joined the Bank, consisting of two (2) employees to fill the vacancies for the Compliance Division Head and Human Resources Division Head, 3 (three) employees for SME Division (1 unit head & 1 RM), 2 (two) Central Operation Officer, 1 (one) Non IKM Lending RM and 1 (one) Senior Credit Reviewer. Of these, 4 (four) are replacements for an employee who has resigned, and five (5) people to meet the needs of the Bank s organizational development plan. As of fourth quarter 2016, the Bank has conducted 3 (three) trainings, consisting of Training for Consolidation and National Meeting on Promoting the Role SPI BLU / BLUDs to improve corporate performance as well as the formation and inauguration SPI communication forum BLU / BLUDs (FK-SPI), Test Preparation Training for Risk Management Certification Level 5, and Training for Business Continuity Planning (BCP) Foundation. After APRO Financial Co, Ltd joins as shareholder, the organization chart will be updated as follows: INVESTOR QUARTERLY REPORT Page 5
6 INVESTOR QUARTERLY REPORT Page 6
7 Pro-poor Information Coverage and Pro-Poor Portfolio Geographic Coverage Growth of Transaction Volume of AndaraLink Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Sumatra Jakarta &Banten West Java Central Java Jogjakarta East Java Sulawesi Bali, NTB (West Nusa Tenggara), NTT (East Nusa Tenggara) Kalimantan Pro-Poor Portfolio Number of Pro-Poor Lending MFI Number of Non Pro-Poor Lending MFI Pro-Poor Percentage 60% 60% 56% 53% 52% The volume of transactions in Q increased by 108 thousand transactions when compared to the end of Q This is because the success of the Optima 2 program and Andaralink features developed for group loans through cooperation with BPR Parasahabat. MONTH #TRX #TRX #TRX #TRX #TRX JANUARI 10,750 15,354 21,405 84, ,649 FEBRUARI 12,056 16,538 23, , ,981 MARET 10,994 17,825 30, , ,486 APRIL 13,718 19,528 19, , ,955 MAY 13,238 18,766 26, , ,939 JUNI 12,725 18,062 31, , ,532 JULI 12,460 21,273 27, , ,269 AGUSTUS 10,423 16,904 34, , ,132 SEPTEMBER 11,748 20,568 39, , ,488 OKTOBER 19,251 19,578 43, , ,268 NOVEMBER 18,866 18,037 63, , ,459 DESEMBER 17,089 16,325 75, , , , , ,452 1,959,448 3,914,097 INVESTOR QUARTERLY REPORT Page 7
8 Corporate Governance and Risk Management The Bank is working to strengthen all aspects of risk management. In Q4 2016, the Bank continued to improve risk tools and processes for credit risk. The Bank also worked to develop improved policies and procedures in Risk Management and Liquidity Risk Management as well as improved templates for loan proposals, review and risk scoring. Overall, The Bank risk composite rating for Q is Low to Moderate, unchanged from the previous quarter. However there is a change in two (2) types of risk, namely Liquidity Risk and Reputation Risk, which were originally Moderate into Low to Moderate in Q In addition, there is a change in the implementation of Risk Management (PMR) for some types of risks. Liquidity risk level changes among others were affected by the addition of the paid-up capital amount was to Rp450 Billion APRO, so that the Bank has sufficient liquidity. Reputation Risk level changes, among others affected by the condition of the Bank continuing to make a profit since Q3 2016, and there was no negative news within 3 (three) months to affect the reputation of the Bank. To maintain liquidity and market risk at levels approved by the Bank s ALCO, the Bank continued implementation of liquidity monitoring by utilizing daily liquidity policy zones (red: up to IDR21bio, orange: IDR21bio 42bio, yellow: IDR43bio 54 bio, green: IDR54bio 97bio) and limits on liquidity and market risk maturity gaps. Note: Volatile Balance Reserve IDR 40 Bio. Maximum Green Zone IDR 97 Bio, Maximum Yellow Zone IDR 54 Bio, Maximum Orange Zone IDR 42 Bio and Maximum Red Zone IDR 21 Bio (All maximum levels are in addition to the Volatile Balance Reserve.) INVESTOR QUARTERLY REPORT Page 8
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