ANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of September 30, Jakarta, October 23 rd 2017

Transcription

1 ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of September 30, 2017 Jakarta, October 23 rd 2017

2 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. Accordingly the Company disclaims any liability whatsoever in connection therewith and with any decisions that might be taken upon the basis of this presentation, directly or indirectly. In particular, the Company owe no duty to the recipient (except as required by applicable laws) to exercise any judgment on its behalf as to the merits or suitability of any transaction. The recipient agrees that the merits or suitability of any such transaction to its particular situation will be independently determined by the recipient including consideration of the legal, tax, accounting, regulatory, financial and other related aspects thereof. 2

3 Outline Page Macroeconomy 4 BBTN vs Industry 8 3Q17 Summary 11 Performance Overview 14 Sharia Business 39 Appendices 42 3

4 1. Macroeconomy 4

5 Macroeconomy: Manageable Inflation & Lower Benchmark Rate Lower Benchmark Rate Robust Economic Growth September inflation was manageable at 3.72% (yoy), still within BI s target of 4±1%. Bank Indonesia cut its policy rate twice by 50bps during 3Q17, bringing the BI 7-Day RR Rate to 4.25%. Economic momentum was maintained in 2Q17, with 5.01% (yoy) GDP growth. Economic growth is predicted to improve in the second half of 2017, on the back of export and investment performance. 5

6 Banking System: Loan was Limited, Decelerated Deposit Growth Weak Loan Growth Loan growth still limited at 8.3% (yoy) in Aug 2017 after showing an increasing trend since early Meanwhile, deposit growth decelerated to 9.6% (yoy) inaug Relatively Flat Trend of NPL NPL gross recorded at 3.0% in Aug 2017, experienced a flat trend during the last three months. 6

7 Housing Industry: Slower Growth of Residential Property Prices Residential Property Price Index Growth of Property Sales (% qtq) Residential Property Price Index in 2Q17 decelerated quarterly from 1.23% (qtq) to 1.18% (qtq) but grew annually at 3.17% (yoy), up from 2.62% (yoy). The rising prices affected all property types, especially small houses. Residential property sales decelerated from 4.16% (qtq) to 3.61% (qtq) in line with limited demand for houses. Source: Bank Indonesia Residential Property Survey for Primary House 7

8 2. BBTN vs Industry 8

9 Loan & Deposit Growth Robust Loan Growth In Sep 2017, BBTN Loan grew by 19.95% (yoy), far above industry growth at 8.3% (yoy) in Aug Its acceleration was sustained by Subsidized Mortgages. Decent Deposits Growth Total Deposits of BBTN increased by 13.96% (yoy) in Sep 2017 driven by CASA growth. Meanwhile industry recorded at 9.6% (yoy) in Aug

10 Mortgages & Net Profit Solid Mortgages Growth BBTN Mortgages grew 21.17% (yoy) in Sep 2017 while industry recorded at 9.15% (yoy) in Jul Strong Profitability In 9M17, Net Profit of BBTN grew by 23.68% (yoy), above industry growth at 17.68% (yoy) in Aug

11 3. 3Q17 Summary 11

12 Bank BTN s Achievement on 1 Million Houses Program Loan Type Target (Unit) Mortgage Disbursed 2017 Approved prior to 2017 Progress as of Sep 30, 2017 Construction Loans Support in Progress Approved in 2017 Unit IDR Bn Unit IDR Bn Unit IDR Bn Unit IDR Bn Unit IDR Bn Subsidized Mortgage 504, ,015 15,164 87,009 3, ,774 3, ,783 7, ,798 22,202 Non Subsidized Mortgage 161,878 37,039 11,635 84,772 12,931 24,642 4, ,414 17, ,453 28,742 TOTAL 666, ,054 26, ,781 16, ,416 7, ,197 24, ,251 50,944 Total Total 12

13 3Q17 Key Takeaways Robust Loan Growth Loan growth was 19.95% (yoy), supported by the government program of 1 million houses Subsidized mortgage demand remained strong with 30.78% (yoy) growth Sustaining the leadership of mortgage in Indonesia by 35.62% & holding 96.69% of national subsidized mortgage disbursement Sufficient Liquidity Deposits rose by 13.96% (yoy) driven by CASA growth LCR was sufficient at % Wholesale funding of Rp trn from NCD, bilateral loans and bonds issuance Solid Profitability Net profit increased by 23.68% (yoy) Net interest income raised by 16.95% (yoy), fee income grew by 35.50% (yoy) Improved Asset Quality NPL gradually improved to 3.07%, lower than 3.60% in Sep 2016 NPL on subsidized mortgage continued to improve, while construction & commercial loans significantly got better 13

14 4. Performance Overview 14

15 Financial Highlight (IDR Billion) FY 2012 FY 2013 FY 2014 FY 2015 FY Q Q 2017 y.o.y INDU (AUG Total Asset 111, , , , , , , % 10. Total Loan & Financing 81, , , , , , , % 8.3 Total Deposits 80,688 96, , , , , , % 9.6 Equity 10,279 11,557 12,253 13,860 19,131 18,151 20, % Net Profit 1,364 1,562 1,146 1,851 2,619 1,621 2, % 17. Earning per Share (IDR) % CAR (Tier 1) 16.95% 14.91% 14.07% 14.87% 16.54% 16.50% 14.01% 21. CAR (BI) 17.69% 15.62% 14.64% 16.97% 20.34% 20.60% 16.97% 23. NPL (Gross) 4.09% 4.05% 4.01% 3.42% 2.84% 3.60% 3.07% 3.0 NPL (Nett) 3.12% 3.04% 2.76% 2.11% 1.85% 2.40% 2.06% 1.4 N I M 5.83% 5.44% 4.47% 4.87% 4.98% 4.59% 4.49% 5.3 C I R 49.71% 50.86% 57.21% 50.08% 48.41% 52.28% 52.90% COVERAGE RATIO 29.48% 27.97% 33.77% 43.14% 45.25% 39.24% 40.01% ROE 18.23% 16.05% 10.95% 16.84% 18.35% 15.76% 16.34% ROA 1.94% 1.79% 1.14% 1.61% 1.76% 1.59% 1.56% 2.4 LDR % % % % % % % 89. LCR % % % % 15

16 Balance Sheet (IDR Billion) FY 2012 FY 2013 FY 2014 FY 2015 FY Q Q 2017 y.o.y Total Assets 111, , , , , , , % Total Earning Assets 101, , , , , , , % - Term Deposit with BI 10,867 4,834 1,496 7,529 17,581 5,911 4, % - Loans and Financing 81, , , , , , , % - Securities 8,491 12,595 13,684 10,001 12,785 18,776 16, % - Other Earning Assets , ,264 3, % Provision on Earning Asset (997) (1,148) (1,581) (2,064) (2,132) (2,189) (2,284) 4.36% Others 11,208 14,013 13,972 16,823 20,520 19,718 26, % Deposits 80,688 96, , , , , , % Securities Issued 7,137 8,837 7,939 10,937 12,935 12,935 17, % Deposits from Other Banks ,770 3,255 5,459 2,212 5, % Repurchase Agreements 2,335 2,653 3,818 2,135 1,385 1,402 1, % Borrowings 6,734 7,070 6,996 7,725 7,999 8,448 10, % Others 3,834 4,556 5,329 6,151 7,068 6,676 7, % Equity 10,279 11,557 12,253 13,860 19,131 18,151 20, % 16

17 Asset Composition Total Assets (IDR Trillion) Assets Composition (%) 17

18 Earning Asset Composition Total Earning Asset (IDR Trillion) Earning Asset Composition (%) 18

19 Loans Composition: Focused on Housing Loans Loans Type 31-Dec Dec Dec Dec Dec Sep Sep-17 IDR Bn Shares IDR Bn Shares IDR Bn Shares IDR Bn Shares IDR Bn Shares IDR Bn Shares IDR Bn Shares y.o.y Housing Loans 70, % 87, % 102, % 124, % 147, % 140, % 167, % 19.32% Subsidized Mortgages 25, % 28, % 34, % 43, % 56, % 52, % 68, % 30.78% Non-Subsidized Mortgages 29, % 39, % 45, % 53, % 60, % 58, % 65, % 12.59% Other Housing Loans 6, % 7, % 8, % 8, % 8, % 8, % 8, % -0.85% Construction Loan 9, % 11, % 14, % 18, % 21, % 20, % 24, % 17.87% Non-Housing Loans 11, % 13, % 13, % 14, % 16, % 13, % 17, % 26.44% Consumer Loan 1, % 2, % 2, % 3, % 4, % 3, % 4, % 9.85% Commercial Loan 9, % 10, % 10, % 10, % 11, % 9, % 13, % 32.59% Total Loans 81, % 100, % 115, % 138, % 164, % 153, % 184, % 19.95% Gross Loan (IDR Trillion) Housing and Non-Housing Loans (%) Note : Figures on all graphs Include Sharia financing 19

20 Mortgages: Growth Remained Strong Total Mortgages (IDR Billion) Mortgage Composition (%) Subsidized Mortgages (IDR Billion) Non Subsidized Mortgages (IDR Billion) Note : Figures on all graphs Include Sharia financing 20

21 Loan Disbursement: Mainly Driven by Subsidized Mortgages IDR Trillion IDR Billion IDR Bio Loans Type FY 2012 FY 2013 FY 2014 FY 2015 FY Months of Housing Loans 28,041 33,955 34,029 41,812 47,216 31,552 38, % Subsidized Mortgages 4,213 6,506 7,960 12,771 17,527 11,754 15, % Non-Subsidized Mortgages 12,479 14,286 12,629 13,404 14,315 9,634 11, % Other Housing 2,659 2,500 2,416 2,418 1,823 1,269 1, % Construction Loan 8,690 10,663 11,023 13,219 13,551 8,895 10, % Non-Housing Loans 9,679 10,338 7,569 9,434 12,043 6,411 10, % Consumer Loan 1,809 2,389 2,564 4,268 4,779 2,934 4, % Commercial Loan 7,870 7,949 5,005 5,166 7,264 3,477 5, % Total Loans 37,720 44,293 41,598 51,246 59,259 37,962 49, % y.o.y Note : Figures on graph and table Include Sharia financing 21

22 Loan Quality: NPL Continues to Improve Gross NPL (%) Net NPL (%) Note : Figures on all graphs Include Sharia financing 22

23 Loan Quality Breakdown: Better Commercial Loans Collectibility 31-Dec Dec Dec Dec Dec Sep Sep-17 IDR Bn Share IDR Bn Share IDR Bn Share IDR Bn Share IDR Bn Share IDR Bn Share IDR Bn Share Current 68, % 84, % 95, % 116, % 142, % 129, % 157, % Special Mentioned 9, % 12, % 16, % 17, % 16, % 18, % 21, % PL 78, % 96, % 111, % 134, % 159, % 148, % 178, % Substandard % % % % % % % Doubtful % % % % % % % Loss 2, % 3, % 3, % 4, % 4, % 4, % 4, % NPL 3, % 4, % 4, % 4, % 4, % 5, % 5, % PL + NPL 81, % 100, % 115, % 138, % 164, % 153, % 184, % NPL Gross 4.09% 4.05% 4.01% 3.42% 2.84% 3.60% 3.07% NPL Netto 3.12% 3.04% 2.76% 2.11% 1.85% 2.40% 2.06% Loan Type 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 30-Sep (Gross) Housing Loans 3.93% 3.80% 3.43% 2.79% 2.36% 2.93% 2.69% Subsidized Mortgage 5.00% 5.24% 3.96% 2.48% 1.52% 2.05% 1.49% Non-Subsidized Mortgage 2.90% 2.61% 2.51% 2.57% 2.65% 3.00% 3.35% Other Housing Loans 3.08% 3.17% 3.47% 3.44% 3.59% 4.17% 4.63% Construction Loan 4.74% 4.75% 5.13% 3.81% 3.21% 4.44% 3.53% Non-Housing Loans 5.08% 5.60% 8.51% 9.02% 7.14% 10.32% 6.78% Consumer Loan 2.00% 2.03% 2.55% 2.17% 1.35% 2.54% 1.73% Commercial Loan 5.72% 6.63% 10.16% 11.57% 9.44% 13.16% 8.87% Total Loans 4.09% 4.05% 4.01% 3.42% 2.84% 3.60% 3.07% Note : Figures on all tables Include Sharia financing 23

24 Special-Mentioned Loan Special-Mentioned Loan (%) Special-Mentioned by Loan Type (%) Note : Figures Include Sharia financing 24

25 Restructured Loan Restructured Loan in 9M17 (IDR Billion) Restructured Loan by Quality in 9M17 (%) Restructured Loan Outstanding (IDR Billion) Note : Figures Include Sharia financing 25

26 Liabilities: Sufficient to Support Loan Growth Total Liabilities (IDR Trillion) Funding Composition (IDR Trillion) Funding Composition (%) 26

27 Deposits: Boost from CASA Total Deposits Mix (IDR Trillion) Deposits FY 2012 FY 2013 FY 2014 FY 2015 FY Q2016 3Q2017 y.o.y Current Account % Savings Account % Time Deposits % Total % CASA Composition (%) 27

28 Equity (1/2) Total Equity (IDR Trillion) CAR - BI (%) 28

29 Equity (2/2) Sep-16 Sep-17 Tier - 1 Capital 9,038 9,879 10,736 12,172 16,444 15,489 16,784 Tier - 2 Capital ,721 3,776 3,854 3,547 Capital on B/S 10,279 11,557 12,253 13,860 19,131 18,151 20,590 RWA - Credit Risk 46,582 57,749 66,251 70,474 86,189 80, ,804 RWA - Market Risk ,042 RWA - Operational Risk 6,557 8,229 9,856 11,185 12,899 12,899 14,934 RWA - Total 53,321 66,262 76,333 81,882 99,432 93, ,780 CAR Tier 1/(RWA Credit + Market + Ops Risk) 16.95% 14.91% 14.07% 14.87% 16.54% 16.50% 14.01% CAR B/S/(RWA Credit + Market Risk) 21.98% 19.91% 18.43% 19.60% 22.11% 22.41% 19.64% CAR B/S/(RWA Credit + Market + Ops Risk) 19.28% 17.44% 16.05% 16.93% 19.24% 19.33% 17.19% CAR BI ((Tier 1+2)/(RWA Credit + Market Risk)) 20.17% 17.84% 16.81% 19.65% 23.37% 23.88% 19.39% CAR BI ((Tier 1+2)/(RWA Credit + Ops Risk)) 17.75% 15.69% 14.68% 17.01% 20.41% 20.73% 17.12% CAR BI ((Tier 1+2)/(RWA Credit + Market + Ops Risk)) 17.69% 15.62% 14.64% 16.97% 20.34% 20.60% 16.97% CAR Tier % 3.80% 4.10% 2.96% Capital Conservation Buffer 0.63% 0.63% 1.25% Countercyclical Buffer 0.00% 0.00% 0.00% Capital Surcharge (D-SIB) 0.25% 0.25% 0.50% 29

30 Income Statement (IDR Billion) FY 2012 FY 2013 FY 2014 FY 2015 FY Q Q 2017 y.o.y Interest Income 9,106 11,197 13,374 15,567 17,852 12,817 14, % Interest Expense (4,379) (5,558) (7,893) (8,700) (9,600) (7,219) (7,884) 9.21% Net Interest Income 4,726 5,639 5,482 6,867 8,252 5,598 6, % Other Operating Income ,132 1, , % Other Operating Expense (3,438) (4,301) (4,828) (5,465) (6,184) (4,294) (5,169) 20.38% Profit From Operating 1,865 2,136 1,577 2,534 3,352 2,197 2, % Non Operating Income (Expense) (8) (22) (7) (8) 15.49% Profit Before Tax 1,857 2,141 1,579 2,542 3,330 2,190 2, % Net Profit 1,364 1,562 1,146 1,851 2,619 1,621 2, % 30

31 Interest Income Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 9M2016 9M2017 Y.o.Y Placement with Bank Indonesia % Placement with other bank % Securities % Loan 7,901 9,605 11,353 13,523 15,458 11,098 12, % Income from Syariah ,042 1, , % Total 9,106 11,197 13,374 15,567 17,852 12,817 14, % 31

32 Interest Expense Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 9M2016 9M2017 Y.o.Y Bank Indonesia Deposits from other Banks % Deposits from Non Banks 3,118 4,082 6,290 6,750 7,363 5,501 5, % Securities Issued , % Fund Borrowings % Others % Total 4,379 5,558 7,893 8,700 9,600 7,219 7, % 32

33 Other Operating Income Composition (IDR Billion) *) Reclassified FY2012 FY2013 FY2014 FY2015 FY2016 9M2016 9M2017 Y.o.Y Marked to market % Gain % Reversal on Provisions % Commissions, Services & Admin Fee *) % Others *) % Total ,132 1, , % 33

34 Other Operating Expense Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 9M2016 9M2017 Y.o.Y Provisions % Salaries & Employee Benefit 978 1,161 1,260 1,459 1,619 1,279 1, % Electricity, Telp, Office Supp % Others % Rent, Service & Maintenance % Depreciation % Promotion % Collector Fees & Consultant % Insurance Premium % Training % Research & Development % Other Taxes % Gain Marked to Market % Allowance related to Operational Risk Total 3,438 4,301 4,828 5,465 6,184 4,294 5, % 34

35 Key Financial Ratios (1/4) Net Income (IDR Billion) Net Interest Margin Cost Income Ratio *) Note : *) Reclassified 35

36 Key Financial Ratios (2/4) ROA 1 before tax ROA 2 after tax 1 Calculated based on income before income tax (include tax benefit and extraordinary item)/ average total assets based on Bank Indonesia regulation 2 Calculated based on net profit/average total assets 36

37 Key Financial Ratios (3/4) ROE 3 tier 1 capital ROE 4 balance sheet 15.28% 13.52% 3 Calculated based on net profit/average Tier 1 capital based on Bank Indonesia regulation 4 Calculated based on net profit/total stakeholder s equity 37

38 Key Financial Ratios (4/4) Loan-to-Deposit Ratio Liquidity Coverage Ratio 38

39 5. Sharia Business 39

40 Sharia Business Sharia Net Profit (IDR Billion) Sharia Assets (IDR Billion) Sharia Deposits (IDR Billion) 40

41 Sharia Financings & NPF Sharia Financings (IDR Billion) Sharia Disbursement (IDR Billion) Sharia NPF (Gross) (%) Sharia NPF (Net) (%) 41

42 6. Appendices 42

43 Shares Information Share Ownerships Composition as of Sep 30, 2017 Ownership # of Shares % G O I 6,354,000, % Public 4,236,000, % - Domestic 1,271,296, % - Foreign 2,964,703, % Total 10,590,000, % Period Opening Lowest Highest Closing Average Volume (Lots) PBV (x) BVPS Market Cap (IDR Million) 3Q ,600 2,320 3,340 3, , ,944 33,358,500 3Q ,700 1,690 2,100 1, , ,714 20,332,800 % (yoy) 52.94% 37.28% 59.05% 64.06% % 44.62% 13.44% 64.06% IPO by listed on IDX on 17 December 2009 at IDR800 per share Rights issue successfully done in November 2012 by issuing additional new shares Market cap as of Sep 30, 2017 was IDR Trillion 43

44 Outlets Sumatera Regional Offices 1 Branch Offices 11 Sub Branch Offices 38 Cash Outlets 58 Sharia Outlets 10 Priority Outlet 6 Post Offices 700 ATMs 256 Jawa Regional Offices 3 Branch Offices 43 Sub Branch Offices 166 Cash Outlets 372 Sharia Outlets 49 Priority Outlet 26 Post Offices 1,627 ATMs 1,437 Kalimantan Regional Offices - Branch Offices 5 Sub Branch Offices 15 Cash Outlets 17 Sharia Outlets 3 Priority Outlet 5 Post Offices 299 ATMs 94 I N D O N E S I A Bali & Nusa Tenggara Regional Offices - Branch Offices 3 Sub Branch Offices 6 Cash Outlets 10 Sharia Outlets - Priority Outlet 2 Post Offices 141 ATMs 50 Sulawesi Regional Offices 1 Branch Offices 6 Sub Branch Offices 14 Cash Outlets 19 Sharia Outlets 3 Priority Outlet 2 Post Offices 126 ATMs 103 Papua & Maluku Regional Offices - Branch Offices 3 Sub Branch Offices 3 Cash Outlets 3 Sharia Outlets - Priority Outlet - Post Offices 61 ATMs Q2016 3Q2017 Regional Offices Branch Offices Sub Branch Offices Cash Outlets Sharia Outlets Priority Outlet Total Outlets Post Offices 2,922 2,922 2,951 2,951 2,951 2,951 2,954 ATMs 1,404 1,504 1,830 1,830 1,900 1,830 1,964 Employees 7,142 8,011 8,582 9,042 9,380 9,051 10,174 44

45 THANK YOU Investor Relations PT Bank Tabungan Negara (Persero) Tbk Menara BTN Lt Jl Gajah Mada No. 1 Jakarta Pusat Telp : / Facs: investor_ relations@btn.co.id Website : 45