ANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of March 31, Jakarta, April 17 th 2017

Transcription

1 ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of March 31, 2017 Jakarta, April 17 th 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 1Q17 Summary 11 Performance Overview 14 Sharia Business 39 Appendices 42 3

4 1. Macroeconomy 4

5 Macroeconomy: Stable Macro Outlook Low Inflation & Interest Rate Stronger Economic Growth *) March inflation was recorded at 1.19% (ytd) or 3.61% (yoy), within the target of 4±1%. Despite the FFR hike, Bank Indonesia held BI 7-day RR Rate at 4.75% GDP growth was 5.02% (yoy), Indonesia s Economy is predicted to remain strong in the 1Q17. The three phases of tax amnesty ended with Rp114 trn tax revenue from Rp165 trn target. *) BI reformulate its policy rate from BI Rate to 7-day Reverse Repo Rate since 19 th August

6 Banking System: Slow Loan Growth Weak Loan Demand Loan growth began to improve to 8.4%* (yoy) in Feb However, loan demand is still weak as corporates have continued to consolidate. Rising NPL Ratio NPL (gross) increased to 3.1% in Jan 2017 after showing improvement in Dec 2016 at 2.9%. *) BI Projected Numbers, Broad Money Developments (M2) Feb

7 Housing Industry: Small Houses Bolster Property Sales Residential Property Price Index Growth of Property Sales (% qtq) Slower annual growth of residential property price were recorded in 4Q2016, decelerated to 2.38% (yoy) from 2.75% (yoy). Meanwhile quarterly growth slightly increased to 0.37% (qtq) from 0.36% (qtq). As the house price grew slower, residential property sales growth accelerated to 5.06% (qtq) in 4Q2016 bolstered by small houses, in line with a surge of housing loans extended by the banking industry. Source: Bank Indonesia Residential Property Survey for Primary House 7

8 2. BBTN vs Industry 8

9 Loan & Deposit Growth Robust Loan Growth In Mar 2017, BBTN Loan grew by 18.71% (yoy), far above industry growth at 8.4%* (yoy) in Feb Its acceleration was sustained by Subsidized Mortgages. Strong Deposits Growth Total Deposits of BBTN increased by 20.02% (yoy) in Mar 2017 with Current Accounts marked the biggest growth. Meanwhile industry recorded at 8.9%* (yoy) in Feb *) BI Projected Numbers, Broad Money Developments (M2) Feb

10 Mortgages & Net Profit Solid Mortgages Growth BBTN Mortgages grew 20.61% (yoy) in Mar 2017 while industry recorded at 7.45% (yoy) in Feb Strong Profitability In 1Q17, Net Profit of BBTN grew by 21.03% (yoy), far above industry growth at 8.31% (yoy) in Jan

11 3. 1Q17 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 March 31, 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 504,122 33,573 3, ,072 4,180 28, ,630 5, ,203 9,006 Non Subsidized Mortgage 161,878 10,869 3,403 88,186 13,368 6,421 1,666 94,607 15, ,476 18,437 TOTAL 666,000 44,442 7, ,258 17,548 34,979 2, ,237 20, ,679 27,443 Total Total 12

13 1Q17 Key Takeaways Robust Loan Growth Loan growth was 18.71% (yoy), supported by the government program of 1 million houses Subsidized mortgage was the main driver with 29.62% growth Sustaining the leadership of mortgage in Indonesia by 34.21% Strong Liquidity Deposits rose by 20.02% (yoy) LCR was sufficient at % Wholesale funding of Rp4.035 trn from NCD & bilateral loans Solid Profitability Net profit increased by 21.03% (yoy) Net interest income raised by 13.84% (yoy), fee income grew by 36.79% (yoy) Controlled Asset Quality NPL improved to 3.34%, lower than 3.59% in Mar 2016 Special-mentioned loan was recorded at 11.68%, improved from 13.83% in Mar

14 4. Performance Overview 14

15 Financial Highlight (IDR Billion) FY 2012 FY 2013 FY 2014 FY 2015 F Y Q Q 2017 y.o.y IND (J AN Total As s et 111, , , , , , , % 10 Total Loan & F inancing 81, , , , , , , % 8 Total Depos its 80,688 96, , , , , , % 8 E quity 10,279 11,557 12,253 13,860 19,131 14,394 19, % Net P rofit 1,364 1,562 1,146 1,851 2, % 8 E arning per S hare (IDR) % CAR (Tier 1) 16.95% 14.91% 14.07% 14.87% 16.54% 14.47% 15.40% 21 CAR (BI) 17.69% 15.62% 14.64% 16.97% 20.34% 16.50% 18.90% 23 NP L (Gros s ) 4.09% 4.05% 4.01% 3.42% 2.84% 3.59% 3.34% 3 NP L (Nett) 3.12% 3.04% 2.76% 2.11% 1.85% 2.34% 2.35% 1 N I M 5.83% 5.44% 4.47% 4.87% 4.98% 4.59% 4.32% 5 C I R 49.71% 50.86% 57.21% 50.08% 48.41% 54.46% 56.90% COVE R AGE R ATIO 29.48% 27.97% 33.77% 43.14% 45.25% 41.32% 38.28% R OE 18.23% 16.05% 10.95% 16.84% 18.35% 15.89% 14.60% R OA 1.94% 1.79% 1.14% 1.61% 1.76% 1.56% 1.48% 2 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 5,657 4, % - Loans and Financing 81, , , , , , , % - Securities 8,491 12,595 13,684 10,001 12,785 15,888 19, % - Other Earning Assets , , % Provision on Earning Asset (997) (1,148) (1,581) (2,064) (2,132) (2,136) (2,182) 2.19% Others 11,208 14,013 13,972 16,823-20,520-15,477-21, % Deposits 80,688 96, , , , , , % Securities Issued 7,137 8,837 7,939 10,937 12,935 10,936 12, % Deposits from Other Banks ,770 3,255 5,459 4,660 6, % Repurchase Agreements 2,335 2,653 3,818 2,135 1,385 2,155 1, % Borrowings 6,734 7,070 6,996 7,725 7,999 8,707 9, % Others 3,834 4,556 5,329 6,151 7,068 6,403 7, % Equity 10,279 11,557 12,253 13,860 19,131 14,394 19, % 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 Mar Mar-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, % 129, % 153, % 18.80% Subsidized Mortgages 25, % 28, % 34, % 43, % 56, % 45, % 59, % 29.62% Non-Subsidized Mortgages 29, % 39, % 45, % 53, % 60, % 54, % 62, % 13.08% Other Housing Loans 6, % 7, % 8, % 8, % 8, % 8, % 8, % -1.26% Construction Loan 9, % 11, % 14, % 18, % 21, % 19, % 22, % 18.44% Non-Housing Loans 11, % 13, % 13, % 14, % 16, % 13, % 16, % 17.90% Consumer Loan 1, % 2, % 2, % 3, % 4, % 3, % 4, % 10.75% Commercial Loan 9, % 10, % 10, % 10, % 11, % 10, % 12, % 20.57% Total Loans 81, % 100, % 115, % 138, % 164, % 142, % 169, % 18.71% 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: Mortgages & Construction Loans were the Drivers 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 9,357 11, % Subsidized Mortgages 4,213 6,506 7,960 12,771 17,527 3,351 3, % Non-Subsidized Mortgages 12,479 14,286 12,629 13,404 14,315 2,894 3, % Other Housing 2,659 2,500 2,416 2,418 1, % Construction Loan 8,690 10,663 11,023 13,219 13,551 2,720 3, % Non-Housing Loans 9,679 10,338 7,569 9,434 12,043 2,791 3, % Consumer Loan 1,809 2,389 2,564 4,268 4,779 1,697 1, % Commercial Loan 7,870 7,949 5,005 5,166 7,264 1,094 1, % Total Loans 37,720 44,293 41,598 51,246 59,259 12,147 14, % y.o.y Note : Figures on graph and table Include Sharia financing 21

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

23 Loan Quality Breakdown: Subsidized Mortgage NPL Continued to Improve Collectibility 31-Dec Dec Dec Dec Dec Mar Mar-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, % 118, % 144, % Special Mentioned 9, % 12, % 16, % 17, % 16, % 19, % 19, % PL 78, % 96, % 111, % 134, % 159, % 137, % 164, % 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, % 142, % 169, % NPL Gross 4.09% 4.05% 4.01% 3.42% 2.84% 3.59% 3.34% NPL Netto 3.12% 3.04% 2.76% 2.11% 1.85% 2.34% 2.35% Loan Type 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Mar (Gross) Housing Loans 3.93% 3.80% 3.43% 2.79% 2.36% 2.96% 2.83% Subsidized Mortgage 5.00% 5.24% 3.96% 2.48% 1.52% 2.43% 1.67% Non-Subsidized Mortgage 2.90% 2.61% 2.51% 2.57% 2.65% 2.85% 3.09% Other Housing Loans 3.08% 3.17% 3.47% 3.44% 3.59% 3.77% 4.25% Construction Loan 4.74% 4.75% 5.13% 3.81% 3.21% 4.18% 4.56% Non-Housing Loans 5.08% 5.60% 8.51% 9.02% 7.14% 9.39% 8.09% Consumer Loan 2.00% 2.03% 2.55% 2.17% 1.35% 2.39% 1.71% Commercial Loan 5.72% 6.63% 10.16% 11.57% 9.44% 11.97% 10.25% Total Loans 4.09% 4.05% 4.01% 3.42% 2.84% 3.59% 3.34% Note : Figures on all tables Include Sharia financing 23

24 Special-Mentioned Loan: Getting Lower Due to Better Loan Underwriting & Monitoring Special-Mentioned Loan (%) Special-Mentioned by Loan Type (%) Note : Figures Include Sharia financing 24

25 Restructured Loan Restructured Loan in 1Q17 (IDR Billion) Restructured Loan by Quality in 1Q17 (%) 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: Solid Growth & Liquidity Total Deposits Mix (IDR Trillion) Deposits FY 2012 FY 2013 FY 2014 FY 2015 FY Q2016 1Q2017 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) Mar-16 Mar-17 Tier - 1 Capital 9,038 9,879 10,736 12,172 16,444 12,465 16,111 Tier - 2 Capital ,721 3,776 1,751 3,660 Capital on B/S 10,279 11,557 12,253 13,860 19,131 14,394 19,196 RWA - Credit Ris k 46,582 57,749 66,251 70,474 86,189 72,840 88,898 RWA - Market Risk RWA - Operational Ris k 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 86, ,624 CAR Tier 1/(R WA Credit +Market +Ops R is k) 16.95% 14.91% 14.07% 14.87% 16.54% 14.47% 15.40% CAR B/S /(RWA Credit +Market Ris k) 21.98% 19.91% 18.43% 19.60% 22.11% 19.65% 21.40% CAR B/S /(RWA Credit +Market +Ops Ris k) 19.28% 17.44% 16.05% 16.93% 19.24% 16.71% 18.35% CAR BI ((Tier 1+2)/(RWA Credit +Market Ris k)) 20.17% 17.84% 16.81% 19.65% 23.37% 19.41% 22.04% CAR BI ((Tier 1+2)/(RWA Credit +Ops Ris k)) 17.75% 15.69% 14.68% 17.01% 20.41% 16.58% 19.04% CAR B I ((Tier 1+2)/(R WA Credit +Market + Ops R is k)) 17.69% 15.62% 14.64% 16.97% 20.34% 16.50% 18.90% CAR Tier % 3.80% 2.03% 3.50% Capital Cons ervation Buffer 0.63% 0.63% 1.25% Countercyclical Buffer 0.00% 0.00% 0.00% Capital S urcharge (D-S IB) 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 4,193 4, % Interest Expense (4,379) (5,558) (7,893) (8,700) (9,600) (2,404) (2,523) 4.94% Net Interest Income 4,726 5,639 5,482 6,867 8,252 1,789 2, % Other Operating Income ,132 1, % Other Operating Expense (3,438) (4,301) (4,828) (5,465) (6,184) (1,380) (1,636) 18.54% Profit From Operating 1,865 2,136 1,577 2,534 3, % Non Operating Income (Expense) (8) (22) (3) % Profit Before Tax 1,857 2,141 1,579 2,542 3, % Net Profit 1,364 1,562 1,146 1,851 2, % 30

31 Interest Income Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 1Q2016 1Q2017 Y.o.Y Placement with Bank Indonesia % Placement with other bank % Securities % Loan 7,901 9,605 11,353 13,523 15,458 3,618 3, % Income from Syariah ,042 1, % Total 9,106 11,197 13,374 15,567 17,852 4,193 4, % 31

32 Interest Expense Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 1Q2016 1Q2017 Y.o.Y Bank Indonesia Deposits from other Banks % Deposits from Non Banks 3,118 4,082 6,290 6,750 7,363 1,837 1, % Securities Issued , % Fund Borrowings % Others % Total 4,379 5,558 7,893 8,700 9,600 2,404 2, % 32

33 Other Operating Income Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 1Q2016 1Q2017 Y.o.Y Marked to market % Gain % Reversal on Provisions Commissions, Services & Admin Fee *) % Others *) % Total ,132 1, % *) Reclassified 33

34 Other Operating Expense Composition (IDR Billion) FY2012 FY2013 FY2014 FY2015 FY2016 1Q2016 1Q2017 Y.o.Y Provisions % Salaries & Employee Benefit 978 1,161 1,260 1,459 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 1,380 1, % 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 Mar 31, 2017 Ownership # of Shares % G O I 6,354,000, % Public 4,236,000, % - Domestic 1,316,917, % - Foreign 2,919,082, % Total 10,590,000, % Period Opening Lowest Highest Closing Average Volume (Lots) PBV (x) BVPS Market Cap (IDR Million) 1Q ,745 1,695 2,360 2, , ,813 24,039,300 1Q ,300 1,280 1,865 1, , ,359 18,479,550 % (yoy) 34.23% 32.42% 26.54% 30.09% % -2.46% 33.37% 30.09% 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 Mar 31, 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 255 Jawa Regional Offices 2 Branch Offices 43 Sub Branch Offices 166 Cash Outlets 371 Sharia Outlets 49 Priority Outlet 25 Post Offices 1,624 ATMs 1,425 Kalimantan Regional Offices - Branch Offices 5 Sub Branch Offices 15 Cash Outlets 17 Sharia Outlets 3 Priority Outlet 4 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 13 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 2 Sharia Outlets - Priority Outlet - Post Offices 61 ATMs Q2016 1Q2017 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 2,951 ATMs 1,404 1,504 1,830 1,830 1,900 1,830 1,951 Employees 7,142 8,011 8,582 9,042 9,380 9,059 9,708 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