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Annual Report 2023
PT Bank Tabungan Negara (Persero) Tbk (hereinafter Hero Campaign, namely Life is Not Only About
referred to as the Company or Bank BTN) is Today. Bank BTN invites millennials to develop
implementing a breakthrough product development their businesses bigger and realize that now is the
strategy to capture opportunities arising from the time to own a house while still living their lifestyle
demographics of the Indonesian population which without having to worry about the mortgage they
is dominated by Gen Z and millennials. This is have. The development of the housing business in
realized by developing Bank BTN features and the first home buyer segment as Bank BTN’s captive
services in owning a house, investing and preparing market is expected to be able to encourage business
digitally integrated retirement funds through its growth for the next 10 (ten) years.
KARENA HIDUP
GAK CUMA
TENTANG HARI INI
PT Bank Tabungan Negara (Persero) Tbk 1
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Theme
Continuity
2022 2021
ANNUAL REPORT ANNUAL REPORT
Development of Housing Transformation
Ecosystembased Business Towards The Best Mortgage Bank
Transformation and Digitalization
PT Bank Tabungan Negara (Persero) Tbk (hereinafter referred to Bearing the spirit of transformation in a sustainable business
as “the Bank”, “the Company”, or “BTN”) has been developing growth, PT Bank Tabungan Negara (Persero) Tbk has confidently
business transformation that involves transforming branch offices’ passed through 2021 while executing its vision and mission. With
operating models, developing Strategic Business Unit (SBU) robust fundamentals built throughout 2021, Bank BTN’s journey
structures, transforming human capital to support business plans going forward has been strengthened towards the transformation
and improving capabilities of the employees to achieve the “To Be The Best Mortgage Bank in Southeast Asia by 2025”.
2025 Visions, as well as developing housing loans (hereinafter
referred to as KPR) for the millennials through Transit Oriented This year, the Company will continue improving the existing
Development (TOD) concept. banking services. Disruptions by the COVID-19 pandemic has
given the Company opportunities to enhance digital service
In line with business transformation, the Company has been performance such as banking from home and mobile banking
enhancing its digitalization capability in developing housing applications, in addition to creating variations of housing loan,
ecosystem-based business by expanding the value chain of the cash management and savings products to increase customers’
housing business. This expansion is conducted by establishing loyalty.
a one-stop shop financial solution, a comprehensive banking
service for commercial SMEs, corporates and institutional since its founding, the Company has also been serving as the
customers. In the end, business transformation and housing Government’s partner in supporting the economy, particularly
ecosystem-based digitalization has been able to improve the as the agent of development by distributing over IDR640 trillion
Company’s performance as expected by the stakeholders. loans to more than five million Indonesian people of all segments
while continuously make the endeavor to become a leader and
innovator amidst the national banking competition.
2 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
2020 2019
ANNUAL REPORT ANNUAL REPORT
Growing Sustainably Home for
During The Pandemic Indonesian Millennials
2020 became a year full of challenges and struggles that has The large population of Indonesia, reaching 270 million people,
forced us to adapt to the “New Normal”. PT Bank Tabungan is a huge asset for the Indonesian economy. Even more, with
Negara (Persero) Tbk. Was determined to strengthen our a demographic bonus that predicts approximately 20% of them
innovations/integrity to build an excellent business by are aged 20-44 years old, Indonesia is a country with a very
establishing focus and strategic initiatives that became reference potential asset: a population with high number of productive age
in restoring and spur the Company’s business going forward. For people.
the Company, the COVID-19 pandemic became a motivation to
spur its performance, improve business processes and develop a As a banking institution that focuses on the housing finance sector,
number of strategies. Company. also strengthened collaboration Bank BTN tries to be part of the solution to address challenges
and synergy with business partners. This has helped boosting related to providing housing for Indonesian people. This includes
the distribution of lending, increasing third party funds and housing needs for the “Millennials”, a term for Indonesia’s
noninterest income and improving banking services to the productive generation.
customers through various digital innovations such as BTN
Mobile Banking, BTN Properti Portal, Rumah Murah BTN Portal, Bank BTN’s focus to become a savings bank in the housing
BTN Solusi and Batara Spekta Program. finance sector is the agenda that will be prioritized going
forward. With the huge market potential of millennials, Bank BTN
In the midst of COVID-19 pandemic business process, hopes to become a partner in the housing and property industry
improvement at the Company was capable to gain great ecosystem, while simultaneously providing added value to the
results. The Company’s profit exceed the target set with growth shareholders and all stakeholders.
reaching 655.71% compared to last year’s position. Third party
funds also increased over 23.78% compared to last year. The
financial performance became an evidence that in the midst of
pandemic, the employees kept giving their best performance to
the Company.
PT Bank Tabungan Negara (Persero) Tbk 3
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Table of
Contents
Themes and Themes Explanation 1 Table of Contents 4 Milestones 8
Theme Continuity 2 Company at a Glance 7 Our Best Contributions 10
Performance Highlights
Important Performance Achievements Corporate Action 27 Company Rating 2023 32
16
in 2023
Temporary Termination of Stock Corporate Analyst Report 34
Key Financial Highlights 18 Trading (Suspension) and/or 29
Stock Registration Delisting Important Events in 2023 35
Financial Highlights and Financial
18
Ratios Bond, Sukuk and/or Convertible
28
Bond Information
Operational Overview 24
Other Funding Source Information 30
Stock Price Information 25
Report of Directors, Board of Commissioners
and Board af Sharia Supervisory
Board of Directors Report 44 Board Of Sharia Supervisory’s Accountability of Annual Report
72 76
Report 2023
Board of Commissioners Report 62
Company Profile
Company Identity 80 Organizational Structure 118 Composition of Community
172
Shareholders Less Than 5%
Names And Addresses of Regional Board of Directors Profile 120
Offices, Conventional Branch 82 Shareholding by The Directors
Board of Commissioners Profile 134 173
Offices and Sharia Branch Offices and Commissioners
Business Partner Networks 88 Sharia Supervisory Board Profile 145 Shareholding by Senior
174
Management
Company Brand 91 Executive Officers Profile 150
Shareholders Classification 175
Company at A Glance 92 Employee Profile 168
Major and Controlling Shareholders 175
Description of Name Change 93 Employee Composition by
168
Gender List of Subsidiaries, Associated
Company Vision, Mission and 175
Entities and Joint Venture Companies
94 Employee Composition by
Corporate Culture 168
Organizational Level Bank Business Group Information 175
Vision 94
Number of Employees Based by Corporate Group Structure 176
169
Mission 95 Age Range
Stock Listing Chronology 176
Review of Vision and Missions by Employee Composition by
169 Chronology of Issuance and/or
the Board of Commissioners and 95 Education Level
178
Directors Listing of Bonds and Other Securities
Number of Employees by
169 Information on The Use of Public
Corporate Culture 96 Employment Status
Accounting and Public Accounting 188
Business Activities 100 Employee Composition by Years Office Services
169
of Service
Business Activities According to Name and Address of Supporting
Shareholder’s Composition 170 188
the Articles of Association and 100 Institution and/or Professional
Business Activities Conducted
Composition of the 20 Biggest Awards and Certifications 193
171
Products and Services 101 Shareholders
Information Available on the
Shareholders Composition 5% 203
Association Membership 115 172 Website
or More
Operational Area 116
4 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Management Discussion and Analysis on Bank Performance
Economic Overview 206 Ability to Pay Debts 280 Achievement of Targets 2023 298
Global Economic Analysis 206 Collectability of Receivables 283 Future Targets 301
Indonesian Economic Analysis 206 Fund Interest Rate 284 Evaluation of Long Term Plan (RJP) 304
Banking Industry Analysis 207 Prime Lending Rate 287 Dividend Policy, Announcement
305
and Payment
Housing Industry Analysis 208 Productive Assets Quality Analysis 287
Realization of Use of Proceeds
Analysis of the Bank’s Position in Fee-Based Income Growth 306
209 290 from Public Offering
Banking Industry Acceleration
Material Information Regarding
Operational Overview 212 Growth in Digital Transaction Investment, Expansion,
290 307
Volume Divestment, Acquisition, or Debt
Bank Strategy Plan 212
and Capital Restructuring
Bank Capital Structure 290
Marketing Aspects 219 Information on Material
Management Policy on
Marketing Strategy 219 Transaction Containing Conflict of
Capital Structure and Basis for 290 308
Interest and/or Transaction with
Determining Policy
Market Share 231 Related Parties
Capital Structure Details 291
Operational Overview per Changes in Legal Regulations and
232 315
Business Segment Material Commitments for Capital its Impact on Company
292
Investment
Conventional Segment 232 Changes in Accounting Policies 320
Capital Goods Investment 293
Sharia Segment 251 Bank Soundness Level 321
Commitments and Contingencies 293
National Strategic Project (PSN)
264
Information on Business Continuity 321
or Other Assignments Significant Agreement 294
Disclosure of Governance
Financial Review 266 Material Information and Facts Framework, Management and 323
295 Control of Tax Aspects
After Accounting Report Date
Financial Performance 266
Details of problems that arose Response to Changes in
Statement of Financial Position 266 324
during the financial year that 295 Monetary Policy Direction
Statement of Income and Loss affected BUMN business activities
Spot Transactions and Derivative
and other Comprehensive 274 325
Business Outlook and Future Transactions
Income 296
Strategies
Report on Additional Use of State
Statement of Cash Flows 277 326
Achievement of Targets and Capital Participation (PMN)
298
Ability to Pay Debts and Future Targets
280
Collectability of Receivables
Risk Exposure and Capital Information
Credit Risk 330 Market Risk 359 Operational Risk 361
Human Capital
Human Capital Development Work Career Development 378 Human Capital Information System 383
372
Program
Performance Assessment 380 Cultural Internalization 384
Human Capital Management Policy
373 Remuneration 381 Human Capital Management
and Implementation 388
Structure
Recruitment 373 Pension Program 382
Human Capital Work Plans 2024 390
Competency Development 375
PT Bank Tabungan Negara (Persero) Tbk 5
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Information Technology
Information Technology Strategy 394 Information Technology Management Information Technology Competency
401 402
Structure Development in 2023
Information Technology Innovations 395
Evaluation Results on the Information Technology Work Plan
Information Technology 403
396 Effectiveness of Information 402 2024
Infrastructures Technology Implementation in 2023
Information Technology Governance 397
Corporate Governance
Achievements in the Implementation Organs and Committees under Number of Deviations (Internal
406 547 669
of Good Corporate Governance the Board of Directors Fraud) and Resolutions
Fundamentals of Implementation of Implementation of Governance Provision of Funding for Social
407 669
Good Corporate Governance in the Provision of and/or Political Activities
597
Remuneration for Commercial
Governance Implementation Provision of Funds to Relevant
408 Banks
Objectives and Principles Parties and Provision of Large 669
Public Accountants 604 Exposure
Commitment to Implementing
409
Corporate Governance Internal Control Systems 605 Share and Bond Buybacks 670
Company’s Governance Risk Management Report 610 Bank Strategic Plan 670
410
Implementation
Compliance Function 627 Transactions Containing
Corporate Governance Structure 670
416 Conflict of Interest
and Mechanism Anti Money Laundering (AML)
Program, Counter-Terrorism Internal Dispute 670
Company Organ Structure 416 Financing (CTF) and Prevention
636 Prevention of Insider Trading 670
of Financing of Proliferation of
Governance Soft Stucture 417
Weapons of Mass Destruction Transparency of Financial and
Good Corporate Governance (PFWMD) 670
417 Non-Financial Conditions
Mechanism
Lawsuits 637 Implementation of Sustainable
Shareholders 417 Finance, Including
Administrative Sanctions 670
Implementation of Social and
General Meeting of Imposed on the Company
419 Environmental Responsibility
Shareholders and/or Members of the Board
638
of Commissioners and Board Sharia Business Unit Governance
Board of Directors 434 of Directors by Capital Market 671
Report
Board of Commissioners 465 Authority and Other Authorities
Public Company Governance
Access to Company 684
Procedures and Implementation Implementation Guidelines
638
Information and Data
of Remuneration for Directors 497 Governance Principles for Banks
and Board of Commissioners Code of Conduct 648 Issued by Basel Committee in 693
Diversity Policy for the Banking Supervision
Policy of Long-Term
Board of Directors and 502 Performance-based 652 Good Corporate Governance
Commissioners 694
Compensation to Management Assessment
Transparency of Share Whistleblowing System 653
Ownership by the Board of 504
Directors and Commissioners Anti Corruption Program 662
Organs and Committees under Management of State Official
508 668
the Board of Commissioners Wealth Report (LHKPN)
Social and Environmental Responsibility Program
OJK Reference Index
Financial Report
PUMK Report
Company Soundness Level Report
6 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Company
at a Glance
OWNERSHIP TOTAL ASSET
of
9.65%
438.75
Foreign Public
IDR
30.35 % Domestic Public trillion
Goverment of
60.00%
Republic of Indonesia
BUSINESS SEGMENT
Commercial Bank
NUMBER OF OFFICES
631 Conventional
Office Networks
109 Sharia Office
Networks
PRODUCTS AND SERVICES
Conventional Sharia
Banking Banking
PT Bank Tabungan Negara (Persero) Tbk 7
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Milestones
The Government of Indonesia
The Company was first The Government of the reopened Postal Savings
established under the name of Republic of Indonesia seized Office (Kantor Taboengan It was inaugurated as a legal
“Postspaarbank” during the Tyokin Kyoku and Kantor Pos) with the name of Bank entity under the Ministry of
rule of the Dutch East Indies Taboengan Pos (Postal Tabungan Pos RI (Postal Transportation and allowed to
Government. Savings Office) was formed. Savings Bank of RI). open a Branch Office.
1897 1945 1949 1953
1942 1946 1950
The Company was taken over All Postal Savings Offices The name was changed
by the Government of Japan (Kantor Taboengan Pos) to “Bank Tabungan Pos”
and renamed Tyokin Kyoku or were occupied by the Dutch (Postal Savings Bank) by the
the Savings Office. and temporarily ceased to Government of the Republic of
operate. Indonesia.
Recapitalized by the Established Sharia Business
Government of the Republic Unit and opened the first
Functionally became a limited of Indonesia with a value of Sharia Branch Office at
liability company (PT Persero). IDR13.6 trillion. Harmoni, Jakarta.
1992 2001 2005
1989 1994 2002
Issued bonds for the first time Obtained permission to With an IBM-AS400-based
and the first commencement of operate as a Foreign online real-time system,
commercial bank operations. Exchange Bank. information technology was
implemented in all Branch
Offices.
Developing various Developing digital
digital-based products ecosystem to support
and services; one of sustainable business Became Housing Market Upgraded its vision
which was the opening as a leading housing Maker and strengthened and mission as Best
of Smart Branch in financing bank in its position as the 5th Mortgage Bank in
Harmoni, Jakarta. Indonesia. Largest Bank. Southeast Asia in 2025.
2017 2018 2019 2020
8 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
The integration of State-owned
Banks and Bank Tabungan
Negara into the Central
Bank. A Single Bank under
the name of Bank Negara
Indonesia, consisting of Bank Bank BTN cooperated
Tabungan Negara, Bank with Perum Pos dan Giro
Indonesia, Bank Koperasi Tani to implement Tabungan Realization of BTN mortgage
dan Nelayan, Bank Umum Pembangunan Nasional (KPR BTN) for the first time
Negara, BNI 1946 and Bank (Tabanas) and Term-Insurance was in Tanah Mas Housing,
Dagang Negara. Savings (Taska). Semarang.
1965 1971 1976
1963 1968 1974 1986
The name was changed to The single bank was Assigned to finance public Obtained credit from
Bank Tabungan Negara and separated and reopened housing by the Ministry of IBRD/ World Bank in
moved under the Ministry of as Bank Tabungan Negara, Finance. the amount of USD
Central Bank Affairs. abbreviated to BTN. 266,550,000, signed
by the Government of the
Republic of Indonesia.
Mortgage Securitization
via the first Assets Backed
Securities Collective
Investment Contract (KIK-
EBA) was in Indonesia. The
Company conducted an Initial The Company transformed
Public Offering (IPO) and was into a leading housing The Company participated in
listed on the Indonesia Stock financing bank and world- the success of “One Million
Exchange (Go Public). class banking. Houses for Indonesian”.
2009 2013 2015
2008 2012 2014 2016
Obtained ISO 9001-2000 The Company executed Right The Company and SMF The Company continued
Certification for mid-term Issue. signed Indonesia’s biggest its transformation
credit services with a service securitization. agenda, such as “Digital
pattern of 1-5-1. Banking Periods”.
The Company carries out corporate actions in the form
of Additional Capital by Providing Preemptive Rights II
Transformation to achieve (PMHMETD II) in the issuance of Preemptive Rights (HMETD)
sustainable growth. or Rights Issue.
2021 2022
PT Bank Tabungan Negara (Persero) Tbk 9
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Our Best
Contribution
BANK BTN IN THE
NATIONAL HOUSING
ECOSYSTEM
In line with Bank BTN’s Vision and Mission in 2025, namely to become “The Best Mortgage Bank in Southeast Asia“, in 2023 14
Corporate Plan Strategic Initiative Themes have been established as the implementation of Transformation; they are divided into 4 (four)
Main Areas, namely Funding, Lending, Digital and Enablers. To support the implementation of this transformation, in 2023 business
process improvements in the enabler area have been carried out. One of them is the adjustment and change in organizational structure
in the Head Office, Regional Offices and Branch Offices.
Optimizing organizational design has objectives in streamlining business activities, building operational capabilities and Information
Technology (IT), increasing capabilities and fulfilling human capital for growth, aligning the roles of the Head Office, Regional Offices
and Branch Offices as well as supporting the integration and consolidation of the Governance Risk Compliance (GRC) system.
10 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
As a company that continues to grow, sustainability is Not only supporting improvements in improving business
a goal that has to be achieved in managing business processes, changes to the organizational structure are
continuity. By considering the balance among profit, also carried out to strengthen the check and balance
planet and people, the Company considers it necessary function in operations at Bank BTN›s business centers,
to develop Environment, Social and Governance (ESG) namely in Regional Offices, Branch Offices, consumer
in line with regulations and business strategy. This is loan centers (RLPC) and commercial loan centers (CBC
in line with the Sustainable Finance Roadmap Phase ). One implementation of strengthening this function
II (2021-2025) from the OJK, where the Company is the formation of Regional Business Control (RBC),
is expected to develop innovative and sustainable Branch Business Control (BBC) and Commercial
financing initiatives. Banking Center-Business Control (CBC-BC) units. These
units are the transition of similar units and functions that
To implement this goal, in 2023 an ESG Committee previously existed in Internal Audit Division.
was formed as a committee under the Board of Directors
and the ESG Department in the Enterprise and ESG Specifically, the Regional Loan Processing Center-
Risk Management Division. With the formation of an Business Control (RLPC-BC) unit is a transition from the
ESG-related organizational structure, it is expected that Quality Assurance and Process Compliance (QAPC)
the unit can encourage strategy and implementation unit which previously existed in the Loan Operation
of ESG initiatives, increase accountability for Division. This unit is tasked with ensuring the validity of
ESG performance, engage and coordinate with data quality checking in the consumer loans application
stakeholders, ensure compliance with ESG regulations, system as well as monitoring end-to-end KPR Processing
and encourage innovation by identifying sustainable performance.
business opportunities.
In line with the formation of the RBC, BBC, RLPC-
In the business area, especially in the lending sector, BC and CBC-BC units, an Operation Risk Controller
there has been a change in organizational structure Department was also formed in the Enterprise Risk
with the formation of the Personal Banking Division. The Management Division which functions as a control
formation of this new division was motivated by seeing tower, partner and is tasked with reviewing policies,
high yield loan business opportunities, especially in standards and strategies as well as activities carried
the increasingly growing consumer segment. With the out by RBC, BBC, RLPC-BC and CBC-BC.
existence of the Personal Banking Division to develop
other business potential outside of housing finance, it The Operational Risk Control Unit also plays a role
is expected that the Company›s position as a market in providing input regarding risk aspects of fraud
leader in the consumer lending segment can be originating from audit results to improve internal control
strengthened. in Branch Offices as well as conducting risk analysis on
internal control reports submitted by RBC, BBC, RLPC-
In the support area, especially in the collection sector, BC and CBC-BC.
there is a separation of consumer collection, recovery
& asset sales functions at the Head Office into 2 (two) With RBC, BBC, RLPC-BC and CBCBC personnel
divisions. Consumer Collection, Recovery & Asset Sales stationed in BTN business centers plus the Operational
Division 1 is responsible for front end and early bucket Risk Control unit as a partner and control tower, it
management, while Consumer Collection, Recovery is expected that the 1.5 line of defense function and
& Asset Sales Division 2 manages middle to end operational risk mitigation in the Company can be
bucket collection. This separation is carried out so that implemented better and more intensively.
the management of the consumer collection portfolio
becomes more focused so that the Company›s Non- As a holistic entity, organizational transformation has
Performing Loan (NPL) and Loan at Risk (LAR) levels also been carried out in the field of human resources
can be maintained. with the formation of the Human Capital Business
Partner Division. The purpose of establishing this
In line with the transformation in the collection sector, Division is to ensure that Human Resources management
for the efficiency of the asset management and sales is carried out more focused in developing Bank BTN’s
process, 2 (two) Commercial Asset Management best talents and supporting the aspirations of business
Divisions were merged into 1 (one). This merger was units, especially in managing the personnel; this is in
also carried out in order to revitalize the portfolio and line with the objectives of implementing Bank BTN’s
maintain the quality of commercial loans. Employee Value Proposition (EVP), namely Learn,
Grow, Contribute and Engagement.
PT Bank Tabungan Negara (Persero) Tbk 11
Page 14
BANK BTN IN THE NATIONAL HOUSING ECOSYSTEM
As a bank that focuses on housing, Bank BTN has a strategic
position in the national housing ecosystem, especially in the Low
Income Communities (MBR) segment. BTN KPR distribution really
helps Indonesian people to have decent and affordable housing.
Apart from that, KPR BTN is also able to support the realization
of a good and stable Indonesian housing ecosystem so that it is
able to maintain national economic stability and support housing
programs.
Bank BTN is a reliable government partner in the housing
program. This is not only in the subsidized housing program
but also plays a role in distributing Self-Help Housing Stimulant
Assistance (BSPS) funds so that the Bank can reach more people,
especially low-income people (MBR).
DISCLOSURE The Company as a Public Firm carries out public information disclosure in accordance
with the following provisions:
OF PUBLIC 1. Law Number 14 of 2008 concerning Openness of Public Information.
INFORMATION 2. Government Regulation Number 61 of 2010 concerning Implementation of Law
Number 14 of 2008 concerning Openness of Public Information.
3. Information Commission Regulation Number 1 of 2021 concerning Public Information
Service Standards.
4. Information Commission Regulation Number 1 of 2022 concerning Monitoring and
Evaluation of Public Information Openness.
The Company as a Public Firm has a vision of “Being the Best Bank in Providing Public
Information Services” with a mission of “Providing Public Information and Services
Through Digital Innovation”. Based on Directors’ Decree No. 182/DIR/2016 dated
May 10, 2016 Concerning the Structure of Information and Documentation Management
Officers at PT Bank Tabungan Negara (Persero) Tbk, the Head of the Corporate Secretary
Division is appointed as the Information & Documentation Management Officer (PPID).
Information & Documentation Management Officer has the following duties, functions
and authorities:
1. Duties and Functions
a. Coordinate the collection and documentation of all Public Information from work
units in the Company which includes information that must be provided and
announced periodically; information that must be available at all times; as well as
other open information requested by the Public Information Applicant.
b. Coordinate data collection on Public Information controlled by work units in the
Company in order to create and update the Public Information List.
12 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Total KPR Total Subsidized KPR
61% 39% 83% 17%
Other Banks Bank BTN Bank BTN Other Banks
Source: Financial Services Authority (OJK) and the Company, September 2023
c. Providing and announcing public information through 2. Authority
media that can effectively reach all stakeholders. a. Coordinating each work unit and information service
d. Coordinating the provision and service of Public unit in implementing Public Information services.
Information in the information service unit to fulfill Public b. Deciding if Public Information can be accessed by the
Information requests. public or not based on testing the consequences.
e. Carrying out tests regarding the consequences that c. Rejecting a request for Public Information if the Public
arise as regulated in Article 19 of the Law on Openness Information requested includes excluded information.
of Public Information before declaring certain Public
Information to be exempt. Based on the results of Monitoring and Evaluation of Public
f. Including written reasons for the exclusion of Public Information Openness in 2023, at the 2023 Public Agency
Information clearly and unequivocally, in the event that Information Openness Award, the Company succeeded in
the Public Information request is rejected, as well as qualifying as an “Informative” Public Body in the State-Owned
black out or obscure the excluded Public Information Enterprise Category. This is a very good achievement considering
along with the reasons. that there is an increase in qualifications from the previous
g. Developing the capacity of functional officials and/or financial year.
information officers in order to improve the quality of
Public Information services.
h Coordinating and ensuring that objection submissions
are processed based on the objection resolution
procedure if the Public Information request is rejected.
i. Developing and implementing Standard Operating
Procedures and Public Information service policies.
j. Preparing and announcing Public Information service
reports and submit them to the Information Commission.
PT Bank Tabungan Negara (Persero) Tbk 13
Page 16
PERFORMANCE HIGHLIGHTS 14 PT Bank Tabungan Negara (Persero) Tbk
Page 17
In 2023, Bank BTN showed significant performance growth in
both operational and financial terms. Bank BTN’s performance
also received recognition from external parties by receiving
awards on a national and international scale.
PT Bank Tabungan Negara (Persero) Tbk 15
Page 18
Important Performance
Achievements in 2023
Total Assets Total Equity Income for the Year
in 2023 reached in 2023 reached in 2023 reached
438.75
IDR IDR
30.48 IDR
3.50
trillion trillion trillion
an increase of an increase of an increase of
9.10% 17.64% 14.97%
from 2022 from 2022 from 2022
Sharia Financing
an increase of
17.36%
in 2023 reached
IDR
37.11 from 2022
trillion
16 PT Bank Tabungan Negara (Persero) Tbk
Page 19
2023 Annual Report
Consumer Loan Commercial Loan Commercial Savings
in 2023 reached in 2023 reached in 2023 reached
IDR
42.45 IDR
42.96 IDR
243.69
trillion trillion trillion
an increase of an increase of an increase of
1.57% 14.10% 8.84%
from 2022 from 2022 from 2022
Sharia Savings Funds
an increase of
20.68%
in 2023 reached
IDR
41.80 from 2022
trillion
PT Bank Tabungan Negara (Persero) Tbk 17
Page 20
Performance
Highlights
Key Financial
Highlights
Financial Highlights and Financial Ratios
Table of Financial Highlights (in Millions of Rupiah)
Description 2023 2022 2021 2020 2019
STATEMENT OF FINANCIAL POSITION
ASSETS
CASH 2,127,489 1,661,533 1,539,577 1,429,426 1,369,167
CURRENT ACCOUNTS WITH INDONESIAN
18,145,761 25,416,941 10,692,484 11,107,672 15,512,329
BANK
CURRENT ACCOUNTS WITH OTHER BANK
Third parties 1,153,949 963,935 1,000,338 2,995,233 391,877
Related parties 1,049,449 508,322 96,460 221,896 357,624
Allowance for impairment losses (1,804) (1,747) (1,698) (1,808) (1,632)
2,201,594 1,470,510 1,095,100 3,215,321 747,869
PLACEMENTS WITH BANK INDONESIA AND
OTHER BANKS
Third parties 30,561,061 12,975,894 27,900,711 19,830,096 10,996,115
Related parties 61 61 337 337 101,078
SECURITIES
Third parties 1,454,768 873,109 891,173 1,123,406 5,985,588
Related parties 3,851,105 850,059 1,341,732 2,082,560 2,126,461
Allowance for impairment losses (22,903) (2,399) (2,000) (2,000) (27,378)
5,282,970 1,720,769 2,230,905 3,203,966 8,084,671
GOVERNMENT BONDS
Related parties 35,893,929 51,964,973 46,080,298 56,287,751 11,053,601
SECURITIES PURCHASED UNDER AGREEMENT
TO RESSEL
Third parties - 1,434,190 1,598,325 954,955 1,675,221
Related parties - - - - 200,000
LOANS AND SHARIA FINANCING/
RECEIVABLES
Loans
Third parties 268,898,377 247,217,823 229,174,514 217,711,277 214,807,263
Related parties 27.685.483 19,439,742 18,110,919 17,340,839 17,405,276
Allowance for impairment losses (14,191,536) (14,104,914) (13,165,897) (12,151,936) (5,425,908)
282,392,324 252,552,651 234,119,536 222,900,180 226,786,631
Sharia financing/receivables
Third parties 37,027,078 31,367,082 27,102,484 25,059,007 23,609,204
Related parties 87,203 257,057 447,374 3,040 3,416
Allowance for impairment losses (1,400,428) (1,570,009) (1,269,863) (909,007) (690,258)
35,713,853 30,054,130 26,279,995 24,153,040 22,922,362
DERIVATIVE RECEIVABLES
Third parties 32,176 103,939 31,017 70,386 -
ACCEPTANCES RECEIVABLES
Third parties 475,821 289,206 - - -
18 PT Bank Tabungan Negara (Persero) Tbk
Page 21
2023 Annual Report
Description 2023 2022 2021 2020 2019
Related parties 68,746 131,356 454,140 196,071 487,052
Allowance for impairment losses (23,876) (136) (623) (1,393) -
520,691 420,426 453,517 194,678 487,052
SHARE INVESTMENT
Third parties - - - - 270
Allowance for impairment losses - - - - (270)
FIXED ASSETS
Cost/revaluation value 12,953,746 10,599,848 9,468,655 9,053,182 8,108,086
Accumulated depreciation (4,835,934) (4,246,045) (3,731,864) (3,234,737) (2,707,428)
INTEREST RECEIVABLES 11,526,687 10,750,302 9,173,536 6,285,574 3,210,772
DEFERRED TAX AAETS - NET 2,998,282 2,915,428 2,430,660 1,972,393 629,105
OTHER ASSETS 3,235,046 2,352,762 2,505,522 3,784,186 2,600,197
TOTAL ASSETS 438,749,736 402,148,312 371,868,311 361,208,406 311,776,828
LIABILITIES, TEMPORARY SYIRKAH FUNDS AND EQUITY
LIABILITIES
LIABILITIES DUE IMMEDIATELY 3,277,514 3,205,358 3,654,236 4,765,276 1,999,183
DEPOSITS FROM CUSTOMERS
Demand deposit
Third parties 20,957,283 17,636,481 12,806,732 16,546,465 9,583,560
Related parties 108,412,008 87,264,437 60,556,142 52,054,300 38,524,556
Wadiah demand deposit
Third parties 2,402,428 1,783,134 1,176,350 946,930 917,455
Related parties 11,037,037 6,841,675 4,179,603 2,138,165 1,675,555
142,808,756 113,525,727 78,718,827 71,685,860 50,701,126
Saving deposits
Third parties 37,029,999 35,656,990 46,363,367 38,279,792 41,212,905
Related parties 692,162 525,339 436,034 420,345 272,004
Wadiah saving deposits
Third parties 1,274,456 1,192,775 1,149,143 903,998 789,042
Related parties 2,136 943 1,096 1,211 847
38,998,753 37,376,047 47,949,640 39,605,346 42,274,798
Time deposits
Third parties 63,976,056 66,808,185 53,067,211 60,918,288 61,281,176
Related parties 76,717,583 79,389,842 93,453,378 86,940,320 52,648,592
140,693,639 146,198,027 146,520,589 147,858,608 113,929,768
Total deposits from customers 322,501,148 297,099,801 273,189,056 259,149,814 206,905,692
DEPOSITS FROM OTHER BANKS
Third parties 91,312 136,408 66,007 29,880 4,509,238
SECURITIES PURCHASED UNDER AGREEMENT
TORESELL
Third parties - - - - 935,000
ACCEPTANCES PAYABLE
Third parties 320,522 302,037 292,220 196,071 -
Related parties 224,045 118,525 161,920 - 487,052
DERIVATIVE PAYABLE
Third parties - - 17,741 22,787 -
SECURITIES ISSUED
Third parties 2,403,573 4,297,252 8,094,441 10,835,733 14,405,980
PT Bank Tabungan Negara (Persero) Tbk 19
Page 22
Performance
Highlights
Description 2023 2022 2021 2020 2019
Related parties 5,868,525 4,355,008 4,277,267 4,974,733 5,377,572
FUND BORROWINGS
Third parties 11,308,799 7,365,320 6,499,997 6,798,082 8,681,368
Related parties 22,453,290 17,455,685 15,562,294 17,009,056 13,784,289
INTEREST PAYABLE 647,496 629,366 496,725 726,914 630,002
ESTIMED LOSSES ON COMMITMENTS AND
3,580 4,719 3,644 6,489 -
CONTINGENCIES
EMPLOYEE BENEFITS AND OTHER LIABILITIES 2,951,848 7,248,985 6,618,300 6,666,875 5,736,637
SUBORDINATED LOAN AND SECURITIES
Third parties 4,612,840 4,658,242 4,259,776 4,194,554 -
Related parties 4,499,997 4,499,977 4,499,968 5,999,878 5,999,669
TOTAL LIABILITIES 381,164,489 351,376,683 327,693,592 321,376,142 269,451,682
TEMPORARY SYIRKAH FUNDS
DEPOSITS FROM CUSTOMER
Mudharabah Current Accounts
Third parties 712,587 468,889 467,333 341,653 826,682
Related parties 13,474 11,897 12,281 17,033 588,030
Mudharabah saving deposits
Third parties 5,331,249 4,730,686 3,466,529 2,683,283 3,226,349
Related parties 141,993 88,427 505,563 430,860 136,577
Mudharabah time deposits
Third parties 11,975,188 11,886,366 8,887,336 11,022,780 11,661,400
Related parties 8,908,369 7,637,191 9,424,102 5,345,495 2,038,501
Total deposits from customer 27,082,860 24,823,456 22,763,144 19,841,104 18,477,539
DEPOSITS FROM OTHER BANKS
Mudharabah Current Accounts
Third parties 4,154 56 46 176 243
Mudharabah savings deposits
Third parties 14,781 19,674 1,882 2,139 3,299
Mudharabah time deposits
Third parties 4,300 19,089 3,000 1,000 7,870
Total deposits from other banks 23,235 38,819 4,928 3,315 11,412
TOTAL TEMPORARY SYIRKAH FUNDS 27,106,095 24,862,275 22,768,072 19,844,419 18,488,951
EQUITY
Capital stock - IDR500 par value per share (full
amount) as of December 31, 2023 and 2022,
respectively
Authorized capital 20,478,432,000 shares
(full amount) (consisting of 1 series A Dwiwarna
share and 20,478,431,999 series B shares) on
December 31, 2023 and 2022 respectively
Issued and fully paid-up capital 14,034,444,413
shares (full amount) (consisting of 1 share of
series A Dwiwarna and 14,034,444,412
series B shares) as of December 31, 2023
7,017,222 5,295,000 5,295,000 5,295,000 5,295,000
and 10,590,000,000 shares (full amount)
(consisting of 1 share of series A Dwiwarna
and 10,589,999,999 Series B shares) as of
December 31, 2022,
Additional paid-in capital 4,418,900 2,054,454 2,054,454 2,054,454 2,054,454
Capital deposit fund - 2,756,575 - - -
Net unrealized loss allowance for and
impairment losses on securities and government
(769,001) (1,193,252) 87,817 1,100,019
at fair value through other comprehensive income 11,460
net of deferred tax
20 PT Bank Tabungan Negara (Persero) Tbk
Page 23
2023 Annual Report
Description 2023 2022 2021 2020 2019
Remeasurement
Remeasurement of defined Benefit Plan - net of
(560,339) (409,657) (458,153) (531,674) (194,707)
deferred tax
Effective portion of Cash Flow Hedge (32,346) (49,301) (19,983) (1,239) -
Revaluation Surplus of Premises 3,565,773 3,508,565 3,307,991 3,307,991 3,307,991
Retained earning*
Appropriated 13,181,214 10,745,157 8,606,555 7,004,198 12,995,995
Unappropriated 3,657,729 3,201,813 2,532,966 1,759,096 366,002
TOTAL EQUITY 30,479,152 25,909,354 21,406,647 19,987,845 23,836,195
TOTAL LIABILITIES, TEMPORARY SYIRKAH FUNDS
438,749,736 402,148,312 371,868,311 361,208,406 311,776,828
AND EQUITY
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
INCOME AND EXPENSES FROM OPERATIONS
Interest Income and Income from Profit Sharing
Interest 24,722,529 23,233,200 23,413,857 22,947,252 23,271,432
Profit sharing and margin from sharia unit 3,558,723 2,674,168 2,381,101 2,169,236 2,448,442
Total Interest Income and Income from Profit
28,281,252 25,907,368 25,794,958 25,116,488 25,719,874
Sharing
Interest, Profit Sharing and Bonuses Expenses
Interest (13,203,108) (9,866,919) (11,670,728) (14,687,492) (15,167,294)
Other financing expenses (203,317) (169,804) (177,585) (147,146) (157,708)
Wadiah Bonus (71,621) (57,558) (32,175) (21,782) (15,641)
Third Parties’ Rights on Return of Mudharabah (1,372,916) (815,803) (923,167) (1,335,517) (1,417,430)
Total Interest, Profit Sharing and Bonus Expense (14,850,962) (10,910,084) (12,803,655) (16,191,937) (16,758,073)
Interest Income and Income from Profit Sharing
13,430,290 14,997,284 12,991,303 8,924,551 8,961,801
- Net
Other Operating Income
Administrative fees and penalties for deposits
1,096,346 965,441 852,953 760,751 832,556
and credit given
Income from recovery of loan written-off 934,191 431,591 304,810 275,538 113,399
Gain on sale of securities - net 6,669 (234,089) 76,734 356,168 478,339
Gain on sale of government bonds - net 541,392 (266,235) 818,679 308,351 144,553
Unrealized gain on changes in fair value of
1,802 (64,931) (135,338) 18,493 20,894
securities - net
Unrealized gain on changes in fair value of
(5,780) 55,045 (18,778) 87,011 1,745
bonds - net
Others 1,310,747 822,775 463,507 708,295 518,366
Total Other Operating Income 3,885,367 1,709,597 2,362,567 2,514,607 2,109,852
Provision for impairment losses on financial and
(3,765,397) (4,017,378) (3,627,477) (2,258,479) (3,486,665)
nonfinancial assets
(Provision for) Reversal of Estimated Impairment
1,139 (1,075) 2,845 (3,784) -
Losses on Commitments and Contingencies
Other Operating Expenses
General and administrative (3,884,779) (3,754,028) (3,358,846) (3,114,260) (3,425,022)
Salaries and employee benefits (3,982,503) (4,190,298) (3,782,925) (2,977,208) (2,863,955)
Premiums on on Government’s guarantee program (656,774) (599,991) (619,667) (469,360) (467,791)
Others (487,614) (329,308) (930,968) (285,782) (306,447)
Total Other Operating Expenses (9,011,670) (8,873,625) (8,692,406) (6,846,610) (7,063,215)
INCOME FROM OPERATIONS 3,814,803 3,036,832 2,330,285 521,773
4,539,729
NON-OPERATING EXPENSES - NET (159,519) 60,887 (43,512) (59,428) (110,711)
INCOME BEFORE TAX EXPENSES 3,875,690 2,993,320 2,270,857 411,062
4,380,210
TAX EXPENSES (879,222) (830,617) (617,093) (668,499) (201,799)
INCOME FOR THE YEAR 3,500,988 3,045,073 2,376,227 1,602,358 209,263
PT Bank Tabungan Negara (Persero) Tbk 21
Page 24
Performance
Highlights
Description 2023 2022 2021 2020 2019
Other Comprehensive Income:
Items that will not be reclassified to profit or loss
Unrealized gain on changes in fair value of
57,208 200,574 - - 341,000
securities - net
Remeasurement of defined benefit plans (186,027) 59,872 75,005 (397,512) (132,869)
Income tax related to items that will not be
35,345 (11,376) (1,484) 60,545 21,048
reclassified to profit or loss
Items that will be reclassified to profit or loss
Effective Part of Hedging – Cash Flows 20,932 (40,883) (18,744) (1,239) -
Net unrealized gain (loss) on changes in value of
fair value through other comprehensive income 517,528 (1,576,967) (1,259,616) 1,342,481 148,613
securities and government bonds
Income tax related to items that will be reclassified
(97,254) 307,463 247,414 (253,922) (9,723)
to profit or loss
Total comprehensive income for the year 3,848,720 1,983,756 1,418,802 2,352,711 557,332
Basic Earnings Per Share (full amount) 249 288 224 151 20
STATEMENT OF CASH FLOW
CASH FLOWS FROM OPERATING ACTIVITIES
Interest, profit sharing and margins 27,618,186 24,331,326 22,427,061 22,025,695 25,453,902
Recoveries from loan debts written off 1,011,258 503,307 362,436 331,915 153,997
Interest and bonuses, fees and commissions paid (14,892,249) (10,775,222) (13,027,787) (16,095,612) (16,646,046)
Recoveries from income tax paid (1,020,952) (1,001,324) (820,461) (341,466) (590,027)
Receipt of tax assessment letters - 402,428 - - 6,710
Other operating expenses - net (5,790,828) (6,896,183) (5,927,136) (3,986,344) (4,845,107)
Other non-operating (expenses) income - net (54,382) 13,828 (27,932) (59,428) (110,711)
Cash receipts before changes in operating assets
6,871,033 6,578,160 2,986,181 1,874,760 3,422,718
and liabilities
Changes in operating assets and liabilities:
Decrease (increase) in operating assets:
Placements on other banks - - 947,105 (595,305) (351,800)
Fair value through profit or loss Securities (246,380) (104,885) 849,641 172,622 2,452,777
Fair value through profit or loss government bonds 15,788,979 (4,955,939) 4,842,769 (18,122,548) 1,547,115
Acceptance receivable (124,005) 33,578 (258,069) - -
Loans and sharia financing/receivables (38,484,306) (26,318,471) (16,988,247) (7,255,860) (18,229,537)
Other assets (785,307) (196,503) 1,241,584 (1,285,447) 300,335
Increase (decrease) in operating liabilities:
Liabilities due immediately 74,415 (466,852) (1,120,009) 2,446,942 (301,002)
Deposits from customers
Demand deposits 24,468,372 31,538,044 4,762,109 20,492,649 (5,565,072)
Wadiah demand deposits 4,814,656 3,268,857 2,270,858 492,085 (188,844)
Savings deposits 1,539,832 (10,617,072) 8,099,264 (2,784,772) 3,134,070
Savings deposits wadiah 82,875 43,479 245,030 115,320 23,565
Time deposits (5,504,388) (322,562) (1,338,019) 33,928,841 (1,532,515)
Deposits from other banks (45,095) 70,400 36,127 (4,479,357) 1,516,659
Acceptances payable 124,005 (33,578) 258,069 - -
Other liabilities (4,184,154) 654,214 (206,114) 303,204 (734,052)
Temporary syirkah funds 2,243,821 2,094,203 2,923,653 1,355,469 (322,778)
Net Cash Provided by Operating Activities 6,634,353 1,265,073 9,551,932 26,658,603 (14,828,361)
22 PT Bank Tabungan Negara (Persero) Tbk
Page 25
2023 Annual Report
Description 2023 2022 2021 2020 2019
CASH FLOWS FROM INVESTING ACTIVITIES
(Purchase) receipt from matured amortized cost
(2,868,515) 199,964 - 1,061,584 -
securities
Proceeds at maturity of held-to-maturity securities - - - - -
Acquisition of Fixed Assets (2,313,490) (1,042,464) (415,473) (798,086) (366,561)
(Purchase) receipt in fair value through other
(1,247,159) 381,580 330,249 1,082,203 -
comprehensive income
Decrease (increase) in securities & government bonds
2,211,325 5,714,402 10,722,233 (25,844,225) (2,085,930)
fair value through other comprehensive income
Purchase of amortized cost government bonds (1,655,566) (7,816,426) (5,922,417) (148,619) -
Purchase of amortized cost securities - - (236,767) - -
Proceed from securities purchased under
45,031,457 163,410 - 920,267 -
agreement to resell
Placement of securities purchased under
(43,597,267) - (643,370) - (1,875,221)
agreement to resell
(Increase) Decrease securities available for sale - - - - (718,350)
Purchase of held-to-maturity government bonds - - - - (947,963)
Purchasing held-to-maturity securities - - - - (1,083,081)
Net Cash Provided by (Used in) Investing Activities (4,439,215) (2,399,534) 3,834,455 (23,726,876) (7,077,106)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds of securities issued 2,449,019 1,541,330 10,186 1,493,811 4,144,000
Payments of matired securities issued (2,769,764) (5,263,000) (3,455,000) (5,322,500) (5,122,930)
Proceeds from securities sold under repurchase
67,691,353 592,326 1,716,191 - -
agreements
Payments of matured securities sold under
(67,691,353) (592,326) (1,716,191) (935,000) -
agreements to repurchase
The exercise of employee stock options - - - -
Dividend payment (609,015) (237,624) - (20,927) (561,585)
Proceeds from fund borrowings 11,185,162 11,814,826 6,455,429 9,141,448 11,001,654
Payment of loans received (2,187,576) (9,095,884) (8,204,691) (7,823,008) (4,020,720)
Proceeds from subordinated securities - - 1,500,000 4,047,884 2,999,950
Payment of Lease Liabilities (81,973) (84,983) (99,959) (125,788) -
Payments of matured subordinated loans and
- - (3,000,000) - -
securities
Capital deposit fund 1,330,093 2,756,575 - - -
Net Cash Provide by (used in) Financing Activities 9,315,946 1,431,240 (6,794,035) 455,920 8,440,369
Net Increase in Cash and Cash Equivalents 11,511,084 296,779 6,592,352 3,387,647 (13,465,098)
CASH AND CASH EQUIVALENTS AT BEGINNING
41,526,686 41,229,907 34,637,555 31,249,908 44,715,006
OF THE YEAR
CASH AND CASH EQUIVALENTS AT END OF THE
53,037,770 41,526,686 41,229,907 34,637,555 31,249,908
YEAR
Details of cash and cash equivalents at the end of
the year are as follows
Cash 2,127,489 1,661,533 1,539,577 1,429,426 1,369,167
Current accounts with Bank Indonesia 18,145,761 25,416,941 10,692,484 11,107,672 15,512,329
Current accounts with other banks 2,203,398 1,472,257 1,096,798 3,217,129 749,501
Placements with Bank Indonesia and other banks
- with original maturities of three months or less 30,561,122
12,975,955 27,901,048 18,883,328 10,745,393
from the date of acquisition
Bank Indonesia Certificates - maturity period of
- - - - 2,873,518
three months or less from the date of acquisition
Total 53,037,770 41,526,686 41,229,907 34,637,555 31,249,908
PT Bank Tabungan Negara (Persero) Tbk 23
Page 26
Performance
Highlights
Description 2023 2022 2021 2020 2019
FINANCIAL RATIO (%)
Liquidity
Loan to Deposit Ratio (LDR) 95.36 92.65 92.86 93.19 113.50
Profitability
Ratio of Liabilities to Total Assets 86.88 87,37 88,12 88,97 86,42
Ratio of Liabilities to Total Equity 1.250,57 1,356,18 1,530,80 1,607,86 1,130,43
Return On Asset (ROA) 1.07 1.02 0.81 0.69 0.13
Return On Equity (ROE) 13.86 16.42 13.64 10.02 1.00
Net Interest Margin (NIM) 3.75 4.40 3.99 3.06 3.32
Operating Expenses to Operating Revenues (BOPO) 86.10 86.00 89.28 91.61 98.12
Credit Quality
Non Performing Loan (NPL) Gross 3.01 3.38 3.70 4.37 4.78
Non Performing Loan (NPL) Netto 1.32 1.32 1.20 2.06 2.96
Productive Assets
Non Performing Productive Assets to Total
1.85 2.58 - - -
Productive Assets
Allowance for Impairment on Productive Assets
2.92 3.88 - - -
to Total Productive Assets
Capital
Minimum Capital Adequacy Ratio 20.16 20.17 19.14 19.34 17.32
Compliance
BMPK Violation Percentage
Related Parties 0.00 0.00 0.00 0.00 0.00
Non Related Parties 0.00 0.00 0.00 0.00 0.00
BMPK Exceedance Percentage
Related Parties 0.00 0.00 0.00 0.00 0.00
Non Related Parties 0.00 0.00 0.00 0.00 0.00
Minimum Statutory Reserve (GWM)
Primary Statutory Reserve IDR
Conventional 6.04 8.28 3.55 3.16 6.19
Sharia 6.10 7.76 3.70 3.15 4.64
Statutory Reserve (Foreign Currency) 4.40 4.13 6.24 4.63 8.28
Net Open Position (PDN) 1.73 4.17 2.63 3.17 4.14
Other Ratio
Cost to Income Ratio (CIR) 45.26 46.66 48.18 53.85 58.08
*The deficit balance of IDR14,226,290 was eliminated as a result of quasi-reorganization on May 31, 2007.
Operational Overview
Description 2023 2022 2021 2020 2019
CONSUMER BANKING
Consumer Loan Disbursement 42,450,499 41,795,595 32,948,775 24,812,869 33,439,158
Consumer Deposits 63,770,218 68,190,039 68,770,476 65,777,811 65,600,784
COMMERCIAL BANKING
Commercial Loan Disbursement 42,963,396 37,654,912 19,923,399 15,416,031 25,962,288
Commercial Deposits 243,694,432 223,893,013 197,961,260 189,525,768 137,939,293
SHARIA BUSINESS UNIT
Sharia Financing Disbursement 10,615,071 8,213,567 6,232,013 4,658,912 5,302,395
Sharia Deposits 41,802,885 34,640,775 29,269,336 23,831,409 21,861,284
24 PT Bank Tabungan Negara (Persero) Tbk
Page 27
2023 Annual Report
STOCK
INFORMATION
Bank BTN Stock Price, Volume and Capitalization Information 2022-2023
Price per Share (IDR) Total
Market
Outstanding Trading Volume
Year Capitalization
Opening Highest Lowest Closing Stock (Million (Million Shares)
(IDR Trillion)
(IDR) (IDR) (IDR) (IDR) Shares)
2023
Quarter I 1,335 1,400 1,175 1,225 14,03 2,265 17.19
Quarter II 1,225 1,340 1,215 1,320 14,03 1,770 18.53
Quarter III 1,315 1,370 1,220 1,220 14,03 1,304 17.12
Quarter IV 1,240 1,295 1,190 1,250 14,03 790 17.54
2022
Quarter I 1,668 1,750 1,499 1,654 10,59 1,645 18.16
Quarter II 1,654 1,798 1,403 1,403 10,59 1,861 15.41
Quarter III 1,403 1,567 1,340 1,432 10,59 1,121 15.73
Quarter IV 1,432 1,494 1,311 1,350 14,03 937 17.46
BANK BTN Share Transaction Volume Graph for 2022 – 2023
1,800
1,654
1,600
1,432
Closing Share Price (IDR)
1,403
1,400 1,350 1,320
1,225 1,220 1,250
1,200
1,000
800
600
400
200
0
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2022 2023
PT Bank Tabungan Negara (Persero) Tbk 25
Page 28
Performance
Highlights
BANK BTN Share Trading Volume Chart for 2022-2023
2,500
2,265
Stock trading volume (Million Shares)
2,000 1,861
1,770
1,645
1,500
1,304
1,121
1000 937
790
500
0
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2022 2023
BANK BTN Share Price and Volume Movement Chart for 2022 – 2023
4,000 3,783
3,500
Stock trading volume (Million Shares)
3,000
2,638
2,501
2,500
1,937 1,861
2,000
1,645
1,730 1,121 1,350
1,500 1,720 1,654
1,403 1,432
1,370 1,420
937
1000
500
0
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2022 2023
Stock Trading Volume (Million Shares) Stock Price (IDR)
26 PT Bank Tabungan Negara (Persero) Tbk
Page 29
2023 Annual Report
BBTN Stock Information Summary 2019-2023
Indicator BBTN 2023 BBTN 2022 BBTN 2021 BBTN 2020 BBTN 2019
Opening Price (IDR/ per share) 1,335 1,668 1,735 2.15 2.56
Highest Price (IDR/ per share) 1,400 1,798 2,15 2.16 2.79
Lowest Price (IDR/ per share) 1,175 1,311 1,23 745 1,795
Closing Price (IDR/ per share) 1,250 1,350 1,73 1,725 2.12
Trading Volume (million shares) 5,416 5,563 10,502 16,981 6,076
Book Value Per Share (IDR) 2,071 2,131 1,988 1,887 2,251
Price to Book Value (times) 0.60 0.63 0.89 0.91 0.94
Price to Earning Ratio (times) 5.53 4.73 9.28 11.40 107.29
Total Outstanding Stock (million shares) 14.03 12.87 10.59 10.59 10.59
Market Capitalization (IDR-trillion) 17.54 17.46 18.32 18.27 22.45
Throughout 2023, Bank BTN succeeded to be listed as one of the constituents in several leading Stock Market Indices as follows:
Indeks Period
LQ45 January 2023 – January 2024
IDX BUMN20 January 2023 – February 2024
IDX80 January 2023 – January 2024
IDX Small-Mid Cap (IDX SMC) Composite January 2023 – February 2024
IDX Small-Mid Cap (IDX SMC) Liquid January 2023 – February 2024
Kompas100 January 2023 – January 2024
Infobank15 January 2023 – January 2024
MSCI Indonesia Small Cap January 2023 – December 2023
ESG Sector Leaders IDX Kehati January 2023 – May 2024
ESG Quality 45 IDX Kehati January 2023 – May 2024
IDX Value30 February 2023 – February 2024
Investor33 January 2023 – May 2024
IDXFINANCE October 2022 – June 2023
SRI-KEHATI June 2023 – May 2024
IDX LQ45 Low Carbon Leaders February 2023 – February 2024
TEMPO-IDNFINANCIALS 52 June 2023 – December 2023
Corporate Action
As part of the Company’s series of corporate actions carried out in 2022, the Company implemented a Rights Issue with an implementation
date of December 28, 2022 to January 5, 2023 in order to increase the Company’s business capacity, especially in housing loans
distribution. The implementation of this rights issue strengthens the Company’s capital, especially Tier-1 capital so that it will maintain a
capital ratio above the minimum regulatory limit. The details of the implementation of the Company’s Rights Issue are as follows:
Shareholders (Number of Shares Outstanding)
Stock
Implementation Outstanding
Information Government Public Nominal price
date Stock
(IDR)
Total (sheets) % Total (sheets) % IDR
December 28, Before Rights Issue 6,354,000,000 60 4,236,000,000 40 5,295,000,000,000 10,590,000,000 1,470
2022 - January
5, 2023 After Rights Issue 8,420,666,648 60 5,613,777,765 40 7,017,222,206,500 14,034,444,413 1,340
Note: Nominal value of Stock before and after the rights issue: IDR500/share
PT Bank Tabungan Negara (Persero) Tbk 27
Page 30
Performance
Highlights
From the results of the implementation of the Rights Issue from 28 December 2022 – 5 January 2023, the number of stock executed by
Rights was oversubscribed 1.63 times the public portion and if added to the portion of State Equity Participation (PMN), the number of
stock executed by Rights was oversubscribed 1.25 times.
Bonds, Sukuk and/or
Convertible Bonds Information
Bonds Information
Table of Bank BTN Outstanding Bonds
Electronic Issue Number of Bonds
Description Tenor (Month) Curency
Date (Million IDR)
Shelf Registration Bonds I Phase II Bank BTN 2013 March 27, 2013 10 IDR 2,000,000
Shelf Registration Bonds II Phase I Bank BTN 2015 D Series July 8, 2015 10 IDR 800,000
Shelf Registration Bonds III Phase I Bank BTN 2017 C Series July 13, 2017 7 IDR 853,000
Shelf Registration Bonds III Phase I Bank BTN 2017 D Series July 13, 2017 10 IDR 1,386,000
Shelf Registration Bonds III Phase II Bank BTN 2019 C Series June 28, 2019 5 IDR 1,219,500
Junior Global Bond Bank BTN January 23, 2020 5 USD 300
Shelf Registration Bonds IV Phase I Bank BTN 2020 B Series August 19, 2020 3 IDR 727,000
Shelf Registration Bonds IV Phase I Bank BTN 2020 C Series August 19, 2020 5 IDR 196,000
Shelf Registration Bonds IV Phase II Bank BTN 2022 A Series May 24, 2022 3 IDR 600,000
Shelf Registration Bonds IV Phase II Bank BTN 2022 B Series May 24, 2022 5 IDR 400,000
Notes:
- The Rating for domestic securities that are outstanding in 2021 uses the rating from Pefindo.
- The Rating for domestic securities issued and outstanding in 2022 uses the rating from Fitch.
- The rating of Bank BTN’s Junior Global Bond (USD) issued in 2020 uses a rating from Moody’s.
- The Rating for domestic securities that are outstanding in 2023 uses the rating from Pefindo.
Sukuk Information
BTN Bank Sukuk Table
Electronic Amount
Sukuk Tenor of Sukuk Payment
Description Currency Due date Ratio Rate Information
Distribution (Month) (Million Status
Date IDR)
11.00% of the revenue
These Securities
BTN Sukuk shared with an indication
July 28, October 28, are not rated and
I Year 2023 159 IDR 92,553 of profit sharing Not yet due
2023 2036 there is no public
Phase I equivalent to 0.55% per
offering.
year.
27.40% of the revenue
These Securities
BTN Sukuk generated with an
December December are not rated and
I Year 2023 156 IDR 175,039 indication of profit Not yet due
27, 2023 27, 2036 there is no public
Phase II sharing equivalent to
offering.
1.37% per year.
28 PT Bank Tabungan Negara (Persero) Tbk
Page 31
2023 Annual Report
Information on Temporary Termination of
Stock Trading (Suspension) and/or Stock
Registration Delisting
As of December 31, 2023, Company has never been subject to
sanctions for stock trading suspension or stock delisting.
Rating
Interest Payment Stock
Bid Price Due Date
Rates Status Exchange
2023 2022
100% of the principal amount of the Bonds March 27, 2023 7.9% Paid off AA+(idn) AA(idn) Bank Mega
100% of the principal amount of the Bonds July 8, 2025 10.5% Not yet due AA+(idn) AA(idn) Bank BJB
100% of the principal amount of the Bonds July 13, 2024 8.70% Not yet due AA+(idn) AA(idn) Bank Mega
100% of the principal amount of the Bonds July 13, 2027 8.90% Not yet due AA+(idn) AA(idn) Bank Mega
100% of the principal amount of the Bonds June 28, 2024 9.00% Not yet due AA+(idn) AA(idn) Bank Mega
100% of the principal amount of the Bonds January 23, 2025 4.20% Not yet due Ba3 AA(idn) Bank BJB
100% of the principal amount of the Bonds August 19, 2023 7.80% Paid off AA+(idn) AA(idn) Bank BJB
100% of the principal amount of the Bonds August 19, 2025 8.40% Not yet due AA+(idn) AA(idn) Bank BJB
100% of the principal amount of the Bonds May 24, 2025 5.50% Not yet due AA+(idn) AA(idn) Bank BJB
100% of the principal amount of the Bonds May 24, 2027 6.0% Not yet due AA+(idn) AA(idn) Bank BJB
Convertible Bonds Informations
As of December 31, 2023, the Company did not issue any
convertible bonds, thus the Company has no information
regarding convertible bonds.
PT Bank Tabungan Negara (Persero) Tbk 29
Page 32
Performance
Highlights
Other Funding
Sources Information
KPR Securitization
Table of Housing Loan (KPR) Bank BTN Securitization
No. Securitization Transactions Total Amount (IDR) Class Nominal (IDR)
A1 400,000,000,000
1. EBA-SP SMF-BTN 02 1,000,000,000,000 A2 513,000,000,000
B 87,000,000,000
A1 200,000,000,000
2. EBA-SP SMF-BTN 03 1,000,000,000,000 A2 713,000,000,000
B 87,000,000,000
A1 700,000,000,000
3. EBA-SP SMF-BTN 04 2,000,000,000,000 A2 1,124,000,000,000
B 176,000,000,000
A1 574,000,000,000
A2 1,142,000,000,000
4. EBA-SP SMF-BTN 05 2,000,000,000,000
M 24,000,000,000
B 260,000,000,000
A 576,734,000,000
5. EBA-SP SMF-BTN 06 631,000,543,015
B 54,266,543,015
EBA-SP SMF-BTN 07 A 452,500,000,000
6. 500,000,001,416
B 47,500,001,416
A 544,800,000,000
7. EBA-SP SMF-BTN 08 600,000,020,055
B 55,200,020,055
Negotiable Certificate of Deposit
Tabel Negotiable Certificate of Deposit Bank BTN
Issuance Nominal Date of Nominal Per
Type NCD Series Tenor Maturity Date Rate
(IDR) Transaction Series
A 6 Month April 17, 2024 6.40% 500,000,000,000
NCD Phase I 2023 1,500,000,000,000 October 20, 2023 B 9 Month July 16, 2024 6.45% 70,000,000,000
12 Month October 21, 2024 6.53% 930,000,000,000
30 PT Bank Tabungan Negara (Persero) Tbk
Page 33
2023 Annual Report
Transaction Date Due Date Average Life (Year) Class A Coupon Class A Rating
A1 = 8,15%
October 31, 2016 June 27, 2027 7.05 id
AAA
A2 = 8,75%
A1 = 8,00%
April 28, 2017 January 07, 2028 7.78 id
AAA
A2 = 8,40%
A1 = 7,00%
February 28, 2018 May 07, 2029 7.03 id
AAA
A2 = 7,50%
A1 = 8,50%
id
AAA
A2 = 8,75%
November 27, 2019 May 07, 2032 9.09
M = 10,40% A
id
December 30, 2020 July 07, 2032 6.08 6,50% id
AAA
December 23, 2022 January 07, 2034 5.66 7,70% id
AAA
September 26, 2023 August 07, 2035 7.44 6,65% id
AAA
PT Bank Tabungan Negara (Persero) Tbk 31
Page 34
Performance
Highlights
Long Term Notes (LTN)
Table of Long Term Notes (LTN) Bank BTN
Electronic Distribution Date
Description Tenor (Month) Total LTN (IDR hundreds)
of LTN
LTN BTN Phase I Year 2021 December 17, 2021 186 10,185,851
LTN BTN II Year 2022 A Series July 12, 2022 171 47,740,325
LTN BTN II Year 2022 B Series July 12, 2022 177 79,378,706
LTN BTN III THP I Year 2022 December 14, 2022 177 210,866,282
LTN BTN III THP II Year 2022 December 28, 2022 171 131,184,885
LTN BTN IV Phase I Year 2023 July 28, 2023 165 35,898,139
LTN BTN IV Phase II Year 2023 September 15, 2023 168 404,745,014
LTN BTN IV Phase III Year 2023 – Series A December 27, 2023 180 6,241,671
LTN BTN IV Phase III Year 2023 – Series B December 27, 2023 168 234,541,750
Note: LTN BTN Securities are not rated and issued through limited offering to BP Tapera.
Company Rating
2023
Fitch ratings as of November 6, 2023
Information Rating
Outlook Stable
Long-Term National Ratings AA+(idn)
Short-Term National Ratings F1+(idn)
Pefindo ranking as of June 8, 2023
Information Rating
Outlook Stable
National Rankings idAAA
Sustainalytics ESG Rating As of December 5, 2023
Information Rating
ESG Risk Rating 22,9
Category Medium Risk
32 PT Bank Tabungan Negara (Persero) Tbk
Page 35
2023 Annual Report
Due date Interest Rates Payment Status
June 17, 2037 1.37% tetap Not yet due
October 12, 2036 1.37% tetap Not yet due
April 12, 2037 0.55% tetap Not yet due
June 14, 2037 0.55% tetap Not yet due
March 28, 2037 0.55% tetap Not yet due
April 28, 2037 0.55% tetap Not yet due
September 15, 2037 1.37% tetap Not yet due
December 27, 2038 0.55% tetap Not yet due
December 27, 2037 1.37% tetap Not yet due
PT Bank Tabungan Negara (Persero) Tbk 33
Page 36
Performance
Highlights
Corporate
Analyst Report
Table of Bank BTN Corporate Analyst Report
No Company Broker Code Analyst Recommendation Target Price
1. UBS Sekuritas AK Joshua Tanja buy 2,175
2. Ciptadana Sekuritas KI Erni M Siahaan buy 2,125
3. Bahana Sekuritas DX Yusuf Winoto buy 2,100
4. Yuanta Investment FS Yap Swie Cu buy 1,980
5. Kiwoom Securities AG Team Coverage ovrwght 1,957
6. MNC Sekuritas EP Tirta Citradi buy 1,900
7. Macquarie Sekuritas RX Jayden Vantrakis buy 1,840
8. Aldiracita Sekuritas PP Agus Pramono buy 1,800
9. Mandiri Sekuritas CC Kresna Hutabarat buy 1,800
10. Valbury Sekuritas CP Akhmad Nurcahyadi buy 1,770
11. CLSA Securities KZ Sarina Lesmina buy 1,750
12. UOB Kayhian AI Posmarito Pakpahan buy 1,700
13. BNI Sekuritas NI Yulinda Hartanto buy 1,700
14. RHB Research DR Andrey Wijaya buy 1,650
15. Sucorinvest Central AZ Edward Lowis buy 1,640
16. Korea Invest & Sekuritas YJ Edward Ariadi T. hold 1,639
17. Trimegah Sekuritas LG Adi Prabowo buy 1,600
18. CGS CIMB YU Handy Noverdanius add 1,600
19. Panin Sekuritas GR Nico Laurens buy 1,600
20. DBS Bank DP Rui Wen Lim hold 1,550
21. BCA Sekuritas SQ Cristopher Andre B. buy 1,550
22. Astronacci International Gema Merdeka buy 1,515
23. Morgan Stanley YB Selvie Jusman Equalwt 1,505
24. Sinarmas Sekuritas DH Arief Machrus buy 1,480
25. OCBC Sekuritas TP Budi Rustanto buy 1,450
26. Indopremier Sekuritas PD Anthony buy 1,440
27. Verdhana Sekuritas BB Erwin Wijaya neut 1,400
28. Samuel Sekuritas IF Prasetya Gunadi hold 1,300
29. BRI Danareksa OD Victor Stefano u. review -
34 PT Bank Tabungan Negara (Persero) Tbk
Page 37
2023 Annual Report
Important
Events 2023
January 18 January 25
BTN Syariah Office Expansion in Bandar Lampung Bank BTN Officially Became a Member of the
Starting in 2023, BTN Syariah increasingly expanded its Housing Financing Ecosystem
business to exploit the potential of the sharia financing business The signing of the MoU on the Housing Financing Ecosystem
and support the government in improving the sharia ecosystem marked the formation of the Housing Financing Ecosystem
which was now increasingly in demand by the public. The Secretariat. This secretariat supported government programs to
expansion of the sharia office network was also to make it easier maximize the provision of public housing financing, especially
for Lampung people to own houses with sharia financing. for low-income communities, in order to achieve zero backlog
by 2045.
Bank BTN Won Top PLCs and Asean Asset Class PLCs
Bank BTN won two awards, namely Indonesia Top 3 Public Listed
Companies (PLCs) in 2021 and ASEAN Asset Class PLCs. ACGS
became a prestigious event that handed awards to companies with
the highest assessment in implementing GCG in ASEAN.
February 12
Bank BTN Officially Launched SuperApp BTN Mobile
SuperApp BTN Mobile was officially launched to provide convenience
and comfort for customers in banking transactions by combining the
power of technology and the housing ecosystem. One of its superior
features included online open account, split bill, autodebit, and cash
flow tracker.
PT Bank Tabungan Negara (Persero) Tbk 35
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Performance
Highlights
February 14
Bank BTN Syariah Pontianak Officially Operated
Sharia Branch Unit Pontianak became the 105th outlet of BTN Syariah
to serve the people of Pontianak. In the next 5 years, it is expected
that Sharia Branch Unit Pontianak will be able to collect Third Party
Funds of more than IDR 38 billion every year and the financing was
targeted to grow to around IDR 60 billion every year.
February 16-19
MSMEs Bazaar in Sarinah
In support of participation in MSMEs Bazaar activities for Indonesia,
Bank BTN with Angkasa Pura 1 was appointed by the Ministry of
SOEs as the organizer of the MSMEs Bazaar at the Sarinah Building
and there were 81 participants who took part in the MSMEs Bazaar.
March 20 March 7
Bank BTN Encouraged Traditional Market Digitization Ecosystem Bank BTN Provided Banking Services to Indonesian Cement
Bank BTN expanded into traditional markets, one of which was Distributors
Tagog Market, Padalarang by implementing market digitalization Bank BTN provided banking services to Semen Indonesia
through BTN Mobile. Bank BTN opened and got closer to the Group distributors. This became a follow-up to the Cooperation
market as a housing ecosystem to strengthen the payment system Agreement for Providing Distributor Financing Facilities between
and financial inclusion through BTN Mobile so that transactions Bank BTN and PT Semen Indonesia (Persero) Tbk.
from traders were faster, cheaper and easier.
36 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
April 8
BTN Business Savings Road Show at Tanah Abang Market, Jakarta
The BTN Business Savings Road Show was expected to make
transactions easier for entrepreneurs at Tanah Abang Market in
running their business. This year, Bank BTN targeted to obtain BTN
Bisnis Savings funds of IDR 7 trillion, an increase of 40% compared
to last year.
April 12
BTN Held Beneficial Ramadan Events
In this year’s Ramadan, Bank BTN took the theme “Fruitful Ramadan”
to convey the message that Ramadan should be a starting point for
companies to transform to be better and oriented to always provide
benefits. To provide benefits to customers and the community, Bank
BTN also continued to strive to improve services, including updating
BTN Mobile with more features that could facilitate various customer
transactions during the month of Ramadan.
April 16 April 17
Bank BTN Supported Millennial Residential Financing BTN Srikandi Charity and Creation Movement
Bank BTN supported millennial residential financing by launching In the event, which was named the Srikandi Charity and Creation
affordable products for young people, including KPR BTN Gaess Movement, more than 6,000 packages were distributed to the
For Millennials, KPR BTN HITS (Hijrah to Syariah) For Millennials community around the BTN work area and employees of the
and KPR Rent to Own. Bank BTN targeted around 5.8 million Power Experts (TAD).
millennials who currently did not own a house.
PT Bank Tabungan Negara (Persero) Tbk 37
Page 40
Performance
Highlights
May 3
BTN Bank Released BTN Call 150286
Bank BTN added the BTN Call number 150286 to improve service to
customers while increasing BTN Call’s operational efficiency so that it
can serve and handle customer questions and complaints quickly and
effectively and support business through telesales.
May 24
Bank BTN Collaborates with Alibaba Cloud to Take Advantage of
Cloud Computing Services
Collaboration with Alibaba Cloud became one of Bank BTN’s steps
to become an innovator in realizing faster and more efficient digital
transformation to support BTN Mobile as a Super App.
June 16 Juni 26
Increasing KPR Market Share, Bank BTN launched Sales Center Achieving the highest ranking from Pefindo, Bank BTN was
The BTN KPR Sales Center was launched in the context of considered to have superior capabilities
managing Non-Subsidized KPR specifically for the Emerging Bank BTN successfully achieved the highest rating of idAAA/
Affluent Segment originating from selected Developers and Stable from PT Pemeringkat Efek Indonesia (Pefindo). Bank BTN
Housing Projects. With the inauguration of this Sales Center, was also assessed by Pefindo as a company that had superior
it was hoped that it could increase the market share of Non- ability to fulfill its long-term financial commitments compared to
Subsidized KPR, increase the Bank’s income and improve other Indonesian obligors. Meanwhile, Bank BTN this year also
services to the community. recorded an increase in its Fitch rating from AA to AA+ and was
given a stable outlook.
38 PT Bank Tabungan Negara (Persero) Tbk
Page 41
2023 Annual Report
July 25
BTN Syariah Supports Home Financing for Muhammadiyah Residents
Bank BTN’s Sharia Business Unit committed to providing support
for home financing facilities to Muhammadiyah residents, including
Independent Worker Participants through the Saving Plan scheme.
“Sharia Business Unit BTN targeted the distribution of subsidized
housing financing (KPR Sejahtera) of around IDR 500 billion.”
August 8
Bank BTN Reviewed Subsidized Housing
The inspection of subsidized houses was carried out at the Bank BTN
Mass KPR Akad event simultaneously throughout Indonesia for 10,000
housing units. The implementation of the Mass KPR Agreement was
Bank BTN’s commitment to the success of the One Million Houses
Program to fulfill people’s dreams of having a habitable house.
August 11 August 25
Synergy between Bank BTN and UGM Invited Students to Become Bank BTN Launched BTN KPR Propritas
Entrepreneurs KPR BTN Prioritas is Bank BTN’s new program provide more
Bank BTN collaborated with UGM in financing the education of services to priority customers both in terms of funding and
all undergraduate students through all Bank BTN channels. In lending. With attractive interest rates starting from 2.99%, free
the education sector, Bank BTN expected that this collaboration processing fees, free appraisal fees and additional discounts
could produce young developers to participate in building on provisions and administration fees, Bank BTN was optimistic
housing in Indonesia. that KPR BTN Prioritas could meet the housing needs of priority
customers.
PT Bank Tabungan Negara (Persero) Tbk 39
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Performance
Highlights
September 8
Focusing on MSMEs, Bank BTN Inaugurated MSME Processing Center
The inauguration of the MSME Center became a manifestation of
Bank BTN’s commitment to accelerating and simplifying processes so
that it could help improve the MSME economy by providing cheap
financing in the form of MSME Loans and People’s Business Loans.
Loans distribution to MSMEs was also believed to have a positive
impact on Bank BTN’s performance.
September 9
Bank BTN and PSSI Collaborate to Provide Decent Housing for Football
Players
The collaboration between Bank BTN and PSSI made it easier for
football players to have a dream home that was affordable and
livable. On the same occasion, Bank BTN gave KPR approval to Indra
Sjafrie as the Technical Director of PSSI.
September 16-19 October 13
China ASEAN Expo Bank BTN Syariah Held Mass Contract in Aceh
Bank BTN facilitated the Company’s Micro, Small and Medium Bank BTN’s Sharia Business Unit was ready to become the largest
Enterprises (MSME) partners to sell local products to the Chinese bank in Aceh Province. One of them was by increasing housing
market. This step was part of BTN’s strategy to support the financing in provinces applying Islamic sharia or Qanun rules.
Government, including the Ministry of SOEs, to bring MSMEs into The number of Bank BTN Syariah Sharia KPR Mass Contracts in
the global market. The MSMEs that BTN sent to China were assisted Aceh was 2,187 housing units consisting of 1,779 subsidized
by Rumah BUMN (SOEs House) BTN Yogyakarta Branch Office. houses and 364 non-subsidized houses, followed by 33 Sharia
Rumah BUMN became a forum for supporting the development Branch Offices throughout Indonesia.
of MSMEs in Indonesia through various initiatives and synergies
with other agencies or institutions. These MSMEs showcased their
superior products through the China ASEAN EXPO 2023 which
was held at the Nanning International Conference and Exhibition.
40 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
October 28
Bank BTN Held BTN Santri Developer Training
The aim of BTN Santri Developer was to provide education about
the world of property business to Islamic boarding school students
who were alumni of Islamic boarding schools under the guidance of
Nahdlatul Ulama.
November 12
Bank BTN Jakarta Run Successfully Held
Bank BTN Jakarta Run 2023 became the new face of running activities
in Jakarta and was a gathering place for the Jakarta community and
runner community to encourage the spirit of exercise and togetherness
for better health. The running categories at BTN Jakarta Run 2023 were
divided into 4 categories, namely Marathon (42K), Half Marathon
(21K), 10K and 5K.
December 6 December 28
Forming BTN Fund, Bank BTN Collaborated with Mandiri Capital Bank BTN Highest FLPP Distributor in 2023
Indonesia Bank BTN committed to being a partner with the Government
Bank BTN continued to innovate to encourage the housing sector and BP Tapera to continue to contribute in 2024 to realizing the
in the country. Bank BTN officially collaborated with PT Mandiri dream of Low-Income Communities (MBR) having decent housing.
Capital Indonesia (MCI) to form the BTN Fund, a funding program BP Tapera gave appreciation to Bank BTN and BTN Syariah as
for potential start-up companies in the property sector. Apart from the highest FLPP distributing banks and recorded the highest
the property sector, BTN Fund also invested in related industries growth throughout 2023.
such as Iproptech, Mortgage Tech, Fintech, Construction Tech,
SaaS and other strategic sectors, to support the housing sector
in Indonesia.
PT Bank Tabungan Negara (Persero) Tbk 41
Page 44
REPORT OF THE BOARD OF DIRECTORS, BOARD OF COMMISSIONERS AND SHARIA SUPERVISORY BOARD 42 PT Bank Tabungan Negara (Persero) Tbk
Page 45
Total assets in 2023 were recorded at IDR438.75 trillion, an
increase of 9.10% compared to 2022 which was amounting to
IDR402.15 trillion. Bank equity reached IDR30.47 trillion, an
increase of 17.64% from 2022 of IDR13.95 trillion.
PT Bank Tabungan Negara (Persero) Tbk 43
Page 46
Report of The Board of Directors, Board of
Commissioners and Sharia Supervisory Board
BOARD OF DIRECTORS’
REPORT
Nixon L. P. Napitupulu
President Director
With the praise and blessing the presence of God Almighty, the Company has been able
to show good performance in the midst of uncertain economic challenges. In the midst
of these challenges, the Company remains consistent in supporting the Government to
encourage economic growth, through the housing sector.
44 PT Bank Tabungan Negara (Persero) Tbk
Page 47
2023 Annual Report
To our respected Shareholders and Stakeholders,
On this occasion, please allow us to present the report of Cash Management, BTN Smart Residence, Virtual Account,
Company’s management and performance for the 2023 Online Onboarding Open Account, Visa/GPN Debit Card &
financial year. In this report we will present the Company’s Online Debit, SMS Notification, Internet Banking, CRM, BTN
performance, analysis of the company’s prospects, developments Properti Portal, Mobile Banking, SKBDN, BTN Bank Guarantee
in implementing the Company’s governance, assessment of the and Other Banking Services.
performance of the Committees under the Board of Directors and
changes in the composition of the Board of Directors. SHARIA SERVICES
On Sharia services, the Company provides various services such
as BTN iB Safe Deposit Box, BTN iB Bank Guarantee, BTN iB
Analysis of The Company’s Performance Operational Development Program, BTN iB Online SPP, Hajj
Payment, Mobile Banking, Sharia Visa/GPN Debit Card and
As a company operating in the banking sector, the Company Online Debit, BTN iB Payroll, as well as Money Transfers.
is always committed to being a bank focusing on serving and
supporting housing sector financing through various products To optimize products and services to customers, the Company
and services, both conventional and sharia. The Company’s establishes a network spreading throughout Indonesia, including
various products and services are as follows: Sumatra, Java, Kalimantan, Sulawesi, Bali, Nusa Tenggara,
Maluku and Papua. As of December 31, 2023, the Company
CONVENTIONAL PRODUCTS has a Conventional Banking network of 6 (six) Regional Offices,
Conventional products consist of Consumer Products and 81 Branch Offices, 541 Sub-Branch Offices and 3 (three)
Commercial Products. Consumer products are divided into Functional Offices. Meanwhile, for the Sharia Banking network,
Consumer Loan Products, Consumer Savings Products and the Company has 34 Sharia Branch Offices and 75 Sharia Sub-
Wealth Management Products. Consumer Loan Products include Branch Offices.
Housing Loans and Non-Housing Loans. Consumer Savings
Products include Consumer Savings, BTN Retail Deposits and In line with Bank BTN’s Vision and Mission in 2025, namely to
Individual Current Accounts. Meanwhile, BTN offers Wealth “To Become The Best Mortgage Bank in Southeast Asia by 2025”,
Management products including Bancassurance, Mutual Funds, in 2023 14 Corporate Planning Strategic Initiative Themes have
Primary Market Retail Government Securities, Secondary Market been established as the implementation of Transformation,
Government Securities and Foreign Exchange. and they are divided into 4 (four) Main Areas, namely
Funding, Lending, Digital and Enabler. In order to support the
Commercial Products are divided into Commercial Loan Products, implementation of this transformation, in 2023 business process
Commercial Savings Products and Corporate Products. BTN improvements have been made in the enabler area, one of which
Offers Commercial Loan Products in the form of Working Capital is the adjustments and changes to the organizational structure at
Loans, Contractor Working Capital Loans, Construction Working the Head Office, Regional Offices and Branch Offices.
Capital Loans, Land Ownership Loans, Linkage Loans, Savings
Backed Loans and Investment Loans. Commercial Savings As a company that continues to grow, sustainability is a goal
Products include Institutional Time Deposits and Institutional that must be achieved in managing business continuity. By
Current Accounts. Meanwhile, Corporate Products include considering the balance among profit, planet and people, Bank
Working Capital Loans, Investment Loans, Refinancing, Domestic BTN considers it necessary to develop Environment, Social and
Loans (PDN), Term Loan Facility, Corporate Line Facility, Treasury Governance (ESG) in line with regulations and business strategy.
Line Facility, Supply Chain Financing (SCF), Trust Receipt, Letter of To implement this goal, in 2023 an ESG Committee was formed
Credit (L/C ) or Domestic Letter of Credit, BTN Bank Guarantee, as a committee under the Board of Directors and the ESG
and Documentary Collection. Department in the Enterprise Risk Management Division.
SHARIA PRODUCTS In the business area, especially in the lending sector, there has
BTN also offers Sharia Financing Products and Sharia Savings been a change in organizational structure with the formation of
Products. Sharia Financing Products include Consumer Financing the Personal Banking Division. The formation of this new division
and Commercial Financing. Meanwhile, Sharia Savings Products was motivated by seeing high yield loan business opportunities,
include Sharia Current Accounts, Sharia Savings and Sharia especially in the increasingly growing consumer segment. In
Deposits. the support area, especially in the collection sector, there is a
separation of consumer collection and recovery functions at
CONVENTIONAL SERVICES the Head Office into 2 (two) divisions. Consumer Collection &
On the conventional side, the Company provides various services Recovery Division 1 is responsible for front end and early bucket
such as Electronic Data Capture (EDC), Branchless Banking, BTN management, while Consumer Collection & Recovery Division
PT Bank Tabungan Negara (Persero) Tbk 45
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Report of The Board of Directors, Board of
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2 manages middle to end bucket collection. In line with the industry economic conditions in developing business strategies
transformation in the collection sector, for the efficiency of the to overcome obstacles, especially those related to the impact
asset management and sales process, 2 (two) Commercial Assets of economic conditions on the Company’s business. Therefore,
Management Divisions were merged into 1 (one). in providing an analysis of the Company’s performance, allow
us to provide an economic analysis at the global, national and
In carrying out its operational activities, the Company owns banking industry levels.
12,045 employees. As of 31 December 2022, 535 employees
had postgraduate education; 9,881 employees hold bachelor’s Macroeconomic Review
degrees; 734 employees hold Diploma degrees, and 228
employees had high school education. The Company always In 2023, global economic conditions were slightly hampered as
carries out HR development programs to meet the competencies a result of political tensions between Russia and Ukraine. This
and skills required by employees on an ongoing basis using causes commodity and energy prices to rise, and it also causes
education, training, special assignments as well as transfer inflation which encourages Central Banks from many countries
and promotion programs. Employee competency development to increase their benchmark interest rates to control inflation in
is carried out through systematic learning and development each country. In the end of 2023, global economic conditions
programs to improve knowledge, skills and attitudes. improved; inflation and benchmark interest rates in several
countries were slowly being lowered. On the other hand, in
The Company also regularly innovates information technology to 2024, the economies of developing countries such as Indonesia
support the Company’s business. The demand for technology and and India are expected to continue to grow beyond the levels
the increase in the Company’s digital transactions and services achieved in 2023. The economies of developed countries such
means that organizations must quickly respond to changes that as the United States and Japan are expected to grow more slowly
occur. The rapid development of information technology means than in 2023. China’s economy in 2024 is also expected to slow
that organizations must adapt quickly. One of them is related to down.
infrastructure as the foundation of an organization and covers all
services, therefore a reliable information technology infrastructure From a national perspective, Indonesia’s economic growth in the
is needed. third quarter of 2023 again recorded positive results of 4.94%
yoy, slightly lower than the previous quarter. Indonesia’s economic
During 2023, the Company has several focuses on improving IT growth is below 5%, after seven consecutive quarters of above
service excellence, this is done to maintain business continuity 5%. This indicates that the Indonesian economy is increasingly
and the security of the Company’s information on an ongoing recovering and solid. Sectorally, the highest growth occurred
basis. One of the strategies carried out by the Company is to in the Transportation and Warehousing sectors, followed by
continuously improve and strengthen the infrastructure from other services sectors. Meanwhile, in terms of expenditure,
year to year through strengthening IT monitoring, implementing the Consumption component of Non-Profit Institutions Serving
standardization, backup management systems and infrastructure Households (LNPRT) experienced the highest growth, followed
modernization. by the Investment/PMTB component and household consumption.
In 2023, the Company also focused on efforts to improve its Improvements in the national economy were expected to continue
elastic and resilient infrastructure to increase resilience and the until the fourth quarter of 2023. The development of leading
ability to recover if disruption or disaster occurs, the implemented indicators until December 2023 showed positive results, such as
initiatives include: the Consumer Confidence Index (IKK) which was high at 123.8.
1. Cloud journey, carrying out cloud readiness assessment, The Manufacturing PMI was at an expansion level of 52.3 and
cloud strategy and architecture to be implemented, platform the Real Sales Index which reached 217.9. In January 2024, the
and security and operational integration. World Bank maintained its projection for Indonesia’s economic
2. Implementing cloud computing technology. growth in 2023 at 5.0% and the projection for 2024 at 4.9%.
3. Routinely conducting data center readiness trials for critical This was triggered by continuing global inflationary pressures and
and non-critical applications on a regular basis. global financial market uncertainty which caused a slowdown in
4. Conducting a DC assessment to comprehensively examine the national economy. Meanwhile on the monetary side, after BI
the condition of the IT architecture and obtain a road map maintained the interest rate at 5.75% for 8 (eight) consecutive
strategy to obtain an elastic and resilient IT infrastructure. months, BI increased its benchmark interest rate by 25 bps to
6.00% in October 2023 to strengthen the Rupiah exchange rate
With the various resources owned by the Company, the Board stabilization policy. Apart from that, this increase is also a pre-
of Directors has managed these resources effectively. The emptive step to mitigate its impact on imported goods inflation,
Company has produced good performance in 2023 amidst so that general and core inflation remains under control within
economic conditions that have not yet fully recovered. The Board Bank Indonesia’s targets.
of Directors always considers global, national and banking
46 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
In line with the national economy, banking industry liquidity in Based on economic and industrial analysis and considering
November 2023 showed an adequate level with maintained the existing challenges, the Company has set a target market
liquidity ratios. The Liquid Assets/Non-Core Deposit (AL/NCD) for loans and financing provided at IDR329.83 trillion and
ratio was 115.73%, an increase compared to October 2023 IDR347.13 trillion for third party funds. Based on this market
which was 117.29% or far above the regulatory threshold of target, the Company is targeting interest income of IDR27.73
50%. Meanwhile, Liquid Assets/TPF (AL/TPF) was 26.04%, trillion in 2023.
an increase compared to the achievement in October 2023
which was 26.36%, above the regulatory threshold of 10%. To achieve this market target, the basic loan interest rates for
Meanwhile, the Net Open Position (PDN) in November 2023 2023 have been determined as follows:
was recorded at 1.58%, also far below the threshold of 20%.
Meanwhile, in terms of capital, the Banking industry’s Capital
Adequacy Ratio (CAR) in November 2023 was recorded to have
increased to 27.89% from the position in October 2023 which
was 27.44%.
Table of Basic Loan Interest Rates
SDBK Based on Business Segment
Description Consumer Loans
Corporate Micro
Retail Loans
Loans Loans
KPR Non KPR
Basic Loan Interest Rate (SBDK) in 2023 8.05% 8.30% n/a 7.30% 8.80%
Basic Loan Interest Rate (SBDK) in 2022 8.00% 8.25% n/a 7.25% 8.75%
Basic Loan Interest Rate (SBDK) in 2021 8.00% 8.25% n/a 7.25% 8.75%
Basic Loan Interest Rate (SBDK) in 2020 9.90% 9.90% n/a 9.95% 11.25%
Basic Loan Interest Rate (SBDK) in 2019 11.00% 11.25% n/a 10.75% 11.50%
Apart from that, Bank BTN has also set competitive interest rates for savings deposits and current accounts presented as follows:
Table of Rupiah Savings Interest Rate
Institutional Interest
Types of products Balance Strata Retail Interest Rates
Rates
Up to IDR1 million 0.00% 0.00%
> IDR1 million - IDR100 million 1.00% 1.00%
> IDR100 million - IDR1 billion 2.40% 2.25%
Investment Savings > IDR1 billion - IDR2 billion 3.15% 3.05%
> IDR2 billion - IDR5 billion 3.40% 3.20%
> IDR5 billion - IDR10 billion 4.15% 3.45%
> IDR10 billion 4.15% 3.90%
Table of Rupiah Savings Interest Rate
Types of products Balance Strata Interest rate
< IDR1 million 0.00%
≥ IDR1 million - ≤ IDR50 million 0.10%
> IDR50 million - ≤ IDR500 million 0.10%
BTN Batara Savings
> IDR500 million - ≤ IDR1 billion 0.50%
> IDR1 billion - ≤ IDR2 billion 1.00%
> IDR2 billion 1.00%
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Types of products Balance Strata Interest rate
< IDR1 million 0.00%
≥ IDR1 million - ≤ IDR50 million 0.50%
BTN Bisnis Savings > IDR50 million - ≤ IDR500 million 1.00%
> IDR500 million - ≤ IDR1 billion 1.25%
≥ IDR1 billion 1.75%
≤ IDR5 million 0.00%
> IDR5 million - IDR10 million 0.00%
> IDR10 million - IDR100 million 0.25%
BTN Prima Savings > IDR100 million - IDR500 million 0.50%
> IDR500 million - IDR2 billion 0.75%
> IDR2 billion - IDR5 billion 1.00%
> IDR5 billion 1.25%
≤ IDR50 thousand 0.00%
BTN Junior Savings
> IDR50 thousand 0.50%
IDR0 - IDR500 thousand 0.00%
My Savings > IDR500 thousand - IDR1 million 0.10%
> IDR1 million 0.25%
Up to IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
SiMuda RumahKu Savings
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
< IDR1 million - IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
BTN Siap!Savings
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
< IDR1 million 0.00%
≥ IDR1 million - IDR50 million 0.10%
BTN e'BataraPos Savings > IDR50 million - IDR500 million 0.10%
> IDR500 million - IDR1 billion 0.50%
> IDR1 billion 1.00%
Tabanas Batara Post Office 0.00%
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2023 Annual Report
Table of Rupiah Current Account Interest Rate
Types of products Balance Strata Interest rate
≤ IDR10 million 0.00%
> IDR10 million - IDR100 million 0.25%
Rupiah Current Account > IDR100 million - IDR500 million 0.75%
> IDR500 million - IDR1 billion 1.00%
> IDR1 billion 1.25%
Table of Rupiah Deposit Interest Rates
Time Period (months)
Types of
Balance Strata
products
1 2 3 4 6 12 24
< IDR1 million 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
IDR1 million - < IDR10 million 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
IDR10 million - < IDR100 million 2.25% 2.40% 2.65% 2.65% 2.90% 2.90% 2.90%
Rupiah Deposits
≥ IDR100 million - < IDR500 million 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
≥ IDR500 million - ≤ IDR2 billion 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
> IDR2 billion 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
Table of Rupiah e-Deposit Interest Rate
Time Period (months)
Types of
Balance Strata
products
1 2 3 4 6 12 24
< IDR100 million 2.60% 2.75% 3.00% 3.00% 3.25% 3.25% 3.25%
≥ IDR100 million - < IDR500 million 2.65% 2.75% 3.25% 3.25% 3.40% 3.40% 3.40%
Rupiah ≥ IDR500 million - < IDR2 billion 4.25% 4.25% 4.40% 4.50% 4.65% 3.40% 3.40%
e-Deposits ≥ IDR2 billion - < IDR5 billion 4.50% 4.50% 4.65% 4.80% 4.90% 3.40% 3.40%
≥ IDR5 billion - < IDR10 billion 4.60% 4.60% 4.80% 4.90% 5.00% 3.50% 3.50%
≥ IDR10 billion 4.70% 4.70% 5.00% 5.00% 5.00% 3.60% 3.60%
Table of Foreign Currency Savings Interest Rates
USD SGD AUD / CNY JPY
Types of
products Interest Balance Interest Balance Interest Balance Interest
Balance Strata
rate Strata rate Strata rate Strata rate
< USD 1,000 0.00%
BTN Felas USD 1,000 - < USD 10,000 0.15%
All tiering 0.10% All tiering 0.05% All tiering 0.00%
Savings USD 10,000 - < USD 100,000 0.35%
≥ USD 100,000 0.50%
Table of Foreign Currency Savings Interest Rates
USD
Types of products
Balance Strata Interest rate
< USD 1,000 0.00%
USD 1,000 - < USD 10,000 0.15%
BTN Felas USD Savings via Mobile Banking
USD 10,000 - < USD 100,000 0.35%
≥ USD 100,000 0.50%
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Table of Foreign Currency Deposit Interest Rates
Time Period (months)
Types of products Balance Strata
1 3 4 6 12 24
USD Deposits All strata 0.20%
SGD deposits All strata 0.10%
AUD/CNY Deposits All strata 0.10%
JPY Deposits All strata 0.00%
Table of Foreign Currency e-Deposit Interest Rates
Time Period (months)
Types of
Balance Strata
products
1 2 3 4 6 12 24
< USD100.000 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
USD100.000 - < USD500.000 2.50% 2.50% 1.50% 1.50% 1.50% 2.50% 2.50%
USD e-Deposits
USD500.000 - < USD1.000.000 2.50% 2.50% 2.00% 2.00% 2.00% 2.50% 2.50%
≥ USD1.000.000 2.50% 2.50% 2.25% 2.25% 2.25% 2.50% 2.50%
Table of Foreign Currency Giro Interest Rates
Types of products Balance Strata Interest rate
Up to USD100.000 0.00%
Currency Current Account (USD)
> USD100.000 0.10%
Strategy and Strategic Policies
The Board of Directors directly leads the formulation of the 3. In the funding sector, strategic initiatives in the short
Company’s strategy through various meetings between the Board and medium term include developing capabilities as a
of Directors and key management. The strategy is contained in the transactional bank and transaction channel, as well as
2021-2025 Corporate Plan; the implementation is continuously becoming an operational bank for managing institutional
evaluated to ensure the effectiveness of implementing the funds.
strategy that has been determined through various internal report 4. In the field of other operational income, to increase
evaluations and meetings with heads of Division. profitability, Bank BTN’s business plan for the next three
years is also focused on increasing Other Operational
In facing various challenges and seizing opportunities, the income (POL), which mostly comes from fee based income,
Company strives to increase its contribution to the housing sector especially new sources based on transactions and services. To
and supports the transformation roadmap of the Ministry of SOEs strengthen the bank’s core business and initiatives to support
by establishing a vision to become the Best Mortgage Bank in SOEs synergy, in the medium term business development will
Southeast Asia by 2025 with the Company’s business aspirations also be carried out with plans to establish subsidiaries or
to be achieved in 2025. In 2023, the following strategy has inorganic strategies through capital investment plans in the
been formulated: fields of investment management, venture capital companies,
1. In the loan sector, a strategy has been developed to achieve insurance, the establishment of multi-finance subsidiaries
an affordable housing ownership program to support the and cooperation for developing the Sharia Business Unit’s
national housing program, develop the KPR market share in business. The plan to establish an Investment Management
the emerging affluent and affluent segments and expand the (MI) subsidiary is planned to be carried out with a direct
real estate value chain targeting MSMEs and Contractors. control capital participation scheme, in this case the planned
2. In the field of loan quality and financing, strategic initiatives candidate company is an investment management company
carried out in the short and medium term include improving as one of the SOEs’ subsidiaries.
loan business processes, increasing the quality and 5. In the field of sharia business, based on the Royal Islamic
effectiveness of collections and accelerating the resolution of Strategic Studies Center (RISSC) report entitled The Muslim
bad loans in bulk (Asset Sales Strategy). 500: The World’s 500 Most Influential Muslims 2024,
Indonesia is the country with the largest Muslim population
50 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
in the world. RISSC noted that the Muslim population in Achievement of Performance Target
Indonesia will reach 240.62 million people in 2023. As
the country with the largest Muslim population, Indonesia’s Based on the strategy that has been implemented, in 2023 the
sharia financial industry has enormous potential. The concept Company has produced good performance in accordance with
of sharia banking is currently relevant to retail banking its target. The Company’s performance analysis is presented as
businesses such as mortgage financing and MSMEs, one follows.
of the arteries of the Indonesian economy. In line with the
potential of national sharia banking, Bank BTN’s Sharia Operational and Financial Performance
Business Unit experiences unidirectional business growth.
This is demonstrated by the performance that continues to From an operational perspective, the Company’s business segments
grow and the ability of Bank BTN’s Sharia Business Unit to based on business type include 2 (two) main segments, namely the
grow amidst the challenges of the pandemic. Conventional segment and the Sharia segment. The conventional
6. In the capital sector, to support healthy and sustainable segment consists of consumer products and commercial products.
business growth, strong capital support is needed by Distribution of Consumer Loan products in 2023 was IDR 42.45
considering the fulfillment of the bank’s minimum capital trillion, an increase of 1.57% compared to 2022 which was IDR
obligations in accordance with Basel III. In accordance with 41.79 trillion. This increase was mainly due to an increase in
OJK Regulation No. 11/POJK.03/2016 dated January housing credit distribution from non-subsidized mortgages and
29, 2016 concerning Minimum Capital Requirements for other housing loans. The total value of Commercial Products in
Commercial Banks, banks must provide capital in the form of 2023 was IDR 286.66 trillion, an increase of 9.60% compared to
minimum capital based on risk rating and additional capital 2022 which was IDR 261.55 trillion. This increase was mainly due
as a buffer based on Basel III (there are 3 (three) types, to an increase in distribution of Commercial Credit products by
namely capital conservation buffer, countercyclical buffer, 21.02% and Commercial Savings products by 7.68%. The value
and capital surcharge). of Commercial Credit distribution in 2023 was IDR 42.96 trillion,
7. In the field of human capital, in order to realize “One of an increase of 14.10% compared to 2022 which was IDR 37.65
Homes of Indonesia’s Best Talent”, the development of Human trillion.The total funds for Commercial Savings products in 2023
Resources (HR) in the short and medium term is aligned with grew 8.84% reaching IDR243.69 trillion; it increased compared
the Corporate Plan for 2021-2025. The medium-term plan in to 2022 which reached IDR223.89 trillion. This increase was
the HR sector aims to attract and retain the best talents who mainly due to growth in Commercial Current Accounts of 23.33%.
have superior capabilities and high productivity. As an effort
to realize these aspirations, dimensions and parameters From the sharia side, the total position value of Sharia Financing
were formulated, namely, Ability to Attract Top Talent, Ability distribution in 2023 grew to IDR37.11 trillion. This figure is an
to Retain Top Talents, Talent’s Capability Readiness and increase of 17.36% compared to financing distribution in 2022.
Employee Productivity. This increase is due to an increase in the growth contribution from
8. In the field of IT infrastructure, to support corporate plans, consumer financing of IDR5.59 trillion, which is an increase of
business aspirations and Bank BTN’s vision “To be the Best 19.16% compared to 2022. The total position of Sharia Savings
Mortgage Bank in Southeast Asia by 2025”, Bank BTN has funds in 2023 increased to IDR41, 80 trillion, an increase of
prepared six themes in the IT strategic plan for 2021-2025. 20.68% compared to 2022 which reached IDR34.64 trillion. This
In 2023, Bank BTN carried the main theme, namely Expand increase was largely influenced by an increase in the nominal
the Transformation, which will continue the implementation of Sharia Giro by 55.59%. Sharia Savings and Sharia Deposits also
upgrade/replace and/or enhancement of identifiedc ritical experienced an increase of 12.26% and 6.99% respectively.
systems. On this theme, Bank BTN continues to develop agile
based systems (such as digital channels). From a financial perspective, total profit for the current year in
9. In the areas of good corporate governance (GCG), risk 2023 is IDR3.50 trillion, an increase of IDR455.92 billion or
management and compliance, the Company continues 14.97% compared to 2022 of IDR3.04 trillion. Total Interest
to consistently strengthen its organizational structure and Income and Profit Sharing in 2023 is IDR28.27 trillion, an
business processes based on GCG principles through increase of 9.21% from the total Interest Income and Profit
strengthening the four main pillars of GCG implementation, Sharing in 2022 of IDR25.89 trillion. Along with the increase in
namely: (i) Commitment on Governance; (ii) Governance interest income and profit sharing as well as the increase in profit
Structure; (iii) Governance Process, and (iv) Governance for the year, Bank BTN’s total assets also increased. Total assets
Outcome. in 2023 are IDR438.75 trillion, an increase of 9.10% compared
10. In the field of network development (delivery channels), this to 2022 which was IDR402.15 trillion. Bank equity reached IDR
is carried out through developing the quantity and variety of 30.48 trillion, an increase of 17.64% from 2022 of IDR25.91
channels with a network expansion strategy focused on four trillion.
main initiatives, namely regionalization strategies, branch
expansion, agent banking and digital channels.
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Comparison Between Achieved and Targeted Obstacles Faced by The Company
Results
Bank BTN’s business continues to focus on the housing sector and
In general, Bank BTN has met the expectations of Stakeholders. related to housing, because the housing sector remains a sector
Various targets that have been set have been realized in 2023. with high growth potential in line with increasing demand and the
Assets in 2023 will amount to IDR 441.79 trillion, with an number of national backlogs. Bank BTN also remains optimistic
achievement of 101.81% above the target. This achievement that it will continue to record good financial performance in line
was due to securities owned, credit/receivables/financing with several new regulations issued in 2023. From the housing
provided and DPK successfully exceeding the set targets. Equity sector, the Government has just made the latest adjustments to
achievement in 2023 is 103.16% with a realization of IDR the subsidized housing price limits for 2023 and 2024 with an
30.48 trillion. Stronger equity in 2023 is supported by better average increase of 7% from the end of June 2023 and 3% as of
profitability, thereby increasing retained earnings for that year. 1 January 2024. In addition, the Government has just issued the
latest DTP VAT policy in the property sector for home purchases
Realization of interest income in 2023 amounted to IDR 28.28 with prices up to IDR5 billion with incentives of 100% for a
trillion with an achievement of 101.99% above the target. maximum DTP VAT imposition of IDR2 billion of the house price
This achievement was due to improvements in credit quality until June 2024 and 50% for the period July - December 2024.
and the Company’s strategy in expanding high yield credit.
Likewise, operational profit in 2023 managed to exceed the There is also Administration Cost Assistance worth IDR4 million
target of 113.09% with a realization of IDR 4.54 trillion. This for subsidized housing with a maximum price of IDR350 million
achievement was due to the success of the Company’s strategy from November 2023 – December 2024. This housing-related
in improving credit quality, expanding high yield credit and policy can certainly stimulate demand in the property sector and
optimizing operational income other than interest. In line with encourage BTN’s loan growth as a bank that focuses on this
the achievement of operational profit, net profit in 2023 was sector. Apart from that, the GWM incentives and PLM ratio are
realized at IDR 3.50 trillion with an achievement of 114.65% expected to provide additional liquidity for BTN, which can later
which succeeded in exceeding the set target. This achievement be used for lending, especially in the housing sector. Apart from
was due to the success of the Company’s strategy in improving that, with the latest OJK Regulation (OJK Regulation 12/2023)
credit quality, expanding high yield credit and optimizing regarding the spin off of Sharia Business Unit, BTN will follow
operational income. besides flowers. The profit in 2023 will be these regulations and is in the process of reviewing various
the largest profit in the history of the Company’s existence. existing options.
In terms of financial ratios, CAR in 2023 will be 20.07% with Responding to global uncertainty and the era of high interest rates
an achievement of 103.24% above the target. This achievement throughout 2023, BTN faces several challenges and opportunities
was contributed by increased profits, additional core capital that can enable BTN to continue to perform positively.
obtained from the rights issue and the Company’s ability to a. Until September 2023, there has been an increase in
manage its securities portfolio so that has no significant month BI7DRRR of 225 bps since the first increase in August 2022,
to month downsides. NPL in 2023 will be 3.01%, better than the which has put pressure on BTN’s interest expenses. As of
target of 3.45%. This is driven by business process improvement September 2023, interest expenses grew 44% yoy, but it
initiatives such as the implementation of the Commercial Banking is under control because the growth in interest expenses is
Center (CBC), Regional Loan Processing Center (RLPC) so that lower than the increase in BI7DRRR which is 64%.
the credit process becomes more prudent and also asset sales b. Apart from the increase in the reference interest rate,
are carried out periodically. ROA, ROE and NIM in 2023 will banking liquidity throughout 2023 was also quite tight,
be 1.07%, 13.86% and 3.75% respectively. This achievement is especially with the launch of new BI Open Market Operation
supported by an increase in the Company’s profit in 2023, an instruments, namely Bank Indonesia Rupiah Securities (SRBI),
increase in operational income other than interest and efficiency SVBI, and SUVBI. Due to tight liquidity, there is an increase
in overhead costs. in CoF which caused a decrease in NIM.
On the other hand, BTN continues to strive to answer these
challenges by continuing to maintain strong performance and
developing other business lines:
a. In September 2023, loans and refinancing grew solidly by
9.9% yoy, in line with guidance for 2023, and continued to
be increased by encouraging high yield loan distribution.
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2023 Annual Report
b. In September 2023, fee based income grew 67.3% yoy will provide incentives for Government Borne Value Added Tax
with FBI’s portion of total income reaching 10.2%. FBI is an (VAT DTP) for the purchase of new houses with prices up to
additional source of income for BTN to reduce dependence IDR5 billion and exempt VAT 100% for houses with a maximum
on assets that are sensitive to interest rates. tax object sales value of IDR2 billion, which is valid until June
c. Efficiency on the operational side has also improved, 2024. Meanwhile, for the period July to December 2024, the
reflected in a decrease in operational costs of 5.6% yoy until Government will provide a VAT discount of 50%. The DTP VAT
September 2023. incentive is expected to be the main driver of housing demand
d. BTN also actively manages the cost of funds by recomposing throughout 2024. Apart from that, Bank Indonesia also provides
funding which previously relied heavily on commercial stimulus, namely easing the LTV/FTV ratio for Property Loans/
deposits and shifting it to retail funds and operational current Financing to a maximum of 100% for all types of property valid
accounts. until December 2024.
Various estimates of global and national economic conditions as
Important Things Expected to Occur in The well as the banking industry mean that the Company has the
Future and Business Prospects opportunity to grow. Opportunities that the Company has include
the following:
In January 2024, the World Bank lowered its projection for world 1. The Housing sector has good potential next year. In 2024,
economic growth to decline to 2.4% for 2024. Meanwhile, Bank KPR is predicted to grow 9.5% (yoy), the growth of which is
Indonesia predicts that the world economy will slow down to driven by demand for middle segment KPR.
2.8% in 2024. This development is driven by the inflation rate in 2. The relaxation of the Loan to Value (LTV) or Financing to
developed countries at over the target with the pressure starting Value (FTV) policy has been extended until December 2024.
to subside. With this development in inflation, monetary policy 3. The increasingly massive acceleration of digital financial
interest rates including the Federal Funds Rate (FFR) are predicted services, especially for internet and mobile banking users,
to remain high for a long period of time (higher for longer). has the potential to increase CASA and fee based income.
Nevertheless, Indonesia’s economic growth in 2024 is predicted By utilizing its internal advantages, the Company is optimistic
to remain strong and grow positively in the range of 4.8% - that it will have good prospects in the future. In accordance
5.2%. Then the inflation rate in 2024 is predicted to be lower with the Corporate Plan roadmap for 2021-2025. Bank BTN’s
compared to 2023 at Bank Indonesia’s target range of 2.5% ± transformation journey in 2024-2025 is “Disrupt and Scaleup
1% yoy. To achieve this level of inflation, the Government and Through Digital”, and it can be described as follows:
Bank Indonesia will implement a fiscal mix, monetary and real 1. Business
sector policies. Meanwhile, the average exchange rate of the • Funding, namely by increasing BTN Solutions and
rupiah against the United States (US) dollar is estimated at around offering sector-specific programs to more sectors as well
IDR15,500 at the end of 2024, while considering uncertainty in as increasing more analytical use cases.
global financial markets such as the Fed’s monetary policy. BI’s • Lending, namely by launching a one-stop digital customer
benchmark interest rate remained at the level of 6.00% at the housing ecosystem, launching a business services market
end of 2023 and then begin decreasing in Semester II 2024. outside banking, launching MSME loans supported by
The financial services sector, especially banking, is predicted property for other sectors (non-residential), as well as
to maintain its performance, returning to normal as before the increasing BTN Properti to become the 3rd largest online
pandemic. It is estimated that in 2024 Third Party Funds (TPF) will property portal in Indonesia.
grow in the range of 8.0% - 9.0% and banking loan distribution • Ecosystem, namely developing BTN Properti to become
will grow by 10.0% - 12.0%. the 3rd largest online property portal in Indonesia.
2. Enabler
The housing sector still has enormous part for growth considering • Rolling out advanced training modules for all roles across
the high number of national housing backlogs and the high the organization.
number of people who need adequate housing. Until September • Improving the loan origination system (LOS) and
2023, total KPR recorded positive growth reaching 12.66% yoy. restructuring dashboard.
The extension of the stimulus provided by the Government to the • Launching the BTN Innovation Program.
housing sector will have an impact on increasing demand for
houses in 2024. At the end of November 2023, the government
PT Bank Tabungan Negara (Persero) Tbk 53
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Report of The Board of Directors, Board of
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Corporate Governance 4. The right to request and access Company data and
documents with the mechanism for exercising this right in
The Company realizes that the business sustainability of a accordance with the provisions in the Articles of Association
business entity is not only measured by financial performance and statutory regulations.
and increased profits alone, but also through the company’s
internal management, including the effective implementation of The same rights as Series A Dwiwarna Shareholders and Series
good corporate governance (GCG). Basically, the Company B Shareholders:
applies GCG principles with the aim and belief that this will 1. The right to attend, express opinions and vote at the GMS
ensure the creation of overall business balance so that all forms based on one share, gives the holder the right to cast 1 (one)
of interest, covering business and social, individual and group, vote.
internal and external, short term and long term as well as the 2. The right to obtain information about the company in a
interests of shareholders and stakeholders, will reach the balance timely, correct and regular manner, except for matters of a
point. The application of GCG principles is very necessary, so confidential nature.
that the Company becomes more resilient and able to survive 3. The right to receive a share of the Company’s profits intended
in the face of increasingly fierce competition. The Company for Shareholders in the form of dividends and other profit
continues to strive to follow developments in best GCG practices distributions, in proportion to the number of shares owned.
at relevant national, regional and international levels adjusted 4. The right to obtain a complete explanation and accurate
to needs. information regarding the procedures that must be fulfilled in
connection with holding a GMS.
In order to improve the implementation of sustainable governance, 5. In the event that there is more than one type and classification
Bank BTN always applies the five principles of GCG, namely of shares in the Company, each shareholder has the right
transparency, accountability, responsibility, independence to vote according to the type, classification and number of
and fairness. These five principles are implemented through shares owned, and each shareholder has the right to be
fulfilling shareholder interests and providing equal treatment treated equally based on the type and classification of shares
to all shareholders; sustainability and durability; implementing he or she owns.
disclosure and transparency; as well as carrying out the duties 6. The right to transfer, relinquish rights or use as collateral for
and responsibilities of the Board of Commissioners in carrying debt all or most of the Company’s assets exceeding 50%
out supervisory functions and providing advice to the Board of of the total value of the Company’s net assets, either in one
Directors. transaction or several transactions that stand alone or are
related to each other. The Board of Directors must obtain
In fulfilling shareholder interests, Bank BTN has fulfilled approval from the GMS.
shareholder rights, including paying dividends fairly and on The right to propose GMS agenda items with details:
time. The basis of the dividend distribution policy is based on the a. Series A Dwiwarna shareholder;
decision of the Annual General Meeting of Shareholders (AGMS) b. 1 (one) shareholder or more representing 1/20 (one
or Extraordinary General Meeting of Shareholders (EGMS) based twentieth) or more of the total number of shares issued
on Law no. 40 of 2007 concerning Limited Liability Companies. by the Company with valid voting rights.
The amount of the Company’s dividend will be determined at the
General Meeting of Shareholders (GMS). Factors that become In ensuring the implementation of sustainability and resilience, the
the consideration in determining the amount and payment of Company has measured sustainability performance and reported
dividends include the level of financial soundness, the level it in the Sustainability Report every year. The Company contributes
of capital adequacy, the need for funds for further business to handling sustainability issues and increasing the company’s
expansion, without reducing the rights of the Company’s GMS resilience to sustainability risks. The Company has identified key
to determine otherwise in accordance with the provisions of the stakeholder groups to be involved in discussing important issues
articles of association. Apart from distributing dividends, the faced by the Company. In this way, the Company can accurately
Company has also fulfilled the following shareholder rights: classify the most interested stakeholders in the Company in a
reciprocal manner, the form of relationship that is established, the
Special Rights and Authorities of Series A Dwiwarna Shareholders: topics that need to be communicated, and the appropriate efforts
1. The right to approve at the GMS. to maximize the characteristics of the communication media.
2. The right to nominate candidates for members of the Board These efforts aim to achieve the Company’s expected follow-up
of Directors and candidates for members of the Board of targets through effective communication.
Commissioners.
3. The right to propose GMS agenda items.
54 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
The Company understands that customers play a very important to build harmonious and mutually beneficial relationships with
role in company’s business operations. Maintaining customer the environment, community and stakeholders locally, nationally
privacy and security is an important thing to be done to build and globally, but also as an effort by the Company to carry out
customer trust. The Company stores customer data taken during its mission in providing a positive impact and contribution to
registration. Considering that all of this data is important sustainable economic development. By implementing the Social
information and contains privacy for customers, this data should and Environmental Responsibility Program, the Company aims
be safeguarded and protected. As technology advances, the to contribute significantly to sustainable development, provide
more frequently and easily people access data-based services support for long-term business success, and meet stakeholder
or applications, the greater the potential for cybercrime to occur. expectations of the Company. The Company has a moral duty to
The Company has a Special Policy on Information Technology develop business and promote a sustainable domestic economy
Security. This policy ensures that the information managed by always being guided by the values of integrity, complying
continues to meet the principles of confidentiality, integrity and with applicable laws and regulations, and upholding business
availability effectively and efficiently to ensure the success of the ethics.
Company’s business. In addition, this policy plays an important
role in maintaining the Company’s image as a trusted bank that is The Company as a Financial Services Institution caring about
able to protect customer information and is dedicated to meeting the environment has adapted its loan granting policies to the
the needs of customers and the community. Environmental, Social and Governance concept. In distributing
loans, the Company pays special attention to environmental
The Company also attempts other efforts to protect the security of requirements in accordance with the precautionary principle. In
customer data by installing all software that has been authorized this way, the Company can avoid mistakes in the form of providing
and regularly updated regularly, providing information technology loans to developers who can use it for projects or activities that
security training to all users, and implementing password have a negative impact on the environment. In order to ensure
management or standardization to ensure secure access to that the loans provided is not used for projects or activities that
information held protected. Regular evaluations are also carried are detrimental to the environment, several implementation
out to ensure that the Company’s data security architecture is practices include providing environmental requirements that must
adequate and effective in protecting customer data. be met, including the implementation of Environmental Impact
Analysis. This requirement is very important to avoid errors
The Company’s ability to achieve success and sustainability in managing loan funds. Apart from that, the Company also
cannot be separated from the involvement and support of all considers it important to have competency development activities
stakeholders; one of which is resources from suppliers. Guided for developers or partners related to financing schemes and their
by the Special Policy Guidelines for the Implementation of potential impact on the environment.
Procurement of Goods and/or Services, the Company applies
the principle of using domestic production while paying attention Not only loans for housing projects, sustainability risk management
to the provisions of applicable laws and regulations in order policies have also been developed for loan distribution to Small
to encourage the growth of domestic industry. The Company and Medium Enterprises (SMEs). The Company carries out a
makes this happen by collaborating with local suppliers, namely Social and Environmental Risk Assessment process to assess
suppliers domiciled in the country. If the needs for goods and credit risk from an environmental and social perspective and
services cannot be met by local suppliers, or for certain reasons/ ensure that debtors, both new realization debtors and existing
considerations, then the Company will collaborate with overseas/ consumer debtors, do not have businesses that have the potential
foreign suppliers, namely those domiciled outside Indonesia. to damage the environment and cause social conflict.
The Company is committed to achieving sustainable development Apart from fulfilling environmental responsibilities through
by supporting the SOES’ Social and Environmental Responsibility implementing regulations, the Company also strives to preserve
Program. In implementing the company’s business, the Social the environment through conservation programs and activities. To
and Environmental Responsibility Program has become a part support this program, the Company does not have operational
of the company’s business approaches with the aim of providing offices located in conservation areas or those with protected
the wider community with economic, social and environmental biodiversity.
benefits. The Company not only interprets the substance of the
Social and Environmental Responsibility Program as an effort
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Report of The Board of Directors, Board of
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Regarding the Company’s relationship with its employees, the through annual reports. The Company’s annual report contains
Company is fully committed to protecting employee rights. the Company’s vision, mission, goals and objectives, financial
Fulfillment of employee rights will increase employee satisfaction and non-financial performance, dividend policy, biographical
which then directly supports the Company’s performance in details of all Directors and Board of Commissioners, details of
achieving sustainability. The Company regularly negotiates with the attendance of each Director and Board of Commissioners at
the Labor Union to prepare and agree on a Collective Labor all Directors and Board Commissioners meetings held throughout
Agreement. the year, remuneration for members of the Board of Directors and
Board of Commissioners, related party transactions, as well as
As a step to foster cooperation, the Company always strives Public Accounting offices along with audit and non-audit fees.
to create two-ways communication with employees, including
providing information regarding changes to the organizational Apart from the annual report, the Company provides transparent
structure and additional business units to employees as well as access to information and data, both financial and non-financial
matters related to personnel. This information can be accessed related reports, to the public through various media such as
via LApS, an internal application that regulates the Company’s websites (in two languages), mass media (press releases),
regulations. internal magazines/bulletins, meetings with analysts, IDX
official website, product posters and banners, corporate actions,
The Company also understands that every employee has the right company presentation materials to the public and so on.
to protection at work, which is stated in Occupational Health
and Safety. The Company attempts every effort to create a safe The Company always maintains harmonious relationships with
and healthy work environment for employees in order to achieve shareholders, potential investors, analysts and other capital
zero work accidents. A safe and healthy work environment market communities by holding regular activities such as
influences increased productivity and employees’ sense of trust meetings with analysts/investors on a national and international
in the Company, which can then lead to the company’s success. scale as well as performance presentations to the public. The
The Company has provided contact details via the Company’s Company also fulfills the obligation to disclose information as
website or Annual Report which stakeholders can use to submit regulated in Capital Market regulations, such as Disclosure of
complaints, suggestions or possible violations of their rights. Material Information or Facts, Financial Reports, Annual Reports
In improving the implementation of GCG at Bank BTN, the and Certain Shareholder Reports.
Company’s management is committed to running the company
professionally based on behavior in accordance with the Regarding the responsibilities of the Board of Commissioners,
code of ethics. Therefore, if there is a violation of the code of the Board of Commissioners is the Company’s organ tasked with
ethics, management has prepared reporting media managed carrying out general and/or specific supervision in accordance
transparently and fairly through the Whistleblowing System. with the Articles of Association as well as providing advice to
the Board of Directors. The Board of Commissioners is the party
Regarding the Company’s resilience, the Board of Commissioners functioned to supervise and provide advice to the Board of
emphazise greatly on the effectiveness of the implementation Directors for the interests of the Company and Shareholders in
of risk management and internal control systems. Through the particular and stakeholders in general. Regarding the composition
Risk Monitoring Committee and Audit Committee, the Board of the Board of Commissioners, currently the Company has 50%
of Commissioners always ensures that risk management and Independent Commissioners from the total number of Board of
internal control systems run effectively. Commissioners. The composition of Independent Commissioners
as of December 31 2023 comprised 4 (four) people out of the 8
The Company always implements the required information (eight) composition of the Board of Commissioners.
disclosure for stakeholders. Regarding share ownership, the
Company has disclosed information including shareholders In order to increase the role of the Board of Commissioners in
of 5% or more, direct and indirect share ownership of major carrying out its supervisory function, the Board of Commissioners
shareholders and/or large shareholders, as well as direct and is assisted by 3 (three) committees, namely the Audit Committee,
indirect share ownership of the Board of Directors and Board Remuneration and Nomination Committee, and Risk Monitoring
of Commissioners. The company also discloses information Committee.
56 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
In order to evaluate the implementation of GCG, the Company 5. Updating Bank BTN Performance Management System
carries out GCG Assessments carried out periodically and (STORM) SOP Policy by preparing Special Strategic Plan
consistently every year, consisting of self-assessments and and Performance Policies.
external parties assessments.. Governance self-assessments are 6. Implementing new policy architecture.
carried out periodically at the end of June and December each 7. Implementing the ESG concept in all Bank business lines
year. In 2023, standards for implementing Governance apart through the preparation of the BTN 2023-2028 ESG
from referring to OJK Regulation no. 17 of 2023 concerning roadmap and framework.
the Implementation of Governance for Commercial Banks also 8. Conducting further ICoFR implementation studies with related
begins to follow the provisions of OJK Circular Letter Number 13/ divisions.
POJK.03/2017 concerning the Implementation of Governance 9. The Company has implemented WBS independently, namely
for Commercial Banks. WBS management is carried out by a third party.
10. Conducting risk maturity assessments to determine the level
The self-assessment results in June 2023 and December 2023 were of risk management and understanding.
ranked 2 (two), which reflects that the Company’s Management
has implemented generally good Governance. From the results
of the assessment, the Company has made improvements by Assessment of The Committee Under The
following up on recommended several weaknesses based on the Board of Directors
assessment results.
The Company formed and determined the structure and
Apart from the self-assessment, in 2023 the Company also carried membership of Committees under the Board of Directors in order
out a third party assessment to obtain a second opinion on the to support the implementation of the Board of Directors’ duties.
quality of GCG implementation in order to continuously improve These committees were formed to facilitate monitoring and create
the quality of GCG implementation. The assessments include effective problem solving and development of strategic aspects
the Corporate Governance Perception Index (CGPI) survey by the Company in accordance with applicable regulations.
conducted by the Indonesian Institute for Corporate Governance These Committees include:
(IICG) and the GCG assessment based on the ASEAN Corporate 1. Risk Management Committee
Governance Scorecard standards carried out by the FSA and the 2. Asset and Liability Management Committee (ALCO)
Indonesian Institute for Corporate Directorship (IICD). 3. Credit Policy Committee
4. Credit Committee
The Company’s CGPI score in 2023 obtained 90.52 with the title 5. Human Capital Committee
“Most Trusted”. The Company has carried out follow-up actions 6. Information Technology Steering Committee
on the recommendations from the assessment results as follows: 7. Transformation Steering Committee
1. Talent development program carried out by Bank BTN to 8. Business Committee
fulfill the shortage of employees in L1 and L2 positions. 9. Environmental, Social and Governance Committee (ESG)
2. Bank BTN’s organizational structure is in accordance with
the Bank’s business strategy plan and the aspirations of the To measure the effectiveness of the performance of committees
Board of Directors as well as the strategies outlined in the under the Board of Directors in assisting the Board of Directors
Corporate Plan, including establishing an IT Security Division in carrying out company management, an assessment of the
and a Wholesale Transaction Division. Committees under the Board of Directors is carried out. The
3. Strengthening the organs in Regional Offices, including by performance assessment procedures for committees under the
strengthening the control function by establishing Regional Board of Directors have been carried out by the Board of Directors
Business Control (RBC) which oversees Branch Business periodically with the assessment criteria for the performance of
Control (BBC), CBC-Business Control (CBC-BC), and Regional Committees under the Board of Directors, namely compliance
Loan Processing Center-Business Control (RLPC- BC). with meeting implementation and attendance at meetings during
4. The Company has plans and strategies listed in the Long Term the financial year. During 2023, the Board of Directors assessed
Plan including in the Bank Business Plan and Company’s that the committees under the Board of Directors had carried out
Work and Budget Plans. their duties and responsibilities well.
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Changes in The Composition of Board of COMPOSITION OF THE BOARD OF DIRECTORS FOR THE PERIOD
Directors Members OF MARCH 16, 2023 –DECEMBER 31, 2023
During 2023, there were changes to the composition of the Board On March 16, 2023, the 2023 Annual GMS decided:
of Directors. Changes in the composition of the Board of Directors 1. Respectfully removing Haru Koesmahargyo as President
are carried out based on the Company’s needs. Changes in the Director of the Company.
composition of the Board of Directors are as follows: 2. Transferring Nixon L. P. Napitupulu’s assignment from Vice
President Director to President Director of the Company.
COMPOSITION OF THE BOARD OF DIRECTORS FOR THE PERIOD 3. Appointing the names below as Company Management:
OF JANUARY 1, 2023 –JANUARY 10, 2023 a. Oni Febriarto Rahardjo - as Vice President Director;
b. Hakim Putratama - as Director of Institutional Banking
The composition of the Board of Directors for the period January
1, 2023 to January 10, 2023 comprises 9 (nine) people As a result, the composition of the Board of Directors for the
consisting of 1 (one) President Director, 1 (one) Vice President period March 16, 2023 to December 31, 2023 comprises 10
Director and 7 (seven) Directors as follows. (ten) people consisting of 1 (one) Main Director, 1 (one) Vice
President Director and 8 (eight) Directors as follows.
Haru Koesmahargyo : President Director
Nixon L. P. Napitupulu : Vice President Director Nixon L. P. Napitupulu : President Director
Hirwandi Gafar : Director of Consumer Oni Febriarto Rahardjo : Vice President Director
Nofry Rony Poetra : Director of Finance Hirwandi Gafar : Director of Consumer
Eko Waluyo : Director of Human Capital, Nofry Rony Poetra : Director of Finance
Compliance & Legal Eko Waluyo : Director of Human Capital,
Elisabeth Novie Riswanti : Director of Assets Management Compliance & Legal
Andi Nirwoto : Director of IT & Digital Elisabeth Novie Riswanti : Director of Assets Management
Jasmin : Director of Distribution and Funding Andi Nirwoto : Director of IT & Digital
Setiyo Wibowo : Director of Risk Management Jasmin : Director of Distribution and
Funding
COMPOSITION OF THE BOARD OF DIRECTORS FOR THE PERIOD Setiyo Wibowo : Director of Risk Management
OF JANUARY 11, 2023 – MARCH 15, 2023 Hakim Putratama : Director of Institutional Banking
On January 11, 2023, the Extraordinary GMS decided to
respectfully dismiss and reappoint Andi Nirwoto as Director of IT
& Digital. As a result, the composition of the Board of Directors
for the period 11 January 2023 to March 15, 2023 comprises
9 (nine) people consisting of 1 (one) President Director, 1 (one)
Vice President Director and 7 (seven) Directors as follows.
Haru Koesmahargyo : President Director
Nixon L. P. Napitupulu : Vice President Director
Hirwandi Gafar : Director of Consumer
Nofry Rony Poetra : Director of Finance
Eko Waluyo : Director of Human Capital,
Compliance & Legal
Elisabeth Novie Riswanti : Director of Assets Management
Andi Nirwoto : Director of IT & Digital
Jasmin : Director of Distribution and
Funding
Setiyo Wibowo : Director of Risk Management
58 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Closing
The Board of Directors would like to express the highest appreciation for the trust, commitment and cooperation of all stakeholders,
especially to the management team and all employees who have worked hard and were able to achieve good performance in 2023.
The Board of Directors gives the highest appreciation for the direction given by the Board of Commissioners which greatly contributed to
achieving the Company’s performance. The Board of Directors also expressed the highest appreciation to the Company’s shareholders,
customers and work partners.
The Company will strive to continuously improve service quality to meet stakeholder expectations. The Company’s success in providing
good performance cannot be separated from the support and trust of all stakeholders. Therefore, the Board of Directors would like to
express the deepest gratitude for this support and trust.
In the future, as the government’s Agent of Development, the Company will carry out its function as a leading and trusted intermediation
institution, providing financial literacy and inclusion for all Indonesian people.
Jakarta, February 2024
On behalf of the Board of Directors
Nixon L. P. Napitupulu
President Director
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Report of The Board of Directors, Board of
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DIREKSI
1. Hakim Putratama: Director of Institutional Banking, 2. Andi Nirwoto: Director of IT & Digital,
3. Setiyo Wibowo: Director of Risk Management, 4. Jasmin: Director of Distribution and Funding,
5. Nixon L. P. Napitupulu: President Director,
1 2 3 4 5
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2023 Annual Report
6. Oni Febriarto Rahardjo: Vice President Director, 7. Elisabeth Novie Riswanti: Director of Assets Management,
8. Eko Waluyo: Director of Human Capital, Compliance & Legal, 9. Hirwandi Gafar: Director of Consumer,
10. Nofry Rony Poetra: Director of Finance,
6 7 8 9 10
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Report of The Board of Directors, Board of
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THE BOARD OF
COMMISSIONERS’ REPORT
Chandra M. Hamzah
President/Independent
Commissioner
With the presence of Almighty God for His mercy and grace, in 2023 the Company
recorded good performance by implementing the Company’s vision, namely to become
the Best Mortgage Bank in Southeast Asia by 2025. The Company continues to grow and
transform amidst economic conditions that have not completely improved.
62 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Dear Shareholders and Stakeholders,
Below we present a report on the supervision and provision of strategy. Supervision of the formulation of the Company’s
advice from the Board of Commissioners regarding the Company’s strategy is carried out by supervising the preparation of the Bank
management for the 2023 fiscal year. In this report, we present Business Plan and providing approval for the Business Plan.
an assessment of the performance of the Board of Directors Strategy implementation in the Company must be in line with the
during 2023, views on business prospects prepared by the Board Company’s vision to become the Best Mortgage Bank in Southeast
of Directors, implementation of good corporate governance, Asia by 2025. For this reason, the Company must consider several
assessment on Committees under the Board of Commissioners and aspects including ROI, sales and volume, especially related to
changes to the composition of the Board of Commissioners. mortgages. Then, the Board of Commissioners also emphasizes
aspects of implementing Governance, Risk and Compliance
(GRC) in the Company. The Board of Commissioners’ supervision
Board of Directors Performance of the implementation of the Company’s governance to achieve
Assessment the Company’s vision has been carried out in accordance with
the strategy prepared by the Board of Directors.
The Board of Commissioners always carries out supervisory
functions and provides advice to the Board of Directors. Before Supervision of strategy implementation is carried out through
conveying the Board of Commissioners’ views on the performance meetings with the Board of Directors which are held once a
achievements of the Board of Directors, the Board of Commissioners month. In addition, the Board of Commissioners also supervises
convey the frequency and method of providing advice to the Board the Company’s management to ensure that the Board of
of Directors as well as the Board of Commissioners’ supervision of Commissioners’ directions have reached all employees. In this
strategy formulation and implementation. supervision, the Board of Commissioners focuses on risk appetite
and risk tolerance, and management efforts in implementing this
Frequency and Methods of Providing Advice to strategy are in accordance with the implementation of GCG. The
The Board of Directors Board of Commissioners also considers several aspects of other
strategic initiatives from the Board of Directors, and the Board of
Board of Commissioners continued to carry out supervisory Commissioners also emphasizes that the implementation process
functions and provide advice to the Board of Directors. Intensive must remain within the implementation of good governance.
communication is always carried out to discuss significant issues,
including consistent implementation of the 2023 business plan. The Board of Commissioners has carried out supervisory duties,
Advice from the Board of Commissioners to the Board of Directors directing, providing advice, monitoring and evaluating the
was provided formally and informally. implementation of the Company’s strategic policies, including:
1. Regularly reviewing Company Performance Bankwide and
The provision of advice from the Board of Commissioners to the Sharia Business Unit.
Directors was carried out through holding Board of Commissioners 2. Monitoring the implementation of the company’s planned
meetings, meetings between the Board of Commissioners and the strategic initiatives on a regular basis.
Board of Directors, responses, directions and/or views of the Board 3. Regular monitoring of risk management implementation
of Commissioners through written letters, Committee meetings under including risk profile, Bank soudness level, KPMM, risk
the Board of Commissioners and working visits from the Board of appetite, risk tolerance and recovery plan.
Commissioners. We consider internal meetings of the Board of 4. Approving the preparation and changes to the Business Plan
Commissioners and meetings with the Board of Directors to be one of and Company Work Plan & Budget.
the most effective forms of supervision. Throughout 2023, the Board of 5. Supervising the Board of Commissioners over the Performance
Commissioners has held 52 (fifty two) internal Board of Commissioners and Implementation of the Bank’s Business Plan.
meetings and 12 (twelve) joint meetings, consisting of 6 (six) Board 6. Adjusting Bank Business Plan and Company Work Plan & Budget.
of Commissioners meetings with the Board of Directors and 6 (six) 7. Company Organizational Development and Human
meetings Directors together with the Board of Commissioners. Resources (HR) management strategy.
8. Other strategic policies.
Supervision of Strategies’ Formulation and
Implementation Views on The Performance of The Board of
Directors
In carrying out its supervisory and advisory functions, the Board
of Commissioners is actively involved in formulating the Bank’s In providing an assessment of the performance of the Board of
strategy and supervising the implementation of the Company’s Directors, the Board of Commissioners considers several aspects
PT Bank Tabungan Negara (Persero) Tbk 63
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Report of The Board of Directors, Board of
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as the basis for its assessment. These aspects include economic In the midst of these economic conditions, the Board of Directors
conditions, performance achievements, namely operational was able to face the challenges and opportunities that occurred
performance, financial performance and the company’s soundess by recording good performance in 2023. The new realization
level. An assessment of the performance of the Board of Directors distribution value for Consumer Loan and Financing products in
can be conveyed as follows. 2023 was IDR 50.94 trillion, an increase of 4.90% compared to
2022 which was IDR 48.56 trillion. The total position of Retail/
In 2023, global economic conditions were slightly restrained. Consumer Third Party Funds (DPK) in 2023 was IDR 72.51
Until December 2023, the Fed has raised its benchmark interest trillion, an increase of 2.82% compared to 2022 which was
rate to 5.50% or reaching 525 bps since February 2022. This IDR 70.52 trillion. The new realization distribution value for
aggressive increase in the Federal Funds Rate (FFR) is expected to Commercial/Corporate Credit and Financing products in 2023
remain high with a longer cycle encouraging the continued strength was IDR 45.10 trillion, an increase of 15.33% compared to 2022
of the US dollar currency. The United States (US) puts pressure which was IDR 39.11 trillion. The total position of Institutional/
on the weakening of exchange rates in various countries. The Commercial Third Party Funds (DPK) in 2023 was IDR 277.42
pressure to weaken the exchange rate increases in line with the trillion, an increase of 10.35% compared to 2022 which was
high uncertainty in global financial markets. The outflow of foreign IDR 251.41 trillion.
portfolio investment adds to exchange rate pressure in developing
countries, including Indonesia. In January 2024, the World Bank From the sharia side, the new realization distribution value for
lowered its projection for world economic growth in 2023 to 2.6% Sharia Financing in 2023 was IDR 10.63 trillion, an increase
and decreased slightly to 2.4% for 2024. This condition is driven by of 29.36% compared to 2022 which was IDR 8.21 trillion. The
the inflation rate in developed countries which is above the target total position of Sharia Third Party Funds (DPK) in 2023 was
with pressure starting to decrease. With this inflation development, IDR 41.80 trillion, an increase of 20.68% compared to 2022
monetary policy interest rates including the FFR are expected to which was IDR 34.64 trillion. The increase in TPF was largely
remain high for a long period of time (higher for longer). influenced by the nominal increase in Sharia Current Accounts of
55.59%. Sharia Savings and Sharia Deposits also experienced
Even though the global economy slows dwon, national economic an increase of 12.26% and 6.99% respectively.
growth continued its positive trend in the fourth quarter of
2023. Overall, the Government estimated that the Indonesian From a financial perspective, total income for the year in 2023
economy grew by 4.8% -5.2% yoy at the end of 2023 supported was IDR3.50 trillion, an increase of IDR455.91 billion or 14.97%
by several policy incentives at the end of the year to support compared to 2022 of IDR3.04 trillion. Along with the increase in
household consumption. Both general and core inflation rates interest income and profit sharing as well as the increase in profit for
remain under control with coordination between Bank Indonesia, the year, Bank BTN’s total assets also increased. Total assets in 2023
the Central and Regional Governments resulting the inflation rate yielded IDR439.89 trillion, an increase of 9.38% compared to
to remain maintained at the level of 3.0% ± 1.0% at the end of 2022 which was IDR402.15 trillion. Bank equity reached IDR30.41
2023. Meanwhile, the Rupiah exchange rate is influenced by the trillion, an increase of 17.36% from 2022 of IDR25.91 trillion.
dynamics happening in the global market; the pressure on the
Rupiah continues, and the Rupiah exchange rate against the US Apart from operational and financial performance, the bank’s
Dollar was at the level of 15,399 at the end of 2023. soundness level also becomes one of the considerations for the
Board of Commissioners to assess the performance of the Board
From the banking side, the Financial Services Authority noted of Directors. The level of bank health reflects the results of an
that the performance of the financial services sector, especially assessment of the company’s condition regarding the bank’s
banking, in 2023 was still solid with indicators of available risks and performance which can be seen from the final ranking
capital and liquidity as well as controlled credit risk. The banking of the assessment results based on OJK Regulation No. 04/
intermediation function in November 2023 again recorded an POJK.03/2016 dated January 26, 2017 concerning Assessment
increasing trend with loan growing by 9.74% yoy. This growth of the Soundness Level of Commercial Banks and OJK Circular
was mainly supported by working capital loans which grew Letter No. 14/SEOJK.03/2017 Dated March 17, 2017
10.14% yoy. Meanwhile, on a monthly basis, nominal growth Concerning Assessment of the Soundness Level of Commercial
in banking loans increased by IDR63 trillion to IDR6,966 trillion. Banks Using a Risk - Based Bank Rating Approach which includes
Meanwhile, Third Party Funds in November 2023 were recorded 4 (four) factors, namely Risk Profile, Governance, Profitability
to grow by 3.04% yoy to IDR8,216 trillion, with the growth rate (Earnings) and Capital.
increasing, mainly driven by an increase in deposits of 3.50%
yoy. Credit risk continued to decline with a banking NPL ratio of The bank’s soundness rating for December 2023 (Self Assessment)
2.36%. On the other hand, Covid-19 restructuring loans again places at a composite rating of 2 (two)/PK2, which reflects
recorded a decline of IDR15.84 trillion to IDR285.32 trillion, the bank’s generally healthy condition so that it is considered
with the number of customers also decreasing to 1.14 million capable of facing significant negative influences from changes in
customers, and after in October 2023 it was recorded at 1.22 business conditions and other external factors.
million customers.
64 PT Bank Tabungan Negara (Persero) Tbk
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Views on Business Prospects Prepared by The Board of Commissioners always carries out a supervisory
The Board of Directors function to ensure that the management of the Company carried
out by the Board of Directors is in accordance with applicable
In January 2024, Bank Indonesia predicted that the world laws and regulations and provides the necessary advice/
economy will slow down to 2.8% in 2024. This development opinions on every strategic action/activity in order to achieve
is driven by the inflation rate in developed countries which is the Company’s objectives. The implementation of GCG in the
above the target with pressure starting to ease. Nevertheless, Company has been going well. This can be seen in the following
Indonesia’s economic growth in 2024 is predicted to remain components.
strong and grow positively in the range of 4.8% - 5.2%. Then the
inflation rate in 2024 is predicted to be lower compared to 2023 Risk Management
at Bank Indonesia’s target range of 2.5% ± 1% yoy.
In order to implement risk management and as a follow-up to
In 2024, people’s purchasing power is expected to increase in the implementation of Basel II, especially pillar 1, Bank BTN has
line with improvements in the national economy and the holding implemented:
of elections. House selling prices are also expected to increase 1. Measuring Credit Risk by mapping credit risk exposure
evenly, supported by infrastructure developments, improvements according to portfolio categories in calculating Credit
in the national economy, and positive sentiment regarding the Risk RWA using the Standardized Approach referring to
success of holding elections. This is also supported by the results OJK Circular Letter No. 11/SEOJK.03/2018 concerning
of Bank BTN’s House Price Index (HPI) research in Quarter III - Amendments to OJK Circular Letter No. 42/SEOJK.03/2016
2023, house price growth continues to strengthen at 8.66% yoy. concerning Guidelines for Calculating Risk-Weighted Assets
This HPI growth is supported by growth in all types of houses, for Credit Risk Using a Standard Approach. Currently, the
namely small type houses (21 m2 - 36m2), medium type houses Bank has implemented the calculation of Risk Weighted
(37m2 - 45m2) and large types (46m2 - 70m2). Assets (RWA) for Credit Risk in accordance with OJK Circular
Letter No 24/SEOJK.03/2021 datedOctober 7, 2021
After considering economic conditions, the Board of concerning Calculation of Risk Weighted Assets for Credit
Commissioners is of the opinion that the business prospects Risk using the Standard Approach for Commercial Banks in
prepared by the Board of Directors are appropriate. The Board accordance with regulatory provisions applicable.
of Commissioners believes that the Company will be able to take 2. The use of the Standardized Model for market risk
advantage of existing opportunities, including the housing sector is in accordance with OJK Circular Letter No. 38/
having good potential next year, the relaxation of the Loan to SEOJK.03/2016 dated September 8, 2016 concerning
Value (LTV) or Financing to Value (FTV) policy being extended until Guidelines for Using Standard Methods in Calculating
December 2024, as well as the acceleration of digital financial Minimum Capital Requirements for Commercial Banks by
services which is increasingly massive, especially among internet Taking Market Risk into Account and currently the Bank has
and mobile banking users who have the potential to increase prepared OJK Circular Letter No. 23/SEOJK.03/2022
CASA and fee based income. dated December 7, 2022 concerning Calculation of Risk-
Weighted Assets for Market Risk for Commercial Banks
implemented starting January 1, 2024 by carrying out trial
Views on The Implementation of Bank calculations and reporting to the FSA for Market RWA for
Governance June 2023, September 2023 and December 2023.
3. Calculation of minimum capital requirements using the
The Company always strengthens its commitment to implement Standard Approach Operational Risk RWA calculation
and uphold GCG principles consistently in every daily business by referring to OJK Circular Letter Number No. 06/
activity, comply with all applicable regulations and legislation, SEOJK.03/2020 dated April 29, 2020 and currently the
and is always open to improvements in accordance with best Bank is recording loss data related to operational risks in
practices to suit the goals, vision and the Company’s mission accordance with Regulatory provisions.
and creating added value for the Company for Shareholders and
other stakeholders. Currently, Bank BTN has a Risk Appetite Statement (RAS) as a
qualitative statement and quantitative measure of the Bank’s
The implementation of good corporate governance becomes an main risks. RAS disclosure is carried out in writing and properly
important indicator for shareholders to assess the Company’s documented by the Risk Management Work Unit. Determination
performance and believe that the Company has been of RAS limits is carried out by the Board of Commissioners
managed well and is believed to protect the interests of all and Directors. In determining RAS, economic, environmental
shareholders. Bank BTN is committed to continuing to improve and social sustainability has been considered then aligned to
the implementation of good corporate governance in order to the preparation of the Company’s Work and Budget Plan, Risk
understand the expectations of each shareholder. Appetite, Risk Tolerance and Recovery Plan.
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Report of The Board of Directors, Board of
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In the risk management system, the Company implements a - Internal Control Integrated Framework in preparing an internal
risk management process supported by 4 (four) pillars of risk control framework to ensure the adequacy of operational and
management implementation, namely: financial controls, financial reporting, operational effectiveness
1. Active Supervision of the Board of Commissioners and and efficiency, as well as compliance with applicable laws
Directors. and regulations. Internal control objectives according to
2. Adequacy of risk management policies and procedures and COSO include operational objectives, reporting objectives and
implementation of risk limits. compliance objectives.
3. Adequacy of risk identification, measurement, monitoring
and control processes and Information Systems. The Board of Commissioners is responsible for ensuring that
4. Instructing Risk Control System. the Board of Directors has monitored the effectiveness of the
implementation of the internal control system, so that the Board
In the active supervision of the Board of Commissioners and of Commissioners has an active role in ensuring that there are
Directors, the Organs of the Board of Commissioners and improvements to the Company’s problems that can reduce the
Directors are assisted by several committees in carrying out effectiveness of the internal control system. The Board of Directors
banking duties and activities in accordance with applicable is responsible for establishing policies and strategies as well
Regulatory provisions. Then, it is continued to the layers below as internal control procedures. The Board of Directors is also
the organs of the Board of Commissioners and Directors, namely responsible for monitoring the adequacy and effectiveness of the
the Risk Management Work Unit, Compliance Work Unit, Internal internal control system. The Board of Commissioners and Directors
Audit Work Unit and Policy Work Unit. are responsible for improving work ethics and high integrity as
well as creating an organizational culture that emphasizes to all
The internal control system implemented by Bank BTN is considered Bank employees the importance of internal control that applies
to be effective and adequate, as reflected in the effectiveness in the Company.
of the implementation of internal control functions, including
internal audit, risk management, compliance, financial and Furthermore, the monitoring process by management and a well-
operational control functions. The Company’s risk management implemented control culture encourage the creation of a Control
is based on good Corporate Governance and the involvement Environment that reflects the overall commitment, behavior,
of all Company organs in managing risk management. This concern and steps taken by the Board of Commissioners and
can be seen from the composition of the Company’s risk Directors in carrying out the Bank’s operational control activities.
management organization. The Board of Commissioners through The Control Environment elements include:
Risk Monitoring Committee meetings and the Board of Directors 1. Adequate organizational structure;
through Risk Management Committee meetings are responsible 2. Leadership style and Bank Management philosophy;
for ensuring that the implementation of Risk Management is 3. Integrity and ethical values and competence of all employees;
adequate in accordance with the characteristics, complexity and 4. Bank’s human resource policies and procedures;
risk profile of the Company on a periodic basis. Based on the 5. Attention and direction of Bank Management and other
results of the review carried out in 2023, the Board of Directors Committees, such as the Risk Management Committee; And
and Board of Commissioners assess that the risk management 6. External factors that influence Bank operations and the
system has been implemented adequately. implementation of risk management.
The Board of Commissioners and Directors play an active Bank BTN, through the Internal Audit Division (IAD), carries out
role in the risk management process in order to mitigate the periodic Internal Control Assessments (ICA) in order to evaluate
Company’s risks, including through monitoring the Quality of Risk the effectiveness of the internal control system. This assessment
Management Implementation, including risk governance, risk measures the quality of internal control of the auditee work unit
management framework, risk management process, adequacy over the 5 (five) COSO Framework internal control components
of management information systems and HR as well as the using the Internal Control Assessment (ICA) questionnaire rating
adequacy of the internal control system. criteria and methodology as well as the auditor’s professional
judgment through direct testing (walkthrough) in the field. In
Internal Control System 2023, Bank BTN has implemented internal control in accordance
with control principles and overall the quality of the internal
The implementation of the internal control system is carried out in control system has been running well.
order to support the achievement of the Company’s performance
objectives, increase value for stakeholders, minimize the risk In general, the steps taken by the Bank to ensure the implementation
of loss and maintain compliance with applicable laws and of effective monitoring activities include:
regulations. The Company implements an internal control system 1. Ensuring that the monitoring function has been clearly defined
as an important supervisory component in the management of and well structured within the Bank organization.
the Company and as a reference for healthy and controlled 2. Determining the work unit or employee assigned to monitor
operational activities. The Company refers to the Committee of the the effectiveness of internal control.
Sponsoring Organizations of the Treadway Commission (COSO)
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2023 Annual Report
3. Determining the appropriate frequency for monitoring Whistleblowing System
activities based on the risks inherent in the Bank and the
nature or frequency of changes occurring in operational The Company’s Violation Reporting System (WBS) policy is guided
activities. by the Minister of SOEs Regulation No.PER-2/MBU/03/2023
4. Integrating the Internal Control System into operational dated March 3, 2023 concerning Guidelines for Governance
activities and provide routine reports such as bookkeeping and Significant Corporate Activities of State-Owned Enterprises
journals, management reviews and reports regarding and OJK Regulation No. 39/POJK.03/2019 dated December
approval of exceptions or deviations from established 19, 2019 concerning Implementation of Anti-Fraud Strategies for
policies and procedures (justification for irregularities) which Commercial Banks, as well as Technical Instructions No. PT.7-B.2
are then reviewed. dated October 31, 2023 concerning Whistleblowing System
5. Reviewing documentation and evaluation results from work Management. The Company’s WBS is part of the internal control
units or employees assigned to carry out monitoring. system and the implementation of anti-fraud strategies to prevent
6. Determining information or feedback in an appropriate its occurrence irregular practices and aims to detect early and
format and frequency. prevent irregularities or violations and gradually create an open,
sincere, honest and responsible work climate in the Company.
In addition, the Company also carries out an Audit on Compliance
with Legislation and Internal Control (PSA 62) to ensure the Bank’s The mechanism for submitting violation reports through the
compliance with legal articles, regulations and cooperation WBS is carried out by making a complaint/disclosure report
agreements as well as internal control compliance which includes and sending it based on indications of who the violation was
the control environment, Risk Identification, control activities, committed. The Company is committed to providing protection to
information and communication and monitoring. Evaluation of every whistleblower. Protection for the Whistleblower is provided
the effectiveness of the Bank’s internal control (risk control) system to support the courage of the Whistleblower in reporting suspected
is carried out in all Head Office units (divisions/desks/Regional violations and/or if there is retaliation from the Reported Party.
Offices) as well as Branch Offices, both Conventional and Sharia. For Whistleblowers who submit WBS reports that are recognized
Everything related to issues regarding the adequacy of internal for their level of accuracy and in good faith, the Company can
control has been reported directly to the Board of Directors provide a guarantee of protection.
through the President Director and to the Board of Commissioners
through the Audit Committee. Follow-up efforts have been made to The Company’s WBS was managed by an independent WBS
minimize risks and overcome problems that arise. Manager from an external party (Deloitte). The Company has
also collaborated with the Corruption Eradication Commission
The Board of Directors and Board of Commissioners are (KPK) of the Republic of Indonesia regarding handling the WBS
committed to ensuring that Corporate Governance is carried out in efforts to eradicate corruption. This collaboration aims to
well as a basis for achieving goals to maintain and increase build and improve the effectiveness and efficiency of handling
the value of the Company. One of the implementations of good complaints both internally and externally in an integrated,
corporate governance is ensuring that the internal control system professional, transparent and accountable manner by prioritizing
is implemented adequately. confidentiality in the context of optimizing the eradication of
criminal acts of corruption.
The Board of Directors and the Board of Commissioners or the
Audit Committee conduct a review once a year of the results of The Company is committed to providing protection to every
the evaluation of the effectiveness of the Bank’s internal control whistleblower. Protection for the Whistleblower is provided to
system which includes five main components of control, namely support the courage of the Whistleblower in reporting suspected
the Control Environment, including Supervision by Management violations and/or if there is retaliation from the Reported Party.
and Management Culture Oversight and Control Culture), Risk For Whistleblowers who submit WBS reports recognized for their
Identification and Assessment, Control Activities and Segregation level of accuracy and in good faith, the Company can provide
of Duties, Accounting, Information and Communication Systems, guarantees of protection. In relation to the implementation of the
Monitoring Activities and Correction Deficiencies. Based on the WBS, the Board of Commissioners plays the role of evaluating if
results of the review carried out in 2023, the Board of Directors violations are committed by the Directors, Board of Commissioners
and Board of Commissioners assess that the internal control and Committees under the Board of Commissioners. The
system has been implemented adequately. Independent WBS Manager will submit a report to the Board of
Commissioners. Next, the Board of Commissioners will carry out
This Internal Control System Standards Guideline becomes a validation and decide whether or not it is appropriate to carry
guideline that contains minimum measures regarding the Internal out a special audit in which further/in-depth investigations will
Control System that must be maintained and implemented by the be carried out by the Special Audit Team (IAD)/External Auditor
Bank in all aspects related to the organization and implementation Team. If it is not appropriate to carry out a special audit, the
of the Bank’s operational activities to create a common handling will be adjusted to the Company’s provisions.
understanding and basis regarding the level of maintenance of
interests and commitment from all parties related to the Bank.
PT Bank Tabungan Negara (Persero) Tbk 67
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Report of The Board of Directors, Board of
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The Company internalizes the WBS by distributing guidelines Performance Assessment of Committees
for the Implementation of the Whistleblowing System Policy as Under The Board of Commissioners
determined based on the Directors’ Circular as well as sharing
session presentations directly to all Company leaders and The Board of Commissioners is assisted by 3 (three) committees,
employees. Apart from that, in order to reach all of the Company’s namely the Audit Committee, Remuneration and Nomination
stakeholders, socialization of the Whistleblowing System is also Committee, and Risk Monitoring Committee. The Board
carried out through the Company’s website and various media, of Commissioners periodically assesses the effectiveness
such as internal bulletins, posters, standing banners, customer of the performance of the Committees under the Board of
gatherings, direct presentations of ethical guidelines and WBS Commissioners. The assessment in question is based on
policies. Regulation of the Minister of State-Owned Enterprises number
PER-3/MBU/03/2023 dated 24 March 2023 concerning
The Board of Commissioners is of the view that the management Organs and Human Resources of State-Owned Enterprises and
of the Whistleblowing System in the Company has been running OJK Regulation no. 17 of 2023 concerning the Implementation
well. This can be seen from the management of complaint reports of Governance for Commercial Banks. The Committee’s
and the follow-up to these complaints. There were 106 complaints assessment criteria below are Key Performance Indicators which
received during 2023, consisting of 30 complaints via SMS/ have been determined for each Committee under the Board of
Telephone/Whatsapp, and 76 complaints via Email/Website. Commissioners using a self-assessment method and approved
Based on the number of complaints received, 79 complaints by the Board of Commissioners in accordance with Minister of
are not proven, 6 complaints are in the process of gathering State-Owned Enterprises Regulation No. PER-12/MBU/2012
information/follow-up, and the remaining 21 complaints have concerning Supporting Organs for the Board of Commissioners/
been processed and/or have been given sanctions. Supervisory Board of State-Owned Enterprises. The Board of
Commissioners assesses that during 2023 the Committees have
Sustainabillity Governance carried out their duties and responsibilities quite effectively.
By implementing the GCG paradigm as a whole, there will be
alignment of interests and goals between the Company and its Changes in The Composition of The Board
stakeholders and will further encourage the creation of long- of Commissioners
term corporate sustainability. The company is committed to
strengthening sustainable business in all company business lines. During 2023, there were changes in the composition of members
The Company believes that business carried out by balancing the of the Board of Commissioners. Changes in the composition of
3P aspects (Profit, People, Planet) will create sustainable values members of the Board of Commissioners are carried out based on
and make bank BTN as a company that is able to maintain the Company’s needs. Changes in the composition of members of
business sustainability into the future. the Board of Commissioners are as follows:
In accordance with the Company’s business field, Bank BTN is COMPOSITION OF THE BOARD OF COMMISSIONERS FOR THE
committed to running its business by strengthening sustainable PERIOD OF JANUARY 1, 2023 –JANUARY 11, 2023
business based on the housing ecosystem. Bank BTN is aware
that the Company’s involvement in the housing development The composition of the Board of Commissioners for the period
environment will greatly determine the success of the program. January 1, 2023 to January 11, 2023 comprised 8 (eight) people
Therefore, the Company makes every effort to support the consisting of 1 (one) President/Independent Commissioner,
Government’s program in distributing housing finance to help 1 (one) Vice President/Independent Commissioner, 3 (three)
people own the best quality homes. Independent Commissioners and 3 (three) Commissioners as
follows:
The Company strengthens its sustainability foundation by instilling
policy commitments to create a sustainable and responsible Chandra M. Hamzah : President/Independent Commissioner
business. In supporting Sustainable Financial performance, the Iqbal Latanro : Vice President/Independent
Company issued a Sustainable Financial Action Plan which Commissioner
refers to OJK Regulation No. 51/POJK.03/2017 concerning Armand B. Arief : Independent Commissioner
the Implementation of Sustainable Finance for Financial Services Ahdi Jumhari Luddin : Independent Commissioner
Institutions, Issuers and Public Companies. The Company Sentot A. Sentausa : Independent Commissioner
realizes the importance of developing a stable and inclusive Andin Hadiyanto : Commissioner
Sustainable Financial system. The Company’s aim in issuing Herry Trisaputra Zuna : Commissioner
Sustainable Financial Action Plan is as a means of socializing Himawan Arief Sugoto : Commissioner
and internalizing sustainability values to stakeholders, as well as
to support the achievement of the Company’s performance which
is oriented towards sustainable development goals.
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COMPOSITION OF THE BOARD OF COMMISSIONERS FOR THE COMPOSITION OF THE BOARD OF COMMISSIONERS FOR THE
PERIOD JANUARY 11, 2023 –AUGUST 12, 2023 PERIOD AUGUST 12, 2023 –DECEMBER 31, 2023
Based on the Decision of the 2023 Extraordinary General On August 12, 2023, Ahdi Jumhari Luddin as Independent
Meeting of Shareholders (EGMS), Mohamad Yusuf Permana Commissioner of the Company passed away, thereby it ended
was appointed as Commissioner of the Company. As a result, his term of office automatically. As a result, the composition of
the composition of the Board of Commissioners for the period the Board of Commissioners for the period August 12, 2023
January 11, 2023 to August 12, 2023 comprised 9 (nine) people to December 31, 2023 comprised 8 (eight) people consisting
consisting of 1 (one) President/Independent Commissioner, of 1 (one) President/Independent Commissioner, 1 (one) Vice
1 (one) Vice President/Independent Commissioner, 3 (three) President/Independent Commissioner, 2 (two) Independent
Independent Commissioners and 4 (four) Commissioners as Commissioners and 4 (four) Commissioners as follows:
follows:
Chandra M. Hamzah : President/Independent
Chandra M. Hamzah : President/Independent Commissioner
Commissioner Iqbal Latanro : Vice President/Independent
Iqbal Latanro : Vice President/Independent Commissioner
Commissioner Armand B. Arief : Independent Commissioner
Armand B. Arief : Independent Commissioner Sentot A. Sentausa : Independent Commissioner
Ahdi Jumhari Luddin : Independent Commissioner Andin Hadiyanto : Commissioner
Sentot A. Sentausa : Independent Commissioner Herry Trisaputra Zuna : Commissioner
Andin Hadiyanto : Commissioner Himawan Arief Sugoto : Commissioner
Herry Trisaputra Zuna : Commissioner Mohamad Yusuf Permana : Commissioner
Himawan Arief Sugoto : Commissioner
Mohamad Yusuf Permana : Commissioner
Closing
To shareholders, the Board of Commissioners would like to thank for the trust given. The Board of Commissioners expresses its highest
appreciation to the Directors who have been able to carry out the management of the Company and produce good performance in
2023. The Board of Commissioners also expresses the highest appreciation to all of the Company’s employees who have provided
optimal contributions. The Board of Commissioners truly hopes that in the future all levels of the Company can continue to formulate
appropriate strategies and be able to lead the Company towards better growth.
Jakarta, February 2024
On behalf of the Board of Commissioners
Chandra M. Hamzah
President/Independent Commissioner
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Report of The Board of Directors, Board of
Commissioners and Sharia Supervisory Board
BOARD OF COMMISSIONERS
1. Himawan Arief Sugoto: Commissioner, 2. Sentot A. Sentausa: Independent Commissioner,
3. Mohamad Yusuf Permana: Commissioner, 4. Chandra M. Hamzah: President/Independent Commissioner
1 2 3 4
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2023 Annual Report
5. Iqbal Latanro: Vice President/Independent Commissioner, 6. Armand B. Arief: Independent Commissioner,
8. Andin Hadiyanto: Commissioner, 7. Herry Trisaputra Zuna: Commissioner,
5 6 7 8
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Report of The Board of Directors, Board of
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SHARIA SUPERVISORY BOARD’S
REPORT
Prof. Dr.
H. Muhammad
Quraish Shihab, M.A.
Chairman of the Sharia
Supervisory Board
Please allow us to represent the Sharia Supervisory Board to submit a report on the
implementation of supervision of the Company’s activities during 2023.
72 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Assalamu’alaikum warahmatullahi wabarakatuh
Dear Stakeholders and Shareholders,
To ensure that Sharia Financial Institutions can be implemented 9. Supervising Sharia Business Unit activities.
complying sharia principles, in carrying out its activities, the a. Analyzing reports submitted by and/or requested from
Company is supervised by the Sharia Supervisory Board tasked the Board of Directors, implementation of the internal
to provide advice and suggestions to the Board of Directors and audit function and/or compliance function to determine
supervising its business activities so that they are in accordance the quality of implementation of compliance with sharia
with Sharia principles (Article 1 number 12 PBI No. 11/10/ principles for fund collection and distribution activities
PBI/2009 concerning Sharia Business Units). and Bank services.
b. Determining the number of sample tests of transactions
that will be examined by paying attention to the quality
Duties and Responsibilities of The Sharia of implementation of compliance with sharia principles
Supervisory Board for each activity.
c. Examining transaction documents that are sample tested
SSB has the duties and responsibilities of providing advice to determine compliance with sharia principles as
and suggestions to the Sharia Business Unit Director as well as required in internal policies, including:
supervising Sharia Business Unit activities so that they comply - Availability of documents as proof of purchase of
with sharia principles. Implementation of SSB duties and goods, for murabahah contracts as proof of fulfillment
responsibilities includes: of murabahah sale and purchase conditions.
1. Assessing and ensuring compliance with sharia principles for - Availability of customer business report documents,
operational guidelines and sharia-related products issued by for mudharabah/musyarakah contracts, as a basis
the Bank. for calculating profit sharing distribution.
2. Supervising the Bank’s new product development process d. Carrying out inspections, inspections, requests for
related to Sharia so that it complies with the DSN-MUI fatwa. information and/or confirmation from Sharia Business
3. Providing sharia opinions on new products and/or Unit employees and/or customers to strengthen the
restructured financing related to sharia by referring to the results of document checks, if necessary.
DSN-MUI fatwa and provisions governing the implementation e. Conducting a review of internal policies related to sharia
of sharia principles and Sharia Business Unit activities. aspects if there are indications of non-compliance with
4. Requesting a fatwa from DSN-MUI for new sharia-related the implementation of compliance with sharia principles
bank products for which there is no fatwa yet. for the activities in question.
5. Conducting regular reviews of compliance with sharia f. Providing sharia opinions on fund collection and
principles regarding mechanisms for collecting funds and distribution activities as well as UUS services.
channeling funds as well as Bank services. g. Reporting the results of SSB supervision to FSA using the
6. Requesting data and information related to sharia aspects specified format no later than 2 (two) months after the
from Bank work units that carry out and/or relate to sharia semester period ends.
activities in the context of carrying out their duties. h. Providing sufficient time to carry out duties and
7. SSB is obliged to carry out its duties and responsibilities in responsibilities optimally.
accordance with the principles of good governance (GCG). 10. Bank Risk Management:
8. Supervising the development of the Bank’s new sharia-related a. Conducting an evaluation (review) of UUS risk
products: management policies related to compliance with sharia
a. Requesting an explanation from the Board of Directors principles at least once a year.
and/or authorized Bank officials regarding the b. Evaluating the responsibility of the Board of Directors
objectives, characteristics and will be used in the new for the implementation of risk management policies
sharia-related products that will be issued. related to compliance with sharia principles at least on a
b. Ensuring the availability of those used in new sharia- quarterly basis.
related products in the DSN-MUI fatwa:
1) In the event that there is a fatwa, SSB will conduct a
review of the suitability of the new product agreement Implementation of Sharia Supervisory
with the DSN-MUI fatwa. Board Activities In 2023
2) In the event that there is no fatwa, SSB proposes to
the Bank’s Board of Directors to complete the new In 2023, the Sharia Supervisory Board has carried out the
sharia-related product agreement with a fatwa from following activities:
DSN-MUI. 1. Implementation of Meetings
a. Reviewing systems and procedures for new products that The SSB meeting is a deliberation forum between the SSB to
will be released in relation to fulfilling sharia principles. discuss every strategic and operational policy and decision
b. Providing sharia opinion on new products to be issued by the in order to carry out supervisory functions and provide advice
Bank. to the Board of Directors and Management of the Sharia
c. Evaluating the fulfillment of sharia principles on policies Business Unit in the sharia sector so that it is in accordance
and procedures to manage the risks inherent in the with sharia principles. Throughout 2023, SSB has held 13
Bank’s new products and/or activities. (thirteen) SSB meetings.
PT Bank Tabungan Negara (Persero) Tbk 73
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Report of The Board of Directors, Board of
Commissioners and Sharia Supervisory Board
2. Frequency and Method of Providing Advice and Suggestions COMPOSITION OF THE SHARIA SUPERVISORY BOARD FOR THE
and Supervising Compliance with Sharia Principles in the PERIOD OF MARCH 16, 2023 –OCTOBER 18, 2023
Capital Market for Issuers or Public Companies
Throughout 2023, SSB has issued 32 (thirty two) Sharia On March 16, 2023, the General Meeting of Shareholders
Supervisory Board Opinions. This SSB opinion was issued in approved the dismissal of Prof. Dr. H Muhammad Quraish
response to the development of Bank BTN’s Sharia Business Shihab from the General Chairman of SSB and Dr. H. Mohamad
Unit so that it continues to run in accordance with Sharia Hidayat, MBA, MH from SSB members. Then, the GMS approved
Principles. and ratified the re-appointment of Muhammad Quraish Shihab
3. SSB Monitoring Results and Recommendations Report as Chairman of the Company’s Sharia Supervisory Board for
In the 2022 period, SSB has reported on the Sharia the second period. As a result, the composition of the Sharia
Supervisory Board Supervision Report for Semester II 2022 Supervisory Board for the period March 16, 2023 to October
and Semester I 2023 in a timely manner. 18, 2023 comprised 2 (two) people consisting of 1 (one)
Chairman of the Sharia Supervisory Board and 1 (one) member
of the Sharia Supervisory Board as follows:
Changes in The Composition of The Sharia
Supervisory Board
Prof. Dr. H. Muhammad Quraish : Chairman
During 2023, there were changes in the composition of members Shihab, MA
of the Sharia Supervisory Board. Changes in the composition of Mohamad Bagus Teguh Perwira, : Member
members of the Sharia Supervisory Board are carried out based Lc, MA
on the Company’s needs.
COMPOSITION OF THE SHARIA SUPERVISORY BOARD FOR THE
COMPOSITION OF THE SHARIA SUPERVISORY BOARD FOR THE
PERIOD OCTOBER 18, 2023 –DECEMBER 31, 2023
PERIOD OF JANUARY 1, 2023 –MARCH 16, 2023
On October 18, 2023, Muhammad Faiz, Lc, MA was appointed
The composition of the Sharia Supervisory Board for the period
as Member of the Sharia Supervisory Board. As a result, the
January 1, 2023 to November 29, 2023 comprised 3 (three)
composition of the Sharia Supervisory Board for the period
people consisting of 1 (one) Chairman of the Sharia Supervisory
October 18, 2023 to December 31, 2023 comprised 3 (three)
Board and 2 (two) members of the Sharia Supervisory Board as
people consisting of 1 (one) Chairman of the Sharia Supervisory
follows:
Board and 2 (two) members of the Sharia Supervisory Board as
follows:
Prof. Dr. H. Muhammad Quraish : Chairman
Shihab, MA Prof. Dr. H. Muhammad Quraish Shihab, MA : Chairman
Dr. H. Mohamad Hidayat, MBA, MH : Member Mohamad Bagus Teguh Perwira, Lc, MA : Member
Mohamad Bagus Teguh Perwira, Lc, : Member Muhammad Faiz, Lc, MA : Member
MA
Closing
This is the Report of the Sharia Supervisory Board for 2023. In the future, the Sharia Supervisory Board will remain committed to ensuring
compliance with sharia principles and compliance with laws and regulations by constantly reminding the Company’s management.
Hence, the Company can achieve better performance.
Wassalamualaikum Warahmatullahi Wabarakatuh,
Jakarta, Februari 2024
On behalf of the Sharia Supervisory Board
Prof. Dr. H. Muhammad Quraish Shihab, MA
Chairman of the Sharia Supervisory Board
74 PT Bank Tabungan Negara (Persero) Tbk
Page 77
2023 Annual Report
SHARIA SUPERVISORY BOARD
1. Mohammad Bagus Teguh Perwira, Lc, MA: Member, 2. Prof. Dr. H. Muhammad Quraish Shihab, MA: Chairman,
3. Muhammad Faiz, Lc, MA: Member
1 2 3
PT Bank Tabungan Negara (Persero) Tbk 75
Page 78
Accountability
of Annual Report
Letter of Statement of the Members of Board of Directors
on 2023 Annual Accountability Report
of PT Bank Tabungan Negara (Persero) Tbk
We, the undersigned below, declare that all information in the 2023 Annual Report of PT Bank Tabungan Negara (Persero) Tbk has been
completely disclosed and we are fully accountable for the truthfulness of its content. We also declare that the Company Risk Management
and Internal Control System is adequate. This statement is made truthfully.
Jakarta, February 13, 2024
Nixon L. P. Napitupulu Oni Febriarto Rahardjo
President Director Vice President Director
Nofry Rony Poetra Eko Waluyo Setiyo Wibowo
Director of Finance Director of Human Capital, Director of Risk Management
Compliance, & Legal
Andi Nirwoto Elisabeth Novie Riswanti Jasmin
Director of IT & Digital Director of Assets Management Director of Distribution & Funding
Hirwandi Gafar Hakim Putratama
Director of Consumer Director of Institutional Banking
76 PT Bank Tabungan Negara (Persero) Tbk
Page 79
2023 Annual Report
Letter of Statement of the Members of Board of Commissioners
on 2023 Annual Accountability Report
of PT Bank Tabungan Negara (Persero) Tbk
We, the undersigned below, declare that all information in the 2023 Annual Report of PT Bank Tabungan Negara (Persero) Tbk has been
completely disclosed and we are fully accountable for the truthfulness of its content. We also declare that the Company Risk Management
and Internal Control System is adequate. This statement is made truthfully.
Jakarta, February 13, 2024
Chandra M. Hamzah Iqbal Latanro
President/Independent Commissioner Vice President/Independent Commissioner
Armand B. Arief Sentot A. Sentausa Andin Hadiyanto
Independent Commissioner Independent Commissioner Commissioner
Herry Trisaputra Zuna Himawan Arief Sugoto Mohamad Yusuf Permana
Commissioner Commissioner Commissioner
PT Bank Tabungan Negara (Persero) Tbk 77
Page 80
COMPANY PROFILE 78 PT Bank Tabungan Negara (Persero) Tbk
Page 81
PT Bank Tabungan Negara (Persero) Tbk (“Company”) began
with the establishment of Postspaarbank in 1897. Currently,
the Company has 631 Conventional Office networks and 109
Sharia Office networks.
PT Bank Tabungan Negara (Persero) Tbk 79
Page 82
Company
Profile
Company
Identity
Company Name Common Name
PT Bank Tabungan Negara (Persero) Tbk Bank BTN (Perseroan)
Stock Code Date of Establishment
BBTN February 9, 1950
Stock Exchange Listing Line of Business
Commercial Bank, including conducting
December 17, 2009 on Indonesia Stock Exchange
sharia banking activities
Company Status Employee Base
Limited Liability Company (PT)/Public Company/ 12.045 persons
State-Owned Enterprise (BUMN) As of December 31, 2023
80 PT Bank Tabungan Negara (Persero) Tbk
Page 83
2023 Annual Report
Legal Basis for Establishment Authorized Capital
• Emergency Law No. 9 of 1950 dated February 9, 1950 on IDR10,239,216,000,000
Amendment to Postspaarbank Law (Staatbald 1934 No. 653,
1937 No. 176 and 197 and 1941 No. 295) (State Gazette of
the Republic of Indonesia No. 12 of 1950).
• Government Regulation as Substitution of Law No. 4 of 1963
Issued and Paid-up Capital
dated June 22, 1963 on Amendment to and Supplement of Law
No. 36 of 1953 on Bank Tabungan Negara (State Gazette No. IDR7,017,222,206,500
86 of 1953).
• Government Regulation No. 24 of 1992 dated April 29, 1992
on Adjustments to Bank Tabungan Negara’s Legal Form into a
Business Network Data
Limited Liability Company (Persero).
• The Bank’s Deed of Establishment as a Limited Liability Company
No. 136 dated July 31, 1992 which was made before Muhani • Conventional Banking Network: 6 Regional Offices, 81
Salim, S.H., a Notary based in Jakarta. Branch Offices, 541 Sub-branch Offices, and 3 Functional
Office.
• Sharia Banking Network: 34 Sharia Branch Offices, and
Head Office Address 75 Sharia Sub-branch Offices.
Menara Bank BTN
Jl. Gajah Mada No. 1 Jakarta 10130, Indonesia
(021) 6336789
Ownership
(021) 6346704
csd@btn.co.id
www.btn.co.id
Call Center : 1500-286
9.65%
Contact Address
60.00%
Corporate Secretary 30.35%
Ramon Armando
Menara BTN
Jl. Gajah Mada No.1, Jakarta Pusat 10130
(021) 6336789 ext. 2003
(021) 6336719
Description
ramon.armando@btn.co.id
Investor Relations Government of the Republic of Indonesia
PT Bank Tabungan Negara (Persero) Tbk
Domestic Publik
Menara BTN Lantai 16
Jalan Gajah Mada No. 1 Jakarta Pusat 10130 Foreign Public
+62 21 63870107
investor_relations@btn.co.id
Public Information Services Social Media
PT Bank Tabungan Negara (Persero) Tbk
ppid.btn.co.id Bank BTN @bankbtn
@bankbtn Bank BTN
PT Bank Tabungan Negara (Persero) Tbk 81
Page 84
Company
Profile
Names and Addresses of Regional Offices,
Conventional Branch Offices
and Sharia Branch Offices
Regional Offices
REGIONAL OFFICES 1 REGIONAL OFFICES 2
Kantor Wilayah Jawa Barat Kantor Wilayah DKI Jakarta dan Banten
Jl. Jend. Sudirman No. 19, Bekasi 17143 Gedung Yodya Tower Lt. 3
Telp : (021) 88953281 Jl. Mayjen DI Panjaitan Kav 8, RT 003 RW 011,
Email : kantorwilayah1@btn.co.id Kel. Cipinang Cempedak Kec. Jatinegara, Jakarta Timur
Web : www.btn.co.id Telp : (021) 2301184, 31901656, 3905775
Email : kantorwilayah2@btn.co.id
Web : www.btn.co.id
REGIONAL OFFICES 3 REGIONAL OFFICES 4
Kantor Wilayah Jawa Timur, Bali, Nusa Tenggara Kantor Wilayah Sumatera
Gedung Graha Sudirman Gedung Graha Merah Putih Lt. 8,
Jl. Panglima Sudirman No. 7-9, Kel. Gembong Asin, Kec. Genteng, Kota. Jl. Puteri Hijau No. 1, Kesawan, Medan 20111
Surabaya - Jawa Timur Telp: (061) 80011133
Telp : (031) 5661704, 5661204 Email: kantorwilayah4@btn.co.id
Email : kantorwilayah3@btn.co.id Web: www.btn.co.id
Web : www.btn.co.id
REGIONAL OFFICES 5 REGIONAL OFFICES 6
Kantor Wilayah Kalimantan, Sulawesi, Maluku, Papua Kantor Wilayah Jawa Tengah dan DIY
Jl. Sultan Hassanudin No. 1, Makassar Jl. M.T. Haryono No. 717, Semarang 50242
Telp : (0411) 5070760 Telp : (024) 8455932, 8455934
Email : kantorwilayah5@btn.co.id Email : kantorwilayah6@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Operational Functional Offices
Conventional Branch Offices Region 1 (West Java Region)
Bandung Branch Office East Bandung Branch Office Bogor Branch Office
Jl. Jawa No. 7, Bandung 40117 Jl. Raya Cinunuk No. 223 A Jl. Pengadilan No. 13-15
Telp : (022) 4232112, 4241036 Kec. Cileunyi, Kab. Bandung Bogor 16121
Email : kc.bandung@btn.co.id Telp : (022) 7816883 Telp : (0251) 8311700
Web : www.btn.co.id Email : kc.bandungtimur@btn.co.id Email : kc.bogor@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Cibinong Branch Office Bekasi Branch Office Cibubur Branch Office
Ruko Cibinong City Centre Blok B20-21 & Jl. Jend. Sudirman No. 19, Bekasi 17143 Gedung A (Utama)
D20-21 Jl. Tegar Beriman Kel. Pakansari Kec. Telp : (021) 8840649 Jl. Transyogi Km. 3, Ruko Madison Blok C1 No.
Cibinong - Kab. Bogor Email : kc.bekasi@btn.co.id 1-3, Komplek Cibubur Times Square, Jatikarya,
Telp : (021) 83721442 Web : www.btn.co.id Jatisampurna, Kota. Bekasi - Jawa Barat 17435
Email : kc.cibinong@btn.co.id Telp : (021) 84300071, 84300073
Web : www.btn.co.id Email : kc.cibubur@btn.co.id
Web : www.btn.co.id
Harapan Indah Bekasi Branch Office Cikarang Branch Office Depok Branch Office
Ruko Office Park Harapan Indah Pertokoan Cikarang Central City Blok B No 2, Jl. Margonda Raya No. 186,
Blok OP Kavling No. OP1-01 & OP1-02 3, 5, 6, Jl. Raya Cikarang - Cibarusah, 17530 Depok 16423
Harapan Indah, Bekasi 17132 Kab. Bekasi Telp : (021) 7751236, 7751237
Telp : (021) 88386971(hunting), Telp : (021) 22180090/ 22180096 Email : kc.depok@btn.co.id
88386972, 88386973 Email : kc.cikarang@btn.co.id Web : www.btn.co.id
Email : kc.harapanindah@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
82 PT Bank Tabungan Negara (Persero) Tbk
Page 85
2023 Annual Report
Operational Functional Offices
Conventional Branch Offices Region 1 (West Java Region)
Cirebon Branch Office Karawang Branch Office Purwakarta Branch Office
Jl. Siliwangi No. 20A-20B, Cirebon 45121 Jl. Galuh Mas Raya Blok VI-A No. 6, Desa. Jl. RE. Martadinata No. 1, Purwakarta 41114
Telp : (0231) 209143, 209153 Sukaharja, Kec. Teluk Jambe, Timur, Kab. Telp : (0264) 201024, 210830, 210831,
Email : kc.cirebon@btn.co.id Karawang - Jawa Barat 206637
Web : www.btn.co.id Telp : (0267) 8411400, 8411500 Email : kc.purwakarta@btn.co.id
Email : kc.karawang@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Tasikmalaya Branch Office Sukabumi Branch Office Cimahi Branch Office
Jl. Sutisna Senjaya No. 101, Jl. Jendral Sudirman No. 49, Jl. Jend. Amir Machmud/Raya Timur No. 475,
Tasikmalaya 46112 Kel. Sriwedari, Kec. Gunung Puyuh, Cimahi 40524
Telp : (0265) 334464, 334465 Sukabumi - Jawa Barat Telp : (022) 6651644, 6651645
Email : kc.tasikmalaya@btn.co.id Telp : (0266) 223446,235951 Email : kc.cimahi@btn.co.id
Web : www.btn.co.id Email : kc.sukabumi@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Conventional Branch Offices Region 2 (DKI Jakarta and Banten Region)
Jakarta Kuningan Branch Office Jakarta Harmoni Branch Office Kelapa Gading Square Branch Office
Plaza BP Jamsostek, Jl. HR Rasuna Said Menara BTN Gedung Emerald Tower
Kav. 112 – 114 Blok B, Kel. Karet, Kec. Jl. Gajah Mada No. 1, Jakarta Pusat 10130 Jl. Boulevard Barat Blok XB No. 3,
Setiabudi, Jakarta Selatan Telp : (021) 6336789, 6332666, 2310490 Kelapa Gading - Jakarta Utara 14240
Telp : (021) 52964652 Email : kc.jakartaharmoni@btn.co.id Telp : (021) 45866883, 45866884
Email : kc.jakartakuningan@btn.co.id Web : www.btn.co.id Email : kc.kelapagadingsquare@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Jakarta Kebon Jeruk Branch Office Jakarta Cawang Branch Office Tangerang Branch Office
Jl. Anggrek No. 01, Kel. Kelapa Dua Gedung Yodya Tower Lt. 1-3, Jl. Mayjen DI Jl. Perintis Kemerdekaan No. 01, Tangerang
Kec. Kebon Jeruk Kebon Jeruk Panjaitan Kav 8, RT 003, RW 011, 15118
Jakarta Barat 11550 Kel. Cipinang Cempedak, Kec. Jatinegara, Telp : (021) 5539363
Telp : (021) 53666345 Jakarta Timur 13340 Email : kc.tangerang@btn.co.id
Email : kc.jakartakebonjeruk@btn.co.id Telp : (021) 22986826, 22986827 Web : www.btn.co.id
Web : www.btn.co.id Email : kc.jakartacawang@btn.co.id
Web : www.btn.co.id
Ciputat Branch Office Jakarta Melawai Branch Office Bumi Serpong Damai Branch Office
Jl. Dewi Sartika No. 21, Ciputat Tangerang Jl. Melawai Raya No. 19 C-D, Kompleks BSD, Ruko Sektor VII E
Selatan 15411 Kel. Melawai, Kec. Kebayoran Baru, Blok K No. 8 Jl. Raya Serpong, Tangerang
Telp : (021) 7445145 Jakarta Selatan 15310
Email : kc.ciputat@btn.co.id Telp : (021) 27517843, 27517840 Telp : (021) 5372235, 5372237
Web : www.btn.co.id Email : kc.jakartamelawai@btn.co.id Email : kc.bumiserpongdamai@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Karawaci Branch Office Cilegon Branch Office Jakarta Pluit Branch Office
Perumnas Karawaci I Jl. Sultan Ageng Tirtayasa No. 49, Jl. Pluit Kencana Raya No. 79, Pluit,
Jl. Cendrawasih No. 1, Cilegon 42414 Penjaringan, Jakarta Utara 14440
Tangerang 15115
Telp : (0254) 391766, 392681, 393479 Telp : (021) 66607390, 66607391,
Telp : (021) 5517849, 5517850 Email : kc.cilegon@btn.co.id 66607392
Email : kc.karawaci@btn.co.id Web : www.btn.co.id Email : kc.jakartapluit@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Bintaro Jaya Branch Office
CBD Bintaro Blok B7 No. A3 - 04A,
Kel. Pondok Jaya, Kec. Pondok Aren,
Tangerang Selatan
Telp : (021) 22215981
Email : kc.bintarojaya@btn.co.id
Web : www.btn.co.id
PT Bank Tabungan Negara (Persero) Tbk 83
Page 86
Company
Profile
Conventional Branch Offices Region 3 (East Java, Bali, Nusa Tenggara Region)
Surabaya Branch Office Denpasar Branch Office Sidoarjo Branch Office
Jl. Pemuda No. 50, Surabaya 60271 Jl. Dewi Sartika No. 2, Denpasar 80114 Jl. Ahmad Yani No. 15, Sidoarjo 61212
Telp : (031) 5353513, 5353519 Telp : (0361) 243811 Telp : (031) 8929211, 8957949,
Email : kc.surabaya@btn.co.id Email : kc.denpasar@btn.co.id 8957950
Web : www.btn.co.id Web : www.btn.co.id Email : kc.sidoarjo@btn.co.id
Web : www.btn.co.id
Malang Branch Office Mataram Branch Office Surabaya Bukit Darmo Branch Office
Jl. Ade Irma Suryani No. 2-4, Malang 65119 Jl. Pejanggik No. 99-101, Cakranegara Jl. Mayjend HR Muhammad Kav. 399 Kel.
Telp : (0341) 323956 Mataram 83121 Putat Gede, Kec. Sukomanunggal
Email : kc.malang@btn.co.id Telp : (0370) 631186, 638289 Telp : (031) 7323344
Web : www.btn.co.id Email : kc.mataram@btn.co.id E-mail : kc.surabayabukitdarmo@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Bangkalan Branch Office Kupang Branch Office Madiun Branch Office
Jl. Teuku Umar No. 16, Jl. Jend. Sudirman No. 87, Jl. Dr. Sutomo No. 38, Madiun 63117
Kel. Kemayoran, Kec. Bangkalan 69116 Kupang 85119 Telp : (0351) 451460, 459034, 457927,
Telp : (031) 3098929, 3098831, Telp : (0380) 831004 459500, 459600
3098930 Email : kc.kupang@btn.co.id Email : kc.madiun@btn.co.id
Email : kc.bangkalan@btn.co.id Web : www.btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Mulyosari Branch Office Kediri Branch Office Jember Branch Office
Jl. Raya Mulyosari No. 82, Jl. Diponegoro No. 22 - 24, Jl. A. Yani No. 05,
Kel. Dukuh Sutorejo, Kec. Mulyorejo, Kediri 64121 Jember 68118
Kota. Surabaya 60112 Telp : (0354) 691260, 691262 Telp : (0331) 484611, 489292, 489266
Telp : (031) 5931763 Email : kc.kediri@btn.co.id Email : kc.jember@btn.co.id
Email : kc.mulyosari@btn.co.id Web : www.btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Banyuwangi Branch Office Gresik Branch Office Mojokerto Branch Office
Jl. Brawijaya No. B-1 dan B-2, Kel. Sobo, Kompleks Pertokoan Multi Sarana Jl. Majapahit No. 130 - 134, Blok1-2
Kec. Banyuwangi, Kab. Banyuwangi 68418 Plaza Blok C 01 No. 1 Mojokerto 61323
Telp : (0333) 414490, 415690 Jl. Gubernur Suryo, Gresik 61118 Telp : (0321) 323850, 323853
Email : kc.banyuwangi@btn.co.id Telp : (031) 3973455 Email : kc.mojokerto@btn.co.id
Web : www.btn.co.id Email : kc.gresik@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Conventional Branch Offices Region 4 (Sumatra Region)
Medan Branch Office Palembang Branch Office Padang Branch Office
Jl. Pemuda No. 10A, Medan 20151 Jl. Jend. Sudirman Km. 4, 5 No. 125, Jl. H. R. Rasuna Said No. 3, Jati Baru
Telp : (061) 4149777 Palembang 30128 Padang Tim, Kota Padang 25129
Email : kc.medan@btn.co.id Telp : (0711) 411175, 410552 Telp : (0751) 31903, 32094, 32096
Web : www.btn.co.id Email : kc.palembang@btn.co.id Email : kc.padang@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Batam Branch Office Pekanbaru Branch Office Jambi Branch Office
Jl. Engku Putri No.1, Kel. Belian Jl. Jend. Sudirman No. 393, Jl. H. M. Yusuf Singadikane No. 146,
Nongsa Batam Center Pekanbaru 28116 Jambi 36122
Telp : (0778) 470630, 470625, 470628 Telp : (0761) 40494, 40185, 40188 Telp : (0741) 61793, 61792
Email : kc.batam@btn.co.id Email : kc.pekanbaru@btn.co.id Email : kc.jambi@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id Web : www.btn.co.id
Pematang Siantar Branch Office Bandar Lampung Branch Office Bengkulu Branch Office
Jl. Sutomo No. 5 G-H, Kel. Proklamasi Jl. Wolter Monginsidi No. 80-88, Jl. Soeprapto No. 7 - 8,
Kec. Pematang Siantar Barat - Pematang Bandar Lampung 35215 Bengkulu 38223
Siantar Telp : (0721) 489253, 489255, 484778, Telp : (0736) 20875
Telp : (0622) 28887 483256 Email : kc.bengkulu@btn.co.id
Email : kc.pematangsiantar@btn.co.id Email : kc.bandarlampung@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Tanjung Pinang Branch Office Pangkal Pinang Branch Office
Jl. D.I. Panjaitan Km. 9 Komplek Plaza Bintan Jl. Perniagaan, Mall Bangka Trade
Center Blok Bunga No. 9-12, Tanjung Pinang Center B11 - B14 - Pangkal Pinang
Telp : (0771) 7447101, 7447088 Telp : (0717) 423748
Email : kc.tanjungpinang@btn.co.id Email : kc.pangkalpinang@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
84 PT Bank Tabungan Negara (Persero) Tbk
Page 87
2023 Annual Report
Conventional Branch Offices Region 5 (Kalimantan, Sulawesi, Maluku, Papua Region)
Makassar Branch Office Banjarmasin Branch Office Samarinda Branch Office
Jl. Kajaolalido No. 4, Makassar 90111 Jl. R. E. Martadinata No. 4, Jl. RE. Martadinata No. 01,
Telp : (0411) 316016, 316011 Banjarmasin 70111 Samarinda 75127
Email : kc.makassar@btn.co.id Telp : (0511) 4368133, 4366669, Telp : (0541) 736930, 731695, 731510
Web : www.btn.co.id 4366670 Email : kc.samarinda@btn.co.id
Email : kc.banjarmasin@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Pontianak Branch Office Balikpapan Branch Office Parepare Branch Office
Jl. Imam Bonjol No. 29, Pontianak 78122 Jl. Jend. Sudirman No. 141, Balikpapan Jl. Andi Makkasau No 115-117, Lakessi,
Telp : (0561) 740163 Telp : (0542) 420333 Kec. Soreang, Kota.
Email : kc.pontianak@btn.co.id Email : kc.balikpapan@btn.co.id Parepare, Sulawesi Selatan 91131
Web : www.btn.co.id Web : www.btn.co.id Telp : (0421) 28115
Email : kc_parepare@btn.co.id
Web : www.btn.co.id
Banjarbaru Branch Office Manado Branch Office Jayapura Branch Office
Jl. Ahmad Yani Km 33 RT 01 RW 01 Jl. Wolter Monginsidi No. 56, Jl. Koti No. 22, Jayapura 99111
Loktabak Utara, Banjarbaru, Manado 95115 Telp : (0967) 537970, 537971, 537973
Kalimantan Selatan 71114 Telp : (0431) 868095, 855504, 855505 Email : kc.jayapura@btn.co.id
Telp : (0511) 6749738, 6749831 Email : kc.manado@btn.co.id Web : www.btn.co.id
Email : kc.banjarbaru@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Kendari Branch Office Ambon Branch Office Tarakan Branch Office
Jl. A. Yani , Komplek A. Yani Square Jl. Diponegoro No. 75B, Ambon Jl. Mulawarman No. 10 RT. 73 Kel. Karang
Blok. A6-7 Kendari 93117 Telp : (0911) 355882, 354471, 348552, Anyar, Kec. Tarakan Barat, Kota Tarakan
Telp : (0401) 322101 355882 Telp : (0551) 24322
Email : kc.kendari@btn.co.id Email : kc.ambon@btn.co.id Email : kc.tarakan@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id Web : www.btn.co.id
Palu Branch Office Palangkaraya Branch Office Gorontalo Branch Office
Jl. Jend. Sudirman No. 2, Palu 94111 Jl. Diponegoro No. 23, Jl. Nani Wartabone No. 3, Kel. Limba U I,
Telp : (0451) 424555, 428555 Palangkaraya 73111 Kec. Kota Selatan, Kota. Gorontalo
Email : kc.palu@btn.co.id Telp : (0536) 3220602, 3223975 Telp : (0435) 830490, 829481
Web : www.btn.co.id Email : kc.palangkaraya@btn.co.id Email : kc.gorontalo@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Ternate Branch Office Panakkukang Branch Office Mamuju Branch Office
JL. Pahlawan Revolusi No. 152 Kel. Jl. Hertasning Blok I No. 2, Makassar Jl KS Tubun No 18, Kabupaten Mamuju
Gamalama, Ternate Tengah, Maluku Utara 90222 Telp : (0426) 22389
97721 Telp : (0411) 868831, 868833 Email : kc.mamuju@btn.co.id
Telp : (0921) 3111330 Email : kc.panakukang@btn.co.id Web : www.btn.co.id
Email : kc.ternate@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Conventional Branch Offices Region 6 (Central Java & DI Yogyakarta Region)
Semarang Branch Office Yogyakarta Branch Office Solo Branch Office
Jl. M.T. Haryono No. 717, Semarang 50242 Jl. Jend. Sudirman No. 71, Jl. Slamet Riyadi No. 282, Solo 57141
Telp : (024) 312151, 446166 Yogyakarta 55223 Telp : (0271) 726930
Email : kc.semarang@btn.co.id Telp : (0274) 589898, 581014, 581016 Email : kc.solo@btn.co.id
Web : www.btn.co.id Email : kc.yogyakarta@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Pekalongan Branch Office Purwokerto Branch Office Tegal Branch Office
Jl. Merdeka No. 7, Pekalongan 51113 Jl. Jend. Sudirman No. 431, Jl. Gajah Mada No. 33, Tegal
Telp : (0285) 433883, 433884, 433484, Purwokerto 53116 Telp : (0283) 343050, 343835, 323038
433917, 413222 Telp : (0281) 641114 Email : kc.tegal@btn.co.id
Email : kc.pekalongan@btn.co.id Email : kc.purwokerto@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Kudus Branch Office Magelang Branch Office
Jl AKBP Agil Kusumadya No 32, Jl. Tentara Pelajar No. 40, Magelang 56116
Kecamatan Jati Kudus Telp : (0293) 3215983
Telp : (0291) 438732 Email : kc.magelang@btn.co.id
Email : kc.kudus@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
PT Bank Tabungan Negara (Persero) Tbk 85
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Company
Profile
Sharia Branch Offices
Sharia Branch Offices Region 1 (West Java Region)
Bandung Sharia Branch Office Bekasi Sharia Branch Office Bogor Sharia Branch Office
Jl. Diponegoro No. 8, Bandung Jl. Ahmad Yani, Ruko Sentra Niaga Kalimalang Jl. Jendral Sudirman No. 01, Kec. Bogor
Kel. Citarum, Kec. Bandung Wetan Blok A.IV No.5-6 dan Blok B No. 1 Tengah, Bogor 16121
Bandung 40115 Kel. Kayuringin Jaya, Kec. Bekasi Selatan, Telp : (0251) 8327171, 8327575
Telp : (022) 4265472, 4265473, Kota Bekasi 17144 Email : kcs.bogor@btn.co.id
4265474 Telp : (021) 8893333 Web : www.btn.co.id
Email : kcs.bandung@btn.co.id Email : kcs.bekasi@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
Cirebon Sharia Branch Office Tasikmalaya Sharia Branch Office Depok Sharia Branch Office
Jl. Raden Ajeng Kartini No. 68, Kel. JI. Yudanegara No. 10, Kel. Yudanegara Jl. Margonda Raya No. 438B-D, Kel. Pondok
Sukapura, Kec. Kejaksan, Cirebon Kec. Cihideung Cina, Kec. Beji Kota Depok
Telp : (0231) 235485, 235486, 235488 Kota Tasikmalaya 46112 Telp : (021) 7867661
Email : kcs.cirebon@btn.co.id Telp : (0265) 310612, 7296566, Email : kcs.depok@btn.co.id
Web : www.btn.co.id 7296567, 7296568 Web : www.btn.co.id
Email : kcs.tasikmalaya@btn.co.id
Web : www.btn.co.id
Karawang Sharia Branch Office
Jl Kertabumi no 29 C-D, Kelurahan Nagasari,
Kecamatan Karawang Barat,
Kabupaten Karawang 41311
Telp : 0267 - 8400888, 8400999
Email : kcs.karawang@btn.co.id
Web : www.btn.co.id
Sharia Branch Offices Region 2 (DKI Jakarta & Banten Region)
Jakarta Harmoni Sharia Branch Office Tangerang Sharia Branch Office Jakarta Pasar Minggu Sharia Branch
Jl. Suryo Pranoto No. 9 B-D, Kel. Petojo Jl. Serpong Raya, Ruko Villa Melati Mas Blok. Office
Selatan Kec. Gambir Jakarta Pusat 10130 SR-1 No. 23-24, Serpong - Tangerang 15320 Ruko Grand Palace Blok G & H,
Telp : (021) 3860617, 3860620, 3864265 Telp : (021) 5370773 Jl. Raya Ps. Minggu Km 16 Pancoran -
Email : kcs.jakartaharmoni@btn.co.id Email : kcs.tangerang@btn.co.id Jakarta Selatan
Web : www.btn.co.id Web : www.btn.co.id Telp : (021) 7993662, 7993015
Email : kcs.pasarminggu@btn.co.id
Web : www.btn.co.id
Serang Sharia Branch Office
Jl. Jend Ahmad Yani No. 175, Cipete
Kel. Sumur Pecung, Kec. Serang,
Kota Serang - Banten
Telp : (0254) 7915869
Email : kcs.cilegon@btn.co.id
Web : www.btn.co.id
Sharia Branch Offices Region 3 (East Java, Bali, Nusa Tenggara Region)
Surabaya Sharia Branch Office Malang Sharia Branch Office Mataram Sharia Branch Office
Jl. Diponegoro No. 29, Surabaya 60271 Jl. Jaksa Agung Suprapto No. 87, Jl. Pejanggik No. 18-19, Kel.
Telp : (031) 5666363,5610518 Kel. Rampal Celaket, Kec. Klojen Cakranegara Kab. Mataram
Email : kcs.surabaya@btn.co.id Kota Malang 65112 Telp : (0370) 7503646
Web : www.btn.co.id Telp : (0341) 3012469 Email : kcs.mataram@btn.co.id
Email : kcs.malang@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Jember Sharia Branch Office
Jl Hayam Wuruk No 16, Kelurahan Kaliwates
Kecamatan Kaliwates Kabupaten Jember
Telp : (0331) 491009, 491010
Email : kcs.jember@btn.co.id
Web : www.btn.co.id
86 PT Bank Tabungan Negara (Persero) Tbk
Page 89
2023 Annual Report
Sharia Branch Offices Region 4 (Sumatra Region)
Batam Sharia Branch Office Medan Sharia Branch Office Pekanbaru Sharia Branch Office
Jl. Sriwijaya Komp. Regency Park Lot 29, Jl Diponegoro No 34, Kelurahan Madras Hulu Jl Jendral Sudirman No 203, C D E F G,
Pelita - Batam 29432 Kecamatan Medan Polonia Kota Medan Kelurahan Tangkerang Tengah, Kecamatan
Telp : (0778) 421921 Telp : (061) 4144554 Merpoyan Damai, Kota Pekanbaru 28128
Email : kcs.batam@btn.co.id Email : kcs.medan@btn.co.id Telp : (0761) 7891314
Web : www.btn.co.id Web : www.btn.co.id Email : kcs.pekanbaru@btn.co.id
Web : www.btn.co.id
Palembang Sharia Branch Office Banda Aceh Sharia Branch Office Bengkulu Sharia Branch Office
Jl. A Rivai No. 221, Kel. 26 Ilir D.1, Kec. Ilir Jl. H.M Daud Beureuh No. 39, Desa. Kuta JL. S. Parman No. 24, Kel. Penurunan,
Barat I, Palembang, Sumatera Selatan Alam, Kec. Kuta Alam, Kota. Banda Aceh Kec. Ratu Samban,
Telp : (0711) 365808, 354001, 353230 Telp : (0651) 40331 Kota Bengkulu, Provinsi Bengkulu
Email : kcs.palembang@btn.co.id Email : kcs.bandaaceh@btn.co.id Telp : (0736) 78604566
Web : www.btn.co.id Web : www.btn.co.id Email : kcs.bengkulu@btn.co.id
Web : www.btn.co.id
Jambi Sharia Branch Office Padang Sharia Branch Office Bandar Lampung Sharia Branch Office
Jl. Hayam Wuruk No. 27, Kel. Cempaka Putih, Jl. Belakang Olo No. 47, Kel. Kp Jao, Jl Kartini No 85, Kelurahan Palapa,
Kec. Jelutung - Kota Jambi Kec. Padang Barat, Padang, Sumatera Barat Kecamatan Tanjung Karang Pusat,
Telp : (0741)- 3620645, 3620687 Telp : (0751)- 8954842, 8954832 Kota Bandar Lampung 35116
Email : kcs.jambi@btn.co.id Email : kcs.padang@btn.co.id Telp : (0751)- 6025555
Web : www.btn.co.id Web : www.btn.co.id Email : kcs.bandarlampung@btn.co.id
Web : www.btn.co.id
Sharia Branch Offices Region 5 (Kalimantan, Sulawesi, Maluku, Papua Region)
Makassar Sharia Branch Office Banjarmasin Sharia Branch Office Palu Sharia Branch Office
Jl A.P Pettarani No 21, Tamamaung, Jl. Jend Ahmad Yani KM 5,5 No. 456 Jl. Emmy Saelan No. 36, Kel. Tatura Utara,
Kecamatan Panakkukang, Kel. Pemurus Luar, Kec. Banjarmasin Timur Kec. Palu Selatan, Kota Palu 94236
Kota Makassar 90231 Kota Banjarmasin - Kalimantan Selatan Telp : (0451) - 485431
Telp : (0411) 3613399 Telp : (0511) 3250530, 3250540, Email : kcs.palu@btn.co.id
Email : kcs.makassar@btn.co.id 3250560 Web : www.btn.co.id
Web : www.btn.co.id Email : kcs.banjarmasin@btn.co.id
Web : www.btn.co.id
Balikpapan Sharia Branch Office Kendari Sharia Branch Office Pontianak Sharia Branch Office
Jl. Jenderal Sudirman No. 565 – 566, Jl. MT Haryono No. 78 Kel. Bende, Jl Jend Ahmad Yani No 61 G-H, Kelurahan
Balikpapan 76114 Kec. Baruga – Kota Kendari Bangka Belitung Laut, Kecamatan Pontianak
Telp : (0542) 742260, 742258 Telp : - Tenggara, Kota Pontianak
Email : kcs.balikpapan@btn.co.id Email : kcs.kendari@btn.co.id Telp : (0561) - 8171285
Web : www.btn.co.id Web : www.btn.co.id Email : kcs.pontianak@btn.co.id
Web : www.btn.co.id
Sharia Branch Offices Region 6 (Central Java & DI Yogyakarta Region)
Yogyakarta Sharia Branch Office Solo Sharia Branch Office
Jl. Faridan M Noto No. 10, Kota Baru Gondokusuman Jl. Brigjen Slamet Riyadi No. 332, Solo 57141
Yogyakarta 55224 Telp : (0271) 712127, 7008978, 7008947
Telp : (0274) 551055, 512467 Email : kcs.solo@btn.co.id
Email : kcs.yogyakarta@btn.co.id Web : www.btn.co.id
Web : www.btn.co.id
Tegal Sharia Branch Office Semarang Sharia Branch Office
Jl. Jenderal Sudirman No. 02 , Kel. Pekauman, Kec. Tegal Barat, Jl. Achmad Yani No. 181 Kel. Wonodri
Kota Tegal - Jawa Tengah 52113 Kec. Semarang Selatan, Kota Semarang
Telp : (0283) 342923 ,342933 Telp : (024) 8449918, 8449919
Email : kcs.tegal@btn.co.id Email : kcs.semarang@btn.co.id
Web : www.btn.co.id Web : www.btn.co.id
PT Bank Tabungan Negara (Persero) Tbk 87
Page 90
Company
Profile
Business Partner
Network
The Company always cooperates with various business partners, purposed of achieving the set targets. The Company also runs various
business partnerships in the context of providing banking product services and convenience of transactions carried out by the customers.
The cooperation carried out by the Company with business partners include the following:
Group/Company Description
South Jakarta District Court E-Panjar Application and One Stop Integrated Service
Telkomsel TCASH-BTN
Indonesian Olympic Committee (KOI) KPR Atlet
PT Aviasi Pariwisata Indonesia (Persero) & Grup Usaha (PT Angkasa Pura I
Corporate Loans - Term Loan and Investment
dan PT Angkasa Pura II)
PT PP (Persero) Tbk dan Grup Usahanya (PP Properti, PP Urban dan lainnya) Property Construction (Cash Loan and Non-Cash Loan)
PT Pertamina (Persero) dan Grup Usahanya ( Pertamina EP, Pertamina Hulu
Corporate Loans - Investment (Syndication and Term Loan)
Energi, Pertamina Hulu Indonesia dan lainnya)
PT Wijaya Karya (Persero) Tbk dan Grup Usahanya (WIKA Realty, WIKA
Property Construction (Cash Loan and Non-Cash Loan)
Gedung, WIKA Industri dan Konstruksi)
PT Adhi Karya (Persero) Tbk dan Grup Usahanya (Adhi Commuter Properti Property Construction (Cash Loan and Non-Cash Loan) - Including
dan Adhi Persada Properti) Developers that support the provision of housing units for millennials
Property Construction (Cash Loan and Non-Cash Loan) - Including
Perum Perumnas
Developers that support the provision of housing units for millennials
PT Waskita Karya Realty Property Construction
PT Bumi Serpong Damai Tbk Corporate Loans - Term Loan
PT Pengembangan Pariwisata Indonesia (Persero) – ITDC Corporate Loans - Term Loan (Syndicated)
PT Indonesia Financial Group (IFG) Corporate Loans - Term Loan (Syndicated)
PT Perusahaan Listrik Negara (Persero) Corporate Loans - Investment (Syndicated - Infrastructure)
PT Jasamarga Bali Toll Corporate Loans - Investment (Syndicated - Infrastructure)
PT Permodalan Nasional Madani (Persero) Corporate Loans - Working Capital
Sinar Mas APP ( PT Indah Kiat Pulp & Paper, PT OKI Pulp & Paper dan PT
Corporate Loans (Cash Loan and Non Cash Loan)
Pindo Deli Pulp & Paper)
PT Perusahaan Pengelola Aset (Persero) Corporate Loans - Working Capital (Cash Loan and Non Cash Loan)
PT Alam Sutera Realty Corporate Loans - Working Capital (Syndicated)
PT Astakona Megahtama Construction Loans
BULOG Corporate Loans - Working Capital
Ciputra Residence Corporate Loans - Working Capital
PT Nindya Karya Corporate Loans - Contractors
PT Yodya Karya Corporate Loans - Contractors
PT Virama Karya Corporate Loans - Contractors
PT LEN Industri Corporate Loans - Contractors
PT Lippo Cikarang Corporate Loans - Working Capital
PT Pupuk Sriwidjaja Palembang Corporate Loans - Syndicated Investment
Medco Power Indonesia Corporate Loans - Investment
Salim Group ( PT Mega Akses Persada & PT Air Bersih Jakarta) Corporate Loans - Investment (Syndicated)
PT Bandung Indah Permai Corporate Loans - Investment
Blue Bird Housing Financing
Grab Indonesia Housing Loans
Gojek Housing Loans
88 PT Bank Tabungan Negara (Persero) Tbk
Page 91
2023 Annual Report
Group/Company Description
BPKH Hajj Deposit Recipient Bank
Kemenag Hajj Recipient Bank
Public Housing Savings Management Agency (BP Tapera) Housing Loans
Ministry of Public Works and Housing (Kementerian PUPR) Management of Funds and Housing Loans
Work Unit of the Directorate General of Public Works and Housing
Distribution of Housing Down Payment Subsidies
Infrastructure Financing, Ministry of Public Works and Housing (Satker PUPR)
PT Jamkrindo Syariah Financing Insurance Guarantee
PT Askrindo Syariah Financing Insurance Guarantee
PT Jasindo Syariah Financing Insurance Guarantee
PT Sarana Multigriya Finansial (Persero) KPR Securitization, Refinancing Loans and FLPP Loans
Ministry of Finance of the Republic of Indonesia Management of Work Unit Accounts and Public Service Agencies
Ministry of Religion of the Republic of Indonesia Cooperation Related to Hajj
Ministry of Education, Culture, Research and Technology of the Republic of
Distribution of Smart Indonesia Card Funds
Indonesia
Hajj Financial Management Agency Management of Hajj funds
Halal Product Assurance Organizing Agency Fund management
Environmental Fund Management Agency Fund management
Public Housing Savings Management Agency Fund management
Educational Fund Management Institution Fund management
Marine and Fishery Business Capital Management Institution Fund management
PT Hutama Karya (Persero) Fund management & Non Cash Loan
PT Rajawali Nusantara Indonesia (Persero) Fund management
PT Permodalan Nasional Madani (Persero) Fund management
PT Jaminan Kredit Indonesia Fund management
PT Jamkrindo Syariah Fund management
PT Reasuransi Indonesia Utama Fund management
PT Penjaminan Infrastruktur Indonesia Fund management
PT Sarana Multigriya Finansial (Persero) Fund management
PT Perusahan Gas Negara Tbk Fund management
PT Ciputra Nusantara Fund management
PT Indonesia Kendaraan Terminal Tbk Fund management
PT Medco Power Indonesia Fund management
PT BFI Finance Indonesia Tbk Fund management
Bank Negara Indonesia Financial Institution Pension Fund Fund management
Bank Rakyat Indonesia Financial Institution Pension Fund Fund management
Tugu Mandiri Financial Institution Pension Fund Fund management
Allianz Insurance Company Fund management
Manulife Indonesia Fund management
Sun Life Financial Fund management
Yayasan Kesejahteraan Pegawai Otoritas Jasa Keuangan Fund management
PT Permodalan Nasional Madani (Persero) BTN iB Working Capital Financing
PT Pabrik Gula Rajawali I, Grup Usaha dari PT Rajawali Nusantara
BTN iB Working Capital Financing
Indonesia (Persero)
PT Industri Kereta Api “INKA” (Persero) BTN iB Contractor Working Capital Financing
PT Waskita Karya Realty BTN iB Construction Financing
BPJS Kesehatan Receipt of participant fees
BPJS Ketenagakerjaan Receipt of participant fees
Yogyakarta State University Online SPP contribution receipt
PT Bank Tabungan Negara (Persero) Tbk 89
Page 92
Company
Profile
Group/Company Description
Sunan Ampel State University Surabaya Online SPP contribution receipt
University of Indonesia Online SPP contribution receipt
Gajah Mada University Online SPP contribution receipt
Bogor Agricultural Institute Online SPP contribution receipt
Semarang State University Online SPP contribution receipt
Brawijaya University Malang Online SPP contribution receipt
Mulawarman University Online SPP contribution receipt
Hasanuddin University Online SPP contribution receipt
Bakti Kominfo BTS Rental Acceptance
PDAM Tirtawening Receipt of Water Bill Contributions
PDAM Malanng Receipt of Water Bill Contributions
PDAM Bekasi Receipt of Water Bill Contributions
PDAM Kota Samarinda Receipt of Water Bill Contributions
90 PT Bank Tabungan Negara (Persero) Tbk
Page 93
2023 Annual Report
Company
Brand
Bank BTN logo
The Bank BTN logo consists of 4 (four)
elements, namely, logotype, primary
logogram, secondary logogram and
tagline. Logotype and logogram are
inseparable units in their use in various
media.
Supergraphic
This supergraphic was applied to all of
Bank BTN’s visual stationery designs.
The roof-shaped supergraphic was taken
from the Bank BTN logogram graphic
accent; the arrow symbol up means
always optimistic to be the best for both
the company and customers/partners.
Colors
Bank BTN has 4 (four) colors, consisting
of 3 (three) primary colors and 1 (one)
secondary color. 3 (three) primary colors
(blue, gold and red) are displayed on
the Bank BTN logo, while the secondary
color (yellow) reflects the identity of
Bank BTN as a company that is dynamic
and has high enthusiasm in meeting the
expectations of the Indonesian people in
The Primary Logogram in the form of a roof represents the the banking sector.
main mission of Bank BTN to meet the mortgage needs of
the Indonesian people. The Primary Logogram consists of two
hexagon patterns with different sizes to describe the philosophy
The blue color represents the Bank BTN
and worldview of the Indonesian people: the big ones protect
maturity in managing banking business
and grow the small ones. and wisdom Bank BTN in delivering
the primary mission of the national
development.
The gold color represents the Bank BTN
solid credibility in proving itself as a
bank with public trust.
The secondary logogram in the form of a red line represents the
confidence and reliability of Bank BTN.
The red color represents selfconfidence
Bank BTN as a strong bank that runs a
banking business in Indonesia.
PT Bank Tabungan Negara (Persero) Tbk 91
Page 94
Company
Profile
Company
at A Glance
PT Bank Tabungan Negara (Persero) Tbk (“Company”)
began with the establishment of Postspaarbank in
1897. In 1942, Postspaarbank was taken over by the
Japanese Government and changed its name to Tyokin
Kyoku or Savings Office. Then this continued in 1945,
the Indonesian government took over Tyokin Kyoku
and established the Taboengan Pos Office. In the post-
independence era, in 1950 to be precise the Government
of the Republic of Indonesia changed the name Tyokin
Kyoku to Bank Savings Post based on Emergency Law
no. 9 of 1950 dated February 9, 1950 and later based
on Government Regulation in Lieu of Law No. 4 of 1963
changed its name to Bank Tabungan Negara in 1963
until now.
In 1974, the Government appointed the Company as the only In 2009, the Company carried out the first KPR securitization
institution that disbursed Housing Loans (KPR), in line with the in Indonesia. The Company conducted asset securitization by
Government Program which was promoting housing programs recording Collective Investment Contract - Asset Backed Securities
for the people. In 1976, the Company made its first realization (KIK-EBA) transactions, then on December 17, 2009 conducted
at Tanah Mas Housing, Semarang City. On April 29, 1989, an Initial Public Offering (IPO) and listing on the Indonesia Stock
the Bank started operating as a state-owned commercial bank. Exchange.
Based on Government Regulation no. 24 of 1992, the status of
the Bank was changed to a state-owned limited liability company In 2015, the Company played an important role in assisting
(Persero). Deed of establishment of the Bank as a Persero made the Government Program “One Million Houses for the People
before Notary Muhani Salim, S.H., No. 136 dated July 31, Program”. The company was appointed as one of the banks
1992 and had been ratified by the Minister of Justice with Decree supporting government programs through mortgage financing. In
No. C2-6587.HT.01.01.TH.92 dated August 12, 1992 and 2017, the journey of the Company’s digital banking transformation
announced in State Gazette No. 73 dated September 11, 1992 process continued. From a business perspective, the Company
Supplement No. 6A. In 1994, based on the Decree of the Board continued to improve banking services by accelerating the stages
of Directors of Bank Indonesia No. 27/55/KEP/DIR September of transformation in the digital era, one of which was by opening
23, 1994, the Company obtained an operating license as a a Smart Branch. The Company’s Smart Branch was equipped
Foreign Exchange Bank and subsequently the Company was with a variety of services to facilitate customer needs in obtaining
appointed as a commercial bank focusing on home financing in banking information, conducting communications, transactions,
2002. The Company obtained approval from Bank Indonesia to registration and opening accounts.
carry out general banking activities based on sharia principles
by letter No. 6/1350/DPbS dated December 15, 2004. The In 2019, the Company became a Housing Market Maker and
Company started its activities based on sharia principles on strengthened its position as the 5th Largest Bank. Furthermore,
February 14, 2005 with the operation of the first sharia branch 2022 became an important year because it was the second
in Jakarta - Harmoni. time the Company held a Rights Issue or issued new shares after
2012. The Rights Issue is intended to be one of the Company’s
92 PT Bank Tabungan Negara (Persero) Tbk
Page 95
2023 Annual Report
efforts to increase loans expansion while simultaneously strengthening capital to oversee the Company’s mission to become The Best
Mortgage Bank in Southeast Asia by 2025. In 2023, as a form of digital banking transformation, the Company released BTN Mobile,
an application to support banking services via mobile phone replacing BTN Mobile Banking.
Description of Name Change
Bank BTN has endured a long journey to become what it is today. From Bank Tabungan Pos in 1950, the Company now becomes PT
Bank Tabungan Negara (Persero) Tbk.
1897 - 1950 1950 1963 2009 - Present
Established under the name On February 9, 1950, the On June 22, 1963, the On December 17, 2009, the
of Postspaarbank in 1897 Indonesian Government Company was inaugurated Company performed its Initial
under the Dutch East Indies changed the Company’s as Bank Tabungan Negara. Public Offering (IPO) at the
government, then renamed name to Bank Tabungan Pos. Indonesia Stock Exchange.
to Tyokin Kyoku or Kantor The Company became
Tabungan in 1942 during a public limited liability
the Japanese government. company under the name of
The Company was changed PT Bank Tabungan Negara
into Kantor Taboengan (Persero) Tbk.
Pos in 1945 during the
independence period of the
Republic of Indonesia.
PT Bank Tabungan Negara (Persero) Tbk 93
Page 96
Company
Profile
Company Vision, Mission,
Values and Culture
VISION
“To become the
Best Mortgage
Bank in Southeast
Asia by 2025.”
94 PT Bank Tabungan Negara (Persero) Tbk
Page 97
2023 Annual Report
REVIEW OF COMPANY VISION
AND MISSION BY THE BOARD
OF COMMISSIONERS AND THE
BOARD OF DIRECTORS
The Vision and Mission are periodically reviewed by
taking into consideration the external and internal
environmental changes. The results of the Vision and
Mission review by the Board of Commissioners and
Directors carried out in 2021 and recommendations
from McKinsey stated that the formulation of the new
Vision and Mission is in accordance with changes in
external and internal environmental conditions and is still
relevant in 2023. The new Vision and Mission have been
established in the Corporate Plan Company Year 2021-
2025 and has been outlined in the Bank Business Plan
2023-2025.
MISSION
1 Actively supporting the government 4 Increasing shareholder value by
in advancing the welfare of the focusing on sustainable profitability
Indonesian people through home growth as a blue chip company with
ownership. strong risk management principles.
2 Realizing the life that millions of 5 Becoming a financial partner for the
Indonesians dream of by providing stakeholders in the housing ecosystem
decent housing. by providing comprehensive solutions
and the best services through digital
innovations.
3 Becoming One of Home of Indonesia’s
Best Talent.
PT Bank Tabungan Negara (Persero) Tbk 95
Page 98
Company
Profile
Corporate
Culture
The Company is aware of the importance of corporate cultural application which can significantly boost the Company’s performance. The
corporate culture has been modified for several times to ensure its relevance with the constantly changing external environment and business
ecosystem that go along with the current development and technological advancement. The current corporate culture adheres to AKHLAK core
values which stands for Amanah (Trustworthy), Kompeten (Competent), Harmonis (Harmonious), Loyal (Lotal), Adaptif (Adaptable) and Kolaboratif
(Collaborative) which are followed by 18 points that elaborate the core values in more details. All of them make up the foundation of Bank BTN
corporate culture. To strengthen the behavior that must be carried out by every BTNers, there are 8 (eight) main behaviors that must be carried
out by BTNers
8 Key Behaviors
“Become the Best Mortgage Bank
in Southeast Asia 2025.”
Adhering to and
Strategy Focus 2021-2025 1 complying with the moral
values and business ethics,
Strategy Theme 2021-2025
meeting commitments
according to applicable
4 Pillars of Culture
regulation
Sales & Service Governance & Performance
Learning Culture Continuously learning,
Culture Risk Culture Culture
2 making intrapreneurship
improvements for increasing
Clean and Excellent Continuous selfcompetence and other
Thriving and Meeting
Customer Expectations Trustworthy Performance Learning people’s competence.
Main Program and Elective Program Discipline, consistent and
3 thorough in completing
Critical Few Behaviors tasks with the best S
quality of
3 6 7 G P
performance.
Discipline, consistent and Proactive, effective, and Responsive towards changes
thorough in completing tasks efficient in meeting customer and providing Mutually respectful,
with the best quality of needs opportunity for continuous
performance. improvements.
4 appreciating and open to
differences.
Leader Symbolic Actions
Critical Few Behaviors
8 Key Conducts for BTNers
18 (Eighteen) AKHLAK CONDUCTS FOR BTNers
Trustworthy Competent Harmonious
• Fulfilling promises and • Improving competence to answer • Respecting others regardless of
commitments. to ever-changing challenges. their background.
• Responsible for duties, decisions • Helping others to learn. • Helpful to others.
and actions taken. • Finishing duties with the best • Building favorable work
• Adhering to moral and ethical quality. environment.
values.
96 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Trustworthy Upholding mandated trust.
Continuosly learning and
Competent developing capabilities.
Responsible and always
5 putting the company’s
Care for each other and
interests ahead.
Harmonious respecting diversity.
Proactive, effective,
6 and efficient in meeting
customer needs.
S P
Dedicated and prioritizing the
Loyal country and Nation’s interests.
Responsive towards
7 changes and providing
opportunity for
continuous S G
improvements.
P L Constantly innovating and
Adaptable enthusiastic in driving and
Open to cooperation that facing changes.
8 delivers added value
S Sales & Service Culture
G Governance & Risk Culture Collaborative Building synergic cooperation.
P Performance Culture
L Learning Culture
Loyal Adaptable Collaborative
• Maintaining the honor of fellow • Easily adaptable to bettering self. • Providing opportunity for other
employees, leaders, SOEs and • Make continuous improvements parties to contribute.
Country. to keep up with technological • Open to cooperation that delivers
• Willing to sacrifice for the development. added value.
greater good. • Being proactive. • Encouraging the utilization of
• Obeying leaders as long as in various resources for common
compliance with the laws and goals.
ethics.
PT Bank Tabungan Negara (Persero) Tbk 97
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Company
Profile
To strengthen and support the Company’s objectives based on 6 (six) Values and 18 (eighteen) AKHLAK Main Behavior Guidelines and
8 (eight) BTNers Main Behaviors, there are 4 (four) cultural pillars and 15 Symbolic Actions of Leadership as the main foundation for
Implementing Corporate Culture in 2023. With the following explanation:
Program Theme 2023 Program Theme 2023
“Fulfilling Customer
“Add Grow” “Clean and Trusted”
Expectations”
Sales Effectiveness Services Excellence Integrity Zone (Risk and Governance)
Pillar Goals: Pillar Goals:
The end state achievement is increasing sales of Build awareness and understanding of risks and
funding, lending and digital products as well as their mitigation and apply risk management
improving service quality to encourage Bank BTN’s principles consistently and thoroughly
business and performance
Sales & Service Governance & Risk
Culture Culture
Performance Culture Learning Culture
Pillar Goals: Pillar Goals:
Performance improvement efforts Building enthusiasm for learning and increasing
to achieve set goals critical competencies such as Sales, Digital
Analytics, Risk & Collection competencies as
well as strengthening BTNers’ understanding of
the importance of culture and the application of
AKHLAK in daily life
Performane Review Learning, Sharing & Doing
“Superior Performance” “Keep learning”
Program Theme 2023 Program Theme 2023
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Sales & Service Culture Governance & Risk Culture
Visiting customers once a month with team members Conduct checkpoints with team members regarding
SS1 with the agenda of maintaining and deepening GR1 existing policies that are still relevant every quarter,
relationships, updating new programs, exploring the including communicating policy changes to
voice of customers, and cross-division collaboration employees and explaining the background to the
policy changes.
Conduct tracking & enforcement pipeline (lending Reviewing every decision and decision-making
SS2 and funding) on a monthly (by BOD) and weekly (by GR2 process based on SOPs and applicable laws and
BOD-1) basis. regulations.
Give awards/appreciation to best sales champions Declaring and not participating in decision making if
SS3 GR3
on a monthly basis (by BOD-1) and 3 months (by there is a personal interest.
BOD).
GR4 Conduct surprise visits and check regularly.
Ensure response and follow up to answer customer
SS4 needs (internal and external), including connecting At every opportunity, leaders remind and set
customers with related units, no more than 3 days. GR5 an example for employees to comply with
company rules and risks, and take firm action
against violations. Using the tagline “Obey the
rules, manage the risks, take firm action against
violations.”
Performance Culture Learning Culture
Always carry out business performance reviews at Regularly conduct coaching and mentoring at
PC1 the beginning and middle of the month, supported LC1 least once every 3 months on how to encourage
by valid data and daily monitoring increased productivity and competency of team
members
Conduct coaching on how to monitor and improve
PC2 work unit performance at least 3 times a year Sharing knowledge related to applicable
LC3 regulations, product knowledge, customer
experience, market updates, success stories, etc., at
least once a month in each work unit with the tagline
Always hold cross-directorate/work unit meetings “Ensure, Understand and Obey.”
PC3 according to the company’s urgency for KPI
alignment.
Increase digital presence and encourage employees
LC3 to understand technology and become digital
influencers.
PT Bank Tabungan Negara (Persero) Tbk 99
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Company
Profile
Business
Activities
Business Activities According to the Articles of Association
and Business Activities Conducted
No Scope of Business Activities Based on Articles of Association Has/Not Executed
Main Business Activities
Collect funds from the community in the forms of current account, term deposit, certificate of deposit, savings and/or
1. yet
other equal forms;
2. Provide loans; yet
3. Issue acknowledgment of debt; yet
4. Purchase, sell, or guarantee either at its own risk or for the interest and at the order of its customers: yet
a. Bank draft, including drafts accepted by the Company as a bank, whose validity period is no longer than the norm
yet
in the trade of the relevant bill;
b. Acknowledgment of debt and other commercial papers whose validity period is no longer than the norm in the
yet
trade of the relevant letters;
c. State Treasury Paper and State Guarantee Letter yet
d. Bank Indonesia Certificate (SBI); yet
e. Bonds yet
f. Commercial papers according to laws and regulations; yet
g. Other termed security instruments according to laws and regulations. yet
5. Transfer money either for its own interest or for the customers’ interest yet
Placing funds in, borrowing funds from, or lending funds to other banks, either using letters, communication facilities,
6. yet
sight drafts, checks, or other facilities
7. Receive payments for security bills and make calculations with or between third parties yet
8. Provide storage for valuables and securities yet
9. Provides a third-party custodian service on a contractual basis yet
10. Places funds from one client to another client in the form of securities not listed on the stock exchange yet
11. Conduct financing and/or other activities, including sharia-based activities, according to Bank Indonesia’s provisions yet
12. Conduct factoring, out credit activities, credit card business and trustee activities yet
13. Conduct activities in foreign currencies according to regulator’s provisions yet
14. Performs short-term capital inclusion to banks or other financial institutions not yet
Performs short-term capital inclusion to cope with credit or financing failures based on Islamic principles, with the
15. not yet
condition that they have to withdraw/retrieve the inclusion, in accordance with regulations set by Bank Indonesia
16. Act as the founder and manager of retirement funds as provided by the laws and regulations yet
17. Conduct financial services, commercial banking and other investment banking activities yet
18. Conduct sharia-based business activities, according to regulator’s provisions and the laws and regulations; yet
19. Conduct other activities commonly performed by a bank, provided that they do not conflict with the laws and regulations yet
Supporting Business Activities
Optimizing the utilization of available resources to support main business activities as long as they do not conflict with
1. yet
laws and regulations.
100 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Products and Services
The products and services developed by the company belong to 2 (two) segments, i.e. conventional and sharia segments, with the
following explanation.
PRODUCTS
Consumer Banking Commercial Banking
Consumer Loan Products: Commercial Loan Products:
• Housing Loan • Working Capital Loan
• Non Housing Loan • Contractor Working Capital
Loans
• Construction Working Capital
Loans
Consumer Saving Products:
• Land Ownership Loans
• Consumer Savings • Linkage Loans
• Deposito BTN Ritel • Savings Backed Loans
• Individual current account • Investment Loan
CONVENTIONAL
BANKING
Wealth Management Products Commercial Savings Products:
• Bancassurance • Time Deposit for Institutions
• Commercial Demand Deposits
• Mutual Funds
• Primary Market Retail
Government Securities
Corporate Products:
• Secondary Market
• Capital Working Loans
Government Securities
• KMK Construction
• Foreign Exchange • KMK Contractor
• Bridging Loan
• KMK Backed by Savings
(Self-Funding)
Sharia Banking • Investment Credit
• Refinancing
• Domestic Loans (PDN)
Sharia Financing Products: • Term Loan Facility
• Consumer Financing • Corporate Line Facility
• Commercial Financing • Treasury Line Facility
• Supply Chain Financing (SCF)
SHARIA • Trust Receipt
• Letter of Credit (L/C) or
BANKING Sharia Savings Products:
Domestic Documented Loan
• Sharia Demand Deposits Letter (SKBDN)
• Sharia Savings • BTN Bank Guarantee
• Sharia Time Deposit • Documentary Collection
PT Bank Tabungan Negara (Persero) Tbk 101
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Company
Profile
SERVICES
Electronic Data Capture (EDC) Electronic channel ATM
BTN Cash Management BTN Prioritas Services
Virtual Account PLUS by BTN Prioritas
Visa/GPN Debit Card
Branchless Banking
& Online Debt
Internet Banking BTN Smart Residence
CONVENTIONAL Online Onboarding Open
BANKING BTN Property Portal
Account
Mobile Banking Notification SMS
SKBDN CRM
Services and Other Banking
BTN Bank Guarantee
Services
Safe Deposit Box BTN iB Payroll BTN iB
BTN iB Bank Guarantee Remittances
BTN iB Operational
BTN Cash Management
Development Program
SPP Online BTN iB Payment Poin BTN IB
SYARIAH
BANKING/
SHARIA BUSINESS Receipt of Hajj Travel Expenses Virtual Account
UNIT
Online Onboarding Open
Mobile Banking
Account
Sharia Visa/GPN Debit Card
& Online Debit
102 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Product Variety
Conventional Banking
Consumer Banking
CONSUMER LOAN PRODUCTS • KP Ruko BTN (Shophouse ownership loan) to buy a
shophouse or office house unit.
1. Housing Loans • Other Housing Loans
• KPR Bersubsidi BTN - Kredit Agunan Rumah: A loan facility for various
A Home Ownership program in partnership with the Ministry consumer needs using house/apartment/
of Public Works and People’s Housing aimed for Low- shophouse/office house as collateral.
Income Communities (MBR) with small interest rates and low - Kredit Bangun Rumah BTN Loans facility for those
installments for prosperous landed houses and flats who want to build a house on their own land.
- KPR FLPP - BPJS Ketenagakerjaan Additional Service Benefits:
Housing Financing Liquidity Facility, hereinafter √ Housing down payment loan as a down
abbreviated as FLPP, is a support for housing financing payment loan facility for BPJS Ketenagakerjaan
liquidity facilities for landed houses or flats for low- participants who apply for Bank BTN mortgage.
income communities √ House Renovation Loan as a loan facility for
- KPR TAPERA House renovation for BPJS Ketenagakerjaan
KPR Tapera is a credit facility provided by the Bank to participants.
MBR Tapera participants to purchase landed houses or 2. Non-Housing Loans
flats. • Consumer segment Non-Housing Loan
- KBR TAPERA One of Bank BTN’s consumer segment non-housing loans
Credit facilities from the Bank for MBR who become is consumer loan. Non-Housing loan in the consumer
Tapera participants aimed at Development Flats with segment includes BTN Light Loan (Kring BTN), Pre-
Tapera Financing support. Retirement Light Loan (Kring BTN Pra Pensiunan), Pension
- KRR TAPERA Light Loan (Kring BTN Pensiunan), Self-funding Loan and
KRR Tapera is a credit facility provided by the Bank to Employee Prosperity Loan.
MBR Tapera participants to make their first home repairs. • Kredit Ringan BTN (Kring BTN)
• Non-Subsidized KPR (Home ownership loan) for middle Loan facilities intended for employees of companies/
to upper segment customers. Non-subsidized KPR agencies to fulfill their various needs without collateral, it
services consist of KPR BTN Platinum, KPA BTN and KP is enough to just use the applicant’s Employee Decree.
Ruko products. • Kredit Ringan BTN Pra Pensiun (Kring BTN Pra Pensiun)
- KPR BTN Platinum: Home ownership loans for A loan facility for potential debtors/debtors whereas
purchasing a home from a developer or non- the repayment is sourced from fixed income (salary
developer, whether for purchasing a new or second- and retirement funds) whose fund has or has not been
hand home, purchasing a home ready to live in distributed via bank, for consumptive use. The period for
(ready stock) or not yet finished (indent), or taking this financing facility may overlap the debtor’s retirement
over loans from another bank. period.
- KPR Gaess GPM: Is a feature development of the • Kredit Ringan BTN Pensiunan (Kring BTN Pensiunan)
BTN Platinum KPR/KPA product to meet the needs Fasilitas A loan facility for retired Civil Servants, retired
of purchasing a house or apartment for prospective members of Indonesian National Army/ Police, or
debtors from the millennial generation segment their widows/widowers whose retirement benefits are
(21-35 years) with various conveniences and distributed via an account with Bank BTN.
advantages. • Kredit Swadana BTN
- Athlete KPR Special program for BTN Platinum KPR/ A loan facility for customers using savings or deposits
KPA products intended for athletes, club officials/ kept with Bank BTN with the maximum loan of 90% of
management, coaches and referees, as well as the amount of fund deposited by the customer. This facility
administrators of the Indonesian Football Association has competitive interest rate, quick and easy process,
(PSSI). very flexible time span of up to 1 year and renewable.
• KPA BTN A loan facility for purchasing apartment from
developer or non-developer, either for new or second-
hand apartment, ready stock apartment, apartment in
construction (indent), or loan takeover from another
bank.
PT Bank Tabungan Negara (Persero) Tbk 103
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Company
Profile
• Kredit Sejahtera Pegawai retirees. BTN Retirement Savings is specifically made to
A soft loan facility for employees who meet certain channel pension funds with lower administrative costs.
requirements. • BTN Prima Savings
Savings that provide prime benefits, convenience and
CONSUMER SAVINGS PRODUCTS interest that is more than ordinary savings.
1. Consumer Savings 2. BTN Retail Deposits
• BTN Batara Savings BTN Retail Deposits provide convenience for future
Savings that provide easy and comfortable banking investments in rupiah and foreign currencies (USD, SGD)
transactions for family finances through the Bank BTN with competitive interest rates and a deposit and withdrawal
channel. system at certain times. By opening via Offline Branch Offices
• BTN Investa Savings and Online via BTN Mobile (eDeposito).
Superior investment savings for your various needs with
flexible withdrawals and deposits. 3. BTN Individual Current Account
• BTN Juara Savings • Individual Current Account
Savings for financial education and transactions Types of deposits denominated in Rupiah and foreign
according to the needs of the younger generation aged currencies held by banks opened by individuals whose
12-23 years. withdrawals can be made at any time using checks, giro
• Simpanan Pelajar (Simpel) Savings slips and other withdrawal media.
Savings for students with easy and simple requirements • Joint Current Account
and attractive features, in the context of financial Accounts owned by more than one individual account
education and inclusion to encourage a culture of saving holder.
from an early age.
• BTN e’BATARAPOS Savings. PRODUK WEALTH MANAGEMENT
Savings collaboration with PT Pos Indonesia (Persero)
which provides easier and closer services via online Post a. Bancassurance
Office counters throughout Indonesia. In offering bancassurance products, Bank BTN works with
• BTN Cermat Savings 4 (four) insurance partners namely Sinarmas MSIG, Zurich
Tabungan BTN Cermat is a card-based saving that Topas Life, Binagriya Upakara and IFG Life.
provides easy access for low-income people who have • Traditional Life Insurance
not been exposed to any banking services through Insurance that offers certainty of the main insurance
cooperation with Bank agencies. benefits, namely in the form of a Life Sum Assured (UP)
• Rekening Dana Nasabah (RDN) Savings that can be prepared to face financial uncertainty in the
Savings account provided by the Bank for investors in future. BTN cooperates with Sinarmas MSIG, Zurich
conducting capital market transactions. Topas Life and IFG Life in offering traditional life insurance
• BTN siap! Savings products that can be obtained at the BTN Branch Office
Term savings that are intended to meet the needs of future network or can be offered through telemarketing.
planning customers. • Unit Link Life Insurance (Asuransi Jiwa Unit Link (PAYDI)
• BTN Felas Savings The Unit Link insurance product provides a Sum Assured
Products that can be used to save, transact and invest in benefit in the event of a risk and a Cash Value benefit
foreign currency. Available in USD, SGD, AUD, JPY and that can be obtained from the premium portion invested.
CNY. Bank BTN collaborates with Sinarmas MSIG Insurance
• Simuda Rumahku Savings Partners with the Smart Flexi Optima Link (Single Premium
Term savings intended for students and young people Unit Link) Product.
aged 18-30 years as a means of education about b. Mutual Funds
planning for home ownership from an early age. The Bank as Mutual Fund Selling Agent (APERD) cooperates
• Business Savings with 9 (nine) Investment Manager Partners in offering mutual
BTN Business Savings presents features and services fund products, both open end mutual funds and protected
that facilitate your various business needs with complete mutual funds. Investment Manager Partners who work with
support for larger businesses. the Bank are as follows:
• Retirement BTN Savings 1. PT Bahana TCW Investment Management
Convenience for retired customers and prospective 2. PT Trimegah Asset Management
3. PT Manulife Aset Manajemen Indonesia
104 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
4. PT Schroder Investment Management Indonesia for the highest rate of return. Equity Mutual Fund Products
5. PT Danareksa Investment Management include:
6. PT Batavia Prosperindo Aset Manajemen • Mutual Fund of Prima Equity Fund Bahana
7. PT Insight Investments Management • Mutual Fund of TRIM Kapital Plus
8. PT Mandiri Manajemen Investasi • Mutual Fund of Manulife Class A Equity Fund
9. PT Sucorinvest Asset Management • Mutual Fund of Sectoral Amanah Manulife Syariah
Class A
• Money Market Mutual Funds • Mutual Fund of Mawar Consumer 10
This type of mutual fund invests 100 percent of its • Mutual Fund of Schroder 90 Plus Equity Fund
managed funds in money market products such as • Mutual Fund of Schroder Achievement Fund
deposits and securities with maturities of less than 1 year. • Mutual Fund of Schroder Plus Achievement Fund
This Mutual Fund is suitable for novice Investors with a • Mutual Fund of Batavia Stock Fund
conservative risk profile. Money Market Mutual Fund • Mutual Fund of Manulife Sharia Share Asia Pacific
Products include: US Dollar
• Mutual Fund of Material Liquid Fund • Mutual Fund of Batavia Global ESG Sharia Equity
• Mutual Fund of TRIM Kas 2 • Mutual Fund of Sucorinvest Equity Fund
• Mutual Fund of Money Market Seruni II • Mutual Fund of Mandiri FTSE Indonesia ESG – Class A
• Mutual Fund of Mandiri Investa Money Market • Protected Mutual Funds
• Mutual Fund of Sucorinvest Money Market Fund Protected mutual funds, also known as Capital Protected
• Mutual Fund of Mandiri Money Market USD Fund (CPF), are a type of mutual fund that provides
• Mutual Fund of Batavia Ultima Bond Fund protection for the initial investment value, if the unit
• Fixed Income Mutual Funds holder holds the mutual fund until the maturity date
It is a type of mutual fund that invests at least 80% of its through an investment portfolio management mechanism.
assets in the form of debt securities or bonds. The goal Periodically protected mutual funds also share investment
is to generate a stable rate of return. The risk is relatively returns in the form of dividends. Protected Mutual Fund
greater than money market mutual funds. Fixed Income products include:
Mutual Fund Products include: • Protected Mutual Fund of Sucorinvest Proteksi 32
• Mutual Fund of Manulife Monthly Income II • Protected Mutual Fund of Sucorinvest Proteksi 42
• Mutual Fund of Manulife USD Fixed Income • Protected Mutual Fund of Futura 26 Protected
• Mutual Fund of Fixed Fund TRIM 2 Trimegah
• Mutual Fund of Batavia Ultima Bond Fund • Protected Mutual Fund of Trimegah Protected by
• Mutual Fund of Mandiri Main Fund Investment Prima 30
• Mutual Fund of Bahana Makara Prima • Self Protected Mutual Fund of Series 215
• Mixed mutual funds • Self Protected Mutual Fund of Series 218
It is a type of mutual fund that allocates investment funds • Self Protected Mutual Fund of Series 222
in a varied portfolio. The investment instrument can be in • Protected Mutual Fund of Sucorinvest Protection 44
the form of stocks or combined with bonds. The goal is • Protected Mutual Fund of Trimegah Futura 28
price and revenue growth. The risk of mixed mutual funds • Protected Mutual Fund by Trimegah Lestari 22
is moderate with the potential for a relatively higher rate • Protected Mutual Funds Insight Protected Protection
of return compared to fixed income funds. Mixed Mutual 55
Fund products include: • Protected Mutual Funds Insight Protected Protection
• Mutual Funds for Infrastructure Funds 58
• Mutual Fund of Combination Fund Schroder • Protected Mutual Fund Prima Protected Trimegah 38
• Mutual Fund of Manulife Mixed Fund II c. Retail Government Securities
• Mutual Fund of TRIM Combination 2 Retail Government Securities (SBN Retail) are investment
• Mutual Fund of Batavia USD Balanced Asia instruments in the form of government bonds issued by
• Equity Mutual Funds the government of the Republic of Indonesia intended for
It is a type of mutual fund that invests at least 80% of individual investors of Indonesian citizenship in the primary
its assets in the form of equity securities. The goal is to market. The government, in this case as the issuer, guarantees
grow the share or unit price in the long run. The risk is the return of the principal amount at maturity plus a coupon
relatively higher than money market mutual funds and which will be paid periodically (According to Law No. 24 of
fixed income mutual funds, but they have the potential 2002 concerning Government Bonds). Bank BTN is one of
PT Bank Tabungan Negara (Persero) Tbk 105
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Company
Profile
the Government’s distribution partners in the distribution of denominations and sold on the Secondary Market within
Retail SBN. a certain period of time (according to the tenor of the
• Obligasi Negara Ritel Indonesia (ORI) Bond) with a fixed coupon. In this case, the government
It is one of the Retail SBN instruments intended for will pay coupons periodically every 6 (six) months
individual investors of Indonesian Citizens in the primary (semester). PBS is intended for institutional and retail
market. ORI has the characteristics of being tradable in investors, both domestic and foreign.
the secondary market between domestic investors and • Fixed Rate USD (INDON)
the coupon rate is fixed (fixed coupon). A series of Government Securities (SUN) or Bonds issued
• Saving Bond Ritel (SBR) by the Government denominated in USD and sold on
It is one of the Retail SBN instruments intended for the Secondary Market within a certain period (according
individual investors of Indonesian Citizens in the primary to the tenor of the Bonds) with a fixed coupon. The
market. SBR has the characteristics of providing a government in this case will pay coupons regularly every
floating coupon rate with a floor (floating with floor) and 6 months (semester). INDON is intended for institutional
has an early redemption facility for investors. However, and retail investors, both domestic and foreign.
SBR cannot be traded (nontradable) in the secondary • Fixed Rate USD (INDOIS)
market. A series of Government Securities (SUN) sharia based
• Sukuk Ritel (SR) by the Government denominated in USD and sold on
It is one of the retail SBSN instruments issued based on the Secondary Market within a certain period (according
sharia principles and is intended for individual investors to the tenor of the Bonds) with a fixed coupon. The
who are Indonesian citizens. SR has characteristics government in this case will pay coupons regularly every
that can be traded (tradable) in the secondary market 6 months (semester). INDOIS is intended for institutional
between domestic investors and has a fixed rate of return and retail investors, both domestic and foreign.
(coupon). e. Foreign Exchange
• Sukuk Tabungan (ST) Foreign exchange is a currency conversion service using
It is one of the retail SBSN instruments issued based on current exchange rates with trading coverage throughout
sharia principles and is intended for individual investors the world. Bank BTN forex services are available in USD,
who are Indonesian citizens. ST has the characteristics of JPY, GBP, AUD, HKD, SGD, EUR, MYR, SAR and CNY. The
providing floating coupon rates with a floating floor and foreign exchange target market is individual/institutional
having early redemption facilities for investors. However, customers who need foreign exchange in the form of
ST cannot be traded (nontradable) in the secondary savings, transactional transfers or payments abroad as
market. well as foreign exchange trading needs. Foreign exchange
d. Secondary Market Government Securities services include Telegraphic Transfer (TT) Overbooking,
Government Securities (SUN) issued by the Government Outgoing and Incoming transaction services as well as
are sold on the Secondary Market and offer flexibility for Bank Notes transaction services. Apart from that, structured
investors, namely being able to carry out buying and selling products are available including SWAP Depo, DCI (Dual
activities at any time (there is no offering period). The Currency Investment) Products and MLD (Market Linked
government, in this case as the issuer, guarantees the return Deposit) Products to increase investment options for Bank
of the principal amount at maturity plus a coupon which will BTN customers.
be paid periodically (According to Law No. 24 of 2002
concerning Government Bonds). Secondary Market SBN is Commercial Banking
intended for institutional and retail investors, both domestic
and foreign. 1. Commercial Loan Products
• Fixed Rate IDR (FR) a. Housing Loans
A series of Government Securities (SUN) or Bonds issued • Working Capital Loans (KMK) BTN Construction
by the Government denominated in Rupiah and sold on BTN Construction Loans or Yasa Griya Loans (KYG)
the Secondary Market within a certain period (according are Working Capital Loans provided by Banks
to the tenor of the Bonds) with a fixed coupon. The to Developers in the form of legal entity business
government in this case will pay coupons regularly every entities, non-legal entity business entities for working
6 months (semester). FR is intended for institutional and capital to finance horizontal building (house,
retail investors, both domestic and foreign. shophouse, office house, kiosk, etc.) and vertical/
• Project Based SUKUK IDR (PBS) high-rise buildings (flat, apartment, condotel,
One of a series of Sharia Government Securities (SUN) office building, etc.) alongside their facilities and
or Sharia Bonds issued by the Government in Rupiah infrastructure, as long as meeting the Bank’s credit
feasibility assessment.
106 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
• Land Ownership Loan (KPL) BTN BTN Investment Loan is a credit facility provided
BTN Land Ownership Loan is a loan facility provided by the Bank to business entities with legal entities
by the Bank to business entities with legal entities for and non-legal entities, in the framework of
land acquisition for the construction of simple houses investment financing, whether new investment,
whose construction uses the BTN/KYG Construction expansion, modernization or rehabilitation.
Loan facility. - Kredit Modal Kerja Kontraktor (KMK Contractor)
b. Non Housing Loans Contractor BTN Working Capital Loans are
Bank BTN NonHousing Loans consist of MSME Loan Working Capital Loans provided by the Bank
Products, other Commercial Loans, Linkage Programs to business entities in the form of legal entities,
and Corporate Loans. MSME loans include KUR BTN, non-legal entity business entities that work
KUMKM BTN and the Micro and Small Business Funding under a contract with project/business owners
Program (PUMK). Other Commercial Loans include for working capital in completing work in
Investment Loans, KMK and Contractor KMK. The Linkage accordance with the intended work contract.
Program includes loans to Rural Loan Banks and Savings - Syndication Loans
and Loans Cooperatives. Meanwhile, Corporate Loans Syndicated Loan is one of the credit financing
include Invesment Loans, Investments, Working Capital, systems (investment credit, working capital
Working Capital for Contractors and Syndicates. credit, as well as guarantor) in which several
• Micro, Small and Medium Enterprise Credit (MSME) banks jointly finance projects proposed by
BTN customers with the same terms and conditions.
Credit for working capital and/or investment • Refinancing
financing for customers who have productive Refinancing is the provision of investment loans
businesses with MSME criteria. Loans can be used to refinance the productive assets of the Debtor/
to finance working capital and/or investment with a Prospective Debtor which are already in progress
maximum ceiling of up to IDR 5 billion. and are first financed from the Debtor/Prospective
• Program Pendanaan Usaha Mikro dan Kecil (PUMK) Debtor’s own costs or financing from the Bank which
Loans in which purpose is to finance working capital has been repaid.
for the smooth running of the fostered partners’ • Term Loan Facility
businesses. Term Loan Facility is a non-revolving loan facility
• Kredit Usaha Rakyat (KUR) BTN for medium-term or long-term financing of Capital
Working capital and/or investment loans provided Expenditure and/or Operational Expenditure whose
to debtors engaged in business sectors which repayment can be paid in installments according to
according to their scale have the status of MSMEs the debtor’s financial ability.
in productive business fields and eligible but not • Corporate Line Facility
sufficient/have additional collateral. Corporate Line Facility is a form of approval for
• BTN Linkage Loans the provision of funds in a certain maximum limit to
BTN Linkage Loan is a loan facility provided by the borrowers within a certain period of time based on
Bank to business entities with legal entities, namely the results of the Bank’s analysis and evaluation.
Rural Banks (BPR) and Cooperatives to continue • Treasury Line Facility
lending to the Small and Micro (productive) Business Treasury Line Facility is a facility provided by
sector and the consumer sector. Banks to Non-Financial Institutions to cover Foreign
• Corporate Loans Exchange Line transactions, Fixed Income Line and
Credit Loan is a loan given to Debtors in the form other types of facilities that are commonly performed
of legal business entities (Perseron) in order to meet by Banks.
working capital needs and/or investment needs. • Supply Chain Financing (SCF)
- Kredit Modal Kerja (KMK) BTN Supply of Financing is a portfolio of financing
BTN Working Capital Loans are Working Capital techniques and practices that support trading and
Loans provided by the Bank to business entities financial flows from the beginning to the end of a
with legal entities and non-legal entity business company’s business processes.
entities in order to finance the company’s
working capital needs.
- BTN Investment Loans
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• Trust Receipt 2. Commercial Saving Product
Trust Receipt is a short-term trade (import) financing a. BTN Institution Current Account
system provided for customers to defer payment of Types of deposits in Rupiah and Foreign Currency held
obligations for redemption of L/C or Documentary by Banks in which withdrawals can be made at any time
Collection. by using Checks, Bilyet Giro, Payment Orders, transfers
• BTN Bank Guarantee (Guarantee) and other withdrawal media.
Banking services that can be provided to customers
in the form of a guarantee against a condition that Institutional Current Account customers consist of:
must be fulfilled by the guarantee applicant. • Government agencies/state institutions and social
organizations that are not companies.
Guarantee products and services which include • All legal entities regulated in the Commercial Code
Local Bank Guarantee, Standby Letter of Credit, or other laws and regulations.
Demand Guarantee and Bank Support Certificate, • Limited Liability Company (PT), Foreign Investment
namely: Limited Company (PTPMA), Firma (Fa), CV,
- Local Bank Guarantee is a payment guarantee Foundations, Institutions with Foreign Legal Entities,
given by the Bank to the Obligee if the Principal Political Parties, Special Campaign Fund Accounts
defaults. (RKDK), Ormas/Non-Governmental Organizations
- SBLC (Standby Letter of Credit) is an (NGOs) and others.
internationally valid guarantee, issued by the b. Institutional Time Deposits
Bank at the request of the applicant to guarantee • Institutional Deposits
compensation for losses to the beneficiary for Deposits of Third Party Funds to Banks in Rupiah and
conditions of default by the applicant although Foreign Currency which can only be withdrawn at a
it can also be used to guarantee payment for certain time according to the agreement between the
achievements made by the beneficiary in customer and the bank concerned. Institutional Time
accordance with the SBLC terms and conditions. Deposits can be issued with terms of 1, 2, 3, 4, 6,
- DG (Demand Guarantee) is an internationally 12 and 24 months.
valid guarantee, issued by the Bank/Guarantor • Institutional On Call Deposits
based on the applicant’s request to pay the Deposits of Third Party Funds to Banks in Rupiah and
beneficiary the maximum amount as stated in Foreign Currency which can only be withdrawn at
the DG in case of default by the applicant. a certain time according to the agreement between
- Bank Support Certificate (SKDB) is a statement of the customer and the bank concerned. The period
financial support issued by the Bank to customers for placement of Institutional On Call Deposits is a
for certain purposes. minimum of 1 day and a maximum of 35 days or
• Domestic Documented Letter of Credit (SKBDN) or according to customer needs.
Letter of Credit (L/C)
Is every written promise based on the written request Sharia Banking/Sharia Business Unit
of the Applicant that binds the Issuing Bank to:
- Make payments to recipients or their orders or Sharia Financing Products
accept payments for money orders received by
the Bank The financing products from the Sharia Business Unit is divided
- Authorize another bank to make payments to the into Consumer Financing and Commercial Financing. Details on
recipient or his order or accept and pay money the Sharia Business Financing Products are provided as follows:
orders drawn by the recipient, or 1. Consumer Financing
- Authorizes other banks to negotiate money a. KPR BTN Subsidi iB
orders drawn by the Beneficiary. A financing product from BTN Syariah for home
• Documentary Collection purchases for the low income community. This facility has
This is a non-L/C transaction service provided by low margin, light and fixed installments throughout the
Bank BTN to customers to collect payments based on financing period with the FLPP, SSM, BP2BT and Tapera
proof of delivery of goods. Syariah schemes Using a “Murabahah” (sale and
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purchase) contract and there are also SSM and BP2BT j. Pembiayaan Emasku BTN iB
schemes that use the Musyarakah Mutanaqisah (MMQ) Financing facility for individuals under murabahah
contract in the context of ownership of Landed Houses contract for the purchase of gold bullions with fixed
and Flats which is a government program. installment throughout the tenure.
b. KPR BTN Platinum iB
A financing product for individual customers under 2. Commercial Financing
murabahah (sale and purchase) contract, with fixed a. BTN iB Construction Financing
installments throughout the tenure for the ownership of Financing facility to meet the customer’s funding needs
house, shophouse, office house, flat, or apartment, both based on a cooperation agreement between the Bank
new and used. to run a certain cooperation business (shirkah) together
c. Pembiayaan Properti BTN iB (KPR HITS) with the Customer who runs a productive business in
Financing products that accommodate the needs of the form of housing project construction and is carried
millennial generation customers who want sharia out in accordance with Sharia principles and with the
mortgage products with flexible installments. Financing obligation for the Customer to return the funds received
Products using a contract “musharakah mutanaqisah the following compensation for the Bank according to the
(ownership sharing) principle or lease to customers with agreed time period and return schedule.
flexible installment which can be used for financing b. BTN iB Land Purchase Financing
house ownership and other goods and refinancing. Financing facilities provided by the Bank to business
d. KPR BTN Indent iB entities with legal entities for land acquisition and/or
A financing product for the purchase of house, land management for the construction of simple houses
shophouse, office house, flat/apartment by order for of which construction uses the BTN iB Construction
individual customers under isthisna (sale and purchase Financing facility and is carried out in accordance with
by order) contract, with monthly installments over a sharia principles and with the obligation for the Customer
period of time. to return the funds received along with the compensation
e. House Building Financing iB (profit sharing) for the Bank according to the agreed
Financing intended for individual applicants with a repayment period and schedule.
“Murabahah” (buy and sell) contract with the aim of c. BTN iB Working Capital Financing
financing to build and or renovate a house, shophouse, Financing facility to meet the customer’s funding needs
or other buildings that can be categorized as a residence, based on a cooperation agreement between the Bank
on land already owned by the Applicant, either for his to run a certain cooperation business (shirkah) together
own use or for rent. with the Customer who runs a productive business
f. Pembiayaan Kendaraan Bermotor (PKB) BTN iB other than housing project development business and
A financing product for individual customers under is carried out with an agreement based on Sharia
murabahah (sale and purchase) contract for motor principles and with the obligation for the Customer to
vehicle ownership for personal use. return the funds received along with compensation for
g. Pembiayaan Tunai Emas (Tunas) BTN iB the Bank according to the agreed repayment period and
A financing product to meet customers’ funding needs schedule.
under qardh (cash loan), rahn (pawn) dan ijarah (rent) d. BTN iB Investment Financing
principles under agreement and pledge. Financing facilities to meet the customer’s funding needs
h. Pembiayaan Multijasa BTN iB based on a cooperation agreement between the Bank
A financing facility under Kafalah bil Ujrah contract for to run a certain cooperative business together with
financing various services such as: Tuition plan, wedding the Customer who runs a productive business, for the
plan, traveling plan, umrah/hajj plan, health plan purchase/procurement of capital goods and services
and other services that do not conflict with the sharia needed for business/investment activities and carried
principles. out with a contract based on Sharia principles as well
i. Pembiayaan Multimanfaat BTN iB as the obligation for the Customer to return the funds
Individual consumer financing facility under murabahah received along with the compensation for the Bank (profit
contract for purchasing legal and beneficial goods such sharing or margin) according to the agreed time period
as electronic devices, furniture, household appliances, and return schedule.
etc. e. BTN iB Financing with the IMBT Mechanism
Provision of Funds for the procurement of Capital Goods
or Refinancing Customer Assets with the principle of
leasing between the owner of the IMBT object (Bank/
Lessor) and the lessee (Customer/Lesse) ending with the
PT Bank Tabungan Negara (Persero) Tbk 109
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Company
Profile
option of transferring ownership of the IMBT object from f. BTN Simpel iB Savings
the Bank to the Customer through grants or buying and Tabungan Rupiah for students issued by UUS Bank
selling, whichever is agreed. BTN and Banks in Indonesia with easy and simple
f. BTN iB Syndicated Financing requirements and attractive features for education and
Syndicated loan and/or club deal from more than one financial inclusion aims to introduce a culture of saving
bank to one customer whose amount of loan is too big from an early age.
to be covered by merely one banking/non-banking g. BTN Emas iB Savings
financial institution, whose contract options include A savings product under mudharabah mutlaqah (profit
mudharabah (profit sharing), musharakah (cooperation), sharing) contract with convenience for the customers
murabahah (sale and purchase), or ijarah (rent). in preparing funds for future purchase of gold or other
needs..
Sharia Savings Products
3. Sharia Time Deposits
1. Sharia Demand Deposits a. Deposito BTN iB
a. Giro BTN iB A time-based secure, comfortable and reliable savings
A savings product under wadiah principle for the facility under Mudharabah Mutlaqah and Mudharabah
customers’ financial needs for their business operations, Muqayyadah (investment) contract. This product is
provided along bonus and benefits. available for individuals and agencies.
b. Giro BTN Prima iB b. Deposito On Call iB
A savings product under Mudharabah Mutlaqah and A secure and reliable savings facility in shorter tenure
Mudharabah Muqayyadah (investment) principle for under mudharabah mutlaqah (investment) contract. This
investment where customers receive shared profit to product is available for individuals and agencies.
facilitate their business activities.
Services and Others
2. Sharia Savings
a. BTN Batara iB Savings The Company’s banking services cover consumer cards, wealth
A fund savings product under wadiah (entrust) contract management, electronic channel and other banking services. The
for daily banking transactions with various benefits and services offered by consumer cards are in the form of debit cards
whose administration fee does not reduce the principal. and credit cards. Wealth Management through BTN Prioritas
b. BTN Prima iB Savings provides wealth management services for selected customers.
A fund savings product under Mudharabah Mutlaqah BTN Prioritas always presents the latest innovations through
and Mudharabah Muqayyadah (investment) principle product variations, the best benefits, privileges and special
for investment where customers receive profitable and services that focus on solutions to needs. BTN Prioritas also strives
competitive returns and whose administration fee does to increase customer comfort and satisfaction through various
not reduce the principal. fund, investment and protection product solutions according to
c. BTN Hajj iB and Umroh iB Savings customer needs as well as Priority Service, Privilege and Loyalty
A savings product to realize the dream for hajj and Program services through a special loyalty platform, namely PLUS
umrah pilgrimage under mudharabah (profit sharing) by BTN Prioritas. Various fund, investment and protection product
contract with profitable and competitive returns. solutions such as:
d. TabunganKu iB • Fund Products : Savings and Deposits both in Rupiah and
A savings product under wadiah (entrust) contract which Foreign Currency.
offers attractive bonus. This product is a collaboration • Investment Products : Government Securities, Mutual Funds
with other Indonesian banks to foster a saving culture and Foreign Exchange (FOREX) services.
and enhance people’s welfare. • Insurance Products : Bancassurance
e. BTN Qurban iB Savings
A savings product for celebrating the Feast of Sacrifice Apart from that, BTN Prioritas customers will receive priority
ceremony under mudharabah mutlaqah (profit sharing) service from special staff, namely a dedicated and certified
contract with profitable and competitive returns. Priority Banking Manager (PBM), who will provide advice on
financial management and growth exclusively with a choice of
varied financial products.
110 PT Bank Tabungan Negara (Persero) Tbk
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Electronic channel services consist of ATM, CRM, BTN Mobile, exchanged via PLUS by BTN Prioritas, Airport Lounge,
Internet Banking, Virtual Account, EDC, QRIS, Virtual Branch, BTN Airport Handling, Domestic and International Airport
Smart Residence, BTN Properti and BTN Open API products. The Transfers, Overseas Education Consultations, and Tax
services offered by the Corporation are in the form of BTN Bank Consultations.
Guarantee (Local Bank Guarantee, SBLC, Demand Guarantee • Product Privilege in the form of a BTN Visa Platinum
and SKDB) and SKBDN or L/C. Meanwhile, other banking Priority Debit Card with a special design that can be used
services and services include trading services, administration at various selected merchants to get special offers, Safe
services, services and other services. Deposit Box (SDB), BTN Mobile, Special Fund Placement
and Member Get Member Program, Home Ownership
Conventional Banking Credit (KPR) specifically for Priority BTN Customers.
b. PLUS by BTN Prioritas
CONSUMER CARD Understanding customer needs and uniqueness is an
a. Kartu Suka-suka BTN important pillar for Bank BTN to provide and improve the
Debit card with customizable design according to its holder’s best banking services through superior facilities, products
request. The card can be used in EDC transactions and and services. Departing from this vision, BTN Prioritas
online transactions with online merchants worldwide. presents PLUS (Platform Loyalty User) services. PLUS by
b. BTN Visa Contactless Debit Card BTN Prioritas is a website-based service with a membership
Debit card that can make transactions using contactless concept presented specifically for BTN Prioritas customers.
technology which allows customers to make transactions The existence of PLUS by BTN Prioritas is an effort to translate
by simply holding the card close to the EDC Contactless the Defining Your Priority customer value proposition so that
machine without having to use a PIN. the benefits can be truly enjoyed by customers.
c. Debit BTN Online (Visa dan GPN)
Using this product, customers can do online transactions PLUS by BTN Prioritas can be accessed via www.
(e-Commerce) easily using BTN debit card or GPN. definingyourpriority.com and offers various benefits for BTN
d. Kartu Blink BTN Prioritas customers according to the customer’s membership
E-money based BTN card applicable for transactions at level based on the customer’s total managed funds (Assets
thousands of e-money acceptances, such as: Toll Roads, Under Management/AUM) placed in BTN Prioritas.
TransJakarta BRT, KRL Commuter Line, Parking Lots and
others. The following are the membership levels for BTN Prioritas
customers:
WEALTH MANAGEMENT • Gold : total managed funds from IDR 500 million to <IDR
a. BTN Priority Service 2 billion
BTN Priority service is an exclusive service from State • Platinum : total managed funds from IDR 2 billion to <IDR
Savings Bank specifically for special customers of Bank BTN. 5 billion
Through BTN Prioritas’ Customer Value Proposition (CVP), • Titanium : total managed funds from IDR 5 billion to <IDR
namely Defining Your Priority, BTN Prioritas services are here 10 billion
to provide financial solutions and services that are relevant, • Prime : total managed funds start from IDR 10 billion
sustainable and long-lasting for every special individual, BTN
Prioritas’ loyal customers. Supported by professional and Through PLUS by BTN Prioritas, customers can exchange
certified Priority Banking Managers, BTN Prioritas presents benefits and privileges on 6 (six) main features, namely:
the latest innovations for customer needs and convenience • Special Offers: Cashback for creating a Single Investor
through: ID (SID), Fund Placement with Special Benefits.
• Product solutions that vary, including Fund Products • Loyalty Reward Options: as a form of our appreciation
(BTN Batara Savings, BTN Investa Savings, Felas for loyal customers, we present a variety of gift options
Savings, BTN Retail Rupiah Deposits, BTN Retail Forex ranging from Gadgets and Electronics, Gadget
Deposits), Investment Products (State Securities, Mutual Accessories, Headphones and Audio, Watches,
Funds, Foreign currency exchange transactions) and Household Electronics, Data Packages, E-Vouchers,
Bancassurance Products. Household Appliances, Games and Hobby, Health and
• Service Privilege in the form of Dedicated Priority Beauty to Hampers and Cake.
Banking Manager, E-Consolidated Statement, E-Channel • Banking Privilege: Safe Deposit Box, Free Mobile
Services, Welcoming Pack, Meeting Room, Calendar Banking Transaction Fees, Tax Consultation, Overseas
Event, Majalah BTN Prioritas GoodLiving, BTN Prioritas Education Consultation, Meeting Room Reservation.
Concierge Service, Exclusive Medical Check Up, • BTN Priority Concierge Service: Airport Lounge, Airport
Special Day Prizes and Loyalty Rewards which can be Handling, Domestic and International Airport Transfers,
Medical Check Up.
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• Membership Coupon: for those of you who regularly INTERNET BANKING
enjoy sports hobbies such as golf and membership to A banking service for individuals to obtain financial information
selected hotels and restaurants. and facilitate self-managed banking transactions through the
• Special Day Gifts: to complement your special day, internet. This service can be accessed at https:// internetbanking.
available in a variety of gifts ranging from Gadgets btn.co.id through registration at ATM BTN machine or by
and Electronics, Gadget Accessories, Headphones contacting Customer Service at Branch Offices. The mobile data
and Audio, Watches, Household Electronics, Data tariff depends on each provider’s policy.
Packages, E-Vouchers, Household Appliances, Games
and Hobbies, Health and Beauty to Hampers and Cake. VIRTUAL ACCOUNT
ID number provision for customers of a company (end user)
One of the developments at PLUS by BTN Prioritas is that BTN which collaborates with the Company. This service is available
Prioritas is the first bank to provide airport lounge services for individual and non-individual customers as fund acceptance
without the need to use a Debit Card but only by showing a identification.
booking code or scanning a QR. With this method, BTN Prioritas
customers can enter the airport lounge in less than 60 seconds. ELECTRONIC DATA CAPTURE (EDC)
This feature is currently the first in the market in the Priority The service is like a mini ATM machine which functions as a
Banking segmentation. means of providing transactions and means of payment which
can be used by inserting a card or swiping an ATM card (Debit
PLUS by BTN Prioritas also succeeded in winning the international or Credit Card) in a bank or between banks and is equipped with
award entitled “Wealth Management Platform of The Year” at the other payment facilities which are connected in real time online.
2023 Retail Banking Awards organized by Asian Banking and
Finance, a prestigious business and financial magazine based in BTN CASH MANAGEMENT
Singapore. The PLUS service from BTN Prioritas won this award A special service for agencies for self-managed banking
because it was deemed to meet the assessment criteria, namely transactions through the internet. This service can be accessed
uniqueness & innovation, effectiveness & impact and dynamism. at https://cashmanagement.btn.co.id through registration at the
nearest branch office. The mobile data tariff depends on each
From January to December 31 2023, there were 27,088 provider’s policy.
exchange transactions carried out by customers at PLUS by BTN
Prioritas. Meanwhile, the number of customers making exchanges BRANCHLESS BANKING
has reached 47% of the total qualified BTN Prioritas customers. Banking products and services without offices through cooperation
with Bank agents and Post Offices acting for and on behalf of
ATM the Bank in order to expand the range and ease of banking
The 24 hour online Automatic Teller Machines (ATMs) are transaction services for the community and are supported by
available for cash withdrawals in IDR50,000 and IDR100,000 information technology network facilities.
denominations at all Branch Offices and premium locations such
as ATM Galleries at malls, shopping centers, office buildings, QUICK RESPONSE CODE INDONESIAN STANDARD (QRIS)
markets and residences to provide convenient transactions. Standardize payments using the QR Code method from Bank
Indonesia so that the transaction process using QR Codes
CASH RECYCLING MACHINE (CRM) becomes easier, faster and more secure.
ATM machine service that can accept cash deposits and
cash withdrawals with denominations of IDR 50,000 and IDR VIRTUAL BRANCH
100,000 and can serve other banking transactions quickly and BTN Virtual Branch brings new conveniences for BTN Bank
in real time. customers. Customers do not need to linger at the Bank BTN
Outlet to make transactions at the Teller and Customer Service,
BTN MOBILE just fill in the e-form online anywhere and from anywhere before
BTN Mobile functions as a banking solution with a superapp making transactions at the Bank BTN Outlet.
concept that is practical, safe and comfortable. By using gadgets,
customers can easily carry out various banking services in real BTN SMART RESIDENCE
time anywhere and anytime. BTN Smart Residence is a platform owned by Bank BTN which is
used as a liaison between residents and managers in the process
of paying bills, fees, exchanging information and even making
complaints.
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BTN PROPERTY • Edu Payment is a service for educational institutions
A special property portal-based service that makes it easier where payments for tuition and other educational fees
for prospective debtors to search for project listings that have are received online and real-time.
collaborated with Bank BTN, installment simulations, online KPR/ • Bill Payment (payment of telephone bills, electricity,
KPA applications, 24-hour online live chat, and other features. water, gas, etc.).
BTN Properti also completes its features with 4D Tour Service - Tax payment
technology which allows prospective debtors to get a real picture - Pertamina products purchase payment
of the selected property unit. - BPJS Ketenagakerjaan contribution payment
- BPJS Kesehatan contribution payment
BTN OPEN API - Retirement fund (Taspen and ASABRI) payment
API or Application Programming Interface, is a link between - Hospital billing payment
one application and another application. This technology allows - Operational Bank I and II
partner customers to make transfers using their own application d. Payroll Service BTN
because the application is connected to the BTN system via API. A service provided for companies/institutions for salary
payment management and other financial needs.
SERVICES AND OTHER BANKING SERVICES e. Spekta Point
In addition to distributing loans and collecting third party fund, BTN Spekta Point is a loyalty program given to Bank BTN
the Company also provides the customers with other services to customers in the form of points that can be exchanged or
increase fee-based income, such as: Domestic and international redeemed for various kinds of vouchers, direct prizes and
money remittance, money changer, safe deposit box, utility grand prizes at the end of the period.
bill payment (telephone, electricity and water), internet and TV
subscription payment, flight and train ticket booking and cell Sharia Banking/Sharia Business Unit
phone top up. As a total banking solution provider to agency
customers, the Company also provides the following services: 1. Sharia BTN Visa Debit Card
a. Virtual Account BTN This card provides ease for customers through an ATM,
A service for Giro BTN Lembaga (Demand Deposit for such as cash withdrawal and transfer. The transaction may
Agencies) customers in the form of virtual account that can be performed in all the ATM Bank BTN, Link, ATM Bersama
be used by customers/partners of the agency to make billing (Joint ATM), Prima (Prime), Visa and Plus. The transaction
payment using any bank’s card. The agency can monitor the may be in the form of shopping at a store displaying theVisa
payments received from its customers online and real-time. logo, both in country and abroad.
b. Transfer Management 2. Money Transfer
Transfer Management is a bank service for customers to help Real-time money transfer facility to BTN and BTN Syariah
customers make fund transfers online, both Inhouse Transfers accounts as well as money transfer to other banks using SKN,
(between accounts), Domestic transfers (LLG/Clearing RTGS, Link, ATM Bersama and Prima facilities.
and RTGS), and International Fund Transfers (transfers to 3. BTN Cash Management
other banks both within and outside the country in foreign An online service using web browser that helps customers
currency). Transfers can be made in single currency (the managing their banking activities independently, effectively
currency code sent is the same as the currency code received) and efficiently.
and multi-currency (the currency code sent is not the same as 4. Payment Point BTN iB
the currency code received). A facility for customers for easier payment of routine and
c. Payment Management fixed bills such as tuition payment.
Payment Management is a collaboration between the Bank 5. Payroll BTN iB
and the customers to help customers manage payments and A facility for companies, agencies, or individuals for
billings, such as; managing the payments of salary, holiday allowance, bonus
• Edu Payment/SPP Online BTN and other routine financial needs for their employees.
6. Hajj Travel Expenses Payment
A facility offering certainty and convenience to secure hajj
pilgrimage quota through the Integrated Hajj Computerization
and Information System (Siskohat).
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7. SPP Online BTN iB
A facility for Universities/Schools in providing delivery channel that
receives tuition payments online and real-time.
8. BTN iB Operational Development Program
A program from the Bank to agency customers in the form of
funds, goods and other facilities to support the customers’
operations under provisions agreed upon by both parties
and in compliance with the prudential and Good Corporate
Governance (GCG) principles.
9. Guarantee Bank BTN iB
Bank guarantee for the payment of a sum of money to its
receiver for certain transactions/ projects to be run by
the customer under kafalah (guarantee) contract.
10. Safe Deposit Box BTN iB
Custom-designed and custom-sized storage facility
with a security system to keep valuables and
important documents away from fire, robbery and
other risks. This facility is under ijarah (rent) contract.
11. Mobile Banking
Banking application for BTN Syariah customers to facilitate purchase
transactions, payments, transfers and access account information
from mobile devices.
12. Virtual Account
Services that provide payment convenience by providing a
payment identification number.
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Association
Membership
The importance of association’s role for a company encourages the Company to actively participate in the membership of organizations
or associations, especially in Indonesia. The Company joins various associations related to the business line in the banking industry,
including its status as a state-owned enterprise. By joining this association, the Company is able to share issues and policies regarding
the banking industry, including its impact and opportunities for banking in the short, medium and long term. In 2023, the Company
joined the following associations:
Association Name Position in association
NATIONAL
Ikatan Bankir Indonesia (IBI) Head of Regional Division and Member of Regional Division
Treasurer and Member of the Development of Banking Economic
Perhimpunan Bank-Bank Umum Nasional (PERBANAS)
Studies
Asosiasi Emiten Indonesia Member
Asosiasi Sistem Pembayaran Indonesia (ASPI) Member
Asosiasi SWIFT Indonesia (ASWIFTINDO Member
Asosiasi Wali Amanat Indonesia Member
Forum Hukum BUMN Member
Forum Human Capital Indonesia BUMN Member
Forum Humas BUMN Member
Forum Komunikasi Direktur Kepatuhan Perbankan (FKDKP) Member
Forum Komunikasi Direktur Operasional Member
Himpunan Bank-Bank Milik Negara (HIMBARA Member
Ikatan Auditor Intern Bank Member
Konsorsium Data Kerugian Eksternal (KDKE) Member
Lembaga Alternatif Penyelesaian Sengketa Perbankan Indonesia (LAPSPI) Member
Perhimpunan Audit Internal Indonesia Member
Perhimpunan Pedagang Surat Utang Negara (HIMDASUN) Member
SRIKANDI BUMN Member
INTERNATIONAL
Association Cambiste Internationale (ACI) - Financial Markets Association (FMA) General Treasurer
World Saving Bank Institution (WSBI) Asian Member - Pasific Regional Group
The Institute of Internal Auditor (IIA)-lndonesia Chapter Member
United Nations Environment Programme Finance Initiative (UNEP FI) Member
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Company
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Operational
Area
Table of Office Network for the last 5 Years
Office Type 2023 2022 2021 2020 2019
Regional Office 6 6 6 6 6
Branch Office 81 80 79 78 78
Supporting Branch Office 541 537 543 314 326
Cash Office - - - 247 358
Payment Point - - - 56 52
Functional Office 3 3 58* - -
Services Office equivalent to Sub-
- 2 2 2 3
Branch Office
Mobile Cash Office - - 51 23 23
Total Conventional Office Network 631 628 739 726 846
Sharia Branch Office 34 30 29 25 25
Sharia Supporting Branch Office 75 69 61 59 53
Sharia Cash Office - 5 7 7 7
Sharia Payment Point - 6 12 12 12
Mobile Cash Office - - - - -
Total Sharia Office Network 109 110 109 103 99
*) Looking at the OJK Regulation 12/POJK.03/2021 of July 30, 2021 regarding General Banks, There is simplification
of network logging to OJK regulator which is Bank Office that is located under Branch Office only by Assistant and
functional Office, so there is cash Office State Equalization into Cash Office become Branch Office and Payment
Point become functional Office.
Regional Office I Regional Office II Regional Office III
(West Java) (DKI Jakarta & Banten) (East Java, Bali &
Nusa Tenggara)
Regional Office 1 1 1
Branch Office 15 13 16
Supporting Branch Office 125 130 83
Functional Office - - -
Sharia Branch Office 7 4 4
Sharia Supporting Branch Office 14 11 13
Sharia Cash Office - - -
Payment Point Syariah - - -
Outlet & Lounge BTN Prioritas 9 17 8
ATM & CRM 523 477 340
116 PT Bank Tabungan Negara (Persero) Tbk
Page 119
2023 Annual Report
Regional Office IV Regional Office V Regional Office VI
(Sumatera) (Kalimantan, Sulawesi, (Central Java & DIY)
Maluku, Papua)
Regional Office 1 1 1
Branch Office 11 18 8
Supporting Branch Office 76 71 56
Functional Office 1 - 2
Sharia Branch Office 9 6 4
Sharia Supporting Branch Office 18 5 14
Sharia Cash Office - - -
Payment Point Syariah - - -
Outlet & Lounge BTN Prioritas 8 10 5
ATM & CRM 304 292 210
PT Bank Tabungan Negara (Persero) Tbk 117
Page 120
Company
Profile
Structure
Organization
General Meeting of
Shareholders
President Director
Nixon L. P. Napitupulu
Dewan
Sharia
Supervisory
Pengawas Vice President Director
Syariah
Board Oni Febriarto Rahardjo
Director of Director of Assets
Director of Director of IT &
Director of Consumer Distribution & Management
Institutional Banking Digital
Hirwandi Gafar Funding Elisabeth Novie
Hakim Putratama Andi Nirwoto
Jasmin Riswanti
SEVP
Wholesale Banking
Benny Yoslim
Wealth
SME Banking Institutional Corporate Marketing Commercial Asset
Management Digital Banking
Roganda S.M. Funding Banking Communication Management
Frengky Rosadrian Tan Jacky Chen
Siahaan Erwinta Siswadi Ricky RS. Pattinggi Farida Andriani W Ari Kurniaman
Perangin-angin
Non subsidized Financial Institution Consumer IT Strategic
Retail Funding Commercial
Mortgage & Capital Market Collection, Recovery Planning &
Frengky Rosadrian Banking
Mochamad Yut Hasta Nugraha & Asset Sales 1 Development
Perangin-angin (Plt) Sri Astuti
Penta Utomo Erwin Dwi Kusuma Joko Christianto
Wholesale Consumer
Subsidized Service Quality &
Transaction Collection, Recovery IT Operations
Mortgage Lending Distribution
Teddy Yunirman & Asset Sales 2 Danny Sutanto (Pj)
Budi Permana Ferry Sipahutar
Danas* Nurwidi Purboyo
Procurement
& Fixed Asset Data Management
Personal Banking
Regional Offices Management & Analytics
Nurkholis Wahyudi
Wahyudi Joko Indra Hidayatullah
Santoso
• Branch Office
• Priority Banking
Sharia Banking IT Security
Abdul Firman Budi Hariyanto
• Sharia
Branch Office
Asset & Liability IT Steering Risk Management Human Capital
Commitee Committee Committee Committee
Committee Board Business Support Shared Service
Command Line Coodination Line
*) Resign from office as of December 20, 2023
118 PT Bank Tabungan Negara (Persero) Tbk
Page 121
2023 Annual Report
In line with the business transformation that has been carried out by the Company, the Board of Directors has made adjustments to the organizational structure
so that the process of executing business and operational initiatives can run effectively through Commissioner’s Approval Letter No. 131/KOM/BTN/XI/2023
concerning Approval of Changes to the Organizational Structure of Bank BTN Head Office dated November 01, 2023. The following is the Company’s
Organizational Structure as of 31, December 2023.
Board of Commissioners
Director of Human
Director of Risk
Director of Finance Capital, Compliance
Management
Nofry Rony Poetra & Legal
Setiyo Wibowo
Eko Waluyo
SEVP SEVP
Operations Compliance & Legal Audit Committee
Alex Sofjan Noor -
Remuneration
& Nomination
Committee
Credit Operation
Treasury Human Capital Legal Internal Audit
I Gusti Agung Retail Credit Risk
Sindhu Rahadian Strategy Wilson Lie Hendratno Tri
Komang Tri Martha Beki Kanuwa Risk Monitoring
Ardita Aldo Bimantoro Simatupang Wibowo
W Committee
Compliance &
Operation & Corporate Strategy Whosale Human Capital Corporate
Governance
Business Support & Planning Credit Risk Management Secretary
R. Wahyu B.
Adee Indriana D Kusumarjono Henri Ari Wibawa Rahmayati Ramon Armando
Witjaksono
Learning
Finance & Enterprise Risk Policy & Procedure
Customer Care Management
Accounting Management L. Esti Dwi
Eko Hapsoro Susilo Ade Surya
Fatoni Hudhori Wilson Arafat Retnosari
Lesmana
Transformation Human Capital
Investor Relations
& Partnership Business Partner
& Research
Management Aloysius Wilhelmus
Winang Budoyo
Wilson Arafat (Plt) Junior Bakowatun
Credit Policy Credit Business Transformation
ESG Committee
Committee Committee Committee Steering Committee
Members of Committees under the Board of Commissioners as of December 31, 2023 3. Risk Monitoring Committee: Armand B. Arief (Chairman concurrently member),
are as follows: Herry Trisaputra Zuna, Himawan Arief Sugoto, Ignace Widiatmoko, and Pamuji
1. Audit Committee: Iqbal Latanro (Chairman concurrently member), Sentot A. Gesang Raharjo
Sentausa, Andin Hadiyanto, Endang A. Suprijatna, and Peter Eko Budi Darwito
2. Remuneration and Nomination Committee: Chandra M. Hamzah (Chairman The names of Committees under the Board of Directors can be found in the Corporate
concurrently member), Iqbal Latanro, Armand B. Arief, Sentot A. Sentausa, Andin Governance Chapter
Hadiyanto, Herry Trisaputra Zuna, Himawan Arief Sugoto, Mohamad Yusuf
Permana, Moch Amin Nurdin, and Rahmayati
PT Bank Tabungan Negara (Persero) Tbk 119
Page 122
Company
Profile
Board of Directors
Profile
NIXON L. P NAPITUPULU
President Director
Indonesian Citizen, 54 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
Bachelor of Economics, University of North Sumatra, Medan (1994).
Certification
• Risk Management Level 5 by BSMR (Refreshment 2022).
• Treasury Dealer Level Advance by LSPP (2023).
Work Experience
• President Director of Bank BTN (March 2023 – present).
• Vice President Director of Bank BTN (March 2021 – March 2023).
• Plt. President Director of Bank BTN (December 2020-March 2021).
• Director of Finance, Planning and Treasury of Bank BTN (November 2019-March 2021).
• Director of Finance, Treasury and Strategy at Bank BTN (August 2019 – November 2019).
• Director of Collection and Asset Management concurrently Acting. Director of Finance, Treasury and Strategy at Bank BTN (May 2019
– August 2019).
• Director of Collection and Asset Management Bank BTN (March 2018 – May 2019).
• Director of Collection, Asset Management and Legal at Bank BTN (2017-May 2019). (December 2017 – March 2018).
• Director of Bank BTN (March 2017 – December 2017).
• President Director of PT Bank Mandiri Taspen Pos (2015- March 2017).
• Head of PT Bank Mandiri (Persero) Tbk Joint Venture Bank Transition Team (2015).
• Head of Priority Project Bank Joint Venture PT Bank Mandiri (Persero) Tbk (2014-2015).
• Group Head Corporate Secretary Group PT Bank Mandiri (Persero) Tbk (2013-2014).
Legal Basis of Appointment
Served as Director of the Company for the first time since March 17 2017 through the decision of the Company’s Annual General Meeting
of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on July 25 2017. Served as Deputy President
Director since March 10 2021 through a meeting decision The Company’s Annual General Meeting of Shareholders (AGMS) and was
declared effective by the Financial Services Authority (OJK) on May 19, 2021 and was entrusted to serve again for the 2nd term as Deputy
President Director of the Company based on the resolutions of the Company’s Annual General Meeting of Shareholders (AGMS) in March
02, 2022. Then served as President Director of the Company since March 16 2023 through the Resolution of the Company’s Annual General
Meeting of Shareholders (AGMS) with the remaining term of office continuing in accordance with the appointment based on the Resolution
of the 2021 Fiscal Year AGMS dated March 2 2022 and declared effective by the Financial Services Authority (OJK) dated June 7, 2023.
Period of Office
• March 17, 2017 – March 2, 2022, The First Term
• March 2, 2022 – GMS of 2027, The Second Term
Concurrent Position
• Chairman concurrently Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Chairman concurrently Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Risk Function of Bank BTN
• Chairman concurrently Permanent Member of the Bank BTN Business Committee
• Chairman concurrently Permanent Member of the Bank BTN ESG Committee
The period of service as a Committee follows the Period of Service as Main Director
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 4,250,500 shares/0.0302862%
120 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
ONI FEBRIARTO RAHARDJO
Vice President Director
Indonesian Citizen, 52 years old as of December 2023,
domiciled in South Tangerang.
Educational Background
• Bachelor (S1) in Engineering, Diponegoro University, Semarang (1994).
• Master (S2) Management, PPM College of Management, Jakarta (1997).
Certification
• Level 5 Risk Management by LSPP (Refreshment 2023).
Work Experience
• Vice President Director of Bank BTN (March 2023 – present).
• Vice President Director of Perum Perumnas (May 2020 – March 2023).
• Plt. President Director of Bank BTN (August 2019 - November 2019).
• Director of Commercial Banking at Bank BTN (March 2015 - August 2019).
Legal Basis of Appointment
Served as Director of the Company for the first time since 24 March 2015 through the decision of the Company’s Annual General Meeting
of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on 19 May 2015. Subsequently served
as Deputy President Director of the Company since 16 March 2023 through Decision of the Company’s Annual General Meeting of
Shareholders (AGMS) and declared effective by the Financial Services Authority (OJK) on 07 June 2023.
Period of Office
• March 24, 2015 – November 27, 2019, First Period
• March 16, 2023 – Annual GMS 2028, Second Period.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Bank BTN Business Functions
• Permanent Member of the ESG Committee of Bank BTN
The period of service as a Committee follows the Period of Service as Vice President Director.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 308,000 shares/0.0021946%
PT Bank Tabungan Negara (Persero) Tbk 121
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Company
Profile
HIRWANDI GAFAR
Director of Consumer
Indonesian Citizen, 55 years old as of December 2023,
domiciled in West Jakarta .
Educational Background
Bachelor of Civil Engineering, Bandung Institute of Technology (1992).
Certification
• Risk Management Level 5 by LSPP (Refreshment 2022).
• International Risk Management Refreshment & Wealth Management Certification Program by MMUGM and IBI (2022).
• Sharia Banking Basic Training/PDPS by PEBS (2020).
Work experience
• Director of Consumer Bank BTN (Maret 2022 – present).
• Director of Sharia Business Unit Bank BTN (2020 – present)
• Director of Consumer and Commercial Lending, Bank BTN (2019 - Maret 2022).
• Commercial Lending Division Head Bank BTN (2019).
• Subsidized Mortgage Lending Division Head Bank BTN (2019).
Legal Basis of Appointment
Served as Director of the Company for the first time since November 27, 2019 through the decision of the Company’s Extraordinary
General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on August 28, 2020.
Period of Office
November 27, 2019 - GMS of 2024, The First Term.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Bank BTN Business Functions
• Permanent Member of the Bank BTN Business Committee
The period of service as a Committee follows the Period of Service as Director of Consumer.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 1,763,314 shares/0.0125642%
122 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
NOFRY RONY POETRA
Director of Finance
Indonesian Citizen, 55 years old as of December 2023,
domiciled in East Jakarta.
Educational Background
• Bachelor of Economics, Pancasila University, Jakarta (1991)
• Master of Economics, The George Washington University, Washington DC, USA (1999)
Certification
• Treasury Dealer Level Advance (ACI/LSPP) (Refreshment 2021).
• Banking Risk Management Level 5 by LSPP (Refreshment 2023).
• Certified Wealth Manager (CWMA) (2006).
Work Experience
• Director of Finance Bank BTN (March 2022 – present).
• Director of Finance, Planning and Treasury, Bank BTN (2021- March 2022).
• Head of Treasury Division, Bank BTN (2015 - 2021).
• Acting Regional Head, Regional Office I, Bank BTN (2015).
• Treasury Division Head, Bank BTN (2014)).
Legal Basis of Appointment
Served as Director of the Company for the first time since March 10, 2021 through the decision of the Company’s Annual General Meeting
of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on August 9, 2021.
Period of Office
March 10, 2021 – GMS of 2026, The First Term.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Bank BTN Business Functions
• Permanent Member of the ESG Committee of Bank BTN
The period of service as a Committee follows the Period of Service as Director of Finance
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 2,531,022 shares/0.0180344%
PT Bank Tabungan Negara (Persero) Tbk 123
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Company
Profile
EKO WALUYO
Director of Human Capital, Compliance and Legal
Indonesian Citizen, 52 years old as of December 2023,
domiciled in Bekasi.
Educational Background
• Bachelor of Economics, Gadjah Mada University, Yogyakarta (1995).
• Master’s Degree in Management, Universitas Gadjah Mada, Yogyakarta/ Gatton College of Business, MBA Short Course Program in
Cooperation with MM UGM, University of Kentucky (2004).
Certification
• Banking Risk Management Level 5 by LSPP (Refreshment 2023).
• Certified Anti Fraud Professional by Asia Anti Fraud (2023).
Work Experience
• Director of Human Capital, Compliance and Legal at Bank BTN (March 2022 – present).
• Director of Compliance and Legal at Bank BTN (2021- March 2022).
• Human Capital Management Division Head Bank BTN (2019-2021).
• Human Capital Management & Culture Specialist Division Head of Bank BTN (2017-2019).
• Human Capital Division Head Bank BTN (2017).
• Corporate Secretary Division Head of Bank BTN (2015-2017).
• Acting Corporate Secretary Division Head of Bank BTN (2014-2015).
Legal Basis of Appointment
Served as Director of the Company for the first time since March 10, 2021 through the decision of the Company’s Annual General Meeting
of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on August 9, 2021.
Period of Office
March 10, 2021 – GMS of 2026, The First Term.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of the Bank BTN Business Committee
• Permanent Member of the Bank BTN Transformation Steering Committee
• Permanent Member of the ESG Committee of Bank BTN
The period of service as a Committee follows the Period of Service as Director of Human Capital, Compliance & Legal
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 1,871,964 shares/0.0133384%
124 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
ELISABETH NOVIE RISWANTI
Director of Assets Management
Indonesian Citizen, 56 years old as of December 2023,
domiciled in Bekasi.
Educational Background
Bachelor of Law, Gadjah Mada University, Yogyakarta (1991).
Certification
• International Risk Management Refreshment & Wealth Management Certification Program by MMUGM dan IBI (2022).
• Banking Risk Management Level 5 by LSPP (Refreshment 2022).
Work Experience
• Director of Assets Management, Bank BTN (March 2022 – present).
• Director of Wholesale Risk and Asset Management, Bank BTN (2021- March 2022).
• Director of Remedial and Wholesale Risk, Bank BTN (2019 - 2021)
• Director of Collection and Asset Management, Bank BTN (2019).
• Head of Asset Management Division, Bank BTN (2017-2019)
Legal Basis of Appointment
Served as Director of the Company for the first time since August 29, 2019 through the decision of the Company’s Extraordinary General
Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on June 26, 2020.
Period of Office
August 29, 2019 – GMS of 2024, The First Term.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Risk Function of Bank BTN
• Permanent Member of the ESG Committee of Bank BTN
The period of service as a Committee follows the Period of Service as Director of Assets Management
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 1,733,200 shares/ 0.0123496%
PT Bank Tabungan Negara (Persero) Tbk 125
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Company
Profile
ANDI NIRWOTO
Director of IT & Digital
Indonesian Citizen, 53 years old as of December 2023,
domiciled in Central Jakarta.
Educational Background
• Bachelor of Engineering, Gadjah Mada University, Yogyakarta (1994)
• Master of Finance, Gadjah Mada University, Yogyakarta/ University of Lexington Kentucky, United States (1997).
Certification
• Risk Management Level 5 Board of Directors by IICD (Refreshment 2023).
• Digital Transformation for Boards, IMD Business School, Lausanne, Switzerland (2023)
• Digital Innovation Progamme, Erasmus University - Rotterdam School of Management, Rotterdam, Netherlands (2022)
• T Infrastructure Library (ITIL), APMG International Quint Wellington (2017)
• TOGAF 8, National University of Singapore (NUS), Singapore (2011)
Work Experience
• Director of IT & Digital, Bank BTN (March 2022 - present).
• Director of Operation, IT and Digital Banking, Bank BTN (2019 - March 2022).
• Director of IT & Operation, Bank BTN (2018 - 2019).
• General Manager of Information Technology Operation, PT Bank Negara Indonesia (Persero) Tbk (2017 - 2018).
• General Manager of Solution & Security, PT Bank Negara Indonesia (Persero) Tbk (2015 - 2017).
Legal Basis of Appointment
Served as Director of the Company for the first time since March 23, 2018 through the decision of the Company’s Annual General Meeting
of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on September 10, 2018. Subsequently he
was honorably dismissed and reappointed as the Company’s IT & Digital Director based on the results of the decision of the Company’s
Extraordinary General Meeting of Shareholders (EGMS) on January 11, 2023.
Period of Office
• March 23, 2018 - GMS 2023, First Period
• January 11, 2023 – 2027 GMS, Second Period
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of RKK Committee A Risk Function of Bank BTN
• Permanent Member of the Bank BTN Business Committee
The period of office as a Committee follows the Period of Service as Director of IT & Digital
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 1,822,161 shares/0.0129835%
126 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
JASMIN
Director of Distribution and Funding
Indonesian Citizen, 59 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor (S1) in Economics, Gadjah Mada University, Yogyakarta (1988).
• Masters (S2) International Business, Gadjah Mada University, Yogyakarta (1998).
Certification
• Public Refreshment of Risk Management and Treasury Dealers Level 5 (2022).
• Certified Wealth Manager by CWM (2021).
Work Experience
• Director of Distribution and Funding Bank BTN (March 2022 - present).
• Director of Distribution and Retail Funding Bank BTN (2019 - March 2022).
• SEVP Consumer & Transaction PT Bank Mandiri (Persero) Tbk (2018 - 2019).
• Regional CEO IV/JKT 2 PT Bank Mandiri (Persero) Tbk (2015 - 2018).
• Regional Manager IV-JKT PT Bank Mandiri (Persero) Tbk (2013 - 2015).
Legal Basis of Appointment
Served as Director of the Company for the first time since November 27, 2019 through the decision of the Company’s Extraordinary
General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on May 4, 2020.
Period of Office
November 27, 2019 – GMS of 2024, The First Term
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Bank BTN Business Functions
• Permanent Member of the Bank BTN Business Committee
The period of service as a Committee follows the Period of Service as Director of Distribution & Funding
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 2,848,030 shares/0.0202931%
PT Bank Tabungan Negara (Persero) Tbk 127
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Company
Profile
SETIYO WIBOWO
Director of Risk Management
Indonesian Citizen, 46 years old as of December 2023,
domiciled in South Tangerang.
Educational Background
• Bachelor of Electrical Engineering, Bandung Institute of Technology (1999)
• MBA in Finance & Banking, KDI School of Public Policy and Management, South Korea (2009).
Certification
Risk Management Level 5 by LSPP (Refreshment 2022).
Work Experience
• Director of Risk Management, Bank BTN (March 2022 – present).
• Director of Risk Management and Transformation, Bank BTN (2021 - March 2022).
• Director of Enterprise Risk Management, Big Data and Analytics, Bank BTN (2019- 2021).
• Group Head Consumer Credit Risk & Analytics, PT Bank Mandiri (Persero) Tbk (2018-2019).
• Group Head Credit Portfolio Risk, PT Bank Mandiri (Persero) Tbk (2017- 2018).
Legal Basis of Appointment
Served as Director of the Company for the first time since November 27, 2019 through the decision of the Company’s Extraordinary
General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) since July 3, 2020.
Period of Office
November 27, 2019 - GMS of 2024, The First Term.
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Risk Function of Bank BTN
• Permanent Member of the Bank BTN Business Committee
• Permanent Member of the Bank BTN Transformation Steering Committee
• Permanent Member of the ESG Committee of Bank BTN
The period of service as a Committee follows the Period of Service as Director of Risk Management
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 1,892,700 shares/0.0134861%
128 PT Bank Tabungan Negara (Persero) Tbk
Page 131
2023 Annual Report
HAKIM PUTRATAMA
Director of Institutional Banking
Indonesian Citizen, 47 years old as of December 2023,
domiciled in South Tangerang.
Educational Background
• Bachelor (S1) in International Relations, Padjadjaran University, Bandung (1998).
• Master (S2) International Business, Aston University, England (2001).
Certification
Risk Management Level 5 by BSMR (Refreshment 2023).
Work Experience
• Director of Institutional Banking Bank BTN (March 2023 - present).
• Head of International and Transaction Banking PT Regional Development Bank West Java and Banten, Tbk (May 2022 – March 2023).
• Senior Vice President (SVP) Consumer Funding Retail Division PT Regional Development Bank West Java and Banten, Tbk (2018 -2022).
• Senior Vice President (SVP) Corporate Secretary Division PT Regional Development Bank West Java and Banten, Tbk (2015-2018)
• Senior Vice President (SVP) Head of Marketing & Segment Offering PT Bank Commonwealth (2012 – 2015).
Legal Basis of Appointment
Served as Director of the Company for the first time since March 16, 2023 through the Resolution of the Company’s Annual General
Meeting of Shareholders (AGMS) and was declared effective by the Financial Services Authority on July 26, 2023.
Period of Office
March 16, 2023 - 2028 GMS, First Period
Concurrent Position
• Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Bank BTN Business Functions
• Permanent Member of the Bank BTN Business Committee
The period of office as a Committee follows the Period of Service as Director of Institutional Banking
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, it does not own BBTN shares
PT Bank Tabungan Negara (Persero) Tbk 129
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Company
Profile
HARU KOESMAHARGYO*
President Director
* Resigned from office on March 16, 2023 based on the results of the 2023 Annual
General Meeting of Shareholders (AGMS).
Indonesian Citizen, 57 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor of Agrotechnology, Brawijaya University, Malang (1989)
• Master of Investment Banking, Emory University, Atlanta USA (2000).
Certification
Risk Management Level 5 by BSMR (Refreshment 2021).
Work Experience
• President Director, Bank BTN (2021-present).
• Director of Finance, PT Bank Rakyat Indonesia (Persero) Tbk (2017-2021).
• Director of Finance and Treasury, PT Bank Rakyat Indonesia (Persero) Tbk (2015-2017).
• President Commissioner of PT BTMU – BRI Finance (2014-2015).
• Head of Treasury Division, PT Bank Rakyat Indonesia (Persero) Tbk (2014-2015).
Legal Basis of Appointment
He has been serving as the President Director for the first time since March 10, 2021 in accordance with the resolutions of the Annual
General Meeting of Shareholders (AGMS). In addition, the Financial Services Authority (OJK) validated his appointment on May 19, 2021.
Period of Office
March 10, 2021 – March 16, 2023, First Period.
Concurrent Position
• Chairman concurrently Permanent Member of the Bank BTN Assets and Liabilities Committee
• Permanent Member of the Bank BTN Information Technology Steering Committee
• Chairman concurrently Permanent Member of the Bank BTN Risk Management Committee
• Permanent Member of the Human Capital Committee of Bank BTN
• Permanent Member of the BTN Bank Credit or Financing Policy Committee
• Permanent Member of RKK Committee A Risk Function of Bank BTN
• Chairman concurrently Permanent Member of the Bank BTN Business Committee
• Chairman concurrently Permanent Member of the Bank BTN ESG Committee
Stop serving on the Committee on March 16, 2023.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of February 28, 2023, owned 403,600 shares/0.0028758%
130 PT Bank Tabungan Negara (Persero) Tbk
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Directors Affiliation Relations
Table of Directors Affiliation Relations
Financial Relations, Family and Board of Directors Management
Financial Relations With Family Relations With
Management
Board of Board of Controlling Board of Board of Controlling Relations
Name Position
Commissioners Directors Shareholders Commissioners Directors Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Nixon L. P
President Director √ √ √ √ √ √ √
Napitupulu
Oni Febriarto R. Vice President
√ √ √ √ √ √ √
Director
Director of
Hirwandi Gafar √ √ √ √ √ √ √
Consumers
Director of
Nofry Rony Poetra √ √ √ √ √ √ √
Finance
Director of
Human Capital,
Eko Waluyo √ √ √ √ √ √ √
Compliance &
Legal
Elisabeth Novie Director of Assets
√ √ √ √ √ √ √
Riswanti Management
Director of IT &
Andi Nirwoto √ √ √ √ √ √ √
Digital
Director of
Jasmin Distribution and √ √ √ √ √ √ √
Funding
Director of Risk
Setiyo Wibowo √ √ √ √ √ √ √
Management
Director of
Hakim Putratama
Institutional √ √ √ √ √ √ √
Banking
Education and/or Training of The Board of Directors
A description of the education and/or training of the Board of Directors during the financial year is presented in the Corporate
Governance Chapter.
Changes in the Composition of Members of the Board of Directors and Reasons for the
Changes
During 2023, there were changes to the composition of the Board of Directors. Changes in the composition of the Board of Directors
were carried out based on the Company’s needs. Changes in the composition of the Board of Directors are as follows:
Composition of The Board of Directors Period January 1, 2023 – January 10, 2023
The composition of the Board of Directors for the period January 1, 2023 to January 10, 2023 is 9 (nine) people consisting of 1 (one)
Main Director, 1 (one) Deputy Main Director and 7 (seven) Directors. All members of the Board of Directors are domiciled in the work area
of the Company’s Head Office. The composition and basis for appointing members of the Board of Directors can be seen in the table below.
Table of Composition and Basis of Appointment of the Board of Directors
Name Position Organizer Basis of Appointment Effective Date
Haru Koesmahargyo President Director OJK AGMS dated March 10, 2021 May 19, 2021
- AGMS dated March 17, 2017
Nixon L. P Napitupulu Vice President Director OJK - AGMS dated March 10, 2021 May 19, 2021
- AGMS dated March 2, 2022
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Company
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Name Position Organizer Basis of Appointment Effective Date
Hirwandi Gafar Director of Consumers OJK EGMS dated November 27, 2019 August 28, 2020
Nofry Rony Poetra Director of Finance OJK AGMS dated March 10, 2021 August 9, 2021
Director of Human Capital,
Eko Waluyo OJK AGMS dated March 10, 2021 August 9, 2021
Compliance & Legal
Elisabeth Novie Director of Assets
OJK EGMS dated August 29, 2019 June 26, 2020
Riswanti Management
Andi Nirwoto Director of IT & Digital OJK AGMS dated March 23, 2018 September 10, 2018
Director of Distribution and
Jasmin OJK EGMS dated November 27, 2019 May 4, 2020
Funding
Director of Risk
Setiyo Wibowo OJK EGMS dated November 27, 2019 July 3, 2020
Management
Composition of The Board of Directors Period January 11, 2023 – March 15, 2023
On Janury 11, 2023, the Extraordinary GMS decided to respectfully dismiss and reappoint Andi Nirwoto as Director of IT & Digital.
Thus, the composition of the Board of Directors for the period January 11, 2023 to March 15, 2023 was 9 (nine) people consisting
of 1 (one) Main Director, 1 (one) Deputy Main Director and 7 (seven) Directors. All members of the Board of Directors are domiciled in
the work area of the Company’s Head Office. The composition and basis for appointing members of the Board of Directors can be seen
in the table below.
Table of Composition and Basis of Appointment of the Board of Directors
Name Position Organizer Basis of Appointment Effective Date
Haru Koesmahargyo President Director OJK AGMS dated March 10, 2021 May 19, 2021
• AGMS dated March 17, 2017
Nixon L. P Napitupulu Vice President Director OJK • AGMS dated March 10, 2021 May 19, 2021
• AGMS dated March 2, 2022
Hirwandi Gafar Director of Consumers OJK EGMS dated November 27, 2019 August 28, 2020
Nofry Rony Poetra Director of Finance OJK AGMS dated March 10, 2021 August 9, 2021
Director of Human Capital,
Eko Waluyo OJK AGMS dated March 10, 2021 August 9, 2021
Compliance & Legal
Elisabeth Novie Riswanti Director of Assets Management OJK EGMS dated August 29, 2019 26 Juni 2020
• AGMS dated March 23, 2018
Andi Nirwoto Director of IT & Digital OJK January 11, 2023
• EGMS dated January 11, 2023
Director of Distribution and
Jasmin OJK EGMS dated November 27, 2019 May 4, 2020
Funding
Setiyo Wibowo Director of Risk Management OJK EGMS dated November 27, 2019 July 3, 2020
Composition of The Board of Directors Period March 16, 2023 – December 31, 2023
On March 16, 2023, the 2023 Annual GMS decided:
1. Respectfully removing Haru Koesmahargyo as President Director of the Company.
2. Transferring Nixon L. P. Napitupulu’s assignment from being Deputy President Director to President Director of the Company.
3. Appointing the names below as Company Management:
a. a. Oni Febriarto Rahardjo - as Deputy Main Director;
b. Hakim Putratama - as Director of Institutional Banking
Thus, the composition of the Board of Directors for the period March 16, 2023 to December 31, 2023 was 10 (ten) people consisting
of 1 (one) Main Director, 1 (one) Deputy Main Director and 8 (eight) Directors. All members of the Board of Directors are domiciled in
the work area of the Company’s Head Office. The composition and basis for appointing members of the Board of Directors can be seen
in the table below.
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Table of Composition and Basis of Appointment of the Board of Directors
Name Position Organizer Basis of Appointment Effective Date
- AGMS dated March 17, 2017
- AGMS dated March 10, 2021
Nixon L. P Napitupulu President Director OJK June 7, 2023
- AGMS dated March 2, 2022
- AGMS dated March 16, 2023
Oni Febriarto
Vice President Director OJK AGMS dated March 16, 2023 June 7, 2023
Rahardjo
Hirwandi Gafar Director of Consumers OJK EGMS dated November 27, 2019 August 28, 2020
Nofry Rony Poetra Director of Finance OJK AGMS dated March 10, 2021 August 9, 2021
Director of Human Capital,
Eko Waluyo OJK AGMS dated March 10, 2021 August 9, 2021
Compliance & Legal
Elisabeth Novie Director of Assets
OJK EGMS dated August 29, 2019 June 26, 2020
Riswanti Management
Andi Nirwoto Director of IT & Digital OJK AGMS dated March 23, 2018 September 10, 2018
Director of Distribution and
Jasmin OJK EGMS dated November 27, 2019 May 4, 2020
Funding
Director of Risk
Setiyo Wibowo OJK EGMS dated November 27, 2019 July 3, 2020
Management
Director of Institutional
Hakim Putratama OJK AGMS dated March 16, 2023 July 26, 2023
Banking
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Company
Profile
Board of Commissioners
Profile
CHANDRA M. HAMZAH
President/Independent Commissioner
Indonesian Citizen, 56 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor of Law from University of Indonesia (1995).
Certification
Banking Risk Management Level 2 by LSPP (Refreshment 2023).
Work experience
• President/Independent Commissioner of Bank BTN (2019 - present).
• President Commisioner of PT Perusahaan Listrik Negara (Persero) (2014 - 2015).
• Partner of Assegaf Hamzah & Partners Law Firm (2012 - present).
• Commissioner of Corruption Eradication Commission (KPK) (2007 - 2011)
• Partner of Assegaf Hamzah & Partners Law Firm (2001 - 2007).
Legal Basis of Appointment
Served as President Commissioner and Independent Commissioner of the Company for the first time since November 27, 2019 through the
decision of the Company’s Extraordinary General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services
Authority (OJK) since May 4, 2020..
Period of Office
November 27, 2019 - Extraordinary GMS 2024, The First Term
Concurrent Position
• Chairman of the Remuneration and Nomination Committee of Bank BTN (2020-present).
• Partner of Assegaf Hamzah & Partners Law Firm (2012 – present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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2023 Annual Report
IQBAL LATANRO
Vice President Commissioner/Independent
Indonesian Citizen, 65 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor of Economics, Hasanuddin University, Makassar (1983)
• Master of Business Management, Hasanuddin University, Makassar (1998).
Certification
Risk Management Level 5 by LSPP (Refreshment 2023).
Work Experience
• Vice President Commissioner/Independent of Bank BTN (2021 – present).
• Commissioner of PT Bank Mandiri Taspen (2020-2021).
• Commissioner of PT Pemeringkat Efek Indonesia (2020-2021).
• President Director of PT Taspen (Persero) (2018-2020).
• President Commisioner of PT Taspen Properti Indonesia (2015 – 2020)..
Legal Basis of Appointment
Served as ice President/Independent Commissione of the Company for the first time since March 10, 2021 through the decision of the
Company’s Annual General Meeting of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on
September 6, 2021.
Period of Office
March 10, 2021 - AGMS 2026, The First Period
Concurrent Position
• Chairman of the Audit Committee of Bank BTN (2021-present).
• Member of the Remuneration and Nomination Committee of Bank BTN (2021-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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Company
Profile
ARMAND B. ARIEF
Independent Commissioner
Indonesian Citizen, 71 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor of Business Administration, Curry College, Milton Massachusetts, USA (1979)
• Master of Business Administration, Curry College, Milton Massachusetts, USA (1982).
Certification
Manajemen Risiko Level 4 oleh LSPP (Refreshment 2021).
Work Experience
• Independent Commissioner of PT Cardig Aero Services Tbk (2021 - present).
• Independent Commissioner of Bank BTN (2019 - present).
• Independent Commissioner of PT Bank Royal Indonesia (2017-2018).
• Commissioner/Senior Consultant Dunamis Organization Services (Franklin Covey USA Subsidiary (2016 - 2019).
• Interviewer Panel Member of the Financial Services Authority (OJK) (2016-2017)..
Legal Basis of Appointment
Served as Independent Commissioner of the Company for the first time since November 27, 2019 through the decision of the Company’s
Extraordinary General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on May 14,
2020.
Period of Office
November 27, 2019 - Extraordinary GMS 2024, The First Term
Concurrent Position
• Member of the Remuneration and Nomination Committee of Bank BTN (2020-present).
• Chairman of the Risk Monitoring Committee of Bank BTN (2020-present).
Concurrent Position in Another Public Company
Independent Commissioner of PT Cardig Aero Services Tbk (2021—present).
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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2023 Annual Report
SENTOT A. SENTAUSA
Independent Commissioner
Indonesian Citizen, 66 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor (S1) Statistics, Padjadjaran University, Bandung (1985).
• Master (S2) Business Administration, Monash University, Australia (1995).
Certification
Banking Risk Management Level 5 by LSPP (Refreshment 2022).
Work Experience
• Independent Commissioner of Bank BTN (2022 – present).
• President Commissioner of PT Jiwasraya (Persero) (2019 – 2020)
• President Commissioner of Mandiri Inhealth (2016-2019).
• Distribution Director of PT Bank Mandiri (Persero) Tbk (2015-2016).
• Director of Risk Management at PT Bank Mandiri (Persero) Tbk (2006-2014).
Legal Basis of Appointment
Served as Independent Commissioner of the Company for the first time since March 2, 2022 through the Resolution of the Company’s
Annual General Meeting of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on August 8, 2022.
Period of Office
March 2, 2022 – GMS of 2027, The First Term.
Concurrent Position
• Member of the Audit Committee of Bank BTN (2022-present).
• Member of the Remuneration and Nomination Committee of Bank BTN (2022-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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Company
Profile
ANDIN HADIYANTO
Commissioner
Indonesian Citizen, 58 years old as of December 2023,
domiciled in Bekasi.
Educational Background
• Bachelor of Economics, Gadjah Mada University, Yogyakarta (1989).
• Master of International Development, Nagoya University, Japan (1997).
• Doctor of International Development, Nagoya University, Japan (2000).
Certification
Banking Risk Management 1 Commissioner by LSPP (2022).
Work Experience
• Head of the Education and Financial Training Agency (BPPK), Ministry of Finance and Acting President Director of Educational Fund
Management Agency (LPDP) (2021-present).
• Commissioner of Bank BTN (2019-present).
• Director General of Treasury, Ministry of Finance (2019-2021).
• Expert Staff of the Minister of Finance for Macroeconomics and International Finance (2018-2019).
• Executive Director, World Bank, Washington DC, USA (2016-2018).
Legal Basis of Appointment
Served as Commissioner of the Company for the first time since November 27, 2019 through the decision of the Company’s Extraordinary
General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on July 10, 2020.
Period of Office
November 27, 2019 - Extraordinary GMS 2024, The First Term.
Concurrent Position
• Head of the Education and Financial Training Agency (BPPK), Ministry of Finance and Acting President Director of Educational Fund
Management Agency (LPDP) (2021-present)
• Member of the Audit Committee of Bank BTN (2020-present).
• Member of the Remuneration and Nomination Committee of Bank BTN (2020-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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2023 Annual Report
HERRY TRISAPUTRA ZUNA
Commissioner
Indonesian Citizen, 56 years old as of December 2023,
domiciled in West Jakarta.
Educational Background
• Bachelor’s degree (S1) in Civil Engineering, Bandung Institute of Technology, Bandung (1992).
• Bachelor (S1) Management, Padjadjaran University, Bandung (1993).
• Master (S2) of Highway Systems and Engineering, Bandung Institute of Technology, Bandung (1994).
• Doctorate (S3) in Civil Engineering, University of Indonesia, Depok (2016).
Certification
Risk Management Level 1 Commissioner by LSPP (2022).
Work experience
• Commissioner of Bank BTN (2022 – present).
• Director General of Public Works and Housing Infrastructure Financing, Ministry of Public Works and Public Housing (2021 – present).
• Director for Development of a Financing Implementation Strategy System, Ministry of Public Works and Public Housing (2019-2021).
• Commissioner of PT Wijaya Karya Beton Tbk (2017 – 2019).
• Head of Indonesian Toll Road Regulatory Agency, Ministry of Public Works and Public Housing (2015-2019).
.
Legal Basis of Appointment
Served as Commissioner of the Company for the first time since March 2, 2022 through the Resolution of the Company’s Annual General
Meeting of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on October 11, 2022.
Period of Office
March 2, 2022 – GMS of 2027, The First Term
Concurrent Position
• Member of the Remuneration and Nomination Committee of Bank BTN (2022-present).
• Member of the Risk Monitoring Committee of Bank BTN (2022-present).
• Director General of Public Works and Housing Infrastructure Financing, Ministry of Public Works and Public Housing (2021 – present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 404,600 shares/ 0.0028829%
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Company
Profile
HIMAWAN ARIEF SUGOTO
Commissioner
Indonesian Citizen, 60 years old as of December 2023,
domiciled in Depok.
Educational Background
• Bachelor (S1) in Civil Engineering, Bandung Institute of Technology, Bandung (1990).
• Masters (S2) in Civil Engineering, University of Indonesia, Jakarta (2001).
• Doctor (S3) Management and Business, Bogor Agricultural Institute, Bogor (2023)..
Certification
Risk Management Level 1 Commissioner by LSPP (Refreshment 2023).
Work experience
• Main Advisor to the Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency for Land Economics
(2023-present).
• Commissioner of Bank BTN (2022 – present).
• Secretary to the Land Bank Board Committee (2021 – present)
• Commissioner of PT Rajawali Nusantara Indonesia (Holding Food) (2020-2022).
• Acting Director General of Land Procurement and Land Development, Ministry of Agrarian Affairs and Spatial Planning/National Land
Agency (2020 – 2021)
• Secretary General Commissioner of the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (2018 – 2023).
Legal Basis of Appointment
Served as Commissioner of the Company for the first time since March 2, 2022 through the Resolution of the Company’s Annual General
Meeting of Shareholders (AGMS) and was declared effective by the Financial Services Authority (OJK) on October 3, 2022.
Period of Office
March 2, 2022 – GMS of 2027, The First Term
Concurrent Position
• Main Advisor to the Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency for Land Economics
(2023-present).
• Member of the Remuneration and Nomination Committee of Bank BTN (2022-present).
• Member of the Risk Monitoring Committee of Bank BTN (2022-present).
• Secretary of the Land Bank Agency Committee (2021 – 2023).
• Secretary General Commissioner of the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (2018 – 2023).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, owned 404,600 shares/ 0.0028829%
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2023 Annual Report
MOHAMAD YUSUF PERMANA
Commissioner
Indonesian Citizen, 48 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
Bachelor (S1) in Economics, Gunadarma University, Jakarta (1999).
Certification
Risk Management Competency Level 1 (one) by BSMR (2023).
Work Experience
• Commissioner of PT Bank Tabungan Negara (Persero) Tbk (2023—present).
• Head of Protocol Bureau of the Presidential Secretariat, Ministry of State Secretaries (2021—present).
• Commissioner of PT Pelindo Multi Terminal (2021).
• Commissioner of PT Pelabuhan Indonesia I (Persero) (2021).
• Commissioner of PT Djakarta Lloyd (2020)..
Legal Basis of Appointment
Appointed as Commissioner of the Company for the first time since January 11, 2023 through the Resolution of the Company’s Extraordinary
General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority on June 7, 2023.
Period of Office
January 11, 2023 – GMS 2028, First Period
Concurrent Position
• Head of Protocol Bureau of the Presidential Secretariat, Ministry of State Secretary (2021 — present).
• Member of the Remuneration and Nomination Committee of Bank BTN (2023-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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Company
Profile
AHDI JUMHARI LUDDIN*
Independent Commissioner
*Resigned office on August 12 2023 due to pass away.
Indonesian Citizen, 69 years old as of August 2023,
domiciled in East Jakarta.
Educational Background
• Bachelor (S1) in Economics, University of Indonesia, Jakarta (1982).
• Master (S2) Policy Economics, University of Illinois, Urbana-Champaign, United States (1989).
Certification
Banking Risk Management Level 5 by LSPP (Refreshment 2022).
Work Experience
• Independent Commissioner of Bank BTN (2019 - 2023).
• President Commissioner of PT BRI Agroniaga Tbk (2019).
• Independent Commissioner of PT Bank DKI (2015-2018).
• Director of Law and Compliance of PT Bank Negara Indonesia (Persero) Tbk (2010-2015).
• Director of Compliance and Risk Management of PT Bank Negara Indonesia (Persero) Tbk (2008-2010).
Legal Basis of Appointment
Served as Independent Commissioner of the Company for the first time since November 27, 2019 through the decision of the Company’s
Extraordinary General Meeting of Shareholders (EGMS) and was declared effective by the Financial Services Authority (OJK) on March
16, 2020.
Period of Office
November 27, 2019 - August 12, 2023
Concurrent Position
Member of the Audit Committee of Bank BTN (2020-2023).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of August 12, 2023, Has no ownership of shares.
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2023 Annual Report
Affiliation of the Board of Commissioners
Table of Affiliation of the Board of Commissioners
Financial Relations, Family and Board of Commissioner Management
Financial Relations With Family Relations With
Management
Board of Board of Controlling Board of Board of Controlling Relations
Name Position
Commissioners Directors Shareholders Commissioners Directors Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President/
Chandra M.
Independent √ √ √ √ √ √ √
Hamzah
Commissioner
Vice President
Iqbal Latanro Commissioner/ √ √ √ √ √ √ √
Independent
Independent
Armand B. Arief √ √ √ √ √ √ √
Commissioner
Independent
Sentot A. Sentausa √ √ √ √ √ √ √
Commissioner
Andin Hadiyanto Commissioner √ √ √ √ √ √ √
Herry Trisaputra
Commissioner √ √ √ √ √ √ √
Zuna
Himawan Arief
Commissioner √ √ √ √ √ √ √
Sugoto
Mohamad Yusuf
Commissioner √ √ √ √ √ √ √
Permana
Education and/or Training of The Board of Commissioners
A description of the education and/or training of the Board of Commissioners during the Fiscal year is presented in the Corporate
Governance Chapter.
Changes in the Composition of Members of the Board of Commissioners and Reasons for
the Changes
During 2023, there was a change in the composition of the members of the Board of Commissioners. Changes in the composition of the
members of the Board of Commissioners were made based on the needs of the Company. Changes in the composition of the members
of the Board of Commissioners are as follows:
Composition of the Board of Commissioners Period January 1, 2023 – January 10, 2023
The composition of the Board of Commissioners for the period January 1, 2023 to January 10, 2023 was 8 (eight) people consisting
of 1 (one) Main/Independent Commissioner, 1 (one) Deputy Main/Independent Commissioner, 3 (three) Independent Commissioners
and 3 (three) Commissioners. The entire Board of Commissioners was domiciled in the working area of the Company’s Head Office. The
composition and basis for the appointment of the Board of Commissioners can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Commissioners
period January 1, 2023 - January 10, 2023
Name Position Organizer Basis of Appointment Effective Date
President/Independent
Chandra M. Hamzah OJK EGMS dated November 27, 2019 May 4, 2020
Commissioner
Vice President
Iqbal Latanro OJK AGMS dated March 10, 2021 September 6, 2021
Commissioner/Independent
Armand B. Arief Independent Commissioner OJK EGMS dated November 27, 2019 May 14, 2020
Ahdi Jumhari Luddin Independent Commissioner OJK EGMS dated November 27, 2019 March 16, 2020
Sentot A. Sentausa Independent Commissioner OJK AGMS dated March 2, 2022 August 8, 2022
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Company
Profile
Name Position Organizer Basis of Appointment Effective Date
Andin Hadiyanto Commissioner OJK EGMS dated November 27, 2019 July 10, 2020
Herry Trisaputra Zuna Commissioner OJK AGMS dated March 2, 2022 October 11, 2022
Himawan Arief Sugoto Commissioner OJK AGMS dated March 2, 2022 October 3, 2022
Composition of the Board of Commissioners Period January 11, 2023 – August 11, 2023
Based on the Decision of the 2023 Extraordinary General Meeting of Shareholders (EGMS), Mohamad Yusuf Permana was appointed
as Commissioner of the Company. Thus, the composition of the Board of Commissioners for the period January 11, 2023 to August 11,
2023 was 9 (nine) people consisting of 1 (one) Main/Independent Commissioner, 1 (one) Deputy Main/Independent Commissioner, 3
(three) Independent Commissioners and 4 (four) Commissioners. The entire Board of Commissioners was domiciled in the working area of
the Company’s Head Office. The composition and basis for the appointment of the Board of Commissioners can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Commissioners
period January 11, 2023 – August 11, 2023
Name Position Organizer Basis of Appointment Effective Date
President/Independent
Chandra M. Hamzah OJK EGMS dated November 27, 2019 May 4, 2020
Commissioner
Vice President
Iqbal Latanro OJK AGMS dated March 10, 2021 September 6, 2021
Commissioner/Independent
Armand B. Arief Independent Commissioner OJK EGMS dated November 27, 2019 May 14, 2020
Ahdi Jumhari Luddin Independent Commissioner OJK EGMS dated November 27, 2019 March 16, 2020
Sentot A. Sentausa Independent Commissioner OJK AGMS dated March 2, 2022 August 8, 2022
Andin Hadiyanto Commissioner OJK EGMS dated November 27, 2019 July 10, 2020
Herry Trisaputra Zuna Commissioner OJK AGMS dated March 2, 2022 October 11, 2022
Himawan Arief Sugoto Commissioner OJK AGMS dated March 2, 2022 October 3, 2022
Mohamad Yusuf
Commissioner OJK EGMS dated January 11, 2023 June 07, 2023
Permana
Composition of the Board of Commissioners Period August 12, 2023 – December 31, 2023
On August 12, 2023, Ahdi Jumhari Luddin as Independent Commissioner of the Company passed away, thereby ending his term of
office automatically. Thus, the composition of the Board of Commissioners for the period August 12, 2023 to December 31, 2023
was 8 (eight) people consisting of 1 (one) Main/Independent Commissioner, 1 (one) Deputy Main/Independent Commissioner, 2 (two)
Independent Commissioners and 4 (four) Commissioners. The entire Board of Commissioners was domiciled in the working area of the
Company’s Head Office. The composition and basis for the appointment of the Board of Commissioners can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Commissioners
period January 11, 2023 – August 12, 2023
Name Position Organizer Basis of Appointment Effective Date
President/Independent
Chandra M. Hamzah OJK EGMS dated November 27, 2019 May 4, 2020
Commissioner
Vice President
Iqbal Latanro OJK AGMS dated March 10, 2021 September 6, 2021
Commissioner/Independent
Armand B. Arief Independent Commissioner OJK EGMS dated November 27, 2019 May 14, 2020
Sentot A. Sentausa Independent Commissioner OJK AGMS dated March 2, 2022 August 8, 2022
Andin Hadiyanto Commissioner OJK EGMS dated November 27, 2019 July 10, 2020
Herry Trisaputra Zuna Commissioner OJK AGMS dated March 2, 2022 October 11, 2022
Himawan Arief Sugoto Commissioner OJK AGMS dated March 2, 2022 October 3, 2022
Mohamad Yusuf
Commissioner OJK EGMS dated January 11, 2023 June 07, 2023
Permana
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2023 Annual Report
Board of Sharia Supervisory
Profile
PROF. DR. H. MUHAMMAD QURAISH SHIHAB, M.A
Chairman of the Sharia Supervisory Board
Indonesian Citizen, 80 years old as of December 2023,
domiciled in South Jakarta.
Educational Background
• Bachelor (S1) in Tafsir and Hadith from Al-Azhar University, Cairo, Egypt (1967).
• Postgraduate (Masters) in Tafsir and Hadith from Al-Azhar University, Cairo, Egypt (1969).
• Doctorate (S3) in Tafsir and Hadith from Al-Azhar University, Cairo, Egypt (1982).
Certifications
• Ijtima’Sanawi & Semiloka DPS-DSM MUI (2019).
• Ijtima’Sanawi & Annual Meeting DPS VIII (2023)
Work Experience
• Chairman of the Sharia Supervisory Board of Bank BTN (2019 - present).
• Founder and Member of the Council of Muslim Elders (2014 - present).
• Member of Eminent Person Group Indonesia Malaysia Person Group Indonesia Malaysia (2010).
• Ambassador Extraordinary and Plenipotentiary to Arabia, Egypt and Djibouti (1998 - 2002).
• Minister of Religion of the Republic of Indonesia (1998).
• Member of the National Research Council (1995 - 1999).
• Member of the National Accreditation Board (1994 - 1998).
• Director of MUI Ulama Cadreship (1994 - 1997).
• Member of DPS Bank Muamalat (1992 - 1999).
• Chancellor of IAIN Syarif Hidayatullah (1992 - 1998).
• Member of Pentashih Al-Qur’an, Ministry of Religion of the Republic of Indonesia (1989 - present).
• Member of the National Education Advisory Board (1988 - 1996).
• Member of the MPR-RI for the 1982-1987 period and the period (1987 - 2002).
• Chairman of the Central Indonesian Ulema Council (MUI) (1985 - 1998).
• Deputy Chancellor of IAIN Alauddin (1974 - 1980).
• Assistant Lead Coordinator for the Eastern Indonesian Police in the Mental Sector (1973 - 1975).
• Coordinator of Private Islamic Colleges in Eastern Indonesia (Kopertis Eastern Region) (1967 - 1980).
Legal Basis of Appointment
Served as Chairman of the Sharia Supervisory Board for the first time through the results of the Company’s Annual General Meeting of
Shareholders (AGMS) on March 23, 2018 and was declared effective by the Financial Services Authority (OJK) on January 10, 2019.
Then he was reappointed as Chairman of the Sharia Supervisory Board for the second time at the 2023 General Meeting of Shareholders
on March 16, 2023.
Period of Office
• March 23, 2018 - 2023 GMS, First Period
• March 16, 2023 - 2028 GMS, Second Period
Concurrent Position
• Founder and Member of the Council of Muslim Elders (2014 - present).
• Member of Pentashih Al-Qur’an, Ministry of Religion of the Republic of Indonesia (1989 - present).
Concurrent Position in Another Public Company
Chairman of the Sharia Supervisory Board CIMB Niaga Sharia Business Unit (2019-present).
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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MOHAMAD BAGUS TEGUH PERWIRA, LC, MA
Member of Sharia Supervisory Board
Indonesian Citizen, 45 years old as of December 2023,
domiciled in Bekasi.
Educational Background
• Bachelor’s Degree from Faculty of Dirasat Islamiyah Wal Arabiyah, Al-Azhar University of Cairo-Egypt (1999).
• Islamic Economic Studies Program, Post Graduate School of UIN Syarif Hidayatullah Jakarta (2007).
Certifications
• Certified Financial Planner (CFP®️) (2010).
• Associate Estate Planning Practitioner (AEPP®️) (2011).
• Qualified Wealth Planner (QWP) (2011).
• Izin sebagai Ahli Syariah Pasar Modal (ASPM) – Otoritas Jasa Keuangan (OJK) (2016).
• Kompetensi Pengawas Syariah - Lembaga Sertifikasi Profesi-Majelis Ulama Indonesia (LSPMUI) (2016).
• Assesor Kompetensi – BNSP (2017).
• Ijtima’Sanawi & Annual Meeting DPS VIII (2023).
Work Experience
• Member of the Sharia Supervisory Board of PT Bank Tabungan Negara, Tbk (Persero) (2021 - present).
• Deputy Secretary of the Daily Executive Board, National Sharia Council-Indonesian Ulema Council (2020 - present).
• Secretary for Capital Markets Daily Executive Agency, National Sharia Council-Indonesian Ulema Council (2015 - 2020).
• Chairman of the BRI DPLK Sharia Supervisory Board (2018 - 2019).
• Chairman of the Sharia Supervisory Board of PT Aberdeen Standard Investment Indonesia (2015 - 2021).
• Chairman of the Sharia Supervisory Board of PT Indosurya Asset Management (2015 - 2017).
• Trainer at DSN-MUI Institute (November 2017 - present).
• Member of the Sharia Supervisory Board of PT Schroder Investment Management Indonesia. (2009 - 2022).
• Lecturer at Trisakti University (2009 - 2013).
• Head Planner PT Quantum Magna (2007 - 2014).
• Lecturer at Muhammadiyah University Prof.Dr. Hamka (2007 - 2009).
• Consultant at PT Batasa Tazkia (2004 - 2009).
Legal Basis of Appointment
Served as Member of the Sharia Supervisory Board for the first time since the results of the Company’s Annual General Meeting of
Shareholders (AGMS) on March 10, 2021 and was declared effective by the Financial Services Authority (FSA) on June 2, 2021.
Period of Office
March 10, 2021 – GMS of 2026, The First Term
Concurrent Position
Member of the Sharia Supervisory Board of PT Schroder Investment Management Indonesia.
Concurrent Position in Another Public Company
• Member of the Sharia Supervisory Board of PT OCBC NISP Tbk.
• Member of the Sharia Supervisory Board of PT Bank Maybank Indonesia Tbk.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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MUHAMMAD FAIZ, LC, MA
Member of Sharia Supervisory Board
Indonesian Citizen, 49 years old as of December 2023,
domiciled in Jakarta.
Educational Background
• Bachelor (S1) Faculty of Sharia, Islamic University of Madinah, Saudi Arabia (1997)
• Master (S2) Faculty of Daarul Ulum Cairo University, Egypt (1999).
Certifications
• Sharia Supervisory Board Level 1 Certification (2008).
• Sharia Supervisory Board Level 2 Certification (2013).
Work Experience
• Member of the Sharia Supervisory Board of PT Bank Tabungan Negara, Tbk (Persero) (2023 - present).
• Nahdlatul Ulama Executive Board (PB) (2022- present).
• Deputy Rais PW Nahdlatul Ulama DKI Jakarta (2021-2022).
• Chairman of the Sharia Supervisory Board of PT Bank Tabungan Pensiunan Nasional (BTPN) Syariah (2017-present)
• Chairman of the Sharia Supervisory Board of the Sharia Business Unit of PT Bank Permata, Tbk. (2014-present).
• Chairman of the Sharia Supervisory Board of PT Indomobil Multi Finance Indonesia Syariah (2012-present)
• Deputy Secretary of the MUI Fatwa Commission (2010-present).
• Member of the Sharia Supervisory Board of the Sharia Business Unit of PT Bank Permata, Tbk. (2008-2014).
• Deputy PP Administrator Daarul Rahman (2008-present).
Legal Basis of Appointment
Appointed as Member of the Sharia Supervisory Board for the first time based on a Decree from the Financial Services Authority on
October 18, 2023 and was declared effective on November 29, 2023.
Period of Office
November 29, 2023 - GMS 2028, first period
Concurrent Position
• Nahdlatul Ulama Executive Board (PB) (2022- present).
• Chairman of the Sharia Supervisory Board of PT Bank Tabungan Pensiunan Nasional (BTPN) Syariah (2017-present)
• Chairman of the Sharia Supervisory Board of PT Indomobil Multi Finance Indonesia Syariah (2012-present)
• Deputy Secretary of the MUI Fatwa Commission (2010-present).
• Deputy PP Administrator Daarul Rahman (2008-present).
Concurrent Position in Another Public Company
• Chairman of the Sharia Supervisory Board of the Sharia Business Unit of PT Bank Permata, Tbk. (2014-present).
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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DR. H. MOHAMAD HIDAYAT, MBA, MH*
Member of Sharia Supervisory Board
Resigned from office on March 15, 2023
Indonesian Citizen, 55 years old as of December 2023,
domiciled in Jakarta.
Educational Background
• Bachelor (S1) Faculty of Sharia from IAIN Jakarta (1992).
• Master (S2) of Business Administration (MBA) from IPWI Jakarta.
• Masters (S2) in Legal Studies from the Institute at Business Law & Legal Management (IBLAM) Jakarta College of Legal Studies (2003).
• Doctorate (S3) in Islamic Economics and Finance from Trisakti University, Jakarta (2014).
Certifications
Ijtima’Sanawi & Semiloka DPS-DSM MUI (2019).
Work Experience
• Member of the Sharia Supervisory Board of PT Bank Syariah Indonesia Tbk (2021 – present)
• Member of DPS Allianz Syariah (2020 - 2023).
• Khatib remains OJK Mosque (2015 - 2020).
• Caretaker of Tahfiz Al Qur’an Al Wasiah Islamic Boarding School, Jakarta (2007 - present).
• Member of the Sharia Supervisory Board of Bank BTN (2005 - present).
• The Khatib remains the Presidential Palace Mosque (2005 - 2020).
• Member of DPS Bank Syariah Mandiri (1999 - 2021).
• Khatib remained at the Bank Indonesia Mosque (1999 - 2000).
Legal Basis of Appointment
Served as Member of the Sharia Supervisory Board for the first time based on the results of the Company’s Annual General Meeting of
Shareholders (AGMS) on March 23, 2018.
Period of Office
March 23, 2018 - March 15, 2023, Second Period
Concurrent Position
• Member of the Sharia Supervisory Board of PT Bank Syariah Indonesia Tbk (2021 – present)
• Caretaker of Tahfiz Al Qur’an Al Wasiah Islamic Boarding School, Jakarta (2007 - present).
• Member of the Sharia Supervisory Board of Bank BTN (2005 - present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
BTN Share Ownership
As of December 31, 2023, Has no ownership of shares.
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Affiliation of the Board of Sharia Supervisory
Table of Affiliation of the Board of Sharia Supervisory
Financial Relations, Family and Management of the Sharia Supervisory Board
Financial Relations With Family Relations With
Management
Board of Board of Controlling Board of Board of Controlling Relations
Name Position
Commissioners Directors Shareholders Commissioners Directors Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Prof. Dr. H. Chairman of the
Muhammad Quraish Sharia Supervisory √ √ √ √ √ √ √
Shihab, MA Board
Mohamad Bagus Member of Sharia
√ √ √ √ √ √ √
Teguh Perwira, Lc, MA Supervi-sory Board
Muhammad Faiz, Member of Sharia
√ √ √ √ √ √ √
Lc, MA Supervi-sory Board
Changes in the Composition of Members of the Sharia Supervisory Board and the
Reasons for The Change
The appointment of the Company’s Sharia Supervisory Board was based on the requirements of the Sharia Supervisory Board in
accordance with Bank Indonesia Regulation No. 11/10/ PBI/2009 concerning Sharia Business Units as amended by Bank Indonesia
Regulation No. 15/14/PBI/2013 namely Members of the Sharia Supervisory Board must have integrity, competence and reputation
in the financial sector. The entire Sharia Supervisory Board was domiciled in the working area of the BTN Head Office. During 2023,
there has been a change in the composition of the members of the Sharia Supervisory Board. Changes in the composition of members
of the Sharia Supervisory Board were carried out based on the Company’s needs. Changes in the composition of members of the Sharia
Supervisory Board are as follows:
Composition of The Sharia Supervisory Board Period January 1, 2023 – March 15, 2023
The composition of the Sharia Supervisory Board for the period January 1, 2023 to March 15, 2023 was 3 (three) people consisting
of 1 (one) Chairman of the Sharia Supervisory Board and 2 (two) members of the Sharia Supervisory Board. The composition and basis
for appointment of the Sharia Supervisory Board can be seen in the table below.
Table of Composition and Basis for Appointment of the Sharia Supervisory Board
Period January 1, 2023 – March 15, 2023
Name Position Organizer Basis of Appointment Effective Date
Prof. Dr. H. Muhammad Quraish Shihab, MA Chair-man OJK AGMS dated March 23, 2018 January 10, 2019
Dr. H. Mohamad Hidayat, MBA, MH Mem-ber OJK AGMS dated March 23, 2018 -
Mohamad Bagus Teguh Perwira, Lc, MA Mem-ber OJK AGMS dated March 10, 2021 June 2, 2021
Composition of The Sharia Supervisory Board Period March 16, 2023 – October 17, 2023
On March 16, 2023, the General Meeting of Shareholders approved the dismissal of Prof. Dr. H Muhammad Quraish Shihab from
the General Chair of SSB and Dr. H. Mohamad Hidayat, MBA, MH from SSB members. Then, the GMS approved and ratified the re-
appointment of Muhammad Quraish Shihab as Chairman of the Company’s Sharia Supervisory Board for the second period. Thus, the
composition of the Sharia Supervisory Board for the period March 16, 2023 to October 17, 2023 was 2 (two) people consisting of 1
(one) Chairman of the Sharia Supervisory Board and 1 (one) member of the Sharia Supervisory Board. The composition and basis for
appointment of the Sharia Supervisory Board can be seen in the table below.
Table of Composition and Basis for Appointment of the Sharia Supervisory Board
Period March 16, 2023 – October 17, 2023
Name Position Organizer Basis of Appointment Effective Date
Prof. Dr. H. Muhammad Quraish - AGMS dated March 23, 2018 - January 10, 2019
Chair-man OJK
Shihab, MA - AGMS dated March 16, 2023 - March 16, 2023
Mohamad Bagus Teguh Perwira, Lc,
Mem-ber OJK AGMS dated March 10, 2021 June 2, 2021
MA
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Composition of The Sharia Supervisory Board Period October 18, 2023 – December 31, 2023
On October 18 2023, Muhammad Faiz, Lc, MA was appointed as Member of the Sharia Supervisory Board. Thus, the composition
of the Sharia Supervisory Board for the period October 18, 2023 to December 31, 2023 was 3 (three) people consisting of 1 (one)
Chairman of the Sharia Supervisory Board and 2 (two) members of the Sharia Supervisory Board. The composition and basis for
appointment of the Sharia Supervisory Board can be seen in the table below.
Table of Composition and Basis for Appointment of the Sharia Supervisory Board
Period October 18, 2023 – December 31, 2023
Name Position Organizer Basis of Appointment Effective Date
Prof. Dr. H. Muhammad Quraish - AGMS dated March 23, 2018 - January 10, 2019
Chairman OJK
Shihab, MA - AGMS dated March 16, 2023 - March 16, 2023
Mohamad Bagus Teguh Perwira, Lc,
Member OJK AGMS dated March 10, 2021 June 2, 2021
MA
FSA Decision Letter dated October 18,
Muhammad Faiz, Lc, MA Member OJK November 29, 2023
2023
Profile of
Executive Offices
Senior Executive Vice President
BENNY YOSLIM
SEVP Wholesale Banking
Indonesian Citizen, 43 years old as of December 2023,
domiciled in West Jakarta.
Educational background
• Bachelor (S1) in Industrial Engineering, Trisakti University, Jakarta (2002).
• Master (S2) Business Administration, Bandung Institute of Technology, Bandung (2005).
Certification
Banking Risk Management Level 5 by BSMR (Refreshment 2020).
Work experience
• SEVP Wholesale Banking Bank BTN (Maret 2021 – present).
• Corporate Banking Director PT Bank Negara Indonesia (Persero) Tbk (2020).
• General Manager, Local Corporate & Multinational Company 1 Division PT Bank Negara Indonesia (Persero) Tbk (2018 – 2020).
• Deputy GM, BUMN & Government Institution Division PT Bank Negara Indonesia (Persero) Tbk (2016 – 2017).
• Team Leader, BUMN & Government Institution Division PT Bank Negara Indonesia (Persero) Tbk (2013 – 2016).
Legal Basis for Appointment
Served as SEVP of the Company for the first time since March 1, 2021 based on the Decree of the Company’s Directors Number 248/
DIR/2021 dated March 3, 2021.
BTN Share Ownership
As of December 31, 2023, owned 501,200 shares/0.0035712%
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ALEX SOFJAN NOOR
SEVP Operations
Indonesian Citizen, 57 years old as of December 2023,
domiciled in West Jakarta.
Educational background
Bachelor of Accounting from Islamic University of Indonesia (1991).
Certification
• General Banking Refreshment Level 3 by LPPI (2022).
• International Risk Management Refreshment & Wealth Management Certification Program by MMUGM and IBI (2022).
Work experience
• SEVP Operations Bank BTN (June 2022 – present).
• SEVP Human Capital Bank BTN (January 2022 – June 2022).
• Sharia Business Division Head Bank BTN (2020 – January 2022).
• Sharia Division Head Bank BTN (2019 – 2020).
• Commercial Risk Division Head Bank BTN (2018 – 2019).
Legal Basis for Appointment
Served as SEVP of the Company for the first time since January 3, 2022 based on the Decree of the Company’s Directors Number 06/
DIR/2022 dated January 4, 2022.
BTN Share Ownership
As of December 31, 2023, owned 1,129,726 shares/0.0080497%
As of December 31, 2023, the position of SEVP Compliance & Legal remained unfilled. Supervision of the SEVP Compliance & Legal
work unit rested with the Director of Human Capital, Compliance & Legal until SEVP Compliance & Legal was appointed.
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Profile
Profile of Officers One Level Under the Board of Directors
Educational background
• Masters (S-2) in Accounting from the University of Queensland in 2003
• Bachelor (S-1) in Accounting from the University of Indonesia in 1998
• Diploma (D-3) in Accounting from the State College of Accountancy (STAN) 1995
Work experience
• 2021 served as Internal Audit Division Head of the Company
Period of Service
In office since: July 26, 2021
Hendratno Tri Wibowo
Internal Audit Division Head
Indonesian Citizen, 49 years old as of December
2023, domiciled in South Tangerang.
Educational background
• Masters (S-2) in Financial Management from UGM & University of Kentucky USA
2004.
• Bachelor (S-1) in Accounting from YAI College of Economics in 1995.
Work experience
• 2021 served as Treasury Division Head
• 2019 served as Corporate Syndication & Transaction Banking Division Head
• 2017 served as Corporate & Syndication Loan Division Head
• 2015 served as Institutional Banking Division Head
Period of Service
In office since: April 01, 2021
Sindhu Rahadian Ardita
Treasury Division Head
Indonesian Citizen, 50 years old as of December
2023, domiciled in Central Jakarta.
Educational background
• Bachelor’s degree (S1) in Mineral Technology from the Veterans National
Development University, Yogyakarta in 1993
• Masters (S-2) in Financial Management from UGM & University of Kentucky USA in
2004
Work experience
• 2023 served as Service Quality & Distribution Division Head
• 2021 served as Retail Funding & Services Division Head
• 2021 served as Regional Office Head I (West Java)
• 2020 served as Regional Office Head VI (Central Java)
• 2018 served as Retail Funding & Services Division Head
Period of Service
Ferry Sipahutar
In office since: June 05, 2023
Service Quality & Distribution Division Head
Indonesian Citizen, 53 years old as of December
2023, domiciled in Bogor.
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Educational background
Bachelor (S-1) in Agriculture from Jenderal Soedirman University in 1994
Work experience
• 2023 served as Marketing Communication Division Head
• 2020 served as Branding & Product Marketing Department Head
Period of Service
In office since: April 14, 2023
Farida Andriani W
Marketing Communication Division Head
Indonesian Citizen, 53 years old as of December
2023, domiciled in Jakarta.
Educational background
• Bachelor (S-1) in Business Administration from the University of Indonesia in 1993
• Masters (S-2) in Commerce from The University of Sydney in 1998
Work experience
• 2023 served as Corporate Secretary Division Head
• 2020 served as Marketing Communication Division Head
• 2020 concurrently as Digital Channel Division Head
Period of Service
In office since: April 14, 2023
Ramon Armando
Corporate Secretary Division Head
Indonesian Citizen, 49 years old as of December
2023, domiciled in Jakarta.
Educational background
• Bachelor (S-1) in Business Administration from the University of Indonesia in 1993
• Masters (S-2) in Commerce from The University of Sydney in 1998
Work experience
• 2022 served as Human Capital Management Division
• 2021 served as Sharia Funding & Treasury Deputy
• 2021 served as Sharia Business Deputy
• 2016 served as Branch Manager of Sharia Jakarta Pasar Minggu
Period of Service
In office since: February 14, 2022
Rahmayati
Human Capital Management Division
Indonesian Citizen, 50 years old as of December
2023, domiciled in Jakarta.
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Profile
Educational background
• Masters (S-2) in HR Management from the PPM Management College in 2003
• Bachelor (S-1) in Plant Pests from the Bogor Agricultural Institute in 1996
Work experience
• 2023 served as Human Capital Business Partner Division Head
• 2021 served as Human Capital Strategy Division Head
Period of Service
In office since: November 01, 2023
Aloysius Wilhelmus Junior
Bakowatun
Human Capital Business Partner Division Head
Indonesian Citizen, 52 years old as of December
2023, domiciled in Jakarta.
Educational background
• Masters (S-2) in HR Management and Organization from The London School of
Economics & Political Science in 2021
• Bachelor (S-1) in Agricultural Technology from the Bogor Agricultural Institute in
2012
Work experience
• 2023 served as Human Capital Strategy Division Head
Period of Service
In office since: November 06, 2023
Aldo Bimantoro
Human Capital Strategy Division Head
Indonesian Citizen, 33 years old as of December
2023, domiciled in Jakarta.
Educational background
• 2021 served as Talent Mobility & Development Head at PT Bank Negara Indonesia
(Persero) Tbk
• 2019 served as Corporate Culture & Employee Engagement Assistant Vice
President at PT Bank Negara Indonesia (Persero) Tbk
Work experience
• 2023 served as Learning Management Division Head
• 2022 served as PJ Learning Management Division Head
• 2022 served as PJ Learning Center Division Head
• 2021 served as Employee Development Department Head
Period of Service
In office since: February 01, 2023
Ade Surya Lesmana
Learning Management Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in South Tangerang.
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Educational background
• Masters (S-2) in Marketing Management from Gadjah Mada University in 2004
• Bachelor (S1) in Development Economics from Gadjah Mada University in 1996
Work experience
• 2023 served as PLT Transformation Management Division Head
• 2021 served as Enterprise Risk Management Division Head
• 2019 served as Procurement & General Services Division Head
Period of Service
In office since: June 02, 2021
Wilson Arafat
Enterprise Risk Management Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in West Jakarta.
Educational background
Bachelor (S-1) in Computer Science from Gadjah Mada University in 2003
Work experience
2021 served as IT Strategic Planning & Development Division Head
Period of Service
In office since: July 29, 2021
Joko Christianto
IT Strategic Planning & Development Division Head
Indonesian Citizen, 43 years old as of December
2023, domiciled in Jakarta.
Educational background
• Masters (S-2) in Electrical Engineering from the Bandung Institute of Technology in
1996
• Bachelor (S-1) in Electrical Engineering from the Bandung Institute of Technology in
1993
Work experience
• 2023 served as PJ IT Operations Division Head
• 2021 served as Deputy IT Strategic Planning & Development
Period of Service
In office since: August 03, 2023
Danny Sutanto
PJ IT Operations Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Jakarta.
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Educational background
Bachelor (S-1) in Electrical Engineering from the Bandung Institute of Technology in 2003
Work experience
• 2022 served as IT Security Division Head
Period of Service
In office since: December 15, 2022
Budi Hariyanto
IT Security Division Head
Indonesian Citizen, 43 years old as of December
2023, domiciled in Jakarta.
Educational background
• Masters (S-2) in Management from STIE Indonesia Banking School in 2019
• Bachelor (S-1) in Management Economics from Jenderal Soedirman University in
1995
Work experience
• 2023 served as Procurement & Fixed Asset Management Division Head
• 2021 served as IT Operations Division Head
• 2019 served as PJ. IT Operations Division Head
Period of Service
In office since: August 03, 2023
Wahyudi Joko Santoso
Procurement & Fixed Asset Management Division
Head
Indonesian Citizen, 53 years old as of December
2023, domiciled in Bekasi.
Educational background
Bachelor (S-1) in Development Economics from Sebelas Maret University in 1995
Pengalaman Kerja
• 2018 served as Operations & Business Support Division Head
• 2017 served as PLT Operation & Business Support Division Head
• 2016 served as Digital Banking Development Department Head
Period of Service
In office since: April 02, 2018
Adee Indriana D
Operations & Business Support Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in Bekasi.
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Educational background
• Masters (S-2) in Management from Gadjah Mada University in 2004
• Bachelor (S-1) in Architectural Engineering from Diponegoro University in 1996
Pengalaman Kerja
• 2022 served as Customer Care Division Head
• 2020 served as Corporate Communication Department Head
Period of Service
In office since: December 26, 2022
Eko Hapsoro Susilo
Customer Care Division Head
Indonesian Citizen, 50 years old as of December
2023, domiciled in South Tangerang.
Educational background
Bachelor (S-1) in Accounting from Dr Moechtar Talib College of Economics in 1995
Work experience
• 2023 served as Finance & Accounting Division Head
• 2022 served as PJ Finance & Accounting Division Head
Period of Service
In office since: February 01, 2023
Fatoni Hudhori
Finance & Accounting Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in South Jakarta.
Educational background
Bachelor (S-1) in Civil Engineering from the Bandung Institute of Technology in 1995
Work experience
• 2022 served as Sharia Banking Division Head
• 2021 served as Human Capital Management Division Head
• 2020 served as Commercial Business Center Head
Period of Service
In office since: January 03, 2022
Abdul Firman
Sharia Banking Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in Bekasi.
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Profile
Educational background
• Masters (S-2) in Financial Management from UGM & University of Kentucky USA in
2004
• Bachelor (S-1) in Accounting from Padjadjaran University in 1993
Work experience
• 2019 served as Compliance & Governance Division Head
• 2018 served as PLT Compliance & Governance Division Head
• 2018 served as Deputy Internal Audit Division Head
Period of Service
In office since: September 05, 2019
R. Wahyu B. Witjaksono
Compliance & Governance Division Head
Indonesian Citizen, 53 years old as of December
2023, domiciled in Bekasi.
Educational background
• Masters (S-2) Master of Management, Bina Nusantara University in 2006
• Bachelor (S1) in Computer Science from Bina Nusantara University in 2001
Work experience
• 2021 served as Digital Channel Division Head
Period of Service
In office since: July 16, 2021
Tan Jacky Chen
Digital Banking Division Head
Indonesian Citizen, 40 years old as of December
2023, domiciled in Tangerang.
Educational background
Bachelor (S-1) in Economics from the Islamic University of Indonesia in 1995
Work experience
• 2020 served as Commercial Banking Division Head
• 2018 served as Corporate & Loan Syndication Department Head
Period of Service
In office since: December 31, 2019
Sri Astuti
Commercial Banking Division Head
Indonesian Citizen, 50 years old as of December
2023, domiciled in Jakarta.
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Educational background
Bachelor (S-1) in Management from Bandar Lampung University in 1994
Work experience
• 2021 served as Corporate Syndication & Transaction Banking Division Head
• 2021 served as Plt. Internal Audit Division Head
• 2020 served as Deputy Internal Audit Division Head
• 2018 served as Deputy Regional Manager Regional Office 2
• 2017 served as Branch Manager Bandung
• 2015 served as Branch Manager Malang
Period of Service
In office since: July 26, 2021
Ricky RS. Pattinggi
Corporate Banking Division Head
Indonesian Citizen, 52 years old as of December
2023, domiciled in Bogor.
Educational background
Bachelor (S-1) in Industrial Engineering from the University of North Sumatra in 1996
Pengalaman Kerja
• 2022 served as Institutional Funding Division Head
• 2021 served as PJ Institutional Funding Division Head
Period of Service
In office since: January 01, 2022
Erwinta Siswadi
Institusional Funding Division Head
Indonesian Citizen, 52 years old as of December
2023, domiciled in South Tangerang.
Educational background
• Masters (S-2) in Economic Law from the University of Indonesia in 2003
• Bachelor (S-1) in Law from the University of North Sumatra in 1994
Work experience
• 2023 served as Legal Division Head
• 2022 served as PJ Legal Division Head
• 2021 served as Plt. Legal Division Head
Period of Service
In office since: February 01, 2023
Wilson Lie Simatupang
Legal Division Head
Indonesian Citizen, 55 years old as of December
2023, domiciled in Bogor.
PT Bank Tabungan Negara (Persero) Tbk 159
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Company
Profile
Educational background
Bachelor (S-1) in Law from Udayana University in 1993
Work experience
• 2021 served as Credit Operations Division Head
• 2021 served as PJ Credit Operations Division Head
• 2019 served as Branch Manager Bekasi
• 2018 served as Deputy Regional Manager Business, Regional Office III (East Java)
Period of Service
In office since: August 16, 2021
I Gusti Agung Komang
Tri Martha W
Credit Operations Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Finance & Economics from the University of Oregon in 1996
Work experience
• 2020 served as Wealth Management Division Head
Period of Service
In office since: December 17, 2020
Frengky Rosadrian Perangin-Angin
Wealth Management Division Head
Indonesian Citizen, 48 years old as of December
2023, domiciled in Jakarta.
Educational background
• Masters (S-2) in Management from Gadjah Mada University in 2004
• Bachelor (S-1) in Development Economics from Padjadjaran University in 1995
Work experience
• 2023 served as Non-Subsidized Mortgage Division Head
• 2019 served as Roll Out Transformation Project Lead
Period of Service
In office since: February 01, 2023
Mochamad Yut Penta
Non-Subsidized Mortgage Division Head
Indonesian Citizen, 53 years old as of December
2023, domiciled in Jakarta.
160 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Educational background
Bachelor (S-1) in Fisheries Socioeconomics from Brawijaya University in 2000
Work experience
• 2023 served as Personal Banking Division Head
Period of Service
In office since: August 09, 2023
Nurkholis Wahyudi
Personal Banking Division Head
Indonesian Citizen, 47 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Economics from Syiah Kuala University in 1997
Work experience
• 2023 served as Subsidized Mortgage Division Head
• 2021 served as Small Medium Enterprise Banking Division Head
• 2020 served as Retail Credit Risk Division Head
• 2020 served as Consumer Collection, Recovery & Asset Sales Division Head.
Period of Service
Served since: November 01, 2023
Budi Permana
Subsidized Mortgage Division Head
Indonesian Citizen, 47 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Civil Engineering from the University of North Sumatra in 1996
Work experience
• 2023 served as Small Medium Enterprise Banking Division Head
• 2023 served as Deputy Subsidized Mortgage Division
• 2023 served as Branch Manager KC Bekasi
• 2020 served as Branch Manager of KC Tangerang
Period of Service
In office since: November 01, 2023
Roganda S.M. Siahaan
Small Medium Enterprise Banking Division Head
Indonesian Citizen, 43 years old as of December
2023, domiciled in Tangerang.
PT Bank Tabungan Negara (Persero) Tbk 161
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Company
Profile
Educational background
• Masters (S-2) in Financial Management from UGM & University of Kentucky USA in
2004
• Bachelor (S-1) in Law from Wijaya Kusuma University, Purwokerto in 1995
Work experience
2021 served as Financial Institution and Capital Market Division Head
Period of Service
In office since: April 01, 2021
Hasta Nugraha Utomo
Financial Institusion &
Capital Market Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in Tangerang.
Educational background
• Masters (S-2) Master of Business Administration from Gadjah Mada University in
2023
• Bachelor (S-1) in Civil Engineering from the Sepuluh November Institute of
Technology in 2002
Work experience
• 2023 served as Consumer Collection Recovery & Asset Sales 1 Division Head
• 2020 served as Transformation and Partnership Management Division Head
• 2019 served as Enterprise Risk Management Division Head
• 2017 served as Retail Risk Division Head.
Period of Service
In office since: June 05, 2023
Erwin Dwi Kusuma
Consumer Collection Recovery & Asset Sales 1
Division Head
Indonesian Citizen, 44 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Economics in Development Studies from Airlangga University in
1992
Work experience
• 2023 served as Consumer Collection Recovery & Asset Sales 2 Division Head
• 2021 served as Consumer Collection, Recovery & Asset Sales Division Head
• 2020 served as PJ Regional Office Head IV (Sumatra)
• 2019 served as Deputy Regional Manager Support, Regional Office III (East Java)
Period of Service
In office since: June 05, 2023
Nurwidi Purboyo
Consumer Collection Recovery & Asset Sales 2
Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Jakarta.
162 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Educational background
Bachelor (S-1) in Law from Padjadjaran University in 1996
Work experience
• 2023 served as Commercial Asset Management Division Head
• 2022 served as Commercial Asset Management 1 Division Head
• 2020 served as Corporate Secretary Division Head
• 2019 served as Branch Manager Jakarta Cawang
• 2017 served as Deputy Branch Manager Bandung
Period of Service
In office since: June 05, 2023
Ari Kurniaman
Commercial Asset Management Division Head
Indonesian Citizen, 51 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Development Economics from the University of Lampung in 1990
Work experience
• 2021 served as Corporate Strategy & Planning Division Head
• 2020 served as Retail Funding & Services Division Head
Period of Service
In office since: July 19, 2021
Kusumarjono
Corporate Strategy & Planning Division Head
Indonesian Citizen, 55 years old as of December
2023, domiciled in Jakarta.
Educational background
• Master (S-2) in Economics Studies from the University of Queensland Australia in 2002
• Bachelor (S-1) in Economics from the University of Indonesia in 1996
Work experience
• 2020 served as Investor Relations & Research Division Head and Chief Economist
• 2018 served as Investor Relations Department Head and Chief Economist
Period of Service
In office since: January 28, 2020
Winang Budoyo
Investor Relation & Research Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Tangerang.
PT Bank Tabungan Negara (Persero) Tbk 163
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Company
Profile
Educational background
Bachelor (S-1) in Environmental Engineering from the Bandung Institute of Technology
in 1996
Work experience
• 2021 served as Retail Credit Risk Division Head
• 2018 served as Corporate Strategy & Performance Management Division Head
Period of Service
In office since: July 01, 2021
Beki Kanuwa
Retail Risk Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Tangerang.
Educational background
Bachelor (S-1) in Agricultural Technology from Gadjah Mada University in 1996
Work experience
• 2023 served as Wholesale Credit Risk Division Head
• 2021 served as Commercial Risk Division Head
• 2020 served as Branch Manager Jakarta Cawang
• 2018 served as Branch Manager Ciputat
Period of Service
In office since: August 03, 2023
Henri Ari Wibawa
Wholesale Credit Risk Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Jakarta.
Educational background
• Masters (S-2) of Business Administration from Gajah Mada University in 2019
• Bachelor (S-1) in Industrial Engineering from Pasundan University in 1994
Work experience
• 2021 served as Policy & Procedure Division Head
• 2019 served as Policy, Procedure & BPR Division Head
• 2019 served as Policy & Procedure Desk Head
• 2018 served as PLT. Policy & Procedure Desk Head
Period of Service
In office since: September 16, 2019
L. Esti Dwi Retnosari
Policy, Procedure & BPR Division Head
Indonesian Citizen, 54 years old as of December
2023, domiciled in Bekasi.
164 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Educational background
Bachelor (S-1) in Physics from the Bandung Institute of Technology in 2001
Work experience
2021 served as Data Management & Analytics Division Head.
Period of Service
In office since: May 01, 2021
Indra Hidayatullah
Data Management & Analytics Division Head
Indonesian Citizen, 47 years old as of December
2023, domiciled in South Tangerang.
Educational background
• Masters (S-2) in Financial Management from the Bogor Agricultural Institute in
1997
• Bachelor (S-1) in Soil Science from the Bogor Agricultural Institute in 1990
Work experience
• 2022 served as Wholesale Transaction Division Head
Period of Service
In office since: November 01, 2022
*) Resign from office as of December 20, 2023
Teddy Yunirman Danas
Wholesale Transaction Division Head
Indonesian Citizen, 57 years old as of December
2023, domiciled in South Tangerang.
Educational background
Bachelor (S-1) in Management from the University of North Sumatra in 1993
Work experience
• 2022 served as Regional Office Head I (West Java)
• 2021 served as Commercial Asset Management 1 Division Head
• 2020 served as PJ Commercial Risk Division Head
• 2019 served as PJ Regional Office Head IV (Sumatra)
• 2018 served as Branch Manager Bekasi
Period of Service
In office since: July 11, 2022
Benjamen Sihombing
Regional Office Head I (West Java)
Indonesian Citizen, 54 years old as of December
2023, domiciled in Bekasi.
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Company
Profile
Educational background
Bachelor (S-1) in Management Economics from UPN Veteran in 1992
Work experience
• 2023 served as Regional Office Head II (Jakarta)
• 2022 served as Non Subsidized Mortgage & Personal Lending Div Head
• 2021 served as Regional Office Head III (East Java)
• 2020 served as Branch Manager Jakarta Harmoni
• 2018 served as Branch Manager Jakarta Kuningan
Period of Service
In office since: February 01, 2023
Iriska Dewayani E
Regional Office Head II (Jakarta)
Indonesian Citizen, 55 years old as of December
2023, domiciled in Jakarta.
Educational background
Bachelor (S-1) in Economics from Jenderal Soedirman University in 1996
Work experience
• 2022 served as DRM Business Regional Office III (East Java)
• 2020 served as DRM Support Regional Office III (East Java)
• 2019 served as Accounting Policy, Planning & Service Department Head
Period of Service
In office since: February 01, 2023
Yenny Herlina
Regional Office Head III (East Java, Bali, &
Nusa Tenggara)
Indonesian Citizen, 51 years old as of December
2023, domiciled in Surabaya.
Educational background
Bachelor (S-1) in Accounting Economics from Sebelas Maret University in 1993
Work experience
• 2021 served as Regional Office Head IV (Sumatra)
• 2021 served as Branch Manager KC Makassar
• 2019 served as Commercial Asset Management 1 Division Head
• 2018 served as Branch Manager of KC Banjarmasin
Period of Service
In office since: July 19, 2021
M. Amin Sholeh
Regional Office Head IV (Sumatera)
Indonesian Citizen, 54 years old as of December
2023, domiciled in Medan.
166 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Educational background
Bachelor (S-1) in Mining Engineering from the Bandung Institute of Technology in 1995
Work experience
• 2023 served as Regional Office Head V (Sulawesi)
• 2021 served as Commercial Asset Management 2 Division Head
• 2020 served as PLT Regional Office Head III (East Java)
• 2019 served as Deputy Regional Manager Business, Regional Office III (East Java)
Period of Service
In office since: June 05, 2023
Paulus HES
Regional Office Head V (Kalimantan, Sulawesi,
Maluku, and Papua )
Indonesian Citizen, 52 years old as of December
2023, domiciled in Makasar.
Educational background
• Bachelor (S-1) in Management from Brawijaya University in 1996
• Masters (S-2) in Management from the University of Indonesia in 2005
Work experience
• 2023 served as Regional Office Head VI (Central Java)
• 2022 served as Regional Office Head V (Sulawesi)
• 2021 served as Deputy Regional Manager Business, Regional Office V (Sulawesi)
• 2020 served as Branch Manager of KC Surabaya
• 2018 served as Branch Manager of KC Denpasar
Period of Service
In office since: June 05, 2023
Harman Soesanto
Regional Office Head VI (Central Java and DIY)
Indonesian Citizen, 53 years old as of December
2023, domiciled in Semarang.
Profile of Officers Two Level Under the Board of Directors
Name Work unit Job Title
DIVISION
Waluyo Commercial Asset Management Division Deputy Commercial Asset Management Division Head
Achmad Zuchridin Commercial Banking Division Deputy Commercial Banking Division Head
Lysmauli Siregar Credit Operations Division Deputy Credit Operations Division Head
Lusiana Anjarsari Internal Audit Division Deputy Internal Audit Division Head
Moh. Iwan Somantri IT Operations Division Deputy IT Operations Division Head
Ghulam Mahdi Muharram IT Strategic Planning & Development Division Deputy IT Strategic Planning & Development Division Head
Dedy Lesmana Non-Subsidized Mortgage Division Deputy Non-Subsidized Mortgage Division Head
Muhamad Irwan Operations & Business Support Division Deputy Operations & Business Support Division Head
Ide Kusuma Pribadi Sharia Banking Division Sharia Financing Business Deputy
Katon Djoko Soekarsono Sharia Banking Division Sharia IT & Operations Deputy
Asvianti Handaru W. Sharia Banking Division Sharia Funding & Treasury Deputy
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Company
Profile
Name Work unit Job Title
Cuk Hidayat Sharia Banking Division Sharia Support Deputy
Nur Khasanah Treasury Division Deputy Treasury Division Head
Agus Sumaryono Wholesale Credit Risk Division Deputy Wholesale Credit Risk Division Head
REGIONAL OFFICE
Sri Soekminiarni Deputy Regional Manager Business
Regional Office 1
Edward Melvin Purba DRM Service & Collection
Hery Sarjito Deputy Regional Manager Business
Regional Office 2
Wiyaksono DRM Service & Collection
B. Bratawan Budi A Deputy Regional Manager Business
Regional Office 3
Paulus Puspo Priyanto DRM Service & Collection
Tiana Elma Hetty Deputy Regional Manager Business
Regional Office 4
Imam Subiyantoro DRM Service & Collection
Daulat Marpaung Deputy Regional Manager Business
Regional Office 5
Fachri DRM Service & Collection
Denny Kriswana Deputy Regional Manager Business
Regional Office 6
Mawardi DRM Service & Collection
Profile
of Employee
Employee Composition by Gender
Table of Employee Composition by Gender (in person)
Gender 2023 2022
Male 6,288 6,261
Female 5,757 5,598
Total 12,045 11,859
Employee Composition by Organizational Level
Table of Employee Composition by Organizational Level (in person)
2023 2022
Organizational Level
Male Female Total Male Female Total
Level 22 2 - 2 - 1 1
Level 19-21 134 24 158 116 19 135
Level 15-18 1,061 376 1,437 921 349 1,270
Level 13-14 1,762 1,149 2,911 1,724 1,080 2,804
Level 11-12 2,574 3,129 5,703 2,565 2,945 5,510
Level 8-10 755 1,079 1,834 935 1,204 2,139
Total 6,288 5,757 12,045 6,261 5,598 11,859
168 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Employee Composition by Age Range
Table of Employee Composition by Age Range (in person)
2023 2022
Age range
Male Female Total Male Female Total
≥ 51 720 231 951 682 254 936
31–50 3,284 2,536 5,820 3,088 2,429 5,517
≤ 30 2,284 2,990 5,274 2,491 2,915 5,406
Total 6,288 5,757 12,045 6,261 5,598 11,859
Employee Composition by Level of Education
Table of Employee Composition by Level of Education (in person)
2023 2022
Level of Education
Male Female Total Male Female Total
Doctorate Degree 367 168 535 348 159 507
Bachelor 5,254 4,627 9,881 5,154 4,353 9,507
Diploma 539 734 1,273 603 796 1,399
Senior High School 128 228 356 156 290 446
Total 6,288 5,757 12,045 6,261 5,598 11,859
Employee Composition by Employment Status
Table of Employee Composition by Employment Status (in person)
2023 2022
Employment Status
Male Female Total Male Female Total
Permanent 5,984 5,286 11,270 5,819 4,892 10,711
Contract 304 471 775 442 706 1,148
Total without Outsourced Employees 6,288 5,757 12,045 6,261 5,598 11,859
Outsource 6,930 1,157 8,087 7,093 1,094 8,187
Total with Outsourced Employees 13,218 6,914 20,132 13,354 6,692 20,046
Employee Composition by Years of Service
Table of Employee Composition by Years of Service (in person)
2023 2022
Years of Service
Male Female Total Male Female Total
Above 30th 50 58 108 64 63 127
Above 25th-30th 642 179 821 533 218 751
Above 20th-25th 129 21 150 332 43 375
Above 15th-20th 112 231 343 109 232 341
Above 10th-15th 1,046 1,345 2,391 749 1,008 1,757
Above 5th-10th 2,672 1,758 4,430 2,377 1,653 4,030
Above 0-5th 1,637 2,165 3,802 2,097 2,381 4,478
Total 6,288 5,757 12,045 6,261 5,598 11,859
PT Bank Tabungan Negara (Persero) Tbk 169
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Company
Profile
Shareholder
Composition
Shareholder composition is presented as follows:
Table of Composition of Bank BTN Shareholders as of January 1, 2023
Ownership Percentage
Shareholders Number of Shareholders Amount Shares (Share)
(%)
LOCAL
Republic of Indonesia 1 8,420,666,648 65.34
Insurance 72 211,372,947 1.64
Bank 3 12,308,689 0.10
Retirement Fund 102 1,115,359,578 8.65
Cooperative 5 2,591,500 0.02
Government agencies 1 53 0.00
Indonesian Individual 48,482 1,320,244,137 10.24
Limited Liability Company 134 125,423,551 0.97
Mutual Fund 135 394,920,260 3.06
Foundation 11 27,599,099 0.21
Sub Total 48,946 11,630,486,462 90.25
FOREIGN
Foreign Enterprise 214 1,252,967,140 9.72
Foreign Individual 65 3,691,940 0.03
Sub Total 279 1,256,659,080 9.75
TOTAL 49,225 12,887,145,542 100.00
Table of Composition of Bank BTN Shareholders as of December 31, 2023
Ownership Percentage
Shareholders Number of Shareholders Amount Shares (Share)
(%)
LOCAL
Republic of Indonesia 1 8,420,666,648 60.00
Insurance 73 200,280,053 1.43
Bank 3 11,412,489 0.08
Retirement Fund 104 1,366,263,155 9.74
Cooperative 5 2,764,700 0.02
Indonesian Individual 55,885 1,921,912,997 13.69
Limited Liability Company 157 137,511,407 0.98
Mutual Fund 131 583,769,031 4.16
Foundation 11 35,383,999 0.25
Sub Total 56,370 12,679,964,479 90.35
FOREIGN
Foreign Enterprise 185 1,351,005,210 9.63
Foreign Individual 74 3,474,724 0.02
Sub Total 259 1,354,479,934 9.65
TOTAL 49,225 12,887,145,542 100.00
170 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Composition of the 20 Biggest Shareholders
Table of Composition of the 20 Largest Shareholders of Bank BTN as of January 1, 2023
Amount Shares Ownership
No. Investor Name Status
(Share) Percentage (%
1. DJS KETENAGAKERJAAN PROGRAM JHT Local 389,275,808 3.02
2. PT TASPEN (ASURANSI) - AFS Local 273,280,900 2.12
3. PT TASPEN Local 251,148,600 1.95
4. REKSA DANA SUCORINVEST EQUITY FUND Local 132,017,100 1.02
JPMSE STOCK RE UCITS CLT RE-HANDELSBANKENTILLVAXTMARKNAD
5. Foreign 122,000,000 0.95
TEMA
CITIBANK NEW YORK S/A GEORGETOWN EMERGING MARKETS
6. Foreign 92,000,000 0.71
FUND SPC, LTD.-XING LONG FUND
7. CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 23 Foreign 90,000,000 0.70
8. DJS KETENAGAKERJAAN PROGRAM JP Local 77,756,000 0.60
9. REKSA DANA SAM DANA CERDAS Local 62,286,958 0.48
10. NT TST CO S/A LSV EMERGING MARKETS EQUITY FUND, LP Foreign 61,460,400 0.48
BBH BOSTON S/A MATTHEWS EMERGING MARKETSSMALL
11. Foreign 57,454,700 0.45
COMPANIES FUND
12. BNYM RE VANDERBILT UNIVERSITY-2039926099 Foreign 51,523,100 0.40
JPMCB NA RE - VANGUARD EMERGING MARKETSSTOCK INDEX
13. Foreign 50,224,738 0.39
FUND
14. STATE STREET BANK-ISHARES CORE MSCI EMERGING MARKETS ETF Foreign 49,224,576 0.38
JPMCB NA RE-VANGUARD TOTAL INTERNATIONALSTOCK INDEX
15. Foreign 46,514,830 0.36
FUND
BNYM RE BNYMLB RE EMPLOYEES
16. Foreign 42,628,296 0.33
PROVIDENTFDBOARD-2039927326
CITIBANK NEW YORK S/A EMERGING MARKETS CORE EQUITY
17. Foreign 37,310,235 0.29
PORTFOLIO OF DFA INV DIMENSIO
18. MANULIFE DANA EKUITAS Local 33,701,136 0.26
CITIBANK NEW YORK S/A DIMENSIONAL EMERGING MARKETS
19. Foreign 27,316,427 0.21
VALUE FUND
20. JPMCB NA RE-AUSTRALIAN SUPER Foreign 26,622,300 0.21
Table of Composition of the 20 Largest Bank BTN Shareholders as of December 31, 2023
Amount Shares Ownership
No. Investor Name Status
(Share) Percentage (%
1. DJS KETENAGAKERJAAN PROGRAM JHT Local 389,275,808 2.77
2. PT TASPEN (ASURANSI) - AFS Local 362,166,723 2.58
3. PT TASPEN Local 332,835,794 2.37
4. REKSA DANA SUCORINVEST EQUITY FUND Local 237,196,100 1.69
JPMSE STOCK RE UCITS CLT RE-HANDELSBANKENTILLVAXTMARKNAD
5. Foreign 166,610,040 1.19
TEMA
6. REKSA DANA SAM DANA CERDAS Local 86,500,058 0.62
7. DJS KETENAGAKERJAAN PROGRAM JP Local 77,756,000 0.55
8. JPMCB NA RE - VANGUARD EMERGING MARKETSSTOCK INDEX FUND Foreign 66,560,556 0.47
9. DP BTN II Local 63,301,800 0.45
10. JPMCB NA RE-VANGUARD TOTAL INTERNATIONALSTOCK INDEX FUND Foreign 62,390,184 0.44
11. NT TST CO S/A LSV EMERGING MARKETS EQUITY FUND, LP Foreign 61,460,400 0.44
12. BNYM RE VANDERBILT UNIVERSITY Foreign 60,723,800 0.43
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Company
Profile
Amount Shares Ownership
No. Investor Name Status
(Share) Percentage (%
13. STATE STREET BANK-ISHARES CORE MSCI EMERGING MARKETS ETF Foreign 53,781,176 0.38
14. BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFDBOARD-2039927326 Foreign 52,862,458 0.38
15. JPMCB NA RE - REB EMERGING MARKETS FINANCIALS FUND, LP Foreign 49,607,900 0.35
CITIBANK NEW YORK S/A EMERGING MARKETS CORE EQUITY
16. Foreign 48,371,154 0.34
PORTFOLIO OF DFA INV DIMENSIO
STATE STREET BANK-CALIFORNIA STATE TEACHERS RETIREMENT
17. Foreign 42,207,800 0.30
SYSTEM
STATE STREET BANK-LORD ABBETT SECURITIESTRUST LORD ABBETT
18. Foreign 41,619,000 0.30
INTERNATIONAL OPPORTU
CITIBANK NEW YORK S/A GEORGETOWN EMERGING MARKETS
19. Foreign 37,500,000 0.27
FUND SPC, LTD.-XING LONG FUND
CITIBANK NEW YORK S/A DIMENSIONAL EMERGING MARKETS VALUE
20. Foreign 31,550,815 0.22
FUND
Shareholders Composition 5% or More
Table of Composition of Shareholders of 5% or more of Bank BTN as of January 1, 2023
Investor Name Number of shares Ownership Percentage (%)
Republic of Indonesia 8,420,666,648 65.34
Table of Composition of Shareholders of 5% or More of Bank BTN as of December 31, 2023
Investor Name Number of shares Ownership Percentage (%)
Republic of Indonesia 8,420,666,648 60.00
Composition of Community Shareholders Less Than 5%
Table of Composition of Community Shareholders Less than 5% as of January 1, 2023
Ownership Percentage
Shareholders Number of Shareholders Amount Shares (Share)
(%)
LOCAL
Insurance 72 211,372,947 1.64
Bank 3 12,308,689 0.10
Retirement Fund 102 1,115,359,578 8.65
Cooperative 5 2,591,500 0.02
Government Agencies 1 53 0.00
Indonesian Individual 48,482 1,320,244,137 10.24
Limited Liability Company 134 125,423,551 0.97
Mutual Fund 135 394,920,260 3.06
Foundation 11 27,599,099 0.21
Sub Total 48,945 3,209,819,814 24.91
FOREIGN
Foreign Enterprise 214 1,252,967,140 9.72
Foreign Individual 65 3,691,940 0.03
Sub Total 279 1,256,659,080 9.75
TOTAL 49,224 4,466,478,894 34.66
172 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Table of Composition of Group of Community Shareholders Less than 5% as of December 31, 2023
Number of Ownership Percentage
Shareholders Amount Shares (Share)
Shareholders (%)
LOCAL
Insurance 73 200,280,053 1.43
Bank 3 11,412,489 0.08
Retirement Fund 104 1,366,263,155 9.74
Cooperative 5 2,764,700 0.02
Indonesian Individual 55,885 1,921,912,997 13.69
Limited Liability Company 157 137,511,407 0.98
Mutual Fund 131 583,769,031 4.16
Foundation 11 35,383,999 0.25
Sub Total 56,369 4,259,297,831 30.35%
FOREIGN
Foreign Enterprise 185 1,351,005,210 9.63%
Foreign Individual 74 3,474,724 0.02%
Sub Total 259 1,354,479,934 9.65%
TOTAL 56,628 5,613,777,765 40.00%
Shareholding by The Directors and Commissioners
Table of Share Ownership of the Board of Commissioners and Directors of Bank BTN as of January 1, 2023
Ownership
No. Name Position Number of shares
Percentage (%
DIRECTOR
1. Haru Koesmahargyo* President Director 304,600 0.0023636
2. Nixon L.P. Napitupulu Vice President Director 2,481,800 0.0192579
3. Hirwandi Gafar Director of Consumers 603,900 0.0046861
4. Nofry Rony Poetra Director of Finance 1,034,600 0.0080282
Director of Human Capital, Compliance and
5. Eko Waluyo 770,900 0.0059819
Legal
6. Elisabeth Novie Riswanti Director of Assets Management 589,300 0.0045728
7. Andi Nirwoto Director of IT and Digital 859,161 0.0066668
8. Jasmin Director of Distribution and Funding 1,581,930 0.0122753
9. Setiyo Wibowo Director of Risk Management 726,100 0.0056343
BOARD OF COMMISSIONER
1. Chandra Hamzah President/Independent Commissioner - -
2. Iqbal Latanro Vice President Commissioner/Independent - -
3. Armand B. Arief Independent Commissioner - -
4. Ahdi Jumhari Luddin** Independent Commissioner - -
5. Sentot A. Sentausa Independent Commissioner
6. Andin Hadiyanto Commissioner - -
7. Herry Trisaputra Zuna Commissioner - -
8. Himawan Arief Sugoto Commissioner - -
TOTAL 8,952,291 0.0694669
* Resigned from office on March 16 2023
** Resigned from office on August 12, 2023
PT Bank Tabungan Negara (Persero) Tbk 173
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Company
Profile
Table of Share Ownership of the Board of Commissioners and Directors of Bank BTN as of January 31, 2023
Ownership
No. Name Position Number of shares
Percentage (%
DIRECTOR
1. Nixon L.P. Napitupulu President Director 4,250,500 0.0302862
2. Oni Febriarto Rahardjo Vice President Director 308,000 0.0021946
3. Hirwandi Gafar Director of Consumers 1,763,314 0.0125642
4. Nofry Rony Poetra Director of Finance 2,531,022 0.0180344
Director of Human Capital, Compliance and
5. Eko Waluyo 1,871,964 0.0133384
Legal
6. Elisabeth Novie Riswanti Director of Assets Management 1,733,200 0.0123496
7. Andi Nirwoto Director of IT and Digital 1,822,161 0.0129835
8. Jasmin Director of Distribution and Funding 2,848,030 0.0202931
9. Setiyo Wibowo Director of Risk Management 1,892,700 0.0134861
10. Hakim Putratama Director of Institutional Banking - -
BOARD OF COMMISSIONER
1. Chandra Hamzah President/Independent Commissioner - -
2. Iqbal Latanro Vice President Commissioner/Independent - -
3. Armand B. Arief Independent Commissioner - -
4. Sentot A. Sentausa Independent Commissioner - -
5. Andin Hadiyanto Commissioner - -
6. Herry Trisaputra Zuna Commissioner 404,600 0.0028829
7. Himawan Arief Sugoto Commissioner 404,600 0.0028829
8. Mohamad Yusuf Permana Commissioner - -
TOTAL 19,830,091 0.1412959
As of December 2023, there is no indirect share ownership by the Board of Commissioners and Directors of Bank BTN.
Shares Ownership by Senior Management
Until December 2023, there was no direct or indirect share ownership by the Company’s Senior Management.
Shareholders Classification
Table of Bank BTN Shareholder Classification as of December 31, 2023
Shareholding Number of Shareholders Number of Shares (Shares Ownership (%)
Local Institution 484 2,337,384,834 41.64%
Foreign Institutions 185 1,351,005,210 24.07%
Local Individuals 55,885 1,921,912,997 34.24%
Foreign Individuals 74 3,474,724 0.06%
Total 56,628 5,613,777,765 100.00%
174 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Information of Major
and Controlling Shareholders
The majority share ownership of Bank BTN was
owned by the Government of the Republic of
Indonesia with a 60,00%. share ownership. Thus,
the Major and Controlling Shareholders of Bank
BTN were the Government of the Republic of Government of the
Indonesia, there were no Major and Controlling Republic of Indonesia PT Bank Tabungan Negara
Shareholders indirectly. 60.00% (Persero) Tbk
List of Subsidiaries,
Associates and Joint Venture Companies
As of December 31, 2023 as well as the date this data/information was submitted, The Company does not have any Subsidiaries and/
or Associated Entities. Thus, there is no information regarding the names of subsidiaries, associated companies, joint venture companies
along with the percentage of share ownership, line of business, total assets, and operating status of subsidiaries, associated companies,
joint venture companies.
Bank Business
Group Information
As of December 31, 2023, Bank BTN did not have any Bank Business Group, so there was no information on the structure of the
Bank Business Group, the management linkage structure within the Bank Business Group and shareholders acting on behalf of other
shareholders.
PT Bank Tabungan Negara (Persero) Tbk 175
Page 178
Company
Profile
Corporate
Group Structure
Government of the Public,
Republic of Indonesia less than 5% each
60.00% 40.00%
PT Bank Tabungan Negara
(Persero) Tbk
As of Desember 31, 2023, the Company did not have any Parent Entity, Subsidiaries, Associates, Joint Ventures and Special Purpose
Vehicles (SPV).
Stock Listing
Chronology
Initial Public Offering (IPO)
The Company listed its shares for the very first time on the Indonesia Stock Exchange on December 17, 2009 by offering 2,360,057,000
B Series shares or 27.08% of the issued capital, at a par value of IDR800 per share to the public. The Initial Public Offering (IPO) was
warmly welcome by the public, as demonstrated from 2.04 times of oversubscription with IDR1.88 trillion of proceeds. The action was
recognized as the “Best 2009 IPO in Indonesia” by The Asset magazine and as the “Mid Cap/IPO deal of the year in Southeast Asia
2009” by Alpha Southeast Asia (Hong Kong).
Corporate Action : Initial Public Offering/IPO
Year of Issue of Shares : December 17, 2009
Number of Shares Offered : 2,360,057,000 Series B shares or 27.08% of the issued capital
Nominal Value of Shares : IDR500 per share
Bid Price : IDR800 per share
Number of Shares Before IPO : 0 share
Number of Listed Shares After IPO : 8,623,285,575 Shares of Series B
Exchange Listing : Indonesia Stock Exchange (BEI)
Limited Offering I – Rights Issue
On November 23, 2012, the Company carried out a corporation action, i.e. Limited Offering I (PUT I) to Company shareholders in
relation to the performance of Rights Issue with the aim of strengthening the capital structure as well as increasing the number of floating
shares. This will improve BBTN’s market capitalization and share liquidity in the capital market, not to mention supporting credit growth,
so as to encourage investors to spend more of their funds in BTN shares.
176 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Corporate Action : Limited Public Offering I (PUT I) – Preemptive Rights (HMETD)/Rights Issue
Number of Shares Offered : 1,512,857,500 Series B Shares
Nominal Value of Shares : IDR500
Execution Price : IDR1,235
Number of Listed Shares Prior to Rights Issue : 8,859,291,500
Number of Listed Shares After Rights Issue : 10,481,074,500 shares
Amount of Received Proceeds : IDR1,868,379,012,500
Conversion Rate : 555,000 Old Shares are entitled to 94,943 HMETD
Ownership Dilution : 14.61% before MESOP and 16.49% after MESOP
Preemptive Rights Trading Period : November 23 – 29, 2012
Preemptive Rights Execution Period : November 23 – 29, 2012
Securities Listing Date at the Exchange : November 23, 2012
Exchange Listing : Indonesia Stock Exchange (BEI)
Alert Buyer : PT Bahana Securities, PT Danareksa Securities and PT Mandiri Securities
Limited Public Offering II – Rights Issue
On December 28, 2022, the Company carried out a corporate action in the form of Capital Increase by Providing Preemptive Rights II
(PMHMETD II) to the Company’s shareholders in order to issue Preemptive Rights (HMETD) or Rights Issue with the aim of strengthening
the capital structure Company in increasing the distribution of credit and/or loans.
Corporate Action : Increase in Capital by Providing Pre-emptive Rights II (“PMHMETD II”)
As many as 3,444,444,413 (Three Billion Four Hundred Forty-Four Million Four Hundred Forty-
Number of Shares Offered :
Four Thousand Four Hundred Three) New Series B Shares
Nominal Value of Shares : IDR 500,- ((Five Hundred Rupiah)
Execution Price : IDR 1,200,- (One thousand two hundred Rupia)
Number of Listed Shares Prior to Rights Issue : 10,590,000,000 (ten billion five hundred and ninety million) shares
14,034,444,413 (fourteen billion thirty-four million four hundred forty-four thousand four hundred
Number of Listed Shares After Rights Issue :
and thirteen) shares
PMN value of IDR2,479,999,997,600, - (Two Trillion Four Hundred Seventy-Nine Billion Nine
Hundred Ninety-Nine Million Nine Hundred Ninety-Seven Thousand Six Hundred Rupiah). Public
Rights Issue Value :
participation value of IDR1,653,333,295,600, - (One Trillion Six Hundred Fifty-Three Billion Three
Hundred Thirty-Three Million Two Hundred Ninety-Five Thousand Six Hundred Rupiah).
:
IDR4,133,333,295,600,- (Four Trillion One Hundred Thirty-Three Billion Three Hundred Thirty-
Amount of Funds (Proceeds) :
Three Million Two Hundred Ninety-Five Thousand Six Hundred Rupiah)
Each holder of 100,000,000 (one hundred million) Old Shares is entitled to 32,525,443 (thirty-
Conversion Rate : two million five hundred twenty-five thousand four hundred forty-three) HMETD, where every 1
(one) HMETD gives the holder the right to purchase 1 (one) New Shares
Shareholders who do not exercise their rights will experience a decrease in the maximum
Ownership Dilution :
percentage of ownership of 24.54% (Twenty-Four Point Five Four Percent)
Preemptive Rights Trading Period : December 28, 2022 – January 5, 2023
Preemptive Rights Execution Period : December 28, 2022 – January 5, 2023
Securities Listing Date at the Exchange : December 28, 2022
Exchange Listing : Indonesia Stock Exchange (BEI)
Alert Buyer PT CIMB Niaga Securities
PT Bank Tabungan Negara (Persero) Tbk 177
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Company
Profile
Chronology of Issuance/Listing of Bank BTN Shares
Face Nominal
No. Period Description Share Bid Price (IDR)
(IDR)
1. Before IPO - - -
2. December 17, 2009 Initial Public Offering Series B Common Stock 500 800
3. February 4, 2011 MESOP Program Realization Series B Common Stock 500 855
4. October 4, 2011 MESOP Program Realization Series B Common Stock 500 855
5. February 1, 2012 MESOP Program Realization Series B Common Stock 500 1,297
6. May 1, 2012 MESOP Program Realization Series B Common Stock 500 -
7. November 23, 2012 Limited Public Offering I/Rights Issue Series B Common Stock 500 1,235
8. February 1, 2013 MESOP Program Realization Series B Common Stock 500 1,098
9. July 1, 2013 MESOP Program Realization Series B Common Stock 500 -
10. February 1, 2014 MESOP Program Realization Series B Common Stock 500 -
11. July 1, 2014 MESOP Program Realization Series B Common Stock 500 -
12. February 2, 2015 MESOP Program Realization Series B Common Stock 500 -
13. July 1, 2015 MESOP Program Realization Series B Common Stock 500 -
14. February 1, 2016 MESOP Program Realization Series B Common Stock 500 1,098
15. December 28, 2022 Offering Series B Common Stock 500 1,200
Chronology of
Bond Listing and Other Securities Listing
Chronology of listing of other securities which consists of bonds, mortgage securitization, negotiable certificate of deposits (NCD) and
Long Term Notes (LTN) is, as follows.
Chronology of Bond Issuance
Table of Chronology of the Company Bond Issuance Bank BTN
Number
Electronic Bond Tenor
Description Currency of Bonds Bid Price
Distribution Date (Year)
(Millions)
Bank BTN Bonds I Year 1989 July 25, 1989 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bonds II Year 1990 - 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bonds III Year 1991 - 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bonds IV Year 1991 - 5 IDR 100,000 100% of the principal amount of the Bonds
Bank BTN Bonds V Year 1993 - 5 IDR 150,000 100% of the principal amount of the Bonds
Bank BTN Bonds VI Year 1995 - 5 IDR 350,000 100% of the principal amount of the Bonds
178 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Issued and Paid Up Capital
Number of shares issued (sheet)
Number of Shares (sheet) Total Amount of Money (IDR) Total Offering Price (IDR)
- 6,354,000,000 3,177,000,000,000 -
2,360,057,000 8,714,057,000 4,357,028,500,000 1,888,045,600,000
95,015,000 8,809,072,000 4,404,536,000,000 81,237,825,000
26,898,500 8,835,970,500 4,417,985,250,000 22,998,217,500
2,544,500 8,838,515,000 4,419,257,500,000 3,300,216,500
5,068,000 8,843,583,000 4,421,791,500,000 -
1,512,857,500 10,356,440,500 5,178,220,250,000 1,868,379,012,500
206,420,500 10,562,861,000 5,281,430,500,000 226,649,709,000
1,992,500 10,564,853,500 5,282,426,750,000 -
407,000 10,565,260,500 5,282,630,250,000 -
2,435,500 10,567,696,000 5,283,848,000,000 -
24,500 10,567,720,500 5,283,860,250,000 -
14,624,500 10,582,345,000 5,291,172,500,000 -
7,655,000 10,590,000,000 5,295,000,000,000 8,405,190,000
3,444,444,413 14,034,444,413 7,017,222,206,500 4,133,333,259,600
Rating
Maturity Date Interest Rate Payment Status Trustee
2023 2022
July 25, 1994 18.75% fixed Paid off - - -
June 1, 1995 16.25% fixed Paid off - - -
November 11, 1996 20.00% fixed Paid off - - -
January 23, 1996 17.00% fixed Paid off - - -
15.25% fixed for the first and
July 31, 1998 second years. floating for the Paid off - - -
subsequent years through maturity
17.25% fixed for the first year.
December 21, 2000 floating for the subsequent years Paid off - - -
through maturity
PT Bank Tabungan Negara (Persero) Tbk 179
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Company
Profile
Number
Electronic Bond Tenor
Description Currency of Bonds Bid Price
Distribution Date (Year)
(Millions)
Bank BTN Bonds VII Year 1996 - 5 IDR 200,000 100% of the principal amount of the Bonds
Bank BTN Bonds VIII Year 1997 - 5 IDR 400,000 100% of the principal amount of the Bonds
Bank BTN Bonds IX Year 2003 - 5 IDR 750,000 100% of the principal amount of the Bonds
Bank BTN Bonds X Year 2004 - 5 IDR 750,000 100% of the principal amount of the Bonds
Bank BTN Subordinated Bonds I Year
- 10 IDR 250,000 100% of the principal amount of the Bonds
2004
Bank BTN Bonds XI Year 2005 - 5 IDR 750,000 100% of the principal amount of the Bonds
Bank BTN Bonds XII Year 2006 - 10 IDR 1,000,000 100% of the principal amount of the Bonds
Bank BTN Bonds XIII Year 2009 A
- 3 IDR 300,000 100% of the principal amount of the Bonds
Series
Bank BTN Bonds XIII Year 2009 B
- 4 IDR 300,000 100% of the principal amount of the Bonds
Series
Bank BTN Bonds XIII Year 2009 C
- 5 IDR 900,000 100% of the principal amount of the Bonds
Series
Bank BTN Bonds XIV Year 2010 June 11, 2010 10 IDR 1,650,000 100% of the principal amount of the Bonds
Bank BTN Bonds XV Year 2011 June 28, 2011 10 IDR 1,300,000 100% of the principal amount of the Bonds
Bank BTN Sustainable Bonds I Phase
June 5, 2012 10 IDR 2,000,000 100% of the principal amount of the Bonds
I Year 2012
Bank BTN Sustainable Bonds I Phase
March 27, 2013 10 IDR 2,000,000 100% of the principal amount of the Bonds
II Year 2013
Bank BTN Sustainable Bonds II Phase I
July 8, 2015 3 IDR 900,000 100% of the principal amount of the Bonds
Year 2015 Series A
Bank BTN Sustainable Bonds II Phase I
July 8, 2015 5 IDR 500,000 100% of the principal amount of the Bonds
Year 2015 Series B
Bank BTN Sustainable Bonds II Phase I
July 8, 2015 7 IDR 800,000 100% of the principal amount of the Bonds
Year 2015 Series C
Bank BTN Sustainable Bonds II Phase I
July 8, 2015 10 IDR 800,000 100% of the principal amount of the Bonds
Year 2015 Series D
Bank BTN Sustainable Bonds II Tahap
August 30, 2016 3 IDR 1,347,000 100% of the principal amount of the Bonds
II Year 2016 Series A
Bank BTN Sustainable Bonds II Phase
August 30, 2016 5 IDR 1,653,000 100% of the principal amount of the Bonds
II Year 2016 Series B
Bank BTN Sustainable Bonds III Phase
July 13, 2017 3 IDR 1,466,000 100% of the principal amount of the Bonds
I Year 2017 Series A
Bank BTN Sustainable Bonds III Phase
July 13, 2017 5 IDR 1,295,000 100% of the principal amount of the Bonds
I Year 2017 Series B
Bank BTN Sustainable Bonds III Phase
July 13, 2017 7 IDR 853,000 100% of the principal amount of the Bonds
I Year 2017 Series C
Bank BTN Sustainable Bonds III Phase
July 13, 2017 10 IDR 1,386,000 100% of the principal amount of the Bonds
I Year 2017 Series D
Bank BTN Sustainable Bonds III Phase
June 28, 2019 370 days IDR 1,756,500 100% of the principal amount of the Bonds
II Year 2019 Series A
Bank BTN Sustainable Bonds III Phase
June 28, 2019 3 IDR 1,168,000 100% of the principal amount of the Bonds
II Year 2019 Series B
Bank BTN Sustainable Bonds III Phase
June 28, 2019 5 IDR 1,219,500 100% of the principal amount of the Bonds
II Year 2019 Series C
Junior Global Bond Bank BTN January 23, 2020 5 USD 300 100% of the principal amount of the Bonds
180 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Rating
Maturity Date Interest Rate Payment Status Trustee
2023 2022
17.125% fixed for the first year.
July 22, 2001 floating for the subsequent years Paid off - - -
through maturity
July 18, 2002 14.15% fixed Paid off - - -
October 2, 2008 12.50% fixed Paid off - - -
May 25, 2009 12.20% fixed Paid off - - -
12.60% fixed for the first through
fifth years. 22.60% fixed for the
May 25, 2014* sixth through tenth years if the Bank Paid off - - -
does not use call option in the fifth
year since the issue date
July 6, 2010 12.00% fixed Paid off - - Bank Mega
September 19, 2016 12.75% fixed Paid off - - Bank Mega
May 29, 2012 11.75% fixed Paid off - - Bank Mega
May 29, 2013 12.00% fixed Paid off - - Bank Mega
May 29, 2014 12.25% fixed Paid off - - Bank Mega
June 11, 2020 10.25% fixed Paid off - - Bank Mega
June 28, 2021 9.50% fixed Paid off - - Bank Mega
June 5, 2022 7.90% fixed Paid off - - Bank Mega
March 27, 2023 7.90% fixed Paid off AA+(idn) AA(idn) Bank Mega
July 8, 2018 9.625% fixed Paid off - - Bank Mega
July 8, 2020 9.875% fixed Paid off - - Bank Mega
July 8, 2022 10.00% fixed Paid off - - Bank Mega
July 8, 2025 10.50% fixed Not yet due AA+(idn) AA(idn) Bank Mega
August 30, 2019 8.20% fixed Paid off - - Bank Mega
August 30, 2021 8.75% fixed Paid off - - Bank Mega
July 13, 2020 8.30% fixed Paid off - - Bank BJB
July 13, 2022 8.50% fixed Paid off - - Bank BJB
July 13, 2024 8.70% fixed Not yet due AA+(idn) AA(idn) Bank BJB
July 13, 2027 8.90% fixed Not yet due AA+(idn) AA(idn) Bank BJB
July 8, 2020 7.750% fixed Paid off - - Bank Mega
June 28, 2022 8.750% fixed Paid off - - Bank Mega
June 28, 2024 9.000% fixed Not yet due AA+(idn) AA(idn) Bank Mega
Citicorp International
January 23, 2025 4.20% Not yet due Ba3 Ba3 Moody’s
Limited
PT Bank Tabungan Negara (Persero) Tbk 181
Page 184
Company
Profile
Number
Electronic Bond Tenor
Description Currency of Bonds Bid Price
Distribution Date (Year)
(Millions)
Bank BTN Sustainable Bonds IV Phase 370
August 19, 2020 IDR 577,000 100% of the principal amount of the Bonds
I Year 2020 Series A (days)
Bank BTN Sustainable Bonds IV Phase
August 19, 2020 3 IDR 727,000 100% of the principal amount of the Bonds
I Year 2020 Series B
Bank BTN Sustainable Bonds IV Phase
August 19, 2020 5 IDR 196,000 100% of the principal amount of the Bonds
I Year 2020 Series C
Bank BTN Sustainable Bonds IV Phase
May 24, 2022 3 IDR 600,000 100% of the principal amount of the Bonds
II Year 2022 series A
Bank BTN Sustainable Bonds IV Phase
May 24, 2022 5 IDR 400,000 100% of the principal amount of the Bonds
II Year 2022 series B
Notes:
- Outstanding Ratings for domestic securities in 2021 used ratings from Pefindo.
- Ratings for domestic securities issued and outstanding in 2022 used ratings from Fitch.
- Bank BTN’s Junior Global Bond (USD) rating issued in 2020 used a rating from Moody’s.
- Outstanding Ratings for domestic securities in 2023 used ratings from Pefindo.
*The Bank practiced the buyback option on May 25, 2009
Name of Exchange in which the Company’s Bonds were Listed
All the Company’s bonds in IDR listed on the Indonesia Stock Exchange and bonds in USD were listed on the Singapore Exchange.
Chronology of Sukuk Issuance
Table of Bank BTN Sukuk Issuance Chronology
Electronic Sukuk
Description Tenor (Month) Currency Amount of Sukuk
Distribution Date
BTN Sukuk I Year 2023 Phase I July 28, 2023 159 IDR 92,553
BTN Tribe I Year 2023 Phase II December 27, 2023 156 IDR 175,039
Chronology of KPR Securization
The Company has carried out the securitization of Housing Loan bills through Collective Investment Contract of Asset-Backed Security
(KIK-EBA) and Asset-Backed Security in the Form of Letter of Participation (EBA-SP), with the following details:
Table of Chronology of KPR Securization Bank BTN
No. Securization Transactions Total Nominal (IDR) Class Nominal (IDR) Date of Transaction
1. A 100,000,000,000
KIK-EBA DSMF 01 111,111,108,501 February 11, 2009*
2. B 11,111,108,501
3. A 360,000,000,000
KIK-EBA DSMF 02 391,305,329,159 November 10, 2009*
4. B 31,305,329,159
5. A 688,500,000,000
KIK-EBA DBTN 01 750,000,230,717 December 27, 2010*
6. B 61,500,230,717
7. A 645,000,000,000
KIK-EBA DBTN 02 703,450,414,156 November 16, 2011*
8. B 58,450,414,156
9. A 925,000,000,000
KIK-EBA DBTN 03 1,000,000,005,997 December 12, 2012*
10. B 75,000,005,997
182 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Rating
Maturity Date Interest Rate Payment Status Trustee
2023 2022
August 29, 2021 6.75% Paid off - - Bank BJB
August 19, 2023 7.80% Paid off AA+(idn) idAA+ Bank BJB
August 19, 2025 8.40% Not yet due AA+(idn) idAA+ Bank BJB
May 24, 2025 5.50% Not yet due AA+(idn) AA(idn) Bank BJB
May 24, 2027 6.0% Not yet due AA+(idn) AA(idn) Bank BJB
Maturity Date Level Nisbah Payment Status Description
11.00% of the revenue shared with an indication of profit These Securities were not rated, and there
October 28, 2036 Not yet due
sharing equivalent to 0.55% per year. was no public offering.
27.40% of the revenue generated with an indication of These Securities were not rated, and there
December 27, 2036 Not yet due
profit sharing equivalent to 1.37% per year. was no public offering.
Maturity Date Average Life Class A Coupon Class A Rank
January 10, 2018 5.30 13.000% id
AAA
December 10, 2019 5.63 11.000% id
AAA
September 27, 2019 5.35 9.250% id
AAA
February 27, 2021 5.94 8.750% id
AAA
January 07, 2023 6.35 7.750% id
AAA
PT Bank Tabungan Negara (Persero) Tbk 183
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Company
Profile
No. Securization Transactions Total Nominal (IDR) Class Nominal (IDR) Date of Transaction
11. A1 403,000,000,000
12. KIK-EBA DBTN 04 1,000,000,005,941 A2 525,000,000,000 December 20, 2013*
13. B 72,000,005,941
14. A1 723,500,000,000
15. KIK-EBA DBTN 05 1,500,000,001,615 A2 647,500,000,000 November 28, 2014*
16. B 129,000,001,615
17. A 181,600,000,000
EBA-SP SMF-BTN 01 200,000,000,041 November 27, 2015
18. B 18,400,000,041
19. A1 400,000,000,000
20. EBA-SP SMF-BTN 02 1,000,000,000,000 A2 513,000,000,000 October 31, 2016
21. B 87,000,000,000
22. A1 200,000,000,000
23. EBA-SP SMF-BTN 03 1,000,000,000,000 A2 713,000,000,000 April 28, 2017
24. B 87,000,000,000
25. A1 700,000,000,000
26. EBA-SP SMF-BTN 04 2,000,000,000,000 A2 1,124,000,000,000 February 28, 2018
27. B 176,000,000,000
28. A1 574,000,000,000
29. A2 1,142,000,000,000
EBA-SP SMF-BTN 05 2,000,000,000,000 November 27, 2019
30. M 24,000,000,000
31 B 260,000,000,000
32. A 576,734,000,000
EBA-SP SMF-BTN 06 631,000,543,015 December 30, 2020
33. B 54,266,543,015
34. A 452,500,000,000
EBA-SP SMF-BTN 07 500,000,001,416 December 23, 2022
35. B 47,500,001,416
36. A 544,800,000,000
EBA-SP SMF-BTN 08 600,000,020,055 September 26, 2023
37. B 55,200,020,055
Banks as Service Providers in securitization transactions implemented the clean-up call option in accordance with the provisions.
*
Chronology of Negotiable Certificate of Deposit Issuance
Table of Chronology of Negotiable Certificate of Deposit Recording
Type NCD Issuance Nominal (IDR) Date of Transaction Series
A
NCD Phase I 625,000,000,000 Desember, 5 2014 B
C
A
B
NCD Phase II 1,005,000,000,000 February 26, 2015
C
D
NCD Phase III 500,000,000,000 February 17, 2015 E
A
NCD Phase IV 1,110,000,000,000 April 30, 2015 B
C
NCD Phase I 2016 740,000,000,000 June 9, 2016 A
184 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Maturity Date Average Life Class A Coupon Class A Rank
A1 = 8.90%
February 26, 2022 5.57 id
AAA
A2 = 9.50%
A1 = 10%
September 07, 2025 AAA
6.72 A2 = 10.25%
id
March 07, 2022 3.95 8.60% id
AAA
A1 = 8.15%
June 27, 2027 7.05 id
AAA
A2 = 8.75%
A1 = 8.00%
January 07, 2028 7.78 id
AAA
A2 = 8.40%
A1 = 7.00%
May 07, 2029 7.03 id
AAA
A2 = 7.50%
A1 = 8.50%
id
AAA
A2 = 8.75%
May 07, 2032 9.09
M = 10.40% id
A
July 07, 2032 6.08 6.50% id
AAA
id
AAA
January 07, 2034 5.66 7.70%
id
AAA
August 07, 2035 7.44 6.65% id
AAA
Tenor Maturity Date Rate Nominal Per Series
6 Months June 4, 2015 9.00% 280,000,000,000
12 Months November 27, 2015 9.25% 45,000,000,000
15 Months February 26, 2016 9.50% 300,000,000,000
6 Months August 26, 2015 9.00% 470,000,000,000
12 Months February 18, 2016 9.25% 85,000,000,000
15 Months May 19, 2016 9.50% 10,000,000,000
18 Months August 18, 2016 9.70% 440,000,000,000
5 Months July 15, 2015 9.00% 500,000,000,000
6 Months October 30, 2015 8.75% 330,000,000,000
12 Months May 2, 2016 9.00% 620,000,000,000
18 Months October 31, 2016 9.25% 160,000,000,000
3 Months September 9, 2016 6.85% 740,000,000,000
PT Bank Tabungan Negara (Persero) Tbk 185
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Company
Profile
Type NCD Issuance Nominal (IDR) Date of Transaction Series
A
NCD Phase II 2016 1,115,000,000,000 August 5, 2016 B
C
A
NCD Phase III 2016 371,000,000,000 November 30, 2016
B
A
NCD Phase IV 2016 500,000,000,000 December 29, 2016
B
NCD Phase V 2016 500,000,000,000 December 30, 2016 -
A
NCD Phase I 2017 1,735,000,000,000 February 21, 2017
B
NCD Phase III 2017 550,000,000,000 October 3, 2017 -
A
NCD Phase II 2017 1,050,000,000,000 October 5, 2017
B
A
NCD Phase IV 2017 540,000,000,000 December 13, 2017
B
NCD Phase p I 2018 1,440,000,000,000 April 3, 2018 A
A
NCD Phase II 2018 690,000,000,000 July 18, 2018
B
A
NCD Phase III 2018 2,020,000,000,000 November 5, 2018 B
C
A
NCD Phase IV 2018 340,000,000,000 December 10, 2018
B
A
NCD Phase I 2023 1,500,000,000,000 October 20, 2023 B
C
Total 16,331,000,000,000
Chronology of Issuing Long Term Notes (LTN)
The issuance of BTN Long-Term Notes (LTN) was intended for BP Taperaas single investor, as reimbursement of BP Tapera’s source of fund
for KPR Tapera distribution. Thus, LTN was a debt securities issued without going through a Public Offering process and was not rated.
Table of Chronology of Issuance of Long Term Notes (LTN) of Bank BTN
Electronic LTN LTN Amount
Description Tenor (Month)
Distribution Date (IDR Thousand)
LTN BTN year 2021 Phase I December 17, 2021 186 10,185,851
LTN BTN II year 2022 Seris A July 12, 2022 171 47,740,325
LTN BTN II year 2022 Seris B July 12, 2022 177 79,378,706
LTN BTN III THP I YEAR 2022 December 14, 2022 177 210,866,282
LTN BTN III THP II YEAR 2022 December 28, 2022 171 131,184,885
LTN BTN IV Phase I year 2023 July 28, 2023 165 35,898,139
LTN BTN IV Phase II year 2023 September 15, 2023 168 404,745,014
LTN BTN IV Phase III year 2023 Series A December 27, 2023 180 6,241,671
LTN BTN IV Phase III year 2023 Series B December 27, 2023 168 234,541,750
Note: LTN BTN Securities are not rated and issued through limited offering to BP Tapera.
186 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Tenor Maturity Date Rate Nominal Per Series
3 Months November 3, 2016 7.19% 440,000,000,000
6 Months February 1, 2017 7.47% 275,000,000,000
12 Months August 10, 2017 7.80% 400,000,000,000
3 Months February 28, 2017 7.04% 20,000,000,000
6 Months May 29, 2017 7.26% 351,000,000,000
3 Months March 29, 2017 7.75% 315,000,000,000
6 Months July 3, 2017 7.74% 185,000,000,000
6 Months July 3, 2017 7.73% 500,000,000,000
6 Months August 22, 2017 7.28% 1,195,000,000,000
12 Months February 16, 2018 7.43% 540,000,000,000
12 Months October 2, 2018 6.50% 550,000,000,000
6 Months April 3, 2018 6.00% 230,000,000,000
12 Months October 5, 2018 6.25% 820,000,000,000
6 Months June 12, 2018 5.90% 160,000,000,000
12 Months December 13, 2018 6.20% 320,000,000,000
6 Months October 2, 2018 5.90% 830,000,000,000
6 Months January 15, 2019 7.60% 520,000,000,000
12 Months July 16, 2019 7.70% 170,000,000,000
6 Months May 7, 2019 8.30% 1,340,000,000,000
9 Months August 2, 2019 8.40% 170,000,000,000
12 Months November 5, 2019 8.50% 510,000,000,000
3 Months March 12, 2019 8.00% 80,000,000,000
6 Months June 11, 2019 8.40% 260,000,000,000
6 Months April 17, 2024 6.40% 500,000,000,000
9 Months July 16, 2024 6.45% 70,000,000,000
12 Months October 21, 2024 6.53% 930,000,000,000
16,331,000,000,000
Maturity Date Interest Rates Payment Status Description
June 17, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
October 12, 2036 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
April 12, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
June 14, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
March 28, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
April 28, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
September 15, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
December 27, 2038 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
December 27, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
PT Bank Tabungan Negara (Persero) Tbk 187
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Company
Profile
Information on the Use of Public Accounting and
Public Accounting Office Services
Name of Public Accounting Office Purwantono, Sungkoro & Surja
Association Networks Ernst & Young Global Limited
Address of Public Accounting Office Indonesia Stock Exchange Building Tower 2, 5th Floor Jl. Jend. Sudirman Kav.52-53, Jakarta 12190, Indonesia
Website www.ey.com/en_gl/locations/indonesia
Name of Public Accounting Christophorus Alvin Kossim
KAP Assignment Period 9th period
AP Assignment Period 1st period
Audit Services General Audit Financial Year 2023
Non-Audit Services There are no Non-Audit services
Fee Audit IDR4,800,000,000
Fee Non Audit -
Supporting Institution
and/or Professional
CUSTODIAN BANK
Name PT Kustodian Sentral Efek Indonesia
Address Gedung Bursa Efek Indonesia, Tower 1, Lantai 5. Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
Telephone (021) 5152855
Facsimile (021) 52991199
E-mail helpdesk@ksei.co.id
Website www.ksei.co.id
Form of Service Custodian and Payment Agent
Assignment Period Throughout the life of the Debt Securities
SECURITIES ADMINISTRATION BUREAU
Name PT Datindo Entrycom
Address Jl. Hayam Wuruk No.28, Lantai 2 Jakarta 10120 - Indonesia
Telephone (021) 3508077
Facsimile (021) 3508077
E-mail corporatesecretary@datindo.com
Website https://www.datindo.com
Form of Service Securities Administration Bureau for Shares
Assignment Period December 9, 2009 – present
188 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
BOND TRUSTEE
Name PT Bank Mega Tbk
Address Menara Bank Mega, Jl. Kapten P. Tendean No. 12-14A, Jakarta 12790, Indonesia
Telephone (021) 79175000
Facsimile (021) 79187100
E-mail waliamanat@bankmega.com
Website www.bankmega.com
Form of Service Bond Trustee Bank BTN
Assignment Period Throughout the Time of the Bond
Name PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Bank BJB)
Address Sinarmas MSIG Tower Lantai 9, Jl. Jend. Sudirman kav. 21, Jakarta Selatan, lndonesia
Telephone (021) 5228737 Ext. 101
Facsimile (021) 5228738
E-mail -
Website www.bankbjb.co.id
Form of Service Trustee of the Public Offering of Continuing Bonds
Assignment Period Throughout the Time of the Bond
Name Citicorp International Limited
20th Floor, Citi Tower, One Bay East
Address 83 Hoi Bun Road, Kwun Tong
Kowloon, Hong Kong
Telephone -
Facsimile (+852) 2323 0279
E-mail -
Website -
Form of Service Trustee Junior Global Bond 2020
Assignment Period Throughout the life of Junior Global Bond
SECURITIES RATING
Name PT Fitch Ratings Indonesia
Address DBS Bank Tower 24th Floor Suite 2403, Jl. Prof. Dr. Satrio Kav. 3-5, Jakarta 12940 Indonesia
Telephone (021) 29886800
Facsimile (021) 29886822
E-mail -
Website www.fitchratings.com
Form of Service Rating
Assignment Period Throughout the Time of the Bond
PT Bank Tabungan Negara (Persero) Tbk 189
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Company
Profile
Name Moody’s Investor Service Singapore Pte. Ltd
Address 50 Raffles Place #23-06 Singapore Land Tower, Singapore 48623
Telephone -
Facsimile -
E-mail -
Website www.moodys.com
Form of Service Rating
Assignment Period Throughout the life of Junior Global Bond
Name PT. Pemeringkat Efek Indonesia
Equity Tower Lt. 30, Sudirman Business District, Lot 9, Jl. Jend. Sudirman Kav. 52 – 53,
Address
Jakarta Selatan 12190, Indonesia
Telephone (021) 509 68469
Facsimile (021) 509 68468
E-mail -
Website www.pefindo.com
Form of Service Rating
Assignment Period June 1, 2024
LEGAL CONSULTANT
Name HKGM & Partners
Address Pondok lndah Plaza 3, Blok E/4 & E/5, Jl. TB Simatupang Jakarta 12310, Indonesia
Telephone (021) 75900215
Facsimile (021) 75900225
E-mail hkgmlaw@indo.net.id
Website -
Form of Service Legal Consultation
Assignment Period April 10, 2023
ON-CALL LEGAL CONSULTANT
Name UMBRA
Address Telkom Landmark Tower, Tower 2, 49th Floor, Jl. Gatot Subroto Kav 52, Jakarta 12710
Telephone (021) 5082 0999
Facsimile -
E-mail raditya@umbra.law
Website www.umbra.law
Legal Consultation regarding Affiliate Transactions and/or Conflict of Interest Transactions and Material
Form of Service
Transactions
Assignment Period May 01, 2023 - August 31, 2023
190 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Name Ali Budiarjo, Nugroho, Reksodiputro (ABNR)
Address Graha CIMB Niaga, 24th Floor, Jl. Jend. Sudirman Kav 58, Jakarta 12190
Telephone (021) 250 5125 / 5136
Facsimile (021) 250 5001 / 5121/ 5122 / 5392
E-mail info@abnrlaw.com
Website www.abnrlaw.com
Legal Consultation regarding the Preparation of a Legal Study on the Implementation of the PPSK Law, Project for
Form of Service
Internalization of the 2023 BUMN Ministerial Regulations
January 26, 2023 - February 3, 2023
Assignment Period
June 23, 2023 - August 30, 2023
Name K&K Advocates
Address KMO Building, 5th Floor, Suite 502, Jl. Kyai Maja No. 1 Kebayoran Baru – Jakarta Selatan 12120
Telephone (021) 2902 0331
Facsimile (021) 2902 3107
E-mail office@kk-advocates.com
Website kk-advocates.com
Legal Consultation on Legal Risk Mitigation on the Implementation of Intellectual Property Rights (HKI) as Credit
Form of Service Guarantee at PT Bank Tabungan Negara (Persero) Tbk and legal consultation on the formation of Intellectual
Property Rights Management Guidelines.
Assignment Period May 11, 2023 - August 4, 2023
Name Ardianto & Masniari Counselors at Law
Address Prosperity Tower Level 6 District 8 SCBD, Jln. Jend. Sudirman Kav. 52-53, Jakarta, 12190, DKI Jakarta
Telephone (021) 5082 0450, 5082 0451
Facsimile -
E-mail adrianus.ardianto@am-lw.com , masniari.sitompul@am-lw.co
Website am-lw.com
Form of Service Legal Consultation in Investment plans through Venture Fund Schemes with Venture Capital Companies
Assignment Period March 09 - June 09, 2023
Name Hielmy Izzudin dan Rekan
Address Kav PTB DKI F2/28 Pondok Kelapa, Jakarta Timur
Telephone 0812 8883 7972
Facsimile -
E-mail Hielmyizzudin.law@gmail.com
Website -
Legal Consultation regarding Guidelines for Implementing Bank BTN’s Legal Risk Assessment, Legal Consultation
Form of Service on the establishment of Legal Audit Standardization and Manual Book for Legal Audit Standardization and Legal
consultation on the establishment of Guidelines for Management of Legal Risk Reserves.
March 28, 2023 to May 26, 2023
Assignment Period
April 28, 2023 - November 30, 2023
PT Bank Tabungan Negara (Persero) Tbk 191
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Company
Profile
NOTARY
Name Siti Rayhana, SH
Riviera Timur No. 1 Cluster La Bella, Riviera Village, Jl. Gading Golf Boulevard, Gading Serpong, Cihuni,
Address
Kec. Pagedangan, Kabupaten Tangerang, Banten 15332
Telephone (021) 55687610
Facsimile -
E-mail siti.rayhana@yahoo.co.id
Website N/A
• Entering into BTN IV LTN Issuance Agreement in 2023
Form of Service • Notary Due Diligence Securitization Transaction EBA-SP SMF-BTN08
• Issued Deed of Cooperation Agreement with PT Bank Woori Saudara Indonesia 1906 Tbk.
Assignment Period Until each transaction is completed.
Name Sari Bhirawati, SH
Address Jl. Wijaya I No. 56, Kebayoran Baru, Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12170
Telephone (021) 7226108
Facsimile -
E-mail kantornotarissaribhirawati@gmail.com
Website -
Issued Deed of Cooperation Agreement between PT Asuransi Jasa Raharja Putera and PT Bank Tabungan Negara
Form of Service
(Persero) Tbk.
Assignment Period September 25, 2023
Name Ir. Nanette Cahyanie Handari Adi Warsito, S.H.
Address Jl. Panglima Polim V No. 11, Kebayoran Baru, Jakarta Selatan
Telephone (021) 7392801
Facsimile (021) 7265090
E-mail poerbaningsih@yahoo.com
Website -
• Entering into the EBA-SP SMF-BTN08 Securitization Transaction Agreement.
• Issued Deed of Cooperation Agreement with PT Indonesia Infrastructure Finance.
Form of Service
• Issue Deed of Cooperation Agreement with PT Bank DKI.
• Issued Addendum II to the Cooperation Agreement with PT Trimegah Sekuritas Indonesia Tbk.
Assignment Period Until each transaction is completed.
Name Ashoya Ratam, S.H., M.Kn.
Address Jalan Suryo Nomor 54, Kebayoran Baru, Jakarta Selatan
Telephone (021) 29236060
Facsimile -
E-mail notaris@ashoyaratam.com
Website -
Services as a Notary at the Company's General Meeting of Shareholders (GMS) and Implementation of Capital
Form of Service
Increases with Pre-emptive Rights II (PMHMETD II).
Assignment Period Until the completion of the GMS and PMHMETD II implementation.
192 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Award
and Certification
AWARD
Indonesia Excellence Good Corporate Governance Ethics in Indonesia’s Home - Grown Consumer Brands Award 2023
Providing End-to-End Mortgage Solutions in Home Loan Category
Event: Event:
Indonesia Excellence GCG Awards 2023 Indonesia’S Home Grown Csnsumer Brands Award 2023
Organizer: Organizer:
Warta Ekonomi The Iconomics
Date: Date:
January 31, 2023 February 17, 2023
Syariah Insight 2023 - Top Sharia Business Unit Best Public Relation in Company Strategy on Providing
in KBMI 3 Category Innovative Housing Loan Product and Services
Event: Event:
3rd Indonesia Syariah Awards 2023 Indonesia Public Relation Awards 2023
Organizer: Organizer:
The Iconomics Warta Ekonomi
Date: Date:
February 17, 2023 February 24, 2023
Best Performance Chief Financial Officer 2023 in Increasing Best Companies
Net Profit Through Strategic Initiatives Event:
Obsession Award 2023
Event:
Indonesia Best CFO Awards 2023 Organizer:
Obsession Media Group
Organizer:
Warta Ekonomi Date:
March 15, 2023
Date:
February 28, 2023
Haru Koesmahargyo - The Great Indonesia CEO for Listed Gold Winner - Corporate PR - Kesuksesan Strategi
SOEs Company 2023 Komunikasi Rights Issue BTN
Event: Event:
The Great Indonesia CEO Award Public Relations Indonesia Awards 2023
Organizer: Organizer:
Wise Leader Indonesia PR Indonesia
Date: Date:
March 16, 2023 March 17, 2023
Bronze Winner - Media Sosial - Instagram Gold Winner - Video Profile
Event: Event:
Public Relations Indonesia Awards 2023 Public Relations Indonesia Awards 2023
Organizer: Organizer:
PR Indonesia PR Indonesia
Date: Date:
March 17, 2023 March 17, 2023
PT Bank Tabungan Negara (Persero) Tbk 193
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Company
Profile
KPR BTN iB - The 2nd Highest Digital Index - Sharia Business The Best Sharia Business Unit - Conventional Bank
Unit Mortgage Loan Category: Asset Class > IDR 10 T
Event: Event:
Digital Brand Award 2023 Digital Brand Award 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
April 12, 2023 April 12, 2023
The Best Debit Card Sharia Business Unit Conventional Bank The Highest Digital Index Sharia Business Unit
Event: Event:
Digital Brand Award 2023 Digital Brand Award 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
April 12, 2023 April 12, 2023
The Best Debit Card Conventional Bank (KBMI) 3 The Best Bank Saving Account (KBMI) 3
Event: Category: Asset Class >IDR200 T
Digital Brand Award 2023 Event:
Organizer: Digital Brand Award 2023
Infobank Organizer:
Date: Infobank
April 12, 2023 Date:
April 12, 2023
The Best Conventional Bank (KBMI) 3 The Best Deposito Conventional Bank (KBMI) 3
Category: Asset Class >IDR200 T Category: Asset Class >IDR200 T
Event: Event:
Digital Brand Award 2023 Digital Brand Award 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
April 12, 2023 April 12, 2023
The 3rd Best Internet Banking Convventional Bank (KBMI) 3 The Best Wealth Management Conventional Bank (KBMI) 3
Category: Asset Class >IDR200 T Category: Asset Class >IDR200
Event: Event:
Digital Brand Award 2023 Digital Brand Award 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
April 12, 2023 April 12, 2023
The Best Mortgage Loan Conventional Bank (KBMI) 3 The 2nd Highest Digital Index Bank Savings Account
Category: Asset Class >IDR200 T Event:
Event: Digital Brand Award 2023
Digital Brand Award 2023 Organizer:
Organizer: Infobank
Infobank Date:
Date: April 12, 2023
April 12, 2023
194 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
The 3rd Best Mobile Banking Conventional Bank (KBMI) 3 KPR BTN - Gold Champion
Category: Asset Class >IDR200 T Event:
Event: Indonesia WOW Brand 2023
Digital Brand Award 2023 Organizer:
Organizer: Markplus Insight
Infobank Date:
Date: May 11, 2023
April, 12 2023
BTN Syariah Bronze Champion Best Banks 2023
Event: Event:
Indonesia WOW Brand 2023 Investor Daily Award 2023
Organizer: Organizer:
Markplus Insight Investor Daily
Date: Date:
May 11, 2023 May 26, 2023
Third Place in Industrial Category Social CSR Initiatives - Pelatihan Developer
Event: Event:
Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK) CSR Award 2023
Organizer: Organizer:
TrackAML Hackathon 21 Tahun APUPPT Indonesia Investor Daily
Date: Date:
May 30, 2023 May 31, 2023
Best Customer Service Performance of 11 Banks Best Teller Performance of 11 Banks
in 2022-2023 in 2022-2023 (Number 8)
Event: Event:
Bank Service Excellence Monitor 2023 Bank Service Excellence Monitor 2023
Organizer: Organizer:
Infobank dan Marketing Research Indonesia Infobank dan Marketing Research Indonesia
Date: Date:
May, 2023 May, 2023
Best Performance in Comfort at 11 Bank Branch Offices Best Performance in Comfort at Priority Branch Offices of 11
in 2022-2023 (Number 10) Banks in 2022-2023 (Number 6)
Event: Event:
Bank Service Excellence Monitor 2023 Bank Service Excellence Monitor 2023
Organizer: Organizer:
Infobank dan Marketing Research Indonesia Infobank dan Marketing Research Indonesia
Date: Date:
May, 2023 May, 2023
Best Performance of 11 Bank Priority Staff Best Mobile Banking Performance of 10 Banks
in 2022-2023 (Number 6) in 2022-2023 (Number 3)
Event: Event:
Bank Service Excellence Monitor 2023 Bank Service Excellence Monitor 2023
Organizer: Organizer:
Infobank dan Marketing Research Indonesia Infobank dan Marketing Research Indonesia
Date: Date:
May, 2023 May, 2023
PT Bank Tabungan Negara (Persero) Tbk 195
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Company
Profile
Best Internet Banking Performance of 10 Banks Best Performance in Social Media Management for 10 Banks
in 2022-2023 (Number 10) in 2022-2023 (Number 10)
Event: Event:
Bank Service Excellence Monitor 2023 Bank Service Excellence Monitor 2023
Organizer: Organizer:
Infobank dan Marketing Research Indonesia Infobank dan Marketing Research Indonesia
Date: Date:
May, 2023 May, 2023
Best Performance of Cash ATMs in Public Area 10 Banks Top CSR Star 4
in 2022-2023 (Number 6) Event:
Event: Top CSR Award 2023
Bank Service Excellence Monitor 2023 Organizer:
Organizer: Top Business
Infobank dan Marketing Research Indonesia Date:
Date: June 9, 2023
May, 2023
Best Mid Cap - Gold The World’s Best Islamic Project Finance House 2023
Event: Event:
FinanceAsia’s 23rd Best Companies in Asia Award Brand Awards Winners 2023
Organizer: Organizer:
Finance Asia’s EuroMoney
Date: Date:
June 14, 2023 June 14, 2023
The 1st Best - Convenience Branch Experience in Priority Tempo-IDN Financial Index Constituents Main Index Category
Service - Conventional Bank Event:
Event: Malam Apresiasi Emiten Launching Indeks Tempo-IDN Financials 52
20th Infobank - MRI Banking Service Excellent 2023 Organizer:
Organizer: TEMPO dan IDN Financials
Infobank dan Marketing Research Indonesia (MRI) Date:
Date: June 23, 2023
June 20, 2023
The Best Indonesia Sales Marketing Award -VI -2023 Elisabeth Novie Riswanti -
Category Bank BUKU 3 Indonesia Most Powerful Women 2023
(Platinum Award Score 93-very excellent) Event:
Event: Indonesia Most Powerful Women 2023
ISMA Sales & Marketing Award 2023 Organizer:
Organizer: SWA
Economic Review (media) Date:
Date: June 27, 2023
June 23, 2023
4th Indonesia Top Bank Award 2023 Excellence in Executing People Transformation
Event: in Banking Industry
Indonesia Top Bank Award 2023 Event:
Organizer: The 8th Annual 2023 SPEx2 DX Award “Executing Digital
The Iconomic Transformation”
Date: Organizer:
June 27, 2023 GML Consulting & Kontan
Date:
July 10, 2023
196 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Wealth Management Platform of The Year Excellent - Learning & Development
Event: and Knowledge Management
Retail Banking Awards 2023 Event:
Organizer: HR Excellence Awards 2023
Asian Banking & Finance (media) Organizer:
Date: SWA Network & Lembaga Manajemen FEB UI (LMFEBUI)
July 25, 2023 Date:
July 20, 2023
Very Good - Reward Management Very Good - Employer Branding and Talent Acquisition
& Talent Retention Strategy Event:
Event: HR Excellence Awards 2023
HR Excellence Awards 2023 Organizer:
Organizer: SWA Network & Lembaga Manajemen FEB UI (LMFEBUI)
SWA Network & Lembaga Manajemen FEB UI (LMFEBUI) Date:
Date: July 20, 2023
July 20, 2023
BTN Syariah - Rank 2 - Bank with the Most Financing Bank BTN - Rank 1 - Bank with the Most Financing
Distribution in Quarter 2 (Q2) 2023 Distribution in Quarter 2 (Q2) 2023
Event: Event:
Penghargaan BP Tapera Penghargaan BP Tapera
Organizer: Organizer:
BP Tapera BP Tapera
Date: Date:
July 26, 2023 July 26, 2023
Rank 3 - Bank with Commitment Achievement above 100% in Bank BTN Syariah - National Bank with the Highest
Quarter 2 (Q2) 2023 Occupancy Rate in Semester 2 (Q2) of the Year 2023
Event: Event:
Penghargaan BP Tapera Penghargaan BP Tapera
Organizer: Organizer:
BP Tapera BP Tapera
Date: Date:
July 26, 2023 July 26, 2023
Bank BTN Syariah - Rank 6 - Bank with Commitment Best Saving Bank
Achievement Above 100% Semester 2 (Q2) Year 2023 Event:
Event: Best Savings Bank in Indonesia 2023
Penghargaan BP Tapera Organizer:
Organizer: Global Brands Magazine
BP Tapera Date:
Date: July 31, 2023
July 26, 2023
Influential Leader in Digital Media Best Campaign - Banking & Finance
Event: Event:
IDEAS Indonesia DEI & ESG Awards MOB-EX Award 2023
Organizer: Organizer:
Humas Indonesia Marketing Interaktive
Date: Date:
August 4, 2023 August 14, 2023
PT Bank Tabungan Negara (Persero) Tbk 197
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Company
Profile
Excellent Financial Performance Bank in 2022 (KBMI 3) The Greatest Champions of GRC Excellence
Event: Category: Banking Industries
28th Infobank Award Event:
Organizer: GRC & Performance Excellence Awards 2023
Infobank Organizer:
Date: Businessnews
August 25, 2023 Date:
August 30, 2023
The Best GRS for IT/Digital Transformation 2023 The Best CEO for GRC Excellence 2023
Category: Banking Industries Category: Banking Industries
Event: Event:
GRC & Performance Excellence Awards 2023 GRC & Performance Excellence Awards 2023
Organizer: Organizer:
Businessnews Businessnews
Date: Date:
August 30, 2023 August 30, 2023
The Best Chief Compliance Officer 2023 TrenAsia ESG Award 2023
Category: Banking Industries Event:
Event: TrenAsia ESG Award 2023
GRC & Performance Excellence Awards 2023 Organizer:
Organizer: TrenAsia
Businessnews Date:
Date: August 30, 2023
August 30, 2023
Top GRC Award 2023 Star 5 The Most Committed GRC Leader 2023
Event: Event:
Top GRC Awards 2023 Top GRC Awards 2023
Organizer: Organizer:
Top Business Top Business
Date: Date:
September 6, 2023 September 6, 2023
The Most The High Performing Board of Commissioner on TrenAsia ESG The Best Financial Sector dan Top 50 Biggest
GRC 2023 Market Capitalization Public Listed Companies
Event: Event:
Top GRC Awards 2023 The 14th IICD Awards 2023
Organizer: Organizer:
Top Business IICD
Date: Date:
September 6, 2023 September 18, 2023
The Most Prominent Book 3 Bank in Property Credit The Most Prominent State Owned Company Book 3 Bank in
Event: Financial Contribution to The Nation
Prominent Award Event:
Organizer: Prominent Award
Metro TV - Solutee.id Organizer:
Date: Metro TV - Solutee.id
September 18, 2023 Date:
September 18, 2023
198 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Best Bank for CSR in Indonesia The Best Quality Team - Gold
Event: Event:
AsiaMoney Awards The Best Contact Center Indonesia 2023
Organizer: Organizer:
AsiaMoney Indonesia Contact Center Association (ICCA)
Date: Date:
September 26, 2023 September 26, 2023
The Best Employee Engagement - Gold The Best Business Contribution - Silver
Event: Event:
The Best Contact Center Indonesia 2023 The Best Contact Center Indonesia 2023
Organizer: Organizer:
Indonesia Contact Center Association (ICCA) Indonesia Contact Center Association (ICCA)
Date: Date:
September 26, 2023 September 26, 2023
The Best Technology Innovation - Gold 106 Influential Companies and Agencies in
Event: the Field of Communications
The Best Contact Center Indonesia 2023 Event:
Organizer: Sewindu PR Indonesia
Indonesia Contact Center Association (ICCA) Organizer:
Date: PR Indonesia
September 26, 2023 Date:
September 26, 2023
Indonesia Service Experience of the Year Indonesia Partner Experience of the Year
Event: Event:
The Asian Experience Awards 2023 The Asian Experience Awards 2023
Organizer: Organizer:
The Asian Business Review The Asian Business Review
Date: Date:
October 5, 2023 October 5, 2023
TOP Human Capital Awards 2023 # Stars 4 The Most Committed Human Capital Leader 2023 –
Event: Bpk. Nixon L.P. Napitupulu
TOP Human Capital Awards 2023 Event:
Organizer: TOP Human Capital Awards 2023
TOP Business Organizer:
Date: TOP Business
October 19, 2023 Date:
October 19, 2023
Education Category Best of All By Audience, Activity, Engangement
Event: Event:
Anugerah CSR 2023 KIP Awards 2023
Organizer: Organizer:
Republika.co.id BUMN Track
Date: Date:
October 26, 2023 October 27, 2023
PT Bank Tabungan Negara (Persero) Tbk 199
Page 202
Company
Profile
Silver Winner for Excellence in Omnichannel Gold Rank
Event: Event:
Marketing Excellence Awards 2023 ASRRAT 2023
Organizer: Organizer:
Marketing Interactive National Center fof Corporate Reporting (NCCR)
Date: Date:
October 31, 2023 November 6, 2023
The Most Active Bank in Transformation The Highest Profit Growth of Sharia Unit Business Bank
and Digital Innovation 2023 Event:
Event: TOP 20 Financial Institutions 2023
TOP 20 Financial Institutions 2023 Organizer:
Organizer: The Finance
The Finance Date:
Date: November 14, 2023
November 14, 2023
The Best Mortgage Innovation 1st Place in Financial BUMN Company Category:
Event: Financial BUMN Company
CSA Awards 2023 Event:
Organizer: Annual Report Award 2022
CSA Community Organizer:
Date: Annual Report Award 2022
November 23, 2023 Date:
November 27, 2023
5 STARS DIAMOND The Best Human Capital Women Leader 5 STARS DIAMOND The Best Human Capital Team of The Year
of The Year (Rahmayati) (Banking Industries)
Event: Event:
Human Capital & Performance Awards 2023 Human Capital & Performance Awards 2023
Organizer: Organizer:
BuinessNews, Cooperation with FHCI, IICD, IIPG, HC Institute USA, BuinessNews, Cooperation with FHCI, IICD, IIPG, HC Institute USA,
UI. UI.
Date: Date:
November 29, 2023 November 29, 2023
5 STARS DIAMOND The Best Digital Transformation Strategy 5 STARS DIAMOND The Best Human Capital Director
2023 (Banking Industries) of The Year (Eko Waluyo)
Event: Event:
Human Capital & Performance Awards 2023 Human Capital & Performance Awards 2023
Organizer: Organizer:
BuinessNews, Cooperation with FHCI, IICD, IIPG, HC Institute USA, BuinessNews, Cooperation with FHCI, IICD, IIPG, HC Institute USA,
UI. UI.
Date: Date:
November 29, 2023 November 29, 2023
The High Performing Board of Commisioners on GRC 2023 Nixon L. P Napitupulu as The Most Committed
Event: GRC Leader 2023
TOP GRC AWARDS 2023 Event:
Organizer: TOP GRC AWARDS 2023
TOP GRC Organizer:
Date: TOP GRC
November 29, 2023 Date:
November 29, 2023
200 PT Bank Tabungan Negara (Persero) Tbk
Page 203
2023 Annual Report
Top GRC Awards 2023 5 Stars PT Bank Tabungan Negara (Persero) Tbk with
Event: AA Leadership Predicate
TOP GRC AWARDS 2023 Event:
Organizer: ESG Disclosure Transparency Awards 2023
TOP GRC Organizer:
Date: Investortrust
November 29, 2023 Date:
November 29, 2022
Nixon L. P Napitupulu Bankers of the Year 2023 Nixon L. P Napitupulu Top 100 CEO
Event: Event:
Bankers of The Year 2023 Bankers of The Year 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
December 5, 2023 December 5, 2023
Setiyo Wibowo The Next 200 Leaders Benny Yoslim The Next 200 Leaders
Event: Event:
Bankers of The Year 2023 Bankers of The Year 2023
Organizer: Organizer:
Infobank Infobank
Date: Date:
December 5, 2023 December 5, 2023
The Best IT For Public Company – 2023 Platinum Award (A) The Best CMO Branding & Marketing -
Very Excellent – Category: Bank Creative Marketing Initiative.
Event: Event:
Indonesia Information Technology Award V 2023 BUMN Branding and Marketing Awards 2023
Organizer: Organizer:
Economic Review BUMN Track
Date: Date:
December 08, 2023 December 13, 2023
Platinum Winner - Digital Branding Platinum Winner - Impactful Innovation Technology
Event: Event:
BUMN Branding and Marketing Awards 2023 BUMN Branding and Marketing Awards 2023
Organizer: Organizer:
BUMN Track BUMN Track
Date: Date:
December 13, 2023 December 13, 2023
Gold Winner - Brand Communication & Activation Gold Winner - Brand Sensitivity
Event: Event:
BUMN Branding and Marketing Awards 2023 BUMN Branding and Marketing Awards 2023
Organizer: BUMN Track
BUMN Track Date:
Date: December 13, 2023
December 13, 2023
Informative Public Agency
Event:
Anugrah Keterbukaan Informasi Publik 2023
Organizer:
Komisi Informasi Pusat
Date:
December 19, 2023
PT Bank Tabungan Negara (Persero) Tbk 201
Page 204
Company
Profile
CERTIFICATION
ISO 9001:2015 ISO 37001:2016
Validation: Validation:
September 15, 2020 – August 11, 2023 August 11, 2020 – August 10, 2023
Certification Recipient: Certification Recipient:
Internal Audit Division Commercial Banking Division (CMBD), Corporate Syndication &
Issued by: Transaction Banking Division (CSTD), Procurement & Fixed Asset
SGS Management Division (PFAD)
Issued by:
Komite Akreditasi Nasional
ISO 9001:2015 Indi 4.0 Level 3 Certificate
Validation: Validation:
April 6, 2022 – October 19, 2024 July 18, 2022 – July 18, 2025
Certification Recipient: Certification Recipient:
Compliance and Governance Division (CMGD) PT Bank Tabungan Negara (Persero) Tbk
Issued by: Issued by:
SGS Kementerian Perindustrian
ISO 37001:2016 ISO 37001:2016
Validation: Validation:
December 21, 2022 – December 20, 2025 December 21, 2022 – December 20, 2025
Certification Recipient: Certification Recipient:
Unit SME Restructuring Kantor Wilayah 1 Commercial Credit Risk Division
Issued by: Issued by:
Komite Akreditasi Nasional Komite Akreditasi Nasional
ISO 37001:2016 ISO 37301:2021
Anti Bribery Management System Management Compliance System
Validation: Validation:
March 19, 2021 – January 6, 2024 January 23, 2023 – January 22, 2026
Certification Recipient: Certification Recipient:
Small Medium Enterprises Banking Division (SMBD) Compliance and Governance Division (CMGD)
Issued by: Issued by:
Komite Akreditasi Nasional BSI
ISO 27001:2013 ISO 9001:2015
Informastion System Management System Informastion System Management System
Validation: Validation:
July 11, 2023 – October 31, 2025 19 Maret 2021 – 6 Januari 2024
Certification Recipient: Certification Recipient:
Data Center Non Subsidized Mortgage and Personal Lending Division
Issued by: Issued by:
BSI SGS
202 PT Bank Tabungan Negara (Persero) Tbk
Page 205
2023 Annual Report
Information Available
on the Website
The Company has the official website with the address www. btn.co.id. This website contains the latest information about the Company
Corporation, whether it is e-Banking login for customers, information about the Company and its products, profile, organization
management and good corporate governance transparency, to the latest news. This website is a publicly accessible portal, with the aim
of providing comprehensive information about the Company to the audience.
The Company is committed to continuously developing the website as part of the transparency of information to the public.
Corporate group structure and Contents of the Code of Conduct Information on General Meeting of
shareholder information up to the Shareholders (GMS) covers at least
individual end owner materials discussed in the GMS, GMS
minutes summary and important
date information i.e. the the date of
Table of Company Group Structure, https://www.btn.co.id/id/Tata- GMS announcement, the date of GMS
https://www.btn.co.id/id/Tentang- Kelola pada kanal “Tata Kelola Summon, the date of GMS holding and
Kami Perusahaan” the date of GMS Summary publication
https://www.btn.co.id/Investor-
Relation- Home pada kanal “RUPS”
Environmental, Ease of access
social, and corporate to products and
governance (ESG) promotions
https://www.btn.
https://www.
co.id/Investor-
btn.co.id/ on the
Relation-Home
product channel
on the ESG channel
Separate annual financial statements Profile of the Board of Commissioners Manuals/Charters of the Board of
(last 5 years) and the Board of Directors Commissioners, Board of Directors,
Committees and Internal Audit
https://www.btn.co.id/Investor- https://www.btn.co.id/Tentang- https://www.btn.co.id/id/Tata-
Relation- Home on the “Company Kami, in “Leadership” channel Kelola on “Corporate Governance”
Report” channel
PT Bank Tabungan Negara (Persero) Tbk 203
Page 206
MANAGEMENT DISCUSSION AND ANALYSIS ON BANK PERFORMANCE 204 PT Bank Tabungan Negara (Persero) Tbk
Page 207
In 2023, in accordance with the Company’s Transformation Journey
phase in 2023, namely “Digital Disruption to Master the Housing
Ecosystem”. The Company succeeded in exceeding the set income
target, net income in 2023 was realized at IDR3.50 trillion with
growth of 14.97% (yoy), this increase was due to the success of the
Company’s strategy in improving loan quality, expanding high yield
loan and optimizing other operating income.
PT Bank Tabungan Negara (Persero) Tbk 205
Page 208
Management Discussion and Analysis
on Bank Performance
Economic
Review
Global Economic Analysis
Until December 2023, the Fed has raised its benchmark interest
In 2023, global economic conditions was slightly hampered as rate to 5.50% or reached 525 bps since February 2022. This
a result of political tensions between Russia and Ukraine. This aggressive increase in the Federal Funds Rate (FFR) was predicted
caused commodity and energy prices to rise, which caused to remain high with a longer cycle encouraging the continued
inflation which encouraged Central Banks from many countries to strength of the United States dollar (US) thus putting pressure
increase their benchmark interest rates to control inflation in each on exchange rates in various countries. The pressure to weaken
country. Towards the end of 2023, global economic conditions the exchange rate increased in line with the high uncertainty
showed improvement, inflation and benchmark interest rates in global financial markets. The outflow of foreign portfolio
in several countries were slowly being lowered. On the other investment added to exchange rate pressure in developing
hand, in 2024, the economies of developing countries such as countries, including Indonesia. In January 2024, the World Bank
Indonesia and India are expected to continue to grow beyond lowered its projection for world economic growth in 2023 to
those achieved in 2023. The economies of developed countries 2.6%, and decreased slightly to 2.4% for 2024. This condition
such as the United States and Japan are expected to grow more was driven by the inflation rate in developed countries which
slowly than in 2023. China’s economy in 2024 is also expected was still above the target with pressure starting to ease. With this
to slow down. development in inflation, monetary policy interest rates including
the Federal Funds Rate (FFR) were predicted to remain high for a
long period of time (higher for longer).
Graph of Global Economic Growth Projections for 2023 and 2024
(in %)
7.0% 6.4%
6.3%
6.0%
5.0% 5.2%
4.9%
5.0% 4.5% 4.3%
3.9%
4.0%
3.0% 2.6% 2.5%
2.4%
1.8%
2.0% 1.6%
0.9%
1.0% 0.7%
0.4%
0
India Indonesia China Malaysia Global Amerika Serikat Jepang Uni Eropa
2023 2024
Source: World Bank, January 2024
Indonesia Economic Analysis
Indonesia’s economic growth in the third quarter of 2023 again Sectorally, the highest growth occurred in the Transportation
recorded positive results of 4.94% yoy, slightly lower than the and Warehousing sector, followed by the Other Services
previous quarter. Indonesia’s economic growth was below 5%, sector. Meanwhile, in terms of expenditure, the Non-Profit
after seven consecutive quarters of above 5%. This indicated that Institutions Serving Households (LNPRT) Consumption component
the Indonesian economy was increasingly recovering and solid. experienced the highest growth, followed by the Investment/
PMTB component and household consumption.
206 PT Bank Tabungan Negara (Persero) Tbk
Page 209
2023 Annual Report
Indonesia’s Economic Growth until the Third Quarter of 2023
(in %)
7.07
5.44 5.72
5.07 5.05 5.02 4.97 5.02 5.01 5.01 5.04 5.17 4.94
3.51
2.97
(0.74)
(2.19)
(3.49)
(5.32)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
Source: Central Bureau of Statistics (BPS), November 2023
Improvements in the national economy were expected to continue Banking Industry Analysis
until the fourth quarter of 2023. The development of leading
indicators until December 2023 still showed positive results, such The Financial Services Authority noted that the performance of the
as the Consumer Confidence Index which was still high at 123.8, financial services sector, especially banking, in 2023 was still solid
the Manufacturing PMI which was still at an expansion level of with indicators of available capital and liquidity as well as controlled
52.3 and the Real Sales Index which reached 217.9. In January credit risk. The banking intermediation function in November 2023
2024, the World Bank maintained its projection for Indonesia’s again recorded an increasing trend with credit growing by 9.74%
economic growth in 2023 at 5.0% and the projection for 2024 yoy. This growth was mainly supported by working capital loans
at 4.9%. This was triggered by continuing global inflationary which grew 10.14% yoy. Meanwhile, on a monthly basis, nominal
pressures and global financial market uncertainty which caused a growth in banking financing increased by IDR63 trillion to IDR6,966
slowdown in the national economy. Meanwhile on the monetary trillion. Meanwhile, Third Party Funds in November 2023 were
side, after BI maintained the interest rate at 5.75% for 8 (eight) recorded to have grown by 3.04% yoy to IDR8,216 trillion, with the
consecutive months, BI increased its benchmark interest rate by growth rate increasing, mainly driven by an increase in deposits of
25 bps to 6.00% in October 2023 to strengthen the Rupiah 3.50% yoy. Credit risk continued to decline with a banking NPL ratio
exchange rate stabilization policy. Apart from that, this increase of 2.36%. On the other hand, Covid-19 restructuring loans again
also became a pre-emptive and forward looking step to mitigate recorded a decline of IDR15.84 trillion to IDR285.32 trillion, with
its impact on imported goods inflation, so that general and core the number of customers also decreasing to 1.14 million customers
inflation remained under control within Bank Indonesia’s targets. after in October 2023 it was recorded at 1.22 million customers.
National economic growth continued its positive trend in the Banking industry liquidity in November 2023 was at an adequate
fourth quarter of 2023. Overall, the Government estimated that level with maintained liquidity ratios. The Liquid Assets/Non-Core
the Indonesian economy grew by 4.8%-5.2% yoy at the end of Deposit (AL/NCD) ratio was 115.73%, an increase compared to
2023, supported by several policy incentives at the end of the October 2023 which was 117.29% or far above the regulatory
year to support household consumption. The inflation rate, both threshold of 50%. Meanwhile, Liquid Assets/TPF (AL/TPF) was
general and core, remained under control with the coordination 26.04%, an increase compared to the achievement in October
of Bank Indonesia, the Central and Regional Governments which 2023 which was 26.36%, still above the regulatory threshold
caused the inflation rate to remain maintained at the level of 3.0% of 10%. Meanwhile, the Net Open Position (PDN) in November
± 1.0% at the end of 2023. Meanwhile, the Rupiah exchange 2023 was recorded at 1.58%, also far below the threshold of
rate was still influenced by the dynamics of the global market so 20%. Meanwhile, in terms of capital, the Banking industry’s Capital
that pressure on the Rupiah continued and the Rupiah exchange Adequacy Ratio (CAR) in November 2023 was recorded to have
rate against the US Dollar could be at the level of 15,399 at the increased to 27.89% from the position in October 2023 which was
end of 2023. 27.44%.
Source: Financial Services Authority, November 2023
PT Bank Tabungan Negara (Persero) Tbk 207
Page 210
Management Discussion and Analysis
on Bank Performance
Housing Industry Analysis
The Real Estate sector again recorded positive growth of 2.21% even though economic conditions contract during the pandemic. The
yoy in the third quarter of 2023, stronger compared to growth in housing sector still had enormous room for growth considering the
the second quarter of 2022 which was 0.96% yoy. The Real Estate high number of national housing backlogs and the high number of
sector became one sector that continued to record positive growth people who did not have adequate housing yet.
Graph of Sectoral GDP Growth
(in %)
25.81
15.28 14.74
12.42
8.02 8.52 8.15
6.39 6.95 6.88
4.83 4.55 5.20 5.35 5.25 5.08 5.23 5.01 5.24 5.43
4.46
3.22 2.88
1.65 2.02 1.46 2.21
0.63 0.87 0.63 0.96
(2.07)
(6.23)
18.75% 13.57% 12.96% 9.86% 10.18% 4.22% 4.06% 2.61% 5.98% 2.95% 2.40%
Communication
Administration
Transportation
Governmental
Warehousing
Manufacture
Construction
Trading and
Service and
Educational
Information
Agriculture
Real Estate
Insurance
Financial
General
Service
Mining
Retail
and
and
Q3 2022 Q2 2023 Q2 2023
Source: Central Bureau of Statistics (BPS), November 2023
The extension of the Government’s stimulus in the housing sector The magnitude of this Government support could be seen in the
encouraged demand for houses in 2023. This stimulus included growth of National KPR until the third quarter of 2023 which
easing the Loan to Value/Financing to Value (LTV/FTV) Property grew to 12.66% yoy, so that KPR growth continued to reach 2
Loans/Financing Ratio to a maximum of 100% for all types of (two) digits since the second quarter of 2023. Meanwhile, total
property as well as the Value Added Tax (VAT) policy) Covered national loans growth grew to 8.96% yoy, an increase compared
by the Government (DTP) which took effect in November 2023. to the second quarter of 2023 which was 7.76% yoy.
Growth in Total Loan and Total KPR until Quarter III 2023
(in %)
12.66%
11.00% 11.35%
10.55% 10.66% 10.82%
9.93%
9.32% 9.55%
8.00% 7.82%
7.22% 7.56%
6.81% 7.06% 8.96%
6.40%
7.76%
6.67%
4.30%
3.50% 3.50% 5.24%
2.10%
2.21%
1.49%
0.12% 0.59%
(2.41%)
(3.77%)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022 2023
Source: Indonesian Banking Statistics, Financial Services Authority, November 2023
208 PT Bank Tabungan Negara (Persero) Tbk
Page 211
2023 Annual Report
Bank BTN’s Housing Finance Center released the House Price large types (46 m2–70 m2). The growth in the house price index
Index (HPI) in Quarter III 2023, with an index of 211.86 and reflected the continued high demand for houses in the country
strong growth of 8.66% yoy. The growth of BTN HPI was amidst national economic growth which continued to increase as
supported by growth in all types of houses, namely small type people’s economic activity returns.
houses (21 m2-36 m2), medium type houses (37 m2–45 m2) and
Graph of House Price Growth According to the House Price Index for the Third Quarter of 2023
10.00 250.00
9.00 8.66
8.00 200.00
7.14
7.00 6.56 6.80 6.58
6.00
6.00 5.44 5.64 150.00
5.24
5.02 4.94
5.00
4.29 4.23
4.00 100.00
3.01
3.00
2.05
2.00 1.78 1.57 1.78 1.57 50.00
1.59 1.55 1.50
1.11 1.07 1.16 1.03
1.00
0.00 0.00
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Indeks QoQ YoY
Source: Housing Finance Center BTN, October 2023
Analysis of Bank BTN in the Banking Industry
To describe the Company’s position among national banks as of November 2022, the following explanation can be provided:
Table of Comparison of Banking Performance November 2023
Asset
No Bank
November 2023 December 2022 November 2022 YTD YOY
1 BRI 1.774 1.751 1.679 1,31% 5,65%
2 Mandiri 1.628 1.570 1.502 3,67% 8,36%
3 BCA 1.354 1.283 1.283 5,54% 5,61%
4 BNI 977 998 976 (2,10%) 0,11%
5 BTN 423 402 398 5,30% 6,53%
Position of December 2023 440
6 CIMB NIAGA 324 302 300 7,32% 7,78%
7 BSI 320 306 284 4,83% 12,86%
8 OCBC NISP 253 239 233 6,17% 8,51%
9 Panin 188 194 187 (2,95%) 0,41%
10 Danamon 193 184 177 5,18% 8,87%
11 BTPN 176 189 185 (6,95%) (4,93%)
12 Permata 245 255 240 (4,15%) 1,76%
PT Bank Tabungan Negara (Persero) Tbk 209
Page 212
Management Discussion and Analysis
on Bank Performance
Asset
No Bank
November 2023 December 2022 November 2022 YTD YOY
13 Maybank 157 149 160 5,32% (1,92%)
14 BJB 169 170 168 (0,80%) 0,77%
15 UOB 160 138 141 15,40% 13,52%
16 Mega 118 142 133 (17,01%) (11,81%)
Loan & Financing
No Bank
November 2023 December 2022 November 2022 YTD YOY
1 BRI 1.161 1.030 1.014 12,76% 14,48%
2 Mandiri 1.046 933 920 12,16% 13,65%
3 BCA 758 691 680 9,74% 11,47%
4 BNI 666 643 626 3,71% 6,48%
5 BTN 328 298 296 9,93% 10,93%
Position of December 2023 334
6 CIMB NIAGA 200 191 190 4,63% 5,10%
7 BSI 234 207 205 13,17% 14,09%
8 OCBC NISP 149 137 136 8,75% 9,53%
9 Panin 125 120 120 3,57% 3,63%
10 Danamon 139 122 119 14,23% 16,73%
11 BTPN 142 135 137 5,24% 3,18%
12 Permata 139 136 136 1,90% 2,28%
13 Maybank 101 96 97 5,42% 4,35%
14 BJB 114 108 108 5,61% 5,71%
15 UOB 82 86 83 (4,54%) (1,41%)
16 Mega 64 70 69 (8,41%) (6,11%)
Third Party Fund
No Bank
November 2023 December 2022 November 2022 YTD YOY
1 BRI 1.297 1.301 1.234 (0,32%) 5,09%
2 Mandiri 1.194 1.195 1.127 (0,08%) 5,97%
3 BCA 1.073 1.025 1.025 4,74% 4,70%
4 BNI 733 763 743 (3,95%) (1,41%)
5 BTN 330 322 322 2,59% 2,62%
Position of December 2023 350
6 CIMB NIAGA 238 228 227 4,34% 4,43%
7 BSI 268 261 248 2,32% 8,09%
8 OCBC NISP 180 176 175 1,97% 2,63%
9 Panin 131 131 128 (0,04%) 2,46%
210 PT Bank Tabungan Negara (Persero) Tbk
Page 213
2023 Annual Report
Third Party Fund
No Bank
November 2023 December 2022 November 2022 YTD YOY
10 Danamon 131 126 119 4,08% 9,54%
11 BTPN 101 103 99 (1,49%) 2,71%
12 Permata 171 196 180 (12,35%) (4,65%)
13 Maybank 113 106 114 6,57% (0,73%)
14 BJB 124 122 123 2,22% 0,94%
15 UOB 121 114 116 6,63% 4,35%
16 Mega 85 103 93 (17,77%) (9,35%)
Until November 2022, the Company continued to be the 5th largest Company, have greater financial and other resources as well as a
bank in terms of assets. The Company’s assets until November 2023 wider network of branch offices and ATMs. In addition, in 1999,
reached IDR423 trillion, or experienced growth of 6.53% yoy. This the government of the Republic of Indonesia removed the limit on
increase also occurred on the loan and financing side as well as foreign bank ownership and allowed foreign banks to open branch
the Company’s third party funds until November 2023. Loan and offices in Indonesia. Competition from previously operating banks
financing grew 10.93% yoy to IDR328 trillion and third party funds and new banks, both domestic and foreign, in which foreign banks
grew 2.62% yoy to IDR330 trillion. can implement joint ventures or investments in domestic banks, can
have a negative impact on the Company’s operational and financial
The Company faces competition in all business lines it operates. conditions.
The Company’s main competitors are domestic banks, and to a
narrower extent, foreign banks operating in Indonesia. For housing As development and reform of Indonesia’s financial sector continues,
loans, the Company’s main competitors are domestic banks the Company likely faced competition from a number of financial
because foreign banks are not permitted to provide housing loans. institutions that offered a wider range of banking products and
As a result of the global financial crisis, competition for funding, services or loans with larger limits or had greater financial and other
especially retail funding that offers cheaper funding costs, has resources than the Company. Many financial institutions competed
become increasingly intense. The Company usually competes with for the same target customers as the Company’s targets, and many
other banks, especially in terms of extension and convenience of institutions had access to governments or business groups with
distribution channels, product range, prices, customer service and greater financial resources. Several of the Company’s competitors
provisions for technology services. had, and were predicted to, form strategic alliances with several
foreign banks with significantly greater management and financial
Apart from that, the Company indirectly faces competition from resources.
foreign banks. Some competitors are substantially larger than the
Graph of Outstanding Housing Loans Comparison of Banks in Indonesia
(in IDR trillion)
251
250
200
150
118
100
57 53 50
50 43
0
BTN BCA BNI Mandiri BRI CIMB Niaga
2022 2023
PT Bank Tabungan Negara (Persero) Tbk 211
Page 214
Management Discussion and Analysis
on Bank Performance
Operational
Overview
Strategy Bank b. Upselling and cross selling programs for non-subsidized
products to subsidized KPR customers who have or
The Bank’s strategic plans consists of short, medium and longterm are almost paid off through analytics capabilities and
strategy. upselling programs.
c. Pre approved loans or credit to existing debtors who
Short and Medium Term Strategy meet the criteria through the Eagle Project and Ultimate
Project (KAR and KRING)
Credit Sector 4. Widening Real Estate Value Chain That Targeting MSMEs And
Contractors.
Strategic initiatives to develop credit business in the short and a. Establishing an MSME financing center as an initiative to
medium term are as follows: support the expansion of SME loans, especially KUR.
1. Increasing The Contribution To The Government Subsidized b. Cross selling Supply Chain Financing (SCF), Bank
KPR (Mortgage) Program Guarantee (BG), Domestic Letter of Credit (SKBDN) and
a. Optimizing Bank BTN’s portion of the FLPP and TAPERA e-Banking to SME, Commercial, Corporate and Agency
Subsidized KPR quota. customers.
b. Developing the Rent to Own KPR scheme as an affordable c. Increasing KUR distribution to captive customers,
and equitable KPR scheme, targeting the millennial both self-employed debtors, subsidized KPR and non-
generation. subsidized KPR.
c. Developing funding scheme for affordable housing
provision. Credit Quality and Financing Sector
d. Partnership for housing funding of millennial and urban
segment. Initiatives for business improvement in the areas of credit and
e. Development of millennial housing projects with financing quality in the short and medium term are as follows
affordable price and having complete facilities (working 1. Continuing Credit Business Process Improvement Initiatives
space. walkable/close to everywhere) through Transit a. Optimalization of regional Loan Processing Center
Oriented Development (TOD) establishment. (RLPC).
2. Developing KPR (Mortgage) Market Share In The Emerging b. Implementation of Commercial Banking Center (CBC).
Affluent And Affluent Segments c. Continuing Repair process business credit epecially in
a. Establishing a sales center that focuses on selling mortgages the commercial and SME segments.
to the emerging affluent segment, which in 2023 will open 2. Improve The Quality and Effectiveness of Collections
sales centers in Jakarta-Kelapa Gading Square, Tangerang- a. Standardization of the credit restructuring process
BSD and Surabaya. b. Improve collection management
b. Collaboration and marketing program with national and - Implementation of collection scoring
individual property agents, as a Direct to Customer (D2C) - Monitoring the productivity of Outsourced Power
strategy. (TAD) Collection.i-coll usage and contacted rate
c. Developing collaboration with developers to develop - Improving the business process of SME restructuring
residential projects in the emerging affluent segment. and Commercial.
d. Strengthening the BTN Property application and portal by c. Developing an early warning system.
end-to-end digitalization of the mortgage process. good for d. Optimization of cooperation with lawyers. Regional
consumers and developers Legal Representative (RLR). courts and BPN.
e. Making one-stop-shop housing ecosystem for customers’ 3. Accelerate Bulk Settlement of Bad Debts (Sales Asset Strategy)
life-cycle. a. Sales through Investors or partners.
f. Building an instant purchase platform as part of BTN b. Offering to potential investors/partners through small
Property. gathering at each regional office or office branches that
3. Increase in High Yield Margin Loans have large NPL outstanding (pareto).
a. Increasing high yield credit (KRING, KAR, KUR) beyond c. Sales through bulk sales.
mortgage through up-selling and cross selling programs d. Offering to potential investors/partners made in bulk to
to captive customers, office and industrial areas. one party.
e. Settlement of commercial credit through litigation.
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f. Coordinating Assets Sales Management work units with 1. Developing Fees from Digital and Transaction Banking
Legal unit to litigate debtors which could potentially be a. a. Accelerating the development of features in Bank
done recovery. BTN’s new mobile banking.
g. Sales through BTN’s low-cost home portal (www. b. Accelerate the implementation of digital on boarding to
rumahmurahbtn.co.id). increase Retail DPK.
h. Maximizing sales through digital platforms in order to c. Developing a Cash Management System (CMS) for
provide massive awareness to audience in the hope of online submission of cash collateral and bank guarantees
attracting the interest of buyer candidates. to develop fees from the transaction banking segment.
2. Developing Fee Based from New Sources
Funding Sector a. Forming a special work unit that manages wholesale
and transaction banking to increase wallets from the
Initiatives to develop business funding in the short and medium commercial, wholesale and corporate segments.
term are as follows: b. Developing fees from priority segments, especially in
1. Developing Capabilities as a Transactional Bank and foreign exchange services (market link deposits, forex
Transaction Channels swap deposits, and others).
a. Optimizing the productivity of office networks in target c. Improving treasury profitability from managing Available
market areas (offices, shops and shopping centers). for Sale (AFS) and Hold to Maturity (HTM) portfolios,
b. Increasing sales productivity through development BTN through:
Smart. - The focus of the HTM portfolio is on portfolio
c. Savings campaign programs and strategies through distribution that has a short term tenor, a maximum
Integrated Marketing Communication activities in the of 10 years.
middle segment and non-subsidized mortgage debtors. - Recomposition of the AFS portfolio to be shorter and
d. Acquisition and sale of bundling products to state-owned attempted to be a maximum of 10 years.
corporations. - Diversify the tenor of the AFS and HTM portfolio by
e. Acquisition of BTN Business Savings for customers and considering the bank’s liquidity ratio, the direction
partners of SME and Commercial segments. of the reference interest rate and the comparison of
f. Increasing the acquisition of BTN Investa Savings to interest rates on investment placements with BI with
priority customers to increase CASA in the High Network SBN yields.
Income (HNW) segment. d. Developing new sources of fee-based treasury earnings
2. Becoming an Operational Bank For Institutional Fund through forex trading and structured products.
Management e. Increasing fees sourced from Bank Guarantees (BG),
a. Increasing the acquisition of Government Task Force Domestic Letters of Credit (SKBDN), Supply Chain
(SATKER) and SPAN interconnection. Financing (SCF), Cash Management System (CMS) in
b. Increasing cash management acquisition and utilization on the Corporate segment.
institutional and corporate customers.
c. Payroll customer acquisition program through sales To achieve this target, strategic initiatives carried out in the short
bundling products (BTN Solution Program). and medium term are as follows:
d. Developing a customer base through a business ecosystem 1. Accelerate the implementation of new mobile banking.
approach that focuses on the property related, healthcare, 2. Accelerate the implementation of digital on boarding to
trade, education and industrial area sectors. increase Retail DPK.
e. Developing retail and wholesale transactions through 3. Develop a Cash Management System (CMS) for online
acquisition and activation programs for mobile banking, submission of cash collateral and bank guarantees to
debit cards, EDC, QRIS, cash management and trade develop fees from the corporate segment.
services. 4. Develop fee based from new sources.
a. Forming a special work unit that manages wholesale
Other Operating Income Sector and and transaction banking to increase wallets from the
Subsidiaries Establishment commercial, wholesale and corporate segments.
b. Developing fees from priority segments, especially in
Other Operating Income foreign exchange services (market link deposits, forex
swap deposits, etc.).
To increase profitability, Bank BTN business plan in the next c. Improving treasury profitability from managing Available
three years is also focused on improving Other Operating for Sale (AFS) and Hold to Maturity (HTM) portfolios.
Income (POL) which is mostly sourced from fee-based income, d. Recomposition of the Available for Sale (AFS) portfolio
especially on new sources based on transactions and services, to be shorter and attempted to be a maximum of 10
with redetermined targets as follow: years.
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e. Diversifying the tenor of the AFS and HTM portfolio in Indonesia’s sharia financial assets has reached IDR2,450.55
by considering the bank’s liquidity ratio, the direction trillion or around USD 163.09 billion as of June 2023. This figure
of the reference interest rate and the comparison of shows growth of 13.37% (yoy) with a market share of 10.94%
interest rates on investment placements with BI with SBN of total national finances. After experiencing a slowdown due
yields. to the impact of the pandemic and uncertain global conditions,
f. Developing new sources of fee-based treasury earnings the national sharia banking industry has managed to record
through forex trading and structured products. quite good growth. As of June 2023, the sharia banking market
g. Increasing fees sourced from Bank Guarantees (BG), share in Indonesia grew to 7.31% of the total national banking
Domestic Letters of Credit (SKBDN), Supply Chain industry. This growth was supported by 13 Sharia Commercial
Financing (SCF), Cash Management System (CMS) in Banks, 20 Sharia Business Units, and 171 BPRS with an asset
the corporate segment. portion distribution of 65.78% for Sharia Commercial Banks,
31.68% for Sharia Business Units, and BPRS of 2.54%.
Subsidiary Establishment Plan
In addition, based on the results of the 2022 national financial
To strengthen the bank’s core business and initiatives in literacy and inclusion survey, the sharia financial literacy and
supporting the synergy of SOEs, in the medium term of business inclusion index was recorded at 9.14% for the literacy index and
development,it is also carried out with the plan of establishing 12.12% for the sharia financial inclusion index. The low literacy
a subsidiary or inorganic strategy through capital participation and inclusion index is certainly an opportunity and challenge for
plan in the field of investment management, venture capital Islamic banks to continue to develop their business. The concept
firms, insurance, establishment of multifinance subsidiaries of sharia banking is currently also relevant to retail banking
and cooperation in developing the Sharia Business Unit businesses such as mortgage financing and MSMEs which are
(UUS) business. The Investment Management (MI) subsidiary one of the arteries of the Indonesian economy. Meanwhile, the
establishment plan is planned to be carried out under a capital challenges of sharia economic and financial development mean
participation scheme direct control, in this case the candidate that there is still a large gap with the conventional financial
of the company which is planned is investment management industry. This includes a relatively low market share at around
company which is one of the subsidiaries of state-owned 11%. The low level of sharia financial literacy also has an
enterprises. impact on the limited rate of sharia financial inclusion. Apart
from that, there is limited differentiation of business models or
Next. Paying attention to the competitive advantage of the sharia financial products, the use of information technology
business strong in housing which is mainly mortgages, Company which currently still needs to be improved, and sharia financial
plans to form a life insurance subsidiary or disadvantages that human resources are not yet optimal. Indonesia as a country
are inorganic strategies for providing one stop solution service with the largest Muslim population has the potential to become
in facilitating financial services family. The plan to establish an example of excellence in sharia finance. This ambition is in
such subsidiaries is carried out with a direct control capital line with ongoing efforts by various agencies to encourage a
participation scheme, with the target of potential company strong and diversified financial ecosystem that is in line with
partners/life insurance subsidiary that has been running or a sharia principles. Sharia banking in Indonesia continues to show
new establishment. Furthermore, to support the idea of BUMN positive developments, this is inseparable from its market share
synergy and as a special vehicle in the Assets Management which is still not saturated and continues to grow. Based on FSA
development strategy, the Company also plans to establish a statistical data, in the 2019-2022 period sharia banking assets
Venture Capital subsidiary. Apart from that, the business focus of grew 14.24%, the growth of which was dominated by Sharia
establishing subsidiaries in this field is also aimed at investing in Commercial Banks (BUS). In line with this growth, the market
several potential businesses such as fintech. share of national sharia banking assets was also strengthening
from 6.18% in 2018 to 7.09% in 2022.
Sharia Business Sector
In line with the potential of national sharia banking, Bank
Based on the Royal Islamic Strategic Studies Center (RISSC) BTN’s Sharia Business Unit also experienced unidirectional
report entitled The Muslim 500: The World’s 500 Most Influential business growth. This was demonstrated by the performance
Muslims 2024, Indonesia is the country with the largest Muslim that continued to grow and the ability of Bank BTN’s Sharia
population in the world. RISSC noted that the Muslim population Business Unit which continued to grow amidst the challenges of
in Indonesia would reach 240.62 million people in 2023. This the pandemic. In September 2023, Bank BTN’s UUS assets were
number could be equivalent to 86.7% of the national population recorded at IDR48 trillion, growing 16.81% (yoy). This asset
totaling 277.53 million people. As a country with the largest growth was supported by financing of IDR35.79 trillion, growing
Muslim population, Indonesia’s sharia financial industry has 17.94% (yoy), and the collection of Third Party Funds which was
enormous potential. With relatively low literacy and inclusion recorded at IDR36.25 trillion, growing 16.76% (yoy).
conditions, total assets are in 7th position globally. Overall growth
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Capital Strengthening 3. Focus on creating value and becoming a business partner
through organizational alignment, and implementing digital
Supporting soundness and sustainable business growth requires human resources to support operational excellence and
strong capital support by considering the fulfillment of the bank’s implementing corporate culture internalization.
minimum capital requirements following Basel III. According
to OJK Regulation No.11/POJK.03/2016 dated January 29, Initiative
2016, concerning Minimum Capital Adequacy Requirements for
Commercial Banks, banks must provide capital in the form of Short and medium term initiatives are outlined as follows:
minimum capital based on risk rating and additional capital as a
buffer based on Basel III (there are 3 types: capital conservation SHORT TERM INITIATIVE
buffer, counter cyclical buffer, capital surcharge). 1. Develop and implement Employee Value Proposition (EVP) to
attract the best talent.
Human Capital Sector 2. Renew focus on talent development and retention.
3. Implementation of a Strategic Business Unit (SBU) based
To realize the One of Home of Indonesia’s Best Talent, the work organizational structure
program for Human Capital (HC) development in the short and 4. Fulfill employee needs using multisourcing recruitment
medium-term is aligned and the basis for the 2021-2025. The methods to attract quality talent, especially in the fields of
medium-term plan in the HR sector aims to attract and retain the funding, transactional and digital banking.
best talents who have superior capabilities and high productivity. 5. Implementation of succession programs and special career
In an effort to realize these aspirations, the formulated dimensions paths for general management, funding, transactional and
and parameters as follows: digital banking.
1. Ability to Attract Top Talent 6. Develop employee competencies, especially related to
Become one of the top of mind employers for external critical capability, leadership, funding, transactional and
candidates from leading companies and universities in digital banking.
Indonesia. 7. Enable the implementation of the EVP Program to improve
2. Ability to Retain Top Talents employee experience.
Able to retain top talents to work and develop with Bank 8. Strengthen the role of change leaders to internalize core
BTN. values in each work unit and encourage behavioral changes.
3. Talent’s Capability Readiness 9. HC Technology development that focuses on talent
Have the capability to achieve the bank’s current and future management, people analytics and employee self service to
strategic goals.. improve employee experience.
4. Employee Productivity
Has employee productivity that is above the average of well- MEDIUM TERM INITIATIVE
known organizations. 1. People Analytics and Employee Experience
a. Developing HC Business Partner (HCBP) capabilities to
To achieve these aspirations, strategies and strategic initiatives align HC strategy with business and answer bank needs
were prepared as follows by implementing HCBP at the end state stage, namely at
the Division Level.
Strategy b. Refining the HC organizational structure and designing a
grading system that is aligned with business needs:
Description of the strategy in achieving aspirations in the field of - Strengthening learning organizations and learning
human capital, namely: center infrastructure.
1. Become the first choice for the best talent to work by improving - Implementation of a new grading system.
the recruitment and onboarding process which provides c. Implementing a multi-sourcing strategy and running
employee experience with a motivating and competitive an onboarding program for new recruits and internal
reward system in the market, as well as activating the bank’s movements.
employee value proposition. d. Describing dual career paths (specialist and generalist
2. Strengthen HR capabilities, productivity and competitiveness career paths) for critical positions.
through improving employee capability development e. Improving a self-learning learning culture with the 70-20-
programs, supporting a learning culture, implementing 10 learning method.
consistent coaching, and implementing productivity measures f. Aligning remuneration systems and incentive programs
in workforce planning and performance management. to attract, retain and motivate employees.
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Management Discussion and Analysis
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g. Activating and implementing the 4 (four) Pillar Employee Good Corporate Governance (GCG), Risk
Value Proposition (EVP) program. Management and Compliance
h. Implementing an integrated HCIS to support operational
excellence, data-based decision making, and provide a Good Corporate Governance (GCG) Improvement
seamless employee experience, through:
- Digitalization of recruitment, and onboarding. The Company is aware of the importance of implementing GCG
- Recruitment and onboarding people analytics. as one of the strategic steps to achieve the vision that has been
- Integration of Performance Management System set. Therefore, strengthening the organizational structure and
(PMS), Learning Management System (LMS), and business processes based on GCG principles is consistently
Succession Individual Development Plan (IDP). applied through strengthening the four main pillars of GCG
- Integration of talent management system and people implementation: (i) Commitment on Governance; (ii) Governance
analytics. Structure; (iii) Governance Process and (iv) Governance Outcome.
2. Scale Up and Deep Dive The strengthening of the first pillar is done by internalizing GCG
In this phase, all initiatives that have been running in 2022 - principles in business activities and bank operations, which has
2024 are strengthened, including: been listed as one of the bank’s missions “Implementing banking
a. Aligning remuneration systems and incentive programs management following prudential principles and Good Corporate
to attract, retain and motivate employees, including Governance to increase shareholder value”. Strengthening the
through: second and third pillars is done by implementing GCG principles
- Transition of basic salary and position allowances. on changes in the Organizational Structure and Business Process
- Continued development for variable pay components as a whole which is currently being carried out as a stage of the
in business families. bank’s business transformation. Broadly speaking, these changes
b. Implementing an integrated HCIS for data-based decision were carried out by streamlining the process to separate the roles
making, as well as providing a seamless employee of sales, operations and risk policies. The strengthening of these
experience. pillars is done by strengthening the supervisory mechanism for
- Digitalization of workforce planning through office operations, both from the Directorate level to the Work
integrated man power planning in the HC Information Unit.
System (HCIS).
- Man power planning people analytic. Furthermore. the strengthening of the fourth pillar is carried
- Scale up people analytics capabilities to provide out through results application of GCG principles in the
predictive functions. bank’s business processes as set forth in the GCG report and
assessment as well as the awards received by the bank, including
IT Infrastructure governance outcomes which includes qualitative aspects and
quantitative aspects. such as: adequacy of report transparency,
To support the corporate plan, business aspirations and vision of regulatory compliance legislation, bank performance such
Bank BTN as “Becoming the Best Mortgage Bank in Southeast as profitability, efficiency and capital, increase/decrease in
Asia by 2025”, Bank BTN prepared six themes in the Information adherence to applicable regulations and problem solving faced
Technology strategic plan for 2021-2025. In implementing the by the Bank such as fraud. Maximum Limit violations Lending
2021-2025 Information Technology strategic plan, Bank BTN (BMPK), violation of the provisions related to the report Banks
carries three main annual themes as follows: to regulators. In order to improve the implementation of GCG
1. 2022: Start to Scale so that company management can run well and achieve the
2022 began with preparations for large-scale changes at expected goals, a strategic plan is needed contained in the GCG
Bank BTN. Initiatives related to the implementation of an Roadmap which serves as a guide for all BTNers in contributing
agile-based multi-speed Information Technology operating to the creation of directed GCG management.
model. Study of critical systems that could be upgraded/
replaced. In this phase, the initiatives carried out also focused Risk Management Improvement
on increasing Information Technology maturity.
2. 2023: Expand the Transformation In order to support Bank BTN’s long-term plan, to become The
Continue executing upgrade/replace and/or enhancement Best Mortgage Bank in Southeast Asia by 2025, it is necessary
of critical systems that have been identified. Continuing agile to maintain a company with sustainable profitability and continue
based system development (such as digital channels). strategic steps and initiatives related to Risk Management, including:
3. 2024-2025: Continuous Improvement 1. Developing Retail Transaction Banking by Building
Focus on improving/enhancement of non-critical systems, Operational Risk Acceptance Readiness and Fraud Risk
process improvements to increase Information Technology Strategy
maturity. a. Strengthen Policies and Processes
The bank had a framework and operating model related
to comprehensive fraud management that accommodates
all channels and products.
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b. Organizational Development and Human Capital (BPI) and Commercial Banking Center (CBC), the
Capabilities bank has implemented an internal credit rating (ICR).
Development of a special organizational structure for In line with one of the bank’s strategic themes in its
anti-fraud in work units (1st line of defense) to make it 2025 aspirations, namely strengthening SME BPI by
more effective and efficient. improving Turn Around Time (TAT) through automated
c. Technology Development credit workflows, the bank will develop SME application
Updated technology for more dynamic fraud detection scoring, which is expected to speed up the MSME credit
using AI and machine learning. approval process through data processing using models
2. Improving Risk Assessment for the Special Non-Fixed and can classify prospective MSME debtors based on
Income Segment Through the Development of Non-Fixed their risk level. This is expected to increase the market
Income Analytical Models and Credit Analyst Competency share of the MSME segment and improve the quality of
Development MSME credit
3. Develop Risk Criteria for Targeted Segments and Overlay c. Developing the operation risk tools application to
Models to Increase Approval Rate increase convenience, integration, visibility and the latest
a. Determining priority target segments (existing debtors, information system in operational risk management,
funding customers, and new to banks) to manage risks in Bank BTN has developed an operational risk application
the implementation phase. which contains Loss Event Database (BTN-LED), Risk and
b. Building a proxy income model to project increases in Control Self-Assessment (RCSA) and Key Risk Indicator
debtor and potential debtor income in determining credit (KRI).
limits and standardizing recommendations and decisions. 7. Maintaining Low NPL in All Segments Through Strong Risk
c. Sharpening Credit Policy according to risk-based Monitoring
segmentation. Development of the Commercial Loan Early Warning System
4. Establishment of the SME Processing Center as a Supporting (EWS) to support the strengthening of commercial credit
Platform for MSME Credit Growth risk monitoring through standardization, digitization and
Implementation of new SME business processes and decision development of guidelines and tools. the bank will develop
engines through digitalization of processes that will be Commercial Loan Early Warning System (EWS) by setting
carried out to support SME process improvements. risk parameters indicating presence worsening quality of
5. Development of Digital, Information Technology and Cyber commercial credit debtors individually. This is expected
Risk Capabilities is carried out through the development of to assist work units that provide commercial credit for
the Information Technology Risk Organizational Structure identifying actions that need to be taken immediately to
and Initiatives in Building Fraud Risk Management prevent commercial credit from the debtor as it will become
As the use of technology increases, the risks in using an issued commercial credit.
technology also increase, so strong technology, digital and
cyber security risk management is needed. Based on this, Bank Network Development Sector (Delivery Channel)
BTN developed the IT, Digital and Cyber Risk Management
Department under the Enterprise Risk Management Division Optimization of delivery channels to support business is carried
which focuses on managing all Bank BTN Information out through developing the quantity and variety of channels with
Technology risks through 6 (six) main domains, namely network expansion strategy focused on four main initiatives,
cyber security risk, data privacy risk, project delivery risk, such as the regionalization strategy, branch expansion, banking
third party risk, continuity and resilience risk and regulatory agent and digital channels. The regionalization strategy is a form
compliance risk. of grouping work area that is not only based on location, but
6. Better Credit Business Processes by Centralizing Credit also based on the density of existing branches to ensure better
Operations (CBC, SME and Consumer), Improving Checks and strategy alignment. The consideration used in the regionalization
Balances and Strengthening the Risk Framework Through strategy is as follows:
Appropriate Risk Guidelines 1. Development of highly dense areas will ensure control of
a. To improve the decision process and quality of consumer Key Performance Indicators (KPI) and more comprehensive
loans, speed up the consumer loan approval process strategy alignment.
through a data analysis process using models, the bank Determination of branch operational zones does not only
developed a Credit Scoring Model (CSM). In addition, the consider the location. but also the density of branch ratio.
bank has implemented collection scoring, to support the 2. Optimizing Branch Office Productivity
collection team in determining the priority scale for collecting In the short term, the company is not very expansive in opening
debtors based on their risk level (high, medium, low risk) to a branch office. further, in this year, the Company will improve
pay their obligations so that the credit development process the oversight of the branch office to the outlet below and
becomes more effective and efficient. conduct an assessment or evaluation of the nonproductive
b. In order to improve the underwriting process and outlets performance for closure. This is conducted so that the
credit quality of commercial loans, supporting the office branches can monitor the performance of subordinate
implementation of the new Business Process Improvement outlet that it will support corporate performance.
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3. Banking Agent To achieve these aspirations, 10 (ten) strategic themes for the
Optimizing banking agents as aggregators with expanding 2021-2025 Corporate Plan have been determined as follows:
strategic alliances, e.g. post office and mini-market as sales 1. Improving the branch operational model to increase low-cost
agent. DPK and retail business by optimizing the network footprint
4. Digital Channel and building end-to-end customer ownership (Commercial,
The development of digital channel is intended for remote SME, Consumer segments) including funding, lending, fees
access to target the emerging affluent segment, the younger and other services.
generation and increase the convenience of transactions for 2. Partnership/inorganic growth to support the main business
customers. Digital channel development is focused on: in the housing sector, capturing opportunities in the fields of
a. Attractive and clearly defined target segments with a multi-finance, insurance and asset management.
focus on segment selection age range between 20 to 35 3. Development of housing financing for the emerging affluent
years. and affluent segments, by increasing the direct-to consumer
b. Right-to-target offering by advantaging big data proposition, and collaborating with leading developers and
analytical advantage to obtain product or service real estate agent networks.
recommendations for each customer. 4. Development of a subsidized KPR home ownership program
c. Customer value management through offering broad to support the national agenda for affordable housing.
and universal products and services. However, it is 5. Expanding the value chain in real estate targeting SME
more focused on the main needs of customers (customer suppliers and contractors by providing supply chain
centric). financing, bank guarantees, SKBDN and business savings
solutions.
Long-Term Strategy 6. Develop complete financial solutions (loans, savings,
transactions and investments) targeting fixed income
To increase its contribution to the housing sector and support the customers, especially emerging affluent and SMEs, as well
transformation roadmap of the Ministry of BUMN, Bank BTN has as preparing cross-selling and upselling strategies
set a vision to become The Best Mortgage Bank in Southeast Asia 7. Develop electronic transaction channels, automate various
by 2025, with aspirations for 2025 as follows: business processes and develop cooperation with the digital
1. Double Low Cost Funding ecosystem, including setting up supporting Information
Transformation of channel capabilities so that they become Technology infrastructure and operational models.
transactional banks to support increased low cost funding 8. Implementation of an SBU structure, which is suitable for
and growth in fee based income. creating a performance-oriented organization, building
2. Encouraging affordable access to housing for Indonesian hard and soft skill capabilities, as well as launching culture
people programs for sales and service, governance and risk
Presenting banking products to improve living standards, management, performance and learning.
subsidized housing financing for the mass segment and 9. Better credit business processes by centralizing credit
building new direct-to-customers channels for the mass operations (CBC, SME, Consumer), improving checks and
affluent segment. balances, and strengthening the risk framework through
3. Building a One Stop Shop Financial Solution for Consumers appropriate risk guidelines.
and Housing-Related Businesses 10. Maintaining low NPL levels in all segments through strong
Providing loan and investment solutions to develop housing risk monitoring, work standardization, billing processes that
ecosystem-based businesses that will encourage the utilize digital solutions, and asset sales strategies.
contribution of the housing sector.
4. Become a Digital Innovator and Home of Indonesia’s Best The transformation journey of the 10 (ten) strategic themes up to
Talent 2025 above is as follows:
Carry out the digitalization process to build the most efficient a. In 2021, “Transform to Achieve Sustainable Growth”.
operations and develop the best talent. b. In 2022, “Expand to New Business Areas”.
5. Build a High Quality Portfolio and Maintain a Low NPL Level c. In 2023, “Digital Disruption to Master the Housing
Utilizing technology to develop an integrated and robust Ecosystem”.
risk management process to reduce NPLs in line with market d. In 2024, “Expanding Business Areas and Providing
sustainability. Integrated Financial Solutions”.
e. In 2025, “One Stop Financial Solution in the Housing
Ecosystem”.
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Bank BTN Transformation Journey 2021-2025
2021 2022-2023 2024-2025
Transform to Achieve Sustainable Growth Expand to New Business Areas Disrupt and Scaleup Through Digital
Funding Funding Funding
• Redesign the branch operating model by • Launched a new branch operating model and • Increasing BTN Solutions and offering sector-
centralizing operations and support functions sales transformation to 700+ branches specific programs to more sectors
• Launched branch sales transformation • Relocating branch offices to priority micro • Improve more analytics use cases
• Launched a re-branding campaign for BTN markets
• Improve BTN Solusi, sector proposition • Strengthening Wealth & premium services
• Launched an analytics-based cross-sell platform
Lending Lending Lending
• Launched CASA/payroll related products • Launched a KPR tracking portal for customers • Launched a one-stop digital customer housing
• Penetrating top developers & national property and a dashboard for developers ecosystem
agents to increase BTN Properti • Designed and piloted individual property • Launching a business to business (B2B) real
• Develop collaboration with TAPERA for housing programs/agents for initial segments estate market and bundling services outside
programs and process integration • Penetrating the value chain of 10-20 of banking
Business • Develop value chain propositions (BG, SCF, developers. then scale up to at least 100 • Launching property-backed MSME loans for
SKBDN, Business Savings, Internet Banking) developers other sectors (non-residential)
• Redesigned the Relationship Manager (RM) • Launched a credit card issued by BTN • Increasing BTN Properti to become the 3rd
scope and sales process largest online property portal in the country
Ecosystem Ecosystem Ecosystem
• Establish a venture capital company • Established an investment management • Developing BTN Properti into the 3rd largest
• Joint Venture to establish life insurance subsidiary online property portal in the country
• Launched an instant property purchasing
platform
• Digitize the end to end mortgage process • Launched updated mobile banking, and • Digitize the end to end mortgage process
• Improve API & SandBox management internet banking for business • Improve API & SandBox management
• Set up governance and data structure • Building Big Data Analytics capabilities • Set up governance and data structure
• Designing the Strategic Business Unit (SBU) • Setting up digital factory & Information • Designing the Strategic Business Unit (SBU)
Enabler •
structure and pilot
Implementing the BUMN corporate culture •
Technology risk organization
Develop credit risk models •
structure and pilot
Implementing the BUMN corporate culture
• Increase commercial BPI; launched CBC • Developing a collection analytics based • Increase commercial BPI; launch CBC Strengthen
• Strengthen Collection & accelerate asset sales strategy Collection & speed up asset sales
• Launch individual development platforms
Marketing Aspect 1. Primary (Hero : BTN Mobile (January - December)
Campaign)
: - BTN Bisnis (June - October)
Secondary
Marketing Strategy - Plus by BTN Prioritas (July)
- BTN Spekta (August)
To help the Company increase its competitive advantage, it
- BTN Gaess Housing Loan (KPR) (November -
requires a marketing strategy as a guideline in product marketing
December)
and providing direction regarding the running of the business.
- BTN Bersubsidi Housing Loan (KPR) (November
- December)
Campaign Plan 2023
2. Product of The : - BTN Mobile (January - December)
Campaign Plan 2023 was Bank BTN’s promotional planning
Month (POM)
strategy for 2023, by optimizing conventional media and - BTN Bisnis Savings (May - October)
digital media, Out of Home (OOH) as well as various activation - BTN Gaess Housing Loan (KPR) (November -
activities, which are divided into categories: December)
3. Festive : - Bank BTN 73rd Anniversary Promo (February)
Campaign = moment of truth for Bank BTN’s 73rd
anniversary
- Ramadan and Eid al-Fitr Promo (March - April)
= moment of truth Ramadan and Eid al-Fitr.
- Promo for the 78th Independence of the
Republic of Indonesia (August) = moment of
truth for the 78th Anniversary of the Republic
of Indonesia
4. Always ON : This is publication and marketing through digital
media, both as a call to action and to build
awareness regarding the product.
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Management Discussion and Analysis
on Bank Performance
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Primary
Mall Roadshow
IPEX HUT
Secondary KPR 47
KPR BTN
Subsidi
POM 1
POM 2
Festive Festive HUT
Festive
Ramadan Idul
Festive HUT Festive HUT
Campaign BTN 73
Fitri
RI 77th KPR 47
• BTN eChannel Products & Promos (BTN Mobile, IB and ATM) • BTN Specta
• Other Products & Programs
• BTN Visa & GPN Debit Card Products & Promos. • BTN Prioritas Services and Programs
• Corporate Corremunication
Always On • BTN Batara Savings & BTN Siap!
• BTN Bisnis Savings
• Non-Subsidized KPR, Subsidized KPR, KAR and
KRING products and programs
• Festive
• Government Communication
• KPR and BTN Properti • Sharia Products & Programs
Hero Campaign
Objective
Increasing awareness by maintaining the relevance of BTN & HGCTHI with the younger generation, especially gen Z and millennials through BTN features &
services in owning a home, investment and ease of transactions.
HGCTHI 2020 HGCTHI 2021 HGCTHI 2022 HGCTHI 2023
BTN Gives a new perspective on the BTN Steps with the young people to BT N P r ovi d e s r e a l s olu t i ons BTN with its flagship product in 2023,
principle of You Only Live Once for embrace optimism: Dare to face and ( a ct i ona b le ) t o p r ogr e s s i n supports and provides a way for
the sake of a more planned future. get around today’s challenges. li v e i n m a ny w a y s ( st a r t i ng t o ow n customers to be braver in taking action,
a hou se , i nve s t i ng a nd s e t t i ng u p not to delay any longer in terms of
a p e ns i on fu nd ) t ha t a r e d i gi t a lly owning assets because life is not just
i nt e gr a t e d . about today, NOW IS THE TIME
Platform BTN Mobile KPR BTN Gaess Product Tabungan BTN Bisnis
Aims to increase accessibility through digital Aims to increase assets through providing loan, one Aims to increase liabilities through low cost funding. One
channels, one of which is the Hero BTN Mobile of which is the Hero KPR BTN Gaess product which of them is the Hero Tabungan BTN Bisnis Product, with
product. Present as a mobile app with a more is a House Ownership Loan for residential ownership features and services that facilitate your various business
futuristic UI/UX that makes it easier for customers to purposes. needs with complete support for larger businesses.
fulfill various transactional needs.
220 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
HERO CAMPAIGN AS BTN MOBILE CAMPAIGN IN 2023
1. Making TVC for BTN Mobile features
BTN Mobile’s superior features were packaged with communication materials that highlight ethnic diversity from each region, so that
the information conveyed in the communication materials is more interesting and relates to various financial needs.
CARI PROPERTI & KPR / CASHFLOW TRACKER / ONLINE ON BOARDING
SUNDA MINANG / JAWA
Easier to choose housing and Easier to monitor transactions Easier of choosing housing and
apply for financing with KPR BTN in one hand TVC:bit.ly/ applying for financing with KPR
TVC: bit.ly/tvcbtnmobilesunda tvcbtnmobilepadang BTN TVC: bit.ly/tvcbtnmobilejawa
2. BTN Mobile Pre-launch (December 2022 – February 2023)
TV
MEDSOS
LED
Videotron
Squeeze frame &
Superimpose
ATM
Plaza Indonesia, Ratu Plaza, SCBD, Sarinah
(outdoor & Indoor), wisma indomibile, prapanca,
Bandara Soetta Own Asset: Instagram, Facebook, X, Youtube All Branch’s ATM
Banners and Pennants ATM
Head Office Building Sticker Branch Office Building Sticker
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Management Discussion and Analysis
on Bank Performance
3. BTN Mobile Launching (February 2023)
MEDIA OUTDOOR
TVC
CETAK MEDIA (OOH)
RADIO DIGITAL OWNED
Medsos, Website, email
MEDIA ASSETS
marketing, WhatsApp
broadcast
Youtube, Meta, X, Instream,
Outsream/OTT, Programmatic,
Google UAC, Tiktok, Media
Publisher (Emtek, IDN Media,
Kompas, MNC, dan Detik)
Owned Asset - Tiktok
Event Launching
Communication materials
Owned Asset
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2023 Annual Report
4. BTN Mobile Post launch (March - December 2023)
MEDIA MEDIA LUAR
TVC
CETAK RUANG (OOH)
RADIO DIGITAL OWNED
Medsos, Website, email
MEDIA ASSETS
marketing, WhatsApp
broadcast, employee advocacy
Youtube, Meta, X, Instream, Outsream/
OTT, Programmatic, Google UAC, TikTok,
Media Publisher (Emtek, IDN Media,
Kompas, MNC, dan Detik), Always On,
KOL, Ramdhan Berfaedah Campaign
Mega, Macro, Micro, & Buzzer
• Using Mega, Macro, and Micro KOL on Instagram (Reels/Carousel) and TikTok.
• KOL videos are motivated by various problems or complications experienced by many
people.
• Supported by a buzzer to create positive sentiment in KOL content and BTN Mobile
POST LAUNCH - KOL
ratings.
1.649.930 Views, 305.830 Likes, 3.075.153 Reach
• 4 Mega & Macro KOL on Instagram with 890,781 views, 79,593 likes,
749,395 reach, and ER 11.12%
• 4 Mega & Macro KOLs on TikTok with 735,000 views, 40,896 likes, and ER
5.61%
• 4 Micro KOLs on Instagram with 24,149 views3,306 likes, 223,823 reach, and
ER 1.55%
• 7 Micro KOL on Tiktok with 174,909 views, 12,503 likes and ER 2.36%
• 4 Aggregators on Instagram 169,532 likes, 2,101,935 reach, and ER 8.55%
PT Bank Tabungan Negara (Persero) Tbk 223
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Management Discussion and Analysis
on Bank Performance
Communication Materials Communication Materials
• TV, ATM, TV
Banking Hall
• Paid Ads
(digital)
OHH - BUSWAY
INFLIGHT ADS
OHH - TAKSI
BRANCH
OPERATIONAL
CAR
Ramadan Berfaedah
POST LAUNCH - FESTIVE
• With stories that relate to the audience
• Presenting content creators as talents based on various problems or complications
experienced by many people
EMPLOYEE ADVOCACY (PARTIPOST)
POST LAUNCH - SUSTAIN
• Employee advocacy is a promotional activity and awareness of the company and/
or its products and services by employees who work there. 52% of consumers trust
employees at a company more than the company or brand itself (Forbes.com).
• Employees promote BTN Mobile on personal social media accounts to increase
awareness.
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2023 Annual Report
5. BTN Mobile goes to Berlin
Phase - 1 (Run Community &
Phase - 2 (Marathon Journey)
Competetion)
BTN Mobile
BTN Run 2023
Goes to Berlin BTN Runner Trip to
BTN Run 2023 Goes to Berlin
“Run Community Berlin 2023
“Runners Journey”
Roadshow”
February - Maret May - September
12 February 2023 21-25 Sept 2023
2023 2023
Objective: Objective: Objective: BTN runners travel
• Launching BTN • Create awareness • Education regarding to Berlin to take part
Mobile apps dan trial untuk BTN the features of the in the 2023 Berlin
• Kick-off activation Mobile apps BTN Mobile apps Marathon
• Help shape BTN’s • Strengthen BTN’s
program “BTN
image as a modern image as a modern, Event date: September
Mobile Goes to
and prestigious prestigious bank. 24, 2023
Berlin” bank.
Travel date:
Activity Activity September 21-25,
Activity
• Roadshow 5 cities • Social media & 2023
community fun run offline activation
BTN RUN 2023
• IG competition to regarding the
select 5 Indonesian journey of
runners to run in
BTN runners in
the 2023 Berlin
preparation for
Marathon
running in the 2023
Berlin Marathon
PT Bank Tabungan Negara (Persero) Tbk 225
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Management Discussion and Analysis
on Bank Performance
6. BTN Jakarta Run 2023
THE - EVENT
PRE - EVENT
THE - EVENT
OFFICIAL JERSEY
Teaser: bit.ly/teaserjakartarun23
360° Communication
Marketing Activity
ATL (Above the Line) Marketing: BTL (Below the Line) Marketing:
• Broad audience target • Limited audience target
• Explains more of a concept or idea. No direct interaction with • Media Or activities provide the audiences opportunity to
the audience interact and to purchase
Magz/ OOH/ Event Point of Sale Direct Marketing
TV Radio
News Paper DOOH Sponsorship Materials (Mail/SMS/WA
(Poster/Leaflet) Blast)
Through the Line (TTL) Marketing melibatkan penggunaan strategi pemasaran ATL & BTL. Tren konsumen baru- baru ini di pasar membutuhkan
integrasi strategi ATL & BTL untuk hasil yang lebih baik. Periklanan 360° di mana kampanye dikembangkan dengan visi membangun merek serta
konversi/akuntable. Digital Marketing termasuk dalam TTL Marketing karena menggabungkan ATL & BTN Marketing.
Apart from implementing the marketing strategies mentioned of products and services. Apart from that, the Company also
above, the Company also implements product and service increases the effectiveness of cooperation in marketing and
marketing strategies to encourage an increase in the share developing new products.
226 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Corporate Loan Marketing Strategy c. Develop collaboration with developers to develop
housing projects in the emerging affluent segment.
The description of the marketing strategy for corporate loan d. Strengthening the BTN Properti application and portal
products throughout 2023 was as follows: by digitizing the KPR process end to end, both for
1. Increase in Corporate Loan Portfolio in Sectors: consumers and developers.
a. Housing area e. Building an instant purchase platform as part of BTN
b. Construction Properti.
c. Telecommunication f. Developing the Rent to Own KPR scheme as an
d. Energy Infrastructure affordable and equitable KPR scheme, targeting the
e. State Institutions (Ministry of Finance Domestic Loans) millennial generation.
f. Expansion of strategic cooperation with potential 2. Increase in High Yield Margin Credit
corporate debtors and their value chains (Semen a. Increasing high yield credit (KRING, KAR) beyond
Indonesia Group (SIG)) mortgage through up-selling and cross selling
2. Expand Corporate Credit Financing in New Sectors: programs to captive customers, office and industrial
a. Renewable energy areas.
b. Agro Industry (Fertilizer) b. Upselling and cross selling programs for non-
c. Other Infrastructure (Drinking Water) subsidized products to subsidized KPR customers
d. Health who have or are almost paid off through analytics
capabilities and upselling programs.
Commercial Loan Marketing Strategy c. Pre approved loans or credit to existing debtors who
meet the criteria through the Eagle Project and Ultimate
The company is implementing several marketing strategies for Project (KAR and KRING)
commercial credit products during 2023, namely as follows:
1. Expanding Commercial Loans Focusing on Financing Position Subsidy Housing Loan Marketing Strategy
Growth
a. Product bundling with Subsidized KPR and Non- The marketing strategy for subsidized housing loans is as
Subsidized KPR products. follows:
b. Determination of targets based on the potential in each 1. Expanding relationships with Subsidized KPR Supporting
Commercial Banking Center (CBC) area including its Institutions (Ministry of PUPR, BP TAPERA, Ministry of
economic sector. Finance, Ministry of Agrarian and Spatial Planning (ATR),
c. Expansion of commercial credit segmentation targeting Bappenas, and others)
long-term loans. 2. Optimizing and monitoring informal sector programs
d. Continuing previous programs including the hospital and that are already running, such as the Indonesian Market
education sectors. Traders Association (IKAPPI), the Indonesian Traditional
e. Bank BTN synergy program with developer associations. Fishermen’s Association (KNTI), and Gojek.
2. Better Commercial Loans Governance with the Aim of 3. Get support from BP Tapera and SMF, as a source of
Improving Services to Customers additional funds for Subsidized KPR.
a. Development and socialization of commercial credit 4. Develop equitable and inclusive financing schemes.
products in accordance with business developments. 5. Increase the market share of Subsidized KPR by optimizing
b. Optimizing the use of commercial credit applications the acceleration of the file process.
and Information Technology support.
Commercial Funding Marketing Strategy
Housing Loan Marketing Strategies
The marketing strategy for commercial funding is carried out as
Initiatives to develop the credit business in the short and follows:
medium term are: 1. Business Ecosystem
1. Develop KPR Market Share in the Emerging Affluent and Deepen acquisition activities for all institutional customer
Affluent Segments business potential, both to increase funding, fee-based and
a. Establishing a sales center that focuses on selling lending volumes. The main focus in the ecocsystem business
mortgages to the emerging affluent segment, where in strategy is property related, education, healthcare, trade and
2023 sales centers will be opened in Jakarta-Kelapa industrial areas.
Gading Square, Tangerang-BSD and Surabaya.
b. Collaboration and marketing program with national
and local property agents, as a Direct to Customer
(D2C) strategy.
PT Bank Tabungan Negara (Persero) Tbk 227
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Management Discussion and Analysis
on Bank Performance
2. Reward Program 2. Developing a Digital MSME System
In order to appreciate and improve cooperative Developing digitalization of the MSME loan distribution
relationships with customers, a special reward program process using mobile apps and web apps.
is provided for customers, namely the Supportive Program 3. Improvement of Business Processes and HR Quality
and Customer Engagement Xtra Rewards (SPACE-X). a. Development of Business Process Improvement (BPI) for
SPACE-X is a program that aims to stimulate the acquisition MSME loan products.
of new gear and optimize existing customers, by providing b. SME education and Sales Loan Program using in-
more benefits for CMS activation and referrals. house training and e-learning methods.
3. Customer Diversification c. Increasing SME Loan performance through the SME
Acquisition of customers in categories (cash rich and of the Year Program, SME Reward Program and SME
middle) with a focus on all segments including SOEs Gathering.
Group, Private Corporation, Education and Government d. Effectiveness of strategies and work programs through
throughout the region. coaching SCPU Head, SME and Loan Program Sales.
4. Enhance Organization Structure e. Optimization of SME Expert Power (TAD) in Sub-
To strengthen middle institution customer acquisition, a Branch Office (KCP).
new organizational structure was formed specifically to
handle medium institution fund acquisitions. Sharia Product Marketing Strategies
Funding Retail Marketing Strategy The sharia product marketing strategy includes sharia funding
and sharia financing products which are described as follows:
The 2023 Marketing Strategy for Third Party Fund (TPF/DPK) 1. Sharia Funding Product Marketing Strategies
Retail products is outlined as follows: a. Increasing collaboration with Educational Institutions.
1. Business Ecosystem Islamic Institutes. Developers. State Ministries/
Developing a business ecosystem as a sustainable business Government Agencies to deliver institutional fund
transformation with property related, healthcare, trade, management as well as transactional and investment
education and industrial area segments. services.
2. Participating Account b. Increasing collaboration with agencies/institutions in
Increase participating accounts with first usage, activation payroll services.
and strategic partnership programs. c. Strengthening institutional cooperation with
3. Financial Solution collaboration programs and customer incentives.
The BTN Solusi program offers financial solutions d. Increasing collaboration with educational institutions
for employees originating from payroll/allowance for the distribution of Smart Indonesia Cards and
management. Acquisition of payroll with the main focus on Savings for students.
the BUMN and subsidiary sectors, education and health e. Increasing Non-FLPP Giro TPF from Government cash
and retirees. management cooperation (Ministries/Institutions/
4. Branchless Banking Public Service Agencies)
The agency business will focus on increasing awareness f. Increasing payment cooperation and optimizing
and agent quality through the number of transactions and Zakat. Infaq. Alms and Waqf funds digitally with
funding. philanthropic Institutions.
g. Intensifying the savings of existing and community
SME Banking Marketing Strategy financing customers.
h. Collaborating with the Hajj Financial Management
The 2023 marketing strategy for SME Banking products is Agency (BPKH) to provide Integrated Hajj Information
outlined as follows: and Computerized System (SISKOHAT) services to
1. Increased Disbursement of High Yield Loan (Eagle Project) increase Hajj and Umrah savings.
a. Formation of MSME Unit Partners at Sub-Branch Offices i. Increasing the role of the Sharia Service Office (KLS) in
(KCP) for Distribution of Establishment of MSME Unit Hajj registration services and sales of Hajj and Umrah
Partners at Sub-Branch Offices (KCP) for MSME loan Savings products.
distribution. j. Increasing Current Account and Savings Account
b. Increasing the realization of People’s Business Credit (CASA) funds through marketing activities such as
(KUR) through direct selling to KPR debtors and other investor gathering, property expo and individual
consumer loans. engagement.
c. Segmenting sales of People’s Business Loan (KUR) and k. Increasing Company Sharia Business Unit (UUS)
KUMK Loan to ecosystems or communities according brand awareness through marketing communications
to regional potential through BPI SME. programs.
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i. Providing Digital Banking services through online BTN Prioritas Services Marketing Strategy
customer account opening without the customer
needing to visit the outlet. BTN Prioritas service is a special service specifically intended
m. Developing e-channel features (mobile banking, for BTN Prioritas customers. Due to the specific target market,
internet banking, ATM). most marketing activities are Bellow The Line (BTL), through
2. Sharia Financing Product Marketing Strategies direct communication to customers. Starting from the first time
a. Developing cooperation with Top Developers to obtain a customer joins BTN Prioritas, the customer will receive a
higher ticket size (i.e. emerging affluent and affluent) welcome greeting. Customers will also get updates about BTN
with increased marketing efforts. Prioritas promos and interesting ongoing programs via SMS
b. Strengthening communication with housing blasts sent tactically or regularly via the Priority Booklet.
stakeholders (Ministry of Public Works and Housing.
Ministry of Finance) in the preparation of the Even so, Above The Line (ATL) marketing strategies are still
Government’s One Million Houses Program. being implemented, because BTN Prioritas still needs exposure
c. Establishing cooperation and marketing programs with to become better known as a brand, considering that Top of
national and individual property agents. as direct- Mind Bank BTN is still related to KPR. Activities carried out
toconsumer (D2C) strategy, especially for Second- include advertisements on TVCs, advertisements in cinemas,
hand Housing Loan. and events in public places, and exhibitions in collaboration
d. Developing financing business that targets the with partners.
millennials through partnership with developers in
joint promos for the millennials and KPR Harapan. Apart from BTL and ATL marketing strategies, BTN Prioritas
e. Optimizing the existing Housing Loan customer marketing utilizes PLUS by BTN Prioritas as a marketing engine
database through financing top-up program. to increase BTN Prioritas customer loyalty. Currently, PLUS
f. Developing and selling products along the commercial Acquisition has been developed as a marketing tool as an
developer partners value chain. alternative for the sales team in offering programs with various
g. Conducting ongoing maintenance for Existing benefits and/or attractive prizes for BTN Prioritas customers,
Developers - New Project or Existing Project which previously were offered directly by the BTN Prioritas
Development. Relationship Manager. PLUS Acquisition in the marketing
h. Diversifying the financing portfolio for SOEs, Bonafide strategy is a pull factor that functions to create needs for BTN
Private Business Groups and Educational Institutions. Prioritas customers.
i. Conducting digitization and automation of consumer
and commercial financing processes (increasing Transaction Banking Product Marketing Strategy
Consumer FOS and Use of Commercial FOS).
j. Developing special millennial mortgage (KPR) products A description of the marketing strategy for transaction banking
to increase millennial market acquisitions. products throughout 2023 includes the following:
k. Develop effective and integrated marketing 1. Piloting 3 (three) Business Ecosystem Segments which is
communications and rebranding through an umbrella an initiation program in 2023 to support the provision of
campaign. “One Stop Service”, including in the Cement, Health and
l. Merchant and partnership promotions that can reach Education Industries.
all of Indonesia. 2. Increasing collaboration on new customer acquisition
m. Organize events that directly impact business with the SME, Commercial and Corporate Segments
achievements through integrated activities (customer to encourage transaction banking product and service
gathering) and branch activation. activities, including cash management to support
n. Create products that can accommodate the Rent to increasing CASA and trade finance to support increasing
Own Sharia scheme. fee based income.
o. Synergy and optimization of cooperation between 3. Expanding cooperation with insurance companies,
development partners and the Employment Social government agencies, private companies and state-owned
Security Administering Agency (BPJS TK) in the companies, as well as other stakeholders who support the
distribution of BPJS TK Additional Service Benefit (MLT) acceleration of transaction banking product acquisition.
KPR. 4. Optimizing the role of transaction banking sales and
p. Expand cooperation with partners providing goods wholesale implementers in executing transaction banking
and services with a KPR bundling system. business in the region.
q. Expansion of cooperation with travel provider
partners.
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Management Discussion and Analysis
on Bank Performance
Digital Service Marketing Strategy Acquisition Package Reward Value Kuota
BTN Mobile Banking/
In increasing digital reach, company prepared several marketing BTN Internet Banking +
IDR5.000,-/
account
strategy steps as follows: Notification SMS
60.000/month
1. Digital Service Development BTN Mobile Banking +
IDR7.500,-/
To increase customer satisfaction, the digital channel BTN Internet Banking +
account
continued to develop digital product and service features Notification SMS
oriented to customer banking needs, Digital Channel c. Culinary Snack Program with QRIS BTN Mobile which
developed various digital platforms ranging from Superapps is implemented in several cities in collaboration with
BTN Mobile, EDC Acquiring, QRIS, API Management to several merchants typical of each city’s region.
services that support customer transaction security such as d. Regular program to increase transactions and brand
SMS notifications, biometric logins and others. These various awareness of features on BTN Mobile.
platforms were designed in such a way that BTN customers e. Offline events have been held in several regions,
could carry out banking transactions anywhere and anytime nationally and regionally. Nationally, it has been
according to their needs. so that the customer’s sense of implemented in several malls, events and office food
engagement with BTN got stronger and synergy. courts in the Jakarta area. The promo program is as
2. Strengthening the Digital Mortgage Ecosystem follows:
a. BTN as a bank that focuses on the housing sector had a - Mall
central role in shaping the digital mortgage ecosystem. Open booths in various malls in Jakarta and other
On this basis. in every service development. the bank areas.
always prioritized strategic cooperation with partners - Event
who were members of the housing ecosystem from Collaboration with promoters or other event
upstream to downstream through various digital products organizers, to collaborate with BTN Mobile (method:
and services such as BTN Property, BTN Property sponsorship)
for Developers, E-Mitra, to the BTN Smart Residence - Foodcourt
application. Promotion in the form of paying for customer lunch
b. Apart from developing these applications. BTN routinely with BTN Mobile. Customers who register and
organized BTN Property Expo both offline and online to activate BTN Mobile at the offline event will get a
accommodate the needs of the community in obtaining lunch voucher at that location.
housing through KPR BTN. f. Carrying out activation activities via social media such
3. Increase in User Acquisition and Active Rate Transactions as conducting hashtag campaigns, creating challenges
through Direct Sales: on social media (such as: Tiktok), collaborating with
One of the digital channel marketing strategies implemented influencers both micro, macro and medium.
through a direct sales scheme to customers and to increase g. Carrying out BTN Mobile branding in all the Company’s
the active rate of transactions was as follows: Branch Offices and Regional Offices. An example is
a. BTN Mobile acquisition reward program branding BTN Mobile on office buildings and official
Customers who register and activate BTN Mobile during office cars, as well as several public facilities in
the program period will receive a savings balance collaboration with management agencies in big cities.
reward that is credited to the customer’s account. This
program runs periodically throughout 2023 with different
cashback values according to the current momentum.
b. Acquisition incentive program for Branch Offices (KC)
- Branch Offices that successfully registers from digital
services will received a reward worth:
230 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Market Share
Information regarding Bank BTN’s market share compared to the banking industry is presented as follows.
Table of Bank BTN Market Share dibandingkan dengan Banking Industry Indonesia (in IDR trillion)
Description Information September 2023 September 2022
Banking Industry 11,170 10,501
Asset Bank BTN 410 389
Bank BTN Market Share (%) 3.67% 3.71%
Banking Industry 8,147 7,647
Third-party Fund Bank BTN 324 313
Bank BTN Market Share (%) 3,97% 4,09%
Banking Industry 6,908 6,338
Loans Bank BTN 318 290
Bank BTN Market Share (%) 4.61% 4.57%
Source: Indonesian Economic and Financial Statistics Bank Indonesia (SEKI BI), Indonesian Banking Statistics Financial Services Authority (SPI OJK), Internal Data, processed.
Bank BTN’s assets grew by 5.24% yoy, lower than the growth Housing Loan Market Share
in total Asset Banking Industry, which was 6.37% yoy, in
connection with the Company’s focus in 2022 on improving As the largest Housing Loan (KPR) provider in Indonesia, Bank
business quality. Until September 2023, Bank BTN Market BTN has a market share of 39% with a total outstanding KPR
Share is 3.67%. Bank BTN’s Third-party Fund (DPK) grew of IDR251 trillion. The main competitor in the KPR business in
by 3.54% yoy, to IDR324 trillion until September 2022, Indonesia is Bank BCA with outstanding credit of IDR118 trillion,
lower than the growth of Banking Industry DPK which grew followed by Bank BNI with outstanding credit reaching IDR57
6.54% yoy. This caused Bank BTN’s DPK market share to fall trillion. As a bank that focuses on mortgage financing, both
by 12 bps to 3.97% in September 2023 from the previous subsidized and non-subsidized mortgages, the Company has a
4.09% in September 2022. Bank BTN’s loan and financing large market share in housing credit distribution in Indonesia.
grew 9.87% yoy, to IDR318 trillion until September 2023, Especially with the One Million Houses Program agenda from
higher than banking loan growth which grew 8.99% yoy. the Indonesian Government through the Ministry of Public Works
This prompted an increase in Bank BTN’s loan market share and Public Housing and BP Tapera, the Company is believed
to 4.61% until September 2023. to get the largest portion in the distribution of subsidized KPR
financing. On September 30, 2023, the Company’s market
share in the subsidized mortgage financing sector reached 83%
while the Company’s market share in overall mortgage financing
on September 30 2023 reached 39%.
Housing Loan (KPR) Market Share September 2023
39% 61% 83% 17%
BTN Other Banks
Total Mortgage Total Subsidized
Mortgage
Source: Financial Services Authority (OJK) and Company, September 2023
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Management Discussion and Analysis
on Bank Performance
Operation Overview Per Business Segment
Bank BTN’s business segment by type of business covered 2 revenue. On the other hand. the Sharia Segment which was
(two) main segments, namely the Conventional segment and the developed by the Sharia Business Unit (UUS) is growing annually
Sharia segment. The Conventional segment as the main business along with Bank BTN’s various efforts and initiatives.
segment of Bank BTN made a major contribution to Bank BTN’s
Conventional Segment
Explanation and Productivity of Conventional Segments
CONVENTIONAL SEGMENT
CONSUMER
COMMERCIAL PRODUCTS
PRODUCTS
CONSUMER SAVINGS CONSUMER LOAN COMMERCIAL SAVINGS COMMERCIAL LOAN
PRODUCTS PRODUCTS PRODUCTS PRODUCTS
INIDIVUDAL COMMERCIAL
CONSUMER BTN RETAIL TERM NON HOUSING INSTITUTIONAL NON HOUSING
CHECKING HOUSING LOAN CURRENT HOUSING LOAN
SAVINGS DEPOSIT LOAN TERM DEPOSIT LOAN
ACCOUNT ACCOUNT
An overview of the performance of the Conventional Segment can be seen in the following table
Graph of Conventional Segment Performance
(in IDR trillion)
Consumer Commercial Total Value of Conventional
Product Product Segment Product
63.40 63.77
243.69
223.89
286.66
41.80 42.45 261.55
109.99 106.22
37.65 42.96
Total Value Total Value of
Consumer Consumer Commercial Commercial
of Consumer Commercial
Loan Savings Loan Savings
Product Product
2022 2023
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2023 Annual Report
Consumer Product
The distribution of the Company’s products to Consumer Products 2022 which was IDR109.99 trillion. This decrease was caused
is divided into 2 (two), namely Consumer Loan Products and by a decrease in consumer savings deposits and consumer term
Consumer Savings Products. Total Consumer Product in 2023 deposits in 2023.
was IDR106.22 trillion, an decrease of 3.42% compared to
Table of Consumer Product Value (in IDR million)
Increase/Decrease
Consumer Product 2023 2022
Nominal %
Consumer Loan Product 42,450,499 41,795,595 654,904 1.57%
Consumer Savings Product 63,770,218 68,190,039 (4,419,821) (6.48%)
Total Consumer Product 106,220,717 109,985,634 (3,764,917) (3.42%)
Consumer Loan Product volume increased along with the increase 194,438 units. On the other hand, Consumer Savings Products
in NoA Consumer Loan Product, which in 2023 was 198,986 experienced a decrease of 5.66%, reaching 6,872,266
units, an increase of 2.34% compared to 2022 which was accounts in 2023.
Table of Consumer Product Volume
Increase/Decrease
Consumer Product 2023 2022
Nominal Percentage
Consumer Loan Product (unit) 198,986 194,438 4,548 2.34%
Consumer Savings Product (rekening) 6,872,266 7,284,386 (412,120) (5.66%)
CONSUMER LOAN PRODUCT
The Company provides Consumer Loan Products consisting of mortgages and other housing loans. All individual consumer
Housing Loans and Non-Housing Loans. Housing loan products credit products were distributed in Rupiah (IDR).
were classified into subsidized mortgages, non-subsidized
Table of Consumer Loan Product Distribution Value (in IDR million)
Increase/Decrease
Consumer Loan 2023 2022
Nominal Percentage
Housing Loan 38,674,541 33,349,809 5,324,732 15.97%
Subsidized Housing Loan 20,114,296 19,940,148 174,148 0.87%
Non Subsidized Housing Loan 16,191,348 12,066,104 4,125,244 34.19%
Other Housing Loan 2,374,553 1,340,995 1,033,558 77.07%
Non Housing Loan 3,775,958 8,445,786 (4,669,828) (55.29%)
Total Consumer Loan Distribution Value 42,450,499 41,795,595 654,904 1.57%
The distribution value of consumer loan products in 2023 was an increase in housing loan distribution from non-subsidized
IDR42.45 trillion, an increase of 1.57% compared to 2022 mortgages and other housing loans.
which was IDR41.79 trillion. This increase was mainly due to
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Table of Consumer Loan Product Distribution Volume (in unit)
Increase/Decrease
Consumer Loan 2023 2022
Nominal Percentage
Housing Loan 176,174 173,701 2,473 1.42%
Subsidized Housing Loan 130,787 136,520 (5,733) (4.20%)
Non Subsidized Housing Loan 36,260 32,019 4,241 13.25%
Other Housing Loan 9,127 5,162 3,965 76.81%
Non Housing Loan 22,812 15,589 7,223 46.33%
Total Consumer Loan Distribution Volume 198,986 189,290 9,696 5.12%
Distribution Volume of Consumer Loan Products in 2023 reached The Subsidized Housing Loans are distributed by Bank BTN under
198,986 units, an increase of 2.34% compared to 2022 which the House Financing Liquidity Facility (FLPP), and Community
was 194,438 units. This increase was caused by an increase in Housing Savings (Tapera) schemes. Low-Income Community
the volume of distribution of Non-Subsidized KPR, Other Housing comprises first-time buyers who meet certain requirements to
Loans and Non-Housing Non-Credit. obtain Subsidized Housing Loans with affordable installments.
Under the currently applicable government regulation. KPR
Housing Loan-Subsidized Housing Sejahtera FLPP facilities are provided for customers looking to
Since 1976 until today, albeit with continuously changing purchase houses. with the household income of IDR8 million/
scheme. the Subsidized Housing Loans have been steadily month (for Java, Sumatra, Kalimantan and Sulawesi) and IDR10
distributed. Subsidized Housing Loans are Government-initiated million/month (for Papua). On the other hand. KPR Tapera facility
house ownership program run by the Ministry of Public Works is provided to customers registered as BP-Tapera participants with
and Housing, provided to low income communities. That are the household income of IDR8 million/month (for Java, Sumatra,
distributed by conventional and sharia implementing banks. In Kalimantan and Sulawesi) and IDR10 million/month (for Papua).
Subsidized Housing Loan program. the Government provides The prices for houses purchased through these facilities are
assistance through long-term low-cost funding as well as down limited to a certain amount.
payment subsidies, resulting in affordable installment for
prosperity landed house or flat purchase. The provisions for the distribution of KPR FLPP for landed house
and flat purchase are as follows:
Company strives to provide convenience and low-cost facilities 1. The maximum value of housing loans is the selling price of
for the people aiming to purchase house under the Subsidized the landed estates or flats minus the down payment prepared
Housing Loan program. Bank BTN was mandated with the by MBR. Through this program, MBR also deserves Down
task to provide Subsidized Housing Loans for the first time by Payment Assistance of IDR4 million (for Java, Sumatra,
the Letter of the Minister of Finance No. B-49/MK/IV/I/1974 Kalimantan and Sulawesi) and IDR10 million (for Papua)
dated January 29,1974. in which the first housing loan was from the Government.
distributed on December 10,1976. In distributing Subsidized 2. The Housing Loan interest rate to be paid by the debtors is
Housing Loans. Bank BTN collaborates with the Ministry of Public 5% p.a., inclusive of life insurance. fire insurance. and credit
Works and Public Housing. The currently applicable provisions insurance premiums. The interest rate as referred to in item
on Subsidized Housing Loan distribution are contained in the (1) is fixed throughout the tenure of the loan, calculated on
Regulation of the Minister of Public Works and housing No. 35/ an annuity.
PRT/M/2021 dated December 31,2021 on House Ownership 3. The sources of the FLPP program funding are 75% from the
Convenience and Subsidies for Low-Income Community. Government and 25% from the Company. The Company
Regulation of the Minister of Public Work and Housing No. has entered into an agreement with PT Sarana Multigriya
32 of 2021 on Savings-Based House Financing Subsidies and Finansial for the provision of funding for the FLPP program.
Regulation of BP Tapera No. 6 of 2021 on House Financing 4. The tenure for the Housing Loan is agreed upon by the
for Community Housing Savings Participants as amended by Company and the low-income customer. which also takes
BP Tapera Regulation No. 8 of 2021 and BP Tapera Regulation into account the potential debtor’s capability to pay the
Number 9 of 2021 concerning Home Ownership Financing installments within a period of maximum 20 years.
through the Housing Finance Liquidity Facility.
234 PT Bank Tabungan Negara (Persero) Tbk
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The provisions for the distribution of KPR Tapera is as follows: (2) is fixed throughout the tenure of the loan. calculated on
1. KPR Tapera shall be provided for Tapera participants who an annuity.
have met certain requirements and participant priority order 4. The tenure for the Housing Loan is agreed upon by the
from BP Tapera. Company and the low-income customer, which also takes
2. The down payment for KPR Tapera shall be at minimum 0%. into account the potential debtor’s capability to pay the
according to the Company’s assessment of the low-income installments within a period of maximum 30 years.
customer. 5. The Company shall issue the Asset- Backed Security (EBA)
3. The Housing Loan interest rate to be paid by the debtors is according to the amount of loan realized, in collaboration
5% p.a., inclusive of life insurance. fire insurance. and credit with a Custodian Bank appointed by BP-Tapera.
insurance premiums. The interest rate as referred to in item
Table of Subsidized Housing Loan (KPR) Distribution Value (in IDR million)
Increase/Decrease
Subsidized Housing 2023 2022
Nominal Percentage
KPR BTN Sejahtera Tapak 19,411,272 18,339,646 1,071,626 5.84%
KPR BP2BT - 982,618 (982,618) (100.00%)
KPR BTN TAPERA 703,024 617,884 85,140 13.78%
Total Subsidized Housing Distribution Value 20,114,296 19,940,148 174,148 0.87%
The value of subsidized KPR distribution in 2023 was IDR20.11 Rent to Own KPR scheme. The Company also continues to
trillion, an increase of 0.87% compared to 2022 which was increase the share of the Company’s Subsidized KPR through
IDR19.94 trillion. This increase was mainly caused by increasing deepening cooperation with agencies and stakeholders in the
public demand for prosperous housing needs in line with the housing sector, both financing support (BP TAPERA, SMF and the
growth of the Indonesian economy which was in line with the Ministry of PUPR), as well as from the supply and demand side,
re-increase in community economic activity after the Covid-19 in collaboration with various agencies/associations (developer
pandemic. associations, associations market traders, technology companies
such as Gojek, Grab and others) Development and improvement
In line with these steps, the Company is also developing equitable of business processes, use of the latest technology and expanding
and inclusive financing schemes through the development of the business ecosystem also have a positive impact on the growth
subsidized KPR products such as: new FLPP KPR, Tapera KPR, of the Company’s subsidized KPR distribution.
Table of Subsidized Housing Distribution Volume (in unit)
Increase/Decrease
Subsidized Housing 2023 2022
Nominal Percentage
KPR BTN Sejahtera Tapak 126,312 123,335 2,977 2.41%
KPR BP2BT 0 9,060 (9,060) (100.00%)
KPR BTN TAPERA 4,514 4,125 389 9.43%
Total Subsidized Housing Distribution Volume 130,830 136,520 (5,690) (4.17%)
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The volume of subsidized KPR distribution in 2023 was 130,830 of 15 (fifteen) years for Apartment Ownership Credit (KPA) and
units, a decrease of 4.17% compared to 2022 which was Shophouse Credit. The Company’s Non-Subsidized KPR provides
136,520 units. This decrease was influenced by the absence of services for purchasing houses from developers or non-developers,
BP2BT KPR distribution for 2023. both for purchasing new or second-hand houses, purchasing ready-
to-live-in (ready stock) or unfinished (indent) houses, as well as taking
Housing Loan- Non Subsidized Housing Loan over credit from other banks. Minimum down payment requirement
Apart from Subsidized Housing, the Company also has various of 15% or in accordance with Bank Indonesia Regulations regarding
Non-Subsidized KPR services targeting middle to upper income Loan to Value (LTV) Ratio. The company distributes Non-Subsidized
customers with floating interest rates. The maximum term offered KPR credit through several products, namely KPR BTN Platinum, KPA
is 25 (twenty five) years for Non-Subsidized KPR and a maximum BTN and Kredit Ruko BTN.
Table of Non Subsidized Housing Loan Product Distribution Value (in IDR million)
Increase/Decrease
Non Subsidized Housing Loan 2023 2022
Nominal Percentage
KPR BTN Platinum 15,934,162 11,845,846 4,088,316 34.51%
KPA BTN 136,875 194,871 (57,996) (29.76%)
Kredit Ruko BTN 120,311 25,387 94,924 373.91%
Total Non Subsidized Housing Loan Distribution
16,191,348 12,066,104 4,125,244 34.19%
Value
Distribution Value of Non-Subsidized Housing Loans in 2023 to an increase in the Distribution Value of BTN Platinum KPR by
was IDR16.19 trillion, an increase of 34.19% compared to 34.51%.
2022 which was IDR12.07 trillion. This increase was mainly due
Table of Distribution Volume Non Subsidized Housing Loan
(in unit)
Increase/Decrease
Non Subsidized Housing Loan 2023 2022
Nominal Percentage
KPR BTN Platinum 35,906 31,581 4,325 13.69%
KPA BTN 217 384 (167) (43.49%)
Kredit Ruko BTN 137 54 83 153.70%
Total Non Subsidized Housing Loan Distribution
36,260 32,019 4,241 13.25%
Volume
Distribution Volume of Non-Subsidized Housing Loans in 2023 4. Developing Direct to Consumer (D2C) segment through
was 36,260 units, an increase of 13.25% compared to 2022 partnerships with national property agencies.
which was 31,581 units. This increase was mainly due to an 5. Increasing the portfolio of non-subsidized housing loans
increase in BTN Platinum KPR Distribution Volume of 13.69%. products through BTN Property online channel.
This increase in Non-Subsidized Housing Loan distribution was
driven by the implementation of several Company initiatives in Consumer Loans - Other Housing Loans
2023 such as: Bank BTN also offers other types of housing loans and Consumer
1. Upselling Non-Subsidized Housing Loans for BTN customers Loans according to the customers’ needs. Other Housing Loans
who have paid off their loans. are Bank BTN’s endeavor in developing business as well as in
2. Developing a financing scheme from TAPERA, from the helping the customers with residence ownership with high profit
Social Security Administrator for Employment (BPJS TK) and and convenience. Bank BTN’s other Housing Loans are distributed
from Pension Funds, for the provision of affordable housing. under the following products, namely, Kredit Agunan Rumah,
3. Expanding housing business in the emerging and mass Kredit Bangun Rumah, Bank Cooperation Housing Renovation
affluent segment through partnerships with top 20 private Loan (Pinjaman Renovasi Rumah Kerjasama Bank/PRR-KB) BPJS
national real estate companies. Ketenagakerjaan, Additional Housing Down Payment of Housing
Savings Advisory Board (Additional Housing Down Payment
Housing Savings Consideration Agency/TBUM Bapertarum).
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Table of Other Housing Loan Distribution Value (in IDR million)
Increase/Decrease
Other Housing Loan 2023 2022
Nominal Percentage
Kredit Agunan Rumah (Home Collateral) 2,347,810 1,305,831 1,041,979 79.79%
Kredit Bangun Rumah (Home Building) 3,150 1,310 1,840 140.46%
PRR-KB BPJS Ketenagakerjaan 23,593 33,854 (10,261) (30.31%)
Total Other Housing Loan Distribution Value 2,374,553 1,340,995 1,033,558 77.07%
Distribution Value of Other Housing Loans in 2023 was IDR2.37 the Distribution Value of Kredit Agunan Rumah (Home Collateral
trillion, an increase of 77.07% compared to 2022 which was Loans) by 79.79% and Kredit Bangun Rumah (Home Building
IDR1.34 trillion. This increase was mainly due to an increase in Loans) by 140.46%.
Table of Other Housing Loan Distribution Volume (in unit)
Increase/Decrease
Other Housing Loan 2023 2022
Nominal Percentage
Kredit Agunan Rumah (Home Collateral) 8,944 4,920 4,024 81.79%
Kredit Bangun Rumah (Home Building) 11 5 6 120.00%
PRR-KB BPJS Ketenagakerjaan 160 216 (56) (25.93%)
Jumlah Other Housing Loan Distribution Volume 9,115 5,141 3,974 77.30%
Distribution Volume of Other Housing Loans in 2023 was 9,115 Non-Housing Loans
units, an increase of 77.30% compared to 2022 which will be Company provides other Consumer Loans apart from the Housing
5,141 units. This increase was mainly due to an increase in the Loans for various needs of the lending customers. Company Non-
volume of Kredit Agunan Rumah (Home Collateral Loans) and Housing Loans are distributed under the following products,
Kredit Bangun Rumah (Home Building Loans) by 81.79% and which are Kring BTN, Kring BTN Pensiunan (Pension Loans),
120.00% in line with the Company’s strategy to increase the Kredit Swadana BTN, and Kredit Pegawai (Employee Loans).
portion of its high-margin credit business in 2023.
Table of Non-Housing Loans Distribution Value (in IDR million)
Increase/Decrease
Non-Housing Loans 2023 2022
Nominal Percentage
Kring BTN 2,161,227 1,622,150 539,077 33.23%
Kring BTN Pensiunan (Pension Loans) 169,238 112,482 56,756 50.46%
Kredit Swadana BTN 1,264,244 6,673,308 (5,409,064) (81.06%)
Kredit Pegawai (Employee Loans) 181,249 37,846 143,403 378.91%
Total Non-Housing Loans Distribution Value 3,775,958 8,445,786 (4,669,828) (55.29%)
Distribution Value of Non-Housing Loans in 2023 was IDR3.78 IDR8.44 trillion. This was caused by a decrease in the Distribution
trillion, a decrease of 55.29% compared to 2022 which was Value of BTN Swadana Credit by 81.06%.
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Management Discussion and Analysis
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(in unit)
Table of Non-Housing Loans Distribution Volume
Increase/Decrease
Kredit Non Perumahan 2023 2022
Nominal Percentage
Kring BTN 19,133 13,771 5,362 38.94%
Kring BTN Pensiunan 1,651 1,092 559 51.19%
Kredit Swadana BTN 1,613 5,720 (4,107) (71.80%)
Kredit Pegawai 415 154 261 169.48%
Total Volume of Non-Housing Loan Distribution 22,812 20,737 2,075 10.01%
Distribution Volume of Non-Housing Loans in 2023 was 22,812 2. Developing a platform namely BTN READY (Credit Digital for
units, an increase of 10.01% compared to 2022 which will be You / for Y Generation) Phase I.
20,737 units. This increase was mainly due to an increase in Kring 3. Strengthening the partnerships with strategic partners and
BTN distribution by 38.94%, Kring BTN Pensiunan by 51.19%, expanding supply chain by optimizing partnerships with
Employee Credit by 169.48%. institutions via BTN Solusi, BTN Payroll and collectives.
The increase was fostered by the implementation of the initiatives of CONSUMER SAVINGS PRODUCT
the Company in 2023 as follows: The company provides various deposit products to answer customer’s
1. Cooperating with Government institutions, SoE and Private savings need. which are classified into two (2), i.e. Savings and
Companies with the privilege of interest rate as the facility of Time Deposits. Through the provision of these products. Company
KPR/KPA and Light Installment BTN with the requirement of seeks to maintain sound liquidity level. low-cost funds that are in line
payroll in Bank BTN. with company’s strategies to maintain competitive and affordable
financial composition.
Table of Total Consumer Deposit Funds (in IDR million)
Increase/Decrease
Consumer Savings 2023 2022
Nominal Percentage
Consumer Savings 37.720.836 36.180.189 1.540.647 4,26%
Time Deposit 26.724.483 27.219.982 (495.499) (1,82%)
Total Consumer Deposit Funds 64.447.342 63.400.171 1.047.171 1,65%
Total Consumer Deposit Funds in 2023 amounted to IDR63.77 amounted to IDR63.40 trillion. This decrease was mainly due to
trillion, an decrease of 6.48% compared to 2022 which a decrease in Consumer Savings by 9.58%.
Table of Total Consumer Savings Accounts (in account)
Increase/Decrease
Consumer Savings 2023 2022
Nominal Percentage
Consumer Savings 6,779,607 7,193,794 (414,187) (5.76%)
Time Deposit 92,659 90,592 2,067 2.28%
Total Consumer Savings Accounts 6,872,266 7,284,386 (412,120) (5.66%)
The number of Consumer Savings accounts in 2023 was to a decrease in the number of Consumer Savings accounts by
6,872,266 accounts, a decrease of 5.66% compared to 2022 5.76%.
which was 7,284,386 accounts. This decrease was mainly due
238 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Consumer Savings d. Tabungan BTN Felas
The Consumer Savings owned by company provides e. Tabungan Juara
transactional savings solution with convenient purchase and f. TabunganKu
payment transactions through company channels to support the g. Tabungan BTN Simpel
consumers’ financial activities. Company consumer savings are h. Tabungan Cermat
developed through the following products: i. Tabungan BTN Perumahan
1. Tabungan Batara j. Tabungan BTN Haji Reguler
2. Tabungan Bisnis k. Tabungan BTN Haji Plus
3. Tabungan Investa l. Tabungan Simuda Rumahku
4. Other Saving Accounts, consisting of some products as m. Tabungan Batara Pendidik
follows: n. Tabungan Batara Tax Amnesty
a. Tabungan BTN Payroll o. Tabungan BTN Batara RDN
b. Tabungan BTN Pensiunan 5. Tabungan eBatara Pos
c. Tabungan BTN Siap!
Table of Total Consumer Savings (in IDR million)
Increase/Decrease
Consumer Savings 2023 2022
Nominal Percentage
Tabungan Batara 14,309,848 15,945,562 (1,635,714) (10.26%)
Tabungan Bisnis 3,107,035 2,281,670 825,365 36.17%
Tabungan Investa 12,451,489 10,543,816 1,907,673 18.09%
Tabungan BTN Pensiunan 247,986 217,661 30,325 13.93%
Tabungan Batara Pendidik 181,773 160,781 20,992 13.06%
Tabungan Batara Prima 1,141,538 2,112,185 (970,647) (45.95%)
Tabungan Batara Tax Amnesty 5,719 2,418 3,301 136.52%
Tabungan KPR Mass 40,912 118,783 (77,871) (65.56%)
Tabungan BTN Batara RDN 7,073 7,447 (374) (5.02%)
Other Savings 3,603,684 2,613,426 990,258 37.89%
Tabungan BTN Junior 518,793 615,681 (96,888) (15.74%)
Tabungan BTN Juara 732,105 748,512 (16,407) (2.19%)
TabunganKu 951,420 924,881 26,539 2.87%
Tabungan BTN Simpel 161,175 103,371 57,804 55.92%
Tabungan Cermat 951,420 20,763 930,657 4.482.29%
Tabungan BTN Perumahan 22,416 25,738 (3,322) (12.91%)
Tabungan BTN Haji Reguler - - - -
Tabungan BTN Haji Plus - - - -
Tabungan BTN Siap! 73,517 71,787 1,730 2.41%
Tabungan Felas 192,807 102,646 90,161 87.84%
Tabungan Simuda Rumahku 31 47 (16) (34.04%)
Tabungan Pos 1,948,677 2,176,441 (227,764) (10.46%)
Tabungan Tabanas Batara 13,657 15,867 (2,210) (13.93%)
Tabungan eBatara Pos 1,935,020 2,160,574 (225,554) (10.44%)
Total Consumer Savings Fund 37,045,734 36,180,190 865,544 2.39%
Total Consumer Savings funds in 2023 amounted to IDR37.05 to IDR36.18 trillion. This increase was mainly due to growth in
trillion, a increase of 2.39% compared to 2022 which amounted Investment Savings by IDR1.92 trillion.
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Management Discussion and Analysis
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Table of Number of Consumer Savings Accounts (in account)
Increase/Decrease
Consumer Savings 2023 2022
Nominal Percentage
Tabungan Batara 2,880,855 3,263,730 (382,875) (11.73%)
Tabungan Investa 7,535 7,559 (24) (0.32%)
Tabungan BTN Pensiunan 27,746 20,093 7,653 38.09%
Tabungan Batara Pendidik 63,789 101,228 (37,439) (36.98%)
Tabungan Batara Prima 10,483 15,268 (4,785) (31.34%)
Tabungan Batara Tax Amnesty 23 21 2 9.52%
Tabungan KPR Mass 69,127 76,495 (7,368) (9.63%)
Tabungan BTN Batara RDN 4,466 4,556 (90) (1.98%)
Other Savings 3,092,363 3,037,945 54,418 1.79%
Tabungan BTN Junior 111,110 123,165 (12,055) (9.79%)
Tabungan BTN Juara 556,006 511,129 44,877 8.78%
TabunganKu 1,448,630 1,487,288 (38,658) (2.60%)
Tabungan BTN Simpel 795,592 742,308 53,284 7.18%
Tabungan Cermat 123,211 123,214 (3) 0.00%
Tabungan BTN Perumahan 2,617 2,785 (168) (6.03%)
Tabungan BTN Haji Reguler 2 2 - 0.00%
Tabungan BTN Haji Plus 259 259 - 0.00%
Tabungan BTN Siap! 53,936 47,165 6,771 14.36%
Tabungan Felas 998 622 376 60.45%
Tabungan Simuda Rumahku 2 8 (6) (75.00%)
Tabungan Pos 587,969 642,183 (54,214) (8.44%)
Tabungan Tabanas Batara 2,202 2,932 (730) (24.90%)
Tabungan eBatara Pos 585,767 639,251 (53,484) (8.37%)
Tabungan Bisnis 35,251 24,716 10,535 42.62%
Number of Consumer Savings Accounts 6,779,607 7,193,794 (414,187) (5.76%)
The number of Consumer Savings accounts in 2023 was 6.78 BTN Retail Time Deposits
million accounts, a decrease of 5.76% compared to 2022 which Bank BTN’s time deposit product provides convenience for
was 7.19 million accounts. This decrease was mainly caused by customers who aim to make highly beneficial term investments.
a decrease in accounts from Pos Savings by 54,214 accounts. The investments are placed in Indonesia Rupiah with attractive
and competitive interest rate. BTN Retail Time Deposits is offered
with tenures of 1 month, 2 months, 3 months, 6 months, and >12
months, as well as through Deposito On Call.
240 PT Bank Tabungan Negara (Persero) Tbk
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Table of Total Time Deposit (in IDR million)
Increase/Decrease
Time Deposit 2023 2022
Nominal Percentage
1 Month 8,293,915 12,132,350 (3,838,435) (31.64%)
2 Month 447,053 798,656 (351,603) (44.02%)
3 Month 11,878,796 11,929,638 (50,842) (0.43%)
4 Month 768,713 408,758 359,955 88.06%
6 Month 2,016,777 1,422,113 594,664 41.82%
> 12 Month 327,305 375,519 (48,214) (12.84%)
E-Depo
1 Month 889,459 2,036 887,423 43.586.59%
2 Month 52,986 - 52,986 100.00%
3 Month 1,001,338 1,864 999,474 53.619.85%
4 Month 223,584 - 223,584 100.00%
6 Month 597,071 759 596,312 78.565.48%
12 Month 17,026 17 17,009 100.052.94%
Deposito On Call 210,461 132,704 77,757 58.59%
DHE - 15,568 (15,568) (100.00%)
Total Time Deposit Funds 26,724,484 27,219,982 (495,498) (1.82%)
Total Time Deposits in 2023 amounted to IDR26.72 trillion, IDR27.22 trillion. This decrease was mainly caused by a decrease
a decrease of 1.82% compared to 2022 which amounted to in deposits for a period of 1 month amounting to IDR3.84 trillion.
Table of Total Time Deposit Accounts (in account)
Increase/Decrease
Time Deposit 2023 2022
Nominal Percentage
1 Month 43,687 52,685 (8,998) (17.08%)
2 Month 1,273 1,634 (361) (22.09%)
3 Month 22,970 24,482 (1,512) (6.18%)
4 Month 203 196 7 3.57%
6 Month 8,628 8,562 66 0.77%
> 12 Month 2,839 2,924 (85) (2.91%)
E-Depo
1 Month 5,599 55 5,544 10,080.00%
2 Month 479 - 479 100.00%
3 Month 4,340 9 4,331 48,122.22%
4 Month 559 - 559 100.00%
6 Month 1,772 5 1,767 35,340.00%
12 Month 296 2 294 14,700.00%
Deposito On Call 14 37 (23) (62.16%)
DHE - 1 (1) (100.00%)
Total Time Deposit Funds 92,665 90,592 2,067 2.28%
The number of Time Deposit Accounts in 2023 was 92,665 90,592 accounts. This increase was mainly due to the increase
accounts, an increase of 2.28% compared to 2022 which was in E-Depo in the 1 month period amounting to 5,544 accounts.
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Management Discussion and Analysis
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Commercial Product
The Company’s product portfolio in Commercial Products was divided into 2 (two), namely Commercial Loan Products and Commercial
Savings Products.
Table of Commercial Product Value (in IDR million)
Increase/Decrease
Commercial Product 2023 2022
Nominal Percentage
Commercial Loan Product 42,963,396 37,654,912 5,308,484 14.10%
Commercial Savings Product 243,694,432 223,893,013 19,801,419 8.84%
Total Commercial Product Value 286,657,828 261,547,925 25,109,903 9.60%
The total value of Commercial Products in 2023 was IDR286.66 in distribution of Commercial Credit products by 21.02% and
trillion, an increase of 9.60% compared to 2022 which was Commercial Savings products by 7.68%.
IDR261.55 trillion. This increase was mainly due to an increase
Table of Commercial Product Distribution Volume (in unit)
Increase/Decrease
Commercial Product 2023 2022
Nominal Percentage
Commercial Loan Product (Unit) 17,416 11,538 5,878 50.94%
Commercial Savings Product (Account) 154,772 66,764 88,008 131.82%
The number of Commercial Loan products in 2023 was COMMERCIAL LOAN PRODUCT
17,416 units or an increase of 50.94% compared to 2022 Bank BTN provides commercial banking credit products to
which are 11,538 units. The number of Commercial Savings provide a variety of solutions for consumers with products
products in 2023 was 154,772 accounts or an increase of consisting of Housing Loans and Non-Housing Loans products.
131.82% compared to the number of accounts in 2022, by Housing Loans are in the form of Construction Loans, while Non-
66,764 accounts. The highest increase in the distribution Housing Loans consist of MSME Loans and Commercial Loans
volume of Commercial Products was contributed by the growth (KI, KMK and KMK Contractor).
of Commercial Savings products, which was dominated by
the addition of Current Accounts with an increase of 86,228
accounts, or 149.56%.
Table of Commercial Loan Product Distribution Value (in IDR million)
Increase/Decrease
Commercial Loans 2023 2022
Nominal Percentage
Housing Loan
Construction Loans 10,065,987 6,289,738 3,776,249 60.04%
Non-Housing Loans
MSME Loans 6,722,689 5,590,911 1,131,778 20.24%
Other Commercial Loans 26,174,720 25,774,215 400,505 1.55%
Total Commercial Loans Distribution 42,963,396 37,654,864 5,308,532 14.10%
The Commercial Loan distribution value in 2023 was IDR42.97 Construction Loan distribution of IDR3.78 trillion or an increase
trillion, an increase of 14.10% compared to 2022 which was of 60.04%.
IDR37.65 trillion. This increase was mainly due to an increase in
242 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Table of Commercial Loan Product Distribution Volume (in unit)
Increase/Decrease
Commercial Loans 2023 2022
Nominal Percentage
Housing Loan
Construction Loans 5,797 4,811 986 20.49%
Non-Housing Loans
MSME Loans 11,067 6,208 4,859 78.27%
Other Commercial Loans 552 519 33 6.36%
Total Commercial Loans Distribution Volume 17,416 11,538 5,878 50.94%
The Commercial Loan distribution volume in 2023 was 17,416 Construction Loans have a strategic role in the One Million
units, an increase of 50.94% compared to 2022 which was Houses Program as its distribution is capable of creating
11,538 units. This increase was caused by an increase in MSME house supply. In making the decision for financing building
Loan distribution by 78.27%, Construction loan by 20.49% and constructions. Company takes into account the maturity period
other commercial loan by 6.36%. based on the estimated construction period. Construction Loans
are guaranteed using the relevant plot of land land and buildings
Housing Loan – Construction Loans to be constructed on the land as collaterals.
Housing Loans in Commercial Product cover Construction Loans,
Company provides various property construction solutions Commercial product customers who have received BTN Construction
with many facilities and benefits offered. Bank BTN provides Loans may also obtain Kredit Kepemilikan Lahan (Land Ownership
construction loans to housing developers for working capital Loans). Company provides loan for the acquisition of land to be
purposes which can be used to finance the construction of houses used for constructing residences and subsidized apartment. at
and apartments. For this type of credit, company provides a maximum 70% of the loan cost. The tenure for the loan follows the
maximum credit of up to 80% of development or construction tenure of the construction loan and guaranteed by the land acquired
costs with floating interest rates. The construction loans facility and the buildings financed. three years and secured by collateral in
provides convenience for commercial banking customers to the form of land acquired and buildings financed.
carry out developments in the construction of horizontal and
vertical buildings/high rise buildings including their facilities and The Company distributes Construction Loans through 2 (two)
infrastructure. products, namely BTN Construction Loans and Corporate
Construction Loans
Table of Total Construction Loans Distribution Value (in IDR million)
Increase/Decrease
Construction Loans 2023 2022
Nominal Percentage
BTN Construction Loans 9,985,027 5,909,506 4,075,521 68.97%
Corporate Construction Loans 80,960 380,232 (299,272) (78.71%)
Total Construction Loans Distribution Value 10,065,987 6,289,738 3,776,249 60.04%
The Construction Loan products distribution value in 2023 was which was IDR6.29 trillion. This increase was mainly due to an
IDR10.07 trillion, an increase of 60.04% compared to 2022 increase in BTN construction loan distribution of 68.97%.
Table of Construction Loans Distribution Volume (in unit)
Increase/Decrease
Construction Loans 2023 2022
Nominal Percentage
Construction Loans BTN 5,793 4,801 992 20.66%
Construction Loans Korporasi 4 10 (6) (60.00%)
Total Construction Loans Distribution Volume 5,797 4,811 986 20.49%
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Management Discussion and Analysis
on Bank Performance
The Construction Loan distribution volume in 2023 was 5,797 Non-Housing Loans- Small Micro and Medium Enterprises
units, an increase of 20.49% compared to 2022 which was (MSMEs) Loans
4,811 units. This increase was mainly due to an increase in the Company provides MSME Loans as a solution for Micro, Small
volume of BTN Construction Loan by 20.66%. and Medium Entrepreneurs (MSMEs) and aims to channel
productive business financing. The Company distributes MSME
Loans through several products, namely People’s Business Loans
(KUR), Micro Small Business Loans (KUMK), Working Capital
Loans (KMK), MSME Investment Loans, MSME Contractor KMK.
Table of MSME Loans Distribution Value (in IDR million)
Increase/Decrease
MSME Loans 2023 2022
Nominal Percentage
KUR 1,807,673 602,060 1,205,613 200.25%
KUMK 2,199,676 2,314,423 (114,747) (4.96%)
KMK 2,652,068 2,647,619 4,449 0.17%
UMKM Investment Loans 15,804 3,740 12,064 322.57%
MSME Contractor KMK 47,468 23,069 24,399 105.77%
Total MSME Loans Distribution Value 6,722,689 5,590,911 1,131,778 20.24%
The MSME loan products distribution value in 2023 was IDR6.72 IDR5.59 trillion. This increase was mainly due to an increase in
trillion, an increase of 20.24% compared to 2022 which was KUR distribution by 200.25%.
Table of MSME Loans Product Distribution Volume (in unit)
Increase/Decrease
MSME Loans 2023 2022
Nominal Percentage
KUR 8,214 2,475 5,739 231.88%
KUMK 1,405 2,309 (904) (39.15%)
KMK 1,404 1,398 6 0.43%
UMKM Investment Loans 10 4 6 150.00%
MSME Contractor KMK 34 22 12 54.55%
Total MSME Loans Distribution Volume 11,067 6,208 4,859 78.27%
The MSME Loan products distribution volume in 2023 was Non-Housing Loans – Other Commercial Loans
11,067 units, an increase of 78.27% compared to 2022 which Company markets Non-Housing Loans in the form of Commercial
was 6,208 units. This increase was mainly due to the increase in Loans, apart from providing competitive interest and offering
the volume of MSMEs in KUR products by 231.88%. excellent service. Company distributes Commercial Loans
through several products, namely Working Capital Loans (KMK),
Investment Credit and Contractor KMK.
Table of Other Commercial Loans Distribution Value (in IDR million)
Increase/Decrease
Other Commercial Loans 2023 2022
Nominal Percentage
KMK 13,529,919 14,748,648 (1,218,729) (8.26%)
Investment Loans 9,721,086 5,432,790 4,288,296 78.93%
Contractor KMK 1,069,715 1,077,825 (8,110) (0.75%)
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2023 Annual Report
Increase/Decrease
Other Commercial Loans 2023 2022
Nominal Percentage
TLF 1,854,000 4,515,000 (2,661,000) (58.94%)
Total Other Commercial Loans Distribution Value 26,174,720 25,774,263 400,457 1.55%
The Other Commercial Loan products distribution value in 2023 which was IDR25.77 trillion. This increase was mainly due to an
was IDR26.17 trillion, an increase of 1.55% compared to 2022 increase in Investment Loan distribution by 78.93%.
Table of Other Commercial Loans Distribution Volume (in unit)
Increase/Decrease
Other Commercial Loans 2023 2022
Nominal Percentage
KMK 404 436 (32) (7.34%)
Investment Loans 64 19 45 236.84%
Contractor KMK 78 58 20 34.48%
TLF 6 6 - 0.00%
Total Commercial Loans Distribution Volume 552 519 33 6.36%
The Other Commercial Credit distribution volume in 2023 was COMMERCIAL SAVINGS PRODUCT
552 units, an increase of 6.36% compared to 2022 which was Bank BTN provides financing products and services for the
519 units. This increase was mainly due to an increase in the Commercial Product segment which include Current Account and
volume of Investment Loan by 236.84%. Time Deposit for agencies.
Table of Total Commercial Savings Funds (in IDR million)
Increase/Decrease
Commercial Savings 2023 2022
Nominal Percentage
Commercial Current Account 129,369,288 104,900,918 24,468,370 23.33%
Time Deposit for Agencies 114,313,403 118,992,095 (4,678,692) (3.93%)
Total Commercial Savings Funds 243,694,432 223,893,013 19,801,419 8.84%
Total Commercial Savings product funds in 2023 amounted to which amounted to IDR223.89 trillion. This increase was mainly
IDR243.69 trillion, an increase of 8.84% compared to 2022 due to growth in Commercial Current Accounts of 23.33%.
Table of Total Commercial Savings Account (in account)
Increase/Decrease
Commercial Savings 2023 2022
Nominal Percentage
Commercial Current Account 143,891 57,663 86,228 149.54%
Time Deposit for Agencies 10,881 9,101 1,780 19.56%
Total Commercial Savings Account 154,772 66,764 88,008 131.82%
The number of Commercial Savings product accounts in 2023 due to growth originating from Commercial Giro products, was
was 154,772 accounts, an increase of 131.82% compared to 86,228 accounts or an increase of 149.54%
2022 which was 66,764 accounts. This increase was mainly
PT Bank Tabungan Negara (Persero) Tbk 245
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Management Discussion and Analysis
on Bank Performance
Commercial Current Account
Company provides fund saving service through Current Account. i.e, Current Account FLPP and Current Account Non FLPP.
Table of Total Commercial Current Account Funds (in IDR million)
Increase/Decrease
Commercial Current Account 2023 2022
Nominal Percentage
Non FLPP Current Accounts 75,362,849 62,039,774 13,323,075 21.48%
FLPP Current Accounts 54,006,179 42,861,144 11,145,035 26.00%
Total Commercial Current Account Funds 129,369,028 104,900,918 24,468,110 23.32%
Total Commercial Giro funds in 2022 amounted to IDR129.36 growth in Non FLPP Current Accounts of 21.48% and FLPP
trillion, an increase of 23.32% compared to 2022 which Current Accounts of 26.00%.
amounted to IDR104.90 trillion. This increase was caused by
Table of Total Number Commercial Current Account (in account)
Increase/Decrease
Commercial Current Account 2023 2022
Nominal Percentage
Non FLPP Current Accounts 143,882 57,655 86,227 149.56%
FLPP Current Accounts 9 8 1 12.50%
Total Number Commercial Current Account 143,891 57,663 86,228 149.54%
The number of Commercial Current Accounts in 2023 was Time Deposit for Agencies
143,891 accounts, an increase of 149.56% compared to 2022 Company also provides fund savings services in the form of Time
which was 57,663 accounts. This increase was mainly due to Deposits for Agencies through Time Deposit for Agency products
growth in Non FLPP Current Accounts of 149.56%. and On Call Deposits for Agencies.
Table of Total Time Deposit for Agencies Funds (in IDR million)
Increase/Decrease
Time Deposit for Agencies 2023 2022
Nominal Percentage
Time Deposit for Agencies 109,855,648 118,173,089 (8,317,441) (7.04%)
Deposito On Call for Agencies 4,469,756 819,006 3,650,750 445.75%
Total Time Deposit for Agencies Funds 114,313,404 118,992,095 (4,678,691) (3.92%)
Total Institutional Time Deposit funds in 2023 amounted to to recompose the institution’s fund structure from Deposits to
IDR114.31 trillion or decreased by 3.92% compared to 2022, Current Accounts to reduce the Cost of Funds (CoF).
which amounted to IDR118.99 trillion. This reduction is in order
Table of Total Number Time Deposit for Agencies Accounts (in account)
Increase/Decrease
Time Deposit for Agencies 2023 2022
Nominal Percentage
Time Deposit for Agencies 10,674 9,027 1,647 18.25%
Deposito On Call for Agencies 207 74 133 179.73%
Total Number Time Deposit for Agencies Accounts 10,881 9,101 1,780 19.56%
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2023 Annual Report
The number of Institutional Time Deposit accounts in 2023 was diversification strategies to reduce dependence on large
10,881 accounts, an increase of 19.56% compared to 2022 customers (concentration risk).
which was 9,101 accounts. This increase is one of the customer
Conventional Segment Innovations and Competitive Advantages
Overview
Bank BTN occupies the position as the 5th largest bank and has a strong positioning in the housing business.
5.4 Million
Housing Loans ± 3,000
Realized since 1976 Notaries collaborate
in support of the in realizing KPR
One Million Houses
Program
IDR400 T *) ± 2,000
5th Largest Bank in New Developers
terms of Asset Size created to support the
one million houses
program
± 90% 83.0 % *) 5.4 Million IDR12.7 T ± 7 million ± 1.8 Million ± 2,117 ± 7,000
of the credit portfolio Market Share of Non-Subsidized KPR KPR securitization customers served by Digital customers ATM & CRM services developer partners
is housing loans Subsidized KPR Market Share which has been Bank BTN (Digital Accounts) are spread throughout work together to
carried out since 2009 owned by Bank BTN Indonesia develop the country
Source: BTN Bank Internal Data
Bank BTN as a major player in the housing sector since 1976 provision/construction of houses to more than 7000 housing
has realized 5.4 million housing units and controls 83% of the developers and participates in creating 2000 new developers.
subsidized KPR market share. Apart from that, as a Housing On the demand side, Bank BTN provides KPR and KPA facilities
Focus Bank, Bank BTN has an important role as an enabler and to the community who contribute to regional development through
integrator in the development of the housing ecosystem. On the the development of various public facilities (Fasum) and social
supply side, Bank BTN provides credit and financing for the facilities (Fasos).
Capital Labor Local Raw Materials National Income Developer
The property sector is a capital An average of 5 people work 90% of the raw materials National Income is in the form of >7,000 Developers play a role in
intensive sector to build 1 house, so it is a labor used in house construction are taxes received by the government providing housing
intensive sector domestic products for each house sold
The property sector contributes directly to GDP growth, followed by a multiplier effect on 174 derivative economic sectors
Hospital Shopping Center School Retail Industry Office Transportation
Impact of Housing Sector Development
(in every 1 Indonesia Rupiah of input)
An increase in the Additional property-
An increase in National
number of labor related labor
Economic Output 2.15x
requirements by 0.23x income 0.76x
PT Bank Tabungan Negara (Persero) Tbk 247
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Management Discussion and Analysis
on Bank Performance
As a sector that has a multiplier effect on 174 industrial sub- f. Updating the BTN Properti channel by developing digital
sectors, developing the value chain of the housing business is marketing capabilities (SEO and SEM), web appearance
also one of the business development strategies that Bank BTN (UI/UX), as well as increasing the list of developers.
will carry out. To capture this opportunity, Bank BTN will develop g. Creating a one-stop-shop customer housing ecosystem
financial products and services that target the expansion of for products/services at all stages of the customer life-
the construction business value chain, namely land acquisition, cycle.
building materials, land and property development, construction 4. Increasing Contributions to the Subsidized KPR and Wholesale
services and financing for developers. Funding Programs
a. Developing home ownership cooperation through the
Conventional Segment Strategy In 2023 TAPERA program.
b. Developing Transit Oriented Development (TOD) housing
The strategic steps taken by the Company in 2023 were as development in collaboration with BUMN Karya and
follows: other developers.
1. Refinement of Branch Operational Model c. Funding cooperation for KPR distribution in the millennial
Transforming the sales-oriented branch operational model and urban segments.
through centralization of transaction, credit and accounting d. Funding cooperation for KPR distribution from TAPERA,
operational functions. Centralization of operational activities BPJS, or other Pension Fund Management Institutions.
will be carried out in several stages, namely: e. Developing potential sources of funding through support
a. Carrying out sales programs to increase branch office from the Government or other banking regulators.
productivity through increasing employee capabilities, 5. Developing a Housing Value Chain Based Business
monitoring performance in real time, and updating KPIs. a. Developing and sell products along the value chain of
b. Improving BTN Smart functions through BTN Smart commercial developer partners.
phase 3 development. b. Determining the sales process and coverage model for
c. Developing marketing communication programs through commercial and MSME credit Relationship Managers
umbrella campaigns on all Bank BTN channels. (RM) to obtain business along the value chain of
2. Developing Partnerships commercial developer partners.
a. Forming a venture capital company, as a special vehicle c. Developing partnerships across the real estate ecosystem
to develop asset management companies and investment to provide beyond-banking services to developers.
in digital businesses, such as KPR fintech. 6. Developing Services to Become a One Stop Solution Banking
b. Forming a life insurance subsidiary to optimize the Service
captive business (KPR). a. Developing BTN Solutions to increase customer product
c. Establishment of an Investment Management company holding, targeting state-owned corporations, government
to manage TAPERA funds and develop Real Estate agencies, educational institutions and large private
Investment Funds (DIRE)/Real Estate Investment Trusts companies.
(REITS) and Infrastructure Investment Funds (DINFRA). b. Developing premium banking services for the emerging
d. Developing a property buying and selling platform that is affluent and affluent segments by developing digital and
integrated with BTN Properti. mobile banking, utilizing data analytics, and improving
3. Increasing Non-Subsidized KPR in the Emerging Affluent and Information Technology capabilities that support
Affluent Segments transactions.
a. Launching KPR bundling product with savings (BTN c. Cross-sell to KPR customers through the use of data
Solusi, KPR Tabungan). analytics.
b. Digitalization of the KPR process, through the development d. Becoming an operational bank for institutional customers.
of a tracking portal for customers and developers. e. Increasing treasury transaction productivity and
c. Developing mortgage propositions for the millennial, developing custodian banks.
mass and mass affluent segments. 7. Developing Transaction Channel Capabilities, Digitalization
d. Developing collaboration with top developers targeting and Data Analytics
housing projects in the emerging affluent and affluent a. Developing Application Programming Interface (API)
segments. management and sandboxing.
e. Collaboration with 15 national property agents and b. Improving the Information Technology infrastructure and
6,000 individual property agents to increase non- functionality of the Cash Management System (CMS)
subsidized mortgages, especially second mortgages. and internet banking to provide competitive CMS and
internet banking products for commercial customers.
c. Developing a digital banking strategy through the
development of mobile and internet banking, virtual
branches, digital payments and opening online accounts.
248 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
d. Developing analytical data to support business needs as in several countries slowly being lowered. However, in 2024, the
well as implementing data governance and developing economies of developing countries such as Indonesia and India
big data infrastructure. are expected to continue to grow beyond the levels achieved in
e. Integration of iLoan consumer, commercial, lead 2023. Meanwhile, the economies of developed countries such as
management system and btnproperti.co.id. the United States and Japan were expected to grow more slowly
8. Increasing Organizational Productivity, HR Capabilities and than in 2023. China’s economy in 2024 was also expected to
Work Culture slow down. The global economic recovery continued to show
a. Implementation of a Strategic Business Unit (SBU) based improvement with the tendency of the Chinese economy to slow
organizational structure to build a performance-driven down and the United States economy to strengthen. Inflation
organization. rates in developed countries remained high due to continued
b. Increasing employee productivity through implementing inflationary pressures on services, tight labor markets and rising
reward management, promoting Employee Value oil prices. These developments encouraged continued high
Proposition (EVP), improving recruitment processes and monetary policy interest rates in developed countries, especially
channels, as well as developing career paths. the Federal Funds Rate resulting in increased global financial
c. Improving training and build hard skill and soft skill market uncertainty. The IMF’s global economic growth projection
capabilities in credit units, RM, sales force in branch for 2023 was corrected to 3.0% and decreased slightly to 2.9%
offices, as well as support functions (IT, operations, for 2024.
risk, and others) with good development planning and
tracking learning progress digitally. In Indonesia, domestic economic growth continued to improve,
9. Continuing Business Process Improvement Initiatives supported by improving domestic demand and continued positive
a. Improving the commercial credit process through export performance as the downstreaming of natural resources
simplification of documentation, standardization and (SDA) continues. This was reflected in positive growth in consumer
automation of workflow/financing processes. confidence, retail sales, expansion of the Manufacturing
b. Carrying out initiatives to improve SME financing Purchasing Managers’ Index (PMI), as well as export realization
business processes through credit process automation, which remained positive supported by increased community
developing SME credit underwriting models. mobility and financing distribution by banks. However, BTN
c. Centralization of the commercial financing process needed to continue to be aware of several risks, such as global
through the establishment of a Commercial Banking inflationary pressures, an increase in the benchmark interest
Center (CBC). rate by the Fed, and global financial market uncertainty. The
10. Improving Financing Quality and Accelerating NPL Settlement IMF estimated that Indonesia’s economic growth in 2023 was
a. Strengthening the collection management system and 5.0%, slightly hampered by the impact of the global economic
increasing collection desk productivity for the consumer slowdown. Meanwhile, in 2024, the Indonesian economy was
credit segment. predicted to be stable and remain at the level of 5.0%.
b. Standardization of restructuring decision-making
processes for SMEs and commercial. Medium and Long Term Prospect
c. Accelerate the sale of NPL financing through massive
asset sales by implementing new methods (asset Continuing national economic growth until the third quarter of
sales to investors/financial institutions, debt recovery 2023 has made a positive contribution to the potential of the
cooperation, litigation efforts and legal action). property sector in the future, especially in the projected growth
of the mortgage business. Apart from economic growth, the
Business Prospects and Conventional Segment potential for increasing the KPR business in the future will also
Strategies for 2024 be driven by the realization of the Public Housing Savings KPR
program (TAPERA) which has started in 2022.
Short Term Prospect
The still low KPR to GDP ratio is also an opportunity that Bank BTN
In 2023, global economic conditions were slightly hampered as will develop to expand its housing business in the future. In 2019,
a result of political tensions between Russia and Ukraine. This Indonesia’s mortgage to GDP ratio was 3.0%, still smaller than
caused commodity and energy prices to rise, which caused other Southeast Asian countries such as the Philippines (3.9%),
inflation which encouraged Central Banks from many countries to Thailand (23.9%) and Singapore (52.1%). With the commitment
increase their benchmark interest rates to control inflation in each to sustainability of the Government’s One Million Houses Program
country. Towards the end of 2023, global economic conditions and the increasing middle income population dominated by the
showed improvement with inflation and benchmark interest rates millennial generation and emerging affluent segment, Bank BTN
PT Bank Tabungan Negara (Persero) Tbk 249
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Management Discussion and Analysis
on Bank Performance
is also a consideration for expanding its focus in developing the sales of Non-Subsidized KPR by targeting top developers and
housing business in the future, especially in increasing market direct selling KPR to consumers (direct to consumer) through
share in the millennial and emerging affluent segments. To collaboration with national property agents and individuals.
capture this growth potential, next year Bank BTN will increase
Picture of Housing Loan (KPR) Business Development Prospect
Housing Loan (KPR) to GDP Ratio 2019 (%) National Housing Loan (KPR) Market by 2019 Segment
3.0 Direct Buyer Subsidized KPR
Non-Subsidized KPR
3.1 34% 28%
Direct-to-consumer Subsidized segment
3.9 (BTN Percentage: 12%) Non-Subsidized KPR (BTN portion: 77%)
from Developers
7.7
• Attractive pricing for homes
38% second vs. new home 38% The Government’s One Million
Houses Program to close the
post COVID housing backlog in Indonesia
• Large sales channel through 15
10.1 national property agents and
30 thousand individual agents
23.9
27.9
35.4
52.1
Developer (Porsi BTN pada 2019: 24%)
• Completion of stalled development by large and medium developers.
• Increase in income levels post-recovery, especially in the top 20 cities, with a shift to
the mass affluent segment
The demographic bonus and growth of the middle class years) reaching 27.94% and the millennial generation (24 - 39)
population, dominated by the millennial generation, are also at 25.87%. where this portion is predicted to continue to grow
driving the housing finance business going forward. Based for the next 10 years, which is an opportunity to develop the
on data from the Central Statistics Agency (BPS), currently the housing business in the first home buyer segment which is Bank
number of generation Z and the millennial generation dominates BTN’s captive market.
the productive age population with generation Z (aged 8 - 23
Pricture of Indonesia Population Projection
(in million people)
251 251
251
251
251
251
251
251
251
251
2010 2020 2030 2040 2045
Middle Class Others
250 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Sharia Segment
Sharia Segment Explanation and Productivity
The company is also developing a banking model that adheres to the sharia system. The Sharia Business Segment provides consumer
and commercial savings and financing products. The product performance of the Sharia Segment is described through 2 (two) products,
namely Sharia Financing and Sharia Savings, with each description as follows:
SHARIA SEGMENT
SHARIA FINANCING
SHARIA SAVING PRODUCT
PRODUCT
SHARIA COMMERCIAL SHARIA CONSUMER SHARIA CURRENT SHARIA TIME
SHARIA SAVINGS
FINANCING FINANCING ACCOUNT DEPOSITS
A preview of Sharia Segment performance can be seen in the following table and chart.
Graph of Financing and Third Party Fund Performance in Sharia Segment
(in IDR trillion)
Sharia Sharia Total Value of Sharia Segment
Financing Savings Product Positions
34.77 41.80
20.89
19.30 37.11
29.18 34.42
31.62
14.17
9.10
6.75
6.01
2.44 2.34
Total Value Total Value
Sharia
Consumer Commercial Sharia Sharia of Sharia of Sharia
Current
Financing Financing Savings Deposit Financing Savings
Account
Product Product
2022 2023
Sharia Financing Products
Company also provides housing and non-housing financing regarding the performance of Company Sharia Financing
facilities under sharia principle, which are divided into two types, products can be seen in the table and below:
i.e. Consumer and commercial financing. Detailed information
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Management Discussion and Analysis
on Bank Performance
Table of Sharia Financing Value Position (in IDR million)
Increase/Decrease
Sharia Financing 2023 2022
Nominal Percentage
Consumer Financing 34,773,107 29,181,003 5,592,104 19.16%
Commercial Financing 2,341,174 2,443,136 (101,962) (4.17%)
Total Sharia Financing Value Position 37,114,281 31,624,139 5,490,142 17.36%
The total position of Distribution Value Sharia Financing in 2023 due to an increase in the growth contribution from consumer
was IDR37.11 trillion. This figure is an increase of 17.36% financing of IDR5.59 trillion, an increase of 19.16% compared
compared to financing distribution in 2022. This increase was to 2022.
Table of Sharia Financing Volume Position (in financing unit)
Increase/Decrease
Sharia Financing 2023 2022
Nominal Percentage
Consumer Financing 276,508 241,407 35,101 14.54%
Commercial Financing 1,260 1,154 106 9.19%
Total Sharia Financing Volume Position 277,768 242,561 35,207 14.51%
Sharia financing that has been successfully distributed until - KPR SSM Tapak iB
2023 was 277,768 financing units. Compared to the number - KPR SSM Susun iB
of financing units distributed until 2022, there was an increase - KPR Tapera iB
of 35,207 units, or around 14.51%. This increase in financing b. Non Subsidized Housing Loans that distributed through:
volume was largely contributed by an increase in consumer - KPR Platinum iB
financing of 35,101 financing units. - KPR Indent iB
c. Non -Housing Loans that distributed through:
SHARIA CONSUMER FINANCING - iB House Construction Financing
Sharia Consumer Financing is distributed by Company through - PUM-KB Jamsostek iB
the following products: 2. Non-Housing Financing, covering:
1. Housing Financing, covering: a. iB Vehicle Financing
a. Subsidized Housing Loans disbursed through: b. iB Mortgage Financing
- KPR BP2BT iB c. iB Multiservice Financing
- KPR Sejahtera Tapak iB d. iB Multipurpose Financing
- KPR Sejahtera Susun iB e. Emasku Financing
Table of Sharia Consumer Financing Position (in IDR million)
Increase/Decrease
Sharia Consumer Financing 2023 2022
Nominal Percentage
HOUSING FINANCING 34,604,291 29,035,911 5,568,380 19.18%
SUBSIDIZED HOUSING LOANS 22,961,992 19,039,362 3,922,630 20.60%
KPR BP2BT iB 581,978 608,342 (26,364) (4.33%)
KPR Sejahtera Tapak iB 14,313,911 9,806,680 4,507,231 45.96%
KPR Sejahtera Susun iB 1,440 149 1,291 866.44%
KPR SSM Tapak iB 7,715,628 8,450,095 (734,467) (8.69%)
KPR SSM Susun iB 48,991 53,491 (4,500) (8.41%)
KPR Tapera iB 300,044 120,605 179,439 148.78%
Non Subsidized Housing Loans 11,604,082 9,948,479 1,655,603 16.64%
KPR Platinum iB 7,743,069 6,992,763 750,306 10.73%
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Increase/Decrease
Sharia Consumer Financing 2023 2022
Nominal Percentage
KPR Indent iB 3,861,013 2,955,716 905,297 30.63%
Non-Housing Loans 38,217 48,070 (9,853) (20.50%)
IB House Construction Financing 33,330 41,805 (8,475) (20.27%)
PUM-KB Jamsostek iB 4,887 6,265 (1,378) (22.00%)
NON-HOUSING FINANCING 168,816 145,092 23,724 16.35%
IB Vehicle Financing 1,400 1,752 (352) (20.09%)
IB Mortgage Financing - 141 (141) (100.00%)
IB Multiservice Financing 15,940 10,346 5,594 54.07%
IB Multipurpose Financing 151,476 132,803 18,673 14.06%
Emasku Financing - 50 (50) (100.00%)
Total Sharia Consumer Financing Position 34,773,107 29,181,003 5,592,104 19.16%
The total position of Sharia Consumer Financing in 2023 was by KPR Sejahtera Tapak iB financing which reached IDR14.31
IDR34.77 trillion, an increase of 19.16% compared to 2022 of trillion.
IDR29.18 trillion. This financing position was largely contributed
Table of Sharia Consumer Financing Volume Position (in financing unit)
Increase/Decrease
Sharia Consumer Financing 2023 2022
Nominal Percentage
HOUSE FINANCING 273,261 238,414 34,847 14.62%
SUBSIDIZED HOUSING 221,749 189,853 31,896 16.80%
KPR BP2BT iB 6,213 6,263 (50) (0.80%)
KPR Sejahtera Tapak iB 126,742 94,362 32,380 34.31%
KPR Sejahtera Susun iB 10 2 8 400.00%
KPR SSM Tapak iB 86,371 88,077 (1,706) (1.94%)
KPR SSM Susun iB 313 314 (1) (0.32%)
KPR Tapera iB 2,100 835 1,265 151.50%
Non Subsidized Housing Loan 50,544 47,387 3,157 6.66%
KPR Platinum iB 38,119 37,051 1,068 2.88%
KPR Indent iB 12,425 10,336 2,089 20.21%
Non-Housing Loans 968 1,174 (206) (17.55%)
IB House Construction Financing 348 438 (90) (20.55%)
PUM-KB Jamsostek iB 620 736 (116) (15.76%)
NON-HOUSING FINANCING 3,247 2,993 254 8.49%
IB Vehicle Financing 15 17 (2) (11.76%)
IB Mortgage Financing - 159 (159) (100.00%)
IB Multiservice Financing 294 257 37 14.40%
IB Multipurpose Financing 2,938 2,558 380 14.86%
Emasku Financing - 2 (2) (100.00%)
Total Sharia Consumer Financing Volume
276,508 241,407 35,101 14.54%
Position
The volume position of Sharia Consumer Financing in 2023 was in Consumer Financing volume was 35,101 units due to the
276,508 financing units, an increase of 14.54% compared contribution of KPR Sejahtera Tapak iB financing volume of
to 2022 which was 241,407 financing units. The increase 32,380 financing units.
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Management Discussion and Analysis
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SHARIA COMMERCIAL FINANCING
Sharia Commercial Financing is distributed by the Company 2. Non-Housing Financing
through several products as follows: a. Sharia MSME
1. Housing Financing b. Pembiayaan Modal Kerja iB
a. BTN iB Construction Financing c. Pembiayaan Investasi iB
Table of Sharia Commercial Financing Position (in IDR million)
Increase/Decrease
Sharia Commercial Financing 2023 2022
Nominal Percentage
Housing Financing 1,982,368 1,776,454 205,914 11.59%
BTN iB Construction Financing 1,982,367 1,776,454 205,914 11.59%
Non-Housing Financing 358,807 666,682 (307,875) (46.18%)
UMKM Syariah 0 - - (100.00%)
Pembiayaan Modal Kerja iB 280,771 524,110 (243,339) (46.43%)
Pembiayaan Investasi iB 78,036 142,572 (64,536) (45.27%)
Total Sharia Commercial Financing Position 2,341,174 2,443,136 (101,962) (4.17%)
Commercial Financing Position in 2023 was IDR2.34 trillion. However, this decrease was offset by an increase in the financing
This achievement decreased by IDR101.96 billion or 4.17% position for the BTN iB Construction Financing product amounting
when compared to 2022. This decrease came from BTN iB to IDR205.91 billion.
Working Capital Financing due to repayment of large customers.
Table of Sharia Commercial Financing Volume Position (in financing unit)
Increase/Decrease
Sharia Commercial Financing 2023 2022
Nominal Percentage
Housing Financing 1,161 996 165 16.57%
BTN iB Construction Financing 1,161 996 165 16.57%
Non-Housing Financing 99 158 (59) (37.34%)
UMKM Syariah - - - -
Pembiayaan Modal Kerja iB 48 89 (41) (46.07%)
Pembiayaan Investasi iB 51 69 (18) (26.09%)
Total Sharia Commercial Financing Volume
1,260 1,154 106 9.19%
Position
The number of Commercial Financing volume positions in Sharia Savings Product
2023 was 1,260 units, an increase of 9.19% compared to
2022 which will be 1,154 units. Increasing the position of The Company also collects third-party funds through the Sharia
Commercial financing volume through the BTN iB Construction Business Unit through Current Account, Savings and Sharia Time
Financing product, which was the focus of Commercial Financing Deposits products.
distribution in 2023, amounting to 165 financing units.
Table of Sharia Savings Funds Position (in IDR million)
Increase/Decrease
Sharia Savings 2023 2022
Nominal Percentage
Sharia Current Account 14,165,526 9,104,388 5,061,138 55.59%
Sharia Savings 6,749,835 6,012,830 737,005 12.26%
Sharia Time Deposits 20,887,524 19,523,557 1,363,967 6.99%
Total Sharia Savings Fund Position 41,802,885 34,640,775 7,162,110 20.68%
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2023 Annual Report
The total position of Sharia Savings funds in 2023 was IDR41.80 nominal increase in the Sharia Current Account by 55.59%.
trillion, an increase of 20.68% compared to 2022 which was Sharia Savings and Sharia Time Deposits also experienced an
IDR34.64 trillion. This increase was largely influenced by the increase of 12.26% and 6.99% respectively.
Tabel Posisi Volume Rekening Simpanan Syariah (in account)
Increase/Decrease
Sharia Savings 2023 2022
Nominal Percentage
Sharia Current Account 61,128 15,295 45,833 299.66%
Sharia Savings 1,191,847 1,063,346 128,501 12.08%
Sharia Time Deposits 10,957 11,261 (304) (2.70%)
Total Sharia Savings Account Volume Position 1,263,932 1,089,902 174,030 15.97%
The total volume of Sharia Savings accounts in 2023 grew by and Sharia Savings accounts accompanied by a decrease in the
15.97% compared to 2022 to 1,263,932 accounts. The Sharia volume of Sharia Time Deposits accounts is one of the results of
Current Account product with volume growth of 299.66% was the strategy to increase retail CASA and TPF.
the largest contributor to the increase in Sharia Savings volume.
The Sharia Savings product also experienced an increase in SHARIA CURRENT ACCOUNT
account volume, was 128,501 accounts, 12.08% higher than in Sharia Savings in the form of Giro is provided through 2 (two)
2022. Sharia Time Deposits was the only Sharia Savings Product products, namely BTN iB Current Account and BTN Prima iB
that experienced a decrease in account volume in 2023, was Current Account.
2.70 %. The increase in the volume of Sharia Current Accounts
Table of Sharia Current Account Funds Position (in IDR million)
Increase/Decrease
Sharia Current Account 2023 2022
Nominal Percentage
BTN iB Current Account 13,439,465 8,623,601 4,815,864 55.85%
BTN Prima iB Current Account 726,061 480,787 245,274 51.02%
Total Sharia Current Account Funds Position 14,165,526 9,104,388 5,061,138 55.59%
The total position of Sharia Current Account funds in 2023 was compared to 2022, with details of the BTN iB Giro increasing
increased by 55.59% to IDR14.17 trillion compared to 2022 55.85% to IDR13.44 trillion and the BTN Prima iB Giro increasing
which was IDR9.10 trillion. The two Sharia Current Account 51.02% to IDR726 billion.
products both experienced an increase of more than 50%
Table of Sharia Current Account Position (in account)
Increase/Decrease
Sharia Current Account 2023 2022
Nominal Percentage
BTN iB Current Account 59,038 13,363 45,675 341.80%
BTN Prima iB Current Account 2,090 1,932 158 8.18%
Total Sharia Current Account Volume Position 61,128 15,295 45,833 299.66%
The number of Sharia Current Account account positions in 2023 mainly contributed by the increase in BTN iB Giro. With an increase
was 61,128 accounts, this figure has increased by 45,833 accounts of 341.80% compared to 2022, the BTN iB Current Account is a
or a growth of 299.66% compared to 2022. This increase was current account product with a very significant increase.
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Management Discussion and Analysis
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SHARIA SAVINGS
Sharia Savings in the form of savings are provided through Savings, BTN Hajj iB Savings, TabunganKu iB, BTN Qurban iB
several products, namely BTN Batara iB Savings, BTN Prima iB Savings, Simpel BTN iB Savings and BTN iB Gold Savings.
Table of Sharia Savings Fund Position (in IDR million)
Increase/Decrease
Sharia Savings 2023 2022
Nominal Percentage
BTN Batara iB Savings 1,256,572 1,178,529 78,043 6.62%
BTN Prima iB Savings 5,214,570 4,602,504 612,066 13.30%
BTN Hajj iB Savings 245,314 205,866 39,448 19.16%
TabunganKu iB 13,532 10,451 3,081 29.48%
BTN Qurban iB Savings 6,092 4,736 1,356 28.63%
Simpel BTN iB Savings 6,489 4,738 1,751 36.96%
BTN iB Gold Savings 7,266 6,006 1,260 20.98%
Total Sharia Savings Fund Position 6,749,835 6,012,830 737,005 12.26%
The total position of Sharia Savings funds in 2023 has increased profitable profit sharing to customers. The increase in BTN Prima
by 12.26%, was IDR6.75 trillion compared to 2022 which was iB savings also shows that the performance of the Company’s
IDR6.01 trillion. The biggest contribution to the increase in Sharia UUS in 2023 will improve and can provide optimal profit sharing
Savings funds was BTN Prima iB Savings which increased by to customers, thereby making customers entrust the placement of
IDR612.07 billion. BTN Prima iB Savings is a savings account more funds to the Company’s UUS.
with a mudharabah (investment) agreement that provides
Table of Sharia Savings Account Volume Position (in account)
Increase/Decrease
Sharia Savings 2023 2022
Nominal Percentage
BTN Batara iB Savings 701,304 632,423 68,881 10.89%
BTN Prima iB Savings 153,644 146,374 7,270 4.97%
BTN Hajj iB Savings 194,333 170,071 24,262 14.27%
TabunganKu iB 26,108 20,025 6,083 30.38%
BTN Qurban iB Savings 23,187 14,867 8,320 55.96%
Simpel BTN iB Savings 82,873 71,363 11,510 16.13%
BTN iB Gold Savings 10,398 8,223 2,175 26.45%
Total Sharia Savings Account Volume Position 1,191,847 1,063,346 128,501 12.08%
The total volume of Sharia Savings accounts in 2023 was 1.19 Batara iB Savings which increased by 68.88 thousand accounts.
million accounts, an increase of 12.08% compared to 2022 This increase was partly due to collaboration with government
which was 1.06 million accounts. The biggest contribution to institutions for program distribution.
the increase in the number of Sharia Savings accounts was BTN
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2023 Annual Report
SHARIA TIME DEPOSITS
Sharia Savings in the form of deposits is provided through 2 (two) products, namely BTN iB Time Deposits for both individuals and
institutions, as well as iB On Call Deposits.
Table of Sharia Time Deposits Fund Position (in IDR million)
Increase/Decrease
Sharia Time Deposits 2023 2022
Nominal Percentage
BTN iB (Individual) Deposits 1,312,892 1,121,365 191,527 17.08%
BTN iB (Institution) Deposits 18,695,037 18,153,922 541,115 2.98%
On Call iB Deposits 879,595 24,827 854,768 3,442.90%
Total Sharia Time Deposits Fund Position 20,887,524 19,523,557 1,363,967 6.99%
The total position of Sharia Time Deposits funds in 2023 was increased by 17.08%, 2.98%, and 3,442.90%, respectively.
IDR20.89 trillion, an increase of 6.99% compared to 2022 which This increase in the position of deposit value was contributed
was IDR19.52 trillion. The number of positions for Individual BTN by, among other things, special programs provided to depositors
iB Deposits, Institutional BTN iB Deposits, and iB On Call Deposits such as special ratios.
Table of Sharia Time Deposits AccountVolume Position (in account)
Increase/Decrease
Sharia Time Deposits 2023 2022
Nominal Percentage
BTN iB (Individual) Deposits 9,240 9,319 (79) (0.85%)
BTN iB (Institution) Deposits 1,662 1,901 (239) (12.57%)
On Call iB Deposits 55 41 14 34.15%
Total Sharia Time Deposits Account Volume Position 10,957 11,261 (304) (2.70%)
The total volume position of Sharia Time Deposits accounts in 3. The excess reserve condition is quite high.
2023 was 10,957 accounts, 2.70% lower than in 2022 which 4. Transformation initiatives (Financing Origination System/
was 11,209 accounts. Althought there has been a decrease FOS Collection, Tapera collaboration and Army Compulsory
in the volume of deposit accounts, if we look at the size of the Housing Savings (TWP AD), digital onboarding and core
deposit position, it was increashed in 2023. banking system upgrade).
5. Development of sharia rent to own products.
Sharia Segment Innovations and
Competitive Advantages Sharia Segment Strategy in 2023
Some of the competitive advantages and innovations carried out The sharia segment strategy for 2023 included financing
by the Sharia Segment could be described as follows: business development strategy, funding development strategy,
1. Opportunities for captive customers with Housing Loans capital strategy, financing quality improvement strategy, fee
(KPR), Construction Financing and Institutional Funds that based income strategy, Information Technology (IT) infrastructure
have the opportunity to be developed. strategy which is described as follows.
2. Become a partner of the Government in the National Housing
Program.
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Management Discussion and Analysis
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a. Financing Business Development Strategy
Strategy Theme Initiative
1. Increasing the market share of quality subsidized a. Optimizing Bank BTN’s portion of the 2023 FLPP KPR and TAPERA KPR quotas targeting
KPR distribution. the fixed income and ASN segments.
b. Strengthening communication with housing stakeholders in program preparation.
c. Socialization and education of FLPP KPR and TAPERA KPR to developer associations.
d. Host to host development for the distribution of FLPP KPR and Tapera KPR.
e. Providing rewards and incentives for developers.
f. H2H development with insurance partners for insurance closing automation.
g. Development of PRR TAPERA Syariah and PBR TAPERA Syariah to meet the needs of
ASN segment customers.
h. Strengthening the synergy of cooperation with certain rating subsidy developers.
2. Optimization of KPR/KPA realization from top a. Providing special marketing fees and rewards.
developers and collaboration with property agents. b. Regular/periodic gatherings.
c. Synergy and join promotions with associations and developers.
d. Optimization and improvement of the BTN Properti portal to assist developer sales.
e. Development of the Lead Management System application to facilitate monitoring of
marketing activities.
3. Growing the Business Ecosystem database to a. Increasing collaboration/partnerships with third parties.
increase the distribution of Non-Housing Loans b. Telemarketing existing KPR customers through a financing top up program.
financing. c. Multi-service and multi-benefit offers to all Bank BTN employees and payroll company
employees.
4. Optimization of existing digital platforms to support a. Optimizing the use of the BTN Properti portal by collaborating with developers.
marketing and realization of subsidized mortgages b. Creating gimmicks and promotional programs for customers who apply for KPR through
and non-subsidized mortgages. BTN Properti.
c. Implementation of Consumer FOS and upgrading the Eloan application in an effort to
accelerate the financing process.
5. Increasing the commercial financing portfolio a. Ongoing maintenance of existing developers
and developing new financing schemes along the b. Diversify the commercial financing portfolio selectively to SOEs (BUMN), bona fide
housing value chain for the MSME, corporate and private business groups and educational institutions.
agency segments. c. Optimizing partnerships with the Restricted Investment (SRIA) program
d. Product diversification through supply chain financing products for MSME, corporate
and agency customers.
6. Expanding Sharia Financing by developing a. Expanding the sharia value proposition by utilizing innovative financing solutions (eg:
innovative financing solutions. Ijarah for developers).
b. Expanding the scope of MMQ contracts from the total Sharia financing book (10%).
c. Diversify KPR schemes using IMBT contracts
b. Funding Development Strategy
Strategy Theme Initiative
1. Reengineering of effective TPF marketing models a. Developing effective and integrated marketing communications and rebranding through
and product rebranding. an umbrella campaign.
b. Merchant and partnership promotions that can reach all of Indonesia.
c. Organizing events that directly impact business achievements through integrated
activities.
2. Increasing low cost TPF (DPK) a. Increasing institutional savings transaction activities through the provision of special
programs.
b. Bundling mortgage financing products with secondary savings.
c. Sharia Branch Office KPI focus on increasing CASA and Retail TPF.
d. Improving the composition of retail savings through collaborative intensification of
individual customer potential at collaborating institutions.
3. Become an Operational Bank for institutional a. Focus on developing current account products for ministries to acquire work units (satker)
customers and their partners.
b. Increase the acquisition of customers from SOEs, SOEs subsidiaries and the private
sector.
c. Increase institutional transactional cooperation through the Cash Management System
(CMS).
d. Sales focus on government customer segmentation, Ministry/Agency Working Units and
Public Service Agencies.
4. Efforts to increase CASA through e-channel a. Increasing CASA with the development of digital banking and e-banking features
utilization to support transactions. b. Increasing transactions with existing customers targeting captive customers.
c. Optimizing online account opening services in opening savings accounts.
d. Utilization of e-channels (New Mobile Banking, CMS, New Virtual Account) to encourage
transactional checking and savings accounts.
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2023 Annual Report
Strategy Theme Initiative
5. Development of TPF products to increase customer a. Development of Gold Savings by providing gold supply services through third party
fund collection. services.
b. Development of Tapera savings based on a savings plan scheme for TAPERA participants.
c. Capital Strategy
To support the distribution of business development strategies. - Issuance of Sukuk Tapera as a form of long-term funding
sufficient capital was required by taking into account meeting for UUS Bank BTN liquidity.
the minimum capital requirements according to Basel III. - Optimizing additional capital from the implementation of
Efforts to strengthen capital in 2023 were focused on: the rights issue by BTN Parent in 2022.
- Increase in profit/profitability.
d. Financing Quality Improvement Strategy
Strategy Theme Initiative
1. Strengthen the collection management system. a. Strengthening the Collection Management System - Consumer Segment.
b. Strengthening the Collection Management System - Commercial Segment
c. Acceleration of completion of main documents and monitoring to accelerate litigation.
d. Improving the quality of customer data.
e. Piloting changes to collection business processes at Branch Offices
f. Implementation of FOS Collection - Consumer Segment
2. Improve Outsourcing (TAD) management a. Evaluation of TAD collection performance
b. Monitoring productivity of TAD collection
3. Accelerate the sale of nonperforming financing a. Sales of non-performing financing assets in bulk.
assets. b. Expanding non-performing financing sales channels.
c. Project assets sales to accelerate the recovery of bad debts
4. Massive Improvement in Quality of Commercial a. Updating data on NPF and passive commercial financing profiling.
Financing. b. Classification of NPF and passive loans into 4 (four) quadrants.
c. Participation in the BTN Project Tiger program.
d. Coaching and mentoring to Branch Office employees.
5. Expanding the network to third parties in an effort Approach the State Property and Auction Services office (KPKNL) and the Religious Courts
to resolve financing problems. and expand cooperation with property agents, BLS, advocates, developer associations and
contractors.
6. Expand policy relaxation and reward provision. Providing policies to expedite the financing settlement process as well as providing rewards
and operational assistance.
e. Fee Based Income Strategy
Strategy Theme Initiative
1. Increase in Bank administration income a. Increasing the contribution of financing administration costs.
b. Optimizing the imposition of administration fees for Third Party Funds
2. Increase in fee/ujroh income for Bank services. a. Optimization of fees/ujroh on bancassurance.
b. Increase fees/ujroh for payroll transactions.
c. Optimization of fees/ujroh for other banking services.
3. Increase transaction-based fees. a. Increase in e-channel users (Mobile Banking, CMS, VA, SMS Notification, ATM).
b. Development and improvement of e-channel features.
c. Increase Virtual Account (VA) based partnership collaboration.
f. Information Technology (IT) Infrastructure Strategy
IT development at UUS Bank BTN in 2023 will be carried The annual theme carried out in the Information Technology
out by BTN Headquarter in order to support corporate plans strategy in 2023 was Expand the Transformation, Bank BTN
and the aspirations of the Directors’ General Policy for continued to execute upgrade/replace and/or enhancement
2023 in the areas of loans/financing and loans/financing of critical systems that had been identified, continuing
quality, funding and office networks, fee-based income, and the development of agile based systems (such as digital
expenses overheads. channels). The Information Technology development plans for
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Management Discussion and Analysis
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2023 were broadly in line with the main initiatives of RSTI conducted a cyber security maturity assessment. Apart
2021 - 2025 and are as follows: from that, Bank BTN also carried out cyber security
1. Develop a digital banking strategy by planning and testing based on vulnerability and scenario analysis to
updating through: increase cyber resilience.
a. Modernization of digital channels through the
development of new mobile banking, EKYC for Business Prospects and Strategy of the Sharia
Online Onboarding for Open Accounts UUS Bank Segment for 2024
BTN and Virtual Accounts.
b. Development of digital ecosystems and partnerships. In 2024, Bank BTN’s sharia segment has good business
2. Automate business processes and improve the quality of prospects in the future. The sharia segment has taken initiatives in
Information Technology services. through modernization developing the financing business in the short and medium term,
of hardware. software/systems. infrastructure and namely as follows:
implementation of high availability on network data 1. Develop an affordable housing ownership program to
center devices. and use of cloud infrastructure support the national housing program.
3. Developing and optimizing the NG Sharia computer a. Optimizing Bank BTN’s UUS portion of the FLPP and
operational system to support sharia business by TAPERA Subsidized KPR quota.
upgrading the sharia core banking system, updating b. Developing the Rent to Own KPR scheme as an affordable
sharia mobile banking and upgrading several system and equitable KPR scheme, targeting the millennial
servers to support better and more reliable bank generation.
operations. c. Partnership for funding housing projects for the millennial
4. Conduct assessments to improve security maturity level and urban segments.
in preparing a reliable Information Technology security d. Developing funding schemes for the provision of
organization based on CISO implementation and affordable housing.
enhancing security capabilities. e. Development of millennial housing projects at affordable
5. Adjustment and updating of Information Technology prices and complete facilities (working space, walkable/
policies to regulatory and internal bank policies and close to everywhere) through the construction of Transit
procedures, such as adding rapid/agile and devsecops Oriented Development (TOD).
development procedures and cloud utilization. f. Diversifying the mortgage financing portfolio using the
6. Increase the capacity and capability of the BTN Ijarah Muntahiya Bittamlik (IMBT) contract scheme.
Information Technology team through training and 2. Develop mortgage market share in the emerging affluent and
certification according to their respective needs. affluent segments.
7. Develop monitoring expansion on the network. namely a. Increasing collaboration with Top Developers (national/
Traffic Flow and Packet Analyzer to increase the gold/platinum scale) and National and local Property
reliability of the communication network. Agents to target the primary and secondary mortgage
8. Develop Application Performance Monitoring to improve markets.
application performance. b. Developing collaboration with developers to develop
9. Development of the Sharia Loan Management System in housing projects in the emerging affluent segment.
the form of FOS - enhanced MMQ, FOS Consumer and c. Strengthening the BTN Properti application and portal by
FOS Collection features. digitizing the KPR process end to end, both for customers
10. Enhancement of Deposits and CIF Monitoring Tools. and developers.
11. Pinpad Improvements. d. Evaluating developer performance by conducting
12. Improving payment system capabilities such as regular ratings so that special gimmicks can be given to
developing fast payment systems (BI - Fast Phase 2) and developers with good performance.
systems to support remittance business, such as host to e. Optimizing cooperation with developers by offering to
host incoming transfers. prime customers and Bank BTN cooperation partners.
13. IT development related to security by design such as f. Upselling and cross selling programs for non-subsidized
implementing Identity and Access Management, Security, products to subsidized KPR customers who have or
Network Monitoring and Compliance by implementing are almost paid off through analytics capabilities and
end point protection, implementing cyber threat security upselling programs.
solutions, integrated patch management. To determine g. Intensification of high-margin financing, utilizing existing
the level of information security maturity, Bank BTN also customer databases
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2023 Annual Report
3. Expanding the real estate value chain targeting MSMEs and c. Increasing brand awareness of Bank BTN Sharia Business
Contractors. Unit through marketing communications programs.
a. Offering supply chain financing products to business d. Increasing the level of transactional banking through
actors in the supply chain. developing e-channel features and services, payment
b. Maximizing the provision of working capital financing gateways and collaborating with fintech companies for
to contractor customers in construction work for digital transaction services.
Construction Financing customers. e. Optimizing digital banking services by opening customer
c. Creating a one - stop - shop housing ecosystem for accounts online without the customer needing to come to
customers’ life - cycle the outlet.
4. Expansion of financing product schemes in the KPR and Non- f. Increasing the role of the Sharia Services Office in
KPR segments. Hajj registration services and sales of Hajj and Umrah
a. Diversifying the mortgage financing portfolio using the Savings products.
IMBT contract scheme. g. Increasing CASA funds through marketing activities
b. Expansion of the multi-benefit product scheme through including investor gatherings, property expos and
refinancing financing facilities for assets other than individual engagement.
property with a Musyarakah Mutanaqisah (MMQ) h. Improving service to certain customers by providing
agreement. special attention services and exclusive facilities to prime
customer segmentation.
To achieve this target, strategic initiatives carried out in the short i. Increasing the number of savers through savings products
and medium term are as follows: based on the Tapera savings plan scheme.
1. Develop capabilities as a transactional bank and transaction 4. Increase institutional and institutional funding.
channel. a. Improving Virtual Account (VA) account features for state
a. Optimizing the productivity of office networks in target ministry/institution accounts.
market areas (offices, shops and shopping centers). b. Commercial Banking transactional development
b. Increasing sales productivity through the development of (Enhancement VA, Bulk Payment and Payroll)
BTN Smart. c. Increasing Collaboration with Educational Institutions,
c. Savings campaign programs and strategies through Islamic Institutions, Developers, State Ministries/
integrated marketing communication activities for the Government Agencies to fulfill institutional fund
middle segment and non-subsidized KPR customers. management needs as well as transactional and
d. Acquisition and sales program for bundling products to investment services.
state-owned corporations, Islamic educational institutions d. Increasing payment cooperation and digital optimization
and other institutions. of zakat, infaq, alms and waqf funds with philanthropic
e. Program to increase the use of echannel transactions by institutions.
KPR customers. 5. Funding portfolio recomposition.
2. Become an operational bank for managing institutional a. Increasing the Volume of Account (VoA) and Number of
funds. Accounts (NoA) of BTN Hajj and Umrah BTN iB Savings
a. Increasing the acquisition of Government Work Units by establishing partnerships with strategic institutional
(Satker) and interconnection of the State Treasury and partners including the Ministry of Religion, BPKH,
Budget System (SPAN). Umrah Tour and Travel, Islamic Organizations, Islamic
b. Increasing the acquisition and utilization of cash Campuses, Majlis Taklim , etc.
management for institutional and corporate customers. b. Recomposition of deposit portfolio by increasing
c. Developing a customer base through a halal business contribution share from retail deposits.
ecosystem approach that focuses on the property related, c. Increasing the level of transactional banking through
healthcare, trade, education and industrial area sectors. developing echannel features and services, payment
d. Developing retail and wholesale transactions through gateways and collaborating with fintech companies for
acquisition and activation programs for mobile banking, digital transaction services.
debit cards, EDC, QRIS and cash management. d. Optimizing digital banking services by opening customer
3. Strategy for increasing CASA funds. accounts online without the customer needing to come to
a. Intensification of savings for existing financing customers the outlet.
and collaborating institutions. e. Increasing the role of the Sharia Services Office (KLS) in
b. Increasing sales productivity through the development of Hajj registration services and sales of Hajj and Umrah
BTN Smart Version 3. Savings products.
PT Bank Tabungan Negara (Persero) Tbk 261
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Management Discussion and Analysis
on Bank Performance
f. Increasing CASA funds through marketing activities h. Increasing the number of savers through savings products
including investor gatherings, property expos and based on the Tapera savings plan scheme.
individual engagement.
g. Improving service to certain customers by providing
special attention services and exclusive facilities to prime
customer segmentation.
Income and Profitability Per Business Segment
A description of the income and profitability of the business segments is presented as follows:
Table of Business Segments Income and Profitability
2023 2022
Description
Conventional Sharia Elimination Total Conventional Sharia Elimination Total
Segment Income 24,722,529 3,558,723 - 28,281,252 23,233,200 2,674,168 - 25,907,368
Segment Expense (13,406,425) (1,444,537) - (14,850,962) (10,036,723) (873,361) - (10,910,084)
Segment Income – Net 11,316,104 2,114,186 - 13,430,290 13,196,477 1,800,807 - 14,997,284
Other Operating
4,161,842 154,971 (425,666) 3,891,147 2,405,171 78,845 (209,164) 2,274,852
Income
Provision for impairment
losses on financial
(3,653,668) (111,729) - (3,765,397) (3,414,717) (602,661) - (4,017,378)
assets and non-financial
assets
Reversal for allowance
for estimated losses
1,139 - - 1,139 (1,074) - - (1,074)
from commitment &
contingencies
Other operating
(7,988,114) (1,455,002) 425,666 (9,017,450) (8,704,656) (943,389) 209,164 (9,438,881)
expenses
Income from operations 3,837,303 702,426 - 4,539,729 3,481,201 333,602 - 3,814,803
Non-operating income
(159,428) (91) - (159,519) 60,912 (25) - 60,887
(expenses) - net
Tax Expense (879,222) (830,617)
Income for the year 3,500,988 3,045,073
Total assets 392,854,285 54,288,709 (8,393,258) 438,749,736 364,284,663 45,335,575 (7,471,926) 402,148,312
Total liabilities and
363,082,327 53,581,515 (8,393,258) 408,270,584 338,723,316 44,987,568 (7,471,926) 376,238,958
temporary syirkah fund
262 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Table of Business Segments Income and Profitability
Nominal Growth 2022-2023 Percentage Growth 2022-2023
Description
Conventional Sharia Elimination Total Conventional Sharia Elimination Total
Segment Income 1,489,329 884,555 - 2,373,884 6.41% 33.08% 0.00% 9.16%
Segment Expense (3,369,702) (571,176) - (3,940,878) 33.57% 65.40% 0.00% 36.12%
Segment Income – Net (1,880,373) 313,379 - (1,566,994) (14.25%) 17.40% 0.00% (10.45%)
Other Operating
1,756,671 76,126 (216,502) 1,616,295 73.04% 96.55% 103.51% 71.05%
Income
Provision for impairment
losses on financial
(238,951) 490,932 - 251,981 7.00% (81.46%) 0.00% (6.27%)
assets and non-financial
assets
Reversal for allowance
for estimated losses
2,213 - - 2,213 (206.05%) 0.00% 0.00% (206.05%)
from commitment &
contingencies
Other operating
716,542 (511,613) 216,502 421,431 (8.23%) 54.23% 103.51% (4.46%)
expenses
Income from operations 356,102 368,824 - 724,926 10.23% 110.56% 0.00% 19.00%
Non-operating income
(220,340) (66) - (220,406) (361.73%) 264.00% 0.00% (361.99%)
(expenses) - net
Tax Expense (48,605) 5.85%
Income For The Year 455,915 14.97%
Total Assets 28,569,622 8,953,134 (921,332) 36,601,424 7.84% 19.75% 12.33% 9.10%
Total Liabilities and
Temporary Syirkah 24,359,011 8,593,947 (921,332) 32,031,626 7.19% 19.10% 12.33% 8.51%
Fund
Income and Profitability Growth for each Business Segment is as follows:
• Conventional • Sharia
Bank BTN recorded net income from the Conventional The company posted Sharia segment net income in 2023
Segment in 2023 of IDR11.32 trillion, a decrease of 14.25% of IDR2.11 trillion, an increase of 17.40% compared to
compared to 2022 which amounted to IDR13.20 trillion. 2022 of IDR1.80 trillion. This increase was in line with
Likewise, operational profit from the conventional segment the increase in Operational Profit from the Sharia Segment
increased 10.32% to IDR3.84 trillion in 2023 compared which rose 110.56% to IDR702.43 billion in 2023
to 2022 which amounted to IDR3.48 trillion. This increase compared to 2022 of IDR333.60 billion. This increase in
in profit is accompanied by an increase in other operating profit was accompanied by an increase in other operating
income in 2023. income in 2023.
PT Bank Tabungan Negara (Persero) Tbk 263
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Management Discussion and Analysis
on Bank Performance
National Strategic Project (PSN)
Information regarding other assignments mandated by the Government to the Company is as follows:
Table of Other Assignment
Program Government Total of
No. Assignment Basis/Rules Name Program Explanation Mandated Distribution/
Quota Amount Realization
a. Letter from the Ministry of State- Preparation Prepare a Roadmap
Owned Enterprises (KBUMN) No. of a for Restructuring/
S-43/DKU.MBU/10/202 dated Roadmap Strengthening Bank BTN
12 October 2022 concerning for Pension Funds
Technical Instructions/Guidelines Restructuring
for Implementing Evaluations of the BUMN
Health Level of Employer Pension PPMP
Funds for Defined Benefit Pension Pension
Programs (PPMP). Funds. 1 1
b. Letter from the Ministry of State-
Owned Enterprises (KBUMN
No. S-1/DKU.MBU/01/2023
dated January 4 2023 regarding
Submission of Important Information
Regarding the 2022 Audit and 2023
RKAP.
Letter from the Ministry of BUMN Human Carrying out an HC
No.S-104/DSI.MBU/08/2023 Capital (HC) Maturity Assessment
dated 8 August 2023 concerning the Maturity for HR Management
Implementation of Human Capital Assessment which will be used as a
Maturity Assessment for State-Owned reference for the Ministry
1 1
Enterprises of BUMN in developing
BUMN HR management
strategies and programs
to support the sustainable
transformation of BUMN.
a. Letter from the Coordinating People KUR is a working capital
Ministry for Economic Affairs of Business and/or investment credit
the Republic of Indonesia Deputy Loan (KUR) provided by the Bank
for Macroeconomic and Financial to debtors engaged in
Coordination Number B/KUR/335/ business fields which
D.I.M.EKON/12/2022 dated 28 according to their scale
December 2022 regarding BTN’s have the status of Micro,
2023 KUR Distribution Ceiling. Small and Medium
IDR1.80 trillion
b. Letter from the Coordinating Enterprises (MSMEs) in IDR2.00 trillion
realization
Ministry for Economic Affairs of productive and viable
the Republic of Indonesia Deputy business fields but do
for Macroeconomic and Financial not yet have additional
Coordination Number PK.KUR/199/ collateral or additional
D.I.M.EKON/11/2023 dated 3 collateral. not enough.
November 2023 regarding BTN’s
2023 KUR Distribution Ceiling
Adjustment.
264 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Program Government Total of
No. Assignment Basis/Rules Name Program Explanation Mandated Distribution/
Quota Amount Realization
Cooperation Agreement between the Distribution KPR FLPP is a support
Public Housing Savings Management of KPR FLPP for housing financing
Agency and PT Bank Tabungan Negara by Bank liquidity facilities
(Persero) Tbk concerning Distribution of BTN landed houses or flats for
Funds for Housing Financing Liquidity Low Income Communities
Facilities through Prosperous Home (MBR).
Ownership Credit for Low-Income 126.316 unit 126.316 unit
Communities.
a. Cooperation Agreement No. 59/
PKS/DIR/2022
b. Cooperation Agreement No. 53/
PKS/BP-TPR/I/12/2022
Cooperation Agreement between Badan Distribution KPR Tapera is a loan
Pengelola Tabungan Perumahan Rakyat of KPR provided for the
and PT Bank Tabungan Negara (Persero) Tapera by purchase of a first home
Tbk concerning Distribution of Housing Bank BTN specifically for civil
Financing for Public Housing Savings servants participating in
Participants. Tapera. 4.000 unit 4.503 unit
a. Cooperation Agreement No. 61/PKS/
DIR/2022
b. Cooperation Agreement No. 15/PKS/
BP-TPR/IV/12/2022
Cooperation Agreement between Distribution SBUM is a housing
the Work Unit of the Directorate of Down financing facility
General of Public Works and Housing Payment provided by the
Infrastructure Financing, Ministry of Assistance government for low-
Public Works and Public Housing and Subsidy by income people. The
PT Bank Tabungan Negara (Persero) Bank BTN assistance provided is
Tbk regarding Distribution of Housing in the form of fulfilling
Down Payment Assistance Subsidy to part or all of the down 126.316 126.316
PT Bank Tabungan Negara (Persero) payment for the purchase
Tbk in 2023. of a house.
a. Cooperation Agreement No. 02/
PKS/DIR/2023
b. Cooperation Agreement No. 01/
PKS/Satker-DJPI/2023
PT Bank Tabungan Negara (Persero) Tbk 265
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Management Discussion and Analysis
on Bank Performance
Financial
Review
The financial review described below refers to the Financial the financial position of PT Bank Tabungan Negara (Persero) Tbk
Statements for the year ending 31 December, 2023 presented as of December 31, 2023 and the financial performance and
in this Annual Report. The Financial Report has been audited cash flows for the year ends on that date in accordance with
by the Purwanto, Sungkoro & Surja Public Accounting Firm and Financial Accounting Standards in Indonesia.
received an opinion that it presents fairly, in all material respects,
Financial Performance
Bank BTN’s financial performance consisted of the performance of the Statement of Financial Position, the Statement of Profit and Loss
and Other Comprehensive Income as well as the Cash Flow Statement which was presented as followed.
Statement of Financial Position
Table of Financial Position Report (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
ASSET
CASH 2,127,489 1,661,533 465,956 28.04%
CURRENT ACCOUNTS WITH BANK INDONESIA 18,145,761 25,416,941 (7,271,180) (28.61%)
CURRENT ACCOUNTS WITH OTHER BANKS
Third parties 1,153,949 963,935 190,014 19.71%
Related parties 1,049,449 508,322 541,127 106.45%
2,203,398 1,472,257 731,141 49.66%
Allowance for impairment losses (1,804) (1,747) (57) 3.26%
2,201,594 1,470,510 731,084 49.72%
PLACEMENTS WITH BANK INDONESIA AND OTHER
BANKS
Third parties 30,561,061 12,975,894 17,585,167 135.52%
Related parties 61 61 - 0.00%
30,561,122 12,975,955 17,585,167 135.52%
SECURITIES
Third parties 1,454,768 873,109 581,659 66.62%
Related parties 3,851,105 850,059 3,001,046 353.04%
5,305,873 1,723,168 3,582,705 207.91%
Allowance for impairment losses (22,903) (2,399) (20,504) 854.69%
5,282,970 1,720,769 3,562,201 207.01%
GOVERNMENT BONDS
Related parties 35,893,929 51,964,973 (16,071,044) (30.93%)
SECURITIES PURCHASED UNDER AGREEMENT TO
RESELL
Third parties - 1,434,190 (1,434,190) (100.00%)
Related parties - - - -
266 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
LOANS AND SHARIA FINANCING/RECEIVABLES
Loans
Third parties 268,898,377 247,217,823 21,680,554 8.77%
Related parties 27,685,483 19,439,742 8,245,741 42.42%
296,583,860 266,657,565 29,926,295 11.22%
Allowance for impairment (14,191,536) (14,104,914) (86,622) 0.61%
282,392,324 252,552,651 29,839,673 11.82%
Sharia financing/receivables
Third parties 37,027,078 31,367,082 5,659,996 18.04%
Related parties 87,203 257,057 (169,854) (66.08%)
37,114,281 31,624,139 5,490,142 17.36%
Allowance for impairment losses (1,400,428) (1,570,009) 169,581 (10.80%)
35,713,853 30,054,130 5,659,723 18.83%
318,106,177 282,606,781 35,499,396 12.56%
DERIVATIVE RECEIVABLES
Third parties 32,176 103,939 (71,763) (69.04%)
ACCEPTANCES RECEIVABLES
Third parties 475,821 289,206 186,615 64.53%
Related parties 68,746 131,356 (62,610) (47.66%)
Allowance for impairment losses (23,876) (136) (23,740) 17.455.88%
520,691 420,426 100,265 23.85%
PREMISES AND EQUIPMENT
Cost/Revaluation value 12,953,746 10,599,848 2,353,898 22.21%
Accumulated depreciation (4,835,934) (4,246,045) (589,889) 13.89%
8,117,812 6,353,803 1,764,009 27.76%
INTEREST RECEIVABLES 11,526,687 10,750,302 776,385 7.22%
DEFERRED TAX ASSETS - Net 2,998,282 2,915,428 82,854 2.84%
OTHER ASSETS 3,235,046 2,352,762 882,284 37.50%
TOTAL ASSETS 438,749,736 402,148,312 36,601,424 9.10%
LIABILITIES, TEMPORARY SYIRKAH FUNDS AND
EQUITY
LIABILITIES
LIABILITIES DUE IMMEDIATELY 3,277,514 3,205,358 72,156 2.25%
DEPOSITS FROM CUSTOMERS
Demand deposits
Third parties 20,957,283 17,636,481 3,320,802 18.83%
Related parties 108,412,008 87,264,437 21,147,571 24.23%
129,369,291 104,900,918 24,468,373 23.33%
Wadiah demand deposits
Third parties 2,402,428 1,783,134 619,294 34.73%
Related parties 11,037,037 6,841,675 4,195,362 61.32%
13,439,465 8,624,809 4,814,656 55.82%
142,808,756 113,525,727 29,283,029 25.79%
PT Bank Tabungan Negara (Persero) Tbk 267
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Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Saving deposits
Third parties 37,029,999 35,656,990 1,373,009 3.85%
Related parties 692,162 525,339 166,823 31.76%
37,722,161 36,182,329 1,539,832 4.26%
Wadiah saving deposits
Third parties 1,274,456 1,192,775 81,681 6.85%
Related parties 2,136 943 1,193 126.51%
1,276,592 1,193,718 82,874 6.94%
38,998,753 37,376,047 1,622,706 4.34%
Time deposits
Third parties 63,976,056 66,808,185 (2,832,129) (4.24%)
Related parties 76,717,583 79,389,842 (2,672,259) (3.37%)
140,693,639 146,198,027 (5,504,388) (3.77%)
Total deposits from customers 322,501,148 297,099,801 25,401,347 8.55%
DEPOSITS FROM OTHER BANKS
Third parties 91,312 136,408 (45,096) (33.06%)
ACCEPTANCES PAYABLE
Third parties 320,522 302,037 18,485 6.12%
Related parties 224,045 118,525 105,520 89.03%
544,567 420,562 124,005 29.49%
DERIVATIVE PAYABLE
Third parties - - - -
SECURITIES ISSUED
Third parties 2,403,573 4,297,252 (1,893,679) (44.07%)
Related parties 5,868,525 4,355,008 1,513,517 34.75%
8,272,098 8,652,260 (380,162) (4.39%)
FUND BORROWINGS
Third parties 11,308,799 7,365,320 3,943,479 53.54%
Related parties 22,453,290 17,455,685 4,997,605 28.63%
33,762,089 24,821,005 8,941,084 36.02%
INTEREST PAYABLE 647,496 629,366 18,130 2.88%
ESTIMATED LOSSES ON COMMITMENTS AND
3,580 4,719 (1,139) (24.14%)
CONTINGENCIES
EMPLOYEE BENEFITS AND OTHER LIABILITIES 2,951,848 7,248,985 (4,297,137) (59.28%)
SUBORDINATED LOAN
Third parties 4,612,840 4,658,242 (45,402) (0.97%)
Related parties 4,499,997 4,499,977 20 0.00%
9,112,837 9,158,219 (45,382) (0.50%)
TOTAL LIABILITIES 381,164,489 351,376,683 29,787,806 8.48%
TEMPORARY SYIRKAH FUNDS
DEPOSITS FROM CUSTOMERS
Mudharabah current accounts
Third parties 712,587 468,889 243,698 51.97%
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2023 Annual Report
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Related parties 13,474 11,897 1,577 13.26%
726,061 480,786 245,275 51.02%
Mudharabah saving deposits
Third parties 5,331,249 4,730,686 600,563 12.70%
Related parties 141,993 88,427 53,566 60.58%
5,473,242 4,819,113 654,129 13.57%
Mudharabah time deposits
Third parties 11,975,188 11,886,366 88,822 0.75%
Related parties 8,908,369 7,637,191 1,271,178 16.64%
20,883,557 19,523,557 1,360,000 6.97%
Total deposits from customers 27,082,860 24,823,456 2,259,404 9.10%
DEPOSITS FROM OTHER BANKS
Mudharabah current accounts
Third parties 4,154 56 4,098 7.317.86%
Mudharabah saving deposits
Third parties 14,781 19,674 (4,893) (24.87%)
Mudharabah time deposits
Third parties 4,300 19,089 (14,789) (77.47%)
Total deposits from other banks 23,235 38,819 (15,584) (40.15%)
TOTAL TEMPORARY SYIRKAH FUNDS 27,106,095 24,862,275 2,243,820 9.02%
EQUITY
Capital stock
Authorized capital
Issued and fully paid capital 7,017,222 5,295,000 1,722,222 32.53%
Additonal paid-in capital 4,418,900 2,054,454 2,364,446 115.09%
Capital Deposit Funds - 2,756,575 (2,756,575) (100.00%)
Net unrealized loss allowance for and impairmant
losses on securities and goverment at fair value trough (769,001) (1,193,252) 424,251 (35.55%)
other comprehensive income net of deferred tax
Remeasurement of Defined Benefit Plan - net of
(560,339) (409,657) (150,682) 36.78%
deferred tax
Effective portion of the cash flow Hedge (32,346) (49,301) 16,955 (34.39%)
Revaluations Surplus of Fixed Assets 3,565,773 3,508,565 57,208 1.63%
Retain earning*)
Appropriated 13,181,214 10,745,157 2,436,057 22.67%
Unappropriated 3,657,729 3,201,813 455,916 14.24%
TOTAL EQUITY 30,479,152 25,909,354 4,569,798 17.64%
TOTAL LIABILITIES, TEMPORARY SYIRKAH FUNDS
438,749,736 402,148,312 36,601,424 9.10%
AND EQUITY
*) The deficit balance of IDR14,226,290 million was eliminated due to quasi reorganization on May 31, 2007.
PT Bank Tabungan Negara (Persero) Tbk 269
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Management Discussion and Analysis
on Bank Performance
Graph of Financial Position Report
(in IDR trillion)
438.75
450.00
402.15
400.00 381.16
351.38
350.00
300.00
250.00
200.00
150.00
100.00
27.11 25.91 30.48
50.00 24.86
0.00
TEMPORARY SYIRKAH
ASSET LIABILITIES EQUITY
FUNDS
2022 2023
Assets accordance with the provisions regulated by Bank Indonesia
with Rupiah GWM and Foreign Currency and PLM ratios of
Total assets in 2023 was IDR438.75 trillion, an increase of 5.80% each; 4.00% ; 5.00%.
9.10% compared to 2022 which was IDR402.15 trillion.
This increase was mainly due to placements with Bank Current Accounts with Other Banks
Indonesia and other banks, current accounts with other
banks, securities, loan and sharia financing/receivables. Current accounts with other banks recorded by Bank BTN
reached IDR2.20 trillion with growth of 49.72% in 2023
Cash compared to 2022 of IDR1.47 trillion. This increase was
mainly influenced by an increase in current accounts with
Bank BTN recorded cash worth IDR2.13 trillion, grew by other banks in foreign currency by 111.26% to IDR1.97
28.04% compared to 2022 which reached IDR1.66 trillion. trillion in 2023. Reserves for impairment losses amounted to
This increase was mainly influenced by the increase in cash IDR1.80 billion in 2023 and IDR1.74 billion in 2022. The
denominated in Rupiah worth IDR2.09 trillion in 2023 average interest rate -The annual average for this account in
from the previous year’s value of IDR1.65 trillion. Cash Rupiah is 0.69%.
(mainly consisting of cash in cash and cash in ATMs) and
cash equivalents include cash, current accounts with Bank Placement with Bank Indonesia and Other Banks
Indonesia, current accounts with other banks and other liquid
short-term investments with a maturity period of 3 (three) Bank BTN recorded placements with Bank Indonesia and
months or less from the date of acquisition. other banks amounting to IDR30.56 trillion in 2023. This
achievement grew 135.52% from the previous year which
Current Accounts with Bank Indonesia reached IDR12.98 trillion. This increase was in line with
placements with Bank Indonesia and other banks in foreign
Current accounts with Indonesian banks showed a decrease currency from third parties in 2023 amounting to IDR18.41
of 28.61% from IDR25.42 trillion in 2022 to IDR18.16 trillion and placements with a tenor of ≤ 1 month.
trillion in 2023. The decrease in current accounts with Bank
Indonesia mainly occurred in the Rupiah currency from All placements with Indonesian banks and other banks as of
IDR25.19 trillion in 2022 to IDR17,61 trillion in 2023. And December 31, 2023 and 2022 was classified as current with
this decrease was caused by a decrease in the GWM Ratio an average interest rate for Rupiah of 5.23% and foreign
which must be met from 2022 by 8.10% to 5.80% in 2023. currencies of 5.24% in 2023.
On December 31, 2023, Bank BTN has fulfilled the ratio in
270 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Securities On the other hand, the three largest industries receiving Bank
BTN credit distribution were housing 85.62%, construction
Net securities owned by the Company increased by 207.91% 4.10%, and business services 3.34%, each of which grew by
to IDR5.28 trillion in 2023 from IDR1.72 trillion in 2022. 22.45%; 4.48% and 53.41% in 2023 to IDR285.69 trillion;
This increase was in line with the increase in securities from IDR13.67 trillion; and IDR11.14 trillion.
third parties and related parties, respectively 66.62% and
353.04%. There was investments in securities with related Derivative Receivables
parties amounting to IDR3.85 trillion and IDR850 billion as
of December 31, 2023 and 2022. Derivative receivables in 2023 amounted to IDR32.17 billion,
a decrease of 69.04% compared to 2022 which amounted
Government Bonds to IDR103.94 billion. This decrease was mainly caused by
the withdrawal of derivative transactions from various banks.
In contrast to securities, Bank BTN’s ownership of government
bonds decreased by 30.93% from IDR51.96 trillion in 2022 Acceptance Receivables
to IDR35.89 trillion in 2023. This decrease was caused by
securities that had matured. The Company’s acceptance receivables experienced an
increase of 23.85% in 2023 to IDR520.69 trillion from
Securities Purchased Under Agreement to Resell IDR420.42 billion in 2022. This increase mainly came from
an increase in SKBDN transactions from third parties to
In 2022 Bank BTN recorded a receivable for securities IDR475.82 billion in 2023 from IDR282.05 billion in 2022.
purchased with an agreement to resell amounting to IDR1.43
trillion, and in 2023 Bank BTN recorded a receivable for Fixed Assets
securities purchased with resale amounting.
The company recorded net fixed assets in 2023 of IDR8.12
Loan and Sharia Financing/Receivables trillion or grew 27.76% compared to 2022 which reached
IDR6.35 trillion. To support smooth operations and Information
The expansion of loans distribution and sharia receivables/ Technology capacity, in 2023 the company will carry out
financing carried out by Bank BTN amidst the momentum of fixed asset purchasing activities and develop Information
economic improvement was able to boost the growth of this Technology infrastructure. Some of these include purchasing
account by 12.56% to IDR318.11 trillion in 2023 compared land for developing office networks, building office buildings,
to 2022 of IDR282.61 trillion. This increase also came from Mobile Cash Car (MKK), operational support machines and
loans provided and sharia receivables/financing which grew developing applications/software.
18.83% to IDR35.71 trillion in 2023 from IDR30.05 trillion
in 2022. Interest Receiveable
Apart from that, growth in credit distribution and sharia The Receiveable Interest in 2023 was IDR11.53 trillion, an
receivables/financing in 2023 was driven by an increase increase of 7.22% compared to 2022 which was IDR10.75
in all types of credit and financing. The three types of trillion. This increase was mainly due to an increase in the
sharia credit and receivables/financing that was the largest value of interest that would still be received on loans provided
contribution in 2023 are consumption 81.23%, working by the Company in 2023.
capital 11.38% and investment 4.65%.
Deferred Tax Assets - Net
This credit increase mainly came from investment credit
growing 33.39% to IDR15.53 trillion from IDR11.64 trillion, Bank BTN posted deferred tax assets in 2023 reached
and syndicated credit growing 58.75% to IDR7.15 trillion IDR2.99 trillion or grew by 2.84% compared to 2022 of
from IDR2.10 trillion. Meanwhile, the increase in people’s IDR2.92 trillion. This increase was mainly due to temporary
purchasing power is reflected in the increase in consumer differences between financial and tax reports.
credit which was able to grow by 10.38% to IDR271.08
trillion in 2023 from IDR245.58 trillion the previous year.
PT Bank Tabungan Negara (Persero) Tbk 271
Page 274
Management Discussion and Analysis
on Bank Performance
Other Assets Securities Issued
Bank BTN posted other assets in 2023 reached IDR3.23 The number of Securities Issued in 2023 was IDR8.27
trillion or grew by 37.50% compared to 2022 of IDR2.35 trillion, a decrease of 4.39% compared to 2022 which was
trillion. The increase in this account was mainly influenced IDR8.65 trillion. This decrease was mainly due to repayment
by claims (receivables) from customers and other parties from at maturity of the securities issued, namely Continuous Bonds
IDR1.04 trillion in 2022 to IDR1.87 trillion in 2023. I Phase II.
Liability Fund Borrowing
Liabilities in 2023 was IDR381.16 trillion, an increase of Loans received by Bank BTN reached IDR33.76 trillion, an
8.48% compared to 2022 which was IDR351.38 trillion. increase of 36.02% compared to 2022 of IDR24.82 trillion.
This increase was mainly due to an increase in the amount This increase was mainly due to an increase in loans received
of acceptance liabilities, deposits from customers and loans in rupiah from Bank Central Asia amounting to IDR8.42
received. trillion from the previous year of IDR4.42 trillion in 2022, as
well as loans from PT Sarana Multigriya Finansial (PT SMF)
Liabilities Due Immediately amounting to IDR22.46 trillion which previously IDR17.46
trillion in 2022.
Bank BTN recorded Immediate Liabilities in 2023 of IDR3.28
trillion, an increase of 2.25% compared to 2022 of IDR3.21 Interest Payable
trillion. This increase was mainly due to time deposits due
but not collected by customers amounting to IDR90.26 billion Bank BTN’s accrued interest in 2023 was IDR647.49
compared to 2022 of IDR14.06 billion. billion, an increase of 2.88% compared to 2022 which was
IDR629.37 billion. This is mainly due to the obligation to
Deposits from Customers pay interest on loans received by the Company which will
increase in 2023.
Bank BTN’s customer deposits or third party funds (DPK)
consist of current and wadiah current accounts, wadiah Estimated Losses on Commitments and Contingencies
savings and deposits, as well as time deposits. Bank BTN’s
total DPK in 2023 increased by 8.55% to IDR322.50 trillion Bank BTN posted an estimated loss on commitments and
compared to 2022 of IDR297.01 trillion. Of this total DPK, contingencies of IDR3.58 billion, a decrease of 24.14%
low-cost funding or CASA in 2023 reached 53.73% or the compared to 2022 of IDR4.72 billion. This decrease
equivalent of IDR188.01 trillion in 2023. In 2022, the CASA was directly proportional to the Company’s exposure to
ratio reached 48.52% or around IDR156.20 trillion. commitments and contingencies in 2023.
Deposits from Other Banks Employee Benefits and Others Liabilities
The Company recorded savings from other banks in the Bank BTN posted Employee Benefits and Other Liabilities in
form of current accounts, time deposits and interbank 2023 amounting to IDR2.95 trillion, a decrease of 59.28%
call money. Cumulatively, total deposits from other banks compared to 2022 which amounted to IDR7.25 trillion. This
reached IDR91.31 billion in 2023, a decrease of 33.06% decrease was caused by developer guarantee fund accounts
from IDR136.41 billion in 2022. This decrease was due to being migrated to current account products in 2023.
deposits that had matured.
Subordinated Loans and Securities
Acceptances Payable
Bank BTN’s Subordinated Loans and Subordinated Securities
Bank BTN posted an acceptance liability of IDR544.57 in 2023 amounted to IDR9.11 trillion, a decrease of 0.50%
billion in 2023, grew by 29.49% compared to 2022 of compared to 2022 which amounted to IDR9.16 trillion. This
IDR420.56 billion. This increase was in line with the increase decrease was mainly caused by differences in exchange rates
in Domestic Documented Letters of Credit (SKBDN) compared for subordinated bonds denominated in foreign currencies.
to the previous year.
272 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Temporary Syirkah Funds Additional Paid-In Capital
Temporary Syirkah Funds are receipts and investments Bank BTN recorded additional paid-in capital in 2023 of IDR4.42
from mudharabah muthlaqah, mudharabah muqayyadah, trillion, an increase of 115.09% from 2022 of IDR2.05 trillion. This
musyarakah and other similar accounts. Temporary Syirkah increase was mainly due to additional paid-in capital resulting from
Funds consist of Mudharabah Savings, Mudharabah the HMETD II Public Offering in 2022/2023 amounting to IDR2.41
Deposits and Musyarakah. The amount of Temporary Syirkah trillion.
funds in 2023 was IDR27.11 trillion, an increase of 9.02%
compared to 2022 which was IDR24.86 trillion. The increase Net unrealized loss allowance for and impairmant losses
in temporary syirkah funds mainly came from growth in on securities and goverment at fair value trough other
Mudharabah Time Deposits from related parties. comprehensive income net of deferred tax
Deposits from Customers Unrealized Net Gain on Securities and Government Bonds
Measured Based on Fair Value through Comprehensive Income, after
Bank BTN customer deposits consist of Mudharabah Giro, Deferred Tax in 2023 was (IDR769.00) billion, an improvement of
Mudharabah Savings and Mudharabah Time Deposits. 35.75% compared to 2022 which was (IDR1.12) trillion. This was
The bank recorded customer deposits of IDR27.08 trillion, due to improvements in the collectability quality of securities and
an increase of 9.10% from 2022 of IDR24.82 trillion. This government bonds.
increase was due to an increase in Temporary Syirkah
Fund customer deposits in Mudharabah Term Deposit and Remeasurement of Defined Benefit Plan - Net or Deferred
Mudharabah Savings products. Tax
Deposits from Other Banks The remeasurement of the Defined Benefit Program - after Deferred
Tax in 2023 was (IDR560.34) billion, a decrease of 36.78%
Total Deposits from Other Banks in 2023 amounting to compared to 2022 which was (IDR409.66) billion. This is because
IDR23.24 billion, a decrease of 40.15% compared to 2022 there is an impact on the calculation of the employee benefit
which amounted to IDR38.82 billion. This decrease was due program (PSAK 24) which will affect the Company’s comprehensive
to a decrease in deposits from other banks with Temporary expenses in 2023.
Syirkah Funds in Mudharabah Savings and Mudharabah
Term Deposit products. Effective Portion of Cash Flow Hedge
Equity Effective Portion of Hedging - Cash Flow in 2023 was (IDR32.35)
billion, an improvement of 34.39% compared to 2022 which was
Bank BTN was able to record stronger equity in 2023, mainly (IDR49.30) billion. This is due to an increase in comprehensive profit
supported by better profitability, thereby increasing retained for the year related to hedging.
earnings for that year. Bank equity reached IDR31.48 trillion,
an increase of 17.64% from 2022 of IDR25.91 trillion. This Fixed Asset Revaluation Surplus
increase in equity was mainly supported by retained earnings
of IDR16.84 trillion in 2023, growing 20.74% from 2022 of The Fixed Asset Revaluation Surplus in 2023 was IDR3.57 trillion,
IDR13.95 trillion. an increase of 1.63% from 2022 which was IDR3.51 trillion. This is
influenced by the existence of several fixed assets that will undergo
Issued and Fully Paid Capital revaluation in 2023.
Bank BTN recorded Issued and Fully Paid Capital in 2023 Retain Earnings
of IDR7.01 trillion, an increase of 32.53% from 2022 of
IDR5.30 trillion. This increase was due to the addition of Bank Total Retained Earnings in 2023 was IDR16.84 trillion, an
BTN’s Right Issue in the form of HMETD II in 2022/2023. increase of 20.74% compared to 2022 which was IDR13.95
trillion. This increase was mainly due to income for the year
which increased in 2023 to IDR3.50 trillion compared to the
previous year’s IDR3.05 trillion.
PT Bank Tabungan Negara (Persero) Tbk 273
Page 276
Management Discussion and Analysis
on Bank Performance
Statement of Income and Loss and Other Comprehensive Income
Table of Income Statement and Other Comprehensive Income (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
INCOME AND EXPENSES FROM OPERATIONS
Interest Income and Income from Profit Sharing
Interest 24,722,529 23,233,200 1,489,329 6.41%
Profit Sharing and Margin from Sharia Unit 3,558,723 2,674,168 884,555 33.08%
Total Interest Income and Income from Profit Sharing 28,281,252 25,907,368 2,373,884 9.16%
Interest, Profit Sharing and Bonus Expenses
Interest (13,203,108) (9,866,919) (3,336,189) 33.81%
Other financing expenses (203,317) (169,804) (33,513) 19.74%
Wadiah Bonus (71,621) (57,558) (14,063) 24.43%
Third Parties’ Share on Return of Mudharabah (1,372,916) (815,803) (557,113) 68.29%
Total Interest, Profit Sharing and Bonus Expenses (14,850,962) (10,910,084) (3,940,878) 36.12%
Interest Income and Income from Profit Sharing - Net 13,430,290 14,997,284 (1,566,994) (10.45%)
Other Operating Incomes
Administration fees and penalties on deposits and
1,096,346 965,441 130,905 13.56%
loans
Income from recovery of loans written-off 934,191 431,591 502,600 116.45%
Gain (Loss) from the sale of securities - net 6,669 (234,089) 240,758 (102.85%)
Gain (Loss) on sale of government bonds - net 541,392 (266,235) 807,627 (303.35%)
Unrealized (loss) gain on changes in fair value of
1,802 (64,931) 66,733 (102.78%)
securities - net
Unrealized (loss) gain on changes in fair value of
(5,780) 55,045 (60,825) (110.50%)
Government Bonds - net
Others 1,310,747 822,775 487,972 59.31%
Total Other Operating Incomes 3,885,367 1,709,597 2,175,770 127.27%
Provision for Impairment Losses on Financial and
(3,765,397) (4,017,378) 251,981 (6.27%)
Non-financial Assets
Reversal of (Provision for) Estimated losses on
1,139 (1,075) 2,214 (205.95%)
Comitement and Contingies
Other Operating Expenses
General and administrative (3,884,779) (3,754,028) (130,751) 3.48%
Employee salaries (3,982,503) (4,190,298) 207,795 (4.96%)
Premium on Government’s guarantee program (656,774) (599,991) (56,783) 9.46%
Others (487,614) (329,308) (158,306) 48.07%
Total Other Operating Expenses (9,011,670) (8,873,625) (138,045) 1.56%
INCOME FROM OPERATIONS 4,539,729 3,814,803 724,926 19.00%
NON-OPERATING INCOME (EXPENSES) - NET (159,519) 60,887 (220,406) (361.99%)
274 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
INCOME BEFORE TAX EXPENSE 4,380,210 3,875,690 504,520 13.02%
TAX EXPENSE (879,222) (830,617) (48,605) 5.85%
INCOME FOR THE YEAR 3,500,988 3,045,073 455,915 14.97%
OTHER COMPREHENSIVE INCOME:
Items that will not be reclassified to profit or loss
Fixed Asset Revaluation 57,208 200,574 (143,366) (71.48%)
Remeasurement of defined benefit plan (186,027) 59,872 (245,899) (410.71%)
Income tax related to items that will not be
35,345 (11,376) 46,721 (410.70%)
reclassified to profit or loss
Items that may be reclassified to profit or loss
Efffective part of cash flow hedge 20,932 (40,883) 61,815 (151.20%)
Net unrealized (loss) gain on changes in value
and allowance for impairment losses of securities
517,528 (1,576,967) 2,094,495 (132.82%)
and government bonds classified as fair value
through other comprehensive income
Income tax related to items that will be reclassified
(97,254) 307,463 (404,717) (131.63%)
to profit or loss
Total Comprehensive Incomes (loss) for the year 3,848,720 1,983,756 1,864,964 94.01%
EARNINGS PER SHARE
Basic (full amount) 249 288 (39) (13.54%)
Graph of Income Statement and Other Comprehensive Income
(in IDR trillion)
16.00 15.00
14.00 13.43
12.00
10.00
8.00
6.00
4.54
3.89 3.81 3.85
4.00 3.05 3.50
1.71 1.98
2.00
0.00
INCOME AND COMPREHENSIVE
OTHER OPERATING INCOME FROM INCOME FOR THE
EXPENSES FROM INCOMES FOR THE
INCOMES OPERATIONS YEAR
OPERATIONS YEAR
2022 2023
PT Bank Tabungan Negara (Persero) Tbk 275
Page 278
Management Discussion and Analysis
on Bank Performance
Income and Expenses from Operations Reversal of (Provision for) Estimated Losses on
Commitment and Contingencies
Interest Income and Income from Profit Sharing - Net
The amount of the Estimated Allowance for Impairment Losses on
Total Interest Income and Profit Sharing - Net in 2023 was Commitments and Contingencies in 2023 was IDR1.14 billion,
IDR13.43 trillion, a decrease of 10.45% from the total Interest compared to 2022 which experienced a reversal of IDR1.08
Income and Profit Sharing - Net position in 2022 of IDR15.00 billion. The increase in the provision was caused by an increase
trillion. The decrease occurred because the total interest expense, in the allowance for credit/financing withdrawals or SKBDN LCs
profit sharing and bonuses increased in 2023 which was that were not yet due.
caused by an increase in third party rights to mudharabah profit
sharing by 68.29% or IDR1.37 trillion in 2023 compared to the Other Operating Expenses
position in 2022 of IDR815.80 billion . This was followed by
an increase in interest expenses of 33.81% or IDR13.20 trillion The Bank posted total other operating expenses in 2023 of
in 2023 compared to the position in 2022 of IDR9.87 trillion. IDR9.01 trillion, an increase of 1.56% compared to the position
Meanwhile, income from profit sharing and sharia unit margins in 2022 of IDR8.87 trillion. This increase was mainly due to an
was the largest contribution in 2023 with growth of 33.08% of increase in other expenses amounting to IDR487.61 billion or
the total profit sharing and sharia margins in 2022. 48.07% greater than the previous year’s IDR329.31 billion. Other
expenses represent compensation for collection services, losses
Interest, Profit Sharing and Bonus Expenses from settlement of problem loans, legal risk litigation reserves,
and others consisting of representation expenses, meeting meals
Total Interest Expenses and Profit Sharing in 2023 was IDR14.85 and drinks and expenses related to operational needs. Apart
trillion, an increase of 36.12% compared to the position in 2022 from that, the increase in other operational expenses was caused
of IDR10.91 trillion. The increase in interest expenses, profit by an increase in government guarantee program premiums,
sharing and bonuses was dominated by the increase in third employee salaries, and general and administrative expenses.
party rights to mudharabah profit sharing by 68.29% with the
position in 2023 amounting to IDR1.37 trillion and the position Income from Operations
in 2022 amounting to IDR815.80 billion. Apart from that, this
increase was also due to an increase in the number of deposits The Bank posted an increase in Income from Operations in 2023
from customers and other banks which was the main source of of 19.00% to IDR4.54 trillion from IDR3.81 trillion in 2022. This
funding for the Bank, so that interest expenses increased by increase is in line with the increase in interest income and profit
33.81% or IDR13.20 trillion in 2023 compared to the position in sharing as well as other operating income in 2023 amounted to
2022 of IDR9.87 trillion. IDR28.28 trillion and IDR3.89 trillion, respectively.
Other Operating Incomes Non-Operating Income (Expenses) - Net
The bank posted other operating income in 2023 of IDR3.89 In 2023, Bank BTN recorded non-operating income (expenses)
trillion, an increase of 127.27% compared to 2022 of IDR1.71 - net in 2023 of IDR159.52 billion, in contrast to the previous
trillion. The largest increase came from profits from the sale year which recorded non-operating - net income of IDR60.89
of government bonds amounting to IDR541.39 billion or an billion. This was mainly caused by losses from exchange rate
increase of 303.35% from the previous year, it was followed revaluations, administrative fines, foreign currency buying and
by an increase in the recovery of assets that had been written selling losses, and environmental development expenses.
off in 2023 amounting to IDR934.19 billion or an increase of
116.45% from 2022 amounting to IDR431.59 billion. Income Before Tax Expense
Provision for Impairment Losses on Financial and After deducting operational profit from non-operating expenses
Nonfinancial Assets - net, Bank BTN managed to record a profit before tax in 2023
of IDR4.38 trillion, greater than in 2022 of IDR3.88 trillion or an
The amount of Provision for Impairment Losses on Financial increase of 13.02%. This increase was in line with the increase
Assets and Non-Financial Assets in 2023 was IDR3.77 trillion, in interest income and profit sharing as well as other operating
6.27% lower or IDR251.98 billion compared to 2022 which income.
was IDR4.02 trillion. This decrease was supported by better
credit management with the achievement of an NPL (Gross) ratio
of 3.01% in 2023, lower than 2022 of 3.38%.
276 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Tax Expense Comprehensive Income for the Year
The total tax burden in 2023 was IDR879.22 billion, an increase Bank BTN managed to record a comprehensive income for
of 5.85% compared to 2022 which was IDR830.62 billion. The the year in 2023 of IDR3.85 trillion, an increase of 94.01%
increase in tax burden was due to an increase in profit before tax compared to 2022 of IDR1.98 trillion. This increase was due to
of IDR504.52 billion from IDR3.88 trillion in 2022 to IDR4.38 unrealized net gains from changes in the value of securities and
trillion in 2023. government bonds measured at other comprehensive fair value
of IDR517.53 in 2023 and a fixed asset revaluation surplus of
Income for the Year IDR57.21 trillion.
Bank BTN posted a total income for the year in 2023 of IDR3.50 Earnings Per Share
trillion, an increase of IDR455.92 billion or 14.97% compared
to 2022 of IDR3.05 trillion. This increase was in line with the Total Basic Profit Per Share in 2023 was IDR249, a decrease of
increase in interest income and profit sharing as well as other 13.54% compared to 2022 which was IDR288. This increase
operating income. was influenced by an increase in earnings per share which
was the result of the corporate strategy of improving business
Other Comprehensive Incomes quality and developing business into new areas, encouraging
the Company to increase net profit which had an impact on
Other comprehensive income in 2023 was IDR347.73 billion, increasing earnings per share.
an increase compared to 2022 which was (IDR1.06) trillion.
This was influenced by unrealized net gains from changes in the
value of securities and government bonds measured at fair value
through other comprehensive.
Statement of Cash Flows
Table of Statement of Cash Flows (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
CASH FLOWS FROM OPERATING ACTIVITIES
Interest, profit sharing and margin 27,618,186 24,331,326 3,286,860 13.51%
Recoveries from loan written-off 1,011,258 503,307 507,951 100.92%
Interest and bonus, fees and commissions paid (14,892,249) (10,775,222) (4,117,027) 38.21%
Corporate income tax paid (1,020,952) (1,001,324) (19,628) 1.96%
Receipt of tax assessment letter - 402,428
Other operating expenses - net (5,790,828) (6,896,183) 1,105,355 (16.03%)
Other non-operating expenses - net (54,382) 13,828 (68,210) (493.27%)
Cash receipts before changes in operating assets and
6,871,033 6,578,160 292,873 4.45%
liabilities
Changes in operating assets and liabilities
Decrease (increase) in operating assets:
Placement from other banks - - - -
Fair value through profit or loss securities (246,380) (104,885) (141,495) 134.90%
Fair value through profit or loss government bonds 15,788,979 (4,955,939) 20,744,918 (418.59%)
Acceptance receivable (124,005) 33,578 (157,583) (469.30%)
Loans and sharia financing/receivables (38,484,306) (26,318,471) (12,165,835) 46.23%
Other assets (785,307) (196,503) (588,804) 299.64%
PT Bank Tabungan Negara (Persero) Tbk 277
Page 280
Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Increase (decrease) in operating liabilities:
Current liabilities 74,415 (466,852) 541,267 (115.94%)
Deposits from customer
Demand deposits 24,468,372 31,538,044 (7,069,672) (22.42%)
Wadiah demand deposits 4,814,656 3,268,857 1,545,799 47.29%
Savings deposits 1,539,832 (10,617,072) 12,156,904 (114.50%)
Savings deposits Wadiah 82,875 43,479 39,396 90.61%
Time deposits (5,504,388) (322,562) (5,181,826) 1606.46%
Deposits from other banks (45,095) 70,400 (115,495) (164.06%)
Acceptance liabilities 124,005 (33,578) 157,583 (469.30%)
Other liabilities (4,184,154) 654,214 (4,838,368) (739.57%)
Temporary syirkah funds 2,243,821 2,094,203 149,618 7.14%
Net Cash provided by Operating Activities 6,634,353 1,265,073 5,369,280 424.42%
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from matured amortized cost securities (2,868,515) 199,964 (3,068,479) (1,534.52%)
Receipt at maturity of held-to-maturity securities - - - -
Acquisitions of premises and equipment (2,313,490) (1,042,464) (1,271,026) 121.93%
Decrease in fair value through other comprehensive
(1,247,159) 381,580 (1,628,739) (426.84%)
income
Decrease (increase) in securities & government
bonds fair value through other comprehensive 2,211,325 5,714,402 (3,503,077) (61.30%)
income
Purchase of amortized cost government bonds (1,655,566) (7,816,426) 6,160,860 (78.82%)
Purchase of amortized cost securities - - - -
Proceed from securities purchased under agreement
45,031,457 165,683,898 (120,652,441) (72.82%)
to resell
Purchase of securities purchased under agreement
(43,597,267) (165,520,488) - -
to resell
(Increase) Decrease securities available for sale - - - -
Purchase of held-to-maturity government bonds - - - -
Purchase of held-to-maturity securities - - - -
Net Cash Provided by (Used in) Investing Activities (4,439,215) (2,399,534) (2,039,681) 85.00%
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of securities 2,449,019 1,541,330 907,689 58.89%
Payment of matured securities issued (2,769,764) (5,263,000) 2,493,236 (47.37%)
Receipt of securities sold under agreement to
67,691,353 592,326 67,099,027 11,328.06%
repurchase
Payments of matured securities sold under
(67,691,353) (592,326) (67,099,027) 11,328.06%
repurchase agreements
Exercising employee stock options - - -
Dividend payments (609,015) (237,624) (371,391) 156.29%
Proceeds from fund borrowings 11,185,162 11,814,826 (629,664) (5.33%)
Payment of fund borrowings (2,187,576) (9,095,884) 6,908,308 (75.95%)
278 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Acceptance of subordination effects - - - -
Payment of lease liabilities (81,973) (84,983) 3,010 (3.54%)
Payments of matured Subordinated Loan and
- - - -
Securities
Capital Deposit Fund 1,330,093 2,756,575 (1,426,482) (51.75%)
Net Cash (Used in) Provided by Financing Activities 9,315,946 1,431,240 7,884,706 550.90%
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF
11,511,084 296,779 11,214,305 3,778.67%
YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR 41,526,686 41,229,907 296,779 0.72%
CASH FLOWS FROM OPERATING ACTIVITIES 53,037,770 41,526,686 11,511,084 27.72%
Graph of Cash Flow Statement
(in IDR trillion)
9.32
9.00
8.00
6.63
6.00
4.00
2.00 1.27 1.43
0.00
(2.00)
(4.00) (2.40)
(4.44)
(6.00)
(8.00)
(9.00)
CASH FLOWS FROM NET CASH PROVIDED BY (USED IN) NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES
2022 2023
Cash Flows from Operating Activities The increase in Net Cash for investment activities from 2022
was influenced by (purchase) receipts at maturity from securities
Bank BTN recorded Net Cash obtained from operational measured at amortized cost, acquisition of fixed assets, and
activities of IDR6.63 trillion in 2023, an increase of 424.42% (purchase) receipt at maturity of amortized securities expences.
compared to 2022 which reached IDR1.26 trillion. This higher
achievement was mainly influenced by the increase in cash flow Cash Flows from Financing Activities
from Government bonds for fair value through the profit and
loss statement and the increase in cash flow from term deposit Bank BTN recorded Net Cash obtained from funding activities
operating liabilities. of ID9.32 trillion in 2023, an increase of 550.90% compared
to 2022 which reached IDR1.43 trillion. The increase in net
Cash Flows from Investing Activities cash from funding activities was influenced by an increase in
receipts from securities issued.
The company recorded Net Cash for investment activities of
(IDR4.44 trillion) in 2023, and in 2022 it was (IDR2.40 trillion).
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Ability to Pay Debt and Collectability of Accounts Receivable
Ability to Pay Debt
The ability to pay debts was reflected in the Bank’s liquidity Bank BTN’s ability to pay its liabilities or debt can be measured
and solvency. With regard to issued bonds, the ability to pay by using the liquidity ratio, solvency and profitability ratios.
debt was reflected in the smooth payment of interest and the These ratios become the parameters in calculating the Bank
rating of the securities issued. In addition, the Company has a BTN’s ability to allocate liquidity reserves
policy regarding the fulfillment of creditors’ rights which is used as
a guideline in making loans to creditors. The aim of the policy in Ability to Pay Short-Term Debt (Bank Liquidity)
question is to ensure the fulfillment of rights and maintain creditors’
trust in Public Companies. This policy includes considerations in One way to know the ability to pay short-term debt is through
entering into agreements, as well as follow-up actions in fulfilling the liquidity ratio. Bank BTN used several liquidity parameters,
the Public Company’s obligations to creditors. The basic creditor namely the Macroprudential Liquidity Buffer Ratio (PLM) and
rights policy includes, among other things, receiving principal Minimum Statutory Reserves (GWM), Loan to Deposit Ratio (LDR)
repayment and interest payments at the agreed time, obtaining the and Macroprudential Intermediation Ratio (RIM).
right to fines for late repayment of principal and interest payments
as well as requesting information, information and documents as
well as examining the Company’s books. For 2023, there are 2
(two) Company creditors, namely bilateral loan creditors and bond
creditors.
Macroprudential Liquidity Buffer Ratio (PLM) and Minimum Reserve Requirements (GWM)
One of the main parameters in the liquidity ratio was the PADG/2019 concerning Macroprudential Intermediation
fulfillment of the Statutory Reserves (GWM). Bank BTN Ratios and Macroprudential Liquidity Support for Conventional
maintained the Primary GWM and Secondary GWM which in Commercial Banks, Sharia Commercial Banks and Sharia
2018 had turned into a Macroprudential Liquidity Buffer (PLM). Business Units and Regulations Bank Indonesia (PBI) Number
PLM became a minimum liquidity reserve in rupiah that had to 22/17/PBI/2020 Regarding the Second Amendment to Bank
be maintained by Commercial Banks in the form of securities Indonesia Regulation Number 20/4/ PBI/2018 concerning
that met the requirements. This was based on PADG Number Macroprudential Intermediation Ratios and Macroprudential
22/11/PADG/2020 Regarding Amendments to the Regulation Liquidity Support for Conventional Commercial Banks, Sharia
of Members of the Board of Governors Number 21/22/ Commercial Banks and Sharia Business Units.
Table of PLM and GWM Ratio (in %)
Category Currency 2023 2022 Increase/Decrease
IDR:
Primary (GWM) 6.04 8.28 (2.24)
Conventional
PLM 9.66 16.17 (6.51)
US Dolllar 4.40 4.13 0.27
Sharia IDR 6.10 7.76 (1.66)
The conventional GWM ratio in rupiah currency in 2023 was Indonesia of 2.5%, so the obligation to fulfill the minimum Sharia
6.04%, a decrease of 2.24% compared to 2022 reached GWM is 5.0%. Meanwhile, the GWM that must be maintained
8.28%. The decrease in the GWM ratio was due to changes in by Conventional Commercial Banks is 9%. The Company can
GWM fulfillment made by the regulator, based on PADG Number achieve its priority sector credit growth target, the Company
24/8 /PADG/2022 concerning Implementation Regulations received a GWM incentive from Bank Indonesia of 3.2%, so the
for Fulfilling Mandatory Minimum Reserves in Rupiah and obligation to fulfill the minimum GWM is 5.8%.
Foreign Currency for Conventional Commercial Banks, Sharia
Commercial Banks and Sharia Business Units. The minimum Likewise, the PLM ratio decreased by 6.51% to 9.66% in 2023.
statutory reserve requirement for UUS based on the provisions This was influenced by the reduction in the position of securities
is 7.5%, the Company received a GWM incentive from Bank included in the securities category which was taken into account
280 PT Bank Tabungan Negara (Persero) Tbk
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in the PLM provisions. Meanwhile, the increase in the foreign Loan To Deposit Ratio (LDR)
exchange GWM position was carried out to optimize excess
foreign currency liquidity in order to increase income while still LDR is one of the parameters to measure a healthy liquidity ratio.
paying attention to applicable regulations, thereby increasing This ratio is the ratio between the amount of loans extended to third
the foreign exchange GWM by 0.27% from 4.13% in 2022 to parties to third party funds (customer deposits). The Company’s
4.40% in 2023. LDR in 2023 was 95.36%, an increase of 2.71% compared to
2022 which was 92.65%. This is due to an increase in credit
Macroprudential Intermediation Ratio (RIM) distribution compared to 2022.
RIM was a form of strengthening of the Loan to Funding Ratio Ability to Pay Long-Term Debt (Bank Solvability)
(LFR). RIM was the ratio of loans extended to third parties in
Rupiah and foreign currencies, excluding loans to other banks The capital ratio was one of the parameters used in measuring
plus securities owned, to: the solvency ratio. In accordance with its commitment to run the
1. Third party funds which included current accounts, savings banking business with prudent principles and in accordance
and time deposits in Rupiah and foreign currencies, did not with applicable regulations, Bank BTN ensured that the Capital
include interbank funds. Adequacy Ratio (CAR) was able to meet credit risk, market risk
2. Securities in Rupiah and foreign currencies that met certain and operational risk.
requirements issued by Bank BTN.
In accordance with Bank Indonesia (BI) regulations, the
In accordance with Bank Indonesia Regulation (PBI) Number Minimum Capital Requirement (KPMM)/CAR set for banks
20/4/ PBI/2018 dated 29 March 2018, concerning with a risk profile of “2” is 9.18%. The amount of capital for
“Macroprudential Intermediation Ratio and Macroprudential credit risk consists of Core Capital (Tier I) and Supplementary
Liquidity Buffer for Conventional Commercial Banks, Sharia Capital (Tier II).
Commercial Banks and Sharia Business Units” as amended by
PBI Number 21 /12/PBI/2019 dated 25 November 2019, The Company’s total capital in 2023 reached IDR31.23 trillion
PBI Number 22/17/PBI/2020 dated 30 September 2020, consisting of core and supplementary capital of IDR27.15 trillion
and PBI Number 24/16/PBI/2022 dated 1 November 2022. and IDR4.07 trillion respectively, while for 2022 the total capital
Banks must maintain a RIM ratio of 84% to 94 %. In 2023, the will be IDR28.17 trillion with core and supplementary capital
Company’s RIM is 92.60%, an increase compared to 2022 respectively worth IDR22.53 trillion and IDR5.64 trillion. The
which was 85.76%. Company’s RWA in 2023 was IDR155.27 trillion, higher than in
2022 of IDR139.63 trillion. The CAR ratio in 2023 was 20.07%
The Company also manages liquidity reserves in the form of lower than the CAR ratio in 2022 of 20.17%.
High Quality Liquid Assets (HQLA) which was also a liquidity
component, which was determined at an optimal amount in the Ability to Pay Debt of Securities Issued
range above the minimum HQLA limit every day to support the
Company’s liquidity needs and maintenance of GWM and PLM The ability to pay debt could also be reflected based on the rating
as determined by Bank Indonesia . The Company’s secondary of the securities issued by the Bank, namely bonds. Securities
reserve position is always maintained above the minimum issued regularly were assessed by a rating agency to support
secondary reserve limit throughout 2023. the eligibility of securities. The quality of securities was largely
determined by the ability of the securities issuing company to pay
its securities at maturity and its ability to pay interest or coupons
during the term of the securities issuance.
Table of Ability to Pay Debt from Securities Issued
Rating
Information
2023 2022
Sustainable BBTN I Phase II 2013 AA+(idn) AA(idn)
Sustainable BBTN II Phase I 2015 Series D AA+(idn) AA(idn)
Sustainable BBTN III Phase I 2017 series C AA+(idn) AA(idn)
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Management Discussion and Analysis
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Rating
Information
2023 2022
Sustainable BBTN III Phase I 2017 series D AA+(idn) AA(idn)
Sustainable BBTN III Phase II 2019 series C Ba3 Ba3
Junior Global Bond Bank BTN (USD) AA+(idn) AA(idn)
Sustainable BBTN IV Phase I 2020 series B AA+(idn) AA(idn)
Sustainable BBTN IV Phase I 2020 series C AA+(idn) AA(idn)
Notes:
- Domestic securities ratings that was outstanding in 2023 use ratings from Fitch
- Domestic securities ratings issued and outstanding in 2023 use ratings from Fitch
- The Bank BTN (USD) Junior Global Bond Rating issued in 2020 uses a rating from Moody’s
Table of Security Rank Meaning
Rating Agency Rating Meaning of Rank
Issuers rated Ba have speculative, or independent, intrinsic financial strength and are subject to
Moodys Ba3
substantial credit risk in the absence of possible support from affiliates or the Government.
AA National Ratings indicate a very low level of expected default risk compared to other issuers
or bonds in the same country or monetary union. The inherent risk of default is only slightly
different from that of the highest-rated issuer or bond in the country.
Fitch Ratings Indonesia AA
The plus sign (+) indicates that the rating given is relatively strong and above the average for the
category concerned
Other Financial Ratios
To measure the profitability and efficiency of the Bank BTN’s or Return On Equity (ROE), Net Interest Margin (NIM) and the
performance, financial ratios used by banking were Profit before ratio of Operating Expenses to Operating Income (OEOI).
tax to Assets or Return On Assets (ROA), Profit after tax to Equity
Table of Other Financial Ratio (in %)
Description 2023 2022 Increase/ (Decrease)
Return On Assets (ROA) 1.07% 1.02% 0.05%
Return On Equity (ROE) 13.86% 16.42% (2.56%)
Net Interest Margin (NIM) 3.75% 4.40% (0.65%)
Operating Expenses to Operating Income (OEOI) 86.10% 86.00% 0.10%
In 2023, the ROA, ROE and NIM values were 1.07%, 13.86% which ultimately contributed to an increase in net profit in 2023
and 3.75% respectively, indicating a slight decrease compared amounted to IDR3.50 trillion, an increase of 14.97% from 2022.
to 2022. This is mainly due to an increase in the percentage of
cost of funds or expenses interest on the Company’s third party The BOPO value in 2023 can be maintained at 86.10%, the
funds in the midst of tight banking liquidity conditions and the same as the position in 2022, even though there is an increase in
rights issue which was carried out at the end of 2022, however deposit interest expenses, but the Company can make efficiency
the Company was still able to disburse credit massively and also in overhead costs so that it can keep the BOPO ratio stable at
the income received apart from interest increased significantly ±86%.
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Receivable Collectibility
Bank BTN’s collectibility is reflected from the Non-Performing Loan problem loans or loss out of all loans distributed to customers. The
(NPL) ratio. NPL ratio is a benchmark to assess the amount of smaller the NPL ratio, the better the collectibility and loan quality.
Table of Collectability (in IDR million)
2023 2022
Description
Minus Sharia Segment Plus Sharia Segment Minus Sharia Segment Plus Sharia Segment
Total Loans/Financing 296,583,860 333,698,141 266,657,565 298,281,704
Performing Loan (PL) 287,420,712 323,649,241 257,633,126 288,211,404
Current 263,614,334 297,250,597 239,577,162 268,076,929
Special Mention 23,806,378 26,398,644 18,055,964 20,134,475
Non Performing Loan
9,163,148 10,048,900 9,024,439 10,070,300
(NPL)
Substandard 393,326 571,273 433,219 580,216
Doubtful 538,432 677,813 793,609 887,982
Loss 8,231,390 8,799,814 7,797,611 8,602,102
PL 96.91% 96.99% 96.62% 96.62%
NPL Gross 3.09% 3.01% 3.38% 3.38%
NPL Net 1.48% 1.32% 1.48% 1.32%
Gross NPL with the sharia segment in 2023 was 3.01%, an improvement of 0.37% compared to 2022 which was 3.38%. This condition
was caused by an increase in loan distribution and improvement in loan quality from NPL to PL.
Tabel of Credit Written-Off (in IDR million)
2023 2022
Description
Write-off Value Write-off Value
Number of Debtors Number of Debtors
(in million IDR) (in million IDR)
Conventional 11,099 2,705,785 8,196 2,497,801
Sharia 1,897 322,241 1,246 374,232
Total 12,996 3,028,026 9,442 2,872,033
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Fund Interest Rate
Information on interest rates for bank deposits, savings and current accounts as of December 31, 2023 was as follows:
Table of Indonesia Rupiah Savings Interest Rates
Types of products Balance Strata Retail Interest Rates Institutional Interest Rate
Up to IDR1 million 0.00% 0.00%
> IDR1 million - IDR100 million 1.00% 1.00%
> IDR100 million - IDR1 billion 2.40% 2.25%
Tabungan Investa > IDR1 billion - IDR2 billion 3.15% 3.05%
> IDR2 billion - IDR5 billion 3.40% 3.20%
> IDR5 billion - IDR10 billion 4.15% 3.45%
> IDR10 billion 4.15% 3.90%
Table of Rupiah Savings Interest Rates
Jenis Produk Strata Saldo Suku Bunga
< IDR1 million 0.00%
≥ IDR1 million - ≤ IDR50 million 0.10%
> IDR50 million - ≤ IDR500 million 0.10%
Tabungan BTN Batara
> IDR500 million - ≤ IDR1 billion 0.50%
> IDR1 billion - ≤ IDR2 billion 1.00%
> IDR2 billion 1.00%
< IDR1 million 0.00%
≥ IDR1 million - < IDR50 million 0.50%
Tabungan BTN Bisnis ≥ IDR50 million - < IDR500 million 1.00%
≥ IDR500 million - < IDR1 billion 1.25%
≥ IDR1 billion 1.75%
≤ IDR5 million 0.00%
> IDR5 million - IDR10 million 0.00%
> IDR10 million - IDR100 million 0.25%
Tabungan BTN Prima > IDR100 million - IDR500 million 0.50%
> IDR500 million - IDR2 billion 0.75%
> IDR2 billion - IDR5 billion 1.00%
> IDR5 billion 1.25%
≤ IDR50 ribu 0.00%
Tabungan BTN Junior
> IDR50 ribu 0.50%
IDR0 - IDR500 ribu 0.00%
TabunganKu > IDR500 ribu - IDR1 million 0.10%
> IDR1 million 0.25%
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Jenis Produk Strata Saldo Suku Bunga
Sampai dengan IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
Tabungan SiMuda RumahKu
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
< IDR1 million - IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
Tabungan BTN Siap!
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
< IDR1 million 0.00%
≥ IDR1 million - IDR50 million 0.10%
Tabungan BTN e’BataraPos > IDR50 million - IDR500 million 0.10%
> IDR500 million - IDR1 billion 0.50%
> IDR1 billion 1.00%
Tabanas Batara Kantor Pos 0.00%
Table of Indonesia Rupiah Current Account Interest Rates
Types of products Balance Strata Interest Rates
IDR Current Account ≤ IDR10 million 0.00%
> IDR10 million - IDR100 million 0.25%
> IDR100 million - IDR500 million 0.75%
> IDR500 million - IDR1 billion 1.00%
> IDR1 billion 1.25%
Table of Indonesia Rupiah Deposit Interest Rates
Tenor (month)
Types of
Balance Strata
products
2 3 4 6 12 24
Deposito < IDR1 million 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Rupiah
IDR1 million - < IDR10 million 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
IDR10 million - < IDR100 million 2.25% 2.40% 2.65% 2.65% 2.90% 2.90% 2.90%
≥ IDR100 million - < IDR500 million 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
≥ IDR500 million - ≤ IDR2 billion 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
> IDR2 billion 2.40% 2.40% 2.90% 2.90% 3.05% 3.05% 3.05%
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Table of e-Deposito Indonesia Rupiah Interest Rates
Tenor (month)
Types of
Balance Strata
products
1 2 3 4 6 12 24
< IDR100 million 2,60% 2,75% 3,00% 3,00% 3,25% 3,25% 3,25%
≥ IDR100 million - < IDR500 million 2,65% 2,75% 3,25% 3,25% 3,40% 3,40% 3,40%
e-Deposito ≥ IDR500 million - < IDR2 billion 4,25% 4,25% 4,40% 4,50% 4,65% 3,40% 3,40%
Rupiah ≥ IDR2 billion - < IDR5 billion 4,50% 4,50% 4,65% 4,80% 4,90% 3,40% 3,40%
≥ IDR5 billion - < IDR10 billion 4,60% 4,60% 4,80% 4,90% 5,00% 3,50% 3,50%
≥ IDR10 billion 4,70% 4,70% 5,00% 5,00% 5,00% 3,60% 3,60%
Table of Exchange Savings Interest Rates
USD SGD AUD / CNY JPY
Types of
products Interest Balance Interest Balance Interest Balance Interest
Balance Strata
Rates Strata Rates Strata Rates Strata Rates
< USD 1.000 0,00%
USD 1.000 -
0,15%
Tabungan BTN < USD 10.000
All tiering 0,10% All tiering 0,05% All tiering 0,00%
Felas USD 10.000 -
0,35%
< USD 100.000
≥ USD 100.000 0,50%
Table of Exchange Savings Interest Rates
USD
Types of products
Balance Strata Interest Rates
< USD 1.000 0,00%
USD 1.000 - < USD 10.000 0,15%
Tabungan BTN Felas USD via Mobile Banking
USD 10.000 - < USD 100.000 0,35%
≥ USD 100.000 0,50%
Table of Foreign Currency Account Interest Rates
Tenor (month)
Types of products Balance Strata
1 3 4 6 12 24
Deposito USD All Strata 0,20%
Deposito SGD All Strata 0,10%
Deposito AUD/CNY All Strata 0,10%
Deposito JPY All Strata 0,00%
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Table e-Deposito Foreign Exchange Interest Rates
Tenor (month)
Types of
Balance Strata
products
1 2 3 4 6 12 24
< USD100.000 1,00% 1,00% 1,00% 1,00% 1,00% 1,00% 1,00%
USD100.000 - < USD500.000 2,50% 2,50% 1,50% 1,50% 1,50% 2,50% 2,50%
e-Deposito USD
USD500.000 - < USD1.000.000 2,50% 2,50% 2,00% 2,00% 2,00% 2,50% 2,50%
≥ USD1.000.000 2,50% 2,50% 2,25% 2,25% 2,25% 2,50% 2,50%
Table of Foreign Currency Account Interest Rates
Types of products Balance Strata Interest Rates
Up to USD100.000 0,00%
Giro Valas (USD)
> USD100.000 0,10%
Prime Lending Rate
On a periodical basis, Bank BTN renews its Prime Lending Rate not estimated the risk premium which depends on Bank BTN’s
(PLR) in accordance with the benchmark interest rate updates assessment on each debtor or debtor group’s risk. Therefore, the
from Bank Indonesia. PLR becomes the basis for establishing lending rate to be charged to debtors may not necessarily be the
the Bank’s lending rate to be charged to Customer. PLR has same as the PRL.
Table of Prime Lending Rate
PRL per Business Segment
Description Consumer Loan
Corporate Loan Retail Loan Micro Loan
Mortgage Non-Mortgage
Prime Lending Rate (PLR) 2023 8,05% 8,30% n/a 7,30% 8,80%
Prime Lending Rate (PLR) 2022 8,00% 8,25% n/a 7,25% 8,75%
Prime Lending Rate (PLR) 2021 8,00% 8,25% n/a 7,25% 8,75%
Prime Lending Rate (PLR) 2020 9,90% 9,90% n/a 9,95% 11,25%
Prime Lending Rate (PLR) 2019 11,00% 11,25% n/a 10,75% 11,50%
Productive Assets Quality Analysis
The assessment or provision of productive assets is aimed at an increase of 4.17% compared to 2022 which was IDR380.16
providing funds in order to obtain income, whether in the form trillion. Thus, the Company has good quality productive assets.
of loan, securities, inter-bank placement of funds and other The following are the Company’s productive assets for the last
equivalent forms of providing funds. The position of productive two years.
assets in the current category in 2023 was IDR396.00 trillion,
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Management Discussion and Analysis
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Table of Productive Assets Quality
2023
Description
Special Mention Substandard
Current (L) Doubtful (D) Loss (M) Total
(DPK) (KL)
Placement with other banks 2,201,681 - - - 1,773 2,203,459
Spot and Derivative Receivables/Forward 32,176 - - - - 32,176
Trading Securities 41,093,303 50,696 4,644 5,769 45,390 41,199,802
Securities Sold under Repurchase
- - - - - -
Agreement (Repo)
Receivables from Securities Purchased
- - - - - -
under Agreement to Resell (Reverse Repo)
Acceptance Receivables 544,567 - - - - 544,567
Loans and Financing 331,227,238 42,088,074 943,057 998,321 14,704,837 390,011,527
Equity Participation - - - - - -
Other Receivables - - - - - -
Commitments and Contingencies 20,853,385 517,162 7,343 318 168,460 21,546,668
Foreclosed Collateral - - - - - 77,591
Table of Allowance for Impairment Losses and Allowance for Asset Quality Assessment
2023
Post
Stage 1 Stage 2 Stage 3 General Specific
Placement with other banks 26 - 1,778 22,016 1,778
Spot and Derivative Receivables/Forward - - 322 -
Trading Securities 22,903 - - 46,978 51,507
Securities Sold under Repurchase
- - - - -
Agreement (Repo)
Receivables from Securities Purchased
- - - - -
under Agreement to Resell (Reverse Repo)
Acceptance Receivables 1,447 22,429 - 5,446 -
Loans and Financing 2,441,079 3,407,511 9,743,374 2,942,958 9,698,086
Equity Participation - - - - -
Other Receivables - - - - -
Commitments and Contingencies 3,580 - - 25,993 25,858
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2023 Annual Report
(in IDR million)
2022
Special Mention
Current (L) Substandard (KL) Doubtful (D) Loss (M) Total
(DPK)
1,870,587 - - - 1,731 1,872,318
103,939 - - - - 103,939
53,593,946 36,727 3,153 5,436 48,879 53,688,141
- - - - - -
1,434,190 - - - - 1,434,190
420,562 - - - - 420,562
307,256,659 31,867,688 1,048,197 1,577,831 14,492,857 356,243,232
- - - - - -
- - - - - -
15,480,680 754,249 21,204 12,722 24,205 16,293,060
- - - - 77,591 77,591
(in IDR million)
2022
Stage 1 Stage 2 Stage 3 General Specific
16 - 1,731 18,706 1,731
- - - 1,039 -
399 - 2 16,284 54,522
- - - -
- - - - -
136 - - 4,206 -
3,014,067 3,525,156 9,135,700 2,663,032 9,246,776
- - - - -
- - - - -
4,719 - - 16,711 37,712
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Management Discussion and Analysis
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Fee-Based Income Growth Acceleration trillion. Apart from that, the Company is also expanding the
BTN Properti application and portal as a digital housing
Fee Based Income (FBI) or Operational Income Other Than ecosystem. In 2023, the BTN Properti portal and application
Interest (POSB) is also a source that supports the Company’s had 515 thousand members, 9,249 developers and 948
profitability. In 2023, the Company’s FBI revenue was thousand housing stock ready to become KPR. The company
IDR4.07 trillion, with the main sources being treasury income carries out technological innovations, one of which is the
IDR667 billion, administration IDR778 billion, fees from BTN Open API & Sandbox. In 2023, the number of partners
transactions and services IDR542 billion and other income who have integrated BTN Open API reached 14 partners
(including write-offs) IDR2.08 trillion. with a total of 849,354 hits.
The strategies carried out by Bank BTN to gain FBI are as
follows: Bank Capital Structure
1. Optimizing administrative income by increasing NoA
and improving service for current accounts, savings, Management Policy on Capital Structure
deposits and credit customers. and Policy Determination Basis
2. Income from services provided (payment points, card
business, asset securitization servicing fees, transfers, The Capital Plan formulated by Bank BTN refers to the latest
bank guarantees, save deposit boxes, bancassurance, economic development reviews, while also based on the
sharia services and banking services). analysis and assessment of the required capital adequacy. In
3. Increasing other income by optimizing the mortgage formulating the Capital Plan as a part of Bank BTN’s Business
business through insurance kick backs and fees for Plan, the Board of Directors has received the approval from
collateral appraisal. the Board of Commissioners. Bank BTN regularly plans and
4. Increasing sales of write-off credit, through accelerating reviews capital requirements together with the data of the
asset sales by investor cooperation, litigation and sales analysis. In planning, Bank BTN always links financial goals
through low-cost housing portals. and capital adequacy to risks so that Bank BTN’s business is
5. Forming a special work unit that manages wholesale in line with the capital and liquidity requirements.
and transaction banking to increase wallets from the
commercial, wholesale and corporate segments. The purpose of management’s policy on capital is to ensure
6. Developing fees from priority segments, especially in that Bank BTN’s capital is strong and able to create a strong
foreign exchange services (market link deposits, forex capital structure to support the development strategy for
swap deposits, etc.). current business expansion and maintain the continuity of
7. Improving treasury profitability from managing Available development going forward. In addition, the determination
for Sale (AFS) and Hold to Maturity (HTM) portfolios. of the capital policy is intended to meet the capital adequacy
8. Increasing fees sourced from Bank Guarantees (BG), provisions set by the regulator and ensure that Bank BTN’s
Domestic Letters of Loans (SKBDN), Supply Chain capital structure has been efficient.
Financing (SCF), Cash Management System (CMS) in the
Corporate segment. Based on OJK Regulation Number 11/POJK.03/2016 dated
29 January 2016 as amended by OJK Regulation No. 27
of 2022 dated December 26 2022 concerning the Second
Digital Transaction Volume Growth Amendment to OJK Regulation Number 11/POJK.03/2016
concerning the Minimum Capital Adequacy Requirement for
To develop new sources of growth, the Company accelerated Commercial Banks, Bank BTN’s capital consists of:
the development of digital services, especially those targeting 1. Core Capital, which consists of Common Equity Tier -
retail transactions through the BTN Mobile acquisition and CET1 and Additional Tier 1 (AT1). Core capital includes
utilization program. With the program being implemented, paid-in capital and disclosed reserves. Disclosed
the number of digital banking transactions increased rapidly, reserves consists of additional factors (agio, general
to 486 million transactions, or an increase of 87% yoy. In line reserves, previous year’s profit, profit for the year
with the increase in the number of transactions, the volume and stock options) and the deducting factors (other
of digital service transactions also rose to IDR592 trillion, or comprehensive losses and financial asset transactions
grew by 117% yoy. In order to support the development of classified as available for sale, difference of Allowance
digital transactions, in 2023, the Company also developed for Uncollectible Accounts (PPA) on earning assets with
the acquisition of QRIS. In 2023, the Company had 15,602 Allowance for Impairment Losses and nonearning PPA.
QRIS with total merchant balances reaching IDR1.29
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2. Supplementary Capital (Maximum 100% of Core Capital) The Company’s core capital (Tier 1) in 2023 was IDR27.15
which consists of general reserves of PPA for productive trillion, higher than in 2022 of IDR22.53 trillion. Meanwhile,
assets that must be calculated with a maximum amount of the Company’s supplementary capital (Tier 2) in 2023 will
1.25% of RWA for Credit Risk and Reserves. be IDR4.08 trillion, lower than the supplementary capital in
2022 of IDR5.64 trillion.
Capital Structure Details
Bank BTN has strong capital capabilities to support business growth. Below is the details of Bank BTN’s capital structure.
Table of Capital Structure Details (in IDR million)
Income / (Decrase)
Description 2023 2022
Amount Percentage
I. Core Capital (Tier 1) 27,154,078 22,533,407 4,620,671 20.51%
1. Common Equity Tier - CET 1 27,154,078 22,533,407 4,620,671 20.51%
1.1 Paid-up Capital (minus Treasury Stock) 7,017,222 5,295,000 1,722,222 32.53%
1.2 Disclosed Reserves 23,135,138 20,153,835 2,981,303 14.79%
1.3 Calculable Non-Controlling Interest - - - -
1.4 Common Equity Tier 1 Regulatory Adjustment (2,998,282) (2,915,428) (82,854) 2.84%
2. 2Additional Tier - AT 1 - - - -
2.1 Instruments meeting AT-1 requirements - - - -
2.2 Agio/Disagio - - - -
2.3 Additional Tier 1 Regulatory Adjustment - - - -
II. Supplementary Capital (Tier 2) 4,076,204 5,635,050 (1,558,846) (27.66%)
1. Capital instruments in shares or others meeting Tier 2
2,367,557 4,206,070 (1,838,513) (43.71%)
requirements
2. Agio/Disagio - - - -
3. General reserves of mandatory productive asset Allowance
1,708,647 1,428,980 279,667 19.57%
for Uncollectible Accounts (max. 1.25% of Credit Risk RWA)
4. Supplementary Capital Regulatory Adjustment - - - -
TOTAL CAPITAL 31,230,282 28,168,457 3,061,825 10.87%
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Income / (Decrase)
Description 2023 2022
Amount Percentage
Risk-Weighted Assets (RWA)
RWA for Credit Risk 136,691,761 114,318,357 22,373,404 19.57%
RWA for Market Risk 17,956,060 1,373,299 16,582,761 1207.51%
RWA for Operational Risk 942,326 23,938,858 (22,996,532) (96.06%)
Total RWA 155,590,147 139,630,514 15,959,633 11.43%
Capital Adequacy Ratio (CAR) according to Risk Profile 9.18% 9.40%
Common Equity Tier 1 (CET 1) 17.45% 16.13%
Tier 1 Ratio 17.45% 16.13%
Tier 2 Ratio 2.62% 4.04%
Capital Adequacy Ratio (CAR) 20.07% 20.17%
Material Commitments for Capital Investment
In 2023, Bank BTN made material commitments with related parties for capital investments. Some material commitments with significant
values are presented in the following table:
Table of Material Commitments for Capital Investment
Name of Parties under Commitment Value
Type of Commitment
Commitments (in IDR million)
Procurement of Contractor Services for the Renovation of Bank BTN Tanah
PT Binayasa Putra Batara 30,500
Abang Education and Training Center Building
PT Binayasa Putra Batara Procurement of Cirebon Branch Office Construction Work Contractor Services 39,100
Procurement of Renovation and Relayout Work Contractor Services for All
PT Neocelindo Intibeton 29,800
Floors of the Bekasi Branch Office Building
Procurement of Contractor Services for Renovation Work on the 23rd Floor
PT Binayasa Putra Batara 15,550
of BTN Tower
Procurement of Basement Work Contractor Services for Renovation of the
PT Binayasa Putra Batara 12,475
Tanah Abang Education and Training Center Building
Procurement of Contractor Services for Interior Lobby Renovation Work and
PT Binayasa Putra Batara 26,900
Overall Landscape of BTN Tower
Procurement of Oracle Software License Extensions for E2E Procurement
PT Metrocom Global Solusi 37,000
Applications and Custodian Applications
Order for the Use of Middleware Umbrella Contract Mandays 2023 - 2025
PT Hanoman Cendekia Interaktif 12,712
for Sharia Virtual and Corporate Card Off Us Middleware side
PT Mitra Integrasi Informatika Procurement of Master Data Management Development 15,984
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Bank BTN makes material commitments for investment in goods and buildings, vehicles and various office equipment to support the
capital with the aim of supporting Bank BTN’s operational activities. Company’s operations.
The source of funds used by Bank BTN in carrying out material
commitments comes from Bank BTN’s internal funds. Because the In 2023, the Company invested in capital goods in the form of
currency used for investment in capital goods is IDR or Rupiah and purchasing 1 (one) unit of a multi-storey building consisting of 28
the procurement value stated in the cooperation agreement between floors and 2 basements with a value of IDR1.28 trillion, including
Bank BTN and Providers is also set in Rupiah, there is no need for the purchase price, Land and Building Acquisition Fee, and
planned steps to protect risks from foreign currency positions. applicable taxes. The building is located on Jalan H.R. Rasuna
Said No. 01 RT. 001 RW. 006, Guntur Village, Setiabudi District,
South Jakarta. Previously, the building was called Medialand
Capital Investment Tower (formerly Allianz Tower). Due to this purchase, the building
changed its name to Menara 2 BTN. Currently, according to the
The Company invests in capital goods in the form of land, office report, the investment in capital goods is recorded as capital
buildings/space, other buildings, computer hardware, machines, goods in the form of other buildings because the legality of
vehicles, office equipment, fixed assets and other inventory. Until ownership is still in the process of changing the name by the
2023, the total investment in capital goods will be IDR12.16 authorized agency and the process is also being processed to
trillion. This number increased compared to 2022 due to the the Financial Services Authority (OJK) for the use of the building
purchase of land for offices, purchase and renovation of office as a functional bank office.
Table of Capital Goods Investment (in IDR million)
Investment Value
Type Investment Purpose
2023 2022
Land Bank Business Operations 4,548,181 4,277,941
Office Buildings/Rooms Bank Business Operations 1,860,085 1,730,108
Other Buildings Bank Business Operations 1,404,960 69,763
Computer Hardware Bank Business Operations 3,050,055 2,465,335
Machineries Bank Business Operations 504,278 481,161
Vehicles Bank Business Operations 49,298 43,685
Office Supplies Bank Business Operations 689,774 637,637
Fixed Assets and Other Inventories Bank Business Operations 47,973 45,993
Total 12,154,605 9,751,623
Commitments and Contingencies
The balances of Commitments and Contingencies as of December 31, 2023 and 2022 were as follows:
Tabel Commitments and Contingencies (in IDR million)
Description 2023 2022
COMMITMENTS
Commitments Payable
Unused loan facility commitments 18,933,652 15,109,981
Irrevocable L/C on progress 20,106 221,484
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Description 2023 2022
Commitments – Net 18,953,758 15,331,465
CONTINGENCIES
Contongent receivables
Interest income on non-performing assets 3,598,041 6,855,269
Contingent payables
Guarantees issued (2,579,175) (948,495)
Contingencies - Net 1,018,866 5,906,774
Significant Agreements
Throughout 2022 and 2023, the Company will implement 10. On September 4, 2023, Bank signed an agreement with
the following significant agreements: PT Casa Prima Indonesia regarding Relayout Contractor
1. On December 4, 2023, Bank signed an agreement with Services and Construction of the Banyumanik Main
PT Sinergy Information Pratama in relation to procurement Document Room Centralized Building with a contract
of Cash Recycle Machine (CRM) 2023 with contract value of IDR7,400 million.
value of IDR133,863 million. 11. On August 29, 2022, Bank signed an agreement with PT
2. On December 19, 2023, Bank signed an agreement Surya Sudeco in relation to procurement for Operational
with PT Multipolar Technology Tbk in relation to re- Car Lease with contract value of IDR77,830 million.
procurement of PC Desktop and Notebook with Seat 12. On August 4, 2022, Bank signed an agreement with PT
Management Scheme with contract value of IDR115,980 Mitra Integrasi Informatika in relation to procurement
million. for License Package Microsoft Support and Supporting
3. On February 8, 2023, Bank signed an agreement with PT Services for Data Center with contract value of IDR47,990
Multipolar Technology in connection with the procurement million for three years.
of network equipment upgrades and standardization of 13. On January 22, 2022, Bank signed an agreement with
Bank BTN Tower LAN with a contract value of IDR39,575 PT Swadharma Duta Data in relation to procurement
million. for The Extenxion of Information Technology Service in
4. On February 3, 2023, Bank signed an agreement with PT Outlet with contract value of IDR27,663 million for a
Binayasa Putra Batara in relation to contractor services of period of two years and on February 27, 2023 was a
construction for the Bank BTN KC Cirebon Building with second year IT outlet service extension with a contract
contract value of IDR39,100 million. value of IDR13,832 million.
5. On February 20, 2023, Bank signed an agreement with 14. On November 14, 2022, Bank signed an agreement
PT Trees Solutions in connection with the re-procurement with PT Pesona Adi Batara in relation to Procurement of
of Integrated End to End Procurement with acontract operational cars for BTN officials in 2022 with contract
value of IDR30,669 million. value of IDR21,500 million.
6. On January 6, 2023, Bank signed an agreement with PT 15. On December 20, 2022, Bank signed an agreement with
Binayasa Putra Batara in relation to contractor services PT Dana Pensiun Bank BTN in relation to Procurement
of renovation for the Bank BTN Tanah Abang Pusdiklat extension of the lease for the 2nd floor until 5th floor of
Building with contract value of IDR30,500 million. the Graha Extama building (Tebet Learning Center) with
7. On July 11, 2023, Bank signed an agreement with PT contract value of IDR18,204 million.
Berkat Manunggal Energi regarding the procurement of 16. On November 2, 2022, Bank signed an agreement
generator replacement for the BTN Tower Building with a with PT Binayasa Putra Batara in relation to contractor
contract value of IDR13,986 million. services of renovation for the 6th floor of BTN building
8. On March 15, 2023, Bank signed an agreement with with contract value of IDR17,500 million.
PT Telekomunikasi Indonesia in connection with the 17. On May 27, 2022, Bank signed an agreement with
procurement of a third year Sentul Data Center collocation PT Simian Solutions in relation to procurement of
lease with a contract value of IDR10,638 million. Implementation of Custodian Service System with contract
9. On August 16, 2023, Bank signed an agreement with PT value of IDR17,000 million.
Casa Prima Indonesia regarding the KC Kudus Relocation
Renovation Contractor Services with a contract value of
IDR7,495 million.
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18. On July 21, 2022, Bank signed an agreement with positive export performance, as well as support from the
PT Sinergy Informasi Pratama in connection with the Housing Sector driven by Government stimulus. However,
Procurement of Firewalls for WAN DC Sentul and DC there remain risks such as global inflationary pressures,
Surabaya with a contract value of IDR.11,550 million for interest rate increases by the Fed and uncertainty in global
a period of one year. financial markets. The International Monetary Fund (IMF)
19. On March 16, 2022, Bank signed an agreement with estimates that Indonesia’s economic growth will be 5.0% in
PT Hartekprima Listrindo in relation to Procurement of 2023 and is projected to stabilize at that level in 2024.
Generator Set for RBB 2022 and non RBB needed with On the banking side, growth in credit and Third Party Funds
contract value of IDR10,823 million. (DPK) has also improved, reflecting the recovery in economic
20. On July 22, 2022, Bank signed an agreement with PT activity. KPR is expected to continue to grow in 2024, with
Casa Prima Indonesia in relation to Procurement of KCS high demand and supportive housing stimulus.
Makassar Renovation Contractor Services with contract
value of IDR9,850 million. Estimated macroeconomic assumptions for the following
years include stable economic growth, controlled inflation,
interest rates that are predicted to decline and healthy credit
Material Information and Facts After growth, including mortgages and the real estate sector.
Accounting Report Date In addition, the rupiah exchange rate against the United
States (US) dollar is expected to be stable, reflecting Bank
Until the end of the Annual Report, there is no description Indonesia’s efforts to maintain exchange rate stability.
of important events after the date of the accountant’s report,
including their impact on future business performance and Bank BTN’s business will continue to focus on the housing
risks. sector and related to housing, because the housing sector
remains a sector with high growth potential in line with
increasing demand and the number of national backlogs.
Details of Problems Arising During the Some of the data we have shows the following information::
Fiscal Year Which Affected the Business a. The largest distribution of home ownership backlogs
Activities of Bumn occurs in the Jakarta and West Java regions, followed by
the East Java region.
In 2023, the Indonesian economy shows signs of strong b. Of the home ownership backlog of 12.7 million, there
recovery. In Quarter II, economic growth reached 5.17% are around 10.7 million that have the potential to be
year-on-year (yoy), reflecting strengthening community absorbed by banks.
mobility and economic activity after the pandemic. In c. Demographically, the home ownership backlog is mostly
addition, the global economy is also recovering, with trading in the 24 to 40 year age range, and has an average
partner countries such as China and India experiencing income of IDR1.5 million to IDR3.4 million.
strong growth. The manufacturing sector in Indonesia is d. Another challenge is Indonesia’s mortgage to GDP ratio of
stable, and banking credit is growing, especially investment 3%, which is still lower than other countries in ASEAN. This
credit and Micro, Small and Medium Enterprises (MSMEs). indicates that there is still a lot of potential in the housing
sector that can still be optimized, in line with the government’s
The real estate sector, especially housing, also grew thanks target to increase this ratio to 4% by the end of 2024.
to Government stimulus, including the easing of Loan-to-Value e. This enormous potential is one of BTN’s main concerns in
(LTV) and Financing-to-Value (FTV) ratios for property. Bank capturing demand in the property sector and is also one
Indonesia has increased the benchmark interest rate as a pre- of the main drivers of business growth.
emptive step to maintain the stability of the rupiah exchange
rate and control inflation. Although inflation remains under In the remainder of 2023 and 2024, BTN remains optimistic
control, future interest rate policy will depend heavily on that it will continue to record good financial performance
economic data and financial markets. Bank Indonesia plans in line with several new regulations issued in 2023. From
to maintain interest rates at a certain level until the first the housing sector, the Government has just made the latest
semester of 2024 and will adjust them according to further adjustments to the subsidized housing price limits for 2023
developments. and 2024. 2024 with an average increase of 7% since the
end of June 2023 and 3% as of 1 January 2024. In addition,
In 2024, developing countries such as Indonesia and India the Government has just issued the latest DTP VAT policy in
are expected to continue to grow, while the economies of the property sector for home purchases with prices up to IDR5
developed countries such as the United States and Japan billion with incentives of 100% for basic DTP VAT is imposed
are predicted to grow more slowly. In Indonesia, economic at a maximum of IDR2 billion on the house price until June
growth was driven by improving domestic demand and 2024 and 50% for the period July - December 2024.
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Management Discussion and Analysis
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There is also Administration Cost Assistance (BBA) worth Business Outlook and Future Strategies
IDR4 million for subsidized housing with a maximum price
of IDR350 million from November 2023 – December 2024. In January 2024, the World Bank lowered its projection
This housing-related policy can certainly stimulate demand in for world economic growth to decline to 2.4% for 2024.
the property sector and encourage BTN’s credit growth as a Meanwhile, Bank Indonesia predicts that the world economy
bank that focuses on this sector. Apart from that, the GWM will slow down to 2.8% in 2024. This development is driven
incentives and PLM ratio are expected to provide additional by the inflation rate in developed countries which is still at
liquidity for BTN, which can later be used for lending, over the target with the pressure starting to subside. With
especially in the housing sector. Apart from that, with the this development in inflation, monetary policy interest rates
latest OJK Regulation (POJK 12/2023) regarding the spin including the Federal Funds Rate (FFR) are predicted to
off of UUS, BTN will follow these regulations and is in the remain high for a long period of time (higher for longer).
process of reviewing various existing options. Nevertheless, Indonesia’s economic growth in 2024 is
predicted to remain strong and grow positively in the range
Responding to global uncertainty and the era of high interest of 4.8% - 5.2%. Then the inflation rate in 2024 is predicted
rates throughout 2023, BTN faces several challenges and to be lower compared to 2023 at Bank Indonesia’s target
opportunities that will enable BTN to continue to perform range of 2.5% ± 1% yoy. To achieve this level of inflation,
positively. the Government and Bank Indonesia will implement a mix
a. Until September 2023, there has been an increase in of fiscal, monetary and real sector policies. Meanwhile,
BI7DRRR of 225 bps since the first increase in August the average exchange rate of the rupiah against the United
2022, which has put pressure on BTN’s interest expenses. States (US) dollar is estimated at around IDR15,500 at the
As of September 2023, interest expenses grew 44% yoy, end of 2024, while taking into account uncertainties in
but it is still under control because the growth in interest global financial markets such as the Fed’s monetary policy.
expenses is still lower than the increase in BI7DRRR which BI’s benchmark interest rate will remain at the level of 6.00%
was 64%. at the end of 2023 and then begin decreasing in Semester
b. Apart from the increase in the benchmark interest rate, II 2024. The financial services sector, especially banking, is
banking liquidity throughout 2023 will also be quite predicted to maintain its performance, returning to normal as
tight, especially with the launch of the new BI Open before the pandemic. It is estimated that in 2024 Third Party
Market Operation instruments, namely Bank Indonesia Funds will grow in the range of 8.0% - 9.0% and banking
Rupiah Securities (SRBI), SVBI, and SUVBI. Due to tight loan distribution will grow by 10.0% - 12.0%.
liquidity, there was an increase in CoF which caused a
decrease in NIM. The housing sector still has enormous room for growth
considering the high number of national housing backlogs
On the other hand, BTN continues to strive to answer these and the high number of people who do not yet have adequate
challenges by continuing to maintain strong performance housing. Until September 2023, total KPR recorded positive
and developing other business lines: growth reaching 12.66% yoy. The extension of the stimulus
a. As of September 2023, credit and refinancing grew provided by the Government to the housing sector will have
solidly by 9.9% yoy, in line with guidance for 2023, and an impact on increasing demand for housing in 2024. At
will continue to be increased by encouraging high yield the end of November 2023, the government will provide
credit distribution. a Government Borne Value Added Tax (PPN DTP) incentive
b. In September 2023, fee based income grew 67.3% yoy for the purchase of new houses with a price of up to IDR5
with FBI’s portion of total income reaching 10.2%. FBI billion and exempt 100% VAT for houses with a maximum
is an additional source of income for BTN to reduce sales value of IDR2 billion, which is valid until June 2024.
dependence on assets that are sensitive to interest rates. Meanwhile, for the period July to December 2024, the
c. Efficiency on the operational side has also improved, Government will provide a VAT discount of 50%. The DTP
reflected in a decrease in operational costs of 5.6% yoy VAT incentive is expected to be the main driver of housing
until September 2023. demand throughout 2024. Apart from that, Bank Indonesia
d. BTN also actively manages the cost of funds through the also provided stimulus, namely easing the LTV/FTV ratio for
recomposition of funding which previously relied heavily Property Credit/Financing to a maximum of 100% for all
on commercial deposits and shifted it to retail funds and types of property which is valid until December 2024.
operational current accounts.
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In 2024, people’s purchasing power is expected to increase growth continues to strengthen at 8.66% yoy. This HPI growth
in line with improvements in the national economy and is supported by growth in all types of houses, namely small
the holding of elections. House selling prices are also type houses (21 m2 - 36m2), medium type houses (37m2 -
expected to increase evenly, supported by infrastructure 45m 2) and large types (46m2 - 70m2).
developments, improvements in the national economy, and
positive sentiment regarding the success of holding elections. Source:
- Global Economic Prospects, World Bank, January, 2024
This is also supported by the results of Bank BTN’s House - Bank Indonesia Annual Meeting, 2023
Price Index (HPI) research in Quarter III - 2023, house price - Financial Services Authority Press Release, 2023.
Considering developments in macroeconomic dynamics, the banking industry and the housing industry, the Company conducted
a competitive analysis through Strength, Weakness, Opportunity, Threat (SWOT) analysis analysis as follows:
Potential
Strength Opportunity
• Strong positioning in the mortgage business in the MBR segment and has a • The housing sector has good potential next year. In 2024 KPR is predicted to grow
strategic role in the national housing ecosystem. 95% (yoy), the growth of which is driven by demand for middle segment KPR.
• Potential business increase from initiatives implemented in 2023, including: • LTV/FTV policy relaxation extended until December 2024.
Sales Center, KCP Mitra MSME, branch productivity for KCP, expansion • Increasingly massive acceleration of digital financial services, especially for internet
of e-channel customer acquisitions and transactions, development of and mobile banking users, which has the potential to increase CASA and fee based
retail e-deposits, ultimate projects, and CASA initiatives in the segment income.
businessman.
• Potential for cross selling to captive customers, especially for high yield credit
products, savings and wealth services.
External
Internal
Weakness Threat
• Cost of Funds is still high which has an impact on bank profitability. • The BI 7DRR benchmark interest rate is predicted to remain high “higher for longer”
• Retail TPF is still not growing, TPF growth is still dominated by the which will have an impact on increasing fund interest rates.
commercial segment. • Subsidized KPR allocations are increasingly limited. The allocation for subsidized
• Increase in NPL in the consumer and commercial segments due to the end of KPR in 2024 is 166 thousand units, lower than the allocation in 2023 which is 220
the relaxation for the realization of Covid-19 restructuring. thousand units.
• The contribution of fee based income is still dominant in treasury and admin, • Bank and fintech digital expansion is predicted to remain massive.
while the portion from services and transactions is still low.
Potential
Paying attention to the SWOT analysis, a Threat Opportunity Weakness Strength (TOWS) matrix is prepared as follows:
Strength Strategy
Strength-Opportunity (SO-Strategy) Strength-Threat (ST-Strategy)
• Continuing initiatives in 2023 which focus on increasing • Propose an additional scheme for subsidized KPR allocation
high yield loan, retail deposits and transaction banking. to the Government.
• Develop mortgage business segmentation in the emerging • Sub-Branch Office (KCP)segmentation according to regional
affluent segment (ticket size above IDR750 million). potential, that is Consumer, MSME and General Sub Branch.
• Cross selling program for high yield loan products, • Accelerate the development of digital banking services and
transaction banking and retail deposits super-apps as new sources of growth.
• Develop transaction banking in the commercial and retail
Maximize Opportunity
segments.
Minimize Risk
Weakness-Opportunity Threat-Opportunity
• Accelerate the development of digital banking services and • Partnership with start-ups and finetch to develop high yield
super-apps as new sources of growth. business, transaction banking and digital housing ecosystem.
• Development of fee based income through cross selling in • Strengthen collection and asset recovery processes to
digital services, wealth and wholesale segments. accelerate credit quality improvement.
• Expand sales channels through digital platforms such as • Develop retail customer segmentation, especially in the
BTN Mobile, BTN Properti, and BTN Smart Residence. individual net worth segment.
Recovery Strategy
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Management Discussion and Analysis
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Based on the matters described above, the Company believes it has very good business prospects in the future. In accordance with the
Corporate Plan roadmap for 2021-2025. Bank BTN’s transformation journey in 2024-2025 is “Disrupt and Scaleup Through Digital”
which is described as follows:
2024-2025
Disrupt and Scaleup Through Digital
Funding
• Increase BTN Solutions and sector specific program offerings to more sectors
• Leverage more analytics use cases
Lending
• Launching a one-stop digital customer housing ecosystem
Business • Launching a business to business (B2B) real estate market and bundling services outside of banking
• Launching supported MSME loans
• Property for other sectors (non-residential) Increasing BTN Properti to become the 3rd largest online property portal in
the country
Ecosystem
• Developing BTN Properti to become the 3rd largest online property portal in the country
• Digitize the end to end mortgage process
• Improve API & SandBox management
Enabler • Preparing governance and data structures Designing Strategic Business Unit (SBU) structures and pilots
• Implementing the BUMN corporate culture
• Increase commercial BPI; launched CBC Strengthening Collection & accelerating asset sales
Achievement of Targets and Future Targets
Achievement of Targets In 2023
Comparison of Production/Operational Targets and Realization
Several indicators of operational target achievement may be demonstrated by the achievement of some targets, namely lending and
financing targets and Third Party Funds collection targets.
Table of Comparison of Production/Operational Targets and Realization (in IDR million)
Description 2023 Realization 2023 Target Achievement
1 2 3 4=2/3
Loans and Financing
Housing Loans 248,030,689 249,369,957 99.46%
Non-Housing Loans 48,553,170 44,673,004 108.69%
Total Loans 296,583,860 294,042,962 100.86%
Total Financing 37,114,281 35,784,542 103.72%
Total Loans and Financing Provided 333,698,141 329,827,503 101.17%
Third Party Funds
Current Account 143,534,817 135,150,320 106.20%
Savings 44,471,996 49,346,763 90.12%
Deposits 161,926,504 162,628,342 99.57%
Total Third Party Funds 349,933,317 347,125,425 100.81%
Housing loans in 2023 amounted to IDR248.03 trillion recovering after Covid-19 and also the Company’s strategy in
reached 99.46% of the 2023 target, this was partly due developing high yield product businesses such as KAR, KRING
to economic conditions which were still in the process of and KUR, so that overall the Company’s loans and financing
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could still exceed the 2023 target, reaching 101.17% of the as to reduce the increase in the cost of funds amidst conditions of
2023 target. tight banking liquidity and high interest rates.
The amount of third party funds in 2023 amounted to IDR349.93 Savings in 2023 amounted to IDR49.34 trillion reached
trillion, reaching 100.81% of the 2023 target. This achievement 90.12%, this failure was due to tight banking liquidity conditions,
was supported by the achievement of the current account in especially banks in the Commercial Bank Business Activities III
2023. The current account in 2023 reached IDR135.15 trillion, category, but the Company’s savings position could still grew
achieving 106.20% of the year’s target. In 2023, the current yoy by 5.40%.
account achievement could be contributed by an increase in
current accounts in the wholesale, commercial, corporate and
institutional segments. Comparison of Financial Targets and Realization
Deposits in 2023 reached IDR162.63 trillion, achieving 99.57% Financial achievement can be seen from the achievement of
of the 2023 target, this failure to achieve was more due to the financial position, financial ratios, income and profit.
Company’s strategy of shifting expensive funds to cheap funds so
Table of Comparison of Financial Targets and Realization (in IDR million)
Description 2023 Realization 2023 Target Achievement
1 2 3 4=2/3
Financial Position
Assets 438,749,736 430,947,850 101.81%
Liabilities 381,164,489 401,402,327 94.96%
Equity 30,479,152 29,545,523 103.16%
Income and Profits
Interest income 28,281,252 27,729,313 101.99%
Income from operations 4,539,729 4,014,398 113.09%
Net income 3,500,988 3,053,724 114.65%
Financial Ratios
CAR 20.07% 19.44% 103.24%
NPL 3.01% 3.45% 87.25%
ROA 1.07% 0.95% 112.63%
ROE 13.86% 12.16% 113.98%
NIM 3.75% 3.89% 96.40%
Assets in 2023 amounted IDR441.79 trillion, with an achievement with the achievement of operational profit, net profit in 2023
of 101.81% above the target. This achievement was due to was realized at IDR3.50 trillion with an achievement of 114.65%
securities owned, credit/receivables/financing provided and which succeeded in exceeding the set target. This achievement
DPK successfully exceeding the set target. Equity achievement was due to the success of the Company’s strategy in improving
in 2023 is 103.16% with a realization of IDR30.48 trillion. financing quality, expanding high yield credit and optimizing
Stronger equity in 2023 is supported by better profitability, operational income besides interest. The profit in 2023 became
thereby increasing retained earnings for that year. the largest profit in the history of the Company’s existence.
Realization of interest income in 2023 reached IDR28.28 In terms of financial ratios, CAR in 2023 reached 20.07% with
trillion with an achievement of 101.99% above the target. an achievement of 103.24% above the target. This achievement
This achievement was due to improvements in loan quality was contributed by increased profits, additional core capital
and the Company’s strategy in expanding high yield loans. obtained from the rights issue and the Company’s ability to
Likewise, operational profit in 2023 managed to exceed the manage its securities portfolio so that had no significant mtm
target of 113.09% with a realization of IDR4.54 trillion. This downsides. NPL in 2023 was 3.01%, better than the target
achievement was due to the success of the Company’s strategy of 3.45%. This is driven by business process improvement
in improving financing quality, expanding high yield financing initiatives such as the implementation of the Commercial Banking
and optimizing operational income other than interest. In line Center (CBC), Regional Loan Processing Center (RLPC) so that
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the loan processed became more prudent and also asset sales supported by an increase in the Company’s profit in 2023, an
carried out periodically. ROA, ROE and NIM in 2023 reached increase in operational income other than interest and efficiency
1.07%, 13.86% and 3.75% respectively. This achievement was in overhead costs.
Comparison of Target and Realization of Capital Structure
Achievement of the capital structure in 2023 is described as follows.
Table of Comparison of Targets and Realization of Capital Structure (in IDR million)
Description 2023 Realization Target 20223 Achievement
1 2 3 4=2/3
Core Capital (Tier 1) 27,154,078 26,499,859 102.47%
Main Core Capital (Common Equity Tier - CET 1) 27,154,078 26,499,859 102.47%
Additional Core Capital (Additional Tier - AT 1) - - -
Supplementary Capital (Tier 2) 4,076,204 3,902,802 104.44%
Total Capital 31,230,282 30,402,662 102.72%
Risk Weighted Assets (RWA) 155,590,147 156,392,874 99.49%
Minimum Capital Adequeacy Requirement(KPMM) 20,07% 19,44% 103.24%
Core Capital (Tier 1) in 2023 was IDR27.15 trillion with an Comparison of Marketing Target and Realization
achievement of 102.47% above the target. This achievement is
due to the potential gain/loss in the value of securities owned The public’s brand awareness (the level of bank awareness) of
which can be reduced to a minimum. Complementary capital the Company’s brand was an indicator of marketing strategy
(Tier 2) in 2023 was also realized at IDR4.07 trillion with an achievement in 2023. The method used to obtain the public
achievement of 104.44% above the target. In the future, the perception index ranking of the Company’s brand was through
Company will continue to maintain an optimal composition of direct surveys of respondents in 9 (nine) large cities in Indonesia
Core Capital (Tier 1) to support increasing business capacity. by an independent survey institution with consideration of the
bank’s image bankwide, savings products and e-channels,
resulted in the following:
Bank Rapid Reaction Monitor (BRRM) Table – 9 (nine) Cities
Rating (Score)
Awareness Level
2023 (Q4) 2022
Bankwide 6 (36) 7 (36)
Savings 5 (19) 5 (22)
E-Channel (Mobile Banking) 7 (11) 8 (9)
Based on the results of this study, it can be concluded that the Comparison of Targets and Realization of HR
Bank BTN brand has experienced an increase in ranking in Development
awareness bankwide and in terms of e-channel products (BTN
Mobile), while the level of awareness of BTN savings is still at The achievements of human capital development are shown by
rank 5 (five). the number of trainings and the costs spent throughout the current
year.
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Table of Comparison of Human Resources Development Targets and Realization
Description 2023 Realization 2023 Target Achievement
1 2 3 4=2/3
Human Capital Development Cost (IDR million) 95,928 97,050 99.84%
Number of Trainings (trainings) 206 175 117.71%
Number of Training Participants (person) 308,229 280,320 109.96%
Throughout 2023, the Company has carried out human resource development through learning and development programs for all
employees using Classroom, Virtual Classroom and Self Learning methods. The achievement percentage for the number of learning and
development participants until December 2023 reached 109.96% or above the predetermined target.
Future Targets (Projection)
Bank BTN has set future targets in accordance with the 2024 Company Work and Budget Plan document. This target setting was based
on several macro assumptions as follows:
Table of Assumptions in Preparing Projections
Macro Assumption 2024
GDP Growth (% yoy) 5.10
BI 7 Days Reverse Repo Rate (%) 5.50
Inflation (%) 2.9
Exchange Rate (IDR/USD) 15,500
Loan Growth (%) 9.50
Third Party funds Growth (%) 8.00
Source: Bank BTN Chief Economist Analysis
Production/Operational Projections
Production/operational projections for 2024 are as follows:
Table of Production/Operational Projection (in %)
Description 2024 Growth Projections
Loans and Financing
Housing Loans 8% - 10%
Non-Housing Loans 30% - 32%
Total Loans 10% - 12%
Total Financing 13% - 5%
Total Loans and Financing Provided 10% - 12%
Third Party Funds
Demand Deposits 8% - 10%
Saving Deposits 21% - 23%
Time Deposits 11% - 13%
Total Third Party Funds 11% - 13%
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Financial Projection
The financial projections for 2024 are as follows:
Table of Financial Projection (in %)
Description 2024 Growth Projections
Financial Position
Assets 9% - 11%
Liabilities 9% - 11%
Equity 7% - 9%
Income and Profits
Interest income 11% - 13%
Income from operations 14% - 16%
Net income 10% - 12%
Financial Ratios
CAR 19% - 20%
NPL < 3,00%
ROA 1% - 2%
ROE 13% - 15%
NIM 4% - 5%
Capital Structure Projection
The projected capital structure for 2024 is as follows:
Table of Capital Structure Projection (in %)
Description 2024 Growth Projections
Core Capital (Tier 1) (5%) - 7%
Main Core Capital (Common Equity Tier - CET 1) (5%) - 7%
Additional Core Capital (Additional Tier - AT 1) -
Supplementary Capital (Tier 2) 58% - 60%
Total Capital 2% - 4%
Risk Weighted Assets (RWA) 3% - 5%
Minimum Capital Adequeacy Requirement(KPMM) (0%) - 1%
Dividend Policy Projection
Dividend policy projection information is as follows:
Table of Dividend
Realizaion
Description Projection 2024
2023 2022 2021
Capital Plan
1. Net Income 3,607 3,419 3,045 2,376
2. Dividend Pay Out (DPO) 721 684 609 238
3. DPO Ratio 20.00% 20.00% 20.00% 20.00%
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The basis of the dividend distribution policy is based on the dividends from the distribution of net income. The amount of
decision of the Annual General Meeting of Shareholders dividends depends on the dividend policy implemented.
(AGMS) or Extraordinary General Meeting of Shareholders
(EGMS) based on Law No. 40 of 2007 concerning Limited Marketing Projection
Liability Companies. Factors that are taken into consideration in
determining the amount and payment of dividends include the In 2024, the campaign strategy will focus on Rebranding the
level of financial health, the level of capital adequacy, and the Bank BTN Logo as well as increasing BTN Mobile activations
need for funds for further business expansion, without reducing and transactions through increasing savings, both in terms
the rights of the Company’s GMS to determine otherwise in of increasing the Number of Accounts (NoA) and Volume
accordance with the provisions of the articles of association. of Accounts (VoA), through optimizing the 360 campaign
The amount of the Company’s dividend will be determined at strategy. In addition, Plus by BTN Prioritas, BTN Business and
the General Meeting of Shareholders (GMS). Management plans Internet Banking Business (IBB), BTN Spekta 2024, and BTN
to distribute a dividend payout ratio of 20% if there is a cash KPR (Subsidized and Non-Subsidized) are included in the 2024
surplus from operational activities after these funds have been set campaign plan as an effort to increase the realization of third
aside for reserve funds, financing activities, capital expenditure party funds (both retail and institutional) , as well as increasing
plans, and the Company’s working capital. Bank BTN receives the realization of financing credit.
Campaign Plan 2024
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Primary
TRANSACTIONAL SAVINGS REBRANDING BANK BTN
Secondary
POM 1
& TRANSACTIONAL SAVINGS
Secondary & INTERNET SUBSIDIZED
POM 2 BANKING BUSINESS KPR BTN
Festive BTN 74th Festive BTN 78th KPR BTN 48th
Campaign Anniversary Ramadan Anniversary Anniversary
Festive Eid-Fitr Festive Festive
• BTN E-Channel Products and Promos (BTN • BTN Specta • KUR and KUMK Products and Programs
Always On Mobile, IB and ATM) • Priority BTN Services and Programs • Other BTN Bank Products, Programs and Services
• BTN Visa Debit Card Products and Promos • Non-Subsidized KPR, Subsidized KPR, KAR and • Corporate Communication
• BTN Batara Savings and BTN Slap! KRING products and programs • Festive
• BTN Bisnis and IBB Savings • Commercial Loan Financing Products • Government Communication
• KPR and BTN Properti • Sharia Products and Programs
Event Plan 2024
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
HGCTHI FEST
Jakarta Bandung Semarang Surabaya Medan Balikpapan Palembang Makasar Denpasar
Market Outlook
& Launching
New Debit HUT
Card BTN Ke-74
BTN BTN BTN JWF
BTN Roadshow BTN Jakarta BTN JIM Property MotoGP
Anniversary International Marathon (Wedding and
(Event Day) Expo di 6 Mandalika
Festival (BTN JIM) Housing Expo)
Kota Series KPR BTN 48th
Anniversary
Festive
Chinese New
Year (CNY) Launching Homecoming BTN
BTN Bisnis
Jakarta and New BTN (Mudik) with Property
Ramadan Sheila On 7
Surabaya (Logo, Tower BUMN Expo in 6 Joyland
Savings Concert
dan New (six) Cities Festival
Card)
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HR Development Projection
The HR development projections for 2024 are as follows:
Table of HR Development Projection
Description 2024 Projections
Human Capital Development Cost (million IDR) 104,190
Number of Trainings (trainings) 210
Number of Training Participants (person) 290,775
Evaluation of Long Term Plans (RJP)
Bank BTN has a Corporate Plan 2021-2025, the Company is Board of Commissioners every month. An evaluation of the long-
always evaluating the long-term plan (Corporate Plan 2021- term plan was carried out to see the suitability of the plan in an
2025). Evaluation of long-term plans is carried out every year effort to achieve BTN’s vision in 2025, namely to become The
by the Board of Directors and Board of Commissioners. In 2023, Best Mortgage Bank in Southeast Asia. The results of this long-
evaluation of long-term plans will be carried out at the Board of term plan evaluation serve as guidelines and considerations in
Directors Meeting and the Board of Directors Meeting with the preparing the 2024 RKAP.
The Best Mortgage Bank in Southeast Asia 2025
Measures of the Vision and Aspiration Milestones of the
Achievements in 2023 Key Metrics in 2025
Corporate Plan for 2021-2025
Cost of Fund Cost of Fund
Increase low cost funding 2 times to IDR270 Tn
3,7% 3,9%
Encouraging affordable access to housing for KPR Unit Unit KPR
more than 6 M Indonesians 588 Thousand 1.5 Million
Building a one stop shop financial solution for Ratio FBI Rasio FBI
3 M consumers related to housing 12,6% 12,5%
Become a digital innovator and CIR CIR
home of Indonesia’s best talent 46,3% 46,0%
NPL Gross NPL Gross
Build a high quality portfolio with low NPL levels
3,0% 3,0%
ROE ROE
High and sustainable profitability with ROE~20%
13,5% 19,8%
In supporting strategic achievements in 2025, Bank BTN consisting of initiatives in the fields of Funding, Lending and
has determined 3 (three) main focuses of strategic initiatives Enabler (Human Capital, Operation, Finance).
304 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
FUNDING: Retail, Institutional & Wholesale
1. Develop electronic channels 2. Develop retail customer 3. Develop Operational Risk 4. Developing products and 5. Develop a retail customer 6. Developing CASA in the
and activate retail banking acquisition/activation Readiness and Fraud Risk activating retail banking activation strategy business segment
transactions (Mobile Banking, strategies on channels Strategy transactions
EDC, QRIS, & related (Mobile Banking, EDC, ORIS,
channels) & related channels)
7. Increased Sales of Foreign 8. Develop Trade Finance and 9. Prepare a Transaction 10. Implementation of the
Exchange & Securities Bank Guarantee Business Banking Road Map Single Relationship Model for
Transactions with Customers Corporate Segments
LENDING: KPR, Personal Loan, SME, Asset Management
1. Building a KPR Business 2. Develop an alternative 3. Optimizing Sales Channels 4. Building a High Yield Loan 5. Expansion of High Yield 6. Develop a Collection
Model for the Emerging proxy income model to for personal loan offers business in the consumer Loan Business for SMEs Strategy for the SME Segment
Affluent Segment increase the approval rate via digital (New Mobile credit segment
35
Banking/BTN Properti) &
Telesales
7. Centralize the SME credit 8. Implementation of the new
process in the MSME Process SME business process and
Center SME Decision Engine
ENABLER: Human Capital, Operations, Finance
initiatives 1. Develop HCBP to align HC 2. Refine HC’s organizational 3. Further improvements 4. Implementing a multi- 5. Apply systematic 6. Implement integrated
implemented strategy with Business and structure and design a to increase operational sourcing strategy and running productivity measurement performance management
answer the Bank’s needs grading system that is in line excellence and HR an on boarding program methodologies and matrices principles and governance
in 2023 with business needs management practices for new recruits and internal for the business and support and apply multi-source
movements segments performance assessments to
ensure overall objectivity
7. Align remuneration systems 8. Sharpen learning 9. Carry out succession 10. Activate the 4 EVP Pillars- 11. Increasing the 12. Implement integrated
and incentive programs to strategies, apply coaching management to ensure the Learn, Grow, Contribute and internalization of AKHLAK HCIS to support operational
attract. retain and motivate consistently and carry out fulfillment of key/critical Engagement in encouraging culture and the four pillars excellence, data-based
employees interventions to support a positions and close the increased branding of of Bank BTN culture through decision making. As well
learning culture generation gap Bank BTN continuous optimization of as providing a seamless
Change Agent Networks and employee experience
Cultural Programs
13. Implementation of 14. Rolloute-record 15. Development of 16. Implement an SBU 17. Review/Rebranding of
predictive and productivity- (Centralization and Profitability Measurement. structure to build a Bank BTN
based workforce planning Digitization) in 30 KC Systems performance-driven
organization
In 2023, corresponded to the Company’s Transformation Journey the Company’s strategy in improving credit quality, expanding
phase in 2023 is “Digital Disruption to Master the Housing high yield credit and optimizing operational income besides
Ecosystem”, Bank BTN succeeded in exceeding the profit target flowers. The profit in 2023 will be the largest profit in the history
set, net profit in 2023 was realized at IDR3.50 trillion with of the Company’s existence.
growth of 14.97% (yoy), this increase was due to the success of
Dividend Policy, Announcement and Payment
Dividend Policy
The policy basis for dividend distribution was based on the to determine otherwise in accordance with the provisions of the
resolution of the Annual General Meeting of Shareholders articles of association. Based on these matters, unless there were
(AGMS) or the Extraordinary General Meeting of Shareholders other fundamental reasons, management plans to pay a minimum
(EGMS) based on Law no. 40 of 2007 concerning Limited cash dividend of 20% of net profit each year.
Liability Companies. The amount of Bank BTN dividends was
determined at the General Meeting of Shareholders (GMS). Dividend Announcement and Payment
The factors considered in determining the amount and payment Information regarding the announcement and payment of
of dividends included the level of financial soundness, the level dividends for the 2022-2021 financial year is presented as
of capital adequacy, the need for funds for further business follows.
expansion, without prejudice to the right of the Bank BTN GMS
Table of Announcement and Payment of Dividends for Fiscal Year 2022 - 2021
Description Fiscal Year 2022 Fiscal Year 2021
Net income (IDR) 3,045,071,859,198 2,376,225,756,803
Cash Dividend 609,014,371,840 237,622,575,680
Non-Cash Dividend *) - -
Number of Shares (qty) 14,034,444,413 10,590,000,000
Cash Dividend per Share (IDR) 43.39 22.43
PT Bank Tabungan Negara (Persero) Tbk 305
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Description Fiscal Year 2022 Fiscal Year 2021
Non-Cash Dividend per Share *) - -
Dividend Pay Out Ratio (%) 20 10
Announcement Date March 17, 2023 March 04, 2022
Cash Dividend Payment Date April 14, 2023 March 31, 2022
Non-Cash Dividend Payment Date*) - -
Note: *) The Company does not have Non-Cash dividends
Announcement and Payment of Dividend For Fiscal 2. 80% (eighty percent) or IDR2,436,057,487,358 (two trillion
Year 2022 four hundred thirty-six billion fifty-seven million four hundred
eighty-seven thousand three hundred and fifty-eight Rupiah)
In 2023, the Company distributed cash dividends for the 2022 as retained earnings.
financial year in accordance with the results of the 2023 Annual
GMS decision dated March 16, 2023. Based on the 2023 Announcement and Payment of Dividend for Fiscal
Annual GMS, Shareholders decided to approve and determine Year 2021
the use of the Company’s net profit for the 2022 financial year
amounting to IDR3,045,071,859,198 (three trillion forty-five In 2022, the Company distributed the 2021 Fiscal Year cash
billion seventy-one million eight hundred and fifty-nine thousand dividends in accordance with the results of the 2022 Annual
one hundred and ninety-eight Rupiah) as follows: GMS decision dated 02 March 2022. Based on the 2022
1. In the amount of 20% (twenty percent) or IDR609,014,371,840 Annual GMS, Shareholders decided to approve the use of
(six hundred nine billion fourteen million three hundred the Company’s Fiscal Year 2021 Net Income amounting to
seventy one thousand eight hundred and forty Rupiah) as IDR2,376,225,756,803 (two trillion three hundred seventy six
cash dividends to Shareholders paid under the following billion two hundred twenty five million seven hundred fifty six
conditions: thousand eight hundred three rupiah) as follows:
a. Dividends from the Government of the Republic of 1. An amount of 10% (ten percent) or IDR237,622,575,680
Indonesia for ownership of 60% (sixty percent) shares (two hundred thirty-seven billion six hundred twenty-two
amounting to IDR365,408,623,104 (three hundred million five hundred seventy-five thousand six hundred
sixty five billion four hundred eight million six hundred and eighty rupiah) is determined as cash dividends to
twenty three thousand one hundred four Rupiah), was Shareholders who will paid under the following conditions:
deposited into the State General Treasury Account in a. Specifically, the Government’s share of dividends for
Rupiah currency. ownership of 60% (sixty percent) shares amounting to
b. Other Shareholder Dividends for ownership of IDR142,573,545,408 (one hundred forty-two billion
40% (forty percent) of public shares amounting to five hundred seventy-three million five hundred forty-
IDR243,605,748,736 (two hundred forty three billion five thousand four hundred and eight rupiah) will be
six hundred five million seven hundred forty eight deposited into the State General Treasury Account .
thousand seven hundred thirty six Rupiah) was paid b. Grant authority and power to the Company’s Directors
to shareholders proportionally according to share with the right of substitution to determine the schedule
ownership. and procedures for distribution of Fiscal Year 2021
c. Grant authority and power to the Company’s Directors dividends in accordance with applicable regulations.
with substitution rights to determine the schedule and 2. 90% (ninety percent) or IDR2,138,603,181,123 (two trillion
procedures for distributing dividends for the 2022 one hundred thirty eight billion six hundred three million
financial year in accordance with applicable regulations. one hundred eighty one thousand one hundred twenty three
rupiah) is determined as retained earnings balance.
Realization of Use of Proceeds from Public Offering
Throughout 2023, no bonds were issued so there was no from the public amounting to IDR1,653,333,318,000, all of
obligation for the Company to report the proceeds from the which was deposited into Bank BTN Capital after deducting the
bonds. However, there was additional capital through a rights issuance costs. Detailed information regarding additional capital
issue/privatization mechanism with State Capital Participation through the rights issue/privatization mechanism is presented in
Report (PMN) amounting to IDR2,479,999,977,600, plus funds the State Capital Participation Report (PMN) section.
306 PT Bank Tabungan Negara (Persero) Tbk
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Material Information on Investment, Expansion, Divestment, Business Merger/Consolution,
Acquisition, or Debt and Capital Restructuring
Investment
As one of the business activities in the banking industry, the in the form of debt securities made by BTN as of December 31,
Bank invests in the form of debt securities, both issued by the 2023 and 2022:
Government and corporations. Below are details of investments
Table of Securities Investment (in IDR million)
Value
Description
2023 2022
Fair value through profit or loss 4,838,453 20,385,030
Fair value through other comprehensive income 14,440,327 14,988,242
Amortized cost 21,921,022 18,314,868
Total Securities 41,199,803 53,688,141
Throughout 2023 the Sharia Business Unit (UUS) has invested in bonds with a total accumulation of IDR126.29 trillion. In the same year,
investment in these bonds which had matured or been disbursed amounted to IDR116.70 trillion
Expansion
In 2023, the Company through the Procurement & Fixed Asset 6. On April 4 2023, work will begin on the revitalization and
Management Division (PFAD) expanded in terms of procurement renovation of the Bank BTN Education and Training Center
and management of fixed assets as follows: building located on Jalan KH. Mas Mansyur No. 86 Tanah
1. On December 18 2023, purchase of a multi-storey building Abang, Central Jakarta with a value of IDR33.8 billion.
consisting of 28 floors and 2 basements worth IDR1.28 Furthermore, the building will be operated as the Sharia
trillion located on Jalan H.R. Rasuna Said No. 01 RT.001 Business Unit Bank BTN Head Office.
RW.006, Guntur Village, Setiabudi District, South Jakarta. 7. On November 22 2023, work will begin to utilize the
Subsequently, the building was called the BTN Tower 2 Company’s land located on Jalan Raya Gandul – Cinere,
Building and became the operational office for the Business Depok City, which has an area of ± 5 Ha. The land will
Division, Regional Office and Branch Office. be developed into BTN ECOPARK, and it is planned that
2. On September 14 2023, purchase of an office building in the a record center building, archives building, data center
form of a shophouse worth IDR3.33 billion located in Komp. building, training center building and sub-branch office will
BSD, Ruko Sector VII E Blok K Jl. Raya Serpong, Tangerang. be built. Development progress is at the land maturity stage.
The building is located adjacent to the Bumi Serpong Damai
Branch Office (KC BSD) and is operated as an extension of Throughout 2023, the Company has expanded in terms of
the KC BSD building. developing its office network by adding 2 (two) Sharia Branch
3. On November 10 2023, purchase of an office building in Offices (KCS) (KCS Jember, KCS Pontianak), then the Company
the form of a shophouse worth IDR1.27 billion located on has also opened a network of 7 Conventional Sub-Branch Offices
Jl. IN. Panjaitan Km. 9 Bintan Center Plaza Complex Blok (KCP). (seven) Offices (KCP Soreang, KCP Sentul Industrial Area,
Bunga, Tanjung Pinang, Riau Islands Province. The building KCP Tanah Abang Market Block A, KCP RS Bhayangkara Kediri,
is located adjacent to the Tanjung Pinang Branch Office KCP Manna, KCP Barabai and KCP Wonosobo). Apart from
and is operated as an expansion of the Tanjung Pinang KC Conventional KCPs, the Company also opened 4 Sharia KCPs
building. (KCPS) (KCPS Rangkasbitung, KCPS Solok, KCPS Batang and
4. On December 13 2023, land acquisition worth IDR80 billion KCPS Bantul. In total, the Company’s office network in 2023
located in the Pondok Indah area, South Jakarta. Next, consists of 6 (six) Regional Offices, 81 Conventional KCs , 34
permits are processed for the land for the construction of a Sharia KCs, 541 Conventional KCPs and 75 Sharia KCPs.
branch office building.
5. On December 20 2023, procurement and installation of a
new generator for the BTN Tower Building worth IDR14.8
billion. The new generator replaces the old generator which
has been operating for 30 years.
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Management Discussion and Analysis
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Divestment it can affect the decision-making process and the performance
of the decision. which can be detrimental to Bank BTN. Bank
Throughout 2023, Bank BTN did not carry out divestment BTN realizes the importance of a firm attitude towards controlling
activities and handling conflicts of interest that occur within Bank BTN, so
that effective business management can be created in achieving
Business Merger/Consolution Bank BTN’s goals, free from all forms of corruption, collusion
and nepotism (KKN) and harmonious relationships with all
Throughout 2023, Bank BTN did not carry out business merger/ stakeholders.
consolidation activities.
Bank BTN always complied with the applicable provisions in
Acquisition terms of transactions that contained conflicts of interest, as stated
in the OJK Regulation Number 42/POJK.04/2020 Concerning
Throughout 2023, Bank BTN did not carry out acquisition Affiliated Transactions and Transactions with Conflicts of Interest
activities. and OJK Circular Letter Number 13/SEOJK. 03/2017 dated
March 17, 2017 concerning Implementation of Governance for
Debt and Capital Restructuring Commercial Banks. From an internal standpoint, Bank BTN had
a Transaction Policy Containing Conflicts of Interest as stipulated
Throughout 2023, Bank BTN did not carry out debt and capital in the Guidelines and Work Procedures for the Board of Directors
restructuring activities and the Board of Commissioners.
The policy of providing funds to related parties that contained
Information on Material Transactions conflicts of interest was contained in a separate Directors Regulation
Containing Conflicts of Interest and/or which stipulated that Bank BTN was prohibited from providing
Transactions with Affiliates Parties funds to related parties without the approval of the Board of
Commissioners. In the event of a conflict of interest between Bank
Material Transactions were any transactions made by public BTN and shareholders, members of the Board of Commissioners,
companies or controlled companies that met the transaction members of the Board of Directors, Executive Officers and/
value limit equal to 20% (twenty percent) or more of the Public or other parties related to Bank BTN, members of the Board of
Company’s equity (OJK Regulation Number 17/POJK.04/2020 Commissioners, members of the Board of Directors and Executive
Concerning Material Transactions and Changes in Business Officers were prohibited from taking actions that might harm or
Activities. reduce profits of Bank BTN and had todisclose the conflict of interest
in every decision. Bank BTN also properly documented every
Transactions Containing Conflicts of Interest disclosure in accordance with applicable regulations. Disclosure of
conflict of interest was set forth in the minutes of meeting at least
In accordance with the provisions of the OJK Regulation Number including the name of the party having the conflict of interest, the
42/POJK.04/2020 Concerning Affiliated Transactions and main issue of the conflict of interest and the basis for consideration
Conflicts of Interest Transactions, a conflict of interest was the for making the decision.
difference between the economic interests of a public company
and the personal economic interests of members of the board In principle, every Bank BTN employee avoided making decisions
of directors, members of the board of commissioners, major that had situations and conditions where there was a conflict of
shareholders or controllers who can be detrimental to the said interest. Lending to the Directors, Board of Commissioners and
public company. employees of Bank BTN was carried out based on reasonable
limits and in accordance with applicable Bank BTN regulations
Bank BTN’s business activities are inseparable from the without differentiating it from other customers (arm’s length basis).
relationships and interactions between individuals within Bank
BTN and with other parties, there is a potential conflict of interest Throughout 2023, there were no transactions containing conflicts
that may be unavoidable between one party and another, so that of interest
Table of transactions containing conflicts of interest
Name Position Decision Maker Transaction Type Transacttion Value Information
Nil Nil Nil Nil Nil Nil
308 PT Bank Tabungan Negara (Persero) Tbk
Page 311
2023 Annual Report
Affiliated Transactions
Based on the provisions of the OJK Regulation Number 42/ During 2023 there were no material transactions that meet the
POJK.04/2020 Concerning Affiliated Transactions and category of affiliated party transactions.
Transactions with Conflicts of Interest, Affiliates are:
1. Family relations by marriage and descent to the second Related Party Transactions
degree, both horizontally and vertically;
2. The relationship between the party and the employee, In carrying out its business, the Bank carries out transactions with
director or commissioner of the party; related parties as defined in PSAK No. 7 concerning “Related
3. Relationship between 2 (two) companies where there is 1 Party Disclosures”. A party is considered related to the Bank if:
(one) or more members of the same Board of Directors or a. A party that directly, or indirectly through one or more
Board of Commissioners; intermediaries, a party (i) controls, or is controlled by, or
4. The relationship between the Company and the Party, either is under common control with, the Bank; (ii) has significant
directly or indirectly, controls or is controlled by the company; influence over the Bank; or (iii) has joint control over the
5. Relationship between 2 (two) companies that are controlled, Bank;
either directly or indirectly, by the same party; or b. A party that is in the same business group as the Bank;
6. Relationship between the Company and Major Shareholders. c. A party that is a joint venture where the Bank is the venturer;
d. A party is a member of the Bank’s key management
Furthermore, Affiliate transactions are any activities and/ personnel;
or transactions carried out by public companies or controlled e. A party is a close family member of the individual described
companies with Affiliates of public companies or Affiliates of in (a) or (d);
Members of the Board of Directors, Members of the Board of f. A party is a post-employment benefits program for employee
Commissioners, Major Shareholders, or Controlling, including benefits from the Bank or a Bank-related entity;
any activities and/or transactions carried out by Public Company g. A party is an entity that is controlled, jointly controlled
or Controlled Company for the benefit of Affiliates of Public or significantly influenced by several entities, directly or
Companies or Affiliates of members of the Board of Directors, indirectly, individuals as described in point (d) or (e).
Members of the Board of Commissioners, Major Shareholders,
or Controllers.
Name of Parties Under Transactions and Nature of Relation
Related parties conducting transactions with the Company are listed in the following table:
Table of Related Parties
Related Parties Type of Relation Element of Related Party Transaction
Government of the Republic of Indonesia The majority shareholder is through the Government Bonds, Loan provided and
(RI) Indonesian Ministry of Finance sharia financing/receivables
Current accounts with other banks, placements with
Under the same control through the Central
PT Bank Mandiri (Persero) Tbk Bank Indonesia and other banks, securities, acceptance
Government of the Republic of Indonesia
liabilities, loans received and securities issued
Current accounts with other banks, Placements with
Under the same control through the Central
PT Bank Negara Indonesia (Persero) Tbk Bank Indonesia and Other Banks, Securities, Securities
Government of the Republic of Indonesia
Issued, Acceptance Liabilities
Current accounts with other banks, placements with
Under the same control through the Central
PT Bank Rakyat Indonesia (Persero) Tbk Bank Indonesia and other banks, securities and
Government of the Republic of Indonesia
securities issued
Under the same control through the Central Current accounts with other banks, and placements with
PT Bank Syariah Indonesia Tbk
Government of the Republic of Indonesia Bank Indonesia and other banks
Subsidiaries of State-Owned Enterprises Placements with Bank Indonesia and Other Banks,
PT Bank Mandiri Taspen
(BUMN) Securities
PT Bank Tabungan Negara (Persero) Tbk 309
Page 312
Management Discussion and Analysis
on Bank Performance
Related Parties Type of Relation Element of Related Party Transaction
PT Bank Raya Tbk (formerly PT Bank Rakyat Subsidiaries of State-Owned Enterprises Placements with Bank Indonesia and Other Banks,
Indonesia Agroniaga Tbk) (BUMN) Deposits from Other Banks, and Securities Issued
Under the same control through the Central Placements with Bank Indonesia and Other Banks,
Indonesian Export Financing Institute
Government of the Republic of Indonesia Securities
Under the same control through the Central
PT Hutama Karya (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Under the same control through the Central Securities and Loans provided and Sharia financing/
Perum Perumnas
Government of the Republic of Indonesia receivables, Acceptance Bill
Subsidiaries of State-Owned Enterprises Acceptance and Credit Receivables and Sharia
PT PP Properti Tbk
(BUMN) Financing/receivables
Subsidiaries of State-Owned Enterprises
PT Wijaya Karya Bangunan Gedung Tbk Issued Acceptance and Guarantee Bill
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Wijaya Karya Industri Energi Acceptance Bill
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Wijaya Karya Industri & Konstruksi Acceptance Bill
(BUMN)
State Printing Company of the Republic of Under the same control through the Central
Loans provided and sharia financing/receivables
Indonesia (Perum PNRI) Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Danareksa Investment Management Securities and Securities Issued
(BUMN)
Under the same control through the Central
PT Adhi Karya (Persero) Tbk Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Under the same control through the Central
PT Angkasa Pura II (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Under the same control through the Central
PT Dok and Perkapalan Surabaya (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT HK Realtindo Loans provided and sharia financing/receivables
(BUMN)
Under the same control through the Central
PT Indah Karya (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Jasamarga Bali Tol Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Mandiri Manajemen Investasi Securities and Securities Issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Patra Jasa Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises Securities, loans provided and sharia financing/
PT Permodalan Nasional Madani (Persero)
(BUMN) receivables
Under the same control through the Central
PT Amarta Karya (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Under the same control through the Central Securities, loans provided and sharia financing/
PT Perusahaan Pengelola Aset (Persero)
Government of the Republic of Indonesia receivables
Under the same control through the Central
PT Taspen (Persero) Securities Issued
Government of the Republic of Indonesia
Under the same control through the Central Loans provided and sharia financing/receivables and
PT Virama Karya (Persero)
Government of the Republic of Indonesia guarantees issued
Subsidiaries of State-Owned Enterprises
PT Waskita Bumi Wira Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Waskita Karya Realty Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT PPA Finance Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Waskita FIM Perkasa Realti Loans provided and sharia financing/receivables
(BUMN)
Under the same control through the Central Loans provided and sharia financing/receivables and
PT Pertamina (persero)
Government of the Republic of Indonesia securities
Under the same control through the Central Loans provided and sharia financing/receivables and
PT Yodya Karya (Persero)
Government of the Republic of Indonesia guarantees issued
310 PT Bank Tabungan Negara (Persero) Tbk
Page 313
2023 Annual Report
Related Parties Type of Relation Element of Related Party Transaction
Subsidiaries of State-Owned Enterprises
PT Adhi Persada Properti Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas Jakabaring Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas Sentraland Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas TOD Tanjung Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Sinergi Investasi Properti Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas Pondok Cina Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises Loans provided and sharia financing/receivables and
PT Adhi Commuter Property
(BUMN) Other Receivables
Under the same control through the Central Loans provided and sharia financing/receivables and
PT Angkasa Pura I (Persero)
Government of the Republic of Indonesia Securities
Subsidiaries of State-Owned Enterprises
PT Jalin Pembayaran Nusantara Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Reasuransi Nasional Indonesia Securities Issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Tugu Reasuransi Indonesia Securities Issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Puspetindo Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Kredit Indonesia Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Jasa Indonesia Securities Issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Jasa Raharja Securities Issued
(BUMN)
Under the same control through the Central
PT Perusahaan Listrik Negara (Persero) Credits granted and Securities
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Nindya Karya (Persero) Credit given and Guarantee issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Centurion Perkasa Iman Credit given and Guarantee issued
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Energi Pelabuhan Indonesia Issued guarantee
(BUMN)
Under the same control through the Central
Perum Jaminan Kredit Indonesia Securities Issued
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Daya Mitra Telekomunikasi Securities
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Industri Kereta Api Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT AXA Mandiri Financial Services Securities Issued
(BUMN)
PT Penjaminan Infrastruktur Indonesia Under the same control through the Central
Securities Issued
(Persero) Government of the Republic of Indonesia
Under the same control through the Central
PT Reasuransi Indonesia Utama (Persero) Securities Issued
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Tugu Pratama Indonesia Securities Issued
(BUMN)
Under the same control through the Central Securities - Securities, Loans received and Subordinated
PT Sarana Multigriya Finance (Persero)
Government of the Republic of Indonesia Loans and subordinated securities
Subsidiaries of State-Owned Enterprises
PT Sinergi Colomadu Loans provided and sharia financing/receivables
(BUMN)
Under the same control through the Central
PT Perusahaan Gas Negara (Persero) Tbk Securities
Government of the Republic of Indonesia
PT Bank Tabungan Negara (Persero) Tbk 311
Page 314
Management Discussion and Analysis
on Bank Performance
Related Parties Type of Relation Element of Related Party Transaction
Under the same control through the Central
PT Pelabuhan Indonesia II (Persero) Securities
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT PP Properti Jababeka Residence Loans provided and sharia financing/receivables
(BUMN)
PT Bahana Pembinaan Usaha Indonesia Under the same control through the Central
Securities
(Persero) Government of the Republic of Indonesia
Under the same control through the Central
PT Pegadaian Securities
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT BNI Asset Management Issued Securities and securities
(BUMN)
Under the same control through the Central
PT Waskita Karya (Persero) Tbk Securities
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises Loans provided and sharia financing/receivables and
PT Peruri Properti
(BUMN) guarantees issued
Subsidiaries of State-Owned Enterprises
PT Waskita Beton Precast Tbk Securities
(BUMN)
Subsidiaries of State-Owned Enterprises
PT BRI Manajemen Investasi Securities
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Pos Indonesia (Persero) Issued guarantee
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Telkom Satelit Indonesia Issued guarantee
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Inhutani V Loans provided and sharia financing/receivables
(BUMN)
Public Housing Savings Management Under the same control through the Central
Loans provided and sharia financing/receivables
Agency Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises Guarantees issued, other receivables, loan and sharia
PT PP Urban
(BUMN) financing/receivables
Under the same control through the Central
PT Aviasi Pariwisata Indonesia (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Under the same control through the Central
PT Bio Farma (Persero) Loans provided and sharia financing/receivables
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises Loans provided and Sharia financing/receivables and
PT Inka Multi Solusi Service
(BUMN) other receivables
Under the same control through the Central Loans and sharia financing/receivables and guarantees
PT PAL Indonesia (Persero)
Government of the Republic of Indonesia issued
PT Pengembangan Pariwisata Indonesia Under the same control through the Central
Loans provided and sharia financing/receivables
(Persero) Government of the Republic of Indonesia
PT Perum Pengangkutan Penumpang Under the same control through the Central
Loans provided and sharia financing/receivables
Djakarta Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Wika Realty Loans provided and sharia financing/receivables
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Wika Gedung Miscellaneous bills
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Bahana TCW Invesment Management Securities
(BUMN)
Key Management includes Directors,
Loans provided and Sharia Financing/receivables,
Commissioners, Audit Committee, Division Relationship of control of company activities
Deposits from Customers, and Temporary Syirkah Funds
Heads and Branch Heads
312 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Reasonable Transaction and Reasons for the Realization of Related Party Transactions
Transaction
The following are details of the realization of related party
Related party transactions occur due to the Company’s business transactions due to ownership relationships with the Government
needs. All transactions were carried out normally and fairly of the Republic of Indonesia and related party transactions with
(arm’s length transactions) as transactions with other parties. The Key Management.
Company guarantees that all transactions are free from conflicts
of interest and comply with applicable laws and regulations.
Table of Related Party Transactions Due to Ownership Relationships with the Government of the
Republic of Indonesia (in IDR million)
Description 2023 2022
Asset
Current Account in other banks 1,049,449 508,322
Placements with BI and other banks - net 61 61
Securities 3,851,105 850,059
Government Bonds 35,893,929 51,964,973
Loans and Sharia financing/receivables 27,678,581 19,594,018
Acceptance receivable 68,746 131,356
Other Bills 106,385 61,169
Total assets for related parties 68,648,256 73,109,958
CKPN from related parties (1,227,528) (900,235)
Total assets for net related parties 67,420,728 72,209,723
Percentage of total assets of related parties to total assets 15,37% 17,96%
Liabilities
Deposits from customers 196,674,002 173,906,896
Acceptances payable 224,045 118,525
Securities issued 5,868,525 4,355,008
Loan received 22,453,290 17,455,685
Subordinated Loan and Subordinated Effects 4,499,997 4,499,977
Total liabilities for related parties 229,719,859 200,336,091
Percentage of total related party liabilities to total liabilities 60,27% 57,01%
Temporary Syirkah Fund
Mudharabah Current Account 11,271 11,897
Mudharabah Savings 133,630 83,465
Mudharabah Deposits 8,899,072 7,631,970
Total temporary syirkah funds for related parties 9,043,973 7,727,332
The percentage of total temporary syirkah funds related to temporary syirkah funds 33,37% 31,08%
Interest Income and Profit Sharing
Placements with BI and other banks 490,484 282,311
Securities 299,741 216,020
Government Bonds 1,220,648 1,518,936
Loans and Sharia financing/receivables 1,195,910 1,081,237
Total interest income and profit sharing from related parties 3,206,783 3,098,504
Percentage of total interest income and profit sharing 11,34% 11,96%
Interest expense, profit sharing and bonuses
Deposits from customers 3,137,470 2,642,731
Deposits from other banks 2,647 781
Securities issued 433,269 455,401
Loans received 965,111 843,147
Securities sold under repurchase agreements 34,593 4,894
Subordinated loan and securities 381,770 381,760
PT Bank Tabungan Negara (Persero) Tbk 313
Page 316
Management Discussion and Analysis
on Bank Performance
Description 2023 2022
Mudharabah Current Account 18 181
Mudharabah Savings 1,896 6,521
Mudharabah Deposits 149,498 80,613
Total interest expenses and bonuses from related parties 5,106,272 4,416,029
Percentage of total interest expense, profit sharing and bonuses 34,38% 40,48%
Commitments and contingencies on off-balance sheet accounts
Warraty provided 1,116,581 426,438
Irrevocable on-going L/C 8,840 115,445
Total commitments and contingencies in off-balance sheet accounts from related parties 1,125,421 541,883
Percentage of total commitments and contingencies in off-balance sheet accounts 41,28% 43,35%
Table of Related Party Transactions with Key Management (in IDR million)
Description 2023 2022
Assets
Loan provided and Sharia receivables/financing 94,105 102,781
Reserve for impairment losses from related parties (288) (374)
Total assets for related parties-net 93,817 102,407
Percentage of total assets 0.02% 0.03%
Liabilities
Deposits from customers 186,924 115,340
Employee benefits liabilities 288,487 268,476
Total Liabilities from key management 475,411 383,816
Percentage of total Liabilities 0.12% 0.11%
Temporary Syirkah Fund
Mudharabah Current Account 2,203 -
Mudharabah Savings 8,363 4,962
Mudharabah Deposits 9,297 5,221
Total temporary syirkah funds for related parties 19,863 10,183
The percentage of total temporary syirkah funds related to temporary syirkah funds 0.07% 0.04%
Interest income and profit sharing
Loans and sharia financing/receivables 6,821 6,929
Percentage of total interest income and profit sharing 0.02% 0.03%
Interest expenses, profit sharing and bonuses
Customer savings 1,446 1,564
Syirkah funds 402 168
Total interest expense, profit sharing and bonuses 1,848 1,732
Percentage of total interest expense, profit sharing and bonuses 0.01% 0.03%
Short Term Rewards:
Directors 161,529 131,671
board of Commissioners 64,480 51,960
Key Employees 216,253 221,825
Post-Employment Benefits
Other Key Employees 200,829 182,874
314 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Description 2023 2022
Other Long-Term Rewards
Other Key Employees 87,658 85,602
Total 730,749 673,932
Percentage of total employee salary and benefits expenses 18.35% 16.08%
Details of the names of parties related to the realization (value) of The Board of Directors is required to report the results of the
related party transactions are presented in the notes to Financial Credit Committee Meeting Decisions for certain debtor threshold
Report No. 43 attached to this Annual Report. These related values to the Board of Commissioners on a monthly basis. The
transactions are business activities carried out in order to generate debtor threshold value provisions are as follows:
business income and are carried out routinely, repeatedly and/ - Single debtor ≥ IDR350 billion
or continuously. - Group debtor ≥ IDR500 billion
Certain debtors as referred to above also include debtors
Transaction Review Mechanism Policy categorized as related parties.
All transactions have gone through a review mechanism In 2023 there were no related party transactions that required
according to the type of transaction. Each transaction is GMS approval
subjected to a transaction feasibility analysis, including credit
analysis for credit transactions to related parties. Likewise, Compliance with Related Regulations and
investment feasibility analysis has been carried out for investment Conditions
transactions. Likewise with other related party transactions such
as guarantees issued and placements with other banks. The Company is always committed to running a prudent
business. All transactions have complied with applicable rules
and regulations.
Changes In Legislation and Regulations and Their Impact on the Company
Description of changes to statutory regulations in 2023 and their impact on the Company are explained as follows:
Table of Changes in Legal Regulations
Impact on Financial
No Legislation Setting Tree Information on Adjustments Mode
Statement
1. Law no. 4 of 2023 Development and Strengthening of the There are changes and/or adjustments to The issuance of
concerning Development Financial Sector the Bank’s internal matters which generally regulations had no
and Strengthening of the relate to: quantitative impact
Financial Sector. 1. Affiliated Parties of the Bank. on the Financial
2. Bank Confidentiality. Statements.
3. Expansion of Criteria for Persons/Parties
Subject to the Prohibition of Insider
Transactions.
4. Financial Services Sector Consumer
Protection.
5. Provisions for Sanctions in Banking Crimes.
2. Regulation of the The main points of regulation include: There are changes and/or adjustments to The issuance
Minister of State- - Special Assignments. the Bank's internal aspects related to the of regulations
Owned Enterprises - Social and Environmental Responsibility management of social and environmental did not have a
of the Republic of Committee (CSER). responsibility. quantitative impact
Indonesia No. PER on Financial Reports,
- CSER Program for Micro and Small
it only contains the
- 1/MBU/03/2023 Business Financing. obligation to prepare
dated March 3, 2023 - CSER and Assistance Program. Financial Reports
concerning Special - Financial Supervision and Reporting and Implementation
Assignments and Social and Implementation of CSER. Reports of Social
and Environmental and Environmental
Responsibility Programs Responsibility of SOEs
for State-Owned programs to ministers
Enterprises. in Quarterly and
Annual Reports.
PT Bank Tabungan Negara (Persero) Tbk 315
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Management Discussion and Analysis
on Bank Performance
Impact on Financial
No Legislation Setting Tree Information on Adjustments Mode
Statement
3. Regulation of the The main points of regulation include:: There are changes and/or adjustments to the The issuance of
Minister of State- - Principles of good corporate Bank’s internal matters relating to corporate regulations did not
Owned Enterprises governance, rights and responsibilities governance and activities. have a quantitative
of the Republic of of Shareholders/Capital Owners, - The Board of Directors is obliged to impact on the
Indonesia No. PER - 2/ GMS, duties and responsibilities determine the rules of the Board of Financial Report,
MBU/03/2023 dated of the Board of Directors, Board of Directors’ meetings. it only contains
March 24, 2023 Commissioners/Supervisory Board. - The Board of Directors is obliged to provisions regarding
concerning Guidelines - Determination of the internal control establish an effective Internal Control the components
for Governance and system and implementation of internal System to safeguard the company’s contained in the
Significant Corporate supervision. investments and assets. Financial Report
Activities of State-Owned - Carrying out the functions of the - In order to carry out internal supervision, and the period
Enterprises. company secretary. the Board of Directors is required to form for submitting the
- Implementation of Information an SPI (Internal Audit Unit) and create an Financial Report to the
Technology governance. internal supervision charter. Minister.
- Business ethics and anti-corruption. - In implementing Information Technology
- System maintenance. Governance, the Board of Directors
- The handling of complaints. prepares and establishes Information
- Risk management policy. Technology Governance guidelines.
- Assessment of the health level of SOEs. - SOEs is obliged to create a guideline on
- SOEs strategic planning. behavior and ethics (code of conduct),
- Determination, evaluation and content which basically contains business ethics
of RSTI. and behavior values.
- Additional capital investment, - SOEs are required to have an integrated
restructuring, privatization, merger, Risk Taxonomy for SOEs and SOEs
consolidation, takeover, separation, Subsidiaries in accordance with the need
dissolution and liquidation. to monitor the performance targets of
- Principles, types, SOPs and SOEs SOEs and SOEs Subsidiaries.
cooperation agreements. - To implement this SOEs Ministerial
- Transfers, sales, exchanges, Regulation, the Directors and/or Board
compensation and fixed assets are of Commissioners of SOEs are required
used as capital participation. to prepare and/or adjust internal
- Guidelines for procurement of BUMN guidelines, organizational structure, and
goods and services, write-off of fixed Risk management functions and organs in
assets. accordance with the characteristics of the
- Market risk control is carried out company and the limits of its authority.
through hedging transactions. - SOPs for Collaboration with Partners are
- Information technology architecture, prepared and determined by the Board of
Information Technology service Directors, within 6 (six) months from the
development, Information Technology date the SOEs Ministerial Regulation is
service continuity, cyber resilience promulgated.
and security, data management and - Determination and/or adjustment of
Information Technology implementation the SOP for the Implementation of
reporting. Procurement of Goods and Services by
- Quarterly reports and annual reports, the Board of Directors, within 6 (six)
certain reports and report submission. months of its promulgation.
- The SOEs Directors create a black list
of Providers accompanied by sufficient
reasons, outlined in the SOEs SOP.
- The Board of Directors must prepare and/
or adjust the Hedging Policy and SOP for
Implementing Hedging Transactions.
- In order to organize IT, the Board of
Directors determines the Information
Technology architecture. Information
Technology Architecture can be a
separate part or document of the
Information Technology Strategic Plan.
- SOEs are required to have an Information
Technology service continuity plan.
316 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Impact on Financial
No Legislation Setting Tree Information on Adjustments Mode
Statement
4. Regulation of the The main points of regulation include:: There are changes and/or adjustments to the The issuance of
Minister of State- - Requirements to become a Member of Bank's internal affairs relating to organs and regulations had no
Owned Enterprises the Board of Directors and Board of human resources. quantitative impact
of the Republic of Commissioners (Articles of Association). on the Financial
Indonesia No. PER - 3/ - Talent Management for SOEs Directors. Statements.
MBU/03/2023 dated - Procedures for appointing members of
March 20, 2023 the Board of Directors and Board of
concerning Organs and Commissioners/Supervisory Board of
Human Resources of SOEs (Articles of Association).
State-Owned Enterprises. - Procedures for appointing members of
the Board of Directors and Board of
Commissioners/Subsidiary Board.
- Procedures for dismissing members of
the Board of Directors and Board of
Commissioners/Supervisory Board of
SOEs (Articles of Association).
- Income of members of the Board of
Directors and Board of Commissioners/
Supervisory Board of SOEs
- Supporting Organs of the Board of
Commissioners/SOEs Supervisory
Board.
5. Financial Services The main points of regulation include:: There are changes and/or adjustments The issuance of
Authority Regulation no. - Implementation Arrangements for to the Bank's internal processes related regulations had no
8 of 2023 dated June Providing People’s Business Loans (KUR). to the implementation of the Anti-Money quantitative impact
14, 2023 concerning - Arrangements for distribution of Laundering, Counter of Terrorism Financing on the Financial
the Implementation of People’s Business Loans (KUR) by (AML CFT) program, and Prevention of Statements.
Anti-Money Laundering, channeling institutions. Funding for the Proliferation of Weapons of
Prevention of Terrorism - Regulation of People’s Business Loan Mass Destruction in the Financial Services
Financing, and Guarantee (KUR). Sector (WMS Proliferation). in providing
Prevention of Funding - Calculation of collateral for People’s services to customers as consumers and to
for the Proliferation Business Loans (KUR). the Bank's counterparties.
of Weapons of Mass - The process of distributing People’s
Destruction in the Business Loans (KUR) is based on type.
Financial Services Sector. - Reporting on distribution of People’s
Business Loans (KUR).
- Guidance, Supervision and Evaluation
of the provision of People’s Business
Loans (KUR).
- Obligations of Financial Service
Providers (PJK) in Preventing Funding
for the Proliferation of Weapons of
Mass Destruction.
- Arrangements for the imposition of
effective, proportional and dissuasive
sanctions.
- PJK’s obligation to submit periodic
Individual Risk Assessments to FSA.
- Requirements and procedures for PJK
cooperation with third parties in the
context of face-to-face and non-face-to-
face verification via electronic means.
- Improving the provisions of the
compliance management function and
carrying out independent internal audits.
- Pre-employee screening procedures.
- PJK’s obligation to submit data for
supervision needs
- Customer Due Diligence (CDD) is simple,
CDD towards beneficial owners towards
all types of customers including public
companies/issuers and state institutions.
- Prohibition of outsourcing or agency
relationships in third party CDD.
- The additional scope of reporting
parties supervised by the FSA is
trustees, organizers of Information
Technology-Based Joint Funding
Services (LPBBTI), organizers of Supply
Chain Financing (SCF), and organizers
of Digital Population Identity (IKD).
- Added Individual Company as a new
entity in the Corporation.
PT Bank Tabungan Negara (Persero) Tbk 317
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Management Discussion and Analysis
on Bank Performance
Impact on Financial
No Legislation Setting Tree Information on Adjustments Mode
Statement
6. OJK Regulation no. 17 The main points of regulation include:: There are changes and/or adjustments to The issuance of
of 2023 concerning - The bank’s obligation to apply the the Bank’s internal aspects related to the regulations had no
Implementation of principles of good governance to the governance of Bank BTN as a Commercial quantitative impact
Governance for Bank in carrying out business activities. Bank. on the Financial
Commercial Banks (OJK - Implementation of good governance - Management of the Board of Statements.
Regulation Governance) principles in banks, which at least Commissioners and Directors (Duties,
include openness, accountability, Responsibilities and Authorities, Number,
responsibility, independence and Composition, Criteria, Work Rules and
fairness. Meeting Arrangements, Replacement,
- This OJK Regulation also regulates Dismissal and/or Appointment,
governance implementation reports Concurrent Position Arrangements)
and assessments of governance - Committees under the Board of
implementation Commissioners are appointed by the
Board of Directors based on the decision
of the Board of Commissioners Meeting
and are evaluated at the end of each
financial year.
- The obligation to implement risk
management to include prevention and
treatment so that the Bank is not exploited
in activities related to criminal acts and
implementing the principles of prudence,
risk management and sound banking
management, in the event that the Bank
carries out partnerships in its business
activities.
- In reporting and information technology
systems, Banks are required to ensure the
reliability of the preparation of financial
reports and financial performance
information that are not audited by
external auditors, are required to ensure
the availability and adequacy of internal
reporting supported by an adequate
management information system for
decision making for the Board of
Directors and supervision of the Board
of Commissioners, and are prohibited
from utilizing and /or misuse financial
engineering and/or legal engineering
for the benefit of the Bank and/or other
parties, both internal and external to the
Bank, which is not in accordance with the
principles of sound Bank management.
- Adjusting strategic plan activities. Banks
are required to implement plans for
handling financial problems and/or
strengthening Bank capital as stated in
the Bank Business Plan, informing PSP
of plans for handling financial problems
and/or strengthening Bank capital.
- arrangements related to Shareholder
Aspects of implementing anti-fraud
strategies and implementing sustainable
finance.
- There are additional fine provisions from
the regulator.
318 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Impact on Financial
No Legislation Setting Tree Information on Adjustments Mode
Statement
7. Bank Indonesia The main points of regulation include: - Redefinition of consumers and organizers. Regulatory changes
Regulation no. 3 of - Scope of consumer protection. - Adjustment of the scope of consumer had no quantitative
2023 concerning Bank - Principles of consumer protection. protection and confirmation that the impact on financial
Indonesia Consumer - Handling consumer complaints by Bank organizer is the one who deals directly statements
Protection Indonesia. with consumers.
- Imposition of sanctions. - The regulation of consumer protection
- Supervision activities. principles has been refined in line
- Coordination mechanism. with UUP2SK and international best
practices, as well as paying attention
to developments in digital financial
innovation.
- Additional regulations related to the aim
of consumer protection.
- Additional regulations regarding the
rights and obligations of consumers and
organizers.
- Strengthening the handling of consumer
complaints through dispute resolution.
- Adjustment of administrative sanctions
for organizers who do not fulfill their
obligations in the context of consumer
protection.
8. Financial Services The main points of regulation include: - Redefinition of digital banking services Regulatory changes
Authority Regulation no. - Scope of digital services. and electronic banking services into had no quantitative
21 of 2023 concerning - requirements and digital service units/ digital services; impact on financial
Commercial Bank Digital functions. - Recategorization of digital services statements.
Services - identification and verification. which are divided into digital services
- Licensing and reporting. organized by the Bank and organized by
- IT Utilization. the Bank with partners;
- Customer protection and personal data - Adjustment of digital service delivery
protection. requirements that focus on the readiness
of the Bank’s Information Technology
infrastructure referring to the DMAB Self
Assessment;
- Harmonization of regulations regarding
identification and verification with OJK
Regulation AML CFT WMS Proliferation;
- Changes to the licensing mechanism
where digital services which include
payment systems and are specifically
regulated by BI are categorized as basic
bank products;
- Application of the principles of
Information Technology adoption and
electronic signatures in providing digital
services;
- Implementation of consumer protection
principles and personal data protection in
providing digital services.
PT Bank Tabungan Negara (Persero) Tbk 319
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Management Discussion and Analysis
on Bank Performance
Changes in Accounting Policies
Reasons for Changes in Accounting Policies
On January 1 2023, there were new standards and adjustments or amendments to several standards which are still valid and effective
from that date. Changes to accounting policies were made to comply with the Statement of Financial Accounting Standards (PSAK) in
effect in the current year.
Information on Changes in Accounting Policies
Description of information on changes to accounting policies in 2023 is as follows:
Table of Changes in Accounting Policies in 2023
Quantitative Impact of Changes in Accounting
No Changes in Accounting Policies
Policies on Financial Reports
1 Amendment to PSAK 1 – “presentation of financial reports related to disclosure of • Changing the term for disclosing “significant
accounting policies” accounting policies” to “material accounting policy
• This amendment aims for entities to use the disclosure term “material accounting information”
policy information” rather than “significant accounting policy”. • The impact of the implementation of the new
• Clarifying that not all accounting policies related to transactions, events or other standards and the adjustment of these amendments
material conditions are material to the financial statements. was not material to the financial statements.
2 Amendment to PSAK 1 – “presentation of financial statements regarding the • Added description and Adjusted liability
classification of liabilities as short-term or long-term” classification.
• This amendment aims to clarify one of the criteria for classifying a liability as long- • The impact of the implementation of the new
term, namely requiring the entity to have the right to defer settlement of the liability standards and the adjustment of these amendments
for at least 12 months after the reporting period. was not material to the financial statements.
• Implements that an entity’s right to defer settlement of a liability must exist at the
end of the reporting period.
• Clarifies that classification does not affect management’s intentions or expectations
about whether an entity will exercise its right to defer settlement of a liability.
• Clarifying how loan conditions affect classification
• Clarifies the requirement for an entity to classify liabilities based on the ability to
settle the liability by issuing its own equity instruments.
3 Amendment to PSAK 25 – “accounting policies, changes to accounting estimates, and • Adjusting the definition of “accounting estimate” for
errors related to the definition of accounting estimates” monetary amounts that are affected by measurement
• This amendment aims to introduce a definition of “accounting estimates” namely uncertainty.
monetary amounts in financial statements that are affected by measurement • The impact of the implementation of the new
uncertainty. standards and the adjustment of these amendments
• Clarifying that estimation and valuation techniques are examples of measurement was not material to the financial statements.
techniques used in developing accounting estimates.
• Clarifying that changes in accounting estimates as a result of new information or
new developments are not correlated errors.
4 Amendment to PSAK 16 – “fixed assets yield before intended use” • Classifying testing costs is prohibited for the
• Paragraph 17(e): prohibits deducting the net proceeds from the sale of any items reduction of net sales of each product.
produced, when bringing the asset to the location and condition necessary for the • Describing the meaning of testing, namely testing
asset to be ready for use in accordance with management’s intentions, from testing an asset to function properly, assessing the technical
costs (such as samples generated when testing whether the asset is functioning performance and physical performance of the asset.
properly). • The impact of the implementation of the new
• Added Paragraph 20A: an entity recognizes sales proceeds and acquisition standards and the adjustment of these amendments
costs for items produced when bringing fixed assets to the location and condition was not material to the financial statements.
necessary for the assets to be ready for use in accordance with management’s
intentions in Profit and Loss. Next, the entity measures the cost of these items by
applying the measurement requirements in PSAK 14: inventories
• Added Paragraph 74A – which regulates if it is not presented separately in the
statement of profit or loss and other comprehensive income.
5 Amendment to PSAK 46 – “income tax regarding deferred tax related to assets and • Added early recognition exception for deferred tax
liabilities arising from a single transaction” liabilities.
• This amendment regulates entities to recognize deferred tax assets and liabilities • Add descriptions related to initial recognition of
at the time of initial recognition, for example from lease transactions, to eliminate assets or liabilities.
differences in practice in the field regarding these transactions and similar • The impact of the implementation of the new
transactions adopted from the Amendment to IAS 12 Income Taxes concerning standards and the adjustment of these amendments
Deferred Tax related to Assets and Liabilities arising from a Single Transaction, is not material to the financial statements.
320 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Quantitative Impact of Changes in Accounting
No Changes in Accounting Policies
Policies on Financial Reports
6 Amendment to PSAK 107 – “Ijarah accounting” The impact of the implementation of the new standards
and the adjustment of these amendments was not
material to the financial statements.
7 Amendment to PSAK 73 – “Lease” The impact of the implementation of the new standards
• Lease liabilities in sale and leaseback transactions and the adjustment of these amendments was not
material to the financial statements.
Bank Soundness Level
The level of bank soundness reflects the results of an assessment of Banks and OJK Circular Letter No. 14/SEOJK.03/2017 Dated
the company’s condition regarding the bank’s risks and performance March 17 2017 Concerning Assessment of the Soundness Level of
which can be seen from the final ranking of the assessment results Commercial Banks Using a Risk Approach ( Risk-Based Bank Rating
based on OJK Regulation No. 04/POJK.03/2016 Dated January 26 ) which includes 4 (four) factors, namely Risk Profile, Governance,
2017 concerning Assessment of the Soundness Level of Commercial Profitability ( Earnings ) and Capital ( Capital ).
Table of Company Health Level Position December 31, 2023 - 2022 Individually (Self Assessment )
Rating Per Rating Per
December 31, 2023 December 31, 2022
Rating Factors
Rating Rating
Risk Profile 2 2
Governance 2 2
Profitability ( Earnings ) 2 2
Capital ( Capital ) 2 1
Bank Soundness Level Rating Based on Risk 2 2
The bank’s health rating for December 2023 (Self Assessment) Business Continuity Information
is at composite rating 2 (PK2) which reflects the bank’s
generally healthy condition so that it is considered capable of Things That Beidrotension Have a Significant
facing significant negative influences from changes in business Influence Business Continuity
conditions and other external factors.
The momentum for improvement in the national economy
Apart from that, assessing the level of soundness using continues amidst the risk of global geopolitical tensions.
rankings is also regulated in the Regulation of the Minister Economic growth in Quarter I - 2023 remains strong with
of State-Owned Enterprises of the Republic of Indonesia growth of 5.03% (yoy). This condition contributes positively
Number PER-2/MBU/03/2023 concerning Guidelines for to increasing household consumption, MSME businesses and
Governance and Significant Corporate Activities of State- manufacturing. This is reflected in the development of the
Owned Enterprises. The rating (rating) for the health level of Consumer Confidence Index (IKK) in Quarter III - 2023 which
State-Owned Enterprises as assessed by the National Rating remains strong, amounted 121.7 and the Purchasing Manager
Agency for the position December 31, 2023 is AAA so it is Index (PMI) which is 51.7 points in 2023, indicating the level
included in the “Very Healthy” classification. The Health Level of expansion. In line with the ongoing growth momentum,
Rating Report as referred to in more detail is contained in the banking intermediation continues to improve with strong
Attachment to this Annual Report. resilience to support growth. In Quarter III - 2023, national
PT Bank Tabungan Negara (Persero) Tbk 321
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Management Discussion and Analysis
on Bank Performance
credit grew 8.96% (yoy), KPR credit showed an upward supply chains by increasing Government spending on energy
growth trend of more than 10% (yoy) in August 2023, an subsidies and the budget for Social Assistance (Bansos)
increase compared to the end of 2022 (8.17% yoy). The programs. In addition, to continue the recovery process in the
increase in KPR was driven by the Government’s stimulus to financial sector, Bank Indonesia also postponed the increase
increase the contribution of the housing sector to the national in the BI 7 days repo benchmark interest rate until 22 - 23
economic recovery process through the continuation of November 2023 at 6.00%. This step was taken in the context
the subsidized housing program. This sector is also one of of stabilizing the value of the rupiah amidst the effects of
the sectors encouraged by the government in implementing global economic uncertainty and as a preventive measure
the Macroprudential Liquidity Incentive Policy (KLM). Bank against the predicted increase in inflation. Bank Indonesia
BTN’s capital adequacy ratio (CAR) as of December 2023 targets that inflation growth in 2024 can still be controlled at
remains high, was 20.14% and the Gross NPL ratio remains 2.5% - 3.5% in 2024.
maintained at 3.01%, indicating that the bank’s health and
risk management levels are running quite well. to be able to Based on the matters described above, the Company has
be able to support business continuity. strengths and competitive advantages as well as continuous
innovation in facing uncertain conditions which can be
The government continues to support the ongoing recovery accommodated well by the Company. In addition, by
process, to anticipate the impact of global geopolitical risks implementing various appropriate strategic initiatives, the
on the economy through a mix of fiscal and monetary policies. Company’s business continuity can be well maintained. So
This is reflected in the Government’s efforts to maintain it can be concluded that the Company does not have any
national energy and food security amidst the surge in global matters that have the potential to have a significant impact on
energy and commodity prices due to disruption of global business continuity.
Assessment Management of Items That Have a Significant Influence on Business Continuity
Assessments were carried out based on various factors such as analysis of the strength of financial and non-financial conditions
as well as performance achievements. In addition, the Company carries out a Strength Weakness Opportunity Threat (SWOT)
analysis. In detail, the Company’s SWOT analysis is as follows:
Potential
Strength Opportunity
• Strong positioning in the mortgage business in the MBR segment and has a • The housing sector has good potential next year. In 2024 KPR is predicted to grow
strategic role in the national housing ecosystem. 95% (yoy), the growth of which is driven by demand for middle segment KPR.
• Potential business increase from initiatives implemented in 2023, including: • LTV/FTV policy relaxation extended until December 2024.
Sales Center, KCP Mitra MSME, branch productivity for KCP, expansion • Increasingly massive acceleration of digital financial services, especially for internet
of e-channel customer acquisitions and transactions, development of and mobile banking users, which has the potential to increase CASA and fee based
retail e-deposits, ultimate projects, and CASA initiatives in the segment income.
businessman.
• Potential for cross selling to captive customers, especially for high yield credit
products, savings and wealth services.
External
Internal
Weakness Threat
• Cost of Fund masih tinggi yang berdampak pada perolehan profitabilitas bank. • The BI 7DRR benchmark interest rate is predicted to remain high “higher for longer”
• DPK ritel masih belum tumbuh, pertumbuhan DPK masih didominasi segmen which will have an impact on increasing fund interest rates.
komersial. • Subsidized KPR allocations are increasingly limited. The allocation for subsidized
• Kenaikan NPL pada segmen konsumer dan komersial akibat berakhirnya KPR in 2024 is 166 thousand units, lower than the allocation in 2023 which is 220
relaksasi realisasi restrukturisasi Covid-19. thousand units.
• Kontribusi fee based income masih dominan pada treasury dan admin, • Bank and fintech digital expansion is predicted to remain massive.
sementara porsi dari layanan dan transaksi masih rendah.
Potential
322 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Paying attention to the SWOT analysis, a Threat Opportunity Weakness Strength (TOWS) matrix is prepared as follows:
Strength Strategy
Strength-Opportunity (SO-Strategy) Strength-Threat (ST-Strategy)
• Continuing initiatives in 2023 which focus on increasing • Propose an additional scheme for subsidized KPR allocation
high yield credit, retail deposits and transaction banking. to the Government.
• Develop mortgage business segmentation in the emerging • KCP segmentation according to regional potential, namely
affluent segment (ticket size above IDR750 million). Consumer, MSME and General KCPs.
• Cross selling program for high yield credit products, • Accelerate the development of digital banking services and
transaction banking and retail deposits super-apps as new sources of growth.
Maximize Opportunity
• Develop transaction banking in the commercial and retail
segments.
Minimize Risk
Weakness-Opportunity Threat-Opportunity
• Accelerate the development of digital banking services and • Partnership with start-ups and finetch to develop high yield
super-apps as new sources of growth. business, transaction banking and digital housing ecosystem.
• Development of fee based income through cross selling in • Strengthen collection and asset recovery processes to
digital services, wealth and wholesale segments. accelerate credit quality improvement.
• Expand sales channels through digital platforms such as • Develop retail customer segmentation, especially in the
BTN Mobile, BTN Properti, and BTN Smart Residence. individual net worth segment.
Recovery Strategy
The Company’s management has assessed the Bank’s ability to Disclosure of the Governance Framework,
continue its business continuity and believes that the Company has Management and Control of Taxation
the resources to continue its business in the future. In addition, the Aspects
Company’s management does not see any material uncertainty
that could raise significant doubts about the Company’s ability to The Company received an award for Synergy and Tax Contribution
continue its business. in the 2022 financial year from the Big Four Taxpayers KPP
which was given on April 23, 2023. The Company is always
Assumptions Used by Management in committed to making its contribution to the country while fulfilling
Conducting the Assessment its obligations related to taxation. As a domestic corporate
taxpayer, the Company is entitled to receive incentives from the
The strategy that has been prepared based on SWOT analysis Government in the form of tax relief. This is in accordance with
will work well with the following assumptions: the provisions of Article 17 paragraph (2b) of Law Number 7 of
1. Macroeconomic Assumptions at the end of 2024 are 1983 concerning Income Tax as amended several times, most
projected: recently by Law Number 7 of 2021 concerning Harmonization of
a. GDP growth was 4.9 % - 5.50% (yoy). Tax Regulations which states that domestic taxpayers:
b. BI 7 Days Repo reference Interest Rates 6.00 %. 1. Formed as a Public Company;
c. Inflation rate 2.5% - 3.5% 2. With the total number of paid-up shares traded on the stock
d. The Rupiah currency exchange rate is IDR14. 6 00/ exchange in Indonesia at most slightly 40%; And
USD. 3. Meet certain requirements.
e. Loan growth was 11.00 % (yoy).
f. Growth in third party funds was 9.50 % (yoy). Based on the provisions above, the Company can obtain a rate
2. The National Economic Recovery Program (PEN) program of 3% lower than the 22% rate applicable in the tax year 2022,
initiated by the Government to support business incentive so that the tax rate used in calculating Corporate Income Tax
policies, health programs, cooperative businesses, MSMEs is 19%. With this tax incentive, in the 2023 reporting year the
and social protection. Company will pay taxes amounting to IDR1,020 billion to the
3. Strengthening the Company’s positioning in the housing government.
business and developing potential in the housing ecosystem.
4. Good financial performance for the last 5 (five) years. Tax payments are a manifestation of the Company’s obligations
5. Company Health Level at Composite Rank 2 (PK - 2) with and role in participating in supporting the rate of national growth.
Healthy qualifications . Level. This health was obtained from Bank BTN’s approach to taxes is based on compliance with all
the results of Bank BTN’s self-assessment using data as of applicable tax regulations. Bank BTN has developed tax policies
December 31, 2023. and strategies which are approved and reviewed by the Director
PT Bank Tabungan Negara (Persero) Tbk 323
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Management Discussion and Analysis
on Bank Performance
of Finance in reporting the Annual Corporate Income Tax SPT. In its operational activities, the Company has implemented Good
This tax strategy is reviewed annually by the Director of Finance. Corporate Governance (GCG) which is carried out transparently
In implementing tax governance, Bank BTN has established a and accountably in accordance with applicable regulations.
comprehensive and structured process, such as: The most important stakeholder in tax matters is the government
1. The official responsible for determining the tax strategy is the through the tax office. For this reason, the Company always
Finance Director. maintains good relations with the tax authorities and never
2. Compliance with tax provisions is outlined through Bank delays payment of tax obligations, which is one of the Company’s
BTN’s tax policy accompanied by the development of tax manifestations of maintaining harmony and obligations and
applications as well as regular training and outreach. complying with all applicable tax regulations. The company only
3. The process of managing, monitoring and reviewing operates in Indonesia, therefore tax reporting is only done for
the implementation of tax obligations is carried out by Indonesia. The company has never made changes to its fiscal
the Taxation Department and regularly monitored by the year. The following is the Company’s contribution through tax
Compliance, Internal Audit and External Audit Divisions payments in 2022-2023.
(Public Accounting Firm).
Table of Tax Payment (in IDR million)
Tax Description Year 2023 Year 2022
Income Tax (Corporate Income Tax) 1,020,952 1,001,840
PPh 21 Individual 531,783 414,720
Value Added Tax (VAT) 24,307 18,032
Sales Tax on Luxury Goods (PPnBM) 0 12
Property Tax 365 5,103
Other Taxes 1,566,439 935,023
Total 3,143,845 2,374,730
Response to Changes In Monetary Policy Direction
In 2023, global economic conditions was in a recovery transition The Bank develops strategies to minimize the impact of changes
period after the Covid-19 pandemic with a more moderate in monetary policy on the Bank’s performance , including by:
growth rate in world gross domestic product compared to 2022. 1. Reducing the duration of the government securities portfolio
to minimize the impact of yield volatility on the valuation of
The inflation rate started to show a decline, although it was government securities asset prices.
slower than expected by many parties and was still being 2. Recomposing some short-term fixed income assets from
responded aggressively by some central banks around the coupon - paying bonds to zero coupon bonds to increase
world with increases in benchmark interest rates, although fee - based income.
not as aggressively as in 2022. Geopolitical tensions such as 3. Increase interest income from securities by adding securities
Russia - Ukraine and Hamas-Israel as well as a longer dry season investment to the HTM portfolio.
long periods in several parts of the world had increased global 4. Diversifying the investment portfolio to reduce the impact of
uncertainty. This caused high volatility in the USD/IDR exchange high market volatility with the aim of increasing FBI income
rate which was then responded to by increasing interest rates by by investing in protected fixed income mutual fund products.
Bank Indonesia. In total, the BI 7-day reverse repo benchmark
interest rate increased by 50 bps since the beginning of 2023
and caused the 10-year SBN yield to move quite fluctuating in the
range of 6.2% to 7.2%.
324 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Spot Transactions and Derivative Transactions
Spot transactions and derivative transactions for the period 2022 - 2023 are as follows:
Table of Spot Transaction and DerivativeTransaction Report (in IDR million)
BANK
2023
No Transaction
Receivables and Derivative
Objective
Liabilities
Notional Value
Trading Hedging Bill Kewajiban
A. Related to Exchange Rates
1. Spot - - - - -
2. Forward - - - - -
3. Options
a. Sell - - - - -
b. Buy
4. Future - - - - -
5. Swap - - - - -
6. Others (CCS) 1.878.434 64.516
B. Related to Interest Rates
1. Forward - - - - -
2. Options
a. Sell - - - - -
b. Buy
3. Future - - - - -
4. Swap - - - - -
5. Other - - - - -
C. Other - - - - -
Amount 1.878.434 - - 64.516 -
BANK
2022
No Transaction
Receivables and Derivative
Objective
Liabilities
Notional Value
Trading Hedging Bill Kewajiban
A. Related to Exchange Rates
1. Spot - - - - -
2. Forward - - - - -
3. Options
a. Sell - - - - -
b. Buy
PT Bank Tabungan Negara (Persero) Tbk 325
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Management Discussion and Analysis
on Bank Performance
BANK
2022
No Transaction
Receivables and Derivative
Objective
Liabilities
Notional Value
Trading Hedging Bill Kewajiban
4. Future - - - - -
5. Swap 1,551,000 - - 14,029 -
6. Others (CCS) 1,892,220 - - 77,945 -
B. Related to Interest Rates
1. Forward - - - - -
2. Options
a. Sell - - - - -
b. Buy
3. Future - - - - -
4. Swap - - - - -
5. Other - - - - -
C. Other - - - - -
Amount 3,443,220 - - 91,975
Report on Additional Use of State Capital Inclusion (PMN)
Based on the Regulation of the Minister of State-Owned proceeds will be used to strengthen the capital structure The
Enterprises of the Republic of Indonesia Number PER-2/ Company in increasing the distribution of credit and/or loans.
MBU/03/2023 concerning Guidelines for Governance and
Significant Corporate Activities of State-Owned Enterprises Strengthening the Company’s Capital
Additional State Capital Participation (PNM) was the separation
of state assets from the state revenue and expenditure budget In order to support increasing business capacity and
used as capital of SOEs and/or Limited Liability Company and strengthening Bank BTN’s role in the housing ecosystem,
managed corporately. In accordance with the provisions in there are several regulations being considered, one of which
Article 110 PER-2/MBU/03/2023: is capital regulations, where under normal conditions Bank
(1 Additional State Capital Participation was carried out with BTN needs to maintain a Capital Adequacy Ratio (CAR) of
the aim of: 15.40%.
a. Improving the capital structure of BUMN or Limited
Liability Company; and/or Total Investment Required
b. Increasing the business capacity of SOEs or Limited
Liability Companies. Bank BTN projects the realization of housing unit financing
(2) Additional State Capital Participation to SOEs as intended in (KPR) of 1.3 million units in 2021 to 2025, with a projected
paragraph (1) is used in the context of: increase in credit disbursement (distribution) of an average of
a. Carrying out Government assignments to SOEs; 21.32% per year (2021-2025), the realization of which will
b. Carry out restructuring and/or rescue of SOEs; and/or have an impact on the increase in Risk Weighted Assets (RWA)
c. Carry out SOEs business development and Bank BTN’s capital requirements. By paying attention to
the provisions regarding capital adequacy, it is necessary to
Basis For Use of PMN Funds increase State Capital Participation (PMN) to improve the
capital structure while increasing business capacity through
All additional PMN funds amounting to IDR2,479,999,977,600 increasing core capital (Tier 1) so that the CAR ratio can be
(two trillion four hundred seventy-nine billion nine hundred maintained in accordance with the provisions. Considering
ninety-nine million nine hundred seventy-seven thousand six the things above, it is hoped that additional capital will
hundred Rupiah) plus the public portion of the rights issue amount to IDR4.13 trillion through a rights issue/privatization
326 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
mechanism with PMN of IDR2.48 trillion and a public portion amount of PMN disbursed will be IDR2,479,999,977,600,-
of IDR1.65 trillion. With this rights issue/privatization, Bank (two trillion four hundred seventy nine billion nine hundred
BTN will be able to maintain capital requirements above 16% ninety-nine million nine hundred seventy-seven thousand six
until 2025 (above the Minimum Capital Requirement (KPMM) hundred Rupiah).
required by OJK, was 15.40%) and prevent delusions of State
ownership in below 60%. Explanation of the Use Progress of the Funds
Total Additional PMN Allocated Additional PMN funds through a rights issue/privatization
mechanism with PMN amounting to IDR2,479,999,977,600,-
Based on Government Regulation (PP) Number 48 of 2022 (two trillion four hundred seventy-nine billion nine hundred
concerning Addition of State Capital of the Republic of ninety-nine million nine hundred seventy-seven thousand
Indonesia to the Share Capital of the Company (Persero) PT six hundred Rupiah) plus funds from the public amounting
Bank Tabungan Negara Tbk. The total PMN given to Bank to IDR1,653,333,318,000 (one trillion six hundred fifty-
BTN is a maximum of IDR2,480,000,000,000 (two trillion three billion three hundred thirty-three million three hundred
four hundred and eighty billion rupiah). In implementing the eighteen thousand Rupiah) was all deposited into BTN Bank
rights issue/privatization in 2022, taking into account that the Capital after deducting the emission costs. So that there is a
Government’s share ownership remains at 60%, the number change in the capital structure to be as follows:
of shares and the implementation price of the rights issue, the
Before Rights Issue After Rights Issue
Nominal Value IDR500,- per share Nominal Value IDR500,- per share
Total Nominal Value Total Nominal Value
Number of Shares Number of Shares
(IDR) (IDR)
Authorized Capital 20,478,432,000 10,239,216,000,000 Authorized Capital 20,478,432,000 10,239,216,000,000
Total of Issued and Paid-up Capital Total of Issued and Paid-up Capital
• Government of 6,354,000,000 3,177,000,000,000 60.00% • Government of 8,420,666,648 4,210,333,324,000 60,00%
the Republic of 4,236,000,000 2,118,000,000,000 40.00% the Republic of 5,613,777,765 2,806,888,882,500 40,00%
Indonesia Indonesia
• Public 10,590,000,000 5,295,000,000,000 100.00% • Public 14,034,444,413 7,017,222,206,500 100,00%
Remaining shares in Remaining shares in
9,888,432,000 4,944,216,000,000 6,443,987,587 3,221,993,793,500
portfolio portfolio
Based on Amendment to Articles of Association Number 08, dated April 8 2021
The shares to be issued are the remaining shares in the portfolio, where there are The results of the implementation of the BBTN Rights Issue which were fully absorbed
9,888,432,000 billion shares. brought the remaining shares in the portfolio to 6,443,987,587 shares
Planning and Follow-Up Constraints
Several obstacles to the implementation of the rights issue/ However, this can be resolved with several follow-up actions
privatization are as follows: from the privatization team, namely:
- The implementation process is quite strict for approximately - Carry out strict monitoring of the implementation of the
3 (three) months, since the kick off meeting of supporting rights issue/privatization progress on a weekly basis and
institutions and/or professions on October 3 2022. ensure that the implementation is carried out on time.
Considering that PMN uses the 2022 APBN Budget, the - Intense coordination with the securities sales team
rights issue process must be carried out in 2022. regarding the interest of foreign investors who will exercise
- The trading period runs from December 28, 2023 to BBTN’s rights issue from the start.
January 5, 2023. The trading period process which runs
at the end of 2022, causes BBTN rights issue transactions
to be quite quiet on the first 3 (three) trading days. This
is because many foreign investors and several fund
managers have completed all transactions for trading
corporate actions in 2022.
PT Bank Tabungan Negara (Persero) Tbk 327
Page 330
INFORMATION ON CAPITAL AND RISK EXPOSURE 328 PT Bank Tabungan Negara (Persero) Tbk
Page 331
The Company always aligns financial objectives and capital
adequacy with risks so that the Company’s business is in line with
the Company’s capital and liquidity requirements.
PT Bank Tabungan Negara (Persero) Tbk 329
Page 332
Information on Capital
and Risk Exposure
Depending on the business complexity, Bank has managed 8 Pursuant to the Regulation of the Financial Services Authority
risk types, i.e. credit risk, liquidity risk, market risk, operational (POJK) No. 37/POJK.03/2019 regarding Transparency and
risk, legal risk, reputation risk, strategic risk and compliance Publication of Bank Report Article 25 sub-article (1) b. Banks
risk. This section, however, only discusses the risk management must report the information on risk exposure and capital to
practices for credit risk, market risk and operational risks. the financial statements and the annual financial performance
The elaboration of the other types of risks is presented in the information.
Chapter of Corporate Governance of this Annual Report.
Credit
Risk
As part of credit risk management, Bank BTN has regularly through the Consumer iLoan system which is equipped with a
reviewed and updated its Guidelines for Risk Management Credit Scoring Model (CSM). Currently, development is being
Policies and Guidelines for Loan Policies and Funding for Bank carried out on the Bank’s credit scoring model. Management
BTN’s Loans as part of its risk assessment process. Credit risk of Col-2 and NPL consumer credit debtors is carried out by
exposure is monitored since the provision of loans up to credit the Consumer Collection and Remedial Work Unit, while for
maturity. The monitoring and controlling of credit risk among commercial loans it is carried out by the Commercial Asset
others are done by evaluating credit risk exposure against Management Work Unit.
credit risk limit (risk appetite and risk tolerance). Bank BTN
is currently back-testing the Internal Credit Rating (ICR) for As a follow-up to the implementation of Pillar 1 of Basel
commercial loans for more accurate utilization of ICR. II, the Bank implemented credit risk measurement using a
standardized approach in accordance with SE OJK No. 42/
Bank BTN is also running Commercial Banking Center (CBC) SEOJK.03/2016 dated 28 September 2016 concerning
pilot project where CBC functioned as a centralized commercial Guidelines for Calculating Risk-Weighted Assets (RWA) for
credit processing medium. In regards to the decision making Credit Risk using the Standard Approach and in 2022 a trial
process for commercial lending, Bank BTN has established calculation is being carried out using the latest provisions,
a credit committee through Credit Committee Meeting. The namely SE OJK No. 24/SEOJK.03/2021 dated 7 October
Monitoring Department has also been established in the 2021 concerning Calculation of Risk Weighted Assets (RWA)
Commercial Banking Division which specifically monitors for Credit Risk using the Standard Approach for Commercial
credit exposure of large debtors (50 core debtors). The Banks which will be effective in January 2023.
Intelligence Credit Monitoring (iCremo), an application for
commercial credit that monitors commercial credit in three Description regarding the disclosure of Net Receivables by
pillars (Management, Business Prospects and Collateral) has Region, Net Receivables by Remaining Contract Period, Net
also been the credit risk control was carried out through Receivables by Economic Sector, Receivables and Allowances
Consumer iLoan system, which is equipped with a MSME by Region, Receivables and Allowances by Economic Sector
Credit Scoring Model and in the commercial and corporate and Details of Movements of Allowance for Impairment Losses
segments an early warning system is being developed. In (CKPN) are described in the table as follows:
consumer loan, the credit risk control process is carried out
Table of Disclosure of Net Receivables by Region
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023
No Portfolio Category *)
Jawa Non-
Jabodetabek Sumatera Others* Total
Jabodetabek
Receivables from the
1 85,096,880 - - - 85,096,880
Government
Receivables from Public Sector
2 16,258,302 - - - 16,258,302
Entities
330 PT Bank Tabungan Negara (Persero) Tbk
Page 333
2023 Annual Report
December 31, 2023
No Portfolio Category *)
Jawa Non-
Jabodetabek Sumatera Others* Total
Jabodetabek
Receivables from Multilateral
3 Development Banks and - - - - -
International Institutions
4 Receivables from Banks 3,585,265 - 200 - 3,585,466
5 Receivables of a Covered Bond - - - - -
Receivables from Securities
6 Companies and Other Financial 21,184 - - - 21,184
Services Institutions
Receivables in the form of
Securities/Subordinated
7 - - - - -
Receivables, Equity and Other
Capital Instruments
8 House-backed Loan 84,877,769 96,502,378 39,892,528 47,431,589 268,704,264
Commercial Property-backed
9 1,785,515 2,258,633 1,040,216 859,089 5,943,455
Loan
Loan for Land Acquisition, Land
10 6,875,579 6,682,179 1,119,130 1,193,983 15,870,870
Management and Construction
11 Employee/Retiree Loan 595,920 836,300 296,635 544,809 2,273,664
Receivables from MSE and Retail
12 1,617,979 1,991,362 873,226 2,266,915 6,749,481
Portfolio
13 Corporate Receivables 12,973,940 5,553,904 187,497 332,616 19,047,958
14 Matured Receivables 1,876,514 2,572,446 1,240,140 1,134,025 6,823,125
15 Other Assets 8,426,922 2,836,119 916,336 1,328,134 13,507,510
Total 223,991,770 119,233,322 45,565,907 55,091,160 443,882,159
(in million IDR)
31 Desember 2022
No Portfolio Category **)
Jawa Non-
Jabodetabek Sumatera Others* Total
Jabodetabek
1 Receivables from the Government 70,895,488 - - 1,434,190 72,329,678
Receivables from Public Sector
2 13,690,300 - - 1 13,690,301
Entities
Receivables from Multilateral
3 Development Banks and - - - - -
International Institutions
4 Receivables from Banks 1,818,586 88,212 3,949 22 1,910,769
5 House-backed Loan 105,349,316 59,258,376 35,893,913 41,218,217 241,719,822
6 Commercial Property-backed Loan 10,186,557 4,448,983 1,438,177 1,794,914 17,868,631
7 Employee/Retiree Loan 666,599 480,515 251,052 283,852 1,682,018
Receivables from MSE and Retail
8 2,344,084 1,995,649 945,301 2,022,710 7,307,744
Portfolio
9 Corporate Receivables 9,562,331 3,356,354 1,521,504 670,901 15,111,090
10 Matured Receivables 1,637,940 875,697 662,386 488,960 3,664,982
11 Other Assets 5,998,451 2,471,875 768,995 1,169,363 10,408,685
Total 222,149,650 72,975,662 41,485,278 49,083,130 385,693,720
* Others consist of Kalimantan, Sulawesi, Bali, Maluku and Papua
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
PT Bank Tabungan Negara (Persero) Tbk 331
Page 334
Information on Capital
and Risk Exposure
Table of Disclosure of Net Receivables by Remaining Contract
Period as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023
No. Portfolio Category*) ">3 years
">1 year to 3 Non-
<1 year to 5 >5 years Total
years" contractual
years"
1 Receivables from the Government 15,151,432 269,429 261,182 69,336,021 78,815 85,096,880
Receivables from Public Sector
2 30,435 4,586,955 2,644,791 8,996,121 - 16,258,302
Entities
Receivables from Multilateral
3 Development Banks and - - - - - -
International Institutions
4 Receivables from Banks - 3,585,265 - - 200 3,585,466
5 Receivables of a Covered Bond - - - - - -
Receivables from Securities
6 Companies and Other Financial - - 21,184 - - 21,184
Services Institutions
Receivables in the form of
Securities/Subordinated
7 - - - - - -
Receivables, Equity and Other
Capital Instruments
8 House-backed Loan 40,747 465,866 1,290,499 266,907,152 - 268,704,264
Commercial Property-backed
9 879 719,292 2,752,187 2,471,097 - 5,943,455
Loan
Loan for Land Acquisition, Land
10 170,165 2,910,150 5,153,943 7,636,612 - 15,870,870
Management and Construction
11 Employee/Retiree Loan - 2,967 36,190 2,234,508 - 2,273,664
Receivables from MSE and
12 13,846 659,235 1,462,900 4,613,500 - 6,749,481
Retail Portfolio
13 Corporate Receivables 244,092 5,289,012 842,170 12,672,684 - 19,047,958
14 Matured Receivables 3,619 67,820 771,847 5,979,840 - 6,823,125
15 Other Assets - - - - 13,507,510 13,507,510
Total 15,655,214 18,555,991 15,236,892 380,847,535 13,586,526 443,882,159
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
Table of Disclosure of Net Receivables by Economic Sector
as of December 31, 2023 and December 31, 2022
December 31, 2023
Receivables Receivables
from from Securities
Receivables
Receivables Receivables Multilateral Companies
Receivables of a
No. Economic Sector *) from the from Public Development and Other
from Banks Covered
Government Sector Entities Banks and Financial
Bond
International Services
Institutions Institutions
1 Agriculture, Hunting, Forestry - 24,735 - - - -
2 Fisheries - - - - - -
3 Mining and Excavation - - - - - -
4 Manufacturing - - - - - -
5 Electricity, Gas and Water - 4,062,541 - - - -
6 Construction 67,820,260 1,957,351 - - - -
7 Wholesale and Retail Trade - 5,403,719 - - - 21,184
8 Accommodation and Food Services - - - - - -
Transportation, Warehousing and
9 - 3,531,548 - - - -
Communication
10 Financial Intermediary 17,197,805 468,280 - 3,585,466 - -
Real Estate, Rental Business and Corporate
11 - - - - - -
Services
332 PT Bank Tabungan Negara (Persero) Tbk
Page 335
2023 Annual Report
(in million IDR)
December 31, 2023
No. Portfolio Category*) ">3 years
">1 year to 3 Non-
<1 year to 5 >5 years Total
years" contractual
years"
Receivables from the
1 63,014,308 3,804,916 4,435,399 1,075,055 - 72,329,678
Government
Receivables from Public Sector
2 2,938,867 1,923,525 1,319,844 7,508,065 - 13,690,301
Entities
Receivables from Multilateral
3 Development Banks and - - - - - -
International Institutions
4 Receivables from Banks 1,434,412 397,077 79,280 - - 1,910,769
5 House-backed Loan 2,808,220 6,875,512 15,847,782 216,188,307 - 241,719,822
Commercial Property-backed
6 8,602,033 6,950,019 1,967,901 348,678 - 17,868,631
Loan
7 Employee/Retiree Loan 159,460 125,153 417,149 980,256 - 1,682,018
Receivables from MSE and
8 1,440,168 2,163,613 1,370,840 2,333,122 - 7,307,744
Retail Portfolio
9 Corporate Receivables 5,108,151 4,481,809 1,721,739 3,799,390 - 15,111,090
10 Matured Receivables 1,297,454 892,497 285,554 1,189,477 - 3,664,982
11 Other Assets - - - - 10,408,685 10,408,685
Total 86,803,073 27,614,121 27,445,487 233,422,351 10,408,685 385,693,720
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
(in million IDR)
Receivables in the
Loan for Land
form of Securities/
Acquisition, Receivables
Subordinated House- Commercial
Land Employee/ from MSE Corporate Matured
Receivables, backed Property- Other Assets
Management Retiree Loan and Retail Receivables Receivables
Equity and Loan backed Loan
and Portfolio
Other Capital
Construction
Instruments
- - - - - 32,000 43,000 78 -
- - - - - 8,681 - - -
- - - - - 2,032 3,163,404 5,132 -
- - - 17,937 - 69,817 603,374 975 -
- - - - - 28,027 1,928,798 642 -
- 58,818 3,765,987 15,494,003 - 157,178 5,947,347 2,565,174 -
- - 446,324 229,725 - 1,184,037 854,437 49,739 -
- - - - - 187,829 236,189 26,361 -
- - - - - 38,501 596,845 1,306 -
- - - - - 1,698 1,354,244 614 -
- - 1,252,400 72,329 - 76,050 1,858,942 159,964 -
PT Bank Tabungan Negara (Persero) Tbk 333
Page 336
Information on Capital
and Risk Exposure
Receivables Receivables
from from Securities
Receivables
Receivables Receivables Multilateral Companies
Receivables of a
No. Economic Sector *) from the from Public Development and Other
from Banks Covered
Government Sector Entities Banks and Financial
Bond
International Services
Institutions Institutions
Public Administration, Defense and Mandatory
12 - - - - - -
Social Security
13 Education Services - - - - - -
14 Health Services and Social Works - - - - - -
Public and Sociocultural Services, Entertainment
15 - - - - - -
and Other Personal Services
16 Private Household Services - - - - - -
International Agencies and Other Extra
17 - - - - - -
International Agencies
18 Unspecified Activities - - - - - -
19 Non-Business Field - - - - - -
20 Others 78,815 810,128 - - - -
Total 85,096,880 16,258,302 - 3,585,466 - 21,184
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
December 31, 2022
Receivables
from Multilateral
Receivables from
Receivables from Development Receivables from
No. Economic Sector *) Public Sector
the Government Banks and Banks
Entities
International
Institutions
1 Agriculture, Hunting, Forestry - - - -
2 Fisheries - - - -
3 Mining and Excavation 707,070 - - -
4 Manufacturing - - - -
5 Electricity, Gas and Water 139,817 3,505,119 - -
6 Construction 10,608,026 2,298,552 - -
7 Wholesale and Retail Trade - 1,149,653 - -
8 Accommodation and Food Services - - - -
9 Transportation, Warehousing and Communication 73,929 4,052,332 - -
10 Financial Intermediary 45,607,636 2,050,455 - 1,257,077
11 Real Estate, Rental Business and Corporate Services - - - -
Public Administration, Defense and Mandatory Social
12 - - - -
Security
13 Education Services - - - -
14 Health Services and Social Works - - - -
Public and Sociocultural Services, Entertainment and
15 - 505,982 - -
Other Personal Services
16 Private Household Services - - - -
International Agencies and Other Extra International
17 - - - -
Agencies
18 Unspecified Activities - - - -
19 Non-Business Field - - - -
20 Others 15,193,200 128,208 - 653,692
Total 72,329,678 13,690,301 - 1,910,769
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
334 PT Bank Tabungan Negara (Persero) Tbk
Page 337
2023 Annual Report
Receivables in the
Loan for Land
form of Securities/
Acquisition, Receivables
Subordinated House- Commercial
Land Employee/ from MSE Corporate Matured
Receivables, backed Property- Other Assets
Management Retiree Loan and Retail Receivables Receivables
Equity and Loan backed Loan
and Portfolio
Other Capital
Construction
Instruments
- - - - - - 1,488,237 - -
- - - - - 17,085 148,861 2,907 -
- - - - - 32,585 43,975 - -
- - - - - 58,206 89,962 3,932 -
- 217,374,674 376,690 - 9,298 28,251 - 3,165,825 -
- - - - - - - - -
- - - - - 124,587 458,492 991 -
- 34,009,517 35,897 56,877 - 163,255 - - -
- 17,261,254 66,156 - 2,264,366 4,539,662 231,851 839,484 13,507,510
- 268,704,264 5,943,455 15,870,870 2,273,664 6,749,481 19,047,958 6,823,125 13,507,510
(in million IDR)
Commercial Receivables from
House-backed Employee/Retiree Corporate Matured
Property-backed MSE and Retail Other Assets
Loan Loan Receivables Receivables
Loan Portfolio"
- - - 230,352 912 - -
- 44,672 - 23,945 37,778 19 -
- - - 2,142 10,990 4,439 -
- - - 49,224 658,421 353 -
- - - 8,241 114,636 67 -
- 17,779,288 - 385,273 5,277,802 1,772,817 -
- - - 393,539 769,859 44,925 -
- - - 40,357 449,968 32,013 -
- - - 7,540 483,661 3,688 -
- - - 392,518 637,355 267 -
- 44,672 - 35,051 2,404,474 68,164 -
- - - - - - -
- - - 53,120 245,914 8,136 -
- - - 16,297 56,586 274 -
- - - 20,768 23,834 2,479 -
- - - 20,677 6,243 2,802 -
- - - - - - -
- - - 34,389 498,657 2,703 -
241,719,822 - 1,682,018 5,593,232 2,736,288 1,721,837 -
- - - 1,078 697,714 - 10,408,685
241,719,822 17,868,631 1,682,018 7,307,744 15,111,090 3,664,982 10,408,685
PT Bank Tabungan Negara (Persero) Tbk 335
Page 338
Information on Capital
and Risk Exposure
Table of Disclosure of Receivables and Reserves by Region
as of December 31,2023 and December 31,2022
December 31, 203
No. Portfolio Category
Java Non-
Jabodetabek Sumatera Others*
Jabodetabek
1 Receivables 238,015,051 126,378,439 48,205,950 58,355,472
Receivables with credit risk
2 improvement and worsening (Stage 2 6,024,136 5,319,970 1,381,640 1,384,564
and Stage 3)
a. Not yet due 4,540,865 3,538,582 657,922 723,765
b. Due 1,483,270 1,781,389 723,719 660,799
Allowance for Impairment Losses -
3 4,180,045 4,578,686 1,097,470 1,190,983
Individual
Allowance for Impairment Losses -
4 2,359,610 1,343,496 554,279 335,980
Collective
5 Written-off receivables 1,024,638 1,230,976 288,977 514,982
* Others consist of Kalimantan, Sulawesi, Bali, Maluku
Table of Disclosure of Receivables and Reserves by Economic Sector
as of December 31, 2023 and December 31, 2022
December 31, 2023
Economic Sector
No. Impaired receivables Allowance for Allowance for
Receivables Impairment Losses Impairment
Not Yet Due Due - Individua Losses - Collective
1 Agriculture, Hunting, Forestry 104,807 82 61 62 353
2 Fisheries 8,531 78 - 50 29
3 Mining and Excavation 1,838,446 71 5,917 5,917 109
4 Manufacturing 568,210 1,057 5,108 5,749 578
5 Electricity, Gas and Water 5,006,747 4,745 502 502 4,853
6 Construction 34,410,098 3,657,557 2,598,159 4,578,642 1,917,858
7 Wholesale and Retail Trade 5,266,181 7,387 39,458 40,977 9,501
Accommodation and Food
8 484,604 197,451 28,320 29,044 196,761
Services
Transportation, Warehousing
9 4,356,782 233,831 1,129 7,182 227,778
and Communication
10 Financial Intermediary 20,084,700 293 11 68 8,170
Real Estate, Rental Business
11 3,663,500 804,534 108,894 506,186 417,043
and Corporate Services
Public Administration, Defense
12 1,180,000 6,120 - - 6,120
and Mandatory Social Security
13 Education Services 152,383 73,419 640 1,036 78,211
Health Services and Social
14 68,094 186 - - 736
Works
Public and Sociocultural
15 Services, Entertainment and 130,203 637 70 197 510
Other Personal Services
16 Private Household Services 214,100,606 4,115,658 1,431,516 4,482,671 1,064,503
International Agencies and
17 Other Extra International - - - - -
Agencies
18 Unspecified Activities 448,589 545 838 852 1,165
19 Non-Business Field 34,879,361 - - 734,042 330,526
336 PT Bank Tabungan Negara (Persero) Tbk
Page 339
2023 Annual Report
(in million IDR)
December 31, 2022
Jawa Non-
Total Jabodetabek Sumatera Others* Total
Jabodetabek
470,954,911 200,995,545 96,070,121 47,281,062 48,752,870 393,099,598
14,110,311 7,564,838 3,082,356 1,334,572 1,504,680 13,486,447
9,461,134 4,904,350 1,695,496 620,231 734,844 7,954,922
4,649,177 2,660,488 1,386,860 714,341 769,836 5,531,525
11,047,183 4,720,165 2,147,945 996,692 1,172,726 9,037,529
4,593,364 3,965,316 1,407,240 462,656 404,949 6,240,160
3,059,573 996,543 1,013,532 272,214 589,772 2,872,060
(in million IDR)
December 31, 2022
Impaired receivables Allowance for Allowance for
Written-off claims Receivables Impairment Losses Impairment Written-off claims
Not Yet Due Due - Individua Losses - Collective
711 166,351 156 29 81 25,364 -
- 29,068 55 0 - 18,792 214
- 62,986 370 5,700 5,798 420 -
- 604,090 960 6,036 6,207 1,587 15,073
2,211 3,462,489 862 3,133 3,133 1,065 -
871,721 39,139,058 3,819,669 3,445,780 4,800,058 3,368,432 845,151
12,678 2,834,499 39,813 58,925 80,588 31,489 179,886
631 506,597 240,091 87,788 94,036 240,193 39,647
3,948 4,570,782 159,772 3,321 5,311 159,782 7,123
- 38,028,844 277 22 22 261,490 7,122
8,136 3,693,389 586,752 319,537 318,678 618,720 114,400
- - - - - - -
1,223 273,893 71,601 9,555 11,212 84,884 -
760 1,045,028 474 652 660 6,105 -
409 560,700 3,862 276 3,749 389 75,073
1,125,415 27,632 317 2,576 3,702,061 915,532 1,374,956
- - - - - - -
3,922 438,627 2,992 392 320 3,794 100
224,726 238,391,712 2,809,797 1,456,815 5,615 393,912 144,114
PT Bank Tabungan Negara (Persero) Tbk 337
Page 340
Information on Capital
and Risk Exposure
December 31, 2023
Economic Sector
No. Impaired receivables Allowance for Allowance for
Receivables Impairment Losses Impairment
Not Yet Due Due - Individua Losses - Collective
20 Others 144,203,071 357,482 428,556 654,007 328,560
Total 470,954,911 9,461,134 4,649,177 11,047,183 4,593,364
Table of Details of Allowance for Impairment Losses (CKPN) Transfer
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023
No. Description
Individual CKPN Collective CKPN
1 CKPN opening balance 11,055,864 4,623,340
2 CKPN establishment (recovery) in current period (Net) 2,246,783 696,116
2.a. Establishment of CKPN in period the current period 2,246,783 696,116
2.b. CKPN recovery in current period - -
3 CKPN used in current period’s receivable write-off (2,255,465) (726,092)
4 Other establishment (recovery) in current period - -
CKPN closing balance 11,047,183 4,593,364
The Disclosure of Net Receivables by Portfolio Category and Rating Scale and Counterparty Credit Risk is presented below:
Table of Net Receivables by Portfolio Category and Rating Scale
December 31, 2023
Net Receivable
Rating Agency Long Term Rating
Standards and
AAA AA+ to AA- A+ to A- BBB+ to BBB-
Poor's
Fitch Rating AAA AA+ toAA- A+ to A- BBB+ to BBB-
No Portfolio Category
Moody's Aaa Aa1 to Aa3 A1 to A3 Baa1 to Baa3
PT Fitch Ratings AA+ (idn) to A+(idn) to BBB+(idn) to
AAA (idn)
Indonesia AA- (idn) A-(idn) BBB-(idn)
PT Pemeringkat Efek idAA+ to idBBB+ to
idAAA idA+ to idA-
Indonesia idAA- idBBB-
1 Receivables from the Government - - - -
2 Receivables from Public Sector Entities 2,332,828 4,060,685 601,890 6,882,528
Receivables from Multilateral Development Banks
3 - - - -
and International Institutions
4 Receivables from Banks - -8 - -
5 Receivables of a Covered Bond - - - -
Receivables from Securities Companies and Other
6 - - - -
Financial Services Institutions
Receivables in the form of Securities/
7 Subordinated Receivables, Equity and Other - - - -
Capital Instruments
8 House-backed Loan - - - -
9 Commercial Property-backed Loan - - - -
Loan for Land Acquisition, Land Management and
10 - - - -
Construction
338 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
December 31, 2022
Impaired receivables Allowance for Allowance for
Written-off claims Receivables Impairment Losses Impairment Written-off claims
Not Yet Due Due - Individua Losses - Collective
803,083 59,263,855 217,100 130,990 - 108,209 69,199
3,059,573 393,099,598 7,954,922 5,531,525 9,037,529 6,240,160 2,872,060
(in million IDR)
December 31, 2022
No. Description
Individual CKPN Collective CKPN
1 CKPN opening balance 8,336,777 6,174,981
2 CKPN establishment (recovery) in current period (Net) 2,968,511 1,070,996
2.a. Establishment of CKPN in period the current period 2,968,511 1,070,996
2.b. CKPN recovery in current period - -
3 CKPN used in current period’s receivable write-off (2,275,374) (596,686)
4 Other establishment (recovery) in current period - -
CKPN closing balance 9,029,914 6,649,291
(in million IDR)
Net Receivable
Long Term Rating Short Term Rating
BB+ to BB- B+ to B- Less than B- A-1 A-2 A-3 Less than A-3
BB+ to BB- B+ to B- Less than B- F1 to F1 F2 F3 Less than F3
Ba1 to Ba3 B1 to B3 Less than B3 p-1 p-2 p-3 Less than P-3 No Rating Total
BB+(idn) to B+(idn) to Less than F1+(idn) to Less than
F2(idn) F3(idn)
BB-(idn) B-(idn) B-(idn) F1(idn) F3(idn)
Less than Less than
idBB+ to idBB- idB+ to idB- idA1 idA2 idA3 to id A4
idB- idA4
- - - - - - - 85,096,880 85,096,880
655,294 - 147,721 - - - - 1,577,356 16,258,302
- - - - - - - - -
- - - - - - 2,351,924 3,585,466
1,233,550
- - - - - - - - -
- - - 21,184 - - - - 21,184
- - - - - - - - -
- - - - - - - 268,704,264 268,704,264
- - - - - - - 5,943,455 5,943,455
- - - - - - - 15,870,870 15,870,870
PT Bank Tabungan Negara (Persero) Tbk 339
Page 342
Information on Capital
and Risk Exposure
Net Receivable
Rating Agency Long Term Rating
Standards and
AAA AA+ to AA- A+ to A- BBB+ to BBB-
Poor's
Fitch Rating AAA AA+ toAA- A+ to A- BBB+ to BBB-
No Portfolio Category
Moody's Aaa Aa1 to Aa3 A1 to A3 Baa1 to Baa3
PT Fitch Ratings AA+ (idn) to A+(idn) to BBB+(idn) to
AAA (idn)
Indonesia AA- (idn) A-(idn) BBB-(idn)
PT Pemeringkat Efek idAA+ to idBBB+ to
idAAA idA+ to idA-
Indonesia idAA- idBBB-
11 Employee/Retiree Loan - - - -
12 Receivables from MSE and Retail Portfolio - - - -
13 Corporate Receivables - 5,118,942 2,949,560 -
14 Matured Receivables - - - -
15 Other Assets - - - -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
December 31, 2022
Net Receivable
Rating Agency Long Term Rating
Standards and
AAA AA+ to AA- A+ to A- BBB+ to BBB-
Poor's
Fitch Rating AAA AA+ toAA- A+ to A- BBB+ to BBB-
No Portfolio Category
Moody's Aaa Aa1 to Aa3 A1 to A3 Baa1 to Baa3
PT Fitch Ratings AA+ (idn) to A+(idn) to BBB+(idn) to
AAA (idn)
Indonesia AA- (idn) A-(idn) BBB-(idn)
PT Pemeringkat Efek idAA+ to idBBB+ to
idAAA idA+ to idA-
Indonesia idAA- idBBB-
1 Receivables from the Government - - - -
2 Receivables from Public Sector Entities - 112,332 - -
Receivables from Multilateral Development Banks
3 - - - -
and International Institutions
4 Receivables from Banks - 337,913 - -
5 House-backed Loan - - - -
6 Commercial Property-backed Loan - - - -
7 Employee/Retiree Loan - - - -
8 Receivables from MSE and Retail Portfolio - - - -
9 Corporate Receivables - - - -
10 Matured Receivables - - - -
11 Other Assets - - - -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
340 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Net Receivable
Long Term Rating Short Term Rating
BB+ to BB- B+ to B- Less than B- A-1 A-2 A-3 Less than A-3
BB+ to BB- B+ to B- Less than B- F1 to F1 F2 F3 Less than F3
Ba1 to Ba3 B1 to B3 Less than B3 p-1 p-2 p-3 Less than P-3 No Rating Total
BB+(idn) to B+(idn) to Less than F1+(idn) to Less than
F2(idn) F3(idn)
BB-(idn) B-(idn) B-(idn) F1(idn) F3(idn)
Less than Less than
idBB+ to idBB- idB+ to idB- idA1 idA2 idA3 to id A4
idB- idA4
- - - - - - - 2,273,664 2,273,664
- - - - - - - 6,749,481 6,749,481
119,318 - 753,195 - - - - 10,106,943 19,047,958
- - - - - - - 6,823,125 6,823,125
- - - - - - - 13,507,510 13,507,510
Net Receivable
Long Term Rating Short Term Rating
Less than
BB+ to BB- B+ to B- Less than B- A-1 A-2 A-3
A-3
Less than
BB+ to BB- B+ to B- Less than B- F1 to F1 F2 F3
F3
Less than Less than No Rating Total
Ba1 to Ba3 B1 to B3 p-1 p-2 p-3
B3 P-3
BB+(idn) to B+(idn) to Less than F1+(idn) to Less than
F2(idn) F3(idn)
BB-(idn) B-(idn) B-(idn) F1(idn) F3(idn)
idBB+ to Less than idA3 to id Less than
idB+ to idB- idA1 idA2
idBB- idB- A4 idA4
23,543 - - - - - - 70,871,945 70,895,488
- - - - - - - 13,577,969 13,690,301
- - - - - - - - -
- - - - - - - 1,572,856 1,910,769
- - - - - - -
241,719,822 241,719,822
- - - - - - - 17,850,675 17,850,675
- - - - - - - 1,682,018 1,682,018
- - - - - - - 7,304,129 7,304,129
- - - - - - - 14,024,660 14,024,660
- - - - - - - 3,664,982 3,664,982
- - - - - - - 10,408,685 10,408,685
PT Bank Tabungan Negara (Persero) Tbk 341
Page 344
Information on Capital
and Risk Exposure
Counterparty Credit Risk, on the other hand, is divided into 2
(two), which are:
1. Over the Counter Derivative Transaction 2. Repo Transaction
The Company has no derivative transactions as of December Descriptions related to Repo Transactions are described in
31, 2023 and December 31, 2022 the following Table:
Table of Repo Transaction (in million IDR)
December 31, 2023
No Portfolio Category **) Repo
Interest Repo Net
RWA
Rate Fair Liabilities Receivables
Value
1 Receivables from the Government - - - -
2 Receivables from Public Sector Entities - - - -
Receivables from Multilateral Development Banks
3 - - - -
and International Institutions
4 Receivables from Banks - - - -
Receivable to Securities Companies and Other
5 - - - -
Financial Services Institutions
6 Receivables from MSE and Retail Portfolio - - - -
7 Corporate Receivables - - - -
Jumlah - - - -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
No Portfolio Category **) Repo
Interest Repo Net
RWA
Rate Fair Liabilities Receivables
Value
1 Receivables from the Government - - - -
2 Receivables from Public Sector Entities - - - -
Receivables from Multilateral Development Banks
3 - - - -
and International Institutions
4 Receivables from Banks - - - -
5 Receivables from MSE and Retail Portfolio - - - -
6 Corporate Receivables - - - -
Total - - - -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
342 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
3. Reverse Repo Transaction
The Company does not have Reverse Repo transactions as of December 31, 2023 and December 31, 2022.
Table of Repo Transaction (in million IDR)
December 31, 2023
No Portfolio Category *) Allowance for
Impairment
Receivables Net Receivables ATMR
Losses
(CKPN)
1 Receivables from the Government 0 - 0
2 Receivables from Public Sector Entities - - -
Receivables from Multilateral Development Banks
3 - - -
and International Institutions
4 Receivables from Banks - - -
5 Receivables from MSE and Retail Portfolio - - -
6 Corporate Receivables - - -
Total 0 - 0 -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
No Portfolio Category **) Allowance for
Impairment
Receivables Net Receivables ATMR
Losses
(CKPN)
1 Receivables from the Government 1,434,190 - 1,434,190 -
2 Receivables from Public Sector Entities - - - -
Receivables from Multilateral Development Banks
3 - - - -
and International Institutions
4 Receivables from Banks - - - -
5 Receivables from MSE and Retail Portfolio - - - -
6 Corporate Receivables - - - -
Total 1,434,190 - 1,434,190 -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
In order to reduce credit risk exposure, Bank BTN pre-screens credit exposure by industry sector to analyze the concentration of
the debtors, requires debtors to meet the collateral requirement, credit risk. The Disclosure of Net Receivables by Risk Weight after
analyzes and evaluates credit eligibility and enters into legal loan considering the Impact of Credit Risk Mitigation (CRM) and the
commitments. Bank BTN has allocated the credit exposure by Disclosure of Net Receivables and Credit Risk Mitigation (CRM)
the geographic area in which they operate as well as allocating Techniques are provided as follows:
PT Bank Tabungan Negara (Persero) Tbk 343
Page 346
Information on Capital
and Risk Exposure
Table of Net Receivables Based on Risk Weight after Taking into Account the Impact of Credit Risk Mitigation
as of December 31, 2023 and December 31, 2022
December 31, 2023
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation
No. Portfolio Category *)
0% 20% 25% 35% 40% 50%
A Balance Sheet Exposure
1 Receivables from the Government 84,993,137 - - - - -
2 Receivables from Public Sector Entities - 7,640,801 - - - 7,279,886
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - 2,702,861 - - 732,366 -
5 Receivables of a Covered Bond - - - - - -
Receivables from Securities Companies and
6 - - - - - -
Other Financial Services Institutions
Receivables in the form of Securities/
7 Subordinated Receivables, Equity and Other - - - - - -
Capital Instruments
8 House-backed Loan - 27,953,501 24,576,403 88,792,969 78,815,289 47,035,119
9 Commercial Property-backed Loan - - - - - 308,887
Loan for Land Acquisition, Land Management
10 - - - - - -
and Construction
11 Employee/Retiree Loan - - - - - 2,273,660
12 Receivables from MSE and Retail Portfolio - - - - - -
13 Corporate Receivables - 4,290,164 - - - 2,472,014
14 Matured Receivables - - - - - -
15 Other Assets 2,127,490 - - - - -
Total Balance Sheet Exposure 87,120,627 42,587,327 24,576,403 88,792,969 79,547,655 59,369,566
B Exposure of Commitment/Contingency Obligations in Administrative Account Transactions
1 Receivables from the Government 103,743 - - - - -
2 Receivables from Public Sector Entities - 271,826 - - - 262,774
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
Receivables from Securities Companies and
5 - - - - 450 -
Other Financial Services Institutions
6 House-backed Loan - 472 403 1,575 1,492 821
7 Commercial Property-backed Loan - - - - - 7,955
Loan for Land Acquisition, Land Management
8 - - - - - -
and Construction
9 Employee/Retiree Loan - - - - - 4
10 Receivables from MSE and Retail Portfolio - - - - - -
11 Corporate Receivables - 889,687 - - - 512,642
12 Matured Receivables - - - - - -
Total Administrative Account Transactions
103,743 1,161,985 403 1,575 1,942 784,196
Exposure
C Exposure from Counterparty Credit Risk
1 Receivables from the Government 0 - - - - -
2 Receivables from Public Sector Entities - - - - - -
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
Tagihan Kepada Perusahaan Efek dan
5 - - - - - -
Lembaga Jasa Keuangan Lainnya
344 PT Bank Tabungan Negara (Persero) Tbk
Page 347
2023 Annual Report
(in million IDR)
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation Capital
RWA
Expense
60% 70% 75% 85% 100% 150% Other
- - - - - - - - -
- - - - 632,464 142,575 - 5,573,249 511,624
- - - - - - - - -
- - - - - - - 833,519 76,517
- - - - - - - - -
- - 20,734 - - - - 8,294 761
- - - - - - - - -
- 882,179 644,029 - - - - 70,123,127 6,437,303
19,734 - 524,042 1,921,544 - - 3,020,934 4,853,986 445,596
- - - - 13,310,791 1,722,657 - 15,879,575 1,457,745
- - - - - - - 1,136,830 104,361
- - 3,566,851 1,515,198 163,255 - 1,500,537 4,567,635 419,309
- - - 1,161,199 7,267,962 631,250 - 10,209,652 937,246
- - - - 3,806,223 3,012,844 - 8,325,489 764,280
- - - - 11,302,430 77,591 - 11,418,815 1,048,247
19,734 882,179 4,755,656 4,597,941 36,483,126 5,586,916 4,521,472 132,930,171 12,202,989
- - - - - - - - -
- - - - 22,829 5,146 - 216,301 19,856
- - - - - - - - -
- - - - - - - - -
- - - - - - - 180 17
- 12 - - - - - 1,260 116
- - 13,079 49,484 - - 77,796 124,384 11,418
- - - - 739,001 98,421 - 885,788 81,315
- - - - - - - 2 -
- - 1,948 872 - - 820 2,443 224
- - - 240,808 1,451,323 130,908 - 2,254,449 206,958
- - - - - 4,058 - 6,087 559
- 12 15,027 291,164 2,213,153 238,533 78,615 3,490,895 320,463
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
PT Bank Tabungan Negara (Persero) Tbk 345
Page 348
Information on Capital
and Risk Exposure
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation
No. Portfolio Category *)
0% 20% 25% 35% 40% 50%
6 Receivables from MSE and Retail Portfolio - - - - - -
7 Corporate Receivables - - - - - -
Total Counterparty Credit Risk Exposure 0 - - - - -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
December 31, 2022
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation
No. Portfolio Category **)
0% 20% 25% 35% 40%
A Balance Sheet Exposure
1 Receivables from the Government 70,895,488 - - - -
2 Receivables from Public Sector Entities - 112,332 - - -
Receivables from Multilateral Development
3 - - - - -
Banks and International Institutions
4 Receivables from Banks - 1,870,587 - - -
5 House-backed Loan - 22,871,181 52,672,589 166,176,052 -
6 Commercial Property-backed Loan - - - - -
7 Employee/Retiree Loan - - - - -
8 Receivables from MSE and Retail Portfolio 326,143 163,150 - - -
9 Corporate Receivables 2,785,212 - - - -
10 Matured Receivables - 1,017,561 - - -
11 Other Assets 1,661,534 - - - -
Total Balance Sheet Exposure 75,668,376 26,034,811 52,672,589 166,176,052 -
B Exposure of Commitment/Contingency Obligations in Administrative Account Transactions
1 Receivables from the Government - - - - -
2 Receivables from Public Sector Entities - - - - -
Receivables from Multilateral Development
3 - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - -
5 House-backed Loan - - - - -
6 Commercial Property-backed Loan - - - - -
7 Employee/Retiree Loan - - - - -
8 Receivables from MSE and Retail Portfolio - - - - -
9 Corporate Receivables - - - - -
10 Matured Receivables - - - - -
Total Administrative Account Transactions
- - - - -
Exposure
C Exposure from Counterparty Credit Risk
1 Receivables from the Government 1,434,190 - - - -
2 Receivables from Public Sector Entities - - - - -
Receivables from Multilateral Development
3 - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - -
5 Receivables from MSE and Retail Portfolio - - - - -
6 Corporate Receivables - - - - -
Total Counterparty Credit Risk Exposure 1,434,190 - - - -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
346 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation Capital
RWA
Expense
60% 70% 75% 85% 100% 150% Other
- - - - - - - - -
- - - - - - - - -
- - - - - - -
Net Receivables After Taking into Account
the Impact of Credit Risk Mitigation Capital
RWA
Expense
45% 50% 75% 100% 150% Other
- - - - - - - -
- 13,577,969 - - - - 6,811,451 630,059
- - - - - - - -
- 40,182 - - - - 394,208 36,464
- - - - - - 58,420,939 5,403,937
- - - 17,850,675 - - 17,236,491 1,594,375
- 1,682,018 - - - - 841,009 77,793
- - 6,814,836 - - - 5,143,757 475,798
- - - 11,239,448 - - 11,239,448 1,039,649
- - - 485,354 2,162,068 - 3,931,967 363,707
- - - 8,669,561 77,591 - 8,785,946 812,700
- 15,300,168 6,814,836 38,245,038 2,239,658 - 112,805,216 10,434,483
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - 17,956 - - 17,956 1,661
- - - - - - - -
- - 3,615 - - - 2,711 251
- - - 1,086,430 - - 1,086,430 100,495
- - - - - - - -
- - 3,615 1,104,386 - - 1,107,098 102,407
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
PT Bank Tabungan Negara (Persero) Tbk 347
Page 350
Information on Capital
and Risk Exposure
Table of Net Claims and Credit Risk Mitigation Techniques
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023
Guaranteed portion
No. Portfolio Category *)
Net Unguaranteed
Receivables Credit portion
Collateral Guarantee Other
Insurance
A Asset Exposure in the Statement of Financial Position, except Securitization Exposure
1 Receivables from the Government 84,993,137 - - - - 84,993,137
2 Receivables from Public Sector Entities 15,695,726 - - - - 15,695,726
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks 3,435,227 - - - - 3,435,227
5 Receivables of a Covered Bond - - - - - -
Receivables from Securities Companies
6 20,734 - - - - 20,734
and Other Financial Services Institutions
Receivables in the form of Securities/
7 Subordinated Receivables, Equity and - - - - - -
Other Capital Instruments
8 House-backed Loan 268,699,489 - - 150,857,293 - 117,842,195
9 Commercial Property-backed Loan 5,795,141 67,626 - - - 5,727,515
Loan for Land Acquisition, Land
10 15,033,448 - - - - 15,033,448
Management and Construction
11 Employee/Retiree Loan 2,273,660 - - - - 2,273,660
12 Receivables from MSE and Retail Portfolio 6,745,842 234,029 - 233,829 - 6,277,984
13 Corporate Receivables 15,822,590 155,178 - - - 15,667,412
14 Matured Receivables 6,819,067 - - - - 6,819,067
15 Other Assets 13,507,510 - - - - 13,507,510
Total Balance Sheet Exposure 438,841,570 456,833 - 151,091,122 - 287,293,615
B Exposure of Commitment Obligations or Contingent Obligations in TRA, except Securitization Exposure
1 Receivables from the Government 103,743 - - - - 103,743
2 Receivables from Public Sector Entities 562,576 - - - - 562,576
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
Receivables from Securities Companies
5 450 - - - - 450
and Other Financial Services Institutions
6 House-backed Loan 4,776 - - - - 4,776
7 Commercial Property-backed Loan 148,313 - - - - 148,313
Loan for Land Acquisition, Land
8 837,422 - - - - 837,422
Management and Construction
9 Employee/Retiree Loan 4 - - - - 4
10 Receivables from MSE and Retail Portfolio 3,640 - - - - 3,640
11 Corporate Receivables 3,225,368 - - - - 3,225,368
12 Matured Receivables 4,058 - - - - 4,058
Total Administrative Account Transactions
4,890,349 - - - - 4,890,349
Exposure
C Exposure Resulting in Counterparty Credit Risk
1 Receivables from the Government 0 - - - - 0
2 Receivables from Public Sector Entities - - - - - -
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
348 PT Bank Tabungan Negara (Persero) Tbk
Page 351
2023 Annual Report
December 31, 2023
Guaranteed portion
No. Portfolio Category *)
Net Unguaranteed
Receivables Credit portion
Collateral Guarantee Other
Insurance
Receivables from Securities Companies
5 - - - - - -
and Other Financial Services Institutions
6 Receivables from MSE and Retail Portfolio - - - - - -
7 Corporate Receivables - - - - - -
Total Counterparty Credit Risk Exposure 0 - - - - 0
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
Guaranteed portion
No. Portfolio Category **)
Net Unguaranteed
Receivables Credit portion
Collateral Guarantee Other
Insurance
A Balance Sheet Exposure
1 Receivables from the Government 70,895,488 - - - - 70,895,488
2 Receivables from Public Sector Entities 13,690,301 - - - - 13,690,301
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks 1,910,769 - - - - 1,910,769
5 House-backed Loan 212,892,414 - - 123,174,569 - 89,717,845
6 Commercial Property-backed Loan 16,961,350 - - 614,184 - 16,347,165
7 Employee/Retiree Loan 1,682,018 - - - - 1,682,018
8 Receivables from MSE and Retail Portfolio 6,387,580 326,002 - 163,150 - 5,898,428
9 Corporate Receivables 13,982,905 2,785,212 - - - 11,197,694
10 Matured Receivables 3,423,227 - - 887,571 - 2,535,656
11 Other Assets 10,408,685 - - - - 10,408,685
Total Balance Sheet Exposure 352,234,736 3,111,213 - 124,839,474 - 224,284,048
B Exposure of Commitment/Contingency Obligations in Administrative Account Transactions
1 Receivables from the Government - - - - - -
2 Receivables from Public Sector Entities - - - - - -
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
5 House-backed Loan - - - - - -
6 Commercial Property-backed Loan 17,956 - - - - 17,956
7 Employee/Retiree Loan - - - - - -
8 Receivables from MSE and Retail Portfolio 3,615 - - - - 3,615
9 Corporate Receivables 1,086,430 - - - - 1,086,430
10 Matured Receivables - - - - - -
Total Administrative Account Transactions
1,108,001 - - - - 1,108,001
Exposure
C Exposure from Counterparty Credit Risk
1 Receivables from the Government 1,434,190 - - - - 1,434,190
2 Receivables from Public Sector Entities - - - - - -
Receivables from Multilateral Development
3 - - - - - -
Banks and International Institutions
4 Receivables from Banks - - - - - -
PT Bank Tabungan Negara (Persero) Tbk 349
Page 352
Information on Capital
and Risk Exposure
December 31, 2022
Guaranteed portion
No. Portfolio Category **)
Net Unguaranteed
Receivables Credit portion
Collateral Guarantee Other
Insurance
5 Receivables from MSE and Retail Portfolio - - - - - -
6 Corporate Receivables - - - - - -
Total Counterparty Credit Risk Exposure 1,434,190 - - - - 1,434,190
**) Referring to OJK Cicular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
Table of Asset Securitization, Rating and Rating Agency
Securization
No. Total Nominal (IDR) KPR Unit Class Avg Tenor EBA (yr)
Transactions
A1 2.00
1 KIK-EBA DBTN 05 IDR1,500,000,001,615 33,173 A2 5.00
B
A1 2.00
2 EBA-SP SMF-BTN 02 IDR1,000,000,000,000 11,280 A2 5.00
B
A1 2.00
3 EBA-SP SMF-BTN 03 IDR1,000,000,000,000 11,237 A2 4.00
B
A1 2.00
4 EBA-SP SMF-BTN 04 IDR2,000,000,000,000 18,728 A2 5.00
B
A1 3.00
A2 5.00
5 EBA-SP SMF-BTN 05 IDR2,000,000,000,000 16,476
M 8.00
B
A 3.00
6 EBA-SP SMF-BTN 06 IDR631,000,543,015 7,721
B
A 3.00
7 EBA-SP SMF-BTN 07 IDR500,000,001,416 6,188
B
A 4.00
8 EBA-SP SMF-BTN08 IDR600,000,020,055 4,340
B
TOTAL IDR9,231,000,566,101 109,143
350 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Credit Risk: Asset Securitization
Company’s objective in conducting securitization is to transform For the securitization of KPR (asset-backed securities), the
illiquid assets into liquid assets in the form of tradable securities Company recognizes it as a sale of the KPR receivable
(called Asset Backed Securities - ABS or Asset Backed Securities because the Company has transferred the risks and benefits of
- EBA). Securitization of mortgage Assets is carried out by ownership to a third party. Therefore, on the effective date of
the Company, among others, as an effort to mitigate maturity the securitization the Company derecognises the collection of
mismatches, alternative sources of mortgage funding and claims. The description regarding the calculation of Credit Risk
increase lending capacity. The functions carried out by the RWA using the standard approach is as follows:
Company in securitization transactions are as Originator,
Servicer and Investor. In the securitization of mortgage claims
(collection of claims), the Company has sold collections of claims
to third parties (mortgage securitization).
Nominal Class (Rp) Transaction Date Maturity Date Average Life Class A Coupon Pefindo Rating
IDR723,500,000,000 A1 = 10%
IDR647,500,000,000 28 November 2014 7 September 2025 6.72 A2 = 10.25% idAAA
IDR129,000,001,615
IDR400,000,000,000 A1 = 8.15%
IDR513,000,000,000 31 October 2016 7 June 2027 7.05 A1 = 8.75% idAAA
IDR87,000,000,000
IDR200,000,000,000 A1 = 8,00%
IDR713,000,000,000 28 April 2017 7 July 2029 7.78 A2 = 8,40% idAAA
IDR87,000,000,000
IDR700,000,000,000 A1 = 7,00%
IDR1,124,000,000,000 28 February 2018 7 May 2029 7.03 A2 = 7,50% idAAA
IDR176,000,000,000
IDR574,000,000,000 A1 = 8,50%
idAAA
IDR1,142,000,000,000 A2 = 8,75%
27 November 2019 7 May 2032 9.09
IDR24,000,000,000 M = 10,40% idAA
IDR260,000,000,000
IDR576,734,000,000
30 December 2020 7 July 2032 6.08 6.50% idAAA
IDR54,266,543,015
IDR452,500,000,000
23 December 2022 7 January 2034 5.66 7.70% idAAA
IDR47,500,001,416
IDR544,800,000,000
26 September 2023 7 August 2035 7.44 6.65% idAAA
IDR55,200,020,055
IDR9,231,000,566,101
PT Bank Tabungan Negara (Persero) Tbk 351
Page 354
Information on Capital
and Risk Exposure
Table of Securitization Transaction
December 31, 2023
No. Securitization Exposure Impaired securitized assets Profit/Loss from
Securitized
securitization
assets value
Due Not yet due activities
1 The Bank acts as Original Creditor - - - -
House-backed Receivables 13,386,868 - - -
2 The Bank acts as Supporting Credit Provider - - - -
a. First risk bearing facility - - - -
b. Second risk bearing facility - - - -
3 The Bank acts as Liquidity Facility Provider - - - -
4 The Bank acts as Service Provider 13,386,868 - - -
5 The Bank acts as Custodian Bank - - - -
6 The Bank acts as Financier - - - -
a. Senior tranche - - - -
House-backed Receivables - - - -
b. Junior tranche - - - -
House-backed Receivables - - - -
Table of Summary of Securitization Activities - The Company acts as Original Creditor
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023
No. Underlying Asset *)
Securitized Profit (Loss)
assets value from Sales
1 Receivables from the Government - -
2 Receivables from Public Sector Entities - -
Receivables from Multilateral Development Banks and International
3 - -
Institutions
4 Receivables from Banks - -
5 Receivables of a Covered Bond - -
Receivables from Securities Companies and Other Financial
6 - -
Services Institutions
Receivables in the form of Securities/Subordinated Receivables,
7 - -
Equity and Other Capital Instruments
8 House-backed Loan 13,386,868 -
9 Commercial Property-backed Loan - -
10 Loan for Land Acquisition, Land Management and Construction - -
11 Employee/Retiree Loan - -
12 Receivables from MSE and Retail Portfolio - -
13 Corporate Receivables - -
14 Other Assets - -
Total 13,386,868 -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
352 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
(in million IDR)
December 31, 2023 December 31, 2022
Impaired securitized assets Profit/Loss from
Capital Securitized Capital
RWA securitization RWA
Deduction assets value Deduction
Due Not yet due activities
- - - - - - - -
226,678 - 12,286,868 - - - 211,180 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - 12,286,868 - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(in million IDR)
December 31, 2022
No. Underlying Asset **)
Securitized Profit (Loss)
assets value from Sales
1 Receivables from the Government - -
2 Receivables from Public Sector Entities - -
Receivables from Multilateral Development Banks and International
3 - -
Institutions
4 Receivables from Banks - -
5 House-backed Loan 12,286,868 -
6 Commercial Property-backed Loan - -
7 Employee/Retiree Loan - -
8 Receivables from MSE and Retail Portfolio - -
9 Corporate Receivables - -
10 Other Assets - -
Total 12,286,868 -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
PT Bank Tabungan Negara (Persero) Tbk 353
Page 356
Information on Capital
and Risk Exposure
Table of Balance Sheet Asset Exposure (in million IDR)
December 31, 2023
No. Portfolio Category *)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government 84,993,137 - -
2 Receivables from Public Sector Entities 15,695,726 6,014,430 5,573,249
Receivables from Multilateral Development Banks and International
3 - - -
Institutions
4 Receivables from Banks 3,435,227 833,519 833,519
5 Receivables of a Covered Bond - - -
Receivables from Securities Companies and Other Financial
6 20,734 8,294 8,294
Services Institutions
Receivables in the form of Securities/Subordinated Receivables,
7 - - -
Equity and Other Capital Instruments
8 House-backed Loan 268,699,489 94,516,914 70,123,127
9 Commercial Property-backed Loan 5,795,141 4,911,469 4,853,986
10 Loan for Land Acquisition, Land Management and Construction 15,033,448 15,894,777 15,879,575
11 Employee/Retiree Loan 2,273,660 1,136,830 1,136,830
12 Receivables from MSE and Retail Portfolio 6,745,842 4,801,554 4,567,635
13 Corporate Receivables 15,822,590 11,295,896 10,209,652
14 Matured Receivables 6,819,067 8,325,489 8,325,489
15 Other Assets 13,507,510 11,418,815 11,418,815
Total 438,841,570 159,157,985 132,930,171
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
No. Portfolio Category **)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government 70,895,488 - -
2 Receivables from Public Sector Entities 13,690,301 6,811,451 6,811,451
Receivables from Multilateral Development Banks and International
3 - - -
Institutions
4 Receivables from Banks 1,910,769 394,208 394,208
5 House-backed Loan 241,719,822 75,904,002 58,420,939
6 Commercial Property-backed Loan 17,850,675 17,850,675 17,236,491
7 Employee/Retiree Loan 1,682,018 841,009 841,009
8 Receivables from MSE and Retail Portfolio 7,304,129 5,478,097 5,143,757
9 Corporate Receivables 14,024,660 14,024,660 11,239,448
10 Matured Receivables 3,664,982 4,747,246 3,931,967
11 Other Assets 10,408,685 - 8,785,946
Total 383,151,528 126,051,347 112,805,216
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
354 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Table of Exposure of Commitment/Contingency Obligations in Administrative Account Transaction (in million IDR)
December 31, 2023
No. Portfolio Category *)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government 103,743 - -
2 Receivables from Public Sector Entities 562,576 216,301 216,301
Receivables from Multilateral Development Banks and
3 - - -
International Institutions
4 Receivables from Banks - - -
Receivables from Securities Companies and Other Financial
5 450 180 180
Services Institutions
6 House-backed Loan 4,776 1,684 1,260
7 Commercial Property-backed Loan 148,313 125,864 124,384
8 Loan for Land Acquisition, Land Management and Construction 837,422 886,632 885,788
9 Employee/Retiree Loan 4 2 2
10 Receivables from MSE and Retail Portfolio 3,640 2,571 2,443
11 Corporate Receivables 3,225,368 2,286,629 2,254,449
12 Matured Receivables 4,058 6,087 6,087
Total 4,890,349 3,525,951 3,490,895
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(dalam jutaan Rupiah)
December 31, 2022
No. Portfolio Category **)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government - - -
2 Receivables from Public Sector Entities - - -
Receivables from Multilateral Development Banks and
3 - - -
International Institutions
4 Receivables from Banks - - -
5 House-backed Loan - - -
6 Commercial Property-backed Loan 17,956 17,956 17,956
7 Employee/Retiree Loan - - -
8 Receivables from MSE and Retail Portfolio 3,615 2,711 2,711
9 Corporate Receivables 1,086,430 1,086,430 1,086,430
10 Matured Receivables - - -
Total 1,108,001 1,107,098 1,107,098
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
PT Bank Tabungan Negara (Persero) Tbk 355
Page 358
Information on Capital
and Risk Exposure
Table of Exposures that Give rise to Credit Risk due to Failure of Counterparty
(Counterparty Credit Risk) (in million IDR)
December 31, 2023
No. Portfolio Category *)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government 0 - -
2 Receivables from Public Sector Entities - - -
Receivables from Multilateral Development Banks and
3 - - -
International Institutions
4 Receivables from Banks - - -
Receivables from Securities Companies and Other Financial
5 - - -
Services Institutions
6 Receivables from MSE and Retail Portfolio
7 Corporate Receivables - - -
Total 0 - -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
No. Portfolio Category **)
Net Receivables RWA before CRM RWA after CRM
1 Receivables from the Government 1,434,190 - -
2 Receivables from Public Sector Entities - - -
Receivables from Multilateral Development Banks and
3 - - -
International Institutions
4 Receivables from Banks - - -
5 Receivables from MSE and Retail Portfolio - - -
6 Corporate Receivables - - -
Total 1,434,190 - -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
Table of Exposure that Gives Credit Risk Due to Settlement Failure (Settlement Risk) (in million IDR)
December 31, 2023
No. Portfolio Category *)
Capital Regulatory
Exposure Value RWA after CRM
Adjustment
1 For transactions classified as Delivery versus payment (DvP) - - -
a. Capital Expense 8% (5-15 days) - - -
b. Capital Expense 50% (16-30 days) - - -
c. Capital Expense 75% (31-45 days) - - -
d. Capital Expense 100% (more than 45 days) - - -
For transactions classified as Non Delivery versus payment
2 - - -
(Non DvP)
Total - - -
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
356 PT Bank Tabungan Negara (Persero) Tbk
Page 359
2023 Annual Report
(in million IDR)
December 31, 2022
No. Portfolio Category **)
Capital Regulatory
Exposure Value RWA after CRM
Adjustment
1 Delivery versus payment - - -
a. Capital Expense 8% (5-15 days) - - -
b. Capital Expense 50% (16-30 days) - - -
c. Capital Expense 75% (31-45 days) - - -
d. Capital Expense 100% (more than 45 days) - - -
2 Non-Delivery versus payment - - -
Total - - -
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
Table of Securitization Exposure (in million IDR)
December 31, 2023
No. Transaction Type *)
Capital Regulatory Adjustment RWA
RWA for Securitization Exposure calculated using the External Rating Based
1 - -
Approach (ERBA) Method
RWA for Securitization Exposure calculated by Standardized Approach (SA)
2 - 226,678
Method
3 Securitization Exposure which is a Main Core Capital Reduction Factor - -
Total - 226,678
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks.
(in million IDR)
December 31, 2022
No. Transaction Type **)
Capital Regulatory Adjustment RWA
RWA for Securitization Exposure calculated using the External Rating Based
1 - -
Approach (ERBA) Method
RWA for Securitization Exposure calculated by Standardized Approach (SA)
2 - 211,180
Method
3 Securitization Exposure which is a Main Core Capital Reduction Factor - -
Total - 211,180
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
Table of Derivative Credit Risk Measurement (in million IDR)
December 31, 2023
No. Transaction Type *)
Capital Regulatory Adjustment RWA
1 Receivables from the Government - -
a. Receivables from the Indonesian Government - -
b. Receivables from the other countries Government - -
PT Bank Tabungan Negara (Persero) Tbk 357
Page 360
Information on Capital
and Risk Exposure
December 31, 2023
No. Transaction Type *)
Capital Regulatory Adjustment RWA
2 Receivables from Public Sector Entities - -
Receivables from Multilatera Development Banks and International
3 - -
Institutions
4 Receivables from Banks 150,239 44,017
a. Short Term Receivable - -
b. Long Term Receivable 150,239 44,017
5 Receivables from Securities Companies and Other Financial Services Institutions - -
a. Short Term Receivable - -
b. Long Term Receivable - -
6 Receivables from MSE and Retail Portfolio - -
7 Corporate Receivables - -
8 Exposure related to Central Counterparty (CCP) - -
Total 150,239 44,017
*) Referring to OJK Circular Letter No. 24/SEOJK.03/2021 concerning Calculation of Risk-Weighted Assets for Credit Risk Using the Standard Approach for Commercial Banks
which applies as of January 1, 2023.
(in million IDR)
December 31, 2022
No. Transaction Type **)
Capital Regulatory Adjustment RWA
1 Receivables from the Government - -
a. Receivables from the Indonesian Government - -
b. Receivables from the Other Countries Government - -
2 Receivables from Public Sector Entities - -
Receivables from Multilatera Development Banks and International
3 - -
Institutions
4 Receivables from Banks - -
a. Short Term Receivable - -
b. Long Term Receivable - -
5 Receivables from MSE and Retail Portfolio - -
6 Corporate Receivables - -
7 Credit Valuation Adjustment (CVA) Risk Weighted Asset Exposure - 194,864
Total - 194,864
**) Referring to OJK Circular Letter No. 42/SEOJK.03/2016 concerning Guidelines for Calculating Risk-Weighted Assets for Credit Risk Using a Standard Approach.
Table of Credit Risk Measurement as of December 31, 2023 and December 31, 2022 (in million IDR)
No. Description December 31, 2023 December 31, 2022
1 RWA CALCULATION ON CREDIT RISK (A) 136,691,761 114,318,357
“CREDIT RISK RWA REDUCTION FACTOR: The excess of PPKA
2 general reserves over productive assets which must be calculated (B) - -
with 1.25% RWA for Credit Risk”
3 TOTAL RWA CREDIT RISK (A) - (B) (C) 136,691,761 114,318,357
4 TOTAL CAPITAL REDUCTION FACTORS (D) - -
358 PT Bank Tabungan Negara (Persero) Tbk
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2023 Annual Report
Market
Risk
Market risks are risks in the financial position statement and All foreign exchange transactions carried out by the Company
administrative account report due to overall changes to market are spot transactions. Currently the Company has not carried out
conditions. In measuring market risk, Bank BTN uses the standard derivative foreign exchange transactions. In calculating KPMM,
method commonly used to calculate the Capital Adequacy The Company uses the standard method as regulated in OJK
Requirements (Minimum CAR) for Market Risks. Exchange rate Circular Letter No.23/SEOJK.03/2022 concerning Calculation
risk arising from fluctuating exchange rate is managed by of Risk-Weighted Assets for Market Risk for Commercial Banks
maintaining the Net Open Position (NOP) according to Bank Article V. Transition Provisions means the Company continues
Indonesia regulation. to use the standard method as regulated in OJK Circular Letter
No. 38/SEOJK.03/2016 dated September 8, 2016 concerning
External turmoil is also accommodated by stress testing to see Guidelines for Using Standard Methods in Calculating Minimum
how far Bank BTN can survive with several scenarios of the Capital Requirements for Commercial Banks Taking Market Risk
changes in external conditions, particularly regarding market into Account.
interest rate.
Table of Market Risk Calculation Using Standard Method
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023 December 31, 2022
No. Risk Type
Capital Expense RWA Capital Expense RWA
1 Interest Rate Risk 32,088 401,103 76,147 951,841
a. Specific Risk - 754 9,419
b. General Risk 401,103 75,394 942,422
2 Exchange Rate Risk 43,298 541,223 33,717 421,458
3 Equity Risk - - - -
4 Commodity Risk - - - -
5 Risk Options - - - -
Total 75,386 942,326 109,864 1,373,299
Eksposure Interest Rate in the Banking Book (IRRBB)
The Interest Rate in the Banking Book (IRRBB) is a part of the interest Steepener, Flattener, Short Rates Up and Short Rates Down.
rate risk, which focuses on the impact of the economic value Meanwhile, ΔNII calculation uses 2 shock scenarios, i.e. Parallel
changes from the position of the banking book that is potentially Up and Parallel Down. Bank BTN measures the change in NII
affecting Bank BTN’s capital and rentability. In measuring and (ΔNII) as maximum decline of NII during the increase or decline
calculating IRRBB, Bank BTN applies 6 (six) interest rate shock of interest rate. The following is the result of company interest risk
scenarios for ΔEVE calculation, i.e. Parallel Up, Parallel Down, management monitoring.
Table of Disclosure of Exposure Interest Rate Risk in Banking Book (IRRBB)
as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023 December 31, 2022
Type of Interest Rate
No. ΔEVE ΔNII ΔEVE ΔNII
Shock Scenario
T T-1 T T-1 T T-1 T T-1
1 Parallel up (287,473) (334,889) (1,815,275) (2,278,750) (172,121) 50,400 (2,405,885) (2,429,886)
2 Parallel down 1,042,596 873,611 1,490,950 1,936,701 949,773 660,477 1,974,177 1,959,842
3 Steepener (913,832) (478,467) (1,017,121) (1,102,635)
PT Bank Tabungan Negara (Persero) Tbk 359
Page 362
Information on Capital
and Risk Exposure
December 31, 2023 December 31, 2022
Type of Interest Rate
No. ΔEVE ΔNII ΔEVE ΔNII
Shock Scenario
T T-1 T T-1 T T-1 T T-1
4 Flattener 1,033,934 567,552 1,184,300 1,310,859
5 Short rate up 338,291 (10,872) 444,729 639,907
6 Short rate down (836,789) (494,399) (1,110,090) (1,362,249)
Negative Maximum Value
7 913,832 494,399 1,815,275 2,278,750 1,110,090 1,362,249 2,405,885 2,429,886
(absolute)
Tier 1 Capital (for ΔEVE)
8 or Projected Income (for 27,115,896 26,246,324 16,319,417 16,319,417 22,563,440 19,346,098 13,701,657 13,701,657
ΔNII)
Maximum Value divided by
Tier 1 Capital (for ∆EVE) or 3.37% 1.88% 11.12% 13.96% 4.92% 7.04% 17.56% 17.73%
Projected Income (for ∆NII)
Based on the Company’s current portfolio, if there is a change increasing in accordance with the steepener scenario, then the
in interest rates according to the parallel shock up scenario of ± maximum potential loss of Core Capital Equity (Tier 1) that will
400 bps, it will have an impact on changes in the Company’s be experienced by the Company is IDR 913 billion and when
interest income and interest expense of 11.12% of the Company’s compared to the total Core Capital (Tier 1) of 3.37%, it is still
NII target. The maximum potential loss of economic value of below the OJK limit of 15% of core capital (Tier 1).
equity experienced by the Company if there is a change in
short-term interest rates decreasing and long-term interest rates
Table of Rupiah Maturity Profile
December 31, 2023
Maturity Date
No Pos-pos
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
to 1 week
weeks month months months 12 months
I. Neraca
A. Assets
1 Cash 2,095,378 2,095,378 - - - - -
Placement with Bank
2 29,950,536 29,756,476 - - - 194,060 -
Indonesia
a. Demand deposits 17,607,788 17,607,788 - - - - -
b. SBI 194,060 - - - - 194,060 -
c. Others 12,148,688 12,148,688 - 0 - - -
3 Placement from other bank 234,107 234,107 - - - - -
4 Securities 35,902,399 576,504 270 7,483,702 2,955,254 882,854 1,260,459
a. SUN 31,398,530 573,350 - 7,477,808 2,954,236 562,846 1,210,716
1) traded 3,769,410 573,350 - - 2,168,375 - 15,618
2) available for sale 8,531,019 - - - 30,000 111,036 521,271
3) held to maturity 19,098,101 - - 7,477,808 755,861 451,810 673,827
4) loans and receivables - - - - - - -
360 PT Bank Tabungan Negara (Persero) Tbk
Page 363
2023 Annual Report
Operational
Risk
Operational Risk occurs due to inadequate/non-functioning environment safety, customers, business products and practices,
internal process, human error, system failure, and/or external physical asset damage, disruptions of business activities and system
events that affect company operation. failures and process and execution errors, including fraud arising
from money laundering and terrorist financing activities.
Operational risk may be sourced from human errors, internal
processes, system and infrastructure, as well as external In accordance with OJK Circular Letter No. 06/SEOJK.03/2020
events. These risk sources may create adverse impacts on concerning Calculation of Risk-Weighted Assets for Operational
Bank BTN’s operations. Therefore, any emergence of such Risk Using a Standard Approach for Commercial Banks, Bank
operational risk events become an indicator for the success BTN has carried out operational RWA calculations using a
or the failure of the operational risk management. standard approach starting in 2023.
Operational risk can be classified into several types of events, among The description related to operational risks is explained as
others internal fraud, external fraud, labor practices and work follows:
Table of Operational Risk as of December 31, 2023 and December 31, 2022 (in million IDR)
December 31, 2023 December 31, 2022
Approach Gross Income
Capital
KIB MMRO RWA (Average of the last 3 RWA
Expense
years)
Basic Indicator
1,431,154 1,431,154 17,889,426 12,767,391 1,915,109 23,938,858
Approach
(in million IDR)
December 31, 2022
Maturity Date
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
> 12 months to 1 week > 12 months
weeks month months months 12 months
- 1,645,839 1,645,839 - - - - - -
- 37,769,892 37,769,892 - - - - - -
- 25,193,997 25,193,997 - - - - - -
- - - - - - - - -
- 12,575,895 12,575,895 - 0 - - - -
- 940,113 940,113 - - - - - -
22,743,357 48,846,898 2,076,651 649,576 5,199,834 10,707,951 5,820,621 3,053,337 21,338,928
18,619,574 47,420,225 2,061,104 649,576 4,893,523 10,705,307 5,818,547 2,869,890 20,422,278
1,012,066 19,591,199 2,061,104 649,576 - 9,230,307 4,938,578 2,077,981 633,654
7,868,712 10,501,391 - - - - 479,969 387,909 9,633,512
9,738,795 17,327,635 - - 4,893,523 1,475,000 400,000 404,000 10,155,112
- - - - - - - - -
PT Bank Tabungan Negara (Persero) Tbk 361
Page 364
Information on Capital
and Risk Exposure
December 31, 2023
Maturity Date
No Pos-pos
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
to 1 week
weeks month months months 12 months
b. Corporate Securities 4,503,869 3,153 270 5,894 1,018 320,009 49,742
1) traded 540,443 - - - - - -
2) available for sale 1,627,903 - - - - 30,000 -
3) held to maturity 2,335,524 3,153 270 5,894 1,018 290,009 49,742
4) loans and receivables - - - - - - -
c. Others - - - - - - -
5 Loans 331,237,860 2,096,216 34,163 862,025 1,851,281 2,099,232 6,446,104
a. Not yet due 328,453,825 1,225,977 34,163 862,025 1,746,409 2,002,306 6,177,307
b. Due 2,784,034 870,239 - - 104,872 96,926 268,797
6 Other Receivables 1,195,547 - - - - 1,195,547 -
"a. Receivables from
Securities Purchased under
- - - - - - -
Agreement to Resell (Reverse
Repo)"
b.Others 1,195,547 - - - - 1,195,547 -
7 Investment in Shares - - - - - - -
8 Others 17,884,999 - - 17,884,999 - - -
Total Assets 418,500,826 34,758,681 34,432 26,230,726 4,806,535 4,371,694 7,706,562
B. Liabilities
1 Third Party Funds 324,517,875 110,904,849 15,416,183 56,972,191 38,901,144 15,594,567 22,279,017
a. Demand deposits 124,350,812 60,031,106 - - - - -
b. Saving Deposits 38,804,771 38,804,771 - - - - -
c. Time Deposits 161,362,291 12,068,971 15,416,183 56,972,191 38,901,144 15,594,567 22,279,017
1) Deposit on call 5,377,306 2,699,341 1,753,015 924,950 - - -
2) Time Deposits 155,714,985 9,369,631 13,663,168 56,047,241 38,901,144 15,484,567 22,119,017
3) Others 270,000 - - - - 110,000 160,000
2 Liabilities to Bank Indonesia - - - - - - -
3 Liabilities to other banks 1,300,316 - - 20,936 2,300 500,000 777,080
4 Securities Issued 6,834,647 265,846 - - - 1,219,500 853,000
a. Bonds 6,834,647 265,846 - - - 1,219,500 853,000
b. Subordination - - - - - - -
c. Others - - - - - - -
5 Fund Borrowings 37,523,489 - - 3,242,020 - 5,140,000 7,455,000
a. Subordinated Loan 4,499,997 - - - - - -
b. Others 33,023,492 - - 3,242,020 - 5,140,000 7,455,000
6 Other Receivables 1,195,547 1,195,547 - - - - -
a. Liabilities for Securities
Sold under Repurchase - - - - - - -
Agreement (Repo)
b. Others 1,195,547 1,195,547 - - - - -
7 Others 7,882,807 - - 7,882,807 - - -
362 PT Bank Tabungan Negara (Persero) Tbk
Page 365
2023 Annual Report
December 31, 2022
Maturity Date
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
> 12 months to 1 week > 12 months
weeks month months months 12 months
4,123,783 1,426,673 15,547 - 306,311 2,645 2,074 183,447 916,650
540,443 793,831 15,547 - 300,000 - - - 478,284
1,597,903 358,798 - - - - - 103,447 255,351
1,985,438 274,044 - - 6,311 2,645 2,074 80,000 183,014
- - - - - - - - -
- - - - - - - - -
317,848,839 297,112,950 518,823 220,263 1,851,732 1,964,883 3,176,293 6,913,958 282,466,998
316,405,639 294,073,082 199,615 220,263 1,851,732 1,779,526 3,011,912 5,865,243 281,144,791
1,443,200 3,039,868 319,208 - - 185,357 164,381 1,048,715 1,322,207
- 1,864,846 1,434,190 - - - 430,656 - -
- 1,434,190 1,434,190 - - - - - -
- 430,656 - - - - 430,656 - -
- - - - - - - - -
- 15,615,495 - - 15,615,495 - - - -
340,592,196 403,796,033 44,385,508 869,838 22,667,061 12,672,834 9,427,570 9,967,295 303,805,926
64,449,924 318,997,390 117,850,608 21,122,406 50,806,883 40,988,821 24,461,778 9,268,938 54,497,958
64,319,706 111,715,040 68,853,890 - - - - - 42,861,151
- 37,273,401 37,273,401 - - - - - -
130,218 170,008,949 11,723,317 21,122,406 50,806,883 40,988,821 24,461,778 9,268,938 11,636,807
- 1,085,246 543,905 157,000 384,341 - - - -
130,218 168,923,703 11,179,412 20,965,406 50,422,542 40,988,821 24,461,778 9,268,938 11,636,807
- - - - - - - - -
- - - - - - - - -
- 180,166 140,138 - 37,728 2,300 - - -
4,496,302 8,652,260 - - - 2,000,000 - 727,000 5,925,260
4,496,302 8,652,260 - - - 2,000,000 - 727,000 5,925,260
- - - - - - - - -
- - - - - - - - -
21,686,469 28,513,220 - - 2,017,953 - - 2,500,000 23,995,267
4,499,997 4,499,977 - - - - - - 4,499,977
17,186,472 24,013,242 - - 2,017,953 - - 2,500,000 19,495,289
- 430,656 430,656 - - - - - -
- - - - - - - - -
- 430,656 430,656 - - - - - -
- 11,726,704 - - 11,726,704 - - - -
PT Bank Tabungan Negara (Persero) Tbk 363
Page 366
Information on Capital
and Risk Exposure
December 31, 2023
Maturity Date
No Pos-pos
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
to 1 week
weeks month months months 12 months
Total Liabilities 379,254,681 112,366,242 15,416,183 68,117,954 38,903,444 22,454,067 31,364,097
Difference of Assets and
39,246,145 (77,607,561) (15,381,751) (41,887,228) (34,096,909) (18,082,373) (23,657,534)
Liabilities in the Balance
II. Administrative Account
Administrative Account
A.
Receivables
1 Commitments - - - - - - -
a. Outstanding loan facility - - - - - - -
b. Outstanding spot and
derivative purchasing - - - - - - -
position
1) Spot - - - - - - -
2) Derivative - - - - - - -
c. Others - - - - - - -
2 Contingencies 24,998,985 - - 24,998,985 - - -
Total Administrative Account
24,998,985 - - 24,998,985 - - -
Receivables
Administrative Account
B.
Liabilities
1 Commitments 20,977,203 - - 19,170,698 - - -
a. Outstanding loan facility 19,138,038 - - 19,138,038 - - -
b. . Outstanding irrevocable
18,496 - - 18,496 - - -
L/C
c. Outstanding spot and
1,806,505 - - - - - -
derivative sale position
1) Spot - - - - - - -
2) Derivative 1,806,505 - - - - - -
d. Others 14,164 - - 14,164 - - -
2 Contingencies 2,502,757 - - 2,502,757 - - -
Total Administrative Account
21,640,795 - - 21,673,455 - - -
Liabilities
Difference of Receivables and
Liabilities in Administrative 3,358,190 - - 3,325,530 - - -
Accounts
Difference [(IA-IB)+(IIA-IIB)] 42,604,335 (77,607,561) (15,381,751) (38,561,698) (34,096,909) (18,082,373) (23,657,534)
Cumulative Difference 40,765,170 (77,607,561) (92,989,312) (131,551,010) (165,647,919) (183,730,292) (207,387,826)
364 PT Bank Tabungan Negara (Persero) Tbk
Page 367
2023 Annual Report
December 31, 2022
Maturity Date
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
> 12 months to 1 week > 12 months
weeks month months months 12 months
90,632,695 368,500,395 118,421,401 21,122,406 64,589,267 42,991,121 24,461,778 12,495,938 84,418,485
249,959,501 35,295,638 (74,035,893) (20,252,567) (41,922,206) (30,318,287) (15,034,209) (2,528,643) 219,387,442
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 19,459,686 - - 19,459,686 - - - -
- 19,459,686 - - 19,459,686 - - - -
1,806,505 19,058,474 - 339,313 16,581,426 - 331,410 - 1,806,325
- 16,363,226 - - 16,363,226 - - - -
- 204,672 - - 204,672 - - - -
1,806,505 2,477,048 - 339,313 - - 331,410 - 1,806,325
- - - - - - - - -
1,806,505 2,477,048 - 339,313 - - 331,410 - 1,806,325
- 13,529 - - 13,529 - - - -
- 964,107 - - 964,107 - - - -
1,806,505 20,022,580 - 339,313 17,545,533 - 331,410 - 1,806,325
(1,806,505) (562,894) - (339,313) 1,914,154 - (331,410) - (1,806,325)
248,152,996 34,732,744 (74,035,893) (20,591,880) (40,008,052) (30,318,287) (15,365,619) (2,528,643) 217,581,117
40,765,170 34,732,744 (74,035,893) (94,627,773) (134,635,825) (164,954,112) (180,319,730) (182,848,373) 34,732,744
PT Bank Tabungan Negara (Persero) Tbk 365
Page 368
Information on Capital
and Risk Exposure
Table of Forex Maturity Profile
December 31, 2023
Maturity Date
No Pos-pos
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
to 1 week
weeks month months months 12 months
I. Neraca
A. Asset
1 Cash 32,111 32,111 - - - - -
Placement with Bank
2 19,257,856 19,104,196 153,661 - - - -
Indonesia
3 Placement from other bank 1,969,352 1,969,352 - - - - -
4 Securities 4,756,845 - - - - 188,407 138,629
a. SUN 4,456,411 - - - - - 138,629
1) traded 2,379 - - - - - 2,379
2) available for sale 3,980,972 - - - - - -
3) held to maturity 473,061 - - - - - 136,250
4) loans and receivables - - - - - - -
b. Corporate Securities 300,434 - - - - 188,407 -
1) traded - - - - - - -
2) available for sale 300,434 - - - - 188,407 -
3) held to maturity - - - - - - -
4) loans and receivables - - - - - - -
c. Others - - - - - - -
5 Loans 2,460,281 - - - - - 230,955
a. Not yet due 2,460,281 - - - - - 230,955
b. Due - - - - - - -
6 Other Receivables 64,516 64,516 - - - - -
"a. Receivables from
Securities Purchased under
- - - - - - -
Agreement to Resell (Reverse
Repo)"
b.Others 64,516 64,516 - - - - -
7 Others 1,092,189 - - 1,092,189 - - -
Jumlah Asset 29,633,150 21,170,174 153,661 1,092,189 - 188,407 369,584
B. Liabilities
1 Third Party Funds 25,415,442 18,662,384 824,462 2,090,700 1,732,429 1,371,955 733,513
a. Demand deposits 18,457,944 18,457,944 - - - - -
b. Saving Deposits 193,982 193,982 - - - - -
c. Time Deposits 6,763,517 10,458 824,462 2,090,700 1,732,429 1,371,955 733,513
1) Deposit on call - - - - - - -
2) Time Deposits 6,763,517 10,458 824,462 2,090,700 1,732,429 1,371,955 733,513
3) Others - - - - - - -
2 Liabilities to Bank Indonesia - - - - - - -
3 Liabilities to other banks - - - - - - -
4 Securities Issued 4,612,840 - - - - - -
a. Bonds - - - - - - -
b. Subordination 4,612,840 - - - - - -
c. Others - - - - - - -
5 Fund Borrowings 750,059 - - - - - -
a. Subordinated Loan - - - - - - -
b. Others 750,059 - - - - - -
6 Other Receivables - - - - - - -
a. Liabilities for Securities
Sold under Repurchase - - - - - - -
Agreement (Repo)
b. Others - - - - - - -
366 PT Bank Tabungan Negara (Persero) Tbk
Page 369
2023 Annual Report
(in million IDR)
December 31, 2022
Maturity Date
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
> 12 months to 1 week > 12 months
weeks month months months 12 months
- 15,694 15,694 - - - - - -
- 222,943 222,943 - - - - - -
- 932,205 932,205 - - - - - -
4,429,809 4,841,243 - - - 128,588 62,270 31,135 4,619,250
4,317,783 4,544,748 - - - 128,588 62,270 31,135 4,322,756
- - - - - - - - -
3,980,972 3,831,559 - - - - - - 3,831,559
336,811 713,190 - - - 128,588 62,270 31,135 491,197
- - - - - - - - -
112,027 296,495 - - - - - - 296,495
- - - - - - - - -
112,027 296,495 - - - - - - 296,495
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2,229,326 1,168,755 - - - - - - 1,168,755
2,229,326 1,168,755 - - - - - - 1,168,755
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 971,042 - - 971,042 - - - -
6,659,136 8,151,883 1,170,842 - 971,042 128,588 62,270 31,135 5,788,005
- 2,938,717 1,917,754 50,021 130,345 811,652 26,105 2,840 -
- 1,809,479 1,809,479 - - - - - -
- 102,646 102,646 - - - - - -
- 1,026,593 5,629 50,021 130,345 811,652 26,105 2,840 -
- - - - - - - - -
- 1,026,593 5,629 50,021 130,345 811,652 26,105 2,840 -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
4,612,840 4,658,242 - - - - - - 4,658,242
- - - - - - - - -
4,612,840 4,658,242 - - - - - - 4,658,242
- - - - - - - - -
750,059 807,763 - - - - - - 807,763
- - - - - - - - -
750,059 807,763 - - - - - - 807,763
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
PT Bank Tabungan Negara (Persero) Tbk 367
Page 370
Information on Capital
and Risk Exposure
December 31, 2023
Maturity Date
No Pos-pos
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
to 1 week
weeks month months months 12 months
7 Others 145,511 - - 145,511 - - -
Total Liabilities 30,923,852 18,662,384 824,462 2,236,211 1,732,429 1,371,955 733,513
Difference of Assets and
(1,290,702) 2,507,791 (670,802) (1,144,022) (1,732,429) (1,183,548) (363,929)
Liabilities in the Balance
II. Administrative Account
Administrative Account
A.
Receivables
1 Komitmen 1,878,434 - - - - - -
a. Fasilitas pinjaman yang
- - - - - - -
belum ditarik
b. Posisi pembelian spot dan
1,878,434 - - - - - -
derivatif yang masih berjalan
1) Spot - - - - - - -
2) Derivatif 1,878,434 - - - - - -
c. Lainnya - - - - - - -
2 Kontijensi 488,686 - - 488,686 - - -
Total Administrative Account
2,367,120 - - 488,686 - - -
Receivables
Administrative Account
B.
Liabilities
1 Commitments - - 653,587 - - -
a. Fasilitas kredit yang belum
- - 653,587 - - -
ditarik
b. Outstanding irrevocable
- - - - - -
L/C
c. Outstanding spot and
- - - - - -
derivative sale position
1) Spot - - - - - -
2) Derivat - - - - - -
d. Others - - - - - -
2 Contingencies - - 476,264 - - -
Total Administrative Account
- - - 1,129,851 - - -
Liabilities
Difference of Receivables and
Liabilities in Administrative 2,367,120 - - (641,165) - - -
Accounts
Difference [(IA-IB)+(IIA-IIB)] 1,076,419 2,507,791 (670,802) (1,785,187) (1,732,429) (1,183,548) (363,929)
Cumulative Difference (53,433) 2,507,791 1,836,989 51,802 (1,680,627) (2,864,174) (3,228,103)
Table of Liquidity Coverage Ratio (LCR) (in %)
2023 2022
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
Bank - Individual 1,436,485 1,436,485 17,956,060 12,767,391 1,915,109 23,938,858 238.80% 238.50%
368 PT Bank Tabungan Negara (Persero) Tbk
Page 371
2023 Annual Report
December 31, 2022
Maturity Date
Balance
>1 week to 2 >2 weeks to 1 >1 month to 3 >3 months to 6 >6 months to
> 12 months to 1 week > 12 months
weeks month months months 12 months
- 113,736 - - 113,736 - - - -
5,362,899 8,518,458 1,917,754 50,021 244,081 811,652 26,105 2,840 5,466,004
1,296,237 (366,575) (746,911) (50,021) 726,961 (683,065) 36,165 28,295 322,001
1,878,434 2,625,536 - 389,188 - - 351,737 - 1,884,612
- - - - - - - - -
1,878,434 2,625,536 - 389,188 - - 351,737 - 1,884,612
- - - - - - - - -
1,878,434 2,625,536 - 389,188 - - 351,737 - 1,884,612
- - - - - - - - -
- 76,436 - - 76,436 - - - -
1,878,434 2,701,972 - 389,188 76,436 - 351,737 - 1,884,612
- 279,023 - - 279,023 - - - -
- 279,023 - - 279,023 - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- 61,173 - - 61,173 - - - -
- 340,196 - - 340,196 - - - -
1,878,434 2,361,776 - 389,188 (263,760) - 351,737 - 1,884,612
3,174,671 1,995,201 (746,911) 339,166 463,202 (683,065) 387,902 28,295 2,206,613
(53,433) 1,995,201 (746,911) (407,745) 55,456 (627,608) (239,707) (211,412) 1,995,201
PT Bank Tabungan Negara (Persero) Tbk 369
Names mentioned 175 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank BTN’s
p.3 ×20
unresolved
org
PT Bank Tabungan
p.5 ×4
unresolved
org
Negara (Persero) Tbk.
p.5
unresolved
org
Bank BTN In
p.5
unresolved
org
Bank Performance Economic Overview
p.7
unresolved
org
Bank Soundness Level
p.7
unresolved
—
Diversity Policy for
p.8
unresolved
org
Compensation to Management
p.8
unresolved
—
Ownership by
p.8
unresolved
—
Organs and Committees under
p.8
unresolved
org
Bank NUMBER OF OFFICES
p.9
unresolved
org
PT Persero
p.10
unresolved
org
Bank Koperasi Tani
p.11
unresolved
org
Bank Affairs.
p.11
unresolved
org
Government of the Republic of Indonesia
p.11 ×3
unresolved
org
Bank BTN’s Vision
p.12 ×2
unresolved
org
Financial Services Authority
p.15 ×2
unresolved
org
BANK INDONESIA
p.20 ×17
unresolved
org
Bank Indonesia Certificates
p.25
unresolved
org
Bank BTN Outstanding Bonds Electronic Issue
p.30
unresolved
org
Bank BTN’s Junior Global Bond
p.30
unresolved
org
Bank Sukuk Table Electronic
p.30
unresolved
org
Bank BJB Convertible Bonds Informations As
p.31
unresolved
org
Bank BTN Securitization
p.32
unresolved
org
Bank BTN Officially Became
p.37
unresolved
org
Bank BTN Won Top PLCs
p.37
unresolved
org
Bank BTN Officially Launched SuperApp BTN Mobile SuperApp
p.37
unresolved
org
Bank BTN Syariah Pontianak Officially Operated Sharia Branch
p.38
unresolved
org
Ministry of SOEs
p.38 ×3
unresolved
org
Bank BTN Encouraged Traditional Market Digitization Ecosystem
p.38
unresolved
org
Bank BTN Supported Millennial Residential Financing
p.39
unresolved
org
Bank Released BTN Call
p.40
unresolved
org
Bank BTN Collaborates
p.40
unresolved
org
PT Pemeringkat Efek Indonesia
p.40
unresolved
org
Bank BTN Housing Projects. With
p.40
unresolved
org
Bank BTN’s Sharia Business
p.41 ×4
unresolved
org
Bank BTN Reviewed Subsidized Housing
p.41
unresolved
org
Bank BTN Mass KPR Akad
p.41
unresolved
org
Bank BTN Launched BTN KPR Propritas Entrepreneurs
p.41
unresolved
org
Bank BTN Inaugurated MSME Processing Center
p.42
unresolved
org
Bank BTN Syariah Held Mass Contract
p.42
unresolved
org
Bank BTN Syariah Sharia KPR Mass Contracts
p.42
unresolved
org
Bank BTN Held BTN Santri Developer Training
p.43
unresolved
org
Bank BTN Jakarta Run Successfully Held Bank BTN
p.43
unresolved
org
Bank BTN Collaborated
p.43
unresolved
org
Bank BTN Highest FLPP Distributor
p.43
unresolved
org
PT Mandiri
p.43
unresolved
org
Bank Indonesia’s
p.48 ×4
unresolved
org
Bank BTN’s Sharia
p.53
unresolved
person
Nixon L. P. Napitupulu
· President Director
p.60 ×2
unresolved
org
Bank Rating Approach
p.66
unresolved
org
Bank BTN’s House Price Index
p.67
unresolved
org
Minister of SOEs Regulation
p.69
unresolved
org
Minister of State-Owned Enterprises
p.70
unresolved
person
Prof. Dr. H. Muhammad Quraish Shihab
p.74 ×7
unresolved
person
Hidayat
p.76
unresolved
person
MBA
p.76 ×2
unresolved
person
Mohamad Bagus Teguh Perwira
· Member
p.76
unresolved
person
Muhammad Faiz
· Member
p.76
unresolved
person
Vice
· President Director
p.78 ×3
unresolved
org
Common Name
· Company Name
p.82
unresolved
org
Indonesia Stock Exchange
p.82 ×2
unresolved
org
Employee Base Limited
p.82
unresolved
org
Bank Tabungan Negara’s Legal Form
p.83
unresolved
person
Salim
p.83
unresolved
person
H. R. Rasuna Said
p.86
unresolved
person
H. M. Yusuf Singadikane
p.86
unresolved
person
H.M Daud Beureuh
p.89
unresolved
org
Description South Jakarta District Court
p.90
unresolved
org
PT Aviasi Pariwisata Indonesia (Persero)
p.90
unresolved
org
PT Pengembangan Pariwisata Indonesia (Persero)
p.90
unresolved
org
PT Indah Kiat Pulp
p.90
unresolved
org
PT OKI Pulp
p.90
unresolved
org
PT Astakona Megahtama
p.90
unresolved
org
PT Nindya Karya
p.90
unresolved
org
PT Yodya Karya
p.90
unresolved
org
PT Virama Karya
p.90
unresolved
org
PT LEN Industri
p.90
unresolved
org
PT Pupuk Sriwidjaja Palembang
p.90
unresolved
org
PT Mega Akses Persada
p.90
unresolved
org
PT Bandung Indah Permai
p.90
unresolved
org
Bank Kemenag
p.91
unresolved
org
Bank Public Housing Savings Management Agency
p.91
unresolved
org
Ministry of Public Works and Housing
p.91 ×2
unresolved
org
Kementerian PUPR
p.91
unresolved
org
PT Jamkrindo Syariah
p.91 ×2
unresolved
org
PT Askrindo Syariah
p.91
unresolved
org
PT Jasindo Syariah
p.91
unresolved
org
Ministry of Finance
p.91
unresolved
org
Ministry of Religion
p.91
unresolved
org
Ministry of Education
p.91
unresolved
org
PT Rajawali Nusantara Indonesia (Persero)
p.91
unresolved
org
PT Reasuransi Indonesia Utama
p.91
unresolved
org
Bank Negara Indonesia Financial Institution Pension Fund
p.91
unresolved
org
Bank Rakyat Indonesia Financial Institution Pension Fund
p.91
unresolved
org
Yayasan Kesejahteraan Pegawai Otoritas Jasa Keuangan
p.91
unresolved
org
PT Pabrik Gula Rajawali I
p.91
unresolved
org
PT Rajawali Nusantara BTN
p.91
unresolved
org
PT Industri Kereta Api
p.91
unresolved
org
Bank Savings Post
p.94
unresolved
person
Notary Muhani Salim
p.94
unresolved
org
Minister of Justice
p.94
unresolved
org
Bank Indonesia Certificate
p.102
unresolved
org
Bank Guarantee Services Safe Deposit Box BTN
p.104
unresolved
person
Forum Komunikasi
· Direktur
p.117 ×2
unresolved
org
Bank Institution
p.117
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