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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2023 AND 2022
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 1/1
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
31 December
Notes 2023 2022
ASSETS
2b,2g,4,37,
Cash 40,43 21,701,514 21,359,509
2b,2g,2i,5,37,
Current accounts with Bank Indonesia 40,43 92,617,705 104,110,295
Current accounts with other banks - net of allowance for
impairment losses of Rp 899 as of 31 December 2023 2b,2g,2i,6,37,
(31 December 2022: Rp 743) 40,43 5,614,353 4,751,916
Placements with Bank Indonesia and other banks - net
of allowance for impairment losses of Rp 684 2b,2g,2j,7,37,
as of 31 December 2023 (31 December 2022: Rp 5,463) 40,43 5,201,661 31,377,152
2g,2k,8,37,40,
Financial assets at fair value through profit or loss ,43 15,058,660 2,233,129
Acceptance receivables - net of allowance for
impairment losses of Rp 283,115 as of 31 December 2023 2g,2l,9,37,40,
(31 December 2022: Rp 315,457) 43 14,659,624 15,199,641
Bills receivable - net of allowance for impairment losses of
Rp 4,516 as of 31 December 2023
(31 December 2022: Rp 7,135) 2g,10,37,40,43 10,383,524 5,895,907
Securities purchased under agreements to resell - net of
allowance for impairment losses of Rp 998
as of 31 December 2023 (31 December 2022: Rp 1,299) 2g,2n,11,37,43 93,096,153 153,965,112
Loans receivable - net of allowance for impairment
losses of Rp 33,308,875 as of 2g,2m,12,39,40,
31 December 2023 (31 December 2022: Rp 33,947,518) 43
Related parties 2ak,47 8,406,659 9,372,935
Third parties 750,481,180 651,616,069
Consumer financing receivables - net of allowance for impairment
losses of Rp 327,946 as of 31 December 2023
(31 December 2022: Rp 410,229) 2g,2o,13,37,43 8,713,450 8,215,427
Finance lease receivables - net of allowance for impairment
losses of Rp 1,399 as of 31 December 2023
(31 December 2022: Rp 1,226) 2g,2p,37,43 139,007 121,716
Assets related to sharia transactions - net of allowance for impairment
losses of Rp 422,934 as of 31 December 2023
(31 December 2022: Rp 482,088) 2g,2q 8,590,618 7,094,730
Investment securities - net of allowance for impairment
losses of Rp 544,480 as of 31 December 2023 2g,2r,14,37,40,
(31 December 2022: Rp 290,817) 43 312,053,624 248,895,166
Prepaid expenses 15 1,039,030 854,599
Prepaid tax 20a 24,868 24,090
Fixed assets - net of accumulated depreciation of
Rp 10,100,123 as of 31 December 2023
(31 December 2022: Rp 10,071,161) 2h,2s,16 26,824,744 24,709,372
Intangible assets - net of accumulated amortisation of
Rp 1,057,495 as of 31 December 2023
(31 December 2022: Rp 2,305,066) 2e,2u,17 1,564,773 1,567,120
Deferred tax assets - net 2ah,20h 7,451,236 7,321,331
Other assets - net of allowance for impairment losses of
Rp 3,021 as of 31 December 2023 2g,2h,2t
(31 December 2022: Rp 213) 18,40,43
Related parties 2ak,47 9,121 9,216
Third parties 24,475,506 16,037,242
TOTAL ASSETS 1,408,107,010 1,314,731,674
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 1/2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
31 December
Notes 2023 2022
LIABILITIES, TEMPORARY SYIRKAH DEPOSITS, AND EQUITY
LIABILITIES
Deposits from customers 2g,2v,19,37,40,43
Related parties 2ak,47 2,639,237 2,412,327
Third parties 1,088,127,570 1,028,039,456
Sharia deposits 2g,2w 3,201,970 2,825,860
Deposits from other banks 2g,2v,19,37,40,43 10,070,820 7,936,206
Financial liabilities at fair value through profit or loss 2g,2k,8,37,40,43 122,765 383,273
Acceptance payables 2g,2l,9,37,40,43 6,701,256 9,666,648
2g,2n,14,37,40,43
Securities sold under agreements to repurchase 48 1,054,780 255,962
Tax payable 2ah,20b 1,727,910 2,373,869
Borrowings 2g,21,37,40,43,48 1,629,626 1,316,951
Deferred tax liabilities - net 2ah,20h - 9,740
Estimated losses from commitments and contingencies 2g,2ab,22,40,43 3,371,674 3,438,349
Accruals and other liabilities 2g,2ab,23,40,43 29,495,865 20,429,778
Post-employment benefits obligation 2ag,38 9,032,072 7,521,225
Subordinated bonds 2g,2z,24,37,43,48 500,000 500,000
TOTAL LIABILITIES 1,157,675,545 1,087,109,644
TEMPORARY SYIRKAH DEPOSITS 2x 7,893,872 6,440,375
EQUITY
Equity attributable to equity holders of parent entity
Share capital - par value per share of Rp 12.50 (full amount)
Authorised capital: 440,000,000,000 shares
Issued and fully paid-up capital: 123,275,050,000 shares 1c,25 1,540,938 1,540,938
Additional paid-in capital 1c,2e,2ad,26 5,548,977 5,548,977
Revaluation surplus of fixed assets 2s,16 10,936,462 10,713,088
Foreign exchange differences arising from translation of
financial statements in foreign currency 2f 422,502 430,368
Unrealised gains (losses) on financial assets at
fair value through other comprehensive income - net 2g,2r,7,14 948,627 1,824,992
Retained earnings
Appropriated 36 3,234,149 2,826,792
Unappropriated 2ag 219,723,216 198,132,066
Other equity components 2e 1,385 1,385
Total equity attributable to equity holders of parent entity 242,356,256 221,018,606
Non-controlling interest 1d,2e,46 181,337 163,049
TOTAL EQUITY 242,537,593 221,181,655
TOTAL LIABILITIES, TEMPORARY SYIRKAH DEPOSITS, AND EQUITY 1,408,107,010 1,314,731,674
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 2/1
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
Notes 2023 2022
OPERATING INCOME AND EXPENSES
Interest and sharia income 2ad,2aj,28,47
Interest income 86,542,585 71,560,606
Sharia income 855,189 680,585
Total interest and sharia income 87,397,774 72,241,191
Interest and sharia expense 2ad,2aj,29,47
Interest expense (11,954,918) (8,071,113)
Sharia expense (314,034) (180,569)
Total interest and sharia expense (12,268,952) (8,251,682)
NET INTEREST AND SHARIA INCOME 75,128,822 63,989,509
OTHER OPERATING INCOME
Fees and commission income - net 2ae,30 16,652,716 16,583,605
Net income from transaction at fair value
through profit or loss 2af,31 1,887,500 1,287,406
Others 6,276,335 5,615,797
Total other operating income 24,816,551 23,486,808
Impairment losses on assets 2g,32 (2,263,049) (4,526,619)
OTHER OPERATING EXPENSES
Personnel expenses 2ag,2aj,33,38,47 (16,197,811) (13,651,458)
General and administrative expenses 2aj,16,34,47 (17,496,896) (15,390,436)
Others (3,807,860) (3,440,771)
Total other operating expenses (37,502,567) (32,482,665)
INCOME BEFORE TAX 60,179,757 50,467,033
INCOME TAX EXPENSE 2ah,20c (11,521,662) (9,711,461)
NET INCOME 48,658,095 40,755,572
OTHER COMPREHENSIVE INCOME:
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligation 2ag,38 (559,449) (349,596)
Income tax on remeasurements of defined benefit obligation 2ah 106,457 66,252
(452,992) (283,344)
Revaluation surplus of fixed assets 2s,16 231,837 1,225,786
(221,155) 942,442
Items that will be reclassified to profit or loss:
Unrealised gains (losses) on financial assets at fair value through
other comprehensive income 2j,2r,7,14 (1,083,532) (5,329,799)
Income tax 2ah 206,344 1,011,931
(877,188) (4,317,868)
Foreign exchange differences arising from translation of
financial statements in foreign currency 2f (7,866) 52,708
(885,054) (4,265,160)
OTHER COMPREHENSIVE INCOME,
NET OF INCOME TAX (1,106,209) (3,322,718)
TOTAL COMPREHENSIVE INCOME (Carried forward) 47,551,886 37,432,854
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 2/2
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
Notes 2023 2022
TOTAL COMPREHENSIVE INCOME (Brought forward) 47,551,886 37,432,854
NET INCOME ATTRIBUTABLE TO:
Equity holders of parent entity 48,639,122 40,735,722
Non-controlling interest 2e,46 18,973 19,850
48,658,095 40,755,572
COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Equity holders of parent entity 47,533,598 37,413,477
Non-controlling interest 2e,46 18,288 19,377
47,551,886 37,432,854
BASIC AND DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO EQUITY HOLDERS OF
PARENT ENTITY (full amount) 2ac,35 395 330
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
Page 12
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 3/1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023
Attributable to equity holders of parent entity
Foreign
exchange Unrealised
differences gains (losses)
arising from on financial
translation of assets at fair Total equity
financial value through attributable to
Issued and Additional Revaluation statements in other equity holders Non-
fully paid-up paid-in surplus of foreign comprehensive Retained earnings Other equity of parent controlling
Notes capital capital fixed assets currency income - net Appropriated Unappropriated components entity interest Total equity
Balance, 31 December 2022 1,540,938 5,548,977 10,713,088 430,368 1,824,992 2,826,792 198,132,066 1,385 221,018,606 163,049 221,181,655
Net income for the year - - - - - - 48,639,122 - 48,639,122 18,973 48,658,095
Revaluation surplus of fixed assets 2s,16 - - 223,374 - - - 8,463 - 231,837 - 231,837
Foreign exchange differences arising
from translation of financial
statements in foreign currency 2f - - - (7,866) - - - - (7,866) - (7,866)
Unrealised gain (losses) on financial
assets at fair value through other
comprehensive income - net 2j,2r,7,14 - - - - (876,365) - - - (876,365) (823) (877,188)
Remeasurements of defined
benefit liability - net 2ag,2ah,38 - - - - - - (453,130) - (453,130) 138 (452,992)
Total comprehensive income
for the year - - 223,374 (7,866) (876,365) - 48,194,455 - 47,533,598 18,288 47,551,886
General reserve 36 - - - - - 407,357 (407,357) - - - -
Cash dividends 36 - - - - - - (26,195,948) - (26,195,948) - (26,195,948)
Balance, 31 December 2023 1,540,938 5,548,977 10,936,462 422,502 948,627 3,234,149 219,723,216 1,385 242,356,256 181,337 242,537,593
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements.
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 3/2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED 31 DECEMBER 2023 and 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2022
Attributable to equity holders of parent entity
Foreign
exchange Unrealised
differences gains (losses)
arising from on financial
translation of assets at fair Total equity
financial value through attributable to
Issued and Additional Revaluation statements in other equity holders Non-
fully paid-up paid-in surplus of foreign comprehensive Retained earnings Other equity of parent controlling
Notes capital capital fixed assets currency income - net Appropriated Unappropriated components entity interest Total equity
Balance, 31 December 2021 1,540,938 5,548,977 9,521,504 377,660 6,142,177 2,512,565 177,067,556 1,385 202,712,762 136,172 202,848,934
Net income for the year - - - - - - 40,735,722 - 40,735,722 19,850 40,755,572
Revaluation surplus of fixed assets 2s,16 - - 1,191,584 - - - 34,202 - 1,225,786 - 1,225,786
Foreign exchange differences arising
from translation of financial
statements in foreign currency 2f - - - 52,708 - - - - 52,708 - 52,708
Unrealised gain (losses) on financial
assets at fair value through other
comprehensive income - net 2j,2r,7,14 - - - - (4,317,185) - - - (4,317,185) (683) (4,317,868)
Remeasurements of defined
benefit liability - net 2ag,2ah,38 - - - - - - (283,554) - (283,554) 210 (283,344)
Total comprehensive income
for the year - - 1,191,584 52,708 (4,317,185) - 40,486,370 - 37,413,477 19,377 37,432,854
General reserve 36 - - - - - 314,227 (314,227) - - - -
Cash dividends 36 - - - - - - (19,107,633) - (19,107,633) - (19,107,633)
Paid-in capital on Subsidiary 46 - - - - - - - - - 7,500 7,500
Balance, 31 December 2022 1,540,938 5,548,977 10,713,088 430,368 1,824,992 2,826,792 198,132,066 1,385 221,018,606 163,049 221,181,655
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements.
Page 14
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 4/1
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
Notes 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts of interest and sharia income, fees and commissions 106,414,649 89,720,816
Other operating income 6,355,896 5,595,626
Payments of interest and sharia expenses, fees and commissions (12,184,461) (8,372,338)
Payments of post-employment benefits 38 (369,720) (362,848)
Gains from foreign exchange transactions - net (465,294) 3,083,584
Other operating expenses (35,130,988) (29,944,225)
Payment of tantiem to Board of Commissioners and Board of Directors 36 (660,000) (493,000)
Other increases (decreases) affecting cash:
Placements with Bank Indonesia and other banks - mature
more than 3 (three) months from the date of acquisition 417,504 9,776,116
Financial assets at fair value through profit or loss (12,118,168) (209,675)
Acceptance receivables 572,359 (4,054,784)
Bills receivable (4,489,425) 633,297
Securities purchased under agreements to resell 60,869,260 (6,900,307)
Loans receivable (100,405,857) (73,189,294)
Consumer financing receivables (670,970) (222,986)
Finance leases receivables - net (17,464) (38,002)
Assets related to sharia transactions (1,712,883) (1,456,064)
Other assets (7,521,645) (25,785)
Deposits from customers 61,073,381 55,348,155
Sharia deposits 376,110 1,205,821
Deposits from other banks 2,154,145 (2,241,366)
Acceptance payables (2,965,392) 3,022,354
Accruals and other liabilities 9,010,494 2,293,350
Temporary syirkah deposits 1,453,497 718,387
Net cash provided by (used in) operating activities before
income tax 69,985,028 43,886,832
Payment of income tax (11,869,562) (10,107,569)
Net cash provided by (used in) operating activities 58,115,466 33,779,263
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of investment securities (162,676,803) (136,240,737)
Proceeds from sales of investment securities 50,000 150,000
Proceeds from investment securities that matured
during the year 97,872,788 107,010,907
Cash dividends received from investment in shares 34,528 46,530
Acquisition of fixed assets (4,697,731) (2,631,226)
Acquisition of right-of-use assets (401,617) (723,780)
Proceeds from sale of fixed assets 16 22,086 5,320
Net cash provided by (used in) investing activities (69,796,749) (32,382,986)
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
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PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 4/2
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
Notes 2023 2022
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of debt securities issued 48 - (483,000)
Proceeds from borrowings 48 49,928,825 23,546,543
Payment of borrowings 48 (49,607,671) (23,237,805)
Proceed from increase of non-controlling interest 46 - 7,500
Payment of cash dividends 36 (26,195,948) (19,107,633)
Proceeds from securities sold under agreements
to repurchase 48 2,332,995 1,490,501
Payment of securities sold under agreements
to repurchase 48 (1,528,882) (1,332,322)
Net cash provided by (used in) financing activities (25,070,681) (19,116,216)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (36,751,964) (17,719,939)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 160,422,371 177,268,685
EFFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON
CASH AND CASH EQUIVALENTS 725,580 873,625
CASH AND CASH EQUIVALENTS, END OF YEAR 124,395,987 160,422,371
Cash and cash equivalents consist of:
Cash 4 21,701,514 21,359,509
Current accounts with Bank Indonesia 5 92,617,705 104,110,295
Current accounts with other banks - net 6 5,615,252 4,752,659
Placements with Bank Indonesia and other banks - mature
within 3 (three) months or less from the date of acquisition 7 4,461,516 30,199,908
Total cash and cash equivalents 124,395,987 160,422,371
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
Page 16
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/1
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment and general information of the Bank
PT Bank Central Asia Tbk (“Bank”) was established in the Republic of Indonesia based
on the Deed of Establishment No. 38 dated 10 August 1955, drawn up before Raden Mas
Soeprapto, Deputy Notary in Semarang under the name "N.V. Perusahaan Dagang Dan
Industrie Semarang Knitting Factory". This deed has been approved by the Minister of
Justice based on stipulation No. J.A.5/89/19 dated 10 October 1955 and announced in
State Gazette No. 62 dated 3 August 1956, Supplement No. 595. Since its establishment,
the name of the Bank has been changed several times, and the name change to PT Bank
Central Asia based on the Deed of Amendment to the Articles of Association No. 144
dated 21 May 1974, made before Wargio Suhardjo, S.H., substitute for Notary Ridwan
Suselo, Notary in Jakarta.
The Bank’s Articles of Association have been amended several times in accordance with:
a. The Bank’s changed its status from a private company to publicly-listed company
based on the Deed of Amendment to the Articles of Association No. 62 dated 29
December 1999, made by Notary Hendra Karyadi, S.H., which has been approved by
the Minister of Justice in its decision letter No. C-21020 HT.01.04.TH.99 dated 31
December 1999 and published in Official Gazette (Berita Negara) of the Republic of
Indonesia No. 30, dated 14 April 2000, Supplement No. 1871;
b. Law No. 40 of 2007 on Limited Liability Companies, and Capital Market and Financial
Institution Supervisory Agency (“Bapepam-LK”) Regulation No. IX.J.1 on The
Principle of the Company’s Articles of Association that performs Public Offering of
Securities Issued and Public Company, Appendix of decree of the Head of Bapepam-
LK No. Kep-179/BL/2008 dated 14 May 2008 as stated in the Deed of Statement of
Meeting Resolution No. 19, dated 15 January 2009, made by Doktor Irawan Soerodjo,
S.H., M.Si., Notary in Jakarta, which has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia in decision letter No. AHU-
12512.AH.01.02. Year 2009, dated 14 April 2009;
c. Regulation of Financial Services Authority (“POJK”) No.32/POJK.04/2014 on the
Planning and Organisation of General Meeting of Shareholders of Public Limited
Companies and POJK No.33/POJK.04/2014 on the Board of Directors and the Board
of Commissioners of Issuers or Public Companies, as stated in the Deed of Statement
of Meeting Resolution No. 171, dated 23 April 2015, made by Dr. Irawan Soerodjo,
S.H., M.Si., Notary in Jakarta, the notification of the amendment of such Articles of
Association has been received and recorded in the Legal Entities Administrative
System, Minister of Law and Human Rights of the Republic of Indonesia as stated in
letter No. AHU-AH.01.03-0926937, dated 23 April 2015.
Bank’s Articles of Association has been amended and restated as stated in the Deed of
Statement of Meeting Resolution No. 145, dated 24 August 2020, made by Christina Dwi
Utami S.H., M.Hum., M.Kn., Notary in West Jakarta, the notification of the amendment of
such Articles of Association has been received and recorded in the Legal Entities
Administrative System, Minister of Law and Human Rights of the Republic of Indonesia
as stated in its letter No. AHU-AH.01.03-0383825 dated 8 September 2020, furthermore
amended by the Deed of Statement of Meeting Resolution No. 218, dated 27 September
2021, made by Christina Dwi Utami S.H., M.Hum., M.Kn., Notary in West Jakarta, the
notification of the amendment of the Bank’s Articles of Association has been received and
recorded in the Legal Entities Administrative System, Minister of Law and Human Rights
of the Republic of Indonesia as stated in its decision letter No. AHU-AH.01.03-0453543
dated 27 September 2021.
Page 17
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/2
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
a. Establishment and general information of the Bank (continued)
According to with Article 3 of the Bank's Articles of Association, the purpose and objective
of the Bank is to operate as a commercial bank. The Bank is engaged in banking activities
and other financial services in accordance with the prevailing regulations in Indonesia.
The Bank obtained a license to conduct business as a commercial bank under the Minister
of Finance Decision Letter No. 42855/U.M.II dated 14 March 1957. The Bank obtained its
license to engage in foreign exchange activities based on the Directors of Bank Indonesia
Decision Letter No. 9/110/Kep/Dir/UD dated 28 March 1977.
The Bank is domiciled in Central Jakarta with its head office located at Jalan M.H. Thamrin
No. 1. As of 31 December 2023 and 2022, the number of branches and representative
offices owned by the Bank was as follows:
2023 2022
Domestic branches*) 1,258 1,247
Overseas representative offices 2 2
1,260 1,249
*) including cash sub-branches
The domestic branches are located in major business centres all over Indonesia.
The overseas representative offices are located in Hong Kong and Singapore.
b. Recapitalisation
Based on the Indonesian Bank Restructuring Agency (“IBRA”) Decision Letter
No. 19/BPPN/1998 dated 28 May 1998, IBRA took over the operations and management
of the Bank. Accordingly, the Bank’s status was changed into a Bank Taken Over (“BTO”).
The Bank was determined as a participant of the bank recapitalisation program under
the Minister of Finance and the Governor of Bank Indonesia joint decision
No. 117/KMK.017/1999 and No. 31/15/KEP/GBI dated 26 March 1999 regarding the
implementation of the bank recapitalisation program for Bank Taken Over.
In conjunction with the recapitalisation program, on 28 May 1999 the Bank received a
payment of Rp 60,877,000 from the Government of the Republic of Indonesia. This
amount consisted of (i) the principal amount of loans granted to affiliated companies that
were transferred to IBRA (consisting of Rp 47,751,000 transferred effectively on
21 September 1998 and Rp 4,975,000 transferred effectively on 26 April 1999), and (ii)
accrued interest on the loans granted to affiliated companies calculated from their
respective effective transfer dates up to 30 April 1999, amounted to Rp 8,771,000,
reduced by (iii) the excess of outstanding Liquidity Assistance (including interest)
amounted to Rp 29,100,000 over the recapitalisation payment from the government
through IBRA of Rp 28,480,000. On the same date, the Bank used such proceeds to
purchase newly issued government bonds of Rp 60,877,000 (consisted of fixed-rate
government bonds amounted to Rp 2,752,000 and variable-rate government bonds
amounted to Rp 58,125,000 through Bank Indonesia).
Pursuant to the Chairman of IBRA Decision Letter No. SK-501/BPPN/0400 dated 25 April
2000, IBRA returned the Bank to Bank Indonesia effective on that date. To fulfil the
requirement of Bank Indonesia Regulation (“PBI”) No. 2/11/PBI/2000 dated 31 March
2000, Bank Indonesia announced in its press release Peng. No. 2/4/Bgub dated 28 April
2000, that the recovery program including the restructuring of the Bank had been
completed and the Bank had been returned to be under the supervision of Bank Indonesia.
Page 18
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/3
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Bank’s shares and subordinated bonds
Bank’s Shares
Based on the Letter of the Chairman of the Capital Market Supervisory Agency No. S-
1037/PM/2000 dated 11 May 2000, the Bank through an Initial Public Offering, offered its
662,400,000 shares with total par value of Rp 331,200 (offering price of Rp 1,400 (full
amount) per share), which represents 22% (twenty two percent) of the issued and paid-
up share capital, as part of the divestment of shares owned by the Republic of Indonesia
as represented by IBRA. This public offering was registered at the Jakarta Stock
Exchange and the Surabaya Stock Exchange on 31 May 2000 (both exchanges have
been merged and now named the Indonesia Stock Exchange).
Extraordinary General Meeting of Shareholders (“EGMS”) dated 12 April 2001 (deed of
minutes of EGMS No. 25 dated 12 April 2001 made by Hendra Karyadi, S.H., Notary in
Jakarta) approved the stock split of the Bank's shares, from Rp 500 (full amount) per share
split into 2 (two) shares with a nominal value of Rp 250 (full amount) per share, and agreed
to increase/addition of issued and paid up capital of Rp 73,599,650,000 through the Share
Based Management Compensation Program ("MSOP”). Amendments to the Bank's
articles of association related to the stock split as stated in the Deed of Statement of
Meeting Resolutions No. 30 dated 12 April 2001, made by Hendra Karyadi, S.H., Notary
in Jakarta, whereby the report on the Amendment to the Articles of Association has been
received and recorded by the Department of Justice and Human Rights, as stated in its
letter No. C-4805 HT.01.04-TH.2001, dated 18 April 2001.
Based on the Letter of the Chairman of the Capital Market Supervisory Agency No. S-
1611/PM/2001 dated 29 June 2001, the Bank re-offer additional 588,800,000 shares with
total par value of Rp 147,200 (at an offering price of Rp 900 (full amount) per share), which
represents 10% (ten percent) of the issued and paid-up share capital, as part of the
divestment of shares owned by the Republic of Indonesia as represented by IBRA. This
public offering was registered at the Jakarta Stock Exchange and the Surabaya Stock
Exchange on 10 July 2001.
Annual General Meeting of Shareholders ("GMS") dated 6 May 2004 (Deed of minutes of
Annual GMS No. 16 dated 6 May 2004 made by Notary Hendra Karyadi, S.H., Notary in
Jakarta) has approved the split of the nominal value of the Bank's shares of Rp 250 (full
amount) per share split into 2 (two) Bank shares with a nominal value of Rp 125 (full
amount) per share. Amendments to the Bank's Articles of Association related to the stock
split as stated in the Notarial Deed of Hendra Karyadi, S.H., Notary in Jakarta, No. 40
dated 18 May 2004, the report of which has been received and recorded in the Sistem
Administrasi Badan Hukum (“Sisminbakum”) Database, Directorate General of General
Legal Administration, Ministry of Justice and Human Rights of the Republic of Indonesia
No. C-13176HT.01.04.TH.2004 dated 26 May 2004.
EGMS dated 26 May 2005 (Deed of minutes of EGMS No. 42 dated 26 May 2005 made
by Notary Hendra Karyadi, S.H., Notary in Jakarta) has approved the buy back shares by
the Bank, provided that the buy back shares are approved by Bank Indonesia, the number
of shares to be bought back does not exceed 5% (five percent) of the total number of
shares the Bank has issued until 31 December 2004, in total 615,160,675 shares and the
total fund for share buyback does not exceed Rp 2,153,060. With the Letter No.
7/7/DPwB2/PwB24/Rahasia dated 16 November 2005, Bank Indonesia has no objection
on the Bank’s plan to buy back its shares.
Page 19
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/4
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Bank’s shares and subordinated bonds (continued)
Bank’s Shares (continued)
EGMS dated 15 May 2007 (Deed of minutes of EGMS No. 6 dated 15 May 2007 drawn
up by Notary Hendra Karyadi, S.H., Notary in Jakarta) has approved the buy back of the
Bank’s shares phase II, provided that the buy back shares has been approved by Bank
Indonesia and carried out from time to time for 18 (eighteen) months from the date of the
meeting, the number of shares to be repurchased does not exceed 1% (one percent) of
the total shares issued by the Bank until 27 April 2007 or a total of 123,275,050 shares,
and the amount of funds to buy back shares does not exceed Rp 678,013. With the Letter
No. 9/160/DPB 3/TPB 3-2 dated 11 October 2007, the Bank has obtained approval from
Bank Indonesia regarding to the phase II of share buy back.
EGMS on 28 November 2007 (Deed of minutes of EGMS No. 33 dated 28 November
2007 made by Notary Hendra Karyadi, S.H., Notary in Jakarta), has approved the split of
the Bank's shares of Rp 125 (full amount) per share split into 2 (two) Bank shares with a
nominal value of Rp 62.50 (full amount) per share. Amendments to the Bank's Articles of
Association regarding the stock split as stated in the Deed of Statement of Meeting
Resolutions No. 6 dated 11 December 2007 drawn up before Notary Hendra Karyadi,
S.H., Notary in Jakarta whose receipt of notification has been received and recorded by
the Ministry of Justice and Human Rights of the Republic of Indonesia, as stated in its
letter No. AHU-AH.01.10-0247 dated 3 January 2008.
Based on Letter No. 038/IQ-ECM/LTR/HFJ/XI/2008.TRIM dated 26 November 2008,
the buy back of shares stage II for the period of 11 February 2008 to 13 November 2008
had been performed with the number of shares bought back in total of 397,562 lot or
198,781,000 shares at the average acquisition cost of Rp 3,106.88 (full amount) per share.
Therefore, the total shares bought back as of 13 November 2008 were 289,767,000
shares with a total amount of Rp 808,585.
On 7 August 2012, the Bank sold 90,986,000 shares of its treasury stocks at Rp 7,700
(full amount) per share, with total net sales amounted to Rp 691,492. The difference
between the acquisition costs and the selling price of treasury stocks amounted to
Rp 500,496 was recorded as “additional paid-in capital from treasury stock transactions”,
which is part of additional paid-in capital (Note 26). As of 31 December 2012, total treasury
stocks of the Bank were 198,781,000 shares with a total amount of Rp 617,589.
On 7 February 2013, the Bank sold 198,781,000 shares of its treasury stocks at Rp 9,900
(full amount) per share, with total net sales amounted to Rp 1,932,528. The difference
between the acquisition costs and the selling price of treasury stocks amounted to
Rp 1,314,939 was recorded as “additional paid-in capital from treasury stock
transactions”, which is part of additional paid-in capital (Note 26). As of 31 December
2013, the Bank did not have any treasury stocks.
Page 20
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Bank’s shares and subordinated bonds (continued)
Bank’s Shares (continued)
EGMS on 23 September 2021 (minutes of EGMS No. 178 dated 23 September 2021
made by Notary Christina Dwi Utami S.H., M.Hum., M.Kn., Notary in West Jakarta),
approved to conduct a stock split of the Bank’s shares from Rp 62.50 (full amount) split
into 5 Bank’s shares with nominal value Rp 12.50 (full amount) per share. The
Amendment of the Bank’s Articles of Association regarding such stock split stated in the
Deed of Statement of Meeting Resolution No. 218 dated 27 September 2021 made by
Notary Christina Dwi Utami S.H., M.Hum., M.Kn., Notary in West Jakarta, whose
notification has been received and recorded by the Minister of Law and Human Rights of
the Republic of Indonesia, as stated in the Letter No. AHU-AH.01.03-0453543 dated 27
September 2021. Starting 13 October 2021, the Bank’s shares recorded in Indonesia
Stock Exchange after stock split is 122,042,299,500 shares with nominal value Rp 12.50
(full amount) per share.
The Bank’s immediate parent company is PT Dwimuria Investama Andalan, which was
incorporated in Indonesia, the owner of 54.94% of Bank’s shares as of 31 December 2023
and 2022. The ultimate shareholders of the Bank are Mr. Robert Budi Hartono and
Mr. Bambang Hartono.
Subordinated Bonds
Bank Central Asia Continuous Subordinated Bonds I Phase I Year 2018 were offered at
par value. Interest will be paid on a quarterly basis based on interest payment due date.
The first payment is on 5 October 2018, while the last payment of interest will be paid on
the maturity date of the bond’s principal.
The Bank entered into a Trusteeship Agreement of Bank Central Asia Continuous
Subordinated Bonds I Phase I Year 2018 with PT Bank Rakyat Indonesia (Persero) Tbk
(act as the Bond’s Trustee) as stated in Deed of Trusteeship Agreement of Bank Central
Asia Continuous Subordinated Bonds I Phase I Year 2018 No. 27 dated 22 March 2018,
made by Aulia Taufani, S.H., Notary in Jakarta. This agreement underwent several
amendments, as stated in Deed of Amendment I No. 5 dated 5 June 2018 and
Amendment II No. 2 dated 3 July 2018.
As of 31 December 2023 and 2022, the rating of Bank Central Asia Continuous
Subordinated Bonds I Phase I Year 2018 based on Pefindo was idAA. On 26 June 2018,
the bonds were listed on the Indonesia Stock Exchange (Note 24).
Page 21
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. The Subsidiaries
The Subsidiaries, directly and non-directly owned by the Bank as of 31 December 2023
and 2022, were as follows:
Year of
starting the Percentage of
Name of the commercial ownership Total assets
Company operation Type of business Domicile 2023 2022 2023 2022
PT BCA Finance 1981 Investment financing, Jakarta 100% 100% 8,939,789 8,496,916
working capital
financing,
multipurpose
financing, operating
lease, other financing
activities based on
approval from
authorised agency
BCA Finance Limited 1975 Money lending and Hong Kong 100% 100% 938,992 1,449,430
remittance
PT Bank BCA Syariah 1991 Sharia banking Jakarta 100% 100% 14,471,734 12,671,668
PT BCA Sekuritas 1990 Securities brokerage Jakarta 90% 90% 1,907,290 1,238,341
dealer and
underwriter for
issuance of
securities
PT Asuransi Umum 1988 General or loss Jakarta 100% 100% 3,005,651 2,431,927
BCA insurance
PT BCA Multi Finance 2010 Investment financing, Jakarta 100% 100% 1,826,864 1,528,916
working capital
financing,
multipurpose
financing, operating
lease, other financing
activities based on
approval from
authorised agency
PT Asuransi Jiwa 2014 Life insurance Jakarta 90% 90% 2,878,724 2,347,921
BCA
PT Central Capital 2017 Venture capital Jakarta 100% 100% 435,178 480,619
Ventura
PT Bank Digital BCA 1965 Banking Jakarta 100% 100% 13,506,728 11,054,851
PT BCA Finance
PT BCA Finance, a company domiciled in Indonesia and located at Wisma BCA Pondok
Indah, 2nd Floor, Jalan Metro Pondok Indah No. 10, South Jakarta, is engaged in
investment financing, working capital financing, multipurpose financing, operating lease,
other financing activities based on approval from authorised agency.
PT BCA Finance was established in 1981 under the name of PT Central Sari Metropolitan
Leasing Corporation (“CSML”). At its inception, the shareholders of CSML were PT Bank
Central Asia and Japan Leasing Corporation.
In 2001, PT Central Sari Metropolitan Leasing Corporation changed its name to
PT Central Sari Finance (“CSF”), followed by the change in the composition of its
shareholders, where PT Bank Central Asia Tbk became the majority shareholder, and the
change in its business focus to motor vehicles financing activities, particularly in vehicles
with four or more wheels. Further, based on the Decision Letter of Minister of Law and
Human Rights of the Republic of Indonesia No. C-08091 HT.01.04.TH.2005 dated
28 March 2005, PT Central Sari Finance’s name was changed to PT BCA Finance.
Page 22
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. The Subsidiaries (continued)
BCA Finance Limited
BCA Finance Limited, a company domiciled in Hong Kong and located at The Center, 47th
Floor, Unit 4707, 99 Queen’s Road Central, Hong Kong, is engaged in money lending and
remittance and has been operated commercially since 1975.
PT Bank BCA Syariah
PT Bank BCA Syariah, a company domiciled in Indonesia and located at Jalan Raya
Jatinegara Timur No. 72, East Jakarta, is engaged in sharia banking activities and has
been operated commercially since 1991.
Based on the Deed of Resolutions in lieu of General Meeting of Shareholders of PT Bank
UIB No. 49, of Notary Ny. Pudji Redjeki Irawati, S.H., dated 16 December 2009, PT Bank
UIB changed its business activities to become sharia bank and changed its name to PT
Bank BCA Syariah. The deed of amendment was approved by the Minister of Justice of
the Republic of Indonesia in its Decision Letter No. AHU-01929.AH.01.02 dated
14 January 2010.
The change in business activities of this subsidiary from conventional bank into sharia
bank was approved by the Governor of Bank Indonesia through its Decision Letter
No. 12/13/KEP.GBI/DpG/2010 dated 2 March 2010. Through this approval, on 5 April
2010, PT Bank BCA Syariah officially operated as a sharia bank.
On 10 December 2020, PT Bank BCA Syariah entered into a merger with PT Bank Interim
Indonesia, a company domiciled in Jakarta. The decision on the merger is stated in Deed
No. 65 made by Notary Christina Dwi Utami S.H., M.Hum., M.Kn., Notary in Jakarta, dated
16 November 2020.
1. Merger plan of PT Bank BCA Syariah and PT Bank Interim Indonesia, in which
PT Bank BCA Syariah will act as the beneficiary bank.
2. Compile the merger plan.
3. Approve the stock split of the Bank in accordance with the merger plan, where 1 share
will be split into 1,000 shares so that the nominal value of the Bank's shares, which
was originally Rp 1,000,000 (one million Rupiah) for each share, becomes Rp 1,000
(one thousand Rupiah) for each share.
4. Approved the increase in issued and paid-up capital in relation to the merger by
issuing 258,883,207 new shares so that the total number of outstanding shares was
2,255,183,207 shares. The new shares will be allocated to shareholders of PT Bank
Interim Indonesia consist of PT Bank Central Asia Tbk will get 258,883,137 shares
and PT BCA Finance will get 70 shares.
The deed of amendment was approved by the Minister of Law and Human Rights of
the Republic of Indonesia in its Decision Letter No. AHU-AH.01.10-0012509, dated
10 December 2020.
Page 23
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. The Subsidiaries (continued)
PT BCA Sekuritas
PT BCA Sekuritas, a company domiciled in Indonesia and located at Menara BCA, Grand
Indonesia, 41st Floor, Suite 4101, Jalan M.H. Thamrin No. 1, Jakarta, is engaged as
securities brokerage dealer and underwriter for issuance of securities since 1990.
On 2 October 2012, based on the Deed of Minutes of Extraordinary General Meeting of
Shareholders of PT Dinamika Usaha Jaya No. 5, made by Notary Dr. Irawan Soerodjo,
S.H., M.Si., PT Dinamika Usaha Jaya changed its name to PT BCA Sekuritas. This
Amendment was approved by the Minister of Law and Human Rights of the Republic of
Indonesia in its Decision Letter No. AHU-54329.AH.01.02 dated 22 October 2012.
PT Asuransi Umum BCA
PT Asuransi Umum BCA, a company domiciled in Indonesia and located at Sahid
Sudirman Center Building, 10th Floor, Unit E, F, G, H Jalan Jenderal Sudirman Kav. 86,
Jakarta, is engaged in insurance activities, particularly in general or loss insurance
activities.
PT Asuransi Umum BCA was established in 1988 under the name of PT Asuransi
Ganesha Danamas. In 2006, PT Asuransi Ganesha Danamas changed its name to
PT Transpacific General Insurance and later in 2011, this subsidiary’s name was changed
to PT Central Sejahtera Insurance.
On 5 December 2013, based on the Deed of Minutes of Extraordinary General Meeting of
Shareholders of PT Central Sejahtera Insurance No. 7, made by Notary Veronica Sandra
Irawaty Purnadi, S.H., PT Central Sejahtera Insurance changed its name to PT Asuransi
Umum BCA. This change was approved by the Minister of Law and Human Rights of the
Republic of Indonesia in its Decision Letter No. AHU-64973.AH.01.02 dated 11 December
2013.
PT BCA Multi Finance
PT BCA Multi Finance, a company domiciled in Indonesia and located at WTC Mangga
Dua, 6th Floor, Block CL No. 001, Jalan Mangga Dua Raya No. 8, Kelurahan Ancol,
Kecamatan Pademangan, Jakarta, is engaged in investment financing, working capital
financing, multipurpose financing, operating lease, other financing activities based on
approval from authorised agency.
PT Central Santosa Finance was incorporated in the Republic of Indonesia with Deed of
Notary Fransiscus Xaverius Budi Santosa Isbandi, S.H., dated 29 April 2010
No. 95. The deed was approved by the Minister of Law and Human Rights of
the Republic of Indonesia in its Decision Letter No. AHU-23631.AH.01.01 dated
10 May 2010.
On 27 May 2019, based on the Deed of Minutes of Extraordinary General Meeting of
Shareholders of PT Central Santosa Finance No. 54 made by Notary Veronica Sandra
Irawaty Purnadi, S.H., PT Central Santosa Finance changed its name to PT BCA Multi
Finance. This change was approved by Minister of Law and Human Rights of the Republic
of Indonesia in its Decision Letter No. AHU-0029530.AH.01.02 dated 29 May 2019.
Page 24
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. The Subsidiaries (continued)
PT Asuransi Jiwa BCA
PT Asuransi Jiwa BCA, a company domiciled in Indonesia and located at Chase Plaza
Building, 22nd floor, Jalan Jenderal Sudirman Kav 21, Jakarta 12920, is engaged in life
insurance activities, including life insurance with sharia principle.
PT Asuransi Jiwa BCA was incorporated in the Republic of Indonesia with Deed of Notary
Dr. Irawan Soerodjo, S.H., M.Si., dated 16 October 2013 No. 90. This deed was approved
by the Minister of Law and Human Rights of the Republic of Indonesia in its Decision
Letter No. AHU-56809.AH.01.01 dated 7 November 2013.
The Subsidiary obtained business permit in life insurance activities from the Chairman of
the Board of Commissioner of Financial Services Authority (“OJK”) through Decision
Letter No. KEP-91/D.05/2014 dated 14 July 2014.
PT Central Capital Ventura
PT Central Capital Ventura, a company domiciled in Indonesia and located at Office
8 Building, 16th floor, Unit F, SCBD Lot 28, Jalan Jenderal Sudirman Kav 52-53,
Kelurahan Senayan, Kecamatan Kebayoran Baru, South Jakarta, is engaged in venture
capital activities.
PT Central Capital Ventura was incorporated in the Republic of Indonesia with Deed of
Notary Veronica Sandra Irawaty Purnadi, S.H., dated 25 January 2017 No. 15. This deed
approved by the Minister of Law and Human Rights of the Republic of Indonesia in its
Decision Letter No. AHU-0004845.AH.01.01 dated 2 February 2017. The Subsidiary
obtained venture capital business permit based on Copy of Decision of Board
of Commissioner of Financial Services Authority No. KEP-39/D.05/2017 dated
19 June 2017.
PT Bank Digital BCA
PT Bank Digital BCA, a company domiciled in Indonesia and located at Jalan
Suryopranoto No. 52, Central Jakarta, Indonesia, is engaged in banking and has been
operated since 1965.
PT Bank Digital BCA was established under the name of PT Bank Rakjat Parahyangan
based on Notarial Deed No. 35 of Notary R. Soerojo Wongsowidjojo, S.H., dated 25
October 1965. Based on Amendments to the Articles of Association No. 19 dated 21
August 1982, of Notary R. Soerojo Wongsowidjojo, S.H., PT Bank Rakjat Parahyangan
changed its name to PT Bank Pasar Rakyat Parahyangan. The deed of establishment
was approved by Ministry of Justice of the Republic of Indonesia in its Decision Letter No.
C2-1092-HT.01.01.TH.82 dated 3 September 1982.
In 1990, based on the Deed of Resolution of PT Bank Pasar Rakyat Parahyangan No. 68
dated 8 January 1990, made by Notary Misahardi Wilamarta, S.H., PT Bank Pasar Rakyat
Parahyangan changed its name to PT Bank Royal Indonesia, with status and activity of
conventional Bank, and the location changed to Jakarta.
PT Bank Royal Indonesia obtained its conventional banking license from the Minister of
Finance of the Republic of Indonesia through its letter No. 1090/KMK.013/090 dated 12
September 1990 and as foreign currency trader from Bank Indonesia through its letter
No. 30/182/UOPM dated 13 November 1997 which was extended through Decree of
Banking Licensing and Information of Bank Indonesia No. 5/7/KEP.Dir.PIP.2003 dated
24 December 2003, as set out in Letter of Bank Indonesia No. 10/449/DPIP/Prz dated
2 May 2008.
Page 25
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/10
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. The Subsidiaries (continued)
PT Bank Digital BCA (continued)
Based on the deed of Minutes of Extraordinary General Meeting of Shareholders of
PT Bank Central Asia No. 62 dated 20 June 2019, made by Notary Christina Dwi Utami,
S.H., M.Hum., M.Kn., the Bank has decided to acquire PT Bank Royal Indonesia.
Acquisition of PT Bank Royal Indonesia was approved by Financial Services Authority
(“OJK”) through its Letter No. SR-60/PB.33/2019 dated 22 October 2019.
Based on the Deed of Minutes of Extraordinary General Meeting of PT Bank Royal
Indonesia No. 308 dated 31 October 2019, of Notary Christina Dwi Utami, S.H., M.Hum.,
M.Kn., the shareholders approved the transfer of all issued shares in PT Bank Royal
Indonesia owned by PT Royalindo Investa Wijaya, Mr. Leslie Soemedi, Mr. Ibrahim
Soemedi, Mr. Herman Soemedi, Mr. Ko Sugiarto, and Mr. Nevin Soemedi to the Bank and
PT BCA Finance (Subsidiary) amounted to 99.99% and 0.01%, respectively. This deed
was approved by the Minister of Law and Human Rights of the Republic of Indonesia in
its Decision Letter No. AHU-AH.01.03-0356474 dated 7 November 2019.
Based on the Deed of Resolutions of Shareholders of PT Bank Royal Indonesia No. 37
dated 2 April 2020, made by Notary Sakti Lo, S.H., Notary in Jakarta, PT Bank Royal
Indonesia changed its name to PT Bank Digital BCA. The deed of Amendment was
approved by the Minister of Law and Human Rights of the Republic of Indonesia in its
Decision Letter No. AHU-0027414.AH.01.02 dated 2 April 2020.
e. Board of Commissioners and Board of Directors
The compositions of the Bank’s management as of 31 December 2023 and 2022 are as
follows:
2023
Board of Commissioners
President Commissioner : Djohan Emir Setijoso
Commissioner : Tonny Kusnadi
Independent Commissioner : Cyrillus Harinowo
Independent Commissioner : Raden Pardede
Independent Commissioner : Sumantri Slamet
Board of Directors
President Director : Jahja Setiaatmadja
Deputy President Director : Armand Wahyudi Hartono
Deputy President Director : Gregory Hendra Lembong
Director : Tan Ho Hien/Subur Tan
Director : Rudy Susanto
Director (concurrently serving
as Director in charge of the
Compliance Function) : Lianawaty Suwono
Director : Santoso
Director : Vera Eve Lim
Director : Haryanto Tiara Budiman
Director : Frengky Chandra Kusuma
Director : John Kosasih
Director : Antonius Widodo Mulyono
Page 26
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Board of Commissioners and Board of Directors (continued)
The compositions of the Bank’s management as of 31 December 2023 and 2022 are as
follows: (continued)
2022
Board of Commissioners
President Commissioner : Djohan Emir Setijoso
Commissioner : Tonny Kusnadi
Independent Commissioner : Cyrillus Harinowo
Independent Commissioner : Raden Pardede
Independent Commissioner : Sumantri Slamet
Board of Directors
President Director : Jahja Setiaatmadja
Deputy President Director : Armand Wahyudi Hartono
Deputy President Director : Gregory Hendra Lembong
Director : Tan Ho Hien/Subur Tan
Director : Rudy Susanto
Director (concurrently serving
as Director in charge of the
Compliance Function) : Lianawaty Suwono
Director : Santoso
Director : Vera Eve Lim
Director : Haryanto Tiara Budiman
Director : Frengky Chandra Kusuma
Director : John Kosasih
Director : Antonius Widodo Mulyono
The composition of the Board of Commissioners and Board of Directors of the Bank as of
31 December 2023 and 2022 as evident in the Deed of Statement of Resolutions of
Shareholders' Meeting of PT Bank Central Asia Tbk No. 33 dated 10 May 2022 drawn up
before Christina Dwi Utami, S.H., M.Hum., M.Kn., a Notary of the Municipality of West
Jakarta which notice of amendment of corporate data has been received and recorded in
the Corporate Entities Administrative System, Ministry of Law and Human Rights of The
Republic of Indonesia, as evident in the letter No. AHU-AH.01.09-0011476 dated 11 May
2022.
f. Audit Committee
The Bank’s Audit Committee as of 31 December 2023 and 2022 are as follows:
Chairman : Sumantri Slamet
Member : Rallyati A. Wibowo
Member : Fanny Sagitadewi
The establishment of the Bank’s Audit Committee was in line with Financial Services
Authority Regulation (“POJK”) No. 55/POJK.04/2015 dated 23 December 2015 regarding
Establishment and Implementation Guidelines on Audit Committee Work.
Page 27
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/12
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
g. Internal Audit Division and Corporate Secretary
The Head of the Bank’s Internal Audit Division as of 31 December 2023 and 2022 was
Leo Ariston (Pjs) and Ayna Dewi Setianingrum.
The Corporate Secretary of the Bank as of 31 December 2023 and 2022 was Raymon
Yonarto.
h. Number of employees
As of 31 December 2023 and 2022, the Bank and Subsidiaries had 27,273 and 25,179
permanent employees.
Key management personnel of the Bank consists of members of Board of Commissioners
and Board of Directors.
i. Completion of the consolidated financial statements
The Bank’s Management is responsible for the preparation of these consolidated financial
statements, which were authorised for issuance on 24 January 2024.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The material accounting policies applied by the Bank and its Subsidiaries (the “Group”) in
the preparation of its consolidated financial statements are consistent with those of
the consolidated financial statements for the year ended 31 December 2023 as follows:
a. Statement of compliance
The consolidated financial statements of the Group have been prepared and presented in
accordance with Indonesian Financial Accounting Standards (“SFAS”) which include
Statement and Interpretation issued by the Financial Accounting Standard Board of
Indonesian Institute of Accountant and Bapepam-LK Regulation No. KEP-347/BL/2012
dated 25 June 2012, Regulation No. VIII.G.7 regarding “Presentation and Disclosure of
Financial Statements for Issuers or Public Companies”.
Financial statements of PT Bank BCA Syariah (Subsidiary) are presented in accordance
with Sharia Financial Accounting Standards and other Financial Accounting Standards
issued by Indonesian Institute of Accountant.
b. Basis for preparation of the consolidated financial statements
These consolidated financial statements are presented in Rupiah, which is the Bank’s
functional currency. Except as otherwise stated, the financial information presented has
been rounded to the nearest million of Rupiah.
Page 28
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/13
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
b. Basis for preparation of the consolidated financial statements (continued)
The consolidated financial statements prepared under the historical cost concept, except
for fixed assets - land, financial assets at fair value through other comprehensive income,
and financial assets and liabilities (including derivative instruments) at fair value through
profit or loss, which are measured at fair value.
The consolidated financial statements have been prepared based on the accrual basis,
except for the consolidated statements of cash flows.
The consolidated statements of cash flows present the changes in cash and cash
equivalents from operating, investing and financing activities, and are prepared using the
direct method. For the purpose of the presentation of the consolidated statements of cash
flows, cash and cash equivalents consist of cash, current accounts with Bank Indonesia,
current accounts with other banks, placements with Bank Indonesia and other banks
mature within 3 (three) months or less from the date of acquisition, as long as they are not
being pledged as collateral for borrowings nor restricted.
c. Use of judgments, estimates and assumptions
The preparation of consolidated financial statements in conformity with Indonesian
Financial Accounting Standards (“SFAS”) requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Although these estimates
are based on management’s best knowledge of current events and activities, actual results
may differ from prior estimates.
In order to provide better understanding of the financial performance of the Group, due to
the significance of their nature and amount, several items of income or expenses have
been presented separately.
Estimations and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate are revised and
in any future periods affected.
Information about significant areas of estimation uncertainty and critical judgments in
applying accounting policies that have significant effect on the amount recognised in the
consolidated financial statements are described in Note 3.
d. Changes in accounting policies
Financial Accounting Standard Board of Indonesian Institute of Accountant (DSAK-IAI)
has issued the following amendments and interpretations which were effective on or after
1 January 2023 as follows:
- Amendments of SFAS 1 "Presentation of Financial Statements regarding disclosure of
accounting policies that change the term "significant" to "material" and provide
explanations of material accounting policies" ;
- SFAS 25 “Accounting Policies, Changes in Accounting Estimates and Errors”;
- Revision SFAS 107 “Accounting of Ijarah”;
- Amendments of SFAS 16 “Fixed Assets regarding proceeds before intended use”; and
- Amendments of SFAS 46 “Deferred Tax on Assets and Liabilities arising from a Single
Transaction”.
Page 29
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/14
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
d. Changes in accounting policies (continued)
The adoption of these amended and interpretations of the above standards did not result
in substantial changes to the Group’s accounting policies and had no material impact to
the consolidated financial statements for current period or prior financial years.
e. Basis of consolidation
The consolidated financial statements consist of financial statements of the Bank and
Subsidiaries (PT BCA Finance, BCA Finance Limited, PT Bank BCA Syariah, PT BCA
Sekuritas, PT Asuransi Umum BCA, PT BCA Multi Finance, PT Asuransi Jiwa BCA, PT
Central Capital Ventura and PT Bank Digital BCA together known as the “Group”).
Subsidiaries are all entities over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date on which that control ceases.
The Group applies the acquisition method to account for business combinations.
The consideration transferred for the acquisition of a Subsidiary is the fair value of the
assets transferred, the liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group. The consideration transferred includes the fair value
of any asset or liability resulting from a contingent consideration arrangement. Identifiable
assets acquired and liabilities and contingent liabilities assumed in a business
combination was measured initially at their fair values at the acquisition date.
All material intercompany transactions in the Group, balances, gains and losses are
eliminated.
The Group recognises any non-controlling interest in the acquiree on a acquisition-by-
acquisition basis, either at fair value or at the non-controlling interest’s proportionate share
of the acquiree’s net assets. Non-controlling interest is reported as equity in the
consolidated statements of financial position, separated from the owner of the parent’s
equity. Non-controlling interest is recognised at the date of business combination.
The excess of the consideration transferred, the amount of any non-controlling interest in
the acquiree and the fair value at the acquisition date of any previous equity interest in the
acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill.
If those amounts are less than the fair value of the net identifiable assets of the business
acquired, in the case of a bargain purchase, the difference is recognised directly in the
consolidated statements of profit or loss and other comprehensive income.
Any contingent consideration to be transferred by the Group is recognised at fair value at
the acquisition date. Subsequent changes to the fair value of the contingent consideration
that is deemed to be an asset or liability is recognised in accordance with SFAS 71
“Financial lnstrument: Recognition and Measurement” in the consolidated statements of
profit or loss and other comprehensive income. Contingent consideration that is classified
as equity that is not remeasured, and its subsequent settlement is accounted for within
equity.
Page 30
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/15
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
e. Basis of consolidation (continued)
Acquisition-related costs are expensed as incurred.
Non-controlling interests are presented in equity in the consolidated statements of
financial position, separated from equity, which can be attributed to the owner, and
expressed as the proportion of non-controlling shareholders for current year earnings and
equity that can be attributed to non-controlling interests based on ownership percentage
of non-controlling shareholders in the Subsidiary.
If the Group losses control of a Subsidiary, the Group:
● Derecognises the assets and liabilities of the former Subsidiary from the consolidated
statements of financial position;
● Recognises any investment retained in the former Subsidiary at fair value on the date
when control is lost and subsequently accounts for it and for any amounts owed by or
to the former Subsidiary in accordance with the relevant financial accounting standard;
and
● Recognises the gain or loss associated with the loss of control attributable to the
former controlling interest.
Changes affected the Bank’s ownership interest and equity of Subsidiary that do not result
in the loss of control are accounted for as equity transactions and presented as other
equity components within equity in the consolidated statements of financial position.
Business combination of entities under common control transactions, such as transfer of
business in relation to reorganisation of entities within the same business group, is not a
change of ownership in terms of economic substance, therefore such transaction cannot
generate any gains or losses for the Group as a whole as well as the individual entity
within the business group.
Business combination of entities under common control transactions, according to
SFAS No. 38, “Business Combination under Common Control”, is recognised at its
carrying amount based on pooling-of-interest method. Entity that receives the business
as well as the entity that disposes the business recognises the difference between the
proceeds transferred/received and carrying amount arising from a business combination
under common control transaction as part of equity in the additional paid-in capital account
and will never be recognised as realised profit or loss or reclassified into retained earnings.
f. Translation of transactions in foreign currencies
Items included in the consolidated financial statements of the Group are measured using
the currency of the primary economic environment in which the entity operates (the
"functional currency").
The Group domiciled in Indonesia maintained its accounting record in Rupiah, which is
the functional and presentation currency of the Group. Transactions denominated in
foreign currencies are translated into Rupiah at the exchange rates prevailing at the date
of the transaction. At the reporting date, year-end balances of monetary assets and
liabilities denominated in foreign currencies are translated into Rupiah at the closing rates
prevailing at the date of consolidated statements of financial position.
Page 31
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
f. Translation of transactions in foreign currencies (continued)
For consolidation purposes, foreign currency financial statements of the Bank's overseas
Subsidiary are translated into Rupiah based on the following basis:
(1) Assets and liabilities, commitments and contingencies are translated using the
Reuters spot rates at 15:00 WIB at the statement of financial position date.
(2) Income, expenses, gains, and losses represent the accumulated amount from monthly
profit or loss balance during the year, are translated into Rupiah using the average
Reuters middle rate for the respective month.
(3) Equity accounts are translated using historical rates.
(4) Statements of cash flows is translated using the Reuters spot rate at 15:00 WIB at the
statement of financial position date, except for profit or loss accounts which are
translated using the average middle rates and equity accounts which are translated
using historical rates.
Differences arising from the above translation are presented as "foreign exchange
differences arising from translation of financial statements in foreign currency" under the
equity section of the consolidated statements of financial position.
Exchange gains or losses arising from transactions in foreign currencies and from the
translation of monetary assets and liabilities in foreign currencies are recognised in the
current year consolidated statements of profit or loss.
Summarised below are the major exchange rates as of 31 December 2023 and 2022,
using Reuters middle rate at 15:00 WIB (full amount of Rupiah):
Foreign currencies 2023 2022
United States Dollar (USD) 15,397,0 15,567.5
Australian Dollar (AUD) 10,520,8 10,557.9
Singapore Dollar (SGD) 11,676,3 11,592.9
Hong Kong Dollar (HKD) 1,970,7 1,996.6
Great Britain Poundsterling (GBP) 19,626,6 18,786.1
Japanese Yen (JPY) 108,9 117.8
Euro (EUR) 17,038,3 16,581.7
g. Financial assets and liabilities
g.1. Financial assets
In accordance with SFAS 71, the Group classifies its financial assets in the following
categories: (a) financial assets measured at amortised cost, (b) financial assets at
fair value through other comprehensive income, and (c) financial assets at fair value
through profit or loss.
The Group uses 2 (two) basis to classify its financial assets which are group
business model in managing financial assets and contractual cash flow
characteristics solely payment of principal and interest (“SPPI”) from its financial
assets.
Page 32
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/17
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.1. Financial assets (continued)
Business model assessment
The Group determines its business model based on the level of most reflects how
groups of financial assets are managed to achieve business objective.
The Group business model are not assessed based on each of its instrument, but at
portfolio level in higher aggregate and based on the following factors:
• How the performance of the business model and the financial assets held within
that business model are evaluated and reported to key management personnel;
• The risks that affect the performance of the business model (and the financial
assets held within that business model) and, in particular, the way those risks
are managed;
• How managers of the business are compensated (for example, whether the
compensation is based on the fair value of the assets managed or on the
contractual cash flows collected);
• Frequency, amount, and expected selling time, are also important aspects from
Group assessment.
Business model assessment is based on a reasonably expected scenario without
considering "worst case" or "stress case" scenario. If the subsequent cash flows are
realised in a different manner than originally expected, the Group does not change
the remaining classification of financial assets held in the business model, but
incorporating those information in assessing new financial assets or purchasing
financial assets subsequently.
SPPI Testing
As the first step of the classification process, the Group assesses the financial
contractual requirements to identify whether they meet the SPPI testing.
The principal payment for this testing purposes is defined as the fair value of the
financial assets at initial recognition and may change over the lifetime of the financial
assets (for example, if there are payments of principal or amortisation of
premiums/discounts).
The most significant element of interest in a credit agreement is usually a
consideration of the time value of money and credit risk. In exercising the
assessment of SPPI, the Group applies consideration and pays attention into
relevant factors such as the currency in which financial assets are denominated and
the period when interest rates are determined.
Alternatively, contractual terms that provide more than de minimis exposure to risk
or volatility in contractual cash flows that are not related to the basis of the loan
arrangement, do not generate SPPI's contractual cash flows on the total balance. In
such cases, the financial assets are required to be measured at fair value.
Page 33
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/18
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.1. Financial assets (continued)
Financial assets measured at amortised cost
A financial asset is measured at amortised cost only if it meets both of the following
conditions:
• The financial assets are held within a business model whose objective is to hold
the asset to collect contractual cash flows; and
• Its contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset is initially measured at amortised cost at fair value plus transaction
costs and subsequently measured at amortised cost using effective interest rate less
allowance for impairment losses.
Interest income on financial assets measured at amortised cost is included in the
consolidated statements of profit or loss and other comprehensive income recognised
as “interest income”. When impairment occurs, the impairment loss is recognised as a
deduction from the carrying amount of the investment and recognised in the
consolidated financial statements as “allowance for impairment losses on financial
assets”.
Financial assets measured at fair value through other comprehensive income
A financial asset is measured at fair value through other comprehensive income only if
it meets both of the following conditions:
• The financial assets are held within a business model whose objective is to hold
the asset to collect contractual cash flows and to sell financial asset; and
• Its contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
At initial recognition, a financial asset measured at fair value through other
comprehensive income recognised at fair value plus the transaction costs and are
subsequently remeasured at its fair values when such gains or losses recognised in
other comprehensive income except for recognition of impairment and foreign
exchange gains and losses, until derecognition of financial asset. If financial asset
measured at fair value through other comprehensive income is impaired, the
cumulative gains or losses previously recognised at other comprehensive gains
(losses), would be recognised at profit or loss. Interest income is calculated by
applying the effective interest rate and gains or losses arising from foreign exchange
from monetary assets which classified as at fair value through other comprehensive
income recognised in the consolidated statements of profit or loss and other
comprehensive income.
Financial assets measured at fair value through profit or loss
All financial assets not classified as measured at amortised cost or at fair value through
other comprehensive income as described above are measured at fair value through
profit or loss.
Page 34
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/19
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.1. Financial assets (continued)
Financial assets measured at fair value through profit or loss (continued)
Financial instruments grouped into this category are recognised at their fair value at
initial recognition; transaction costs are recognised directly in the consolidated
statements of profit or loss and other comprehensive income. Gains and losses arising
from changes in fair value and sale of financial instruments are recognised in the
consolidated statements of profit or loss and and other comprehensive income
recorded as respectively “Gains (losses) from changes in fair value of financial
instruments” and “Gains (losses) from the sale of financial instruments”. Interest
income from financial instruments measured at fair value through profit or loss is
recorded as interest income as part of net income from transaction measured at fair
value through profit or loss.
Group measures all equity investments at fair value. Where the Group has elected to
present fair value gains and losses on equity investments in other comprehensive
income, there is no subsequent reclassification of fair value gains and losses to profit
or loss following the derecognition of the investment.
g.2. Financial liabilities
The Group classifies its financial liabilities in the category of (a) financial liabilities at
fair value through profit or loss and (b) financial liabilities measured at amortised
cost.
(a) Financial liabilities measured at fair value through profit or loss
Financial liabilities are classified as financial liabilities at fair value through
profit or loss if they are acquired or incurred principally for the purpose of
selling or repurchasing in the near term or if they are part of a portfolio of
identified financial instruments that are managed together and there is
evidence of a pattern of short-term profit-taking. Derivatives are classified as
financial liabilities instruments at fair value through profit or loss unless
designated and effective as hedging instruments.
Gains and losses arising from changes in the fair value of financial liabilities
classified as financial liabilities at fair value through profit or loss are recorded
in the consolidated statements of profit or loss and other comprehensive
income as “Gains (losses) from changes in fair value of financial instruments”.
Interest expense on financial liabilities classified as financial liabilities at fair
value through profit or loss is recorded as “Interest expense” as part of net
income from transaction measured at fair value through profit or loss.
(b) Financial liabilities measured at amortised cost
Financial liabilities that are not classified as at fair value through profit and loss
fall into this category and are measured as amortised cost.
Financial liabilities at amortised cost are initially recognised at fair value plus
transaction costs (if any).
After initial recognition, the Group measures all financial liabilities at amortised
cost using effective interest rate method.
Page 35
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/20
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.3. Recognition
The Group initially recognises loans and deposits on the date of origination.
Regular way purchases and sales of financial assets are recognised on the
settlement date at which the Group commits to purchase or sell those assets.
Transaction costs include only those costs that are directly attributable to the
acquisition of a financial asset or issuance of a financial liability and are incremental
costs that would not have been incurred if the instrument had not been acquired or
issued.
Financial assets measured at fair value through profit or loss are initially recognised
at fair value and transaction costs are expensed in the consolidated statements of
profit or loss and other comprehensive income. Financial assets at fair value through
other comprehensive income are subsequently carried at fair value. Financial assets
measured at amortised cost are initially recognised at fair value, subsequently
recognised at amortised cost using the effective interest rate method.
For financial liabilities measured at amortised cost, transaction costs are deducted
from the amount of debt when liabilities initially recognised. Such transactions costs
are amortised over the terms of the instruments based on the effective interest rate
method and are recorded as part of interest expense.
g.4. Determination of fair value
Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement
date in the principal market or, in its absence, the most advantageous market to
which the Group has access at that date. The fair value of a liability reflects its non-
performance risk.
When available, the Group measures the fair value of a financial instrument using
the quoted price in an active market for that instrument.
A financial instrument is regarded as quoted in an active market if quoted prices
are periodically and regularly available from an exchange, dealer, broker, industry
group, pricing service or regulatory agency, and those prices represent actual and
regularly occurring market transactions on an arm’s length basis. If the above
criteria are not met, the active market is regarded as being unavailable. Indications
that a market is inactive are when there is a wide bid-offer spread or significant
increase in the bid-offer spread or there are few recent transactions.
For financial instruments with no quoted market price, a reasonable estimate of the
fair value is determined by referencing to the current market value of another
instrument which substantially have the same characteristic or calculated based on
the expected cash flows of the underlying net asset base of the marketable
securities.
For all other financial instruments, fair value is determined using valuation
techniques. In these techniques, fair values are estimated from observable data in
respect of similar financial instruments, using models to estimate the present value
of expected future cash flows or other valuation techniques, using inputs existing
at the dates of the consolidated statements of financial position.
Page 36
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/21
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.5. Derecognition
Financial assets are derecognised when the contractual rights to receive the cash
flows from these assets have ceased to exist or the assets have been transferred
and substantially all the risks and rewards of ownership of the assets are also
transferred (that is, if substantially all the risks and rewards have not been
transferred, the Group tests control to ensure that continuing involvement on the
basis of any retained powers of control does not prevent derecognition). Financial
liabilities are derecognised when they have been redeemed or otherwise
extinguished or expired.
g.6. Modification of financial assets
The Group sometimes renegotiates or otherwise modifies the contractual cash
flows of loans. When this happens, the Group assesses whether the new terms are
substantially different to the original terms. The Group does this by considering,
among others, the following factors:
• If the borrower is in financial difficulty whether the modification merely reduces
the contractual cash flows to amounts the borrower is expected to be able to
pay;
• Significant extension of the loan term when the borrower is not in financial
difficulty;
• Significant change in the interest rate; and
• Change in the loan’s currency.
If the terms are substantially different, the Group derecognises the original financial
asset and recognises a new asset at fair value and recalculates a new effective
interest rate for the asset. The date of renegotiation is consequently considered to
be the date of initial recognition for impairment calculation purposes, including for
the purpose of determining whether a significant increase in credit risk has
occurred. However, the Group also assesses whether the new financial asset
recognised is deemed to be credit-impaired at initial recognition, especially in
circumstances where the renegotiation was driven by the debtor being unable to
make the originally agreed payments. Differences in the carrying amount are also
recognised in profit or loss as a gain or loss on derecognition.
If the terms are not substantially different, the renegotiation or modification does
not result in derecognition, and the Group recalculates the gross carrying amount
based on the revised cash flows of the financial asset and recognises a
modification gain or loss in consolidated statements of profit or loss and other
comprehensive income. The new gross carrying amount is recalculated by
discounting the modified cash flows at the original effective interest rate.
g.7. Reclassification of financial assets
The Group can reclassify its all of its financial assets when and only, its business
model for managing those financial assets changes.
Page 37
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.7. Reclassification of financial assets (continued)
The characteristic of business model changes must significantly impact to the Group
operational activities such as collecting, disposing or terminating a business line.
In addition, the Group has to prove the changes to external parties.
The Group will reclassify all financial assets impacted by business model changes.
Changes of the objective of the Group’s business model must be impacted before
reclassification date.
g.8. Classification of financial assets and liabilities
The Group classifies the financial assets and liabilities into classes that reflects
the nature of information and take into account the characteristic of those financial
instruments. The classification can be seen in the table below.
Category of financial assets and Classes (as determined by the Subclasses
liabilities Group)
Financial assets Securities
measured at fair Financial assets measured at fair Placement with other banks
value through profit value through profit or loss
Derivative assets
or loss (FVPL)
Cash
Current accounts with Bank Indonesia
Current accounts with other banks
Placements with Bank Indonesia and other banks
Acceptance receivables
Bills receivable
Securities purchased under agreements to resell
Loans receivable
Consumer financing receivables
Finance lease receivables
Financial assets Assets related to sharia transactions - murabahah receivables
measured at Investment securities
amortised cost Accrued interest income
Financial Transactions related to
assets ATM and credit card
Unaccepted bills receivables
Receivables from
Other assets customer transactions
Receivables from
insurance transactions
Term deposits of foreign
exchange from export
proceeds
Financial assets
Placements with Bank Indonesia
measured at fair Certificates of deposits
and other banks
value through other
comprehensive
income (FVOCI)
Investment securities
Page 38
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.8. Classification of financial assets and liabilities (continued)
The Group classifies the financial assets and liabilities into classes that reflects
the nature of information and take into account the characteristic of those financial
instruments. The classification can be seen in the table below. (continued)
Category of financial assets and Classes (as determined by the Subclasses
liabilities Group)
Financial liabilities
measured at fair
Financial liabilities measured at
value through profit Derivative liabilities
fair value through profit or loss
or loss (FVPL)
Deposits from customers
Sharia deposits
Deposits from other banks
Acceptance payables
Securities sold under agreements to repurchase
Debt securities issued
Borrowings
Commitments and contingencies transactions
Financial Other liabilities:
liabilities - Accrued interest
Financial liabilities expenses
measured at - Liabilities related to ATM
amortised cost and credit card
transactions
Accruals and other - Liabilities from customer
liabilities transactions
- Liabilities from insurance
transactions
- Finance lease liabilities
- Term deposits of foreign
exchange from export
proceeds
Subordinated bonds
Unused credit facilities
Commitment and
Irrevocable letters of credit
contingencies
Bank guarantee issued
g.9. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the
consolidated statements of financial position when there is a legally enforceable
right of set-off and there is an intention to settle on a net basis, or realise the asset
and settle the liability simultaneously. In certain situations, even though the offset
on the main agreements exist, the lack of management intention to settle on a net
basis results in the financial assets and liabilities being reported gross on the
consolidated statements of financial position.
g.10. Financial guarantee contracts and other commitment receivables
Financial guarantee contracts are contracts that require the issuer to make specified
payments to reimburse the holder for a loss incurred because a specified debtor
defaulted to make payments when due, in accordance with the terms of a debt
instrument. Such financial guarantees are given to banks, financial institutions and
other institutions on behalf of customers to secure loans and other banking facilities,
and unused provision of funds facilities.
Page 39
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.10. Financial guarantee contracts and other commitment receivables (continued)
Financial guarantees are initially recognised in the consolidated financial statements
at fair value on the date the guarantee was given. The fair value of a financial
guarantee at inception is likely to equal the premium received because all
guarantees are agreed on arm’s length terms and the initial fair value is amortised
over the life of the financial guarantees.
Subsequently, they are measured at the higher of amortised amount and expected
credit losses amount based on SFAS 71.
g.11. Allowance for impairment losses of financial assets
The group assesses on a forward-looking basis the expected credit loss (“ECL”)
associated with its financial asset instruments carried at amortised cost and fair
value at other comprehensive income. The impairment methodology applied
depends on whether there has been a significant increase in credit risk to financial
asset measured at amortised cost and at fair value through other comprehensive
income (FVOCI). If at the reporting date, credit risk on financial asset has not
increased significantly since initial recognition, the Group shall measure the
allowance for losses for that financial asset at the amount of 12 (twelve) months
expected credit losses. If the credit risk on that financial asset has increased
significantly since initial recognition, the Group shall measure the allowance for
losses at the amount of expected credit losses over its lifetime.
12-month ECL and Lifetime ECL
12-month ECL is the portion of ECL that result from default events that are possible
within the 12 months after reporting date (or the shorter period if expected life of
financial asset is less than 12 months). 12-month ECL is weighted by probability of
default.
Lifetime ECL is the ECL that result from all possible default events over the expected
life of financial asset.
Staging Criteria
Financial asset must be allocated to one of three stages of impairment (stage 1,
stage 2, stage 3) by determining whether there is a significant increase in credit risk
on the financial asset since initial recognition or whether the facility has defaulted on
each reporting date.
Page 40
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.11. Allowance for impairment losses of financial assets (continued)
Staging Criteria (continued)
Stage 1: include financial assets that do not have a significant increase in credit
risk since initial recognition or have a low credit risk at the reporting date. For these
assets, a 12-month ECL will be calculated.
Stage 2: includes financial assets that experience a significant increase in credit risk
at the reporting date, but do not have objective evidence of impairment. For these
assets, lifetime ECL will be calculated. Lifetime ECL are the ECL that results from
all possible default events over the expected life of financial asset.
Stage 3: includes financial assets that have an objective evidence of impairment at
the reporting date. For these assets consist of default debtors.
The main factor in determining whether the financial assets need 12-month ECL
(stage 1) or lifetime ECL (stage 2) is Significant Increase on Credit Risk (“SICR”)
criteria. Determinations of SICR criteria needs review whether significant increase
in credit risk occurred at each reporting date.
SFAS 71 requires supportable information about past events, current condition and
forecasts of future economic conditions. Estimated movement on expected credit
losses have to be reflected and directly consistent with changes in observed related
data over the period. This ECL calculation needs forward-looking estimation from
Probability of Default (“PD”), Loss Given Default (“LGD”) and Exposure At Default
(“EAD”).
For loan commitments and financial guarantee contracts, the date when the Group
become a party in an irrevocable commitment is the date of initial recognition for
implementation of impairment purposes.
Probability of Default (“PD”)
The probability at a point in time that a counterparty will default, calibrated over up
to 12 months from the reporting date (Stage 1) or over the lifetime of the product
(Stage 2 and 3) and incorporating the impact of forward-looking economic
assumptions that have an effect on credit risk. PD is estimated at a point in time
that means it will fluctuate in line with the economic cycle.
Page 41
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
g. Financial assets and liabilities (continued)
g.11. Allowance for impairment losses of financial assets (continued)
Loss Given Default (“LGD”)
The loss that is expected to arise on default, incorporating the impact of relevant
forward-looking economic assumptions (if any), which represents the difference
between the contractual cash flows due and those that the Group expects to
receive. The Group estimates LGD based on the historical recovery rates and taking
into account forward-looking economic assumptions if relevant.
Exposure at Default (“EAD”)
The expected loss of balance sheet exposure at the time of default, taking into
account that expected change in exposure over the lifetime of the exposure. This
incorporates the impact of repayments of principal and interest, amortisation and
prepayments, together with the impact of forward-looking economic assumptions
where relevant.
h. Allowance for impairment losses on non-financial assets
Assets that have an indefinite useful life - for example, goodwill or intangible assets not
ready for use - are not subject to amortisation but tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired.
Assets that are subject to amortisation are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair
value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash inflows,
which are largely independent of the cash inflows from other assets or group of assets
(cash generating units). Non-financial assets other than goodwill that suffer impairment
are reviewed for possible reversal of the impairment at each reporting date.
Reversal on impairment loss for assets other than goodwill would be recognised if, and
only if, there has been a change in the estimates used to determine the asset’s
recoverable amount since the last impairment test was carried out. Reversal on
impairment losses will be immediately recognised on profit or loss, except for assets
measured using the revaluation model as required by other SFAS. Impairment losses
relating to goodwill would not be reversed.
i. Current accounts with Bank Indonesia and other banks
Current accounts with Bank Indonesia and other banks are stated at face value or the
gross value of the outstanding balance, less allowance for impairment losses, where
appropriate. Current accounts with Bank Indonesia and other banks are classified as
financial assets measured at amortised cost. Refer to Note 2g for accounting policy for
financial assets measured at amortised cost.
Page 42
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
j. Placements with Bank Indonesia and other banks
Placements with Bank Indonesia and other banks are classified as financial assets
measured at amortised cost and measured at fair value through other comprehensive
income. Refer to Note 2g for accounting policy for financial assets measured at amortised
cost and measured at fair value through other comprehensive income.
k. Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss consist of securities traded
in the money market such as Certificates of Bank Indonesia (“SBI”), Sekuritas Rupiah and
Valas Bank Indonesia, Bank Indonesia Treasury Bills (“SBBI”), Government Treasury Bills
(“SPN”), Sharia Government Treasury Bills (“SPNS”), Sukuk Bank Indonesia, Corporate
Bonds, investment in shares, derivative financial instruments, and securities traded on the
stock exchanges.
Refer to Note 2g for the accounting policy of financial assets and liabilities at fair value
through profit or loss.
Derivative financial instruments
Derivative instruments are initially recognised at fair value on the date of which a derivative
contract is entered into and are subsequently measured at their fair values. Fair values
are obtained from quoted market prices in active markets, including recent market
transactions and valuation techniques, including discounted cash flow and options pricing
models, as appropriate. All derivatives are carried as assets when fair value is positive
and as liabilities when fair value is negative.
Investment in sukuk measured at fair value through profit or loss
The Group initially recognises the investment in sukuk measured at fair value through
profit or loss at fair value. The changes on fair value are recognised in the consolidated
statements profit or loss.
The fair value of investment is determined by referencing to the following order:
• quoted price (without adjustments) in active market; or
• input other than quoted price in the observable active market.
Investment in sukuk measured at fair value through profit or loss is presented in the
consolidated statements of financial position as part of financial assets at fair value
through profit or loss.
l. Acceptance receivables and payables
Acceptance receivables are classified as financial assets measured at amortised cost,
while acceptance payables are classified as financial liabilities measured at amortised
cost. Refer to Note 2g for the accounting policy of financial assets measured at amortised
cost and financial liabilities measured at amortised cost.
Page 43
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
m. Loan receivables
Loan receivables are classified as financial assets measured at amortised cost. Refer to
Note 2g for the accounting policy of financial assets measured at amortised cost.
Syndicated, joint financing, and channelling loans are stated at amortised cost in
accordance with the portion of risks borne by the Group.
The Group records restructure of troubled debt in accordance with the restructured type.
In troubled debt restructuring which involves a modification of terms, reduction of portion
of loan principal and/or combination of both, the Group records the effect of the
restructuring by referring to Note 2g for the accounting policy of modification of financial
assets.
n. Securities purchased under agreements to resell and securities sold under
agreements to repurchase
Securities purchased under agreements to resell (reverse repo) are presented as asset in
the consolidated financial statement at the agreed resell price less the difference between
the purchase price and the agreed resale price. The difference between the purchase
price and the agreed resale price is amortised using the effective interest method as
interest income over the period commencing from the acquisition date to the resell date.
Securities purchased under agreements to resell (reverse repo) are classified as financial
asset measured at amortised cost. Refer to Note 2g for the accounting policy of financial
assets measured at amortised cost.
Securities sold under agreements to repurchase (repo) are presented as liabilities and
stated at the agreed repurchase price less the unamortised interest expense. Unamortised
interest expense is the difference between selling price and agreed repurchase price and
is recognised as interest expense during the period from the securities are sold until the
securities are repurchased. Securities sold are still recorded as assets in the consolidated
statements of financial position because the securities ownership remains substantially
with the Group as a seller. Securities sold under agreements to repurchase (repo) are
classified as financial liabilities measured at amortised cost. Refer to Note 2g for the
accounting policy of financial liabilities measured at amortised cost.
o. Consumer financing receivables
Consumer financing receivables are stated at net of joint financing, unearned consumer
financing income and allowance for impairment losses. Consumer financing receivables
are classified as financial assets measured at amortised cost. Refer to Note 2g for the
accounting policy of financial assets measured at amortised cost.
Unearned consumer financing income represents the difference between total instalments
to be received from the consumer and the principal amount financed, plus or deducted
with the unamortised transaction cost (income), which will be recognised as income over
the term of the contract using effective interest rate method of the related consumer
financing receivables.
Page 44
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
o. Consumer financing receivables (continued)
Unamortised transaction cost (income) are financing administration income and
transaction expense which are incurred at the first time and directly attributable to
consumer financing.
Early termination of a contract is treated as a cancellation of an existing contract and the
resulting gain is recognised in the current year consolidated statements of profit or loss.
Consumer financing receivables will be written-off when they are overdue for more than
150 (one hundred and fifty) days for 4 (four) wheels motor vehicles and 180 (one hundred
and eighty) days for 2 (two) wheels motor vehicles and based on management review on
case by case basis.
Recoveries from receivables which had been written off in the current period are recorded
by adjusting the allowance account, while recovery of financial assets previously written-
off are recognised as other income.
Joint financing
All joint financing agreements entered by the Subsidiary are joint financing without
recourse in which only the Subsidiary’s financing portion of the total instalments are
recorded as consumer financing receivables in the consolidated statements of financial
position (net approach). Consumer financing income is presented in the consolidated
statements of profit or loss and other comprehensive income after deducting the portions
belong to other parties participated to these joint financing transactions.
Receivables from collateral vehicles reinforced
Receivables from collateral vehicles reinforced represent receivables derived from motor
vehicle collaterals owned by customers for settlement of their consumer financing
receivables, which is presented as part of consumer financing receivables.
In case of default, the customer gives the right to the Group to sell the motor vehicle
collaterals or take any other actions to settle the outstanding receivables.
Consumers are entitled to the positive differences between the proceeds from sales of
foreclosed collaterals and the outstanding consumer financing receivables. If the
differences are negative, the resulting losses are charged to the current year consolidated
statements of profit or loss and other comprehensive income.
Expenses in relation with the acquisition and maintenance of receivables from collateral
vehicles reinforced are charged to the current year consolidated statements of profit or
loss and other comprehensive income when incurred.
p. Finance lease receivables
The determination of whether an arrangement is, or contains a lease is based on the
substance of the arrangement at inception date and whether the fulfilment of the
arrangement is dependent on the use of a specific asset and the arrangement conveys a
right to use the asset.
Page 45
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
p. Finance lease receivables (continued)
Leases are classified as finance leases if such leases transfer substantially all the risks
and rewards related to the ownership of the lease assets. Leases are classified as
operating leases if the leases do not transfer substantially all the risks and rewards related
to the ownership of the leased assets.
Assets held under finance lease receivables are recognised in the consolidated
statements of financial position at an amount equal to the net investment in the leases.
Receipts from lease receivables are treated as repayments of principal and financing
lease income. The recognition of financing lease income is based on a pattern reflecting
constant periodic rate of return on the Group’s net investment as lessor in the finance
leases.
Finance leases receivables will be written off when they are overdue for more than 150
(one hundred fifty) days and based on management review of individual case. Recoveries
from receivables previously written-off are recognised as other income upon receipt.
q. Assets related to sharia transactions
Assets related to sharia transactions is financing activities carried out by PT Bank BCA
Syariah, a Subsidiary, in the form of murabahah receivables, funds of qardh, mudharabah
financing, musyarakah financing and assets acquired for ijarah.
Brief explanation for each type of sharia financing is as follows:
Murabahah is a financing agreement to sell or purchase of goods, in which the selling
price equals to the cost of goods plus a pre-agreed profit margin and the seller should
disclose its cost to the buyer. Murabahah receivables is stated at balance of receivables
less deferred margin and allowance for impairment losses.
Ijarah is a lease agreement for goods and/or services, including the right to use, between
the owner of a leased object (lessor) and lessee, to generate income from the leased
object. Ijarah muntahiyah bittamlik is a lease agreement between lessor and lessee to
obtain income from the leased object with an option to transfer the ownership title of leased
object through purchase/sale or as a gift (hibah) at certain period as agreed in the lease
agreement (akad). Ijarah muntahiyah bittamlik assets are stated at the acquisition costs
less accumulated depreciation. Ijarah receivable is recognised at maturity date based on
unearned lease income and presented at net realisable value, i.e. balance of the
receivables less allowance for impairment losses.
Mudharabah is an investment of funds from the owner of fund (malik, shahibul maal, or
sharia bank) to a fund manager (amil, mudharib, or customer) for a specific business
activity, under a profit or revenue sharing agreement between the two parties at a pre-
agreed ratio (nisbah). Mudharabah financing is stated at financing balance less allowance
for impairment losses.
Musyarakah is an investment of funds from the owners of funds to combine their funds for
a specific business activity, for which the profits are shared based on a pre-agreed nisbah,
while losses are borne proportionally by the fund owners.
Page 46
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
q. Assets related to sharia transactions (continued)
Permanent musyarakah is a musyarakah for which the amount of funds contributed by
each party is fixed until the end of the agreement. Declining musyarakah (musyarakah
mutanaqisha) is musyarakah with a condition that the amount contributed by a party will
be declining from time to time as it is transferred to another party, such that at the end of
the agreement, the other party will fully own the business. Musyarakah financing is stated
at financing balance less allowance for impairment losses.
The Subsidiary determines the allowance for impairment losses of sharia financing
receivables in accordance with the quality of each financing receivable by referring to the
requirements of Financial Services Authority, except for murabahah receivables. In
accordance with SFAS No. 102 “Accounting for Murabahah” and Indonesia Sharia
Banking Accounting Guidelines (PAPSI Revised 2013), the Bank calculates individual
impairment for for murabahah receivable in accordance with IFAS No. 102 “Impairment of
Murabahah Receivables”. The Bank assesses whether there is any objective evidence
that a financial assets is impaired at each statement of financial position date. The Bank
uses the migration analysis method which is a statistical model analysis method to assess
allowance for impairment losses on collective receivables. The Bank uses 5 (five) years
historical data to compute for the Probability of Default (“PD”) and Loss Given Default
(“LGD”).
r. Investment securities
Investment securities consist of traded securities in the money market and stock exchange
such as Government Bonds, Sekuritas Rupiah and Valas Bank Indonesia, Sukuk Bank
Indonesia, Sukuk, Corporate Bonds, Certificates of Bank Indonesia, mutual funds,
medium term notes and shares. Investment securities are classified as financial assets
measured at amortised cost and measured at fair value through other comprehensive
income. Refer to Note 2g for the accounting policy for financial assets measured at
amortised cost and at fair value through other comprehensive income.
Investments in sukuk measured at cost and measured at fair value through other
comprehensive income
The Group determines the classification of their investment in sukuk based on business
model in accordance with SFAS 110 “Accounting for Sukuk” as follows:
• Investment securities are measured at cost and are presented at acquisition cost
(including transaction costs) adjusted for unamortised premiums and/or discounts.
Premiums and discounts are amortised over the period to maturity.
• Investment securities are measured at fair value through other comprehensive income
which is stated at fair value. Unrealised gains or losses due to the increase or
decrease in fair value are presented in other comprehensive income for the year.
s. Fixed assets
Fixed assets are initially recognised at acquisition cost. Acquisition cost includes
expenditures directly attributable to bring the assets for their intended use. Except for land,
subsequent to initial measurement, all fixed assets are measured using cost model, which
is cost less accumulated depreciation and accumulated impairment losses. Land is not
depreciated.
Page 47
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/32
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
s. Fixed assets (continued)
In 2016, the Bank changed its accounting policy related to subsequent measurement of land
from cost model to revaluation model. The change of accounting policy is implemented
prospectively.
Land is presented at fair value, based on valuation performed by external independent
valuers which are registered with OJK. Valuation of land is carried out by appraisers who
have professional qualifications. Revaluation is carried out with sufficient regularity to ensure
that the carrying amount of revalued assets does not differ materially from their fair values
at the reporting date.
Increases arising on the revaluation are credited to “revaluation surplus of fixed assets” as
part of other comprehensive income. However, the increase is recognised in profit or loss
up to the amount of the same asset impairment from revaluation previously recognised in
the consolidated statements of profit or loss and other comprehensive income. Decreases
that offset previous increases of the same asset are debited against ”revaluation surplus of
fixed assets” as part of other comprehensive income, all other decreases are charged to the
consolidated statements of profit or loss.
Costs relating to the acquisition of legal titles on the land rights are recognised as part of
acquisition cost of land. The costs of extension or renewal of legal titles on the land rights
are charged to consolidated profit or loss as incurred because the amount is not significant.
Buildings are depreciated using the straight-line method over their estimated useful lives of
20 (twenty) years. Other fixed assets are depreciated over their estimated useful lives
ranging from 2 (two) to 8 (eight) years using the double-declining balance method for the
Bank and PT BCA Finance, and straight-line method for other Subsidiaries. The effect of
such different depreciation method is not material to the consolidated financial statements.
For all fixed assets, the Group has determined residual values to be “nil” for the calculation
of depreciation.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate
asset as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. The
carrying amount of replaced part is derecognised. All other repairs and maintenance are
charged to the consolidated statements of profit or loss and other comprehensive income
during the financial period in which they are incurred.
Buildings under construction are stated at acquisition cost. The accumulated costs will be
transferred to the buildings account when construction is completed and the buildings are
ready for their intended use.
When assets are disposed, their acquisition cost and the related accumulated depreciation
are eliminated from the consolidated statements of financial position, and the resulting gain
or loss on the disposal of fixed assets is recognised in the current year consolidated
statements of profit or loss. When revalued assets are sold, the amounts included in equity
are transferred to retained earnings.
At each reporting date, residual value, useful life and depreciation method are reviewed,
and if required, will be adjusted and applied in accordance with the requirement of prevailing
Statement of Financial Accounting Standards.
Page 48
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
s. Fixed assets (continued)
When the carrying amount of fixed assets measured using cost model is greater than its
estimated recoverable amount, it is written down to its recoverable amount and the
impairment loss is recognised in the current year consolidated statements of profit or loss
and other comprehensive income.
t. Other assets
Other assets include accrued interest income, receivables, foreclosed assets, abandoned
properties, interoffice accounts, and others.
Abandoned properties represent the Group is fixed assets in the form of properties which
were not used for the Group business operational activity.
Foreclosed assets are presented at their net realisable values. Net realisable value is the
fair value of the foreclosed assets less estimated costs to sale the foreclosed assets.
Differences between the net realisable value and the proceeds from disposal of the
foreclosed assets are recognised as current year gain or loss at the year of disposal.
The Bank measures AYDA at the lower of the carrying amount and fair value after deducting
the estimated costs to sell the AYDA. The difference between the net realisable value and
the sale of AYDA is recognised as gain or loss in the current year when it is sold.
Expenses for maintaining foreclosed assets and abandoned properties are recognised in
the current year consolidated statements of profit or loss and other comprehensive income
as incurred. Any permanent impairment loss that occurred will be charged to the current
year consolidated statements of profit or loss and other comprehensive income. Refer to
Note 2h for changes in accounting policy to determine impairment losses on foreclosed
assets and abandoned properties.
u. Intangible assets
Intangible assets consist of software and goodwill.
Software
Software is stated at cost less accumulated amortisation and accumulated impairment
losses. Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the specific software. Costs associated with
maintaining computer software programs are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable
and unique software products controlled by the Group are recognised as software. Other
development expenditures that do not meet these criteria are recognised as an expense
as incurred. Development costs previously recognised as an expense are not recognised
as an asset in a subsequent period. Amortisation is recognised in consolidated statements
of profit or loss using a double-declining balance method over the estimated useful
economic life of 4 (four) years.
Page 49
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/34
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
u. Intangible assets (continued)
Intangible assets consist of software and goodwill. (continued)
Goodwill
Goodwill represents the excess of the aggregate amount of the consideration transferred and
the amounts of non-controlling interest and the amounts of the identifiable assets acquired
and the liabilities assumed at the date of acquisition. Goodwill is not amortised but tested for
impairment at each reporting date and carried at cost less accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is
allocated to each cash-generating unit (CGU), or group of CGUs, that is expected to benefit
from the synergies of the business combination. Each unit or group of units to which the
goodwill is allocated represents the lowest level within the entity at which the goodwill is
monitored for internal management purposes. Goodwill is monitored at the operating segment
level. For Group accounting policy of impairment losses refer to Note 2h.
v. Deposits from customers and other banks
Deposits from customers are the fund trusted by customers (exclude banks) to the Bank
based on fund deposits agreements. Included in this account are current accounts, saving
accounts, time deposits and certificates of deposits.
Deposits from other banks represent liabilities to other banks, both domestic and overseas
banks, in the form of current accounts, saving accounts, time deposits, and interbank call
money.
Deposits from customers and deposits from other banks are classified as financial
liabilities at amortised cost. Incremental costs directly attributable to acquisition of deposits
from customers and deposits from other banks are deducted from the amount of deposits
from customers and deposits from other banks. Refer to Note 2g for the accounting policy
of financial liabilities at amortised cost.
w. Sharia deposits
Sharia deposits are deposits from third parties in form of wadiah demand deposits and
wadiah savings. Wadiah demand deposits can be used as payment instrument and can
be withdrawn using cheque and payment slip. Wadiah demand deposits and wadiah
savings are entitled to receive bonus in accordance with Subsidiary’s policy. Wadiah
demand deposits and wadiah savings are stated at nominal amount of deposits from
customers. Sharia deposits are classified as financial liabilities measured at amortised
cost. Refer to Note 2g for accounting policy on financial liabilities measured at amortised
cost.
x. Temporary syirkah deposits
Temporary syirkah deposit is an investment with mudharabah muthlaqah agreement,
where the owner of funds (shahibul maal) gives flexibility to fund manager
(mudharib/Subsidiary) in managing the investment with the purpose that the returns are
to be shared based on a pre-agreed basis.
Page 50
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
x. Temporary syirkah deposits (continued)
Temporary syirkah deposits consist of mudharabah saving, mudharabah time deposits
and Sertifikat Investasi Mudharabah Antarbank (“SIMA”). These funds obtained by
Subsidiary which has the right to manage and invest fund, according to Subsidiary’s policy
or limitation from fund holders, whereby gains are to be shared based on the agreement.
In case that the decrease of temporary syirkah deposits was caused by normal losses,
and not caused by willful default, negligence or breach of the agreement, the Subsidiary
has no obligation to return or cover the fund losses or deficit.
Mudharabah saving is deposit from third parties which are entitled to receive sharing
revenue for the utilisation of the funds with a pre-agreed and approved nisbah.
Mudharabah saving is stated at the liabilities to customers.
Mudharabah time deposit is deposit from third parties which can only be withdrawn at a
specific time based on the agreement between holder of mudharabah time deposits and
the Subsidiary. Mudharabah time deposits are stated at nominal amount based on the
agreement between holder of mudharabah time deposits and the Subsidiary.
Temporary syirkah deposit can not be classified as liability. When the Subsidiary incurs
losses, the Subsidiary does not possess any liability to return the initial fund amount from
the fund owners except from negligence or default of the Subsidiary. Temporary syirkah
deposit can not be classified as equity because it has maturity date and owner and it does
not possess any ownership rights equal to shareholders as voting rights and rights of gain
realisation from current assets and non-investment assets.
Temporary syirkah deposit is one of the elements of consolidated financial statements, it
in accordance with sharia principle which give rights to Subsidiary to manage the fund,
including blending the funds with other funds.
Owners of temporary syirkah deposits obtain part of gain as agreed and incur losses
based on the amount from each parties. Revenue sharing of temporary syirkah deposits
can be done by revenue sharing concept or profit sharing concept.
y. Debt securities issued
Debt securities issued by Subsidiary which consists of bonds payable, are classified as
other financial liabilities measured at amortised cost. Issuance costs in connection with
the issuance of debt securities are recognised as discounts and directly deducted from
the proceeds of debt securities issued and amortised over the period of debt securities
using the effective interest method. Debt securities issued is classified as financial
liabilities at amortised cost. Refer to Note 2g for the accounting policy of financial liabilities
measured at amortised cost.
Page 51
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/36
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
z. Subordinated bonds
Subordinated bonds are classified as financial liabilities measured at amortised cost.
Incremental costs directly attributable to the issuance of subordinated bonds are deducted
from the amount of subordinated bonds received. Refer to Note 2g for the accounting
policy for financial liabilities at amortised cost.
aa. Provision
A provision is recognised if, as a result of a past event, the Group has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are measured at the
present value of management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. Provisions are determined by
discounting the estimated future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability.
ab. Accruals and other liabilities
Accruals and other liabilities consist of accrued interest expense, liabilities related to
customer and insurance transactions, security deposits, unearned revenue, finance lease
liabilities and others.
ac. Earnings per share
Basic earnings per share is computed based on net income for the current year
attributable to equity holders of parent entity divided by the weighted average number of
outstanding issued and fully paid-up common shares during the year after considering the
treasury stocks.
As of 31 December 2023 and 2022, there were no diluted instruments. Therefore, diluted
earnings per share is equivalent to basic earnings per share.
ad. Interest income and expenses & sharia income and expenses
Interest income and expenses
Interest income and expenses are recognised in the consolidated statements of profit or
loss using the effective interest method. The effective interest rate is the rate that exactly
discounts the estimated future cash payments and receipts through the expected life of
the financial asset or financial liability (or, where appropriate, a shorter period) to the
carrying amount of the financial asset or financial liability. When calculating the effective
interest rate, the Group estimates future cash flows by considering all contractual terms
of the financial instrument but not future credit losses.
Page 52
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ad. Interest income and expenses & sharia income and expenses (continued)
Interest income and expenses (continued)
The calculation of the effective interest rate includes transaction costs (Note 2g) and all
fees and points paid or received that are an integral part of the effective interest rate.
Interest income and expenses presented in the consolidated statements of profit or loss
and other comprehensive income include:
• Interest on financial assets and liabilities at amortised cost calculated using the
effective interest rate method;
• Interest on investment securities at fair value through other comprehensive income
calculated using the effective interest rate method;
• Interest income on all financial assets at fair value through profit or loss are considered
to be incidental to the Group’s trading operations and are presented as part of net
trading income; and
• Interest income on the impaired financial assets continues to be recognised using the
rate of interest used to discount the future cash flows for the purpose of measuring
the impairment losses.
Sharia income and expenses
Sharia income consists of murabahah profit, ijarah revenue (leases), and profit sharing
from mudharabah and musyarakah financing.
Recognition of murabahah transaction profit with deferred payment or instalments is
carried out during the contractual period in accordance with effective (annuity) method.
Ijarah revenue is recognised proportionally and net during the contractual period.
Musyarakah revenue sharing which is entitled to passive partner is recognised during the
period in which the revenue occurs according to agreed nisbah.
Mudharabah revenue sharing is recognised during the period in which revenue sharing in
accordance to agreed nisbah occurs, and not allowed to recognise revenue from projected
business result.
Sharia expenses consist of mudharabah sharing expense and wadiah bonus expense.
Sharing expenses consist of expense for profit distribution on third party funds which are
calculated using profit distribution principle in accordance with agreed sharing ratio
(nisbah) based on wadiah, mudharabah muthlaqah and mudharabah muqayyadah
principles.
ae. Fees and commission income and expenses
Fees and commission income and expenses that are integral to the effective interest rate
on a financial asset or liability are included in the measurement of the effective interest
rate.
Page 53
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/38
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ae. Fees and commission income and expenses (continued)
Other fees and commission income, including bancassurance activity related fees, export-
import related fees, cash management fees, service fees and/or related to a specific
period and the amount is significant, are recognised as unearned income/prepaid
expenses and amortised based on the straight-line method over the terms of the related
transactions; otherwise, they are directly recognised as the related services are
performed. Loan commitment fees are recognised on a straight-line method over the
commitment period.
Commission income related to credit and debit card transactions, less costs directly
related to these transactions, is presented on a net basis in the consolidated statement of
profit or loss and other comprehensive income.
af. Net income from transactions at fair value through profit or loss
Net income from transactions at fair value through profit or loss comprises of net gains or
losses related to financial assets and liabilities at fair value through profit or loss, including
interest income and expenses from all financial instruments at fair value through profit or
loss and all realised and unrealised fair value changes and foreign exchange differences.
ag. Post-employment benefits obligation
ag.1. Short-term liability
Liabilities for wages and salaries, including non-monetary benefits and accumulating
sick leave that are expected to be settled wholly within 12 months after the end of
the period in which the employees render the related service are recognised in
respect of employees’ services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled.
The liabilities are presented as current employee benefit obligations in the
consolidated statements of financial position.
ag.2. Pension obligation
Entities in the Group operate various pension schemes. The Group has both defined
benefit and defined contribution plans. A defined contribution plans is a pension plan
under which the Group pays fixed contributions (funds) into a separate entity. The
Group has no legal or constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods. A defined benefit plans is an amount of
pension benefit that an employee will receive on retirement, usually dependent on
one or more factors such as age, years of service, and compensation.
Page 54
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/39
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ag. Post-employment benefits obligation (continued)
ag.2. Pension obligation (continued)
The liability recognised in the consolidated statements of financial position in respect
of defined benefit pension plans is the present value of the defined benefit obligation
at the end of the reporting period less the fair value of plan assets. The defined
benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of
Government Bonds (considering currently there is no deep market for high-quality
corporate bonds) that are denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating to the terms of the related
pension obligation.
The net interest cost is calculated by applying the discount rate to the net balance
of the defined benefit obligation and the fair value of plan assets. This cost is
included in employee benefit expense in the consolidated statements of profit or loss
and other comprehensive income.
Remeasurement gains and losses arising from experience adjustments and
changes in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. They are included in
retained earnings in the consolidated statements of changes in equity and in the
consolidated statements of profit or loss and other comprehensive income.
Changes in the present value of the defined benefit obligation resulting from plan
amendments or curtailment programs are recognised immediately in the
consolidated statements of profit or loss and other comprehensive income as past
service costs.
For defined contribution plans, the Group pays contributions to pension plans on a
mandatory, contractual or voluntary basis. However, since Job Creation Act requires
an entity to pay to a worker entering into pension age a certain amount based on,
the worker’s length of service, the Group is exposed to the possibility of having to
make further payments to reach that certain amount in particular when the
cumulative contributions are less than that amount. Consequently for financial
reporting purposes, defined contribution plans are effectively treated as if they were
defined benefit plans.
ag.3. Other post-employment obligations
The Bank provides post-retirement healthcare benefits to their employees.
The entitlement to these benefits is usually conditional on the employee remaining
in service up to retirement age and the completion of a minimum service period.
The expected costs of these benefits are reserved over the period of employment
using projected unit credit method. These obligations are valued annually by
independent qualified actuaries.
Page 55
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/40
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ag. Post-employment benefits obligation (continued)
ag.4. Termination benefits
Termination benefits are payable when employment is terminated by the Group
before the normal retirement date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. The Group recognises termination
benefits at the earlier of the following dates: (i) when the Group can no longer
withdraw the offer of those benefits; and (ii) when the Group recognises costs for a
restructuring that is within the scope of SFAS 57 and involves the payment of
termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months
after the reporting date are discounted to their present value.
ah. Current and deferred income tax
Income tax expense comprises of current and deferred taxes. Income tax expense is
recognised in the consolidated statements of profit or loss and other comprehensive
income, except to the extent that it relates to items recognised directly in other
comprehensive income or equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the end of the reporting period in the countries where the entities
in the Group operate and generate taxable income. Management periodically evaluates
positions taken in annual tax returns (“SPT”) with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences
which arise from the difference between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill. Deferred income
tax is also not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates that have been enacted or substantially
enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
Page 56
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/41
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
ah. Current and deferred income tax (continued)
Deferred tax assets are recognised only if it is probable that future taxable amounts will
be available to utilise those temporary differences and losses.
Deferred tax liabilities are not recognised for temporary differences between the carrying
amount and tax bases of investments in foreign operations where the company is able to
control the timing of the reversal of the temporary differences and it is probable that the
differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets and liabilities and when the deferred tax balances relate to the
same taxation authority. Current tax assets and tax liabilities are offset where the entity
has a legally enforceable right to offset and intends either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
ai. Leases transaction
At the inception of a contract, the Group assesses whether the contract is or contains a
lease. A contract is or contains a lease if the contract conveys the right to control the use
of an identified assets for a period of time in exchange for consideration. The Group can
choose not to recognise the right-of-use asset and lease liabilities for:
- Leases with a lease term of 12 months or less; and
- Low value underlying assets
To assess whether a contract conveys the right to control the use of an identified asset,
the Group shall assess whether:
- The Group has the right to obtain substantially all the economic benefit from use of
the identified asset; and
- The Group has the right to direct the use of the identified asset. The Group has
described when it has a decision-making rights that are the most relevant to changing
how and for what purpose the asset is used are predetermined:
1. The Group has the right to operate the asset;
2. The Group has designed the asset in a way that predetermine how and for what
purposes it will be used throughout the period of use.
The Group recognises a right-of-use asset and a leases liability at the leases
commencement date. The right-of-use asset is initially measured at cost, which comprises
the initial amount of the leases liability adjusted for any lease payment made at or before
the commencement date, plus any initial direct cost incurred.
The right-of-use asset is amortised over the straight-line method throughout the lease
term.
Page 57
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/42
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ai. Lease Transaction (continued)
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that right cannot be readily determined, using incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as a discount rate.
Each lease payment is allocated between the liabilities and finance cost. The finance cost
is charged to profit or loss over the lease period so as to produce a constant periodic rate
of interest on the remaining balance of the liability for each period.
The Group presents right-of-use assets as part of “Fixed assets” and lease liabilities as
part of “Other liabilities” in the consolidated statements of financial position.
If the lease transfers ownership of the underlying asset to the Group by the end of the
lease term or if the cost of the right-of-use asset reflects that the Group will exercise a
purchase option, the Group depreciates the right-of-use asset from the commencement
date to the end of the useful life of the underlying asset. Otherwise, the Group depreciates
the right-of-use asset from the commencement date to the earlier of the end of the useful
life of the right-of-use asset or the end of the leases term.
The Group analyses the facts and circumstances for each type of landrights in determining
the accounting for each of these land rights so that it can accurately represent an
underlying economic event or transaction. If the landrights do not transfer control of the
underlying assets to the Group, but gives the rights to use the underlying assets, the
Group applies the accounting treatment of these transactions as leases under SFAS 73,
“Lease”, except if landrights substantially similar to land purchases, the Group applies
SFAS 16 “Fixed Assets”.
aj. Operating segment
An operating segment is a component of the entity that engages in business activities
from which it may earn revenues and incur expenses, including revenues and expenses
that relate to transactions with any of the entity’s other components, whose operating
results are reviewed regularly by the chief operating decision-maker to make decisions
about resources allocated to the segment and assess its performance, and for which
discrete financial information is available. Segment results that are reported to the chief
operating decision-maker include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Unallocated items mainly comprise of head
office expenses, fixed assets, income tax assets/liabilities, including current and deferred
taxes.
The Group manages its businesses and identify reporting segment based on geographic
region and product. Several regions have similar characteristics, have been aggregated
and evaluated regularly by management. Gains/losses from each segment is used to
assess the performance of each segment.
Page 58
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/43
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ak. Related parties transactions
The Group has transactions with related parties. In accordance with SFAS 7 “Related Party
Disclosure”, the meaning of a related party is a person or entity that is related to a reporting
entity as follow:
a. A person or a close member of that person’s family is related to a reporting entity if
that person:
i. has control or joint control over the reporting entity;
ii. has significant influence over the reporting entity; or
iii. is member of the key management personnel of the reporting entity or a parent of
the reporting entity.
b. An entity is related to a reporting entity if any of the following conditions applies:
i. the entity and the reporting entity are members of the same group (which means
that each parent, subsidiary and fellow subsidiary is related to the others);
ii. one entity is an associate or joint venture of the other entity (or an associate or
joint venture of member of a company of which the other entity is a member);
iii. both entities are joint ventures of the same third party;
iv. one entity is a joint venture of a third entity and the other entity is an associate of
the third entity;
v. the entity is a post-employment benefit plan for the benefit of employees of either
the reporting entity or an entity related to the reporting entity;
vi. the entity controlled or jointly controlled by a person identified in (a);
vii. a person identified in (a) (i) has significant influence over the entity or is a member
of the key management personnel of the entity (or of a parent of the entity).
The nature of transactions and balances of accounts with related parties are disclosed in
the Note 47.
3. USE OF ESTIMATES AND JUDGMENT
This disclosure supplements the commentary on financial risk management (Note 42).
a. Key sources of estimation uncertainty
a.1. Allowance for impairment losses of financial assets
According to SFAS 71, the measurement of the expected credit loss allowance for
financial assets measured at amortised cost and at fair value through other
comprehensive income is an area that requires the use of complex models and
significant assumptions about future economic conditions and credit behaviour.
Page 59
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/44
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
3. USE OF ESTIMATES AND JUDGMENT (continued)
This disclosure supplements the commentary on financial risk management (Note 42).
(continued)
a. Key sources of estimation uncertainty (continued)
a.1. Allowance for impairment losses of financial assets (continued)
Significant estimates are required in applying the SFAS 71 requirements for
measuring allowance for impairment losses, such as:
• Determining criteria for Significant Increase in Credit Risk;
• Choosing appropriate models and assumptions for the measurement of
allowance for impairment losses;
• Establishing the number and relative weightings of forward-looking scenarios for
each type of segment/product;
• Establishing the segments of similar financial assets for the purposes of
measuring allowance for impairment losses;
• Estimate debtor’s cash flow in the calculation of individual impairment.
Detailed information about financial risk management related to the judgments and
estimates made by the Group is set out in Note 42.
a.2. Determining fair values of financial instruments
In determining the fair value of financial assets and liabilities for which there is no
observable market price, the Group must use the valuation techniques as described
in Note 2g for financial instruments that trade infrequently and have little price
transparency, fair value is less objective and requires varying degrees of judgment
depending on liquidity, concentration, uncertainty of market factors, pricing
assumptions, and other risks.
a.3. Post-employment benefits obligations
Present value of retirement obligations depends on several factors which determined
by actuarial basis using several assumptions. Assumptions used to determine
expenses (revenues) of net pension including discount rate and future salary growth.
Any changes on these assumptions will affect the recorded amount of pension
obligations.
a.4. Taxation
The Group requires significant judgment in determining tax provisions. Group
determines tax provisions based on estimates of the possible additional tax expense.
If the final outcome is different from the amount originally recorded, the difference
will have an impact in the profit or loss.
b. Critical accounting judgments in applying the Group accounting policy
Critical accounting judgments in applying the Group accounting policies include:
b.1. Valuation of financial instruments
The Group accounting policies on fair value measurements are discussed in
Note 2g.
Information regarding the fair value of financial instruments is disclosed in Note 37.
Page 60
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/45
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
3. USE OF ESTIMATES AND JUDGMENT (continued)
This disclosure supplements the commentary on financial risk management (Note 42).
(continued)
b. Critical accounting judgments in applying the Group accounting policy
(continued)
Critical accounting judgments in applying the Group accounting policies include:
(continued)
b.2. Financial asset and liability classification
The Group’s accounting policies provide scope for assets and liabilities to be
designated at the inception into different accounting categories in accordance with
the prevailing accounting standards and based on certain circumstances:
• In classifying financial assets as “measured at fair value through profit or
loss”, the Group has determined that the financial assets meet the description
of assets measured at fair value through profit or loss as set out in Note 2g;
• In classifying financial assets as “measured at amortised cost”, the Group has
determined that the financial assets meet the description of assets measured
at amortised cost as set out in Note 2g;
• In classifying investment in sukuk as “measured at cost” and “measured at fair
value through other comprehensive income”, the Group has determined that the
investment meets the classification requirements as set out in Note 2r.
4. CASH
2023 2022
Rupiah 20,478,286 20,296,643
Foreign currencies 1,223,228 1,062,866
21,701,514 21,359,509
The balance of cash in Rupiah includes cash in Automatic Teller Machines (“ATM”) amounting
to Rp 8,456,193 and Rp 9,214,150 as of 31 December 2023 and 2022, respectively.
5. CURRENT ACCOUNTS WITH BANK INDONESIA
2023 2022
Rupiah 88,703,316 100,129,888
Foreign currencies 3,914,389 3,980,407
92,617,705 104,110,295
Page 61
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/46
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
5. CURRENT ACCOUNTS WITH BANK INDONESIA (continued)
Average effective interest rates (yield) per annum of current accounts with Bank Indonesia
denominated in Rupiah as of 31 December 2023 and 2022 were 0.72% and 0.61%,
respectively.
Current accounts with Bank Indonesia are provided to comply with the Reserve Requirement
(“RR”) of Bank Indonesia. On 31 December 2023 and 2022, the Ratio of Rupiah and Foreign
Currencies RR as well as the Ratio of Macroprudential Liquidity Buffer (“MPLB”) that must be
met by the Bank are as follows:
2023 2022
Rupiah
- RR 6.20% 7.30%
(i) RR on daily basis 0.00% 0.00%
(ii) RR on average basis 9.00% 9.00%
(iii) RR reduction incentives -2.80% -1.70%
- MIR 1.96% 2.67%
- MPLB 5.00% 6.00%
Foreign currencies
- RR 4.00% 4.00%
(i) RR on daily basis 2.00% 2.00%
(ii) RR on average basis 2.00% 2.00%
RR is a minimum reserve that should be maintained by the Bank in the form of current
accounts with Bank Indonesia. MPLB is a minimum liquidity reserves that should be
maintained by Bank, in the form of Bank Indonesia Certificates (“SBI”), Bank Indonesia
Deposit Certificates (“SDBI”), Treasury Bills (“SBN”), Sekuritas Rupiah Bank Indonesia
(“SRBI”) which is determined by Bank Indonesia at certain percentage of the Bank’s Third
Party Fund.
As of 31 December 2023 and 2022, the Bank has fulfilled the RR ratios in Rupiah and foreign
currencies, and MPLB ratios as follows:
2023 2022
Rupiah
- RR 6.40% 7.48%
(i) RR on daily basis 0.00% 0.00%
(ii) RR on average basis 6.40% 7.48%
- MIR 1.96% 2.67%
- MPLB 33.89% 34.69%
Foreign currencies
- RR 4.71% 4.24%
(i) RR on daily basis 2.00% 2.00%
(ii) RR on average basis 2.71% 2.24%
Information on the classification and fair value of current account with Bank Indonesia is
disclosed in Note 37. Information on the maturity of current account with Bank Indonesia is
disclosed in Note 43.
Page 62
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/47
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
6. CURRENT ACCOUNTS WITH OTHER BANKS
2023 2022
Rupiah 60,097 24,474
Foreign currencies 5,555,155 4,728,185
Total current accounts with other banks
before deducting allowance for impairment losses 5,615,252 4,752,659
Less:
Allowance for impairment losses
Rupiah (323) (148)
Foreign currencies (576) (595)
(899) (743)
Total current accounts with other banks - net 5,614,353 4,751,916
As of 31 December 2023 and 2022, the Group did not have balances of current accounts with
other banks from related parties.
Average effective interest rates (yield) per annum of current accounts with other banks were
as follows:
2023 2022
Rupiah 4.03% 2.35%
Foreign currencies 3.01% 0.80%
As of 31 December 2023 and 2022, all current accounts with other banks were categorised
as stage 1, had not experienced a significant increase in credit risk since initial recognition
and had no objective evidence of impairment. The changes in the allowance for impairment
losses on current accounts with other banks are as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (743) - - (743)
Net changes in exposure (179) - - (179)
Foreign exchange difference 23 - - 23
Balance, end of year (899) - - (899)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (537) - - (537)
Net changes in exposure (154) - - (154)
Foreign exchange difference (52) - - (52)
Balance, end of year (743) - - (743)
As of 31 December 2023 and 2022, management believes that the allowance for impairment
losses is adequate to cover possible losses arising from uncollectible current accounts with
other banks.
Information on the classification and fair value of current accounts with other banks
is disclosed in Note 37. Information on the maturity of current accounts with other banks is
disclosed in Note 43.
Page 63
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/48
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
7. PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS
Details of placements with Bank Indonesia and other banks by type and contractual period
at initial placement were as follows:
2023
Up to >1-3 >3-6 > 6 - 12 More than
1 month months months months 12 months Total
Bank Indonesia:
Rupiah 751,891 - - - - 751,891
Foreign currencies - - - - - -
Call money:
Rupiah 1,050,000 50,000 - - - 1,100,000
Foreign currencies - 1,452,228 - - - 1,452,228
Time deposits:
Rupiah 667,240 420,342 176,124 366,423 - 1,630,129
Foreign currencies 64,138 5,571 - - - 69,709
Certificate of deposits:
Rupiah - - - - 198,282 198,282
Others:
Foreign currencies 106 - - - - 106
2,533,375 1,928,141 176,124 366,423 198,282 5,202,345
Less:
Allowance for impairment losses
Rupiah (663)
Foreign currencies (21)
(684)
Total placements with
Bank Indonesia and other banks - net 5,201,661
2022
Up to >1-3 >3-6 > 6 - 12 More than
1 month months months months 12 months Total
Bank Indonesia:
Rupiah 4,593,243 - - - - 4,593,243
Foreign currencies 11,675,625 2,412,963 - - - 14,088,588
Call money:
Rupiah 2,830,000 450,000 - - - 3,280,000
Foreign currencies 1,546,361 5,648,604 544,863 155,675 - 7,895,503
Time deposits:
Rupiah 530,242 505,646 88,166 394,003 - 1,518,057
Foreign currencies 1,543 5,572 - - - 7,115
Others:
Foreign currencies 109 - - - - 109
21,177,123 9,022,785 633,029 549,678 - 31,382,615
Less:
Allowance for impairment losses
Rupiah (1,940)
Foreign currencies (3,523)
(5,463)
Total placements with
Bank Indonesia and other banks - net 31,377,152
As of 31 December 2023 and 2022, the Group did not have balances of placements with other
banks from related parties.
Page 64
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/49
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
7. PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS (continued)
Changes in unrealised gains (losses) from placements with other banks measured at fair value
through other comprehensive income are as follows:
2023 2022
Balance, beginning of year - before deferred
income tax - 150
Addition of unrealised gains (losses)
during the year - net (1,086) (161)
Realised gains (losses) during
the year - net - 11
Total before deferred income tax (1,086) -
Deferred income tax (Note 20) 206 -
Balance, end of year - net (880) -
During 2023 and 2022, all placements with other banks were categorised as stage 1, had not
experienced a significant increase in credit risk since initial recognition and had no objective
evidence of impairment. The changes in the allowance for impairment losses on placements
with other banks are as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (5,463) - - (5,463)
Net changes in exposure 4,639 - - 4,639
Foreign exchange difference 140 - - 140
Balance, end of year (684) - - (684)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (4,132) - - (4,132)
Net changes in exposure (1,170) - - (1,170)
Foreign exchange difference (161) - - (161)
Balance, end of year (5,463) - - (5,463)
Average effective interest rates (yield) per annum of placements with Bank Indonesia and
other banks were as follows:
2023 2022
Bank Indonesia and call money:
Rupiah 5.70% 2.99%
Foreign currencies 4.87% 1.53%
Time deposits:
Rupiah 4.41% 3.02%
Foreign currencies 2.62% 1.03%
Certificates of deposits:
Rupiah 6.24% -
Page 65
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
7. PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS (continued)
The range of contractual interest rates of time deposits owned by the Group in Rupiah
currency during the years ended 31 December 2023 and 2022 were 2.00% - 6.80% and 1.90%
- 6.30%, respectively, and for certificates of deposit in Rupiah are 6.53% and nil, respectively,
while time deposits in foreign currencies were 2.00% - 6.80% and 0.16% - 5.09%,
respectively.
As of 31 December 2023 and 2022, there were no placements with Bank Indonesia and other
banks which were used as collateral for securities trading transaction.
As of 31 December 2023 and 2022, management believes that the allowance for impairment
losses is adequate to cover possible losses arising from uncollectible placements with Bank
Indonesia and other banks.
Information on the classification and fair value of placements with Bank Indonesia and other
banks is disclosed in Note 37. Information on the maturity of placements with Bank Indonesia
and other banks is disclosed in Note 43.
8. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets and liabilities at fair value through profit or loss consist of:
2023 2022
Nominal value Fair value Nominal value Fair value
Financial assets:
Securities
Sekuritas Rupiah Bank Indonesia 9,842,000 9,556,560 - -
Government bonds 1,086,678 1,101,960 1,427,188 1,438,042
Bank Indonesia Treasury Bills 3,485,881 3,474,298 - -
Sukuk 51,796 51,082 92,116 91,158
Corporate bonds 12,650 12,656 - -
Mutual Funds 119,918 123,033 21,752 23,149
Investment in shares - 297,442 - 398,493
Others 189,354 224,115 195,696 181,969
14,788,277 14,841,146 1,736,752 2,132,811
Derivative assets
Forward 91,843 46,307
Swap 121,817 51,728
Spot 3,854 2,283
217,514 100,318
15,058,660 2,233,129
Financial liabilities:
Derivative liabilities
Forward 47,698 40,705
Swap 73,204 331,715
Spot 1,863 10,853
122,765 383,273
Page 66
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/51
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
8. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
(continued)
The detail of investment in shares owned by the Group based on counterparties as of 31
December 2023 and 2022 are as follows:
2023 2022
Related parties 8,642 8,642
Third parties 288,800 389,851
Total investment in shares 297,442 398,493
Information on the classification and fair value of financial assets and liabilities measured at
fair value through profit or loss is disclosed in Note 37. Information on the maturity of financial
assets and liabilities measured at fair value through profit or loss is disclosed in Note 43.
9. ACCEPTANCE RECEIVABLES AND PAYABLES
a. The details of acceptance receivables
2023 2022
Rupiah
Non-bank debtors 4,370,505 3,133,006
Other banks 401,305 272,987
4,771,810 3,405,993
Less:
Allowance for impairment losses (143,001) (101,045)
4,628,809 3,304,948
Foreign currencies
Non-bank debtors 9,866,681 11,927,099
Other banks 304,248 182,006
10,170,929 12,109,105
Less:
Allowance for impairment losses (140,114) (214,412)
10,030,815 11,894,693
Total acceptance receivables - net 14,659,624 15,199,641
Page 67
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/52
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
9. ACCEPTANCE RECEIVABLES AND PAYABLES (continued)
b. The details of acceptance payables
2023 2022
Rupiah
Non-bank debtors 601,745 396,434
Other banks 872,788 1,078,791
1,474,533 1,475,225
Foreign currencies
Non-bank debtors 306,438 182,006
Other banks 4,920,285 8,009,417
5,226,723 8,191,423
Total acceptance payables 6,701,256 9,666,648
c. The movement of allowance for impairment losses of acceptance receivables
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (89,779) (26,245) (199,433) (315,457)
Transfer to lifetime expected
credit losses (Stage 2) 309 (7,185) - (6,876)
Transfer to 12 months expected
credit losses (Stage 1) (27) 55 - 28
Net changes in exposure 10,320 7,821 19,156 37,297
Foreign exchange difference 1,288 115 490 1,893
Balance, end of year (77,889) (25,439) (179,787) (283,115)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (94,822) (9) (424,453) (519,284)
Transfer to lifetime expected
credit losses (Stage 2) 12,409 (13,346) - (937)
Transfer to 12 months expected
credit losses (Stage 1) (50) 53 3 6
Net changes in exposure (1,280) (11,903) 238,251 225,068
Foreign exchange difference (6,036) (1,040) (13,234) (20,310)
Balance, end of year (89,779) (26,245) (199,433) (315,457)
Management believes that the allowance for impairment losses provided was adequate to
cover possible losses on uncollectible acceptance receivables.
As of 31 December 2023 and 2022, the Bank did not have balances of acceptance receivables
and payables from and to related parties.
Page 68
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
9. ACCEPTANCE RECEIVABLES AND PAYABLES (continued)
Information on the classification and fair value of acceptance receivables and payables
is disclosed in Note 37. Information on the maturity of acceptance receivables and payables
is disclosed in Note 43.
10. BILLS RECEIVABLE
a. The details of bills receivable
2023 2022
Rupiah
Non-bank debtors 13,153 8,605
Other banks 5,237,645 3,370,187
5,250,798 3,378,792
Less:
Allowance for impairment losses (798) (779)
5,250,000 3,378,013
Foreign currencies
Non-bank debtors 622,915 607,819
Other banks 4,514,327 1,916,431
5,137,242 2,524,250
Less:
Allowance for impairment losses (3,718) (6,356)
5,133,524 2,517,894
Total bills receivables - net 10,383,524 5,895,907
b. The movement of allowance for impairment losses of bills receivables
The movement of allowance for impairment losses of bills receivables were as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (2,106) - (5,029) (7,135)
Transfer to 12 months expected
credit losses (Stage 1) 3 - - 3
Net changes in exposure (2,634) - 5,163 2,529
Foreign exchange difference 221 - (134) 87
Balance, end of year (4,516) - - (4,516)
Page 69
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
10. BILLS RECEIVABLE (continued)
b. The movement of allowance for impairment losses of bills receivables (continued)
The movement of allowance for impairment losses of bills receivables were as follows:
(continued)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (1,841) - (44,820) (46,661)
Transfer to 12 months expected
credit losses (Stage 1) 48 - 3 51
Net changes in exposure (4,663) - 47,572 42,909
Foreign exchange difference 4,350 - (7,784) (3,434)
Balance, end of year (2,106) - (5,029) (7,135)
Management believes that the allowance for impairment losses provided was adequate to
cover possible losses on uncollectible bills receivables.
As of 31 December 2023 and 2022, the Bank did not have balances of bills receivables to
related parties.
Average effective interest rates (yield) per annum of bills receivable were as follows:
2023 2022
Rupiah 11.55% 6.25%
Foreign currencies 5.52% 3.19%
Information on the classification and fair value of bills receivables is disclosed in Note 37.
Information on the maturity of bills receivables is disclosed in Note 43.
11. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
This account represents receivables to Bank Indonesia, other banks and third party for
securities purchased with agreements to resell with details as follows:
2023
Allowance for
Range of Deferred impairment
purchase date Range of sale date Resell price interest income losses Carrying value
Transactions with Bank Indonesia:
Underlying instruments:
Government bonds 6 Jan - 27 Dec 23 5 Jan - 16 Aug 24 88,093,534 (1,733,855) - 86,359,679
Government Treasury Bills 28 Apr - 29 Dec 23 3 Jan - 2 Aug 24 5,269,636 (2,988,267) - 2,281,369
93,363,170 (4,722,122) - 88,641,048
Transactions with other banks:
Underlying instruments:
Government bonds 6 - 27 Dec 23 3 - 19 Jan 24 3,237,274 (4,312) - 3,232,962
Sekuritas Rupiah Bank Indonesia 6 - 22 Dec 23 4 - 8 Jan 24 1,188,849 (1,122) - 1,187,727
4,426,123 (5,434) - 4,420,689
Transactions with non-bank:
Underlying instruments:
Shares 12 - 29 Dec 23 12 Mar - 28 Jun 24 38,118 (2,704) (998) 34,416
38,118 (2,704) (998) 34,416
97,827,411 (4,730,260) (998) 93,096,153
Page 70
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
11. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL (continued)
This account represents receivables to Bank Indonesia, other banks and third party for
securities purchased with agreements to resell with details as follows: (continued)
2022
Allowance for
Range of Deferred impairment
purchase date Range of sale date Resell price interest income losses Carrying value
Transactions with Bank Indonesia:
Underlying instruments:
Government bonds 7 Jan - 30 Dec 22 6 Jan - 29 Dec 23 150,732,374 (2,708,002) - 148,024,372
Government Treasury Bills 30 Sep - 30 Dec 22 3 Jan - 29 Sep 23 1,909,699 (384,140) - 1,525,559
152,642,073 (3,092,142) - 149,549,931
Transactions with other banks:
Underlying instruments:
Government bonds 1 - 29 Dec 22 2 - 9 Jan 23 4,386,635 (2,209) - 4,384,426
4,386,635 (2,209) - 4,384,426
Transactions with non-bank:
Underlying instruments:
Shares 16 Nov 22 31 Jan 23 32,367 (313) (1,299) 30,755
32,367 (313) (1,299) 30,755
157,061,075 (3,094,664) (1,299) 153,965,112
The movement of allowance for impairment losses on securities purchased under
agreements to resell was as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (1,299) - - (1,299)
Net changes in exposure 301 - - 301
Balance, end of year (998) - - (998)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (1,243) - - (1,243)
Net changes in exposure (56) - - (56)
Balance, end of year (1,299) - - (1,299)
Management believes that the allowance for impairment losses provided was adequate to
cover possible losses on uncollectible securities purchased under agreements to resell.
All securities purchased under agreements to resell as of 31 December 2023 and 2022 were
denominated in Rupiah currency.
As of 31 December 2023 and 2022, the Group did not have balances of securities purchased
under agreements to resell with related parties.
Average effective interest rates (yield) per annum of securities purchased under agreements
to resell for the years ended 31 December 2023 and 2022 were 6.35% and 3.81%,
respectively.
Information on the classification and fair value of securities purchased under agreements to
resell is disclosed in Note 37. Information on the maturity of securities purchased under
agreements to resell is disclosed in Note 43.
Page 71
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/56
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE
Loans receivable consisted of:
a. By type and currency
2023 2022
Rupiah
Related parties:
Working capital 1,827,412 2,267,478
Investment 6,493,055 7,045,615
Consumer 10,530 13,359
8,330,997 9,326,452
Third parties:
Working capital 340,718,796 297,439,472
Investment 234,837,040 200,194,766
Consumer 141,807,967 124,213,262
Credit card 15,783,861 13,384,393
Employee loans 3,145,449 3,131,952
736,293,113 638,363,845
744,624,110 647,690,297
Foreign currencies
Related parties:
Investment 147,524 119,011
Third parties:
Working capital 33,698,753 32,423,337
Investment 13,726,327 14,703,877
47,425,080 47,127,214
47,572,604 47,246,225
Total loans receivable 792,196,714 694,936,522
Less: Allowance for impairment losses
Rupiah (28,206,052) (28,886,553)
Foreign currencies (5,102,823) (5,060,965)
(33,308,875) (33,947,518)
Total loans receivable - net 758,887,839 660,989,004
Page 72
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
b. By economic sector and Bank Indonesia’s collectability
2023
Allowance for
Special impairment
Current mention Sub-standard Doubtful Loss losses Total
Rupiah
Manufacturing 147,054,171 3,346,022 1,389,254 223,865 2,850,710 (8,648,573) 146,215,449
Business services 131,719,461 2,483,034 25,329 22,944 126,194 (5,644,536) 128,732,426
Trading, restaurants
and hotels 158,487,639 3,025,986 343,151 378,470 2,263,191 (7,501,129) 156,997,308
Agriculture and
agricultural facilities 30,681,430 155,371 3,248 87,453 119,930 (931,105) 30,116,327
Construction 33,994,897 303,115 25,292 79,823 142,185 (828,537) 33,716,775
Transportation and warehousing 24,993,376 90,244 246,557 3,352 13,171 (667,021) 24,679,679
Social/public services 11,174,243 110,908 9,808 19,968 11,594 (1,087,268) 10,239,253
Mining 12,802,808 16,354 - 31 1,684 (152,904) 12,667,973
Electricity, gas, and water 15,026,015 11,648 234 6,627 5,056 (139,250) 14,910,330
Household activities 136,976,779 5,810,519 333,320 361,498 1,480,710 (2,196,613) 142,766,213
Others 14,826,201 812,364 33,389 56,841 56,646 (409,116) 15,376,325
717,737,020 16,165,565 2,409,582 1,240,872 7,071,071 (28,206,052) 716,418,058
Foreign currencies
Manufacturing 23,881,384 381,987 - - 3,455,165 (3,671,047) 24,047,489
Business services 2,796,647 - - - - (68,229) 2,728,418
Trading, restaurants
and hotels 6,269,049 322,417 - - 21,645 (1,251,454) 5,361,657
Agriculture and
agricultural facilities 4,092,181 - - - - (28,851) 4,063,330
Construction 3,457 - - - - - 3,457
Transportation and warehousing 2,800,131 - - - - (57,943) 2,742,188
Social/public services 18,355 - - - - (185) 18,170
Mining 2,612,974 - - - - (9,729) 2,603,245
Electricity, gas, and water 917,212 - - - - (15,385) 901,827
43,391,390 704,404 - - 3,476,810 (5,102,823) 42,469,781
Total 761,128,410 16,869,969 2,409,582 1,240,872 10,547,881 (33,308,875) 758,887,839
2022
Allowance for
Special impairment
Current mention Sub-standard Doubtful Loss losses Total
Rupiah
Manufacturing 128,108,975 2,842,823 712,845 1,372,634 1,015,900 (8,752,884) 125,300,293
Business services 113,309,622 1,378,267 5,532 15,513 202,639 (5,543,792) 109,367,781
Trading, restaurants
and hotels 142,795,198 2,467,940 362,647 240,335 2,088,470 (8,150,526) 139,804,064
Agriculture and
agricultural facilities 34,171,801 84,938 5,269 10,121 107,905 (1,273,861) 33,106,173
Construction 32,993,566 117,689 7,640 22,192 75,806 (682,697) 32,534,196
Transportation and warehousing 17,691,267 54,531 1,733 2,632 24,072 (391,389) 17,382,846
Social/public services 10,675,812 56,010 1,605 5,069 39,497 (1,627,343) 9,150,650
Mining 3,795,309 51,678 7 - 8,746 (99,927) 3,755,813
Electricity, gas, and water 10,004,133 8,134 690 - 3,451 (122,879) 9,893,529
Household activities 122,426,345 3,537,086 144,804 188,937 1,060,496 (1,918,636) 125,439,032
Others 12,598,276 657,543 31,057 54,732 50,378 (322,619) 13,069,367
628,570,304 11,256,639 1,273,829 1,912,165 4,677,360 (28,886,553) 618,803,744
Foreign currencies
Manufacturing 23,331,369 371,344 - 2,748,401 785,198 (3,531,517) 23,704,795
Business services 2,291,864 - - - - (38,313) 2,253,551
Trading, restaurants
and hotels 6,724,704 26,555 399,656 - 1,739 (1,326,561) 5,826,093
Agriculture and
agricultural facilities 5,621,573 - - - - (48,846) 5,572,727
Construction 3,014 - - - - - 3,014
Transportation and warehousing 3,108,711 - - - - (74,587) 3,034,124
Social/public services 23,906 - - - - (162) 23,744
Mining 151,423 - - - - (2,982) 148,441
Electricity, gas, and water 1,656,768 - - - - (37,997) 1,618,771
42,913,332 397,899 399,656 2,748,401 786,937 (5,060,965) 42,185,260
Total 671,483,636 11,654,538 1,673,485 4,660,566 5,464,297 (33,947,518) 660,989,004
Page 73
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/58
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
c. By maturity
Loans receivable by maturity period based on loan agreements:
2023 2022
Rupiah
Up to 1 year 236,808,450 214,975,721
> 1 - 5 years 172,355,082 166,048,653
> 5 years 335,460,578 266,665,923
744,624,110 647,690,297
Foreign currencies
Up to 1 year 23,276,365 23,685,954
> 1 - 5 years 9,467,615 7,145,370
> 5 years 14,828,624 16,414,901
47,572,604 47,246,225
Total loans receivable 792,196,714 694,936,522
Less:
Allowance for impairment losses (33,308,875) (33,947,518)
Total loans receivable - net 758,887,839 660,989,004
d. By staging
Below is movement of loans based on stages during the years ended 31 December 2023
and 2022:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year 659,148,954 23,910,392 11,877,176 694,936,522
Transfer to lifetime expected credit
losses (Stage 2) (20,084,971) 22,751,516 (2,751,902) (85,357)
Transfer to credit
impaired (Stage 3) (1,427,035) (13,177,663) 14,539,732 (64,966)
Transfer to 12 months expected
credit losses (Stage 1) 12,880,798 (11,686,164) (1,685,407) (490,773)
Net changes in exposure 107,269,477 (1,709,758) (4,454,015) 101,105,704
Written-off during the year - - (2,500,255) (2,500,255)
Foreign exchange difference (640,332) 1,202 (65,031) (704,161)
Balance, end of year 757,146,891 20,089,525 14,960,298 792,196,714
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year 605,719,058 2,435,660 13,858,587 622,013,305
Transfer to lifetime expected credit
losses (Stage 2) (37,785,227) 41,975,495 (4,328,333) (138,065)
Transfer to credit
impaired (Stage 3) (1,254,364) (10,372,954) 11,591,036 (36,282)
Transfer to 12 months expected
credit losses (Stage 1) 11,010,188 (9,442,022) (1,973,790) (405,624)
Net changes in exposure 78,402,010 (863,024) (4,431,956) 73,107,030
Written-off during the year - - (3,171,107) (3,171,107)
Foreign exchange difference 3,057,289 177,237 332,739 3,567,265
Balance, end of year 659,148,954 23,910,392 11,877,176 694,936,522
Page 74
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
e. Syndicated loans
Syndicated loans represent loans provided to debtors under syndication agreements
with other banks. Syndicated loans with risk sharing participation to the Bank’s financing
were as follows:
2023 2022
Bank's participation as participant, ranged between
2.87% - 71.00% and 4.17% - 60.87% respectively,
for the years ended 31 December 2023 and 2022,
with outstanding balance of Rp 30,734,037 and
USD 459,092,868 (full amount) as of
31 December 2023 (2022: Rp 27,810,957 and
USD 262,167,969 (full amount)) 37,802,690 31,892,257
Bank's participation as arranger, ranged between
9.95% - 75.00% and 15.27% - 75.00% respectively,
for the years ended 31 December 2023 and 2022,
with outstanding balance of Rp 27,121,490 and
USD 43,895,806 (full amount) as of
31 December 2023 (2022: Rp 15,911,592 and
USD 51,857,910 (full amount)) 27,797,353 16,718,890
65,600,043 48,611,147
f. Restructured loans
In accordance with No.17/POJK.03/2021 dated 10 September 2021 regarding the second
amendment of the impact of the COVID-19 pandemic which replaced by OJK Press
Release No. SP.85/DHMS/OJK/XI.2022 dated 28 November 2022 regarding extension of
targeted and sectoral credit and financing restructuring policies due to the continued
impact of the Covid pandemic, the Bank has carried out credit restructuring for debtors
affected by COVID-19 and also identified as well as monitored the debtor's condition on
an ongoing basis.
The amount of restructured loans by the Bank as of 31 December 2023 and 2022
amounting to Rp 40,581,823 and Rp 62,211,545, respectively. Credit restructuring carried
out by modifying the facility structure and credit terms, including lowering credit interest
rates, extending credit terms, and others.
Below are the amount of restructured loans based on Bank Indonesia’s collectibility:
2023 2022
Current 21,392,020 45,966,003
Special mention 8,486,902 6,787,024
Sub-standard 1,727,384 1,386,480
Doubtful 442,858 4,312,802
Loss 8,532,659 3,759,236
40,581,823 62,211,545
Page 75
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/60
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
f. Restructured loans (continued)
Total restructured loans and under non-performing loan (“NPL”) category as of 31
December 2023 and 2022 are amounting to Rp 10,702,901 and Rp 9,458,518,
respectively.
g. The movement of allowance for impairment losses on loans receivable
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (12,899,997) (13,279,002) (7,768,519) (33,947,518)
Transfer to lifetime expected credit
losses (Stage 2) 1,444,978 (4,816,902) 1,302,571 (2,069,353)
Transfer to credit
impaired (Stage 3) 284,632 5,259,724 (6,793,830) (1,249,474)
Transfer to 12 months expected
credit losses (Stage 1) (1,633,602) 2,877,287 575,332 1,819,017
Net changes in exposure 64,144 (337,964) (136,509) (410,329)
Written-off during the year - - 2,500,255 2,500,255
Foreign exchange difference 6,023 (6,636) 49,140 48,527
Balance, end of year (12,733,822) (10,303,493) (10,271,560) (33,308,875)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (23,182,067) (447,358) (8,570,302) (32,199,727)
Transfer to lifetime expected credit
losses (Stage 2) 12,724,978 (17,760,343) 1,991,966 (3,043,399)
Transfer to credit
impaired (Stage 3) 216,051 3,384,989 (4,577,125) (976,085)
Transfer to 12 months expected
credit losses (Stage 1) (1,728,989) 1,928,113 558,328 757,452
Net changes in exposure (867,881) (282,644) (99,463) (1,249,988)
Written-off during the year - - 3,171,107 3,171,107
Foreign exchange difference (62,089) (101,759) (243,030) (406,878)
Balance, end of year (12,899,997) (13,279,002) (7,768,519) (33,947,518)
Management believes that allowance for impairment losses provided was adequate to
cover possible losses on uncollectible loans receivable.
Page 76
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
g. The movement of allowance for impairment losses on loans receivable (continued)
As of 31 December 2023 and 2022, allowance for impairment losses on loans receivable
to related parties amounting to Rp 71,862 and Rp 72,528, respectively.
h. Joint financing
The Bank entered into joint financing agreements with PT BCA Finance and PT BCA Multi
Finance, the Subsidiaries, for financing the purchase of vehicles. All risks from the loss
arising from these joint financing facilities will be borne proportionally by both parties
based on respective financing participation (without recourse). The Bank’s portion of
outstanding balance of joint financing receivable facilities as of 31 December 2023 and
2022 were Rp 46,927,073 and Rp 37,373,918, respectively.
i. The carrying amount of loans receivable are as follows:
2023 2022
Loans receivable 792,196,714 694,936,522
Accrued interest income 2,732,906 2,262,898
Allowance for impairment losses (Note 12g) (33,308,875) (33,947,518)
761,620,745 663,251,902
j. Other significant information relating to loans receivable
As of 31 December 2023 and 2022, the Bank had no loans receivable which were pledged
as collaterals.
Demand deposits, saving and time deposits pledged as collateral for loans
receivable amounting to Rp 17,626,804 and Rp 15,557,801, respectively, as of
31 December 2023 and 2022 (Note 19).
As of 31 December 2023 and 2022, the Bank at individual level and at consolidated level,
complied with Legal Lending Limit (“LLL”) requirements for both related parties and third
parties.
Employee loans are loans given to Bank’s employees with interest rate at 4% per annum
for housing loans, motor vehicle loans, and loans for other purposes and the terms
between 8 years to 20 years, specifically for the period 2022 - 2024 the Bank provides
relief to employees with an interest rate of 3.5% per year. Repayment of principal and
interest which will be effected through monthly salary deductions. The difference between
the rate and market rate will be recognised as subsidy and recorded as other assets, also
amortised over the life of the loans.
Page 77
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/62
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
12. LOANS RECEIVABLE (continued)
Loans receivable consisted of: (continued)
j. Other significant information relating to loans receivable (continued)
Average effective interest rates (yield) per annum of loans receivable were as follows:
2023 2022
Rupiah 7.63% 7.35%
Foreign currencies 5.54% 3.73%
Ratio of small enterprises loans to loans receivable provided by Bank as of 31 December
2023 and 2022 was 6.09% and 3.46%, respectively.
The Bank’s non-performing loans (classified as sub-standard, doubtful and loss) as of
31 December 2023 and 2022 amounting to Rp 14,147,246 and Rp 11,795,528,
respectively.
As of 31 December 2023, the ratio of gross non-performing loan (“NPL”) and net NPL was
1.86% and 0.58% (2022: 1.71% and 0.59%), which was calculated based on prevailing
POJK.
Information on the classification and fair value of loans receivable is disclosed in Note 37.
Information on the details of loans receivable by geographic region is disclosed in Note
41. Information on the maturity of loan receivables is disclosed in Note 43.
13. CONSUMER FINANCING RECEIVABLES
The Subsidiaries’ amortised cost of consumer financing receivables were as follows:
2023 2022
Consumer financing receivables
- Self-financing by Subsidiaries 5,735,549 6,951,467
- Share in joint financing with related party
without recourse 9,770,331 7,052,266
Unamortised administration income - net (539,183) (460,266)
Unearned consumer financing income (5,925,301) (4,917,811)
Consumer financing receivables, before allowance
for impairment losses 9,041,396 8,625,656
Less:
Allowance for impairment losses (327,946) (410,229)
Total consumer financing receivables - net 8,713,450 8,215,427
Page 78
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
13. CONSUMER FINANCING RECEIVABLES (continued)
Contractual interest rates per annum for consumer financing during 2023 and 2022 were
5.23% - 26.09% and 4.89% - 27.25%, respectively.
The Subsidiaries provide consumer financing contracts for 4 (four) wheels motor vehicles with
terms ranging from 3 (three) months to 6 (six) years, while consumer financing contracts for
2 (two) wheels motor vehicles ranging from 1 (one) year to 4 (four) years.
The movement in the allowance for impairment losses on consumer financing receivables
was as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (250,892) (31,578) (127,759) (410,229)
Net changes in exposure 79,986 13,759 (266,693) (172,948)
Written-off during the year - - 255,231 255,231
Balance, end of year (170,906) (17,819) (139,221) (327,946)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (484,708) (57,721) (241,828) (784,257)
Net changes in exposure 233,816 26,143 (123,495) 136,464
Written-off during the year - - 237,564 237,564
Balance, end of year (250,892) (31,578) (127,759) (410,229)
The collection of consumer financing receivables previously written-off amounting to
Rp 33,176 and Rp 32,046 for the years ended 31 December 2023 and 2022, respectively.
Written-off consumer financing receivables were receivables which overdue for more than
150 (one hundred and fifty) days for 4 (four) wheels motor vehicles and more than 180 (one
hundred and eighty) days for 2 (two) wheels motor vehicles. The write-offs are executed
based on management case by case assessment.
As of 31 December 2023 and 2022 consumer financing receivables, before deduction of
unearned income, amounting to Rp 265,734 and Rp 275,653, respectively, were pledged as
collateral to borrowings (Note 21).
The consumer financing receivables are secured by the related certificates of ownership
(“BPKB”) of the vehicles financed by the Subsidiaries.
Management believes that the allowance for impairment losses is adequate to cover possible
losses arising from uncollectible consumer financing receivables.
Page 79
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/64
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
13. CONSUMER FINANCING RECEIVABLES (continued)
Information on the classification and fair value of consumer financing receivables is disclosed
in Note 37. Information on the maturity of consumer financing receivables is disclosed in Note
43.
14. INVESTMENT SECURITIES
The details of investment securities by type and currency as of 31 December 2023 and 2022
were as follows:
2023
Unamortised Allowance for
premium Unrealised impairment
Description Nominal amount (discount) gain (loss) losses Carrying value
Rupiah
Measured at amortised cost:
Government bonds,
- recapitalisation 2,614,600 27,643 - - 2,642,243
- non-recapitalisation 100,125,166 1,873,069 - - 101,998,235
Sukuk 45,009,102 (301,846) - (108) 44,707,148
Mutual fund units 62,000 - - (620) 61,380
Corporate bonds 8,863,539 1,093 - (54,050) 8,810,582
Medium-term notes 5,050,000 - - (1,857) 5,048,143
Sekuritas Rupiah Bank Indonesia 32,500,000 (1,446,612) - - 31,053,388
Others 11,389 - - - 11,389
Measured at fair value
through other
comprehensive income:
Government bonds,
- non-recapitalisation 44,873,694 822,747 954,328 - 46,650,769
Sukuk of Bank Indonesia 1,311,470 - 6,324 - 1,317,794
Sukuk 29,074,575 (405,407) 250,283 (43,946) 28,875,505
Mutual fund units 12,331,714 66,286 151,548 (14,637) 12,534,911
Corporate bonds 18,403,094 (75,000) (156,056) (323,637) 17,848,401
Medium-term notes 200,000 - (1,340) (870) 197,790
Investment in shares 556,359 - - (104,366) 451,993
300,986,702 561,973 1,205,087 (544,091) 302,209,671
Foreign currencies
Measured at amortised cost:
Government bonds,
- non-recapitalisation 2,629,847 34,470 - (77) 2,664,240
T-Bond USA 1,431,921 (11,528) - (300) 1,420,093
Corporate bonds 30,800 86 - (12) 30,874
Sukuk 3,137,370 121,462 - - 3,258,832
Measured at fair value
through other
comprehensive income:
Government bonds,
- non-recapitalisation 538,895 1,173 (6,415) - 533,653
Sukuk 1,955,419 (3,811) (15,347) - 1,936,261
9,724,252 141,852 (21,762) (389) 9,843,953
Total investment
securities 310,710,954 703,825 1,183,325 (544,480) 312,053,624
Page 80
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The details of investment securities by type and currency as of 31 December 2023 and 2022
were as follows: (continued)
2022
Unamortised Allowance for
premium Unrealised impairment
Description Nominal amount (discount) gain (loss) losses Carrying value
Rupiah
Measured at amortised cost:
Government bonds
- recapitalisation 2,389,300 45,466 - - 2,434,766
- non-recapitalisation 67,096,797 1,816,656 - - 68,913,453
Sukuk 29,400,983 (154,231) - (277) 29,246,475
Mutual fund units 100,000 - - (1,000) 99,000
Corporate bonds 13,581,550 (45,000) - (7,829) 13,528,721
Medium-term notes 65,000 - - (37) 64,963
Money market securities 230,000 - - (2,300) 227,700
Others 14,524 (1,091) - - 13,433
Measured at fair value
through other
comprehensive income:
Government bonds,
- non-recapitalisation 46,825,194 1,099,893 1,219,676 - 49,144,763
Sukuk of Bank Indonesia 1,450,000 - 230 - 1,450,230
Sukuk 48,612,534 (561,001) 811,852 (8,932) 48,854,453
Mutual fund units 6,877,808 58,406 182,367 (41,742) 7,076,839
Corporate bonds 17,812,055 - 69,300 (110,916) 17,770,439
Investment in shares 558,183 - - (117,566) 440,617
235,013,928 2,259,098 2,283,425 (290,599) 239,265,852
Foreign currencies
Measured at amortised cost:
Government bonds,
- non-recapitalisation 1,972,386 73,734 - (134) 2,045,986
T-Bond USA 435,890 (5,143) - (72) 430,675
Corporate bonds 31,134 389 - (12) 31,511
Sukuk 3,172,111 206,947 - - 3,379,058
Measured at fair value
through other
comprehensive income:
Bank Indonesia Treasury Bills 93,405 (444) (160) - 92,801
Government bonds,
- non-recapitalisation 1,229,832 6,367 (8,862) - 1,227,337
Sukuk 2,444,097 (4,391) (17,760) - 2,421,946
9,378,855 277,459 (26,782) (218) 9,629,314
Total investment
securities 244,392,783 2,536,557 2,256,643 (290,817) 248,895,166
As of 31 December 2023, investment securities included government bonds with a carrying
value of Rp 1,117,220 (par value of Rp 1,092,402), according to the agreement, The Bank
must buy back the government bonds on 15 August 2028 and 12 February 2029. Total
liabilities at carrying amount (“securities sold under agreements to repurchase”) in the
consolidated statement of financial position amounted to Rp 1,054,780 as of 31 December
2023.
As of 31 December 2022, investment securities included government bonds and corporate
bonds, each with a carrying value of Rp 279,585 (par value of Rp 264,634) and Rp 23,642
(par value of Rp 23,350), according to the agreement, The Bank must buy back the
government bonds on 17 October 2023, 24 April 2028, and 12 February 2029, and on 11 April
2024 the Bank must buy back the corporate bonds. Total liabilities at carrying amount
(“securities sold under agreements to repurchase”) in the consolidated statement of financial
position amounted to Rp 255,962 as of 31 December 2022.
Page 81
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The details of investment in mutual funds owned by the Group which are classified by name
and total units owned as of 31 December 2023 and 2022 are as follows:
2023 2022
Total Carrying Total Carrying
Investment in mutual funds units amount units amount
Reksa Dana Terproteksi Syailendra Capital
Protected Fund 54 500 522.989 - -
Reksa Dana Terproteksi Trimegah Terproteksi
Dana Berkala 11 500 515.791 - -
Reksa Dana Terproteksi Bahana Centrum
Protected Fund 232 500 512.745 - -
Reksa Dana Terproteksi Bahana Centrum
Protected Fund 233 500 511.863 - -
Reksa Dana Terproteksi Mandiri Investa 2 500 510.344 - -
Reksa Dana Terproteksi Batavia Proteksi Maxima
51 - 509.550 - -
Reksa Dana Terproteksi Panin Proteksi 2031 500 508.710 - -
Reksa Dana Terproteksi BNI-AM Proteksi
Amarilis 500 508.453 - -
Reksa Dana Terproteksi Bahana Centrum
Protected Fund 227 500 506.569 - -
Reksa Dana Terproteksi Batavia Proteksi Maxima
50 500 506.204 - -
Reksa Dana Terproteksi BNI-AM Proteksi
Kamelia 500 504.953 - -
Reksa Dana Terproteksi Eastspring Bakti
Proteksi 1 500 504.740 - -
Reksa Dana Terproteksi Danareksa Proteksi 85 500 504.421 - -
Reksa Dana Terproteksi Mandiri Investa 3 500 503.554
Reksa Dana Terproteksi Trimegah Dana Berkala
12 500 503.483 - -
Reksa Dana Terproteksi Danareksa Proteksi 90 500 503.397 - -
Reksa Dana Terproteksi Manulife Proteksi Dana
Utama VI 500 503.121 - -
Reksa Dana Batavia Dana Kas Gebyar 137 501.688 186 539,343
Reksa Dana Terproteksi Ashmore Dana
Terproteksi Nusantara IV 500 501.620 - -
Reksa Dana Terproteksi Schroder IDR Income
Plan VII 500 501.579 - -
Reksa Dana Terproteksi Allianz Capital Protected
Fund 62 500 501.117 - -
Reksa Dana Terproteksi Premier Proteksi XII 500 501.113 - -
Reksa Dana Tram Pundi Kas 2 350 501.055 735 1,041,593
Reksa Dana BNP Paribas Obligasi Berlian 222 229.967 223 231,636
Reksa Dana Terproteksi BNP Paribas Lumina
Proteksi Rupiah 200 200.425 - -
Reksa Dana Syariah Trimegah Kas Syariah 111 150.168 116 150,143
Reksa Dana Syariah Syailendra Money Market
Fund 74 100.092 77 100,086
Reksa Dana Syariah Pasar Uang PNM Falah 2 43 50.134 44 50,117
Reksa Dana Syariah Trimegah Kas Syariah 2 50 50.009 50 50,180
Reksa Dana Syariah Penyertaan Terbatas PNM
Pembiayaan Mikro BUMN Seri VI 50 50.000 50 50,000
Reksa Dana Syariah Majoris Pasar Uang Syariah
Indonesia 19 25.028 20 25,019
Reksa Dana Syariah Penyertaan Terbatas PNM
Pembiayaan Mikro BUMN Seri XI 12 12.000 - -
Reksa Dana Schroder Prestasi Gebyar Indonesia
II 3 10.285 3 10,110
Reksa Dana BNP Paribas Prima II 9 10.245 10 10,219
Reksa Dana Syailendra Pendapatan Tetap
Premium 6 10.217 - -
Reksa Dana Pendapatan Tetap Sucorinvest
Stable Fund 8 10.130 - -
Page 82
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The detail of investment in mutual funds which owned by the Group which are classified by
name and total units owned as of 31 December 2023 and 2022 are as follows: (continued)
2023 2022
Total Carrying Total Carrying
Investment in mutual funds (continued) units amount units amount
Reksa Dana Sucorinvest Money Market Fund 6 10.128 6 10,094
Reksa Dana Bahana MES Syariah Fund Kelas G 7 10.125 7 10,245
Reksa Dana Syailendra Dana Kas 6 10.125 7 10,111
Reksa Dana Bahana Dana Likuid 6 10.112 6 10,072
Reksa Dana Eastspring Syariah Fixed Income
Amanah Kelas A 7 10.102 7 10,095
Reksa Dana Syariah Majoris Sukuk Negara
Indonesia 2 3.197 3 3,208
Reksa Dana Terproteksi Trimegah Terproteksi
Dana Berkala 5 - - 524 540.247
Reksa Dana Terproteksi Bahana Centrum
Protected Fund 192 - - 500 531,667
Reksa Dana Bahana Revolving Fund - - 291 519,903
Reksa Dana Syailendra Money Market Fund 8 - - 500 517,678
Reksa Dana BNI-AM Likuid Prioritas III - - 443 500,891
Reksa Dana Danareksa Gebyar Dana Likuid II - - 484 483,946
Reksa Dana Terproteksi Batavia Proteksi
Maxima 8 - - 452 473,042
Reksa Dana Terproteksi Danareksa Proteksi 64 - - 452 470,599
Reksa Dana Terproteksi Panin Proteksi 2024 - - 445 448.405
Reksa Dana BNP Paribas Dana Obligasi
Gemilang - - 108 125,674
Reksa Dana Terproteksi Bahana Centrum
Protected Fund 156 - - 67 69,830
Reksa Dana Terproteksi Batavia Proteksi
Ultima 2 - - 56 56,945
Reksa Dana Syariah Panin Dana Likuid Syariah - - 42 50,136
Reksa Dana Syariah Penyertaan Terbatas PNM
Pembiayaan Mikro BUMN Seri X - - 50 50,000
Reksa Dana Terproteksi Trimegah Terproteksi
Dana Berkala 3 - - 24 25.356
Reksa Dana Terproteksi Panin Proteksi 2022 - - 20 20.738
Reksa Dana BNP Paribas 30 ETF - - 20 11,475
Reksa Dana Schroder Dana Mantap Plus II - - 3 9,778
12,611,548 7,218,581
Less:
Allowance for impairment losses (15,257) (42,742)
Total investment in mutual funds - net 12,596,291 7,175,839
The detail of investment in shares owned by the Group as of 31 December 2023 and 2022
are as follows:
a. Based on counterparties:
2023 2022
Related parties 8,471 17,600
Third parties 547,888 540,583
Total investment in shares 556,359 558,183
Less: Allowance for impairment losses (104,366) (117,566)
Total investment in shares - net 451,993 440,617
Page 83
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/68
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The detail of investment in shares owned by the Group as of 31 December 2023 and 2022
are as follows: (continued)
b. Based on nature of business and percentage of ownership:
2023 2022
Nature of Percentage of Carrying Percentage of Carrying
Company Name business ownership amount ownership amount
- PT Bank BTPN Tbk Banking 1.02% 297,085 1.02% 297,085
- PT Bank HSBC Indonesia Banking 1.06% 184,025 1.06% 184,025
- PT Bank DBS Indonesia Banking 1.00% 56,400 1.00% 56,400
- PT Digital Otomotif Indonesia Marketplace 20.00% 8,471 20.00% 17,600
- Others (respectively
under Rp 8,000) Various 0.06% - 13.49% 10,378 0.06% - 13.49% 3,073
Total investment in shares 556,359 558,183
Less: Allowance for impairment losses (104,366) (117,566)
Total investment in shares - net 451,993 440,617
c. Based on collectibility of Bank Indonesia:
2023 2022
Current 554,589 538,813
Sub-standard - -
Loss 1,770 19,370
Total investment in shares 556,359 558,183
Less: Allowance for impairment losses (104,366) (117,566)
Total investment in shares - net 451,993 440,617
The average effective interest rates (yield) per annum for investment securities were as
follows:
2023 2022
Foreign Foreign
Rupiah (%) currencies (%) Rupiah (%) currencies (%)
Measured at amortised cost:
Government bonds 6.12 3.36 5.97 2.15
T-bond USA - 3.77 - 0.76
Sukuk 5.82 1.27 5.23 1.24
Corporate bonds 7.85 3.07 7.78 2.57
Medium-term notes 6.85 - 6.76 -
Government Treasury Bills - - 3.19 -
Sekuritas Rupiah Bank Indonesia 6.18 - - -
Others 10.37 - 8.33 -
Measured at fair value through
other comprehensive income:
Government bonds 7.17 4.44 7.20 4.48
Medium term notes 6.16 - - -
Bank Indonesia Treasury Bills - 5.38 - 0.26
Sukuk Bank Indonesia 6.63 - 3.80 -
Sukuk 7.25 4.26 7.31 4.27
Corporate bonds 7.90 - 7.90 -
Others - - 8.14 -
Page 84
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The movement of allowance for impairment losses of investment securities for the years
ended 31 December 2023 and 2022 was as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (175,847) - (114,970) (290,817)
Net changes in exposure (266,874) - 13,200 (253,674)
Foreign exchange difference 11 - - 11
Balance, end of year (442,710) - (101,770) (544,480)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (164,675) - (114,757) (279,432)
Net changes in exposure (11,129) - (213) (11,342)
Foreign exchange difference (43) - - (43)
Balance, end of year (175,847) - (114,970) (290,817)
Management believes that the balance of allowance for impairment losses provided was
adequate to cover possible losses on uncollectible investment securities.
The movement of unrealised gains (losses) from the change in fair value of investment
securities at fair value through other comprehensive income was as follows:
2023
Foreign
Rupiah currencies Total
Balance, beginning of year - before deferred income tax 2,279,960 (26,782) 2,253,178
Addition of unrealised gains (losses)
during the year - net (1,127,543) (7,418) (1,134,961)
Realised gains (losses) during the year - net 41,132 12,266 53,398
Foreign exchange difference - 172 172
Total before deferred income tax 1,193,549 (21,762) 1,171,787
Deferred income tax (Note 20) (222,280)
Balance, end of year - net 949,507
2022
Foreign
Rupiah currencies Total
Balance, beginning of year - before deferred income tax 7,319,795 262,156 7,581,951
Addition of unrealised gains (losses)
during the year - net (5,073,400) (294,167) (5,367,567)
Realised gains (losses) during the year - net 33,565 1,398 34,963
Foreign exchange difference - 3,831 3,831
Total before deferred income tax 2,279,960 (26,782) 2,253,178
Deferred income tax (Note 20) (428,186)
Balance, end of year - net 1,824,992
Page 85
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/70
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
14. INVESTMENT SECURITIES (continued)
The following table represents the summary of ratings and investment securities ratings
owned by the Bank as of 31 December 2023 and 2022:
2023 2022
Rating Rating Agency Rating Rating Agency
Indonesian Government BBB Fitch BBB Fitch
United States of America Government AAA Fitch AAA Fitch
Indonesia Eximbank - - AAA Pefindo
PT Adira Dinamika Multi Finance Tbk - - AAA Pefindo
PT Astra Sedaya Finance AAA Pefindo AAA Pefindo
PT Bank CIMB Niaga Tbk - - AAA Pefindo
PT Bank Commonwealth - - AA- Fitch
PT Bank Mandiri (Persero) Tbk AAA Pefindo AAA Pefindo
PT Bank Mandiri Taspen AA Fitch AA Fitch
PT Bank Negara Indonesia (Persero) Tbk AAA Pefindo AAA Pefindo
PT Bank Pan Indonesia Tbk - - AA Pefindo
PT Bank Pembangunan Daerah Sulawesi
Selatan dan Sulawesi Barat A+ Pefindo A+ Pefindo
PT Bank Rakyat Indonesia (Persero) Tbk AAA Pefindo AAA Pefindo
PT Bank SulutGo A Fitch A Fitch
PT Bank Tabungan Negara (Persero) Tbk - - AA+ Fitch
PT Barito Pacific Tbk A+ Pefindo A+ Pefindo
PT BFI Finance Indonesia Tbk AA- Fitch A+ Fitch
PT BRI Multifinance Indonesia AA Pefindo AA Pefindo
PT Bussan Auto Finance AAA Pefindo AAA Pefindo
PT Chandra Asri Petrochemical Tbk AA- Pefindo AA- Pefindo
PT Dayamitra Telekomunikasi Tbk AAA Pefindo - -
PT Dharma Satya Nusantara Tbk A Pefindo A Pefindo
PT Federal Internasional Finance AAA Pefindo AAA Pefindo
PT Indah Kiat Pulp & Paper Tbk A Pefindo A+ Pefindo
PT Indonesia Infrastructure Finance AAA Pefindo - -
PT Indosat Tbk AAA Pefindo AAA Pefindo
PT JACCS Mitra Pinasthika Mustika Finance
Indonesia AA Fitch AA Fitch
PT Kereta Api Indonesia (Persero) AAA Pefindo AA+ Pefindo
PT Lautan Luas Tbk A Pefindo A Pefindo
PT Lontar Papyrus Pulp and Paper Industry A Pefindo A Pefindo
PT Mandiri Tunas Finance AAA Pefindo AAA Pefindo
PT Mayora Indah Tbk AA Pefindo AA Pefindo
PT Merdeka Copper Gold Tbk A+ Pefindo - -
PT Oki Pulp & Paper Mills A+ Pefindo A+ Pefindo
PT Oto Multiartha - - - -
PT Pegadaian (Persero) AAA Pefindo AAA Pefindo
PT Pembangunan Jaya Ancol Tbk A+ Pefindo A Pefindo
PT Permodalan Nasional Madani AA+ Pefindo AA Pefindo
PT Pos Indonesia (Persero) A- Fitch A- Fitch
PT Profesional Telekomunikasi Indonesia AAA Fitch AAA Fitch
PT Pupuk Indonesia (Persero) AAA Fitch AAA Fitch
PT Sarana Multi Infrastruktur (Persero) AAA Pefindo AAA Pefindo
PT Sarana Multigriya Finansial (Persero) AAA Pefindo AAA Pefindo
PT Semen Indonesia Tbk AA+ Pefindo AA+ Pefindo
PT Sinar Mas Agro Resources and
Technology Tbk AA- Pefindo AA- Pefindo
PT Steel Pipe Industry Indonesia A Pefindo A- Pefindo
PT Surya Artha Nusantara Finance AA Pefindo - -
PT Tamaris Hidro AAA Pefindo AAA Pefindo
PT Tiphone Mobile Indonesia Tbk D Fitch D Fitch
PT Tower Bersama Infrastructure Tbk AAA Pefindo AA+ Fitch
PT Toyota Astra Financial Services AAA Fitch AAA Fitch
PT Tunas Baru Lampung Tbk A Fitch - -
PT Wahana Ottomitra Multiartha Tbk - - AA- Fitch
PT XL Axiata Tbk AAA Fitch AAA Fitch
Information on the classification and fair value of investment securities is disclosed in Note 37.
Information on the maturity of investment securities is disclosed in Note 43.
Page 86
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
15. PREPAID EXPENSES
2023 2022
Prepaid rent 141,776 105,418
Prepaid insurance 20,540 4,386
Others 876,714 744,795
1,039,030 854,599
As of 31 December 2023 and 2022, there were no prepaid expenses for related parties.
16. FIXED ASSETS
Fixed assets consisted of:
2023
Beginning Ending
balance Addition Deduction Reclassification Revaluation balance
Acquisition cost/revaluation amount
Direct ownership
Land 15,233,002 26,032 (71,592) 96,773 221,625 15,505,840
Buildings 6,516,632 43,467 (12,507) 68,606 - 6,616,198
Office furnitures, fixtures,
and equipments 9,625,517 3,286,344 (2,668,139) 4,717 - 10,248,439
Construction in progress 1,763,047 1,341,888 (107,255) (170,096) - 2,827,584
Right-of-use assets
Land 2,730 107 (2,730) - - 107
Buildings 1,613,690 399,284 (314,416) - - 1,698,558
Office furnitures, fixtures,
and equipments 7,919 1,452 - - - 9,371
Motor vehicles 17,996 774 - - - 18,770
34,780,533 5,099,348 (3,176,639) - 221,625 36,924,867
Accumulated depreciation
Direct ownership
Buildings (2,725,745) (285,526) 7,107 - - (3,004,164)
Office furnitures, fixtures,
and equipments (6,619,282) (2,217,422) 2,610,372 - - (6,226,332)
Right-of-use assets
Land (2,669) (74) 2,730 - - (13)
Buildings (707,267) (415,231) 280,455 - - (842,043)
Office furnitures, fixtures,
and equipments (5,409) (2,382) (1,370) - - (9,161)
Motor vehicles (10,789) (2,117) (5,504) - - (18,410)
(10,071,161) (2,922,752) 2,893,790 - - (10,100,123)
Net book value 24,709,372 26,824,744
2022
Beginning Ending
balance Addition Deduction Reclassification Revaluation balance
Acquisition cost/revaluation amount
Direct ownership
Land 13,878,170 133,376 (53,434) 68,047 1,206,843 15,233,002
Buildings 6,239,014 71,109 (23,601) 230,110 - 6,516,632
Office furnitures, fixtures,
and equipments 8,614,555 1,164,965 (154,003) - - 9,625,517
Construction in progress 902,422 1,262,439 (103,657) (298,157) - 1,763,047
Right-of-use assets
Land 2,730 - - - - 2,730
Buildings 1,451,110 707,021 (544,441) - - 1,613,690
Office furnitures, fixtures,
and equipments 6,577 1,342 - - - 7,919
Motor vehicles 13,795 4,201 - - - 17,996
31,108,373 3,344,453 (879,136) - 1,206,843 34,780,533
Page 87
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/72
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
16. FIXED ASSETS (continued)
Fixed assets consisted of: (continued)
2022
Beginning Ending
balance Addition Deduction Reclassification Revaluation balance
Accumulated depreciation
Direct ownership
Buildings (2,461,501) (273,325) 9,081 - - (2,725,745)
Office furnitures, fixtures,
and equipments (5,933,582) (1,551,970) 866,270 - - (6,619,282)
Right-of-use assets
Land (1,762) (907) - - - (2,669)
Buildings (533,049) (404,571) 230,353 - - (707,267)
Office furnitures, fixtures,
and equipments (3,088) (2,321) - - - (5,409)
Motor vehicles (6,092) (4,697) - - - (10,789)
(8,939,074) (2,237,791) 1,105,704 - - (10,071,161)
Net book value 22,169,299 24,709,372
As of 31 December 2023 and 2022, there are right-of-use assets - net for related parties
amounting to 213,815 and Rp 227,939, respectively. (Note 47).
Construction in progress as of 31 December 2023 and 2022 were as follows:
2023 2022
Land 1,123,603 752,754
Buildings 772,897 545,147
Others 931,084 465,146
2,827,584 1,763,047
Estimated percentage of the asset completion as of 31 December 2023 and 2022 were at
1% - 99%, respectively.
Revaluation of land assets
In 2023, the Group revalued its fixed assets in land category using external independent
appraisal which was performed in accordance with Indonesian Appraisal Standards (“SPI”),
The Indonesian Appraiser’s Code of Ethics (“KEPI”) and POJK No. 28/POJK.04/2021
regarding Valuation and Presentation of Property Appraisal Report in the Capital Market.
The differences arising on land of revaluation for the year 2023 were recorded as “revaluation
surplus of fixed assets” and presented in other comprehensive income amounting to
Rp 232,292. Net increase (decrease) of carrying value arising from revaluation for the year
2023 amounting to (Rp 10,667) as other operating income, were recorded in the consolidated
statements of profit or loss.
The fair value of land is determined based on market approach by comparing several
comparable land transactions that either have occurred or still in sales offering stage, by
adjusting the differences between fair value of land appraised and the comparable data and
list of land price that has been obtained. The value is also affected by the location, property
rights, physical characteristic, utilisation and other comparative elements.
The fair value measurement of the land is categorised as level 2 fair value based on the inputs
to the valuation technique used.
Page 88
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
16. FIXED ASSETS (continued)
Revaluation of land assets (continued)
As of 31 December 2023 and 2022, the carrying value of Bank’s land if the land was recorded
using cost model amounting to Rp 4,411,834 and Rp 4,357,061, respectively.
Other information
As of 31 December 2023 and 2022, the Bank did not have any fixed assets pledged as
collateral.
Fixed assets disposal includes sales of assets are as follows:
2023 2022
Proceeds from sale 22,086 5,320
Net book value (22,110) (9,614)
Gain on sale (24) (4,294)
Depreciation charged to general and administrative expenses for the years ended 31
December 2023 and 2022 amounting to Rp 2,935,073 and Rp 2,250,426, respectively.
Gain on sale of fixed assets recognised as part of other operating income for the years ended
31 December 2023 and 2022 amounting to Rp 15,840 and Rp 2,642, respectively.
Loss on sale of fixed assets recognised as part of other operating expenses for the years
ended 31 December 2023 and 2022 amounting to Rp 15,864 and Rp 6,936, respectively.
The Bank has insured its fixed assets (excluding land rights) to cover the possible losses from
fire, theft, and natural disaster with a total coverage of Rp 23,693,965 as of
31 December 2023, and Rp 23,031,715 as of 31 December 2022. Management believes that
the sum insured is adequate to cover possible losses on the insured fixed assets.
As of 31 December 2023 and 2022, the cost of fully depreciated fixed assets that were still in
use amounting to Rp 3,025,647 and Rp 4,953,798, respectively.
As of 31 December 2023 and 2022, the Bank does not have fixed assets that are temporarily
not used, nor fixed assets that are discontinued from active use which not classified as
available for sale.
Management believes, there is no impairment losses on fixed assets during 2023 and 2022.
Right-of-Use
As at 31 December 2023 and 2022, the finance lease liability in the Group's financial position
amounting to Rp 237,344 and Rp 289,169 was recorded as accruals and other liabilities (Note
23). Interest expense on the finance lease liabilities as of 31 December 2023 and 2022
amounting to Rp 16,092 and Rp 20,000 recorded as part of interest and sharia expense (Note
29).
Page 89
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/74
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
17. INTANGIBLE ASSETS
2023 2022
Software 1,464,067 2,713,985
Goodwill 1,158,201 1,158,201
Total intangible assets 2,622,268 3,872,186
Less: Amortisation of software (1,057,495) (2,305,066)
Total intangible assets - net 1,564,773 1,567,120
18. OTHER ASSETS
2023 2022
Rupiah:
Accrued interest income 6,879,422 6,020,106
Transactions related to ATM and credit card 6,327,736 3,780,269
Foreclosed assets - net 1,707,367 1,616,757
Receivables from insurance transactions 645,906 403,999
Receivables from customer transactions 485,157 219,738
Unaccepted bills receivable 105,347 -
Abandoned properties 47,212 88,655
Others 5,008,639 3,518,689
21,206,786 15,648,213
Foreign currencies:
Accrued interest income 410,146 333,726
Unaccepted bills receivable 7,591 13,881
Receivables from insurance transactions 10,154 12,355
Transactions related to ATM and credit card 4,816 6,521
Term deposits of foreign exchange from export proceeds 2,798,405 -
Others 49,750 31,975
3,280,862 398,458
Total other assets 24,487,648 16,046,671
Less: Allowance for impairment losses (3,021) (213)
Total other assets - net 24,484,627 16,046,458
Accrued interest income consists of interest income from the placement, securities,
government bonds, loans, and assets from sharia transactions.
Receivables related to ATM and credit card transactions consist of receivables arising from
ATM transactions within ATM Bersama, Prima and Link network as well as receivables from
Visa and Master Card for credit card transactions.
Receivables from insurance transactions represent the Subsidiary’s premium receivables
from policyholders and broker, premium receivables and claim from others insurance
companies and broker of closed policies, also reinsurance assets.
Receivables from customer transactions represent receivables arising from the Subsidiaries’
securities trading transactions.
Unaccepted bills receivable represents unaccepted export bills receivables from customer due
to export import transactions.
Page 90
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
18. OTHER ASSETS (continued)
Term deposits of foreign exchange from export proceeds is an instrument where foreign
exchange from export proceeds from exporters' special account are placed in Bank Indonesia
through Bank's accounts in accordance with market mechanism.
Others mainly consist of interoffice accounts, receivables from sales of investment in shares,
various form of receivables from transaction with third parties, including clearing transactions,
and others.
Movement of allowance for impairment losses on other assets are as follows:
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (213) - - (213)
Transfer to 12 months expected
credit losses (Stage 1) - - 2,797 2,797
Net changes in exposure (2,586) - (3,001) (5,587)
Foreign exchange difference (222) - 204 (18)
Balance, end of year (3,021) - - (3,021)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year (1,059) - (2,018) (3,077)
Transfer to 12 months expected
credit losses (Stage 1) - 195 8,626 8,821
Net changes in exposure 5,372 (195) (10,877) (5,700)
Foreign exchange difference (4,526) - 4,269 (257)
Balance, end of year (213) - - (213)
Management believes that the allowance for impairment losses provided was adequate to
cover possible losses on uncollectible other assets.
19. DEPOSITS FROM CUSTOMERS AND OTHER BANKS
a. Deposits from customers
2023 2022
Foreign Foreign
Rupiah currencies Total Rupiah currencies Total
Demand deposits:
Related parties 1,807,701 101,484 1,909,185 1,485,805 303,917 1,789,722
Third parties 308,259,964 36,245,544 344,505,508 281,790,599 38,278,214 320,068,813
310,067,665 36,347,028 346,414,693 283,276,404 38,582,131 321,858,535
Savings:
Related parties 188,935 83,824 272,759 145,509 94,613 240,122
Third parties:
Tahapan 456,610,242 - 456,610,242 451,291,497 - 451,291,497
Tapres 18,956,618 - 18,956,618 19,514,968 - 19,514,968
Tabunganku 11,222,607 - 11,222,607 8,701,797 - 8,701,797
Tahapan Xpresi 27,757,014 - 27,757,014 21,874,542 - 21,874,542
Tahapan Berjangka 1,232,454 - 1,232,454 1,274,830 - 1,274,830
Simpanan Pelajar 3,344 - 3,344 1,014 - 1,014
BCA Dollar - 18,032,174 18,032,174 - 19,558,898 19,558,898
515,971,214 18,115,998 534,087,212 502,804,157 19,653,511 522,457,668
Time deposits:
Related parties 435,527 21,766 457,293 368,206 14,277 382,483
Third parties 195,809,028 13,998,581 209,807,609 167,090,282 18,662,815 185,753,097
196,244,555 14,020,347 210,264,902 167,458,488 18,677,092 186,135,580
Total deposits
from customers 1,022,283,434 68,483,373 1,090,766,807 953,539,049 76,912,734 1,030,451,783
Page 91
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/76
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
19. DEPOSITS FROM CUSTOMERS AND OTHER BANKS (continued)
b. Deposits from other banks
2023 2022
Foreign Foreign
Rupiah currencies Total Rupiah currencies Total
Demand deposits 8,262,175 1,763,788 10,025,963 5,989,271 1,898,617 7,887,888
Time deposits 44,857 - 44,857 48,318 - 48,318
Total deposits from
other banks 8,307,032 1,763,788 10,070,820 6,037,589 1,898,617 7,936,206
As of 31 December 2023 and 2022, the Bank did not have balances of deposits from
other banks from related parties.
c. The average effective interest rates (yield) per annum for deposits from customers and
other banks were as follows:
2023 2022
Foreign Foreign
Rupiah currencies Rupiah currencies
(%) (%) (%) (%)
Deposits from customers:
Demand deposits 0.76 0.34 0.74 0.08
Savings 0.10 0.31 0.05 0.15
Time deposits 3.41 1.69 1.97 0.46
Deposits from other banks:
Demand deposits 0.46 0.01 0.46 0.11
Time deposits 2.62 - 0.92 -
d. Time deposits based on maturity period:
2023 2022
Foreign Foreign
Rupiah currencies Total Rupiah currencies Total
1 month 119,304,539 10,493,656 129,798,195 126,331,270 15,729,630 142,060,900
3 months 68,554,405 2,369,213 70,923,618 26,546,510 1,195,248 27,741,758
6 months 5,089,829 826,151 5,915,980 7,687,786 1,224,861 8,912,647
12 months 3,340,639 331,327 3,671,966 6,941,240 527,353 7,468,593
196,289,412 14,020,347 210,309,759 167,506,806 18,677,092 186,183,898
e. Time deposits based on remaining period until maturity date:
2023 2022
Foreign Foreign
Rupiah currencies Total Rupiah currencies Total
Up to 1 month 135,888,509 11,174,616 147,063,125 137,667,871 16,201,804 153,869,675
> 1 - 3 months 54,929,968 2,235,362 57,165,330 20,512,948 1,438,073 21,951,021
> 3 - 6 months 3,390,952 453,889 3,844,841 4,960,751 719,680 5,680,431
> 6 - 12 months 2,079,983 156,480 2,236,463 4,365,236 317,535 4,682,771
196,289,412 14,020,347 210,309,759 167,506,806 18,677,092 186,183,898
Page 92
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
19. DEPOSITS FROM CUSTOMERS AND OTHER BANKS (continued)
f. Deposits pledged as collateral to loans granted by the Bank as of 31 December 2023
and 2022 (Note 12) were as follows:
2023 2022
Demand deposits 6,521,496 3,760,813
Savings 1,690,578 1,307,695
Time deposits 9,414,730 10,489,293
17,626,804 15,557,801
Information on the classification and fair value of deposits from customers and other
banks is disclosed in Note 37. Information on the maturity of deposits from customers and
other banks is disclosed in Note 43.
20. INCOME TAX
a. Prepaid tax
2023 2022
Bank 24,117 23,749
Subsidiaries 751 341
24,868 24,090
b. Tax payable
2023 2022
Current tax payable
Bank:
Corporate income tax payable - Article 25 847,154 823,253
Corporate income tax payable - Article 29 6,418 880,540
Subsidiaries:
Corporate income tax payable - Article 25/29 184,702 163,882
Total current tax payable 1,038,274 1,867,675
Other tax payable
Bank:
Income tax
Article 21 188,264 161,395
Article 23 307,368 194,411
Article 26 9,493 4,956
Others 76,055 86,649
Total 581,180 447,411
Subsidiaries 108,456 58,783
Total other tax payable 689,636 506,194
1,727,910 2,373,869
Page 93
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/78
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
c. Tax expenses
2023 2022
Current tax:
Current year
Bank 10,690,181 9,804,547
Subsidiaries 658,325 614,806
11,348,506 10,419,353
Deferred tax:
Origination (recovery) of temporary differences
Bank 205,557 (777,705)
Subsidiaries (32,401) 69,813
173,156 (707,892)
11,521,662 9,711,461
d. Through Law number 7 of 2021 dated 29 October 2021 concerning Harmonisation of
Tax Regulations, Taxpayers can obtain a reduction in PPh rates of 3% (three percent)
lower than the domestic Corporate Taxpayer PPh rate as stipulated in article 17
paragraph 1 letter b, Chapter III regarding Income Tax, so that the rate becomes 19%
for 2023 and 2022, if it meets the following criteria:
1. In the form of a public company.
2. With the total of paid-up shares traded on the stock exchange in Indonesia at least
40% (forty percent).
3. Fulfill certain requirements.
The certain requirements are regulated in article 65, Government Regulation number 55
of 2022, regarding Adjustments to Regulations in the Field of Income Tax, dated 20
December 2022, as follows:
1. The public owned 40% (forty percent) or more of the total paid up shares and those
shares are owned by at least 300 (three hundred) parties.
2. Each party can only own less than 5% (five percent) of total paid-up shares.
3. The taxpayer should fulfill the above mentioned criteria at least within 183 (one
hundred and eighty three) calendar days in 1 (one) fiscal year.
4. Parties that meet the requirements of 300 (three hundred) parties and 5% (five
percent) as stated above, do not include:
a. Public Company Taxpayers who buy back their shares; and/or
b. Those who have a special relationship as stipulated in the Income Tax Law with
Public Company Taxpayers.
Fulfilment of these requirements is carried out by Public Company Taxpayers by
submitting reports to the Directorate General of Taxes, including: monthly reports of
share ownership of issuers or public companies and recapitulation that has been
reported from the Securities Administration Bureau.
On 5 January 2024 and 4 January 2023, the Bank received a declaration letter from the
Securities Administration Bureau for the fulfilment of the above criteria for fiscal year
2023 and 2022, respectively.
Page 94
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
e. The reconciliation of consolidated accounting income before tax and taxable income
of the Bank was as follows:
2023 2022
Consolidated accounting income before tax 60,179,757 50,467,033
Elimination 1,980,891 1,731,840
Before elimination 62,160,648 52,198,873
Subsidiary’s accounting income before tax (3,279,338) (3,202,631)
Accounting income before tax - Bank only 58,881,310 48,996,242
Permanent differences:
Employees' welfare 79,233 23,883
Rent income (46,603) (46,984)
Dividends from Subsidiaries (1,914,400) (1,702,184)
Interest income from off-shore
government bonds (74,912) (56,040)
Other expense (income) which cannot be deducted
for tax calculation purposes - net 421,360 294,781
(1,535,322) (1,486,544)
Temporary differences:
Post-employment benefits obligation 919,601 (65,051)
Allowance for Impairment losses on financial assets (3,873,147) 3,327,238
Allowance for Impairment losses on
non-financial assets 96,756 91,444
Accrued employees' benefits 315,195 772,082
Unrealised losses on investment securities and
placement with other banks measured at fair
value through profit or loss (93,454) 2,831
Other income which cannot be deducted
for tax calculation purposes - net 1,553,172 (35,362)
(1,081,877) 4,093,182
Taxable income 56,264,111 51,602,880
Page 95
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/80
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
f. The reconciliation between consolidated accounting income before tax multiplied by the
applicable maximum tax rate and income tax expense was as follows:
2023 2022
Consolidated accounting income before tax 60,179,757 50,467,033
Maximum tax rate 22% 22%
13,239,547 11,102,747
Permanent differences at 22% - Bank (337,771) (327,040)
Permanent differences at 22% - Subsidiaries 340,265 361,045
13,242,041 11,136,752
Adjustment of corporate income tax rate -
Bank (Note 20d) (1,720,379) (1,425,291)
Income tax expense - consolidated 11,521,662 9,711,461
g. The calculation of current tax and income tax payable were as follows:
2023 2022
Taxable income:
Bank 56,264,111 51,602,880
Subsidiaries 2,992,386 2,794,573
59,256,497 54,397,453
Current tax:
Bank 10,690,181 9,804,547
Subsidiaries 658,325 614,806
11,348,506 10,419,353
Prepaid income taxes:
Bank (10,683,763) (8,924,007)
Subsidiaries (473,623) (450,924)
(11,157,386) (9,374,931)
Income tax payable:
Bank 6,418 880,540
Subsidiaries 184,702 163,882
191,120 1,044,422
Page 96
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/81
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
g. The calculation of current tax and income tax payable were as follows: (continued)
Annual Tax Return (“SPT”) of Corporate Income Tax for fiscal year 2023 has not yet been
submitted. Taxable income results from reconciliation above is the basis in filling the
Bank’s Annual Tax Return (“SPT”) of Corporate Income Tax for the year ended 31
December 2023.
The calculations of income tax for the year ended 31 December 2022 conform to the
Bank’s Annual Tax Returns (“SPT”).
h. The significant items of deferred tax assets and liabilities as of 31 December 2023
and 2022 were as follows:
Recognised in
Recognised in current year
current year other comprehensive
2022 profit or loss income 2023
Deferred tax assets
Parent entity - Bank:
Post-employment benefits obligations 631,029 174,724 - 805,753
Allowance for impairment losses
of financial assets 5,080,028 (735,898) - 4,344,130
Allowance for impairment losses
of non-financial assets 113,620 18,383 - 132,003
Accrued employees’ benefits 703,806 59,887 - 763,693
Depreciation on fixed assets 5,131 4,737 - 9,868
Unrealised gain (losses) on investment
securities and placement with other
banks measured at fair value through
other comprehensive income (421,044) - 201,986 (219,058)
Remeasurements of defined benefit
obligation 776,984 - 105,269 882,253
Unrealised gains (losses) on investment
securities and placement with other
banks measured at fair value through
profit or loss 717 (17,756) - (17,039)
Fiscal correction regarding SFAS 73 14,613 1,117 - 15,730
Others 201,155 289,249 - 490,404
Deferred tax assets - net 7,106,039 (205,557) 307,255 7,207,737
Recognised in
Recognised in current year
current year other comprehensive
2022 profit or loss income 2023
Deferred tax assets - net (brought forward) 7,106,039 (205,557) 307,255 7,207,737
Subsidiaries:
PT BCA Finance 49,038 (13,224) 4,024 39,838
PT BCA Sekuritas 3,323 (520) (235) 2,568
PT Bank BCA Syariah 35,550 22,475 476 58,501
PT Asuransi Umum BCA 71,539 (6,318) (530) 64,691
PT Asuransi Jiwa BCA 19,188 8,911 2,165 30,264
PT BCA Multi Finance 35,209 (21,298) (162) 13,749
PT Bank Digital BCA 1,445 29,046 (202) 30,289
PT Central Capital Ventura - 3,572 27 3,599
Deferred tax assets - net 215,292 22,644 5,563 243,499
Total deferred tax assets - net 7,321,331 (182,913) 312,818 7,451,236
Deferred tax liabilities
Subsidiary:
PT Central Capital Ventura 9,740 (9,757) 17 -
Total deferred tax liabilities - net 9,740 (9,757) 17 -
Page 97
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/82
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
h. The significant items of deferred tax assets and liabilities as of 31 December 2023
and 2022 were as follows: (continued)
Recognised in
Recognised in current year
current year other comprehensive
2021 profit or loss income 2022
Deferred tax assets
Parent entity - Bank:
Post-employment benefits obligations 643,388 (12,359) - 631,029
Allowance for impairment losses
of financial assets 4,447,853 632,175 - 5,080,028
Allowance for impairment losses
of non-financial assets 96,245 17,375 - 113,620
Accrued employees’ benefits 557,110 146,696 - 703,806
Depreciation on fixed assets 14,369 (9,238) - 5,131
Unrealised gain (losses) on investment
securities and placement with other
banks measured at fair value through
other comprehensive income (1,420,618) - 999,574 (421,044)
Remeasurements of defined benefit
obligation 709,475 - 67,509 776,984
Unrealised gains (losses) on investment
securities and placement with other
banks measured at fair value through
profit or loss 179 538 - 717
Fiscal correction regarding SFAS 73 9,041 5,572 - 14,613
Others 204,209 (3,054) - 201,155
Deferred tax assets - net 5,261,251 777,705 1,067,083 7,106,039
Subsidiaries:
PT BCA Finance 82,868 (33,362) (468) 49,038
PT BCA Sekuritas 4,480 (674) (483) 3,323
PT Bank BCA Syariah 19,552 6,122 9,876 35,550
PT Asuransi Umum BCA 69,091 2,125 323 71,539
PT Asuransi Jiwa BCA 13,364 4,006 1,818 19,188
PT BCA Multi Finance 69,662 (34,185) (268) 35,209
PT Bank Digital BCA 682 461 302 1,445
PT Central Capital Ventura 4,566 (4,549) (17) -
Deferred tax assets - net 264,265 (60,056) 11,083 215,292
Total deferred tax assets - net 5,525,516 717,649 1,078,166 7,321,331
Deferred tax liabilities
Subsidiary:
PT Central Capital Ventura - 9,757 (17) 9,740
Total deferred tax liabilities - net - 9,757 (17) 9,740
The amount of deferred tax assets of the Bank and subsidiaries, is included in total deferred
tax asset (liability) arising from unrealised gain (loss) from changes in fair value of
investment securities measured at fair value through other comprehensive income (Note
14) amounting to Rp (219,264) and Rp (3,546) as of 31 December 2023, respectively, and
Rp (421,044) and Rp (7,904) as of 31 December 2022.
Moreover, included in total deferred tax asset of the Bank was deferred tax asset (liability)
arising from unrealised gain (loss) from changes in fair value of placements with Bank
Indonesia and other banks at fair value through other comprehensive income (Note 7)
amounting to Rp 206 and Rp nil as of 31 December 2023 and 2022, respectively.
Management believes that total deferred tax assets arising from temporary differences are
probable to be realised in the future years.
Page 98
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
i. In accordance with the provision of Indonesian taxation laws, the Group in Indonesia
calculate, pay, and report individual company tax return (submission of consolidated
income tax computation is not allowed) on the basis of self-assessment. The tax
authorities may assess or amend taxes within the statute of limitations, under prevailing
regulations.
j. The Group tax positions may be challenged by the tax authorities. Management vigorously
defends the Group tax positions which are believed to be grounded on technical basis,
and in compliance with the tax regulations. Accordingly, management believes that the
accruals for tax liabilities are adequate for all open fiscal years based on the assessment
of various factors, including interpretations of tax law, other tax provisions and prior
experience. This assessment relies on estimates and assumptions and may involve
judgment about future events. New information may become available that causes
management to change its judgment regarding the adequacy of existing tax liabilities.
The changes to tax liabilities will impact tax expense in the period in which such
determination is made.
k. Other Information
Fiscal Year 2016
On 10 July 2017, the Directorate General of Taxes issued a field inspection notification
letter for the 2016 fiscal year to the Bank. For the tax examination for fiscal year 2016,
Directorate General of Taxes through Tax Assessment Letter (“SKP”) and Tax Collection
Letter (“STP”) dated 11 July 2019, has determined tax underpayment with detail as follows:
a. Income tax (including Corporate Income Tax) amounting to Rp 1,590,596.
b. Value Added Tax (“VAT”) amounting to Rp 63,686.
The Bank made partial payments for the SKP and STP amounting to Rp 190,311 on
9 August 2019, this amount includes taxes that the Bank has not objected to amounting to
Rp 184,754 which was charged during the year. On 9 October 2019, the Bank has made
partial payments of SKP and STP of Rp 546,104. Amounts that have been paid by the
Bank, but which were objected to, are recorded as other assets (Note 18).
Of the tax objected by the Bank on 10 October 2019 amounting to Rp 1,469,528, a portion
of Rp 724,935 was approved by the Directorate General of Taxes on 9 September 2020
and 29 September 2020.
The Bank has filed an appeal of the tax objections which the Directorate General of Taxes
did not approve on 7 December 2020 amounting to Rp 735,407. Up to the date of these
consolidated financial statements, the result of the appeal is not yet known.
Page 99
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/84
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
20. INCOME TAX (continued)
k. Other Information (continued)
Fiscal Year 2017
On 4 September 2018, the Directorate General of Taxes issued a field inspection
notification letter for the 2017 tax year to the Bank. Upon the tax audit for 2017 fiscal
year, the Directorate General of Taxes based on the Tax Assessment Letter (SKP)
and Tax Collection Letter (STP), dated 9 September 2020 and 10 September 2020,
stipulates the underpayment of taxes with details:
a. Income Tax (including Corporate Income Tax) of a total of Rp 883,411.
b. Value Added Tax (“VAT”) of a total of Rp 51,060.
The Bank has made partial payments of the SKP and STP amounting to Rp 700,000
on 8 October 2020, this amount includes tax that the Bank has not objected
amounting to Rp 157,603 which was charged in current year profit or loss. Amounts
that have been paid by the Bank, but which were objected to, are recorded as other
assets (Note 18).
Of the tax objected by the Bank on 8 December 2020 amounting to Rp 776,869, a
portion of Rp 65,922 was approved by the Directorate General of Taxes on 30
November 2021, 2 December 2021 and 3 December 2021.
The Bank has filed an appeal of the tax objections which the Directorate General of
Taxes did not approved on February 25, 2022, in the amount of Rp 709,060. As of
the date of the consolidated financial statements the outcome of the appeal is not
yet known.
Fiscal Year 2018
On 3 April 2023, the Directorate General of Taxes issued a field inspection
notification letter for the 2018 tax year to the Bank.
Upon the tax audit for 2018 fiscal year, the Directorate General of Taxes based on
the Tax Assessment Letter (SKP) and Tax Collection Letter (STP) dated 24
November 2023, determined the tax underpayment amounting to Rp 613,141 with
details:
a. Income Tax (including Corporate Income Tax) amounted Rp 516,520.
b. Value Added Tax (VAT) amounted Rp 96,621.
Based on the SKP, the amount that the Bank did not objected was Rp 117,373, the
Bank will submit the objection amounted Rp 495,768.
On 13 December 2023, the Bank made partial payment of the SKP and STP
amounted Rp 123,505. This amount includes tax that the Bank has not objected
amounted Rp 117,373, which was charged in current year profit or loss. The amount
paid by the Bank amounting to Rp 6,132 but which was objected to, was recorded
as other assets (Note 18).
Page 100
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
21. BORROWINGS
Borrowings received by the Group were as follows:
By type and currency:
2023 2022
(1) Liquidity loans from Bank Indonesia, Rupiah:
Agriculture loans (Kredit Usaha Tani/"KUT"),
due date between 13 March 2000 up to
22 September 2000, in the process of closing
the agreement 577 577
(2) Borrowings from other banks:
Rupiah:
PT Bank UOB Indonesia 25,000 500,000
PT Bank China Construction Bank Indonesia Tbk 256,169 173,304
PT Bank Nationalnobu Tbk - 90,000
PT Bank KEB Hana Indonesia 194,852 56,843
PT Bank Pan Indonesia Tbk - 4,570
PT Bank Index Selindo - 834
PT Bank Mandiri (Persero) Tbk 50,000 -
PT Bank Mizuho 300,000 -
PT Bank BTPN Tbk 380,000 -
PT Bank Ina Perdana Tbk 50,000 -
1,256,021 825,551
Foreign currencies:
Sumitomo Mitsui Banking Corporation – Hong Kong 120,122 332,349
Wells Fargo Bank - Miami Branch 20,021 77,834
Malayan Banking Berhad Co. - Singapore - 62,267
The Shanghai Commercial & Savings Bank - Taiwan - 6,486
PT Bank Danamon Indonesia Tbk 73,798 -
PT Bank UOB Indonesia (previously
Citibank, N.A, - Indonesia Branch) 99,187 -
313,128 478,936
1,569,149 1,304,487
(3) Others:
Foreign currencies 59,900 11,887
59,900 11,887
Total borrowings 1,629,626 1,316,951
Page 101
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/86
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
21. BORROWINGS (continued)
The average effective interest rates (yield) per annum for borrowings were as follows:
2023 2022
Rupiah 5.29% 4.08%
Foreign currencies 3.46% 2.44%
As of 31 December 2023 and 2022, the Group does not have any borrowing balance from
other banks from related parties.
(1) Rupiah liquidity loans from Bank Indonesia
Rupiah liquidity loans from Bank Indonesia represent credit facilities obtained by the
Bank as a national private bank in Indonesia, to be distributed to qualified Indonesian
debtors under the loan facility program.
(2) Borrowings from other banks
Represent working capital loans of Subsidiaries. The details of borrowing facilities
received as of 31 December 2023 and 2022 were as follows:
Bank Total facility Maturity date of facility
2023 2022 2023 2022
Rupiah:
PT Bank Mandiri (Persero) Tbk 500,000 1,000,000 24-May-2024 24-May-2023
500,000 - 6-Apr-2026 24-May-2023
PT Bank BTPN Tbk*) 800,000 800,000 31-May-2024 31-May-2023
250,000 - 30-Sep-2024 -
PT Bank China Construction Indonesia Tbk 150,000 150,000 21-Apr-2026 21-Apr-2026
200,000 200,000 29-Sep-2026 29-Mar-2026
PT Bank Danamon Indonesia Tbk*) 150,000 150,000 24-Sep-2024 24-Sep-2023
50,000 50,000 14-Jan-2024 14-Jan-2023
50,000 50,000 14-Jan-2027 14-Jan-2026
PT Bank UOB Indonesia*) 475,000 550,000 21-Sep-2024 21-Dec-2023
PT Bank DKI 250,000 250,000 24-Sep-2024 24-Sep-2023
*)
PT Bank Mizuho Indonesia 250,000 500,000 22-Nov-2024 22-Nov-2023
PT Bank Victoria International Tbk 400,000 400,000 14-Jan-2024 14-Jan-2023
PT Bank Pan Indonesia Tbk - 300,000 - 11-May-2023
500,000 500,000 4-Aug-2024 4-Aug-2023
200,000 200,000 4-May-2026 4-May-2026
PT Bank Ina Perdana Tbk 200,000 200,000 16-Dec-2024 16-Dec-2023
PT Bank Nationalnobu Tbk 100,000 100,000 24-Feb-2024 24-Feb-2023
PT Bank Index Selindo - 50,000 - 20-Jun-2023
PT Bank KEB Hana Indonesia 75,000 75,000 30-Jan-2026 29-Sep-2025
25,000 25,000 29-Nov-2024 29-Sep-2025
- 140,000 - 6-Jan-2023
*) Available to be withdrawn partially in US Dollar/Rupiah
Page 102
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
21. BORROWINGS (continued)
(2) Borrowings from other banks (continued)
Represent working capital loans of Subsidiaries. The details of borrowing facilities
received as of 31 December 2023 and 2022 were as follows: (continued)
Bank Total facility Maturity date of facility
2023 2022 2023 2022
Foreign currencies (full amount):
PT Bank UOB Indonesia (previously
Citibank, N.A, - Indonesia Branch)*) USD 60,000,000 USD 60,000,000 20-Mar-2024 20-Mar-2023
Malayan Banking Berhad Co, - Singapura**) - USD 5,000,000 - -
Sumitomo Mitsui Banking Corporation
- Hong Kong**) USD 25,000,000 USD 25,000,000 - -
The Shanghai Commercial & Savings Bank, Ltd
- Taiwan - USD 416,667 - 10-Jan-2023
Wells Fargo Bank - Miami Branch**) USD 10,000,000 USD 5,000,000 - -
*) Available to be withdrawn partially in US Dollar/Rupiah
**) Represents uncommitted resolving facilities on 31 December 2023 and 2022
As of 31 December 2023 and 2022, these bank loans were secured by consumer
financing receivables amounting to Rp 265,734 and Rp 275,653 (Note 13).
All loan agreements above are include certain covenants which are normally required
for such credit facilities, such as limitations to initiate merger or consolidation with other
parties, obtain loans from other parties except loans obtained in the normal course of
business, or changes its capital structure and/or Articles of Association without
notification to/prior written approval from the creditors and maintenance of certain
agreed financial ratios.
The required financial ratios was as follows:
2023 2022
Requirement Fulfilment Requirement Fulfilment
1. Debt to Equity Maximum 10 times < 1 time Maximum 10 times < 1 time
2. Receivable to Total Assets Minimum 40% 80.18% Minimum 40% 82.01%
3. Current ratio Minimum 1.1 times 2.24 times Minimum 1.1 times 2.72 times
4. Non performing loan (“NPL”) Maximum 5% 2.31% Maximum 5% 2.35%
of total receivables of total receivables
The range of contractual interest rates for borrowings from other banks was as follows:
2023 2022
Rupiah 5.55% - 8.50% 2.95% - 9.10%
Foreign currencies 5.60% - 6.38% 2.90% - 5.73%
Information on the classification and fair value of borrowings is disclosed in Note 37.
Information on the maturity of borrowings is disclosed in Note 43.
Page 103
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/88
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
22. ESTIMATED LOSSES FROM COMMITMENTS AND CONTINGENCIES
Estimated losses from commitments and contingencies consist of:
a. By type and currencies
2023 2022
Rupiah
Related parties:
Unused credit facilities 4,834 7,155
Outstanding irrevocable Letters of Credit 4 -
4,838 7,155
Third parties:
Unused credit facilities 3,084,398 3,136,757
Outstanding irrevocable Letters of Credit 24,497 45,011
Bank guarantees issued 5,195 1,734
3,114,090 3,183,502
3,118,928 3,190,657
Foreign currencies
Related parties:
Outstanding irrevocable Letters of Credit 14 11
Bank guarantees issued 20 -
34 11
Third parties:
Unused credit facilities 212,126 210,274
Outstanding irrevocable Letters of Credit 28,154 27,341
Bank guarantees issued 12,432 10,066
252,712 247,681
252,746 247,692
Total estimated losses from commitments
and contingencies 3,371,674 3,438,349
b. Changes in estimated losses from commitments and contingencies
2023
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year 3,237,294 144,230 56,825 3,438,349
Transfer to lifetime expected credit
losses (Stage 2) (42,887) 175,761 - 132,874
Transfer to credit
impaired (Stage 3) (8,933) (39,607) - (48,540)
Transfer to 12 months expected
credit losses (Stage 1) 19,431 (59,324) - (39,893)
Net changes in exposure (21,874) (72,933) (15,254) (110,061)
Foreign exchange difference (1,938) 43 840 (1,055)
Balance, end of year 3,181,093 148,170 42,411 3,371,674
Page 104
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/89
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
22. ESTIMATED LOSSES FROM COMMITMENTS AND CONTINGENCIES (continued)
b. Changes in estimated losses from commitments and contingencies (continued)
2022
Stage 1 Stage 2 Stage 3 Total
Balance, beginning of year 3,178,502 9,657 51,012 3,239,171
Transfer to lifetime expected credit
losses (Stage 2) (113,095) 199,618 - 86,523
Transfer to credit
impaired (Stage 3) (2,927) (37,704) - (40,631)
Transfer to 12 months expected
credit losses (Stage 1) 29,637 (53,673) - (24,036)
Net changes in exposure 130,407 25,797 1,796 158,000
Foreign exchange difference 14,770 535 4,017 19,322
Balance, end of year 3,237,294 144,230 56,825 3,438,349
Management believes that the outstanding balance of estimated losses from commitments
and contingencies is adequate to cover possible losses from off-balance sheet transactions.
Information regarding the classification and estimated losses from commitments and
contingencies value are disclosed in Note 37. Information regarding the maturity of estimated
losses from commitments and contingencies are disclosed in Note 43.
23. ACCRUALS AND OTHER LIABILITIES
2023 2022
Rupiah:
Liabilities related to ATM and credit card transactions 5,626,955 2,638,617
Liabilities to policyholders 3,037,587 2,384,392
Unearned revenue 2,704,896 2,150,745
Electronic money 1,240,471 1,123,551
Customers transfer transactions 563,628 1,100,751
Liabilities from customer transactions 413,219 172,737
Accrued interest expenses 324,180 159,582
Finance lease liabilities (Note 16, 37) 233,205 281,489
Security deposits 231,466 190,902
Liabilities from insurance transactions 48,912 57,810
Others 10,684,151 8,401,011
25,108,670 18,661,587
Foreign currencies:
Term deposits of foreign exchange from export proceeds 2,798,405 -
Customers transfer transactions 1,295,501 1,282,870
Unearned revenue 130,959 114,266
Security deposits 58,681 93,178
Accrued interest expenses 13,575 33,424
Finance lease liabilities (Note 16, 37) 9,634 7,680
Insurance transaction liabilities 4,139 8,321
Others 76,301 228,452
4,387,195 1,768,191
Total accruals and other liabilities 29,495,865 20,429,778
Page 105
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/90
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
23. ACCRUALS AND OTHER LIABILITIES (continued)
Liabilities related to ATM and credit card transactions consist of liabilities on ATM transactions
within ATM Bersama, Prima and Link, and liabilities to Master Card and Visa for credit card
transactions.
Unearned revenue consists of income from loan commission.
Liabilities to policyholders represent liabilities of Subsidiary for long-term insurance contract,
liability for future policy benefits, unearned premium reserves and estimated claim.
Electronic money represents liabilities of the Bank from cash deposited by customers
electronically and not considered as deposits as stipulated in banking laws.
Accrued interest expenses consist of accrued interest from deposits from customers and other
banks, derivatives, borrowings, securities sold under repurchase agreement and subordinated
bonds.
Liabilities from customer transactions represent liabilities of Subsidiaries for trading securities
transactions, which consist of liabilities to PT Kliring Penjaminan Efek Indonesia (“KPEI”)
related to purchase of securities transactions and deposits rendered by Subsidiaries, and
liabilities from customer transactions related to selling of securities transactions that will be
matured in a short period, usually in 2 (two) days from date of trading.
The security deposit is a guarantee of cash deposited by customers from export-import
transaction and issuance of bank guarantees.
Liabilities from insurance transactions was liabilities of Subsidiaries for reinsurance payables,
coinsurance payable and claim in process.
Finance lease liabilities represent lease liabilities related to the implementation of SFAS 73.
Term deposits of foreign exchange from export proceeds is an instrument where foreign
exchange from export proceeds from exporters' special account are placed in Bank Indonesia
through Bank's accounts in accordance with market mechanism.
Others mainly consist of short-term liabilities to employee, interoffice accounts, deposit and
unsettled transactions.
24. SUBORDINATED BONDS
2023 2022
Bank Central Asia Continuous
Subordinated Bonds I Phase I Year 2018 500,000 500,000
Total subordinated bonds 500,000 500,000
Page 106
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/91
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
24. SUBORDINATED BONDS (continued)
The details of subordinated bonds were as follows:
Effective and
Instruments issued date Approval Principal amount Terms Maturity date Interest rate
Bank Central Asia Effective date No. S-03825/ Rp 435,000 7 Years 5 July 2025 7.75%
Continuous 26 June 2018 BEI.PP2/07-2018
Subordinated Issued date
Bonds I Phase I 5 July 2018
Year 2018 -
Series A
Bank Central Asia Effective date No. S-03825/ Rp 65,000 12 Years 5 July 2030 8.00%
Continuous 26 June 2018 BEI.PP2/07-2018
Subordinated Issued date
Bonds I Phase I 5 July 2018
Year 2018 -
Series B
Interest of Bank Central Asia Continuous Subordinated Bonds I Phase I Year 2018 - Series A
and B are paid quarterly since the issuance date, with no option of accelerating the
Subordinated Bonds interest payment. The first payment of interest was due on 5 October
2018. Bank Central Asia Continuous Subordinated Bonds I Phase I Year 2018 - Series A
and B can be calculated as supplementary capital (Tier 2) based on OJK Regulation
No. 11/POJK.03/2016 and to increase collection structure of long term funding. The
proceeds from issuance of Bank Central Asia Continuous Subordinated Bonds I Phase I Year
2018 - Series A and B will be used to grow the Bank's business, especially for credit
expansion.
The trustee of the above subordinated bonds is PT Bank Rakyat Indonesia (Persero) Tbk that
is not a related party to the Bank.
Based on the result of long-term debt rating by PT Pemeringkat Efek Indonesia (PT Pefindo),
the rating of subordinated bonds is as follows:
2023 2022
Rating Rating
Description Rating Period Rating Period
Bank Central Asia Continuous
Subordinated Bonds I 7 March 2023 - 10 March 2022 -
Phase I Year 2018 idAA 1 March 2024 idAA 1 March 2023
The Trusteeship Agreement provides several negative covenants that should be complied by
the Bank among others, prior to the repayment of the bonds payable, without the written
consent from the Trustee, the Bank is not allowed to:
a. Pledge majority or all of the Bank's present or future income or assets outside Bank's main
business, except if the actions are performed to meet regulatory requirements or related
with short term liquidity borrowing or related with the Bank's option for recovery plan;
b. Change the Bank main business;
Page 107
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/92
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
24. SUBORDINATED BONDS (continued)
The Trusteeship Agreement provides several negative covenants that should be complied by
the Bank among others, prior to the repayment of the bonds payable, without the written
consent from the Trustee, the Bank is not allowed to: (continued)
c. Reduce authorised capital and paid-up capital unless the reduction is made on the basis
of a request from the Government of Indonesia or authority order (include but not limited
to BI, OJK, the Minister of Finance in the Republic of Indonesia and/or monetary
authorities as well as restructuring authorities in the Banking sector in accordance with
the prevailing laws in Indonesia);
d. Merger or consolidation with other companies which cause dilution of the Bank.
As of 31 December 2023 and 2022, the Bank was in compliance with all significant covenants
in relation to the issued subordinated debts agreements. Payments of interest had been done
on a timely basis.
25. SHARE CAPITAL
The composition of the Bank’s share capital as of 31 December 2023 and 2022 were as follows:
2023 2022
Number of shares Total par value Number of shares Total par value
Share capital – par value at Rp 12.50
(full amount) per share 440,000,000,000 5,500,000 440,000,000,000 5,500,000
Unissued (316,724,950,000) (3,959,062) (316,724,950,000) (3,959,062)
Outstanding shares (issued and fully paid) 123,275,050,000 1,540,938 123,275,050,000 1,540,938
The composition of shareholders as of 31 December 2023 and 2022 were as follows:
2023
Number of
shares Total par value %
PT Dwimuria Investama Andalan*) 67,729,950,000 846,624 54.94
Commissioners
Djohan Emir Setijoso 106,610,700 1,333 0.09
Tonny Kusnadi 7,087,982 89 0.01
Directors
Jahja Setiaatmadja 32,818,853 410 0.03
Armand W. Hartono 4,256,065 53 0.00
Gregory Hendra Lembong 784,719 10 0.00
Subur Tan 11,351,057 142 0.01
Rudy Susanto 2,518,448 31 0.00
Lianawaty Suwono 2,021,880 25 0.00
Santoso 2,422,053 30 0.00
Vera Eve Lim 1,912,261 24 0.00
Haryanto Tiara Budiman 561,695 7 0.00
Frengky Chandra Kusuma 1,891,049 24 0.00
John Kosasih 504,861 6 0.00
Antonius Widodo Mulyono 130,780 2 0.00
Public shareholders**) 55,370,227,597 692,129 44.92
123,275,050,000 1,540,939 100,00
*) The shareholders of PT Dwimuria Investama Andalan are Mr. Robert Budi Hartono and Mr. Bambang Hartono, therefore the ultimate shareholders of the
Bank are Mr. Robert Budi Hartono and Mr. Bambang Hartono.
**) In the composition of shares held by the public, there was 2.49% shares owned by parties affiliated with PT Dwimuria Investama Andalan.
Page 108
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
25. SHARE CAPITAL (continued)
The composition of shareholders as of 31 December 2023 and 2022 were as follows:
(continued)
2022
Number of
shares Total par value %
PT Dwimuria Investama Andalan*) 67,729,950,000 846,624 54.94
Commissioners
Djohan Emir Setijoso 106,395,297 1,330 0.09
Tonny Kusnadi 6,907,197 86 0.01
Directors
Jahja Setiaatmadja 39,811,090 498 0.04
Armand W. Hartono 4,256,065 53 0.00
Gregory Hendra Lembong 400,070 5 0.00
Subur Tan 13,993,334 175 0.01
Rudy Susanto 2,033,799 25 0.00
Lianawaty Suwono 1,771,908 22 0.00
Santoso 2,156,646 27 0.00
Vera Eve Lim 1,616,082 20 0.00
Haryanto Tiara Budiman 346,292 4 0.00
Frengky Chandra Kusuma 1,675,646 21 0.00
John Kosasih 221,765 3 0.00
Public shareholders**) 55,363,514,809 692,045 44.91
123,275,050,000 1,540,938 100.00
*) The shareholders of PT Dwimuria Investama Andalan are Mr. Robert Budi Hartono and Mr. Bambang Hartono, therefore the ultimate shareholders of the
Bank are Mr. Robert Budi Hartono and Mr. Bambang Hartono.
**) In the composition of shares held by the public, there was 2.49% shares owned by parties affiliated with PT Dwimuria Investama Andalan.
26. ADDITIONAL PAID-IN CAPITAL
Additional paid-in capital as of 31 December 2023 and 2022 are as follows:
2023 2022
Additional paid-in capital from share capital
payments 29,453,007 29,453,007
Elimination of accumulated loss through
quasi-reorganisation on 31 October 2000*) (25,853,162) (25,853,162)
Additional paid-in capital from the exercise of
stock options 296,088 296,088
Additional paid-in capital from treasury stock
transactions (Note 1c) 1,815,435 1,815,435
Difference in values from business combination
transaction of entities under common control
(Note 2e) (162,391) (162,391)
5,548,977 5,548,977
*)
On 31 October 2000, the Bank adopted SFAS No. 51, “Accounting for Quasi-Reorganisation” to achieve a “fresh start” reporting. Fresh start
reporting requires the revaluation of all its assets and liabilities recorded by using the fair value and elimination of its accumulated deficit.
Pursuant to the implementation of quasi-reorganisation, the Bank’s accumulated losses as of 31 October 2000 amounted to Rp 25,853,162
had been eliminated against the additional paid-in capital. The implementation of quasi-reorganisation had been approved by Bank Indonesia
through its Letter No. 3/165/DPwB2/IDWB2 dated 21 February 2001 and by the shareholders in their Extraordinary General Meeting of
Shareholders on 12 April 2001 (the minutes of meeting drawn up by Notary Hendra Karyadi, S.H., in Notary Deed No. 25).
Page 109
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/94
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
27. COMMITMENTS AND CONTINGENCIES
As of 31 December 2023 and 2022, the Group commitments and contingencies were as follows:
2023 2022
Amount in Amount in
Type of foreign Rupiah foreign Rupiah
Currencies currencies*) equivalent currencies*) equivalent
Commitments
Committed receivables:
Borrowing facilities received
and unused Rupiah 4,441,202 4,399,000
USD 53,558,000 824,633 60,000,000 934,050
5,265,835 5,333,050
Others Rupiah 382,291 267,803
USD 6,273,856 96,599 4,345,650 67,651
478,890 335,454
5,744,725 5,668,504
Committed liabilities:
Unused credit facilities to
customers - committed Rupiah 266,143,321 211,107,626
USD 1,455,764,966 22,414,413 1,172,915,181 18,259,357
Others,
USD equivalent 50,693,287 780,524 27,580,865 429,365
289,338,258 229,796,348
Unused credit facilities to
other banks - committed Rupiah 420,456 1,926,866
USD 555,556 8,554 555,556 8,649
429,010 1,935,515
Irrevocable Letters of
Credit facilities to
customers Rupiah 2,586,435 3,311,743
USD 435,191,194 6,700,639 446,079,101 6,944,336
Others,
USD equivalent 128,113,202 1,972,559 282,370,676 4,395,806
11,259,633 14,651,885
Others Rupiah 777,109 316,700
USD 6,101,783 93,949 5,483,296 85,361
Others,
USD equivalent - - 17,186 268
871,058 402,329
301,897,959 246,786,077
Contingencies
Contingent receivables:
Bank guarantees received Rupiah 558,910 838,870
USD 11,651 179 - -
559,089 838,870
Contingent liabilities:
Bank guarantee issued
to customers Rupiah 17,937,926 16,213,364
USD 297,968,974 4,587,828 225,587,639 3,511,836
Others,
USD equivalent 14,519,311 223,554 4,486,048 69,837
22,749,308 19,795,037
Others Rupiah 89 89
22,749,397 19,795,126
*)
Total in full amount.
Page 110
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/95
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
27. COMMITMENTS AND CONTINGENCIES (continued)
Additional information
As of 31 December 2023 and 2022, the Group had unused credit facilities to customers -
uncommitted amounting to Rp 91,068,656 and Rp 91,165,108, respectively.
As of 31 December 2023 and 2022, the Group had unused credit facilities to other Banks -
uncommitted amounting to Rp nil and Rp 3,418, respectively.
The Bank is a party to various unresolved legal actions, administrative proceedings, and claims
in the ordinary course of its business. It is not possible to predict with certainty whether or not
the Bank will be successful in any of these legal matters or, if not, what the impact might be.
However, the Bank’s management does not expect that the results in any of these proceedings
will have a material adverse effect on the Bank’s results of operations, financial position or
liquidity.
Commitments and contingencies from related parties are disclosed in Note 47.
28. INTEREST AND SHARIA INCOME
Interest and sharia income consist of:
2023 2022
Interest income
Loan receivable 54,143,689 46,157,245
Investment securities 17,716,461 13,477,947
Securities purchased under agreements to resell 8,571,096 6,579,527
Consumer financing receivables and finance lease
receivables 3,266,996 2,847,581
Placements with Bank Indonesia and other banks 1,164,150 1,338,193
Bills receivable 469,923 346,636
Others 1,210,270 813,477
86,542,585 71,560,606
Sharia income
Sharia profit sharing 855,189 680,585
855,189 680,585
Total interest and sharia income 87,397,774 72,241,191
Included in interest income from loans receivable was interest from the effect of discounting of
impaired financial assets for the year ended 31 December 2023 and 2022 amounting to Rp
16,001 and Rp 1,842, respectively.
Interest income from loans receivable to related parties is disclosed in Note 47.
Page 111
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/96
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
29. INTEREST AND SHARIA EXPENSES
Interest and sharia expenses consist of:
2023 2022
Interest expenses
Deposits from customers 9,510,555 5,849,622
Guarantee premium 2,222,965 2,058,533
Debt securities issued 38,913 70,285
Deposits from other banks 72,187 35,032
Borrowings 66,961 30,538
Securities sold under agreements to repurchase 27,245 6,935
Others 16,092 20,168
11,954,918 8,071,113
Sharia expense
Sharia 314,034 180,569
Total interest and sharia expenses 12,268,952 8,251,682
Interest and sharia expenses for deposits from customers to related parties are disclosed in
Note 47.
30. FEES AND COMMISSION INCOME - NET
Represent fees and commission income related to:
2023 2022
Credit 2,819,768 2,084,233
Trade 1,074,756 1,203,110
CASA and Transactional 11,436,469 11,847,711
Wealth 741,335 806,427
Others 580,927 642,484
Total 16,653,255 16,583,965
Fees and commission expenses (539) (360)
Fees and commission income - net 16,652,716 16,583,605
Commissions from CASA and Transactional are commission income related to credit and debit
card transactions which have been reduced by costs directly related to these transactions.
Fee and commission income from loans receivable were fee and commission income related
to disbursement of loan facilities which were not an integral part of effective interest rates.
Page 112
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/97
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
31. NET INCOME FROM TRANSACTION AT FAIR VALUE THROUGH PROFIT OR LOSS
Net income from transaction at fair value through profit or loss consists of:
2023 2022
Interest income from financial assets measured at
fair value through profit or loss 239,727 153,844
Unrealised gains (losses) from financial assets measured
at fair value through profit or loss - net 577,952 (1,506,999)
Realised gains (losses) on spot and derivative
transactions - net 652,241 2,685,181
Gains (losses) on sale of financial assets measured
at fair value through profit or loss – net 417,580 (44,620)
1,887,500 1,287,406
32. ADDITION (REVERSAL) OF IMPAIRMENT LOSSES ON ASSETS
2023 2022
Acceptance receivables (Note 9c) (30,449) (224,137)
Loans receivable (Note 12g) 1,910,139 4,512,020
Consumer financing receivables (Note 13) 172,948 (136,464)
Sharia financing 26,687 228,272
Investment securities (Note 14) 253,674 11,342
Estimated losses from commitments
and contingencies (Note 22) (66,380) 179,856
Others (3,570) (44,270)
2,263,049 4,526,619
33. PERSONNEL EXPENSES
2023 2022
Salaries and wages 8,306,266 7,632,405
Employees' benefits and compensations 5,649,922 4,992,437
Pension plan contribution 503,244 461,098
Training 417,261 288,139
Post-employment benefits (Note 2d) 1,321,118 277,379
16,197,811 13,651,458
Page 113
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/98
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
34. GENERAL AND ADMINISTRATIVE EXPENSES
2023 2022
Office supplies 5,582,286 4,922,200
Depreciation 3,126,331 2,377,420
Repair and maintenance 1,964,982 1,785,473
Communication 1,722,285 1,860,951
Promotion 1,630,166 1,318,563
Rental 1,029,820 1,122,415
Professional fees 678,770 615,937
Water, electricity and fuel 297,236 252,256
Amortisation of intangible assets - software 276,409 284,770
Tax 226,479 144,555
Computer and software 156,086 111,018
Research and development 129,287 41,636
Transportation 55,462 44,561
Insurance 54,757 59,528
Security 23,452 24,122
Others 543,088 425,031
17,496,896 15,390,436
35. BASIC AND DILUTED EARNINGS PER SHARE
Basic and diluted earnings per share are calculated based on the weighted average number
of shares outstanding during the year, as follows:
2023 2022
Net income for the year 48,639,122 40,735,722
Weighted average number of ordinary shares
outstanding on the Indonesia Stock Exchange
(in full amount) 123,275,050,000 123,275,050,000
Basic earnings per share (in full amount) 395 330
As of 31 December 2023 and 2022, there were no instruments which can potentially be
converted into ordinary shares. Therefore, diluted earnings per share is equivalent to basic
earnings per share.
36. APPROPRIATION OF NET INCOME
The Annual General Meeting of Shareholders of PT Bank Central Asia Tbk dated 16 March
2023 (minutes prepared by Christina Dwi Utami, S.H., M.Hum., M.Kn., with Minutes No.
157), resolved the appropriation of 2022 net income, as follows:
a. Net profit of 2022 amounting to Rp 407,357 will be appropriated for reserve funds.
b. Distribute cash dividends in the amount of Rp 25,271,385 (Rp 205 (full amount) per
share) to shareholders who have the right to receive cash dividends. The total cash
dividend that will be paid on 14 April 2023 is Rp 20,956,758 (the 2022 Fiscal Year
interim dividend has been paid on 20 December 2022 amounting to Rp 4,314,627).
c. Determine tantiem for members of the Board of Commissioners and Board of Directors
who serve in and during the 2022 financial year. The actual amount of tantiem paid is
Rp 660,000.
d. Determine the remaining 2022 net profit after deducting dividends as retained earnings.
Page 114
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/99
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
36. APPROPRIATION OF NET INCOME (continued)
In accordance with the Decree of the Board of Directors Meeting dated 21 November 2023
No. 194 concerning the Distribution of Temporary Dividends (interim dividends) for the 2023
Financial Year, the Board of Directors determined that the Bank will pay temporary
dividends (interim dividends) to shareholders on profits for 2023 amounting to Rp 42.5 (full
value) per share. The actual amount of interim dividends paid was Rp 5,239,190.
The Annual General Meeting of Shareholders of PT Bank Central Asia Tbk dated 17 March
2022 (minutes prepared by Christina Dwi Utami, S.H., M.Hum., M.Kn., with Minutes No.
126), resolved the appropriation of 2021 net income, as follows:
a. Net profit of 2021 amounting to Rp 314,227 will be appropriated for reserve funds.
b. Distribute cash dividends in the amount of Rp 17,874,882 (Rp 145 (full amount) per share)
to shareholders who have the right to receive cash dividends. The total cash dividend that
will be paid on 19 April 2022 is Rp 14,793,006 (the 2021 Fiscal Year interim dividend has
been paid on 7 December 2021 amounting to Rp 3,081,876).
c. Determine tantiem for members of the Board of Commissioners and Board of Directors
who serve in and during the 2021 financial year. The actual amount of tantiem paid is
Rp 493,000.
d. Determine the remaining 2021 net profit after deducting dividends as retained earnings.
In accordance with the Decree of the Board of Directors Meeting dated 21 November 2022
No. 205 regarding the Distribution of Temporary Dividends (interim dividends) for Fiscal Year
2022, the Board of Directors determines that the Bank will pay temporary dividends (interim
dividends) to shareholders for 2022 profits of Rp 35 (full amount) per share. The actual amount
of interim dividends paid is Rp 4,314,627.
37. FINANCIAL INSTRUMENTS
Classification of financial assets and financial liabilities
Financial instruments have been classified based on their respective classifications. The
significant accounting policies in Note 2g describe how the categories of the financial assets
and liabilities are measured and how income and expenses, including fair value gains and
losses (changes in fair value of financial instruments) are recognised.
Financial instrument valuation models
The Group measures fair values using the following hierarchy of methods:
• Level 1: inputs that are quoted prices (unadjusted) in active markets for identical
instruments that the Group can access at the measurement date;
• Level 2: inputs other than quoted prices included within level 1 that are observable,
either directly or indirectly. This category includes instruments valued using: quoted
market prices in active markets for similar instruments; quoted prices for identical or
similar instruments in markets that are not active; or other valuation techniques in which
all significant inputs are directly or indirectly observable from market data;
• Level 3: inputs that are unobservable. This category includes all instruments for which
the valuation technique includes inputs not based on observable data and these
unobservable inputs have a significant effect on the instrument’s valuation. This
category includes instruments that are valued based on quoted prices for similar
instruments for which significant unobservable adjustments or assumptions are required
to reflect differences between the instruments.
Page 115
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/100
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
Financial instrument valuation models (continued)
Fair values of financial assets and financial liabilities that are traded in active market are
based on quoted market prices. For all other financial instruments, the Bank determines
fair values using valuation techniques.
Valuation techniques include net present value and discounted cash flow models,
comparison with similar instruments for which market observable prices exist and other
valuation models. Assumptions and inputs used in valuation techniques include risk-free
interest rates, benchmark interest rate, credit spreads and other variables used in estimating
discount rates, bond prices, foreign currency exchange rates, and expected price volatilities
and correlations.
The objective of valuation techniques is to arrive at a fair value measurement that reflects the
price that would be received to sell the asset or paid to transfer the liability in an orderly
transaction between market participants at the measurement date.
The Group uses widely recognised valuation models for determining the fair values of
common and more simple financial instruments, such as interest rate and currency swaps
that used only observable market data and require little management judgment and
estimation. Observable prices or model inputs are usually available in the market for listed
debt securities and simple over-the-counter derivatives such as interest rate swaps.
Availability of observable market prices and model inputs reduces the needs for
management judgment and estimation and also reduces the uncertainty associated with
determining the fair values. Availability of observable market prices and inputs varies
depending on the products and markets and is prone to changes based on specific events
and general conditions in the financial markets.
Management judgment and estimation are usually required for selection of the appropriate
valuation models to be used, determination of expected future cash flows on the financial
instruments being valued, determination of the probability of counterparty default,
prepayments and selection of appropriate discount rates.
Valuation framework
Valuation of financial assets and financial liabilities are subject to an independent review from
the business by Group Accounting (“ACT”) and Risk Management Division. ACT is primarily
responsible for ensuring that valuation adjustments have been properly accounted for. Risk
Management Division performs an independent price validation to ensure that the Bank uses
reliable market data from independent sources, e.g., traded prices and broker quotes.
Valuation model is proposed by Risk Management Division and approved by the
management. Risk Management Division performs a periodic review of the feasibility of the
market data sources used for valuation. The market data used for price validation may include
those sourced from recent trade data involving external counterparties or third parties such as
Bloomberg, Reuters, brokers and pricing providers. The market data used should be
representative of the market as much as possible, which can evolve over time as markets and
financial instruments develop. To determine the quality of the market data inputs, factors such
as independence, relevance, reliability, availability of multiple data sources and methodology
employed by the pricing providers are taken into consideration.
Page 116
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
Valuation of financial instruments
Financial instruments measured at fair value
The following table sets out the carrying amounts and fair values of financial instruments of
the Group, measured at fair values, and their analysis by the level in the fair value hierarchy.
2023
Carrying amount Fair value
Measured at fair
value through
Measured at fair other
value through comprehensive
profit or loss income Total Level 2
Financial assets
Placements with Bank Indonesia
and other banks - net - 198,245 198,245 198,245
Financial assets at fair value - net 15,058,660 - 15,058,660 15,058,660
Investment securities - net - 109,895,084 109,895,084 109,895,084
15,058,660 110,093,329 125,151,989 125,151,989
Financial liabilities
Financial liabilities at fair value 122,765 - 122,765 122,765
122,765 - 122,765 122,765
2022
Carrying amount Fair value
Measured at fair
value through
Measured at fair other
value through comprehensive
profit or loss income Total Level 2
Financial assets
Financial assets at fair value - net 2,233,129 - 2,233,129 2,233,129
Investment securities - net - 128,038,808 128,038,808 128,038,808
2,233,129 128,038,808 130,271,937 130,271,937
Financial liabilities
Financial liabilities at fair value 383,273 - 383,273 383,273
383,273 - 383,273 383,273
Fair value of placements with Bank Indonesia and other banks which measured at fair value
through other comprehensive income were calculated using valuation techniques based on
the Bank’s internal model, which is a discounted cash flow method. Input used in the valuation
techniques is market interest rate for money market instruments which have similar
characteristics of credit, maturity, and yield.
As of 31 December 2023 and 2022, the fair value of marketable securities classified in the
group measured at fair value through profit or loss, and the fair value of securities classified in
the group measured at fair value through other comprehensive income is based on market
prices issued by the pricing provider (Penilai Harga Efek Indonesia/"PHEI"). If this information
is not available, fair value is estimated using quoted market prices for securities that have
similar characteristics of credit, maturity, and yield.
Page 117
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
Valuation of financial instruments (continued)
Financial instruments measured at fair value (continued)
As of 31 December 2023 and 2022, the fair value of investment securities which measured at
fair value through other comprehensive income did not include the fair value of investments in
shares amounting to Rp 451,993 and Rp 440,617, respectively, which were valued at cost,
since the fair value cannot be measured reliably.
Financial instruments not measured at fair value
The following table sets out the carrying amounts and fair values of financial instruments of the
Group, which are not measured at fair values and their analysis by the level in the fair value
hierarchy.
2023
Carrying value Fair value
Amortised cost Total Level 2 Level 3 Total
Financial assets
Loans receivables - net 758,887,839 758,887,839 28,011,091 738,167,137 766,178,228
Consumer financing receivables - net 8,713,450 8,713,450 - 8,663,660 8,663,660
Finance lease receivables - net 139,007 139,007 - 138,639 138,639
Assets related to sharia transaction -
murabahah receivables - net 1,643,051 1,643,051 - 1,643,051 1,643,051
Investment securities - net 201,706,547 201,706,547 201,666,248 - 201,666,248
971,089,894 971,089,894 229,677,339 748,612,487 978,289,826
Financial liabilities
Deposits from customers 1,090,766,807 1,090,766,807 1,090,766,807 - 1,090,766,807
Sharia deposits 3,201,970 3,201,970 3,201,970 - 3,201,970
Finance lease liabilities 237,344 237,344 237,344 - 237,344
Deposits from other banks 10,070,820 10,070,820 10,070,820 - 10,070,820
Borrowings 1,629,626 1,629,626 1,631,281 - 1,631,281
Subordinated bonds 500,000 500,000 500,000 - 500,000
1,106,406,567 1,106,406,567 1,106,408,222 - 1,106,408,222
2022
Carrying value Fair value
Amortised cost Total Level 2 Level 3 Total
Financial assets
Loans receivables - net 660,989,004 660,989,004 23,447,307 631,782,303 655,229,610
Consumer financing receivables - net 8,215,427 8,215,427 - 7,476,847 7,476,847
Finance lease receivables - net 121,716 121,716 - 123,618 123,618
Assets related to sharia transaction -
murabahah receivables - net 1,331,217 1,331,217 - 1,331,217 1,331,217
Investment securities - net 120,415,741 120,415,741 119,300,760 - 119,300,760
791,073,105 791,073,105 142,748,067 640,713,985 783,462,052
Financial liabilities
Deposits from customers 1,030,451,783 1,030,451,783 1,030,451,783 - 1,030,451,783
Sharia deposits 2,825,860 2,825,860 2,825,860 - 2,825,860
Finance lease liabilities 289,169 289,169 289,169 - 289,169
Deposits from other banks 7,936,206 7,936,206 7,936,206 - 7,936,206
Borrowings 1,316,951 1,316,951 1,282,414 - 1,282,414
Subordinated bonds 500,000 500,000 500,000 - 500,000
1,043,319,969 1,043,319,969 1,043,285,432 - 1,043,285,432
Page 118
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
Financial instruments not measured at fair value (continued)
The financial instruments not measured at fair value are measured at amortised cost.
The following financial instruments are short-term financial instruments or financial instruments
which are re-priced periodically to current market rates, therefore, the fair values of financial
instruments are reasonable approximation of carrying value.
Financial assets:
- Cash
- Current accounts with Bank Indonesia
- Current accounts with other banks
- Placements with Bank Indonesia and other banks
- Acceptance receivables
- Bills receivables
- Securities purchased under agreements to resell
- Other assets
Financial liabilities:
- Securities sold under agreements to repurchase
- Acceptance payables
- Estimated losses from commitment and contingency
- Other liabilities
As of 31 December 2023 and 2022, the fair values of loans receivable, consumer financing
receivables, finance lease receivables and borrowings were determined using discounted
cash flows based on internal interest rate.
As of 31 December 2023 and 2022, the fair values of investment securities issued at amortised
cost based on market prices issued by pricing provider (Penilai Harga Efek Indonesia/"PHEI",
formerly Indonesia Bond Pricing Agency/ “IBPA”) If the information is not available, the fair
values were estimated using quoted market prices of securities which have similar
characteristics of credit, maturity, and yield.
As of 31 December 2023 and 2022, the fair values of deposits from customers and deposits
from other banks are the same with the carrying amount since they are payables on demand
in nature.
The fair values calculated are for disclosure purposes only and do not have any impact on the
Group’s reported financial performance or position. The fair values calculated by the Group
may be different from the actual amount that will be received or paid on the settlement or
maturity of the financial instrument. As certain categories of financial instruments are not
traded, there is management judgment and estimation involved in calculating their fair values.
Page 119
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/104
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
38. POST-EMPLOYMENT BENEFITS OBLIGATION
In accordance with Law of the Republic of Indonesia No. 11/2020 concerning Job Creation
Act, the Bank is required to provide post-employment benefits to its employees when their
employments are terminated or when they retire. These benefits are primarily based on years
of services and the employees’ compensation at termination or retirement. These post-
employment benefits are defined benefits program.
The Bank also had a defined contribution pension plan that covers all permanent employees
who fulfilled the criteria determined by the Bank. This defined contribution pension plan is
managed and administered by Dana Pensiun BCA which was established by the Bank to
manage the assets, generate investment income and pay the post-employment benefits to
the employees. The establishment of Dana Pensiun BCA had been ratified by the Minister of
Finance of Republic of Indonesia in its Decision Letter No. KEP-020/KM.17/1995 dated
25 January 1995. The contribution to the pension plan is computed based on certain
percentage of employees’ basic salary, for which the contribution from employees and the
Bank are 3% (three percent) and 5% (five percent), respectively. During the year ended
31 December 2023 and 2022, the accumulated contributions from the Bank are 2% (two
percent) respectively, which are considered as a deduction against the post-employment
benefits obligation in accordance with the Manpower Law.
During the years ended 31 December 2023 and 2022, the Bank has set aside funds that will
be used to support the fulfilment of employee post-employment benefit obligations amounting
to Rp 2,818 and Rp 4,117, respectively, which is placed in several insurance companies in
the form of savings plan that meet the criteria to be recorded as plan assets.
The defined benefit pension plan provides actuarial risk exposures to the Bank, e.g.,
investment risk, interest rate risk and inflation risk.
Post-employment benefits provided by the Bank consist of pension, other long-term
compensations in the form of long service benefits and post-employment healthcare benefits.
The post-employment benefits obligation as of 31 December 2023 and 2022 were calculated
by Kantor Konsultan Aktuaria Steven & Mourits as the Bank’s independent actuary, using the
projected-unit-credit method. The main assumptions used by independent actuary were as
follows:
2023 2022
Economic assumptions:
Annual discount rate
Defined benefit pension plan 6.80% 7.15%
Other long-term compensations – Gold 6.80% 7.20%
Other long-term compensations – Non Gold 6.85% 7.20%
Post-employment healthcare benefits – Self Insured 6.70% 6.90%
Post-employment healthcare benefits – Insurance 6.95% 7.40%
Annual basic salary growth rate 9.00% 9.00%
Healthcare cost rate 11.50% 10.00%
The discount rate is used in determining the present value of the post-employment benefits
obligation at valuation date. In general, the discount rate correlates with the yield on high
quality government bonds that are traded in active capital markets at the reporting date.
Page 120
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
38. POST-EMPLOYMENT BENEFITS OBLIGATION (continued)
The future basic salary growth assumption projects the post-employment benefits obligations
starting from the valuation date through the normal retirement age. The basic salary growth
rate is generally determined by applying inflation adjustment to scales of payment and by
taking into account of the years of service.
The Bank’s obligation for post-employment benefits for the years ended 31 December 2023
and 2022 were in accordance with the independent actuary reports dated 5 January 2024 and
6 January 2023, respectively.
a. Post-employment benefits obligation
The post-employment benefits obligation as of 31 December 2023 and 2022 were as
follows:
Defined benefit pension plan
and other long-term Post-employment healthcare
compensations benefits
2023 2022 2023 2022
Present value of obligation for post-
employment benefits 11,847,856 11,225,855 156,844 137,462
Fair value of plan assets (3,120,458) (3,952,724) - -
Net obligation for post-employment
benefits - Bank 8,727,398 7,273,131 156,844 137,462
The Subsidiaries’ obligation for post-employment benefits as of 31 December 2023 and
2022 which were recorded in the consolidated statements of financial position amounting
to Rp 147,830 and Rp 110,632, respectively.
b. Movement of post-employment benefits obligation
Defined benefit pension plan
and other long-term Post-employment healthcare
compensations benefits
2023 2022 2023 2022
Movement in the defined benefit obligation
Post-employment benefit obligation,
beginning of the year - Bank 7,273,131 6,923,233 137,461 197,102
Included in profit or loss
Current service cost 754,821 675,034 6,705 8,740
Past service cost - amendment - - (12,025) (48,125)
Interest cost 511,473 405,461 8,672 10,436
Termination cost 3,165 7,520 - -
Liability assumed due to
recognition of past services 2,852 969 50 78
Impact of changes in attribution
method in P&L - (785,994) - -
Included in other comprehensive income
Actuarial gains (losses) arising from:
Changes in financial assumptions (41,716) 251,949 28,917 (12,809)
Changes in demographic assumptions - - - -
Experience adjustments 350,315 13,149 29,185 14,093
Return on plan assets excluding
interest income 187,347 159,472 - -
Impact of changes in attribution
method in OCI - (70,545) - -
Others
Fund placements in insurance
companies (plan assets) (2,818) (4,117) - -
Post- employment benefits paid directly
by the Bank (311,172) (303,000) (42,121) (32,053)
Post-employment benefits obligation,
end of the year - Bank 8,727,398 7,273,131 156,844 137,462
Page 121
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/106
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
38. POST-EMPLOYMENT BENEFITS OBLIGATION (continued)
b. Movement of post-employment benefits obligation (continued)
The Subsidiaries’ post-employment benefits expenses for the years ended 31 December
2023 and 2022 recorded in the profit or loss amounting to Rp 45,405 and Rp 3,260,
respectively.
During the years ended 31 December 2023 and 2022, payments for post-employment
benefits in the Subsidiaries amounting to Rp 6,950 and Rp 7,884, respectively, and the
Subsidiaries have set aside funds that will be used to support the fulfilment of post-
employment benefits obligation for each employee amounting of Rp 6,659 and Rp 15,793
by placing them with several insurance companies, which meet the criteria to be recorded
as plan assets.
c. The composition of plan assets
The composition of plan assets from pension fund for the years ended 31 December 2023
and 2022, were as follows:
Percentage allocation as of
31 December 2023 Percentage allocation as of
Quoted market price 31 December 2023
for severance program Quoted market price for DPLK PDKP
AIA Allianz Manulife AIA Allianz Manulife BCA Life
Shares 0.00% 0.00% 0.00% 12.86% 10.37% 15.12% 0.00%
Bonds 0.00% 0.00% 0.00% 69.69% 69.88% 64.52% 0.00%
Property 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Derivatives 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cash 100.00% 100.00% 100.00% 17.45% 19.75% 20.36% 0.00%
Others 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
Percentage allocation as of
31 December 2022 Percentage allocation as of
Quoted market price 31 December 2022
for severance program Quoted market price for DPLK PDKP
AIA Allianz Manulife AIA Allianz Manulife BCA Life
Shares 0.00% 0.00% 0.00% 0.00% 18.61% 14.77% 8.70%
Bonds 0.00% 0.00% 0.00% 67.95% 69.09% 64.21% 79.34%
Property 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Derivatives 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cash 100.00% 100.00% 100.00% 32.05% 12.30% 21.02% 11.96%
Others 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
d. Changes in fair value of plan assets for post-employment program
2023 2022
Fair value of plan assets, beginning of the year - Bank 3,952,724 4,877,681
Fund placements in insurance companies 2,818 4,117
Return on plan assets excluding interest income (187,347) (159,472)
Interest income on plan assets 250,604 291,399
Post-employment benefits paid (898,341) (1,061,001)
Fair value of plan assets, end of the year - Bank 3,120,458 3,952,724
Page 122
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/107
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
38. POST-EMPLOYMENT BENEFITS OBLIGATION (continued)
e. Historical information - Bank:
31 December
2023 2022 2021 2020 2019 2018
Defined benefits pension plan
and other long-term compensation
Present value of post-employment
benefits obligation 11,847,856 11,225,855 11,800,914 12,966,647 11,724,337 10,469,846
Fair value of plan assets (3,120,458) (3,952,724) (4,877,681) (3,664,581) (4,077,260) (4,410,076)
Deficit 8,727,398 7,273,131 6,923,233 9,302,065 7,647,077 6,059,770
Experience adjustment on plan liabilities 350,315 13,149 (159,362) (9,914) 116,222 353,216
Experience adjustment on plan assets 187,347 159,472 (440,474) 555,010 (204,650) 371,291
Post-employment healthcare benefits
Present value of post-employment
benefits obligation 156,844 137,462 197,102 214,570 209,355 236,760
Experience adjustment on plan liabilities 29,185 14,093 (15,238) (15,955) (7,038) (24,089)
f. Sensitivity analysis
Changes in 1 (one) percent of actuarial assumptions will have the following impacts:
2023
Other long-term Post-employment
Defined benefit pension plan compensations healthcare benefits
Increase Decrease Increase Decrease Increase Decrease
Discount rate (1% movement) (404,885) 449,720 (249,099) 286,212 (11,732) 15,778
Basic salary rate (1% movement) 495,698 (454,759) 286,371 (254,360) - -
Healthcare cost rate (1% movement) - - - - 13,314 (11,671)
2022
Other long-term Post-employment
Defined benefit pension plan compensations healthcare benefits
Increase Decrease Increase Decrease Increase Decrease
Discount rate (1% movement) (383,887) 423,341 (224,820) 255,705 (8,482) 11,700
Basic salary rate (1% movement) 468,423 (432,428) 257,223 (230,548) - -
Healthcare cost rate (1% movement) - - - - 9,749 (8,718)
g. Expected Maturity Analysis
Expected maturity analysis of undiscounted pension benefits and post-employment
healthcare benefits is as follows:
20 years and
Up to 10 years 10 - 20 years beyond
Pension benefit 8,456,527 2,940,661 3,512,052
Other long-term compensations 3,470,530 1,139,077 1,626,074
Post-employment healthcare benefits 132,917 57,007 111,672
h. The weighted-average of period of the defined benefits obligation, other long-term
compensations, and post-retirement healthcare benefits were 11.38 years; 12.72 years;
and 13.26 years as of 31 December 2023 (31 December 2022: 10.48 years; 11.06 years;
and 11.82 years).
Page 123
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/108
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
39. CUSTODIAL SERVICES
The Bank’s Custodial Services Bureau obtained its license to provide custodial services from
the Capital Market and Financial Institution Supervisory Agency (Bapepam, currently Financial
Services Authority or “OJK”) under its Decision Letter No. KEP-148/PM/1991 dated 13
November 1991.
The services offered by the Bank’s Custodial Services Bureau include safekeeping, settlement
and transaction handling, income collection, proxy, corporate action, cash management,
investment recording/reporting and tax reclamation.
As of 31 December 2023 and 2022, assets administered by the Bank’s Custodial Services
Bureau consist of shares, bonds, time deposits, certificate of deposits, commercial papers and
other money market instruments.
40. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
Balances of monetary assets and liabilities in foreign currencies were as follows:
2023 2022
Foreign Foreign
currencies Rupiah currencies Rupiah
(in thousand) equivalent (in thousand) equivalent
Monetary assets
Cash
US Dollar (USD) 42,260 650,678 37,965 591,016
Australian Dollar (AUD) 17,447 183,555 8,604 90,835
Singapore Dollar (SGD) 16,182 188,941 16,842 195,242
Hong Kong Dollar (HKD) 4,709 9,280 7,049 14,073
GB Pound (GBP) 493 9,684 798 14,985
Japanese Yen (JPY) 257,749 28,064 167,124 19,689
Euro (EUR) 6,442 109,754 6,363 105,513
Others, USD equivalent 2,810 43,272 2,024 31,513
1,223,228 1,062,866
Current accounts with Bank Indonesia
US Dollar (USD) 254,231 3,914,389 255,687 3,980,407
3,914,389 3,980,407
Current accounts with other banks - net
US Dollar (USD) 142,447 2,193,255 103,162 1,605,975
Australian Dollar (AUD) 12,146 127,786 26,538 280,184
Singapore Dollar (SGD) 34,877 407,233 51,706 599,423
Hong Kong Dollar (HKD) 17,677 34,836 50,365 100,556
GB Pound (GBP) 4,100 80,459 9,568 179,755
Japanese Yen (JPY) 8,159,738 888,432 4,975,261 586,136
Euro (EUR) 9,224 157,154 17,924 297,217
Others, USD equivalent 108,166 1,665,424 69,269 1,078,344
5,554,579 4,727,590
Placements with Bank Indonesia and
other banks - net
US Dollar (USD) 463 7,123 1,280,242 19,930,169
Australian Dollar (AUD) - - 29,999 316,729
Singapore Dollar (SGD) 89,999 1,050,857 149,985 1,738,762
Hong Kong Dollar (HKD) 31,811 62,691 1,068 2,132
Others, USD equivalent 26,067 401,351 - -
1,522,022 21,987,792
Page 124
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/109
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
40. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (continued)
Balances of monetary assets and liabilities in foreign currencies were as follows: (continued)
2023 2022
Foreign Foreign
currencies Rupiah currencies Rupiah
(in thousand) equivalent (in thousand) equivalent
Monetary assets (continued)
Financial assets at fair value
through profit or loss
US Dollar (USD) 236,384 3,639,600 10,529 163,912
3,639,600 163,912
Acceptance receivables - net
US Dollar (USD) 430,413 6,627,067 609,273 9,484,857
Singapore Dollar (SGD) - - 243 2,814
GB Pound (GBP) - - 1,012 19,018
Japanese Yen (JPY) 471,589 51,347 823,711 97,041
Euro (EUR) 148,587 2,531,673 114,988 1,906,695
Others, USD equivalent 53,304 820,728 24,684 384,268
10,030,815 11,894,693
Bills receivable - net
US Dollar (USD) 330,706 5,091,886 157,646 2,454,153
Japanese Yen (JPY) 10,786 1,174 15,413 1,816
Euro (EUR) 1,195 20,353 2,926 48,510
Others, USD equivalent 1,306 20,111 862 13,415
5,133,524 2,517,894
Loans receivable - net
US Dollar (USD) 2,675,843 41,199,949 2,603,229 40,525,769
Australian Dollar (AUD) 13 141 23 242
Singapore Dollar (SGD) 56,795 663,156 63,160 732,208
Hong Kong Dollar (HKD) 304,242 599,580 462,430 923,265
Euro (EUR) 408 6,955 228 3,776
42,469,781 42,185,260
Investment securities - net
US Dollar (USD) 624,532 9,615,920 594,502 9,254,908
Hong Kong Dollar (HKD) 115,710 228,033 187,527 374,406
9,843,953 9,629,314
Other assets - net
US Dollar (USD) 25,866 398,257 21,629 336,715
Australian Dollar (AUD) - - 48 508
Singapore Dollar (SGD) 710 8,287 509 5,897
Hong Kong Dollar (HKD) 4,034 7,951 7,618 15,209
GB Pound (GBP) - 1 - 1
Japanese Yen (JPY) 1,044 114 2,240 264
Euro (EUR) 1,017 17,331 445 7,383
Others, USD equivalent 37 566 19 293
432,507 366,270
Page 125
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/110
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
40. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (continued)
Balances of monetary assets and liabilities in foreign currencies were as follows: (continued)
2023 2022
Foreign Foreign
currencies Rupiah currencies Rupiah
(in thousand) equivalent (in thousand) equivalent
Monetary liabilities
Deposits from customers
US Dollar (USD) 3,894,004 59,955,974 4,463,013 69,477,953
Australian Dollar (AUD) 53,097 558,625 55,509 586,056
Singapore Dollar (SGD) 377,233 4,404,702 349,396 4,050,504
Hong Kong Dollar (HKD) 16,389 32,298 6,799 13,574
GB Pound (GBP) 3,932 77,172 7,221 135,650
Japanese Yen (JPY) 8,082,641 880,038 5,301,302 624,546
Euro (EUR) 70,577 1,202,512 72,537 1,202,788
Others, USD equivalent 89,112 1,372,052 52,781 821,663
68,483,373 76,912,734
Deposits from other banks
US Dollar (USD) 104,729 1,612,516 113,883 1,772,870
Australian Dollar (AUD) 9,998 105,188 9,631 101,683
Euro (EUR) 2 30 2 30
Singapore Dollar (SGD) 3,926 45,839 2,053 23,803
Others, USD equivalent 14 215 15 231
1,763,788 1,898,617
Financial liabilities at fair value
through profit or loss
US Dollar (USD) 661 10,178 250 3,894
10,178 3,894
Acceptance payables
US Dollar (USD) 273,710 4,214,319 479,970 7,471,937
Singapore Dollar (SGD) - - 243 2,814
GB Pound (GBP) - - 1,018 19,123
Japanese Yen (JPY) 400,949 43,655 295,650 34,831
Euro (EUR) 12,348 210,393 18,638 309,044
Others, USD equivalent 49,254 758,356 22,719 353,674
5,226,723 8,191,423
Securities sold under agreement to
repurchase
Hong Kong Dollar (HKD) 41,734 82,246 128,202 255,962
82,246 255,962
Borrowings
US Dollar (USD) 15,125 232,885 740 11,515
Hong Kong Dollar (HKD) 71,112 140,143 239,882 478,936
GB Pound (GBP) - - 1 14
Others, USD equivalent - - 23 358
373,028 490,823
Page 126
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/111
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
40. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (continued)
Balances of monetary assets and liabilities in foreign currencies were as follows: (continued)
2023 2022
Foreign Foreign
currencies Rupiah currencies Rupiah
(in thousand) equivalent (in thousand) equivalent
Monetary liabilities (continued)
Estimated losses from commitment and
contingencies
US Dollar (USD) 15,828 243,708 15,277 237,820
Australian Dollar (AUD) - 3 - -
Singapore Dollar (SGD) 563 6,573 363 4,203
Hong Kong Dollar (HKD) 270 532 93 186
GB Pound (GBP) - - - 5
Japanese Yen (JPY) 1,884 205 9,083 1,070
Euro (EUR) 77 1,318 216 3,574
Others, USD equivalent 26 407 54 834
252,746 247,692
Accruals and other liabilities
US Dollar (USD) 1,307 20,123 2,267 35,291
Australian Dollar (AUD) 11 119 - -
Singapore Dollar (SGD) 59 689 13 149
Hong Kong Dollar (HKD) 3,018 5,948 6,531 13,040
GB Pound (GBP) 1 13 - 1
Japanese Yen (JPY) 261 28 - -
Euro (EUR) 15 253 54 899
Others, USD equivalent 11 175 5 45
27,348 49,425
41. OPERATING SEGMENTS
The Group disclosed the financial information based on the products were as follows:
2023
Loans Treasury Others Total
Assets 758,887,839 534,025,680 115,193,491 1,408,107,010
Loans receivable - net 758,887,839 - - 758,887,839
Interest and sharia income 54,143,689 28,804,936 4,449,149 87,397,774
Fee-based income and others 4,916,215 258,012 17,755,363 22,929,590
2022
Loans Treasury Others Total
Assets 660,989,004 551,228,677 102,513,993 1,314,731,674
Loans receivable - net 660,989,004 - - 660,989,004
Interest and sharia income 46,157,245 22,337,258 3,746,688 72,241,191
Fee-based income and others 5,344,236 224,670 16,630,856 22,199,762
The Group main operations are managed in Indonesian territory. Bank’s business segment is
classified into 5 (five) main geographic areas, which are Sumatera, Java, Kalimantan, East
Indonesia and overseas operation.
Page 127
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/112
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENTS (continued)
Information regarding segment based on geographic of the Group is presented in table below:
2023
East Overseas
Sumatera Java Kalimantan Indonesia operation Total
Interest and sharia income 3,963,081 79,546,443 1,550,536 2,268,692 69,022 87,397,774
Interest and sharia expenses (573,101) (11,167,247) (195,437) (306,280) (26,887) (12,268,952)
Net interest and sharia income 3,389,980 68,379,196 1,355,099 1,962,412 42,135 75,128,822
Net fees and commissions income 1,029,599 14,511,324 407,310 700,711 3,772 16,652,716
Net income from transaction
at fair value through
profit or loss 53,449 1,756,021 25,012 48,202 4,816 1,887,500
Other operating income 42,817 6,156,033 24,798 57,601 (4,914) 6,276,335
Total segment income 4,515,845 90,802,574 1,812,219 2,768,926 45,809 99,945,373
Depreciation and amortisation (51,723) (3,282,998) (22,719) (39,657) (5,643) (3,402,740)
Other material non-cash elements:
Reversal of allowance for
impairment losses on asset (322,747) (1,882,203) (269,446) 210,601 746 (2,263,049)
Other operating expenses (1,465,271) (31,093,748) (524,237) (989,230) (27,341) (34,099,827)
Income before tax 2,676,104 54,543,625 995,817 1,950,640 13,571 60,179,757
Income tax expense (11,521,662)
Net income for the year 48,658,095
Assets 93,124,817 1,229,535,237 33,270,213 51,266,184 910,559 1,408,107,010
Liabilities 93,124,817 979,786,929 33,270,213 51,266,184 227,402 1,157,675,545
Loans receivable - net 32,404,446 690,431,115 13,653,762 21,798,936 599,580 758,887,839
Deposits from customers 91,866,574 915,420,224 32,928,122 50,551,887 - 1,090,766,807
Sharia deposits - 3,201,970 - - - 3,201,970
Temporary syirkah deposits - 7,893,872 - - - 7,893,872
2022
East Overseas
Sumatera Java Kalimantan Indonesia operation Total
Interest and sharia income 3,648,298 65,277,562 1,337,349 1,930,757 47,225 72,241,191
Interest and sharia expense (326,846) (7,624,922) (112,344) (171,651) (15,919) (8,251,682)
Net interest and sharia income 3,321,452 57,652,640 1,225,005 1,759,106 31,306 63,989,509
Net fees and commission income 922,853 14,705,903 352,508 598,690 3,651 16,583,605
Net income from transaction
at fair value through
profit or loss 59,429 1,180,098 25,804 18,195 3,880 1,287,406
Other operating income 154,205 5,375,187 23,029 61,153 2,223 5,615,797
Total segment income 4,457,939 78,913,828 1,626,346 2,437,144 41,060 87,476,317
Depreciation and amortisation (51,684) (2,545,843) (21,562) (37,456) (5,645) (2,662,190)
Other material non-cash elements:
Reversal of allowance for
impairment losses on asset (188,454) (4,121,661) (71,826) (144,215) (463) (4,526,619)
Other operating expenses (1,367,862) (27,100,941) (461,709) (864,081) (25,882) (29,820,475)
Income before tax 2,849,939 45,145,383 1,071,249 1,391,392 9,070 50,467,033
Income tax expense (9,711,461)
Net income for the year 40,755,572
Page 128
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/113
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENTS (continued)
Information regarding segment based on geographic of the Group is presented in table below:
(continued)
2022
East Overseas
Sumatera Java Kalimantan Indonesia operation Total
Assets 87,465,293 1,152,891,324 29,764,358 43,189,773 1,420,926 1,314,731,674
Liabilities 87,465,293 925,932,028 29,764,358 43,189,757 758,208 1,087,109,644
Loans receivable - net 27,814,723 601,007,942 12,156,398 19,086,675 923,266 660,989,004
Deposits from customers 86,373,744 871,925,630 29,537,878 42,614,531 - 1,030,451,783
Sharia deposits - 2,825,860 - - - 2,825,860
Temporary syirkah deposits - 6,440,375 - - - 6,440,375
42. FINANCIAL RISK MANAGEMENT
The Bank has exposures to the following risks:
- Asset and liability risk
- Credit risk
- Liquidity risk
- Market risk
- Operational risk
- Consolidated risk
The following notes present information about the Bank’s exposure to each of the above risks,
the Bank’s objectives, policies and process which are undertaken by the Bank in measuring
and managing risk.
a. Risk management framework
The Bank recognises that in operating its business, there are inherent risks in its financial
instruments, i.e. credit risk, liquidity risk, market risk which consists of foreign exchange
risk and interest rate risk, operational risk and other risk.
In order to control those risks, the Bank implemented an integrated Risk Management
Framework which is stated in its Basic Policy of Risk Management (“KDMR”). This
framework is used as a tool for determining the strategies, organisation, policies and
guidances as well as the Bank’s infrastructures to ensure that all risks faced by the Bank
can be properly identified, measured, controlled and reported.
To implement an effective risk management, the Bank has established a Risk
Management Committee whose functions are to address overall risk issues faced by the
Bank and recommend risk management policies to the Board of Directors.
In addition to the above-mentioned committee, the Bank also has other committees which
are responsible to handle specific risks, such as: Credit Policy Committee, Credit
Committee and Asset and Liability Committee (“ALCO”).
Page 129
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/114
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
a. Risk management framework (continued)
The Bank always conducts a thorough risk assessment on management plan to release
new products and/or activities in accordance with the type of risks regulated by the
prevailing Bank Indonesia Regulations (“PBI”), Financial Services Authority Regulation
(“POJK”) and other prevailing regulations.
b. Assets and liabilities risk management
ALCO is responsible for evaluating, recommending and establishing the Bank’s funding
and investing strategies. Included in the scope of ALCO activities are managing liquidity
risk, interest rate risk and foreign exchange risk; minimising funding cost and at the same
time maintaining liquidity; and optimising the Bank’s interest income by allocating the
funds to productive assets in a prudent manner.
ALCO is chaired by the President Director (concurrently a member), with other members
consisting of 10 (ten) Directors, as well as the Executive Vice President in charge of
Treasury and International Banking, the Executive Vice President in charge of Corporate
Banking & Transactions, the Executive Vice President in charge of Accounting, Tax,
Industry & Economic Research, Environment Sustainability Governance and Investor
Relations, Head of International Banking, Head of Treasury, Head of Corporate Strategy
& Planning, Head of Corporate Banking, Transaction & Finance, Head of SME &
Commercial Business, Head of Transaction Banking Product Development, Head of
Transaction Banking Business Development, Head of Transaction Banking Partnership
Solution Development, Head of Consumer Finance, and Head of Risk Management.
The Bank’s asset and liability management process begins with an assessment of
economic parameters affecting the Bank, which primarily consist of inflation rate, market
liquidity, yield curve, US Dollar-Rupiah exchange rate, and other macroeconomic factors.
Liquidity risks, foreign currency exchange risks and interest rate risks are reviewed by the
Risk Management Division and reported to ALCO. ALCO then decides the pricing strategy
for the interest rates on deposits and loans based on the conditions and competition in
the market.
c. Credit risk management
The credit organisation is continuously being improved with an emphasis on the four eyes
principle, in which the credit decision is determined with the considerations of 2 (two)
functions, i.e. business development function and credit risk analysis function.
The Bank has Basic Policy of Bank’s Credit (“KDPB”) which are continuously being
improved, in line with the Bank’s development, PBI, POJK and in accordance with
“International Best Practices”.
Page 130
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/115
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
The improvement on procedures and credit risk management system are conducted
through the development of “Loan Origination System” which is a policy that regulates the
workflow on loan origination process (end-to-end) in order to achieve an effective and
efficient credit process. Risk profile measurement system is continuously being developed
to determine the risk of debtor completely. The credit database development process is
also continuously being conducted and improved.
The Credit Policy Committee is responsible for formulating credit policies, especially those
that relate to prudence principles in credit, monitoring and evaluating the implementation
of credit policies so that it can be applied consistently and in accordance with credit policy,
and give advice and corrective actions to resolve problems in the implementation.
The Credit Committee was established to assist the Board of Directors in evaluating
and/or providing credit decisions in accordance with their level of authorisation through
the Credit Committee Meeting or Directors’ Circular Letter. The main functions of Credit
Committee are as follows:
• providing further guidance if a thorough and comprehensive credit analysis is needed;
• making a decision or giving a recommendation on a credit proposal for big debtors
and specific industries; and
• coordinating with ALCO, especially when it relates with sources of funding for credits.
The Bank has developed a debtor’s risk rating system, which is known as the Internal
Credit Risk Rating/Scoring System. The Internal Credit Risk Rating/Scoring System
consists of 11 (eleven) categories of risk rating ranging from RR1 to RR10, and the worst
(Loss). The Bank also implements debtor risk rating system for consumptive segment,
which is also called as Internal Credit Risk Scoring System, consists of 10 (ten) risk rating
categories ranging from RR1 (the best/the lowest) to RR10 (the worst/the highest).
Debtor’s risk rating provides an authorised officer with valuable input for a better and more
appropriate credit decision.
To maintain the credit quality, monitoring over credit quality is performed regularly on each
credit category (Corporate, Commercial, Small & Medium Enterprise (“SME”) and
Consumer) as well as to overall credit portfolio. The Bank also sets limits in loans so that
it can maintain the suitability of credit extension with the Bank's risk appetite and prevailing
regulations.
The Bank has developed credit risk management tools through credit portfolio stress
testing analysis and monitoring the results of such stress testing. Stress testing is used
by the Bank as a tool to estimate the impact of stressful condition in order to enable the
Bank creating appropriate strategies to mitigate the risks as part of its contingency plan
implementation.
Page 131
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/116
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
The Bank has developed credit risk management tools through credit portfolio stress
testing analysis and monitoring the results of such stress testing. Stress testing is used
by the Bank as a tool to estimate the impact of stressful condition in order to enable the
Bank creating appropriate strategies to mitigate the risks as part of its contingency plan
implementation.
The Bank has developed the necessary infrastructure for calculation of Risk Weighted of
Assets (“RWAs”) Considering Credit Risk using a standard approach that have been
effectively implemented in January 2023 in accordance with SEOJK No.
24/SEOJK.03/2021.
In order to monitor and control credit risk of the Subsidiaries, the Bank monitors the
Subsidiaries’ credit risk regularly, to ensure that the Subsidiaries have a good and
effective Credit Risk Management Policy.
In connection with the improvement in the economy in Indonesia from the impact of the
COVID-19 disaster, and the existence of regulatory policies, namely OJK, BI and the
Indonesian Government to provide special treatment to certain regions and sectors, the
steps taken by the Bank:
1. Provide credit relaxation/restructuring for debtors affected by the spread of COVID-19
for the accommodation and food and drink provision sector, textile and textile products
and footwear sector, Micro, Small and Medium Enterprises segment and/or Bali
Province.
2. Monitoring regularly and proactively to see the progress of restructured debtors, as
well as maintaining good relationships with debtors.
3. Continue to provide new and additional loans while still paying attention to the Bank's
prudential principles and being more selective, including by paying attention to the
introduction of potential debtors, their industrial sectors, financial conditions and good
business prospects, and collateral requirements.
4. Carry out more routine coordination between related work units at the head office,
including the Board of Directors, together with regional offices and branch offices to
speed up the necessary steps and find solutions to problems faced in the debtor credit
process.
i. Maximum exposure to credit risk
For financial assets recognised in the consolidated statements of financial position,
the maximum exposure to credit risk generally equals their carrying amount. For bank
guarantees and irrevocable Letters of Credit issued, the maximum exposure to credit
risk is the maximum amount that the Bank would have to pay if the obligations of the
bank guarantees and irrevocable Letters of Credit issued are called upon. For credit
commitments, the maximum exposure to credit risk is the full amount of the unused
committed loan facilities granted to customers.
Page 132
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/117
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
i. Maximum exposure to credit risk (continued)
The following table presents maximum exposure to the Group’s credit risk of financial
instruments in the consolidated statements of financial position (on-balance sheet)
and consolidated administrative accounts (off-balance sheet).
2023 2022
Consolidated financial position:
Current accounts with Bank Indonesia 92,617,705 104,110,295
Current accounts with other banks - net 5,614,353 4,751,916
Placements with Bank Indonesia and
other banks - net 5,201,661 31,377,152
Financial assets at fair value through
profit or loss 15,058,660 2,233,129
Acceptance receivables - net 14,659,624 15,199,641
Bills receivable - net 10,383,524 5,895,907
Securities purchased under agreements
to resell - net 93,096,153 153,965,112
Loans receivable - net 758,887,839 660,989,004
Consumer financing receivables - net 8,713,450 8,215,427
Finance lease receivables - net 139,007 121,716
Assets related to sharia transactions -
murabahah receivables - net 1,643,051 1,331,217
Investment securities - net 312,053,624 248,895,166
Other assets - net
Accrued interest income 7,289,568 6,353,832
Transactions related to ATM and
credit card 6,332,552 3,786,790
Unaccepted bills receivable 112,738 13,668
Receivables from customer transactions 485,157 219,738
Receivables from insurance transactions 656,060 416,354
Others 74,555 -
1,333,019,281 1,247,876,064
Consolidated administrative account - net:
Unused credit facilities to
customers - committed 286,036,900 226,442,162
Unused credit facilities to
other banks - committed 429,010 1,935,515
Irrevocable Letters of Credit facilities 11,206,964 14,579,522
Bank guarantees issued to customers 22,731,661 19,783,237
320,404,535 262,740,436
1,653,423,816 1,510,616,500
Page 133
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/118
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
ii. Concentration of credit risk analysis
The Bank encourages the diversification of its credit portfolio among a variety of
geographic area, industries and credit products in order to minimise the credit risk.
The concentration of loans by type of loan, currency and economic sector is
disclosed in Note 12.
Based on counterparty
The following table presents concentration of credit risk of the Group by counterparty:
2023
Government
and Bank
Corporate Indonesia Bank Individual Total
Consolidated financial position:
Current accounts with Bank Indonesia - 92,617,705 - - 92,617,705
Current accounts with other banks - - 5,615,252 - 5,615,252
Placement with Bank Indonesia and
other banks - 751,891 4,450,454 - 5,202,345
Financial assets at fair value through
profit or loss 746,277 14,183,900 128,483 - 15,058,660
Acceptance receivables 14,234,147 285 705,553 2,754 14,942,739
Bills receivable 636,068 - 9,751,972 - 10,388,040
Securities purchased under agreements
to resell - 88,641,048 4,420,689 35,414 93,097,151
Loans receivable 535,931,754 538,895 28,011,091 227,714,974 792,196,714
Consumer financing receivables 441,739 - 24 8,599,633 9,041,396
Finance lease receivables 136,124 - - 4,282 140,406
Assets related to sharia transactions -
murabahah receivables 875,555 - - 779,027 1,654,582
Investment securities 39,612,884 264,597,502 8,387,718 - 312,598,104
Other assets
Accrued interest income 2,279,748 4,084,056 214,214 711,550 7,289,568
Transactions related to ATM and
credit card 6,332,552 - - - 6,332,552
Unaccepted bills receivable 112,938 - - - 112,938
Receivables from customer transactions 219,186 - - 265,971 485,157
Receivables from insurance transactions 607,009 - 12,757 36,294 656,060
Others 77,376 - - - 77,376
Total 602,243,357 465,415,282 61,698,207 238,149,899 1,367,506,745
Less:
Allowance for impairment losses (34,487,464)
1,333,019,281
Commitments and contingencies with
credit risk:
Unused credit facilities - committed 231,689,526 3,961,105 429,010 53,687,627 289,767,268
Irrevocable Letters of Credit facilities 11,259,633 - - - 11,259,633
Bank guarantees issued to customers 20,958,545 - 768,491 1,022,272 22,749,308
Total 263,907,704 3,961,105 1,197,501 54,709,899 323,776,209
Less:
Allowance for impairment losses (3,371,674)
320,404,535
Page 134
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/119
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
ii. Concentration of credit risk analysis (continued)
Based on counterparty (continued)
The following table presents concentration of credit risk of the Group by counterparty:
(continued)
2022
Government
and Bank
Corporate Indonesia Bank Individual Total
Consolidated financial position:
Current accounts with Bank Indonesia - 104,110,295 - - 104,110,295
Current accounts with other banks - - 4,752,659 - 4,752,659
Placement with Bank Indonesia and
other banks - 18,681,831 12,700,784 - 31,382,615
Financial assets at fair value through
profit or loss 858,789 1,267,887 106,453 - 2,233,129
Acceptance receivables 15,058,569 - 454,993 1,536 15,515,098
Bills receivable 616,424 - 5,286,618 - 5,903,042
Securities purchased under agreements
to resell - 149,549,931 4,384,426 32,054 153,966,411
Loans receivable 469,667,349 3,000,000 23,447,308 198,821,865 694,936,522
Consumer financing receivables 278,087 - 2 8,347,567 8,625,656
Finance lease receivables 117,379 - - 5,563 122,942
Assets related to sharia transactions -
murabahah receivables 1,348,575 - - - 1,348,575
Investment securities 31,527,846 208,344,349 9,313,788 - 249,185,983
Other assets
Accrued interest income 1,863,957 3,657,759 222,564 609,552 6,353,832
Transactions related to ATM and
credit card 3,786,790 - - - 3,786,790
Unaccepted bills receivable 13,881 - - - 13,881
Receivables from customer transactions 56,901 - - 162,837 219,738
Receivables from insurance transactions 361,977 - 12,496 41,881 416,354
Total 525,556,524 488,612,052 60,682,091 208,022,855 1,282,873,522
Less:
Allowance for impairment losses (34,997,458)
1,247,876,064
Commitments and contingencies with
credit risk:
Unused credit facilities - committed 201,855,165 3,500,000 1,935,515 24,441,183 231,731,863
Irrevocable Letters of Credit facilities 14,646,546 - - 5,339 14,651,885
Bank guarantees issued to customers 17,758,290 - 964,959 1,071,788 19,795,037
Total 234,260,001 3,500,000 2,900,474 25,518,310 266,178,785
Less:
Allowance for impairment losses (3,438,349)
262,740,436
Page 135
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/120
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis
The following table presents the financial assets classified into stage 1, stage 2 and
stage 3:
2023
Carrying Value
Stage 1 Stage 2 Stage 3 Total
Measured at amortised cost:
Current accounts with Bank Indonesia 92,617,705 - - 92,617,705
Current accounts with other banks - net 5,614,353 - - 5,614,353
Placement with Bank Indonesia
and other banks - net 5,003,416 - - 5,003,416
Acceptance receivables - net 14,601,986 21,975 35,663 14,659,624
Bills receivables - net 10,383,524 - - 10,383,524
Securities purchased under
agreements to resell - net 93,096,153 - - 93,096,153
Loans receivable - net 744,413,069 9,786,032 4,688,738 758,887,839
Investment securities - net 201,690,291 16,256 - 201,706,547
Consumer financing receivables - net 8,501,838 68,000 143,612 8,713,450
Finance lease receivables - net 137,557 384 1,066 139,007
Assets related to sharia
transactions - murabahah
receivables - net 1,635,705 7,346 - 1,643,051
Other assets - net
Accrued interest income 7,289,568 - - 7,289,568
Transactions related to ATM and
credit card 6,332,552 - - 6,332,552
Unaccepted bills receivable 112,738 - - 112,738
Receivables from customer transactions 485,157 - - 485,157
Receivables from insurance transactions 656,060 - - 656,060
Others 74,555 - - 74,555
1,192,646,227 9,899,993 4,869,079 1,207,415,299
Measured at fair value
through profit or loss (FVPL):
Financial assets at fair value
through profit or loss 15,058,660 - - 15,058,660
15,058,660 - - 15,058,660
Measured at fair value through other
comprehensive income (FVOCI):
Placement with Bank Indonesia
and other banks - net 198,245 - - 198,245
Investment securities - net 110,321,247 25,830 - 110,347,077
110,519,492 25,830 - 110,545,322
1,318,224,379 9,925,823 4,869,079 1,333,019,281
Page 136
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/121
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis (continued)
The following table presents the financial assets classified into stage 1, stage 2 and
stage 3: (continued)
2022
Carrying Value
Stage 1 Stage 2 Stage 3 Total
Measured at amortised cost:
Current accounts with Bank Indonesia 104,110,295 - - 104,110,295
Current accounts with other banks - net 4,751,916 - - 4,751,916
Placement with Bank Indonesia
and other banks - net 31,377,152 - - 31,377,152
Acceptance receivables - net 15,149,201 15,607 34,833 15,199,641
Bills receivables - net 5,894,961 - 946 5,895,907
Securities purchased under
agreements to resell - net 153,965,112 - - 153,965,112
Loans receivable - net 646,248,957 10,631,390 4,108,657 660,989,004
Investment securities - net 120,415,741 - - 120,415,741
Consumer financing receivables - net 8,114,388 27,124 73,915 8,215,427
Finance lease receivables - net 121,309 - 407 121,716
Assets related to sharia
transactions - murabahah
receivables - net 1,319,506 11,658 53 1,331,217
Other assets - net
Accrued interest income 6,353,832 - - 6,353,832
Transactions related to ATM and
credit card 3,786,790 - - 3,786,790
Unaccepted bills receivable 13,668 - - 13,668
Receivables from customer transactions 219,738 - - 219,738
Receivables from insurance transactions 416,354 - - 416,354
1,102,258,920 10,685,779 4,218,811 1,117,163,510
Measured at fair value
through profit or loss (FVPL):
Financial assets at fair value
through profit or loss 2,233,129 - - 2,233,129
2,233,129 - - 2,233,129
Measured at fair value through other
comprehensive income (FVOCI):
Investment securities - net 128,464,455 - 14,970 128,479,425
128,464,455 - 14,970 128,479,425
1,232,956,504 10,685,779 4,233,781 1,247,876,064
Page 137
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/122
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis (continued)
Classification of Financial Assets
The classification of financial assets is based on a business model and tests of cash
flows characteristics (Solely Payment of Principal & Interest (“SPPI”)). The Bank's
financial assets are classified as follows:
- Fair Value Through Profit/Loss (“FVPL”)
- Fair Value Through Other Comprehensive Income (“FVOCI”)
- Amortised Cost
Measurement of Expected Credit Loss
The calculation of Bank provisions refers to SFAS 71 which introduces the expected
credit loss method to measure the loss of a financial instrument resulting from the
impairment of financial instruments. SFAS 71 requires immediate recognition for the
impact of expected credit loss changes after initial recognition of the financial asset.
If at the reporting date, credit risk on a financial instrument has not increased
significantly since initial recognition, the Bank shall measure the allowance for losses
for that financial instrument at the amount of 12 (twelve) months expected losses. The
Bank shall measure the allowance for losses on a financial instrument at the amount
of expected credit losses over its lifetime, if the credit risk on that financial instrument
has increased significantly since initial recognition.
The Bank develops risk parameter modelling such as PD (Probability of Default), LGD
(Loss Given Default) and EAD (Exposure at Default) which are used as components
for calculating expected credit losses.
Staging Criteria
SFAS 71 requires entity to classify financial instruments into three stages of
impairment (stage 1, stage 2, and stage 3) by determining whether there is a significant
increase in credit risk.
The Bank measures the allowance for losses of an expected 12 months credit loss for
financial assets with low credit risk at the reporting date (stage 1) and lifetime credit
losses for financial assets with a significant increase in credit risk (stage 2).
Page 138
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis (continued)
Staging Criteria (continued)
At each reporting date, the Bank assesses whether the credit risk of the financial
instrument has increased significantly (“SICR”) since initial recognition. In making that
assessment, the Bank compares the risk of default on initial recognition and considers
the reasonable and supportable information available without undue cost or effort,
which is an indication of a significant increase in credit risk (“SICR”) since initial
recognition.
In general, financial assets with arrears of 30 days or more and not yet experiencing
an impairment will always be considered to have significant increase credit risk
(“SICR”).
Financial assets are only considered impaired and expected credit losses over their
lifetime are recognised, if there is observable objective evidence of impairment,
including, among others, default or experiencing significant financial difficulties.
Forward-looking Information
In calculating expected credit losses, the Bank considers the effect of the
macroeconomic forecast. In addition, the Bank also determines a probability weighted
for the possibility of such macro scenario.
Various macroeconomic variables (“MEV”) are used in the modelling of SFAS 71
depending on the results of statistical analysis of the suitability of the MEV with
historical data for impairment model development. The calculation of the expected
credit loss and the macroeconomic forecast (“MEV”) are reviewed by the Bank
periodically. MEV used by the Bank includes GDP, inflation rate, exchange rate and
others.
Related to the COVID-19 pandemic which has created global and domestic economic
uncertainty, the Bank continues to identify and monitor on an ongoing basis and stay
alert to keep making allowances for impairment losses if debtors who have
restructured perform well initially, is expected to decline due to the impact of COVID-
19 and are unable to recover after the restructuring/impact of COVID-19.
Individually impaired financial assets
Individually impaired financial assets are financial assets that are individually
significant and there is objective evidence that impairment loss has incurred after
initial recognition of the financial assets.
Based on the Bank’s internal policy, loans that are determined to be individually
significant are loans to corporate and commercial debtors.
Page 139
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/124
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis (continued)
Individually impaired financial assets (continued)
Individual measurements are made by considering the difference between all
contractual cash flows that are due to the entity in accordance with the contract and
all cash flows that the Bank expects to receive (i.e. all cash shortfalls), discounted
with the effective interest rate.
Financial assets that are not individually significant and assessed for collective
impairment
Financial assets that are not individually significant consist of loans and receivables
of the Group to retail debtors, i.e. Small & Medium Enterprise (“SME”) debtors,
consumer financing receivables (including joint financing) debtors, mortgage and its
housing renovation loans, vehicle loans and credit card.
The Group determines that impairment losses of financial assets that are not
individually significant are assessed collectively, by grouping those financial assets
based on similar risk characteristics.
Collective measurement is done statistically using the parameters PD (Probability of
Default), LGD (Loss Given Default) and EAD (Exposure at Default).
Financial assets that are past due and impaired
Receivables that are due are all receivables that are past due for more than 90
(ninety) days, either for principal payments and/or interest payments. Meanwhile,
impaired receivables are financial assets that have significant value individually and
there is objective evidence that individual impairment occurs after the initial
recognition of the financial assets.
In accordance with the quality, loans, acceptances, and bills receivable are grouped
into 3 (three) categories, namely high grade, standard grade, and low grade, based
on the Bank's internal estimate of probability defaults on certain debtors or portfolios
which are assessed based on a number of qualitative and quantitative factors.
Loans, acceptances and bills receivable with a rating scale internal risk RR1 through
RR7 according to the internal credit risk rating/scoring system is included in the high
grade category. High category grade is a loan whose debtor has a strong capacity in
terms of repayment of all obligations in a timely manner because they are supported
by sound fundamental factors and are not easily influenced by changes in
unfavourable economic conditions.
Loans, acceptances and bills receivable with a rating scale internal risks RR8 through
RR9 according to the internal credit risk rating/scoring system (Note 42c) are included
in the standard grade category. Standard grade category is a loan whose debtor is
deemed to have adequate capacity in terms of interest and principal payments, but
is quite sensitive against changes in unfavourable economic conditions.
Page 140
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/125
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iii. Credit risk analysis (continued)
Financial assets that are past due and impaired (continued)
Loans, acceptances and notes receivable with a rating scale internal risk RR10 and
loss according to the internal credit risk rating/scoring system (Note 42c) is included
in the low grade category. Low grade category is a loan whose debtor is vulnerable
in terms of interest and principal payment capacity due to unfavourable fundamental
factors and/or very sensitive to unfavourable economic conditions.
iv. Collateral
Collateral is held to mitigate credit risk exposures and risk mitigation policies determine
the eligibility of collateral types that can be accepted by the Bank. The Bank
differentiates collateral types based on its liquidity and existence into solid
collaterals and non-solid collaterals. Solid collaterals are collaterals which have
relatively high liquidity value and/or the existence is permanent (is not easily moved)
i.e., cash collaterals and land/building, and therefore, the collaterals can be
repossessed or taken over by the Bank when the loan to debtor/group debtor
becomes non-performing. Non-solid collaterals are collaterals which have relatively low
liquidity value and/or the existence is temporary (easily moveable) i.e., vehicles,
machineries, inventories, receivables, etc. As of 31 December 2023 and 2022, the
Bank held collaterals against loans receivables in the form of cash, properties
(land/building), motor vehicles, guarantees, machineries, inventories, debt securities,
etc.
The Bank’s policy in connection with collateral as mitigation of credit risk depends
on the credit category or facilities provided. For SME loans, all loans should be
supported with collateral (collateral based lending) whereby at least 50% (fifty percent)
of it are solid collaterals. For corporate and commercial loans, the collateral values
are determined based on the individual debtor credit worthiness. The collateral value
is determined based on the appraisal value at the time of loan approval and
periodically reviewed.
For mortgage facility (“KPR”), the Bank requires that all facilities should be supported
by collateral properties (land/building). The Bank applies the Loan-to-Value (“LTV”)
regulation gradually, starting from the first mortgage facility and so forth, in
accordance with the rules imposed by the regulator. Value of the collateral for KPR
is calculated based on the collateral value when credit is granted and renewed
every 30 (thirty) months. For auto loan facility (“KKB”), the Bank requires that all
facilities should be supported by collateral vehicles. The Bank applied the down
payment rule, in accordance with the regulation imposed by the regulator.
Page 141
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/126
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
iv. Collateral (continued)
Subsidiaries’ consumer financing receivables are secured by the related
certificates of ownership (“BPKB”) of the vehicles being financed.
For foreign exchange transactions, either spot or forward, the Bank requires cash
collaterals which are set at a certain percentage of facility provided. If the debtor
has other credit facilities in the Bank, the debtor may use the collateral that has been
given previously to be crossed with each other. The policy on percentage of the
required collateral will be reviewed periodically, in line with the fluctuation and volatility
of Rupiah currency to foreign currency exchange rate.
Details of financial and non-financial assets obtained by the Bank during the year by
taking possession of collaterals held as security against financial assets as of 31
December 2023 and 2022, presented in other assets at the lower of carrying amount
and net realisable value, were as follows:
2023 2022
Land 111,780 173,088
Building 1,491,158 1,108,714
Other commercial properties 56,439 200,348
Fair value 1,659,377 1,482,150
The Bank generally does not use repossessed non-cash collateral for its own
operations. The Bank’s policy is to realise collaterals which are repossessed as part
of the settlement of credit.
As of 31 December 2023 and 2022, collateral taken over by the Subsidiaries
amounting to Rp 47,990 and Rp 134,607, respectively.
v. Financial assets measured at fair value through profit or loss
As of 31 December 2023 and 2022, the Group had financial assets measured at the
fair value through profit or loss amounting to Rp 15,058,660 and Rp 2,233,129,
respectively (Note 8). Information on credit quality of the maximum exposure to
credit risk of financial assets at fair value through profit or loss) was as follows:
2023 2022
Government securities:
Investment grade 14,183,900 1,529,200
Corporate bonds:
Investment grade 135,689 23,148
Derivative assets:
Other banks as counterparties 71,298 55,542
Corporates as counterparties 146,216 44,776
Others 521,557 580,463
Fair value 15,058,660 2,233,129
Page 142
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/127
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
c. Credit risk management (continued)
vi. Investment securities
As of 31 December 2023 and 2022, the Group had investment securities at the
carrying value amounting to Rp 312,053,624 and Rp 248,895,166, respectively
(Note 14). Information on credit quality of the maximum exposure to credit risk of
investment securities was as follows:
2023 2022
Government securities:
Investment grade 266,017,517 208,407,887
Corporate bonds:
Investment grade 32,562,414 32,391,335
Non-Investment grade 42,086 -
Others 13,431,607 8,095,944
Carrying value 312,053,624 248,895,166
d. Liquidity risk management
The Bank emphasises the importance of maintaining adequate liquidity to meet its
commitments to its customers and other parties, whether in loans disbursement,
repayment of customers’ deposits or to meet operational liquidity requirements. The
management of overall liquidity needs is overseen by ALCO and operationally by the
Treasury Division.
The Bank has implemented the relevant liquidity rules in accordance with regulatory
requirement which require Banks to maintain Rupiah liquidity (Reserve
Requirement/”RR”) both on a daily basis and on an average basis for a certain reporting
period, which consists of RR in the form of Rupiah current accounts with Bank Indonesia,
MPLB in the form of Bank Indonesia Securities Instruments and Government
Securities/SBN, as well as foreign currency RR in the form of foreign currency demand
deposits at Bank Indonesia.
The Bank monitors its liquidity by maintaining sufficient liquid assets to repay the
customers’ deposits and ensuring that total assets mature in each period is sufficient to
cover total matured liabilities.
The Bank's liquid assets mainly consist of placements with Bank Indonesia and other
banks, including current accounts with Bank Indonesia and other banks as well as cash.
If the Bank needs liquidity, the Bank can immediately withdraw reserves in current
accounts with Bank Indonesia for excess Reserve Requirement (“RR”), sell out Bank
Indonesia Instruments/Government Securities (“SBN”) owned or sell BI
Instruments/SBN held by agreement buying back, making early redemption of BI term
deposits or seeking loans on the interbank money market in Indonesia.
In order to reduce risk of dependency to single funding, the Subsidiaries have
diversified its funding resources. Besides capital and collection from customers, the
Subsidiaries generate funding resources from bank loans and capital market, through
bonds and medium-term notes issuance.
Page 143
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
d. Liquidity risk management (continued)
The following table presents the undiscounted contractual cash flows of financial liabilities
and administrative accounts of the Group based on remaining period to contractual maturity
as of 31 December 2023 and 2022:
2023
Gross nominal
Carrying inflow/ >1-3 > 3 months - >1–5 >5
value (outflow) Up to 1 month months 1 year Years years
Non-derivative financial liabilities
Deposits from customers (1,090,766,807) (1,091,075,101) (1,027,832,600) (57,161,198) (6,081,303) - -
Sharia deposits (3,201,970) (3,201,973) (3,201,973) - - - -
Deposits from other banks (10,070,820) (10,070,862) (10,066,730) (4,132) - - -
Acceptance payables (6,701,256) (6,701,256) (2,107,358) (3,462,693) (991,754) (139,451) -
Securities sold under agreements
to repurchase (1,054,780) (1,056,596) (1,056,596) - - - -
Borrowings (1,629,626) (1,631,732) (127,264) (174,649) (1,043,798) (286,021) -
Estimated losses from commitments
and contingencies (3,371,674) (3,371,674) (282,315) (564,629) (1,781,710) (708,138) (34,882)
Other liabilities (6,673,819) (6,673,819) (6,425,625) (27,643) (7,110) (157,943) (55,498)
Subordinated bonds (500,000) (509,296) (9,296) - - (435,000) (65,000)
(1,123,970,752) (1,124,292,309) (1,051,109,757) (61,394,944) (9,905,675) (1,726,553) (155,380)
Derivative financial liabilities
Financial liabilities at fair value
through profit or loss: (122,765)
Outflow (19,582,565) (10,875,916) (8,043,541) (663,108) - -
Inflow 19,449,061 10,821,462 7,972,699 654,900 - -
(122,765) (133,504) (54,454) (70,842) (8,208) - -
Administrative accounts
Unused credit facilities to
customers - committed (289,338,258) (289,338,258) - - - -
Unused credit facilities to
other banks - committed (429,010) (429,010 - - - -
Irrevocable Letters of Credit facilities (11,259,633) (3,980,695) (5,839,161) (1,409,549) (30,228) -
Bank guarantees issued to
customers (22,749,308) (2,190,519) (4,955,896) (12,028,167) (3,571,096) (3,630)
(323,776,209) (295,938,482) (10,795,057) (13,437,716) (3,601,324) (3,630)
(1,124,093,517) (1,448,202,022) (1,347,102,693) (72,260,843) (23,351,599) (5,327,877) (159,010)
2022
Gross nominal
Carrying inflow/ >1-3 > 3 months - >1–5 >5
value (outflow) Up to 1 month months 1 year years years
Non-derivative financial liabilities
Deposits from customers (1,030,451,783) (1,030,595,644) (993,499,482) (26,458,718) (10,637,444) - -
Sharia deposits (2,825,860) (2,825,862) (2,825,862) - - - -
Deposits from other banks (7,936,206) (7,936,215) (7,934,083) (2,132) - - -
Acceptance payables (9,666,648) (9,666,648) (3,428,602) (4,063,071) (2,104,172) (70,803) -
Securities sold under agreements
to repurchase (255,962) (261,323) (261,323) - - - -
Borrowings (1,316,951) (1,318,039) (271,203) (258,260) (578,667) (209,909) -
Estimated losses from commitments
and contingencies (3,438,349) (3,438,349) (283,694) (599,050) (1,843,673) (678,573) (33,359)
Other liabilities (3,337,725) (3,337,725) (3,007,525) (25,801) (64,005) (183,778) (56,616)
Subordinated bonds (500,000) (509,296) (9,296) - - (435,000) (65,000)
(1,059,729,484) (1,059,889,101) (1,011,521,070) (31,407,032) (15,227,961) (1,578,063) (154,975)
Derivative financial liabilities
Financial liabilities at fair value
through profit or loss: (383,273)
Outflow (11,477,194) (9,337,520) (1,590,021) (549,653) - -
Inflow 11,402,141 9,294,601 1,575,915 531,625 - -
Other liabilities (21,935) (21,935) (21,935) - - - -
(405,208) (96,988) (64,854) (14,106) (18,028) - -
Administrative accounts
Unused credit facilities to
customers - committed (229,796,348) (229,796,348) - - - -
Unused credit facilities to
other banks - committed (1,935,515) (1,935,515) - - - -
Irrevocable Letters of Credit facilities (14,651,885) (4,229,133) (6,256,649) (4,041,992) (124,111) -
Bank guarantees issued to
customers (19,795,037) (2,858,963) (3,094,539) (10,829,559) (3,006,846) (5,130)
(266,178,785) (238,819,959) (9,351,188) (14,871,551) (3,130,957) (5,130)
(1,060,134,692) (1,326,164,874) (1,250,405,883) (40,772,326) (30,117,540) (4,709,020) (160,105)
Page 144
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
d. Liquidity risk management (continued)
The tables above were prepared based on remaining contractual maturities of the
financial liabilities and irrevocable Letters of Credit facility, while for issued guarantee
contracts and unused committed credit facility were based on its earliest possible
contractual maturity. The Bank’s and Subsidiaries’ expected cash flows from these
instruments vary significantly from the above analysis. For example, current accounts
and saving accounts are expected to have a stable or increasing balance, or unused
committed credit facility to customers/other banks are not all expected to be drawn
down immediately.
The nominal inflow and outflow disclosed in the above table represents the contractual
undiscounted cash flows relating to the principal and interest on the financial liabilities
or commitments. The disclosure for derivatives shows a gross inflow and outflow
amount for derivatives that have simultaneous gross settlement (e.g., foreign currency
forward).
Analysis on the carrying value of financial assets and liabilities based on remaining
contractual maturities as of 31 December 2023 and 2022 are disclosed in Note 43.
e. Market risk management
i. Foreign exchange risk
The Bank conducts foreign currency trading in accordance with its internal policies
and regulations from Bank Indonesia regarding Net Open Position (“NOP”). In
managing its foreign exchange risk, the Bank centralises the management of its
NOP at the Treasury Division, which consolidates daily NOP reports from all
branches. In general, each branch is required to square its foreign exchange risk at
the end of each business day, although there is a NOP tolerance limit set for each
branch depending on the volume of its foreign exchange activity. The Bank prepares
its daily NOP report which combines the NOP from consolidated statements of financial
position and administrative accounts. Bank has considered Domestic Non delivery
Forward (“DNDF”) and Option transactions (Structured Product) as part of NOP
report.
The Bank’s revenue from foreign currency trading is mainly obtained from customer-
related transactions and sometimes the Bank has NOP in certain amount to fulfil the
customer’s needs, in accordance with the Bank’s internal guidelines. Trading for
profit-taking purposes (proprietary trading) can only be performed for limited foreign
currencies with small limits.
The Bank’s foreign currency liabilities mainly consist of deposits and borrowings
denominated in US Dollar. To comply with the NOP regulations, the Bank maintains
its assets which consist of placements with other banks and loans receivable in USD.
To measure foreign exchange risk on trading book, the Bank uses Value at Risk
("VaR") method with Historical Simulation approach for the purpose of internal
reporting, meanwhile for the purpose of Bank's Capital Adequacy Ratio ("CAR")
report, the Bank used OJK standard method.
Page 145
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/130
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
e. Market risk management (continued)
i. Foreign exchange risk (continued)
Bank’s sensitivity towards foreign currency is taken into account by using NOP
information translated to major foreign currency of the Bank, which is USD. The table
below summarises the Bank’s profit before tax sensitivity on changes of foreign
exchange rate as of 31 December 2023 and 2022:
Impact on profit before tax
+5% -5%
31 December 2023 11,926 (11,926)
31 December 2022 12,741 (12,741)
Information about Bank’s NOP as of 31 December 2023 and 2022 were disclosed in
Note 44.
ii. Interest rate risk
Interest Rate Risk in the Banking Book
The calculation of interest rate risk in the banking book ("IRRBB") uses 2 (two)
perspectives, which are the economic value perspective and the earnings perspective.
It is intended so the Bank can identify risks more accurately and perform appropriate
corrective actions.
To mitigate IRRBB, the Bank has set nominal limits for fixed rate loans and banking
book securities, IRRBB limits and pricing strategies.
The measurement of IRRBB using 2 (two) methods is in accordance to Circular Letter
of OJK No. 12/SEOJK.03/2018 regarding the Implementation of Risk Management
and Standard Approach for Risk Measurement of Interest Rate Risk in Banking Book
for Conventional Banks:
a. Measurement based on the changes in the economic value of equity, which
measures the impact of changes in interest rates on the economic value of Bank
equity; and
b. Measurement based on the changes in net interest income, which measures the
impact of changes in interest rates on the Bank's earnings.
The Bank measures IRRBB for significant currencies, which are Rupiah and USD. In
total of IRRBB, the maximum negative (absolute) value of the two currencies is
aggregated.
Interest Rate Risk in the Trading Book
The risk measurement is performed on Rupiah and USD which are then reported to
ALCO. To measure interest rate risk on the trading book, the Bank uses VaR method
with Historical Simulation approach for internal reporting purposes, while for the
Minimum Capital Adequacy Ratio purpose, the Bank uses OJK’s standard approach.
Page 146
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/131
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
e. Market risk management (continued)
ii. Interest rate risk (continued)
Interest Rate Risk in the Trading Book (continued)
Cash flow interest rate risk is the risk that future cash flow from financial instruments
fluctuates due to the movement in market interest rates. Fair value interest rate risk is
the risk that the fair value of financial instruments fluctuates due to the movement in
market interest rates. The Bank has exposure to the prevailing market interest rates
fluctuation, both to the fair value risk and cash flows risk. The Board of Directors have
set VaR limits for trading book to mitigate this risk, which are monitored by the Risk
Management Division on a daily basis.
The Subsidiary is exposed to interest rate risk arising from consumer financing
receivables, factoring receivables, other receivables, the issuance of fixed rate bonds
payable. The Subsidiary manages the interest rate risk by diversifying its financing
sources to find the most suitable fixed interest rate to minimise mismatch.
The table below summarises the Group financial assets and liabilities (not measured at
fair value through profit or loss) at carrying amounts, categorised by the earlier of
contractual re-pricing or maturity dates:
2023
Floating interest rate Fixed interest rate
Up to 3 > 3 months - Up to 3 > 3 months - More than 1 Non-interest
months 1 year months 1 year year bearing Total
Financial assets
Current accounts with
Bank Indonesia 74,991,659 - - - - 17,626,046 92,617,705
Current accounts with
other banks - net 5,614,353 - - - - - 5,614,353
Placements with Bank
Indonesia - - 4,540,789 660,872 - - 5,201,661
and other banks - net
Acceptance receivables - net - - - - - 14,659,624 14,659,624
Bills receivable - net - - 6,399,357 3,983,705 462 - 10,383,524
Securities purchased under
agreements to resell - net - - 36,683,658 56,412,495 - - 93,096,153
Loans receivable - net 502,104,955 25,877,534 2,721,474 15,760,539 212,423,337 - 758,887,839
Consumer financing
receivables - net - - 1,112,422 3,141,838 4,459,190 - 8,713,450
Finance lease
receivables - net - - 47,166 58,135 33,706 - 139,007
Assets related to sharia
transactions - murabahah
receivables - net - - 1,242,532 400,519 - - 1,643,051
Investment securities - net 12,549,549 - 14,675,206 70,046,022 214,330,855 451,992 312,053,624
Other assets - - 75,473 182,595 - 14,692,562 14,950,630
Total 595,260,516 25,877,534 67,498,077 150,646,720 431,247,550 47,430,224 1,317,960,621
Financial liabilities
Deposits from customers (880,501,905) - (204,436,627) (5,828,275) - - (1,090,766,807)
Sharia deposits - - - - - (3,201,970) (3,201,970)
Deposits from other banks (10,025,963) - (44,857) - - - (10,070,820)
Acceptance payables - - - - - (6,701,256) (6,701,256)
Securities sold under
agreements to resell - net - - (1,054,780) - - - (1,054,780)
Borrowings - - (299,807) (1,043,798) (286,021) - (1,629,626)
Estimated losses from
commitments
and contingencies - - - - - (3,371,674) (3,371,674)
Other liabilities - - - - - (6,673,819) (6,673,819)
Subordinated bonds - - - - (500,000) - (500,000)
Total (890,527,868) - (205,836,071) (6,872,073) (786,021) (19,948,719) (1,123,970,752)
Interest rate re-pricing gap (295,267,352) 25,877,534 (138,337,994) 143,774,647 430,461,529 27,481,505 193,989,869
Page 147
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/132
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
e. Market risk management (continued)
ii. Interest rate risk (continued)
Interest Rate Risk in the Trading Book (continued)
The table below summarises the Group financial assets and liabilities (not measured at
fair value through profit or loss) at carrying amounts, categorised by the earlier of
contractual re-pricing or maturity dates: (continued)
2022
Floating interest rate Fixed interest rate
Up to 3 > 3 months - Up to 3 > 3 months - More than 1 Non-interest
months 1 year months 1 year year bearing Total
Financial assets
Current accounts with
Bank Indonesia 69,343,654 - - - - 34,766,641 104,110,295
Current accounts with
other banks - net 4,751,916 - - - - - 4,751,916
Placements with Bank
Indonesia
and other banks - net - - 30,425,244 951,908 - - 31,377,152
Acceptance receivables - net 1,696,324 3,196,333 - - - 10,306,984 15,199,641
Bills receivable - net - - 4,110,201 1,785,706 - - 5,895,907
Securities purchased under
agreements to resell - net - - 107,229,297 46,735,815 - - 153,965,112
Loans receivable - net 454,873,760 24,059,343 2,486,947 9,035,869 170,533,085 - 660,989,004
Consumer financing
receivables - net - - 1,015,177 3,054,849 4,145,401 - 8,215,427
Finance lease
receivables - net - - 43,730 48,318 29,668 - 121,716
Assets related to sharia
transactions - murabahah
receivables - net - - 1,047,833 283,384 - - 1,331,217
Investment securities - net 7,118,581 - 4,073,713 32,582,434 204,679,821 440,617 248,895,166
Other assets - - 52,267 - 7,640 10,730,475 10,790,382
Total 537,784,235 27,255,676 150,484,409 94,478,283 379,395,615 56,244,717 1,245,642,935
Financial liabilities
Deposits from customers (844,316,203) - (175,723,478) (10,412,102) - - (1,030,451,783)
Sharia deposits - - - - - (2,825,860) (2,825,860)
Deposits from other banks (7,887,888) - (48,318) - - - (7,936,206)
Acceptance payables - - - - - (9,666,648) (9,666,648)
Securities sold under
agreements to resell - net - - (255,962) - - - (255,962)
Borrowings - - (523,451) (583,591) (209,909) - (1,316,951)
Estimated losses from
commitments
and contingencies - - - - - (3,438,349) (3,438,349)
Other liabilities - - - - - (3,359,660) (3,359,660)
Subordinated bonds - - - - (500,000) - (500,000)
Total (852,204,091) - (176,551,209) (10,995,693) (709,909) (19,290,517) (1,059,751,419)
Interest rate re-pricing gap (314,419,856) 27,255,676 (26,066,800) 83,482,590 378,685,706 36,954,200 185,891,516
Fundamental reforms to benchmark interest rates are being carried out globally,
including the replacement of some Interbank Offered Rates (“IBORs”) with alternative
interest rates (referred to as the 'IBOR reform'). The Group does not have significant
exposure to IBOR on its financial instruments that will be reformed as part of this broad
market initiative.
The Bank had already done all of the interest benchmark rate reform for the impacted
contracts. The alternative interest rate benchmark selected by the Bank is Secured
Overnight Financing Rate (“SOFR”). The Bank use spot approach to calculate
adjustment from USD LIBOR to SOFR. Interest rate benchmark reform is assessed as
direct consequence and economically equivalent.
Page 148
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/133
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
e. Market risk management (continued)
ii. Interest rate risk (continued)
The main risk facing the Group as a result of the IBOR reform is operational, e.g.
renegotiation of loan contracts through bilateral negotiations with customers, renewal of
contract terms, renewal of the system using the IBOR curve and revision of operational
controls related to the reforms. The rate convention that will be used will take into
account the characteristics of the product, both derivative and non-derivative assets, as
well as see input and recommendations from representatives of financial associations
and working groups in force, in order to be able to provide accurate prices and mitigate
risks arising from interest rate risk.
f. Operational risk management
The Bank has an Operational Risk Management Policy, which is a basic guideline for
implementing operational risk management in all bank work units in general. To manage
operational risk arising from the use of information technology, the Bank has a Basic Risk
Management Policy on the Use of Information Technology, Information Technology
Implementation, Information Security Policy and Cyber Security Risk Management
Policy. These policies are reviewed regularly and aligned with the provisions issued by
the regulators.
To maintain the security and convenience of customers in making transactions using
digital products, the bank implements security and mitigation of risks that arise in every
implementation and development of these products. Each new product/activity
development plan will first go through a risk management process in order to minimise the
risks that may arise from these products/activities therefore they do not significantly affect
the Bank's risk profile. This is regulated through:
1. Product/Activity Publishing Policy and Provision of Information Technology Systems
and Their Supports,
2. Assessment Policy for Increasing Bank Product Development Risk Exposure.
Furthermore, the Bank has qualified infrastructure to support implementation of
operational risk management, named Operational Risk Management Information System
(“ORMIS”), which consists of three modules. The modules are Risk and Control Self
Assessment (“RCSA”), Loss Event Database (“LED”), and Key Risk Indicator (“KRI”).
This web-based application can be used by all working units to help them in managing
operational risk. In order to make implementation of operational risk management more
effective and efficient, the bank continuously enhance the ORMIS in accordance with the
latest bank operational activities.
Risk and Control Self Assessment (“RCSA”)
RCSA aims to improve the awareness culture in managing operational risk to improve
risk control of each employee in conducting their daily activities so it can minimise
operational risk loss.
RCSA is conducted regularly in all working units (branches and head office) at least once
a year.
The Bank regularly reviews and revalidates operational risk that may occur in working
unit and also assess impact and likelihood grading that is used for RCSA so that the
assessment of operational risk can provide more precise overview of activities and risk
profiles of each working unit and bankwide.
Page 149
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/134
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
f. Operational risk management (continued)
Loss Event Database (“LED”)
LED is used to gather operational risk loss data from all working units. The data is then
used by the Bank as a database to calculate operational risk capital reserves using a
standard approach. On the other hand, LED data is used to analyse and monitor
operational risk events to take action immediately and minimise loss.
To obtain quality data, in recording operational loss events the Bank has internal policy
that regulates input of loss data which refers to qualitative requirements as regulated in
circular letter of OJK about RWA No. 6/SEOJK.03/2020 concerning Calculation of Risk
Weighted of Assets Considering Operational Risk using a standard approach for
commercial banks, and also has dual control mechanism in an application that has role
for data entry and approver, moreover the Bank always conducts an independent review
of operational risk loss data comprehensively to maintain the validity of data which are
provided by working units.
Key Risk Indicator (“KRI”)
KRI can provide an early warning sign of increasing operational risk in a working unit.
Whenever there is an increase in risk, the system will send a notification to Risk
Manager, so they can immediately take necessary actions to minimise operational risk
that may occur.
The Bank regularly reviews and revalidates KRI parameters and thresholds to ensure
KRI effectiveness in providing early warning signs of increased operational risk in
working units.
The Bank presents implementation of operational risk management to working units and
conducts Risk Awareness Program to embed and enhance the awareness culture in
managing operational risk in working units including risk awareness of information
technology and system security.
To mitigate the impact of disruption/collapse that caused by technology, disease, or
natural disaster in the Bank's business operation in particular service to customers, Bank
already has Business Continuity Management (“BCM”). In addition, Bank has a
Business Continuity Plan (“BCP”) to support the Bank in making preparation against the
disruption and doing a recovery process, that covers a crisis management plan, crisis
communication, and conduct outreach on a routine basis about BCP awareness and
testing of BCP including simulation of cyber incident.
The Bank also has a Disaster Recovery Center which is connected and have similar
data with 2 Primary Data Centers, Secondary Operation Center, Secondary Work Place,
and also Command and Crisis Center.
Risk management related to Cybersecurity
Along with the current rapid development of information technology (“IT”), Banks are
required to carry out digital transformation, utilise IT to increase efficiency in Bank
operations, and provide better services to customers. The Bank always innovates and
develops secure and convenient digital banking products as well as changes to more
efficient internal processes. On the other hand, the use of this technology also increases
risks including system disruption, cyber-attacks, data leaks, and social engineering. To
mitigate the risks, Bank implements IT and cyber security risk management in
accordance to bank's strategy and regulatory guidance.
Page 150
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/135
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
f. Operational risk management (continued)
Risk management related to Cybersecurity (continued)
In strengthening regulations related to the implementation of cyber security and resilience,
the Bank strengthens and implements them through 3 aspects, namely People, Process
and Technology. The Bank is supported by a comprehensive organizational structure,
where there is an IT Security Group (ISG), Cyber Security Risk Management (CSM) and
Information Technology Audit as an integral part of the three lines of defense concept for
risks related to cyber security. In addition, the Bank also has policies and procedures for
cyber security risk management, cyber, as well as policies and procedures related to IT
Security that refer to international standards.
The bank currently also has a Security Monitoring Center (“SMC”) in the ISG team which
operates 24 hours a day to monitor any potential system disruptions or potential cyber
attacks that could have implications and disrupt services to customers. In the cyber
resilience process, the Bank has also used layered defense by guarding against every
potential cyber attack point, such as using firewalls, encryption, antivirus, anti-DDOS, or
other monitoring tools.
In implementing IT risk management and related cyber security, the Bank also has other
related provisions/procedures such as Risk Management Policy in the Implementation of
Information Technology, Consumer Protection, Business Continuity Plan, Data Loss
Prevention, and User ID and password management.
The Bank also conducts socialization and education to employees, customers and third
parties. Continuously provide relevant material, such as awareness regarding social
engineering, phishing emails and the dangers of malware. It is conducted to increase
awareness to cybersecurity for internal and external parties. The socialization for internal
parties are done through several methods such as, mandatory e-learning for employees,
video learning which is shown in supporting media such as, Internal TV and BCA social
media (i.e., Instagram, youtube, tiktok), and several direct socialization to working unit.
Meanwhile, socialization and education to customers is conducted to increase customer
awareness in conducting digital banking transactions, including through the BCA
website, BCA social media accounts, and videos from the Solusi BCA account on
www.youtube.com.
g. Consolidated risk management
In accordance with Financial Services Authority Regulation (“POJK”)
No. 38/POJK.03/2017 dated 12 July 2017 regarding the Implementation of Consolidated
Risk Management for Banks with Control over Subsidiaries, the Bank is required to
implement consolidated risk management.
Implementation of consolidated risk management in the Bank is performed based on
the above-mentioned Financial Services Authority regulation, including:
• Active supervision of Board of Commissioners and Board of Directors;
• Adequate policies and procedures and setting limits;
• Adequacy of the process of identification, measurement, monitoring and risk control,
as well as risk management information system; and
• A comprehensive internal control system.
Page 151
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/136
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
42. FINANCIAL RISK MANAGEMENT (continued)
g. Consolidated risk management (continued)
By referring to the concept for implementation of consolidated risk management, the
implementation of risk management framework in Subsidiaries has been indirectly
monitored and examined by the Bank’s management.
In accordance with Financial Services Authority Regulation (“POJK”) No.
17/POJK.03/2014 dated 19 November 2014 regarding the Implementation of Integrated
Risk Management for Financial Conglomeration, a financial conglomeration should
implement a comprehensive and effective integrated risk management, in this case the
Bank as the Main Entity is obliged to integrate the implementation of risk management
within the financial conglomeration.
Referring to the implementation of integrated risk management concept, implementation
of tasks and responsibilities of Integrated Risk Management Working Unit is one of the
functions of the existing Risk Management Working Unit. In performing their duties,
Integrated Risk Management Working Unit coordinates with working units that conduct
Risk Management function on the respective Financial Service Institution (“LJK”) in
Subsidiaries financial conglomeration.
In addition to implement risk management in accordance with the regulations of their
respective regulators, Subsidiaries have also implemented risk management in line with
the implementation of risk management in the Main Entity. The purpose of implementing
risk management in Subsidiaries is to provide added value and increase the
competitiveness of companies, considering this is one of the fulfilments of the Bank's
compliance with regulations and international standard practices.
In order to implement of integrated risk management effectively, the Bank also has an
Accounting Information System and Risk Management System that can identify, measure
and monitor the business risks of the financial conglomeration.
The Bank as the Main Entity has:
1. Formed Integrated Risk Management Committee (“KMRT”) with the aim of ensuring
that the risk management framework has provided adequate protection to all Bank’s
and Subsidiaries’ risks in integrated manner;
2. Compiled Basic Policy of Integrated Risk Management (“KDMRT”);
3. Compiled several policies related to the implementation of Integrated Risk
Management, including policies governing integrated capital, intra-group
transactions, Integrated Risk Profile Reports and others; and
4. Submitted to OJK:
a. Reports regarding the Main Entity and LJK included as members of the financial
conglomeration to the OJK.
b. Integrated Risk Profile Report.
c. Integrated Capital Sufficiency Report.
d. Report on Changes in Members of the Financial Conglomerate.
In addition, the financial conglomerate has performed an integrated Stress Test to ensure
that capital and liquidity at the level of each entity and in an integrated manner are still
adequate in dealing with the worst scenario (stress).
Page 152
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
43. MATURITY GAP OF FINANCIAL ASSETS AND LIABILITIES
The following table summarises the maturity gap profile of the Group financial assets and
liabilities based on the remaining period until the contractual maturity date as of 31 December
2023 and 2022:
2023
No
> 3 months - More than contractual
Up to 1 month > 1 - 3 months 1 years > 1 - 5 years 5 years maturity Total
Financial assets
Cash - - - - - 21,701,514 21,701,514
Current accounts with Bank Indonesia - - - - - 92,617,705 92,617,705
Current accounts with other banks - net 5,614,353 - - - - - 5,614,353
Placement with Bank Indonesia
and other banks - net 4,124,893 415,934 660,834 - - - 5,201,661
Financial assets at fair value
through profit or loss 3,356,225 821,811 9,533,881 95,312 946,388 305,043 15,058,660
Acceptance receivables - net 3,791,875 6,195,679 4,536,673 135,397 - - 14,659,624
Bills receivable - net 2,133,856 4,292,167 3,957,042 459 - - 10,383,524
Securities purchased under
agreements to resell - net 18,710,499 17,974,157 56,411,497 - - - 93,096,153
Loans receivable 42,228,343 60,251,604 202,500,248 255,215,141 232,001,378 - 792,196,714
Less:
Allowance for impairment losses (33,308,875)
Consumer financing receivable - net 30,149 140,437 948,064 7,073,223 521,577 - 8,713,450
Finance lease receivable - net 446 1,438 19,686 117,437 - - 139,007
Assets related to sharia
transactions - murabahah
receivables - net 399,141 843,391 400,519 - - - 1,643,051
Investment securities - net 3,042,215 13,769,682 70,020,559 172,429,845 52,339,330 451,993 312,053,624
Other assets - net 7,174,994 625,102 1,297,941 3,621,452 1,697,743 533,398 14,950,630
90,606,989 105,331,402 350,286,944 438,688,266 287,506,416 115,609,653 1,354,720,795
Financial liabilities
Deposits from customers (1,027,524,306) (57,161,198) (6,081,303) - - - (1,090,766,807)
Sharia deposits (3,201,970) - - - - - (3,201,970)
Deposits from other banks (10,066,688) (4,132) - - - - (10,070,820)
Financial liabilities at fair value
through profit or loss (46,758) (68,245) (7,762) - - - (122,765)
Securities sold under
agreement to repurchase (1,054,780) - - - - - (1,054,780)
Acceptance payables (2,107,358) (3,462,693) (991,754) (139,451) - - (6,701,256)
Borrowings (125,158) (174,649) (1,043,798) (286,021) - - (1,629,626)
Estimated losses from
commitments
and contingencies (282,315) (564,629) (1,781,710) (708,138) (34,882) - (3,371,674)
Other liabilities (6,425,625) (27,643) (7,110) (157,943) (55,498) - (6,673,819)
Subordinated bonds - - - (435,000) (65,000) - (500,000)
(1,050,834,958) (61,463,189) (9,913,437) (1,726,553) (155,380) - (1,124,093,517)
Net position (960,227,969) 43,868,213 340,373,507 436,961,713 287,351,036 115,609,653 230,627,278
2022
No
> 3 months - More than contractual
Up to 1 month > 1 - 3 months 1 years > 1 - 5 years 5 years maturity Total
Financial assets
Cash - - - - - 21,359,509 21,359,509
Current accounts with Bank Indonesia - - - - - 104,110,295 104,110,295
Current accounts with other banks - net 4,751,916 - - - - - 4,751,916
Placement with Bank Indonesia
and other banks - net 26,224,179 4,202,546 950,427 - - - 31,377,152
Financial assets at fair value
through profit or loss 275,328 24,018 68,027 646,032 821,230 398,494 2,233,129
Acceptance receivables - net 3,942,594 5,882,431 5,305,922 68,694 - - 15,199,641
Bills receivable - net 1,986,356 2,160,491 1,749,060 - - - 5,895,907
Securities purchased under
agreements to resell - net 52,818,401 54,410,896 46,735,815 - - - 153,965,112
Loans receivable 46,712,542 55,140,909 171,137,570 227,708,666 194,236,835 - 694,936,522
Less:
Allowance for impairment losses (33,947,518)
Consumer financing receivable - net 154,612 257,901 1,256,442 6,253,978 292,494 - 8,215,427
Finance lease receivable - net 504 999 16,069 104,144 - - 121,716
Assets related to sharia
transactions - murabahah
receivables - net 205,171 842,662 283,384 - - - 1,331,217
Investment securities - net 8,869,285 2,431,045 32,569,952 166,552,212 38,032,055 440,617 248,895,166
Other assets - net 4,269,976 278,588 1,212,722 3,278,551 1,440,044 310,501 10,790,382
150,210,864 125,632,486 261,285,390 404,612,277 234,822,658 126,619,416 1,269,235,573
Page 153
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
43. MATURITY GAP OF FINANCIAL ASSETS AND LIABILITIES (continued)
The following table summarises the maturity gap profile of the Group financial assets and
liabilities based on the remaining period until the contractual maturity date as of 31 December
2023 and 2022: (continued)
2022 (continued)
No
> 3 months - More than contractual
Up to 1 month > 1 - 3 months 1 years > 1 - 5 years 5 years maturity Total
Financial liabilities
Deposits from customers (993,355,621) (26,458,718) (10,637,444) - - - (1,030,451,783)
Sharia deposits (2,825,860) - - - - - (2,825,860)
Deposits from other banks (7,934,074) (2,132) - - - - (7,936,206)
Financial liabilities at fair value
through profit or loss (117,624) (23,581) (242,068) - - - (383,273)
Securities sold under
agreement to repurchase (255,962) - - - - - (255,962)
Acceptance payables (3,428,602) (4,063,071) (2,104,172) (70,803) - - (9,666,648)
Borrowings (270,115) (258,260) (578,667) (209,909) - - (1,316,951)
Estimated losses from
commitments
and contingencies (283,694) (599,050) (1,843,673) (678,573) (33,359) - (3,438,349)
Other liabilities (3,029,460) (25,801) (64,005) (183,778) (56,616) - (3,359,660)
Subordinated bonds - - - (435,000) (65,000) - (500,000)
(1,011,501,012) (31,430,613) (15,470,029) (1,578,063) (154,975) - (1,060,134,692)
Net position (861,290,148) 94,201,873 245,815,361 403,034,214 234,667,683 126,619,416 209,100,881
44. NET OPEN POSITION
The Bank’s net foreign exchange positions (Net Open Position or “NOP”) as of 31 December
2023 and 2022 were calculated based on prevailing Bank Indonesia Regulations. Based on
those regulations, banks are required to maintain the NOP (including all domestic and
overseas branches) at the maximum of 20% (twenty percent) of capital.
The aggregate NOP represents the sum of the absolute values of (i) the net difference
between assets and liabilities denominated in each foreign currency and (ii) the net difference
of receivables and liabilities of both commitments and contingencies recorded in the
administrative account (administrative account transactions) denominated in each foreign
currency, which are all stated in Rupiah. The NOP for statement of financial position
represents the sum of the net differences of assets and liabilities on the statements of financial
position for each foreign currency, which are all stated in Rupiah.
The Bank’s NOP as of 31 December 2023 and 2022 were as follows:
2023
NOP for statement Net difference
of financial between
position (net receivables and
difference liabilities in Overall NOP
between assets administrative (absolute
and liabilities) accounts amount)
USD 6,789,863 (6,962,722) 172,859
SGD (2,178,903) 2,197,588 18,685
CNY 101,620 (86,350) 15,270
MYR (1,526) 7,692 6,166
CHF 21,690 (15,945) 5,745
JPY 25,973 (22,066) 3,907
SEK 3,318 - 3,318
EUR 1,367,157 (1,369,468) 2,311
HKD 9,425 (7,698) 1,727
Page 154
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/139
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
44. NET OPEN POSITION (continued)
The Bank’s NOP as of 31 December 2023 and 2022 were as follows: (continued)
2023 (continued)
NOP for statement Net difference
of financial between
position (net receivables and
difference liabilities in Overall NOP
between assets administrative (absolute
and liabilities) accounts amount)
CAD 16,874 (15,340) 1,534
AUD (384,371) 383,100 1,271
GBP 2,595 (1,472) 1,123
DKK 7,125 (6,245) 880
SAR 14,539 (15,401) 862
NZD 9,171 (9,765) 594
THB (197) - 197
Others 2,065 - 2,065
Total 238,514
Total capital (Note 45) 226,426,139
Percentage of NOP to capital 0.11%
2022
NOP for statement Net difference
of financial between
position (net receivables and
difference liabilities in Overall NOP
between assets administrative (absolute
and liabilities) accounts amount)
USD 8,202,912 (7,993,621) 209,291
CNY (214,884) 205,783 9,101
SGD (842,903) 836,169 6,734
HKD 25,220 (18,677) 6,543
MYR 4,733 - 4,733
CHF 19,580 (15,557) 4,023
DKK 5,279 (1,559) 3,720
JPY 37,704 (35,743) 1,961
EUR 832,763 (834,119) 1,356
THB 1,243 - 1,243
AUD (16,106) 14,965 1,141
CAD 13,251 (14,008) 757
NZD 8,546 (7,881) 665
GBP 56,892 (57,485) 593
SEK 1,903 (1,529) 374
SAR 15,308 (15,595) 287
Others 2,296 - 2,296
Total 254,818
Total capital (Note 45) 204,705,741
Percentage of NOP to capital 0.12%
45. CAPITAL MANAGEMENT
The primary objective of the Bank’s capital management policy is to ensure that the Bank has
a strong capital to support the Bank’s current business expansion strategy and to sustain
future development of the business, to meet regulatory capital adequacy requirements and
also to ensure the efficiency of the Bank’s capital structure.
Page 155
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
45. CAPITAL MANAGEMENT (continued)
The Bank prepares the Capital Plan based on assessment of and review over the capital
situation in terms of the legal capital adequacy requirement, combined with current economic
outlook assessment and the result of stress testing method. The Bank will continue to link
financial goals and capital adequacy to risk appetite through the capital planning process and
stress testing and assess the businesses based on Bank’s capital and liquidity requirements.
The Bank’s capital needs are also planned and discussed on a routine basis, supported by
data analysis.
The Capital Plan is prepared by the Board of Directors as part of the Bank’s Business Plan
and approved by the Board of Commissioners. This plan is expected to ensure an adequate
level of capital and optimum capital structure.
Based on BI Regulation No. 8/6/PBI/2006 dated 30 January 2006 and BI Circular Letter
No. 8/27/DPNP dated 27 November 2006 requires all banks to meet Capital Adequacy Ratio
(“CAR”) requirements for the bank on an individual and consolidated basis. The calculation of
minimum CAR on consolidated basis is performed by calculating capital and Risk-Weighted
Assets (“RWAs”) based on risks from consolidated financial statements as provided in the
prevailing Bank Indonesia Regulations.
BI Circular Letter No. 11/3/DPNP dated 27 January 2009 requires all banks in Indonesia with
certain qualification to take into account operational risk in the CAR calculation.
The Bank is required to provide minimum capital according to the risk profile on December
31, 2023 and 2022 in accordance with Financial Services Authority Regulation No. 27 Year
2022 dated 26 December 2022 concerning the Second Amendment to Financial Services
Authority Regulation No. 11/POJK.03/2016 concerning Minimum Capital Adequacy
Requirements for Commercial Banks, Financial Services Authority Regulation No.
34/POJK.03/2016 dated 22 September 2016 concerning Amendments to Financial Services
Authority Regulation No. 11/POJK.03/2016 concerning Minimum Capital Adequacy
Requirements for Commercial Banks, and Financial Services Authority Regulation No.
11/POJK.03/2016 dated 29 January 2016 concerning Minimum Capital Adequacy
Requirement for Commercial Banks.
The Bank calculates its capital requirements based on the prevailing OJK Regulations, where
the regulatory capital consisted of two tiers:
• Core Capital (Tier 1), which includes:
1. Common Equity (CET 1), which includes issued and fully paid-up capital (after
deduction of treasury stock), additional paid-up capital, allowable non-controlling
interest and deductions from Common Equity.
2. Additional Core Capital.
• Supplementary Capital (Tier 2), which includes capital instrument in form of shares or
other allowable instruments, agio or disagio from supplementary capital issuance,
required general allowance for productive assets (maximum of 1.25% RWAs credit risk),
and deductions from tier 2 capital.
The CAR as of 31 December 2023 and 2022, calculated in accordance with the prevailing
regulations, taking into account the credit risk, market risk and operational risk, were as
follows:
2023 2022
Bank Consolidated Bank Consolidated
Core Capital (Tier 1) 217,686,126 233,701,580 196,799,387 212,445,689
Supplementary Capital (Tier 2) 8,740,013 8,992,596 7,906,354 8,122,873
Total Capital 226,426,139 242,694,176 204,705,741 220,568,562
Page 156
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/141
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
45. CAPITAL MANAGEMENT (continued)
The CAR as of 31 December 2023 and 2022, calculated in accordance with the prevailing
regulations, taking into account the credit risk, market risk and operational risk, were as
follows: (continued)
2023 (continued) 2022 (continued)
Bank Consolidated Bank Consolidated
Risk-Weighted Assets (RWAs)
RWAs Considering Credit Risk 719,410,464 744,418,973 662,592,385 682,589,085
RWAs Considering Market Risk 1,465,254 3,074,120 858,740 2,058,698
RWAs Considering Operational Risk 48,325,210 78,117,459 130,944,329 137,075,529
Total RWAs 769,200,928 825,610,552 794,395,454 821,723,312
Minimum Capital Requirement
based on risk profile 9.99% 9.99% 9.99% 9.99%
CAR ratio
CET 1 ratio 28.30% 28.31% 24.77% 25.85%
Tier 1 ratio 28.30% 28.31% 24.77% 25.85%
Tier 2 ratio 1.14% 1.09% 1.00% 0.99%
CAR ratio 29.44% 29.40% 25.77% 26.84%
CET 1 for Buffer 19.45% 19.41% 15.78% 16.85%
Regulatory Minimum Capital Requirement
Allocation based on risk profile
From CET 1 8.85% 8.90% 8.99% 9.00%
From AT 1 0.00% 0.00% 0.00% 0.00%
From Tier 2 1.14% 1.09% 1.00% 0.99%
Regulatory Buffer percentage required
by Bank
Capital Conservation Buffer 2.500% 2.500% 2.500% 2.500%
Countercyclical Buffer 0.000% 0.000% 0.000% 0.000%
Capital Surcharge for Systemic Bank 2.500% 2.500% 2.500% 2.500%
46. NON-CONTROLLING INTEREST
The movement of non-controlling interest in net assets of Subsidiaries was as follows:
2023 2022
Balance, beginning of year 163,049 136,172
Increase of non-controlling interest from
paid-in capital of Subsidiary during the year - 7,500
Non-controlling interest portion of Subsidiaries net profit
during the year 18,973 19,850
Increase of non-controlling interest from
other comprehensive income of Subsidiaries
during the year (685) (473)
Balance, end of year 181,337 163,049
Page 157
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/142
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES
Related parties Nature of relationship Nature of transaction
PT Dwimuria Investama Andalan Shareholder Deposits from customers
Dana Pensiun BCA Employer pension fund Pension fund contribution,
deposits from customers
Dwi Cermat PTE LTD Owned by the same ultimate Deposits from customers
shareholder
Konsorsium Iforte HTS Owned by the same ultimate Deposits from customers
shareholder
PT Abadi Tambah Mulia Owned by the same ultimate Deposits from customers
Internasional shareholder
PT Adiwisesa Mandiri Building Owned by the same ultimate Loans receivable, deposits from
Product Indonesia shareholder customers
PT Agregasi Cermat Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Akar Inti Data Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Akar Inti Investama Owned by the same ultimate Deposits from customers
shareholder
PT Akar Inti Solusi Owned by the same ultimate Deposits from customers
shareholder
PT Akar Inti Teknologi Owned by the same ultimate Deposits from customers
shareholder
PT Alpha Merah Kreasi Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Altius Bahari Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Alto Halodigital International Owned by the same ultimate Deposits from customers
shareholder
PT Alto Network Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Andil Bangunsekawan Owned by the same ultimate Deposits from customers
shareholder
PT Angkasa Komunikasi Global Owned by the same ultimate Deposits from customers
Utama shareholder
PT Ardijaya Karya Appliances Owned by the same ultimate Deposits from customers
Product Manufacturing shareholder
PT Arta Karya Adhiguna Owned by the same ultimate Deposits from customers
shareholder
PT Arta Cipta Niaga Owned by the same ultimate Deposits from customers
shareholder
PT Artha Dana Teknologi Owned by the same ultimate Deposits from customers
shareholder
PT Artha Investa Teknologi Owned by the same ultimate Deposits from customers
shareholder
PT Artha Mandiri Investama Owned by the same ultimate Deposits from customers
shareholder
PT Astama Loka Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Bahtera Maju Selaras Owned by the same ultimate Deposits from customers
shareholder
PT Bangun Media Indonesia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Bangun Mustika Owned by the same ultimate Deposits from customers
Pratama shareholder
PT Bhumi Mahardika Jaya Owned by the same ultimate Deposits from customers
shareholder
Page 158
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Bit Teknologi Nusantara Owned by the same ultimate Deposits from customers
shareholder
PT Borneo Minera Utama Owned by the same ultimate Deposits from customers
shareholder
PT Broadband Wahana Asia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Bukit Muria Jaya Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Bukit Muria Jaya Estate Owned by the same ultimate Deposits from customers
shareholder
PT Caturguwiratna Sumapala Owned by the same ultimate Deposits from customers
shareholder
PT Cipta Karya Bumi Indah Owned by the same ultimate Deposits from customers
shareholder
PT Cipta Teknologi Cerdas Owned by the same ultimate Deposits from customers
shareholder
PT Ciptakreasi Buana Persada Owned by the same ultimate Deposits from customers
shareholder
PT Citra Teknologi Pintar Owned by the same ultimate Deposits from customers
shareholder
PT Darta Media Indonesia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Dasakreasi Anekacipta Owned by the same ultimate Deposits from customers
shareholder
PT Digital Data Teknologi Terdepan Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Digital Otomotif Indonesia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Digital Startup Nusantara Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Digital Tangguh Nusantara Owned by the same ultimate Deposits from customers
shareholder
PT Djarum Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Djelas Tandatangan Bersama Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Dwi Cermat Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Dwi Putri Selaras Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Dynamo Media Network Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Ecogreen Oleochemicals Owned by the same ultimate Loans receivable, deposits from
shareholder customers, letter of credit, bank
guarantee issued to customers
PT Energi Batu Hitam Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Eragraha Pirantimegah Owned by the same ultimate Deposits from customers
shareholder
PT Fajar Surya Perkasa Owned by the same ultimate Deposits from customers
shareholder
PT Farindo Investama Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Fira Makmur Sejahtera Owned by the same ultimate Deposits from customers
shareholder
Page 159
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/144
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Fokus Solusi Proteksi Owned by the same ultimate Deposits from customers
shareholder
PT Futami Food & Beverages Owned by the same ultimate Deposits from customers
shareholder
PT Gajah Merah Terbang Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT General Buditekindo Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Astha Niaga Owned by the same ultimate Deposits from customers
shareholder
PT Global Dairi Alami Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Danapati Niaga Owned by the same ultimate Deposits from customers
shareholder
PT Global Digital Niaga Tbk Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers
PT Global Digital Prima Owned by the same ultimate Deposits from customers
shareholder
PT Global Digital Ritelindo Owned by the same ultimate Deposits from customers
shareholder
PT Global Distribusi Nusantara Owned by the same ultimate Deposits from customers
shareholder
PT Global Distribusi Paket Owned by the same ultimate Deposits from customers
shareholder
PT Global Distribusi Pusaka Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers
PT Global Fortuna Nusantara Owned by the same ultimate Deposits from customers
shareholder
PT Global Indonesia Komunikatama Owned by the same ultimate Deposits from customers
shareholder
PT Global Infrastruktur Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Global Investama Andalan Owned by the same ultimate Deposits from customers
shareholder
PT Global Kassa Sejahtera Owned by the same ultimate Deposits from customers
shareholder
PT Global Media Visual Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Poin Indonesia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Teknologi Niaga Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Telekomunikasi Prima Owned by the same ultimate Deposits from customers
shareholder
PT Global Tiket Network Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers
PT Global Visi Media Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Global Visitama Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Globalnet Aplikasi Indotravel Owned by the same ultimate Deposits from customers
shareholder
PT Globalnet Sejahtera Owned by the same ultimate Deposits from customers
shareholder
Page 160
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/145
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Gonusa Prima Distribusi Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Graha Padma Internusa Owned by the same ultimate Deposits from customers
shareholder
PT Grand Indonesia Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers, office
rental transactions
PT Grand Teknologi Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Griya Karya Mandiri Owned by the same ultimate Deposits from customers
shareholder
PT Griya Muria Kencana Owned by the same ultimate Deposits from customers
shareholder
PT Griya Pamursita Pratama Owned by the same ultimate Deposits from customers
shareholder
PT Halmahera Jaya Feronikel Owned by the same ultimate Deposits from customers
shareholder
PT Hartono Istana Teknologi Owned by the same ultimate Loans receivable, deposits from
shareholder customers, letter of credit
PT Hartono Plantation Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Helios Energi Nusantara Owned by the same ultimate Deposits from customers
shareholder
PT Iforte Global Internet Owned by the same ultimate Deposits from customers
shareholder
PT Iforte Solusi Infotek Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Indah Bumi Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Indo Paramita Sarana Owned by the same ultimate Deposits from customers
shareholder
PT Indodana Multi Finance Owned by the same ultimate Deposits from customers
shareholder
PT Intershop Prima Center Owned by the same ultimate Deposits from customers
shareholder
PT Istana Kencana Mulia Owned by the same ultimate Deposits from customers
shareholder
PT Kalimusada Motor Owned by the same ultimate Deposits from customers
shareholder
PT Karya Muria Cemerlang Owned by the same ultimate Deposits from customers
shareholder
PT Kecerdasan Buatan Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Kencana Muria Jaya Owned by the same ultimate Deposits from customers
shareholder
PT Komet Infra Nusantara Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Kudos Istana Furniture Owned by the same ultimate Deposits from customers
shareholder
PT Kumparan Kencana Electrindo Owned by the same ultimate Deposits from customers
shareholder
PT Kurio Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Legal Tekno Digital Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Legian Paradise Owned by the same ultimate Deposits from customers
shareholder
Page 161
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/146
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Lingkarmulia Indah Owned by the same ultimate Deposits from customers
shareholder
PT Lintas Cipta Media Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Lunar Inovasi Teknologi Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Marga Sadhya Swasti Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Margo Hotel Development Owned by the same ultimate Deposits from customers
shareholder
PT Margo Property Development Owned by the same ultimate Deposits from customers
shareholder
PT Mars Multi Mandiri Owned by the same ultimate Deposits from customers
shareholder
PT Media Digital Historia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Merah Cipta Media Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Mitra Media Integrasi Owned by the same ultimate Deposits from customers
shareholder
PT Momentum Global Pratama Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Multigraha Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Muria Mekar Indah Owned by the same ultimate Deposits from customers
shareholder
PT Muria Sumba Manis Owned by the same ultimate Deposits from customers
shareholder
PT Nagaraja Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Narasi Akal Jenaka Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Narasi Citra Sahwahita Owned by the same ultimate Deposits from customers
shareholder
PT Nova Digital Perkasa Owned by the same ultimate Deposits from customers
shareholder
PT Orbit Abadi Sakti Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Pradipta Mustika Cipta Owned by the same ultimate Deposits from customers
shareholder
PT Prema Gandharva Asia Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Prima Top Boga Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers
PT Profesional Telekomunikasi Owned by the same ultimate Loans receivable, deposits from
Indonesia shareholder customers
PT Promedia Punggawa Satu Owned by the same ultimate Deposits from customers
shareholder
PT Promoland Indowisata Owned by the same ultimate Loans receivable, deposits from
shareholder customers, bank guarantee
issued to customers
Page 162
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/147
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Prosa Solusi Cerdas Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Puri Bumi Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Puri Dibya Property Owned by the same ultimate Deposits from customers
shareholder
PT Puri Padma Management Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Puri Zuqni Owned by the same ultimate Deposits from customers
shareholder
PT Quattro International Owned by the same ultimate Deposits from customers
shareholder
PT Raharja Dipta Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Rajawali Inti Selular Owned by the same ultimate Deposits from customers
shareholder
PT Rajawali Inti Selular Owned by the same ultimate Deposits from customers
shareholder
PT Resinda Prima Entertama Owned by the same ultimate Deposits from customers
shareholder
PT Sapta Adhikari Investama Owned by the same ultimate Deposits from customers
shareholder
PT Sarana Kencana Mulya Owned by the same ultimate Deposits from customers, letter of
shareholder credit
PT Sarana Menara Nusantara Tbk Owned by the same ultimate Deposits from customers
shareholder
PT Savoria Adi Rasa Owned by the same ultimate Deposits from customers
shareholder
PT Savoria Kreasi Rasa Owned by the same ultimate Deposits from customers, bank
shareholder guarantee issued to customers
PT Seminyak Mas Propertindo Owned by the same ultimate Deposits from customers
shareholder
PT Sentral Investama Andalan Owned by the same ultimate Deposits from customer
shareholder
PT Sewu Nayaga Tembaya Owned by the same ultimate Deposits from customers
shareholder
PT Sinergi Nasional Rakyat Owned by the same ultimate Deposits from customers
Indonesia shareholder
PT Solusi Sentra Niaga Owned by the same ultimate Deposits from customers
shareholder
PT Solusi Tunas Pratama Tbk Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Solusi Verifikasi Indonesia Owned by the same ultimate Deposits from customers
shareholder
PT Sumber Kopi Prima Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Supra Kreatif Mandiri Owned by the same ultimate Deposits from customers
shareholder
PT Supra Mas Mandiri Owned by the same ultimate Deposits from customers
shareholder
PT Timur Persada Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Tira Timur Lestari Owned by the same ultimate Deposits from customers
shareholder
PT Tricipta Mandhala Gumilang Owned by the same ultimate Deposits from customers
shareholder
Page 163
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/148
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
47. TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)
Related parties Nature of relationship Nature of transaction
PT Trigana Putra Mandiri Owned by the same ultimate Deposits from customers
shareholder
PT Varnion Technology Semesta Owned by the same ultimate Loans receivable, deposits from
shareholder customers
PT Verifikasi Informasi Credit Owned by the same ultimate Loans receivable, deposits from
Indonesia shareholder customers
PT Verve Persona Estetika Owned by the same ultimate Deposits from customers
shareholder
Key management personnel Bank’s Board of Commissioners Loans receivable, deposits from
and Board of Directors customers, employee benefits
The Bank’s controlling individuals Shareholder Loans receivable, deposits from
and their family members customers
In the normal course of business, the Bank has transactions with related parties due to their
common ownership and/or management. All transactions with related parties are conducted
with agreed terms and conditions.
The details of significant balances and transactions with related parties that were not
consolidated as of 31 December 2023 and 2022, and for the years then ended were as
follows:
2023 2022
Percentage to Percentage to
Amount total Amount total
Loans receivable*) (Note 12) 8,478,521 1.07% 9,445,463 1.36%
Right-of-use asset - net**) (Note 16) 213,815 0.80% 227,939 0.92%
Other assets***) (Note 18) 9,121 0.04% 9,216 0.06%
Deposits from customers (Note 19) 2,639,237 0.24% 2,412,327 0.23%
Unused credit facilities to customers (Note 27) 4,903,860 1.29% 2,813,955 0.88%
Letter of credit facilities to customers (Note 27) 134,261 1.19% 141,500 0.97%
Bank guarantee issued to customers (Note 27) 184,854 0.81% 441,369 2.23%
Interest and sharia income (Note 28) 505,037 0.58% 501,811 0.69%
Interest and sharia expenses (Note 29) 38,627 0.31% 34,271 0.42%
Pension plan contribution (Note 33) 431,993 85.84% 397,621 86.23%
Rental expenses (Note 34) 13,398 1.30% 13,398 1.19%
*)
Before allowance for impairment losses.
**)
Represent right-of-use asset to PT Grand Indonesia.
***)
Represent security deposits to PT Grand Indonesia.
Compensations for key management personnel of the Bank (Note 1e) were as follows:
2023 2022
Short-term employee benefits (including tantiem) 912,218 806,567
Long-term employee benefits 40,780 41,109
Total 952,998 847,676
Rental agreement with PT Grand Indonesia
On 11 April 2006, the Bank signed a rental agreement with PT Grand Indonesia (a related
party), in which the Bank agreed to lease, on a long-term basis, the office space from
PT Grand Indonesia with a total area of 28,166.88 sqm at an amount of
USD 35,631,103.20, including Value Added Tax (“VAT”), with an option to lease for long-term
additional space of 3,264.80 sqm at an amount of USD 4,129,972, including VAT. This rental
transaction was approved by the Board of Directors and Shareholders in the Bank’s
Extraordinary General Meeting of Shareholders on 25 November 2005 (the minutes of
meeting was drawn up by Notary Hendra Karyadi, S.H., with Deed No. 11). This rental
agreement started on 1 July 2007 and will end on 30 September 2035.
As of 31 December 2023 and 2022, right-of-use asset to PT Grand Indonesia amounted to
Rp 213,815 and Rp 227,939, of these amount, Rp 157,422 and Rp 170,819, respectively has
been fully paid. The finance lease obligation to PT Grand Indonesia which was recorded on
31 December 2023 and 2022 were Rp 58,065 and Rp 58,593, respectively.
Page 164
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
48. NET PAYABLE RECONCILIATION
2023
Securities
Debt sold under
Subordinated securities agreements to
bonds issued Borrowings repurchase
Net payable 31 December 2022 500,000 - 1,316,951 255,962
Cash flow:
Payment of debt securities issued - - 49,928,825 -
Proceeds from borrowings - - (49,607,671) -
Payment of borrowings - - - -
Proceeds from securities sold under agreements
to repurchase - - - 2,332,995
Payment of securities sold under agreements
to repurchase - - - (1,528,882)
Non-cash changes:
Amortisation of deferred bonds issuance costs - - - -
Adjustment of foreign currency - - (8,479) (5,295)
Net payable 31 December 2023 500,000 - 1,629,626 1,054,780
2022
Securities
Debt sold under
Subordinated securities agreements to
bonds issued Borrowings repurchase
Net payable 31 December 2021 500,000 482,149 976,225 77,021
Cash flow:
Payment of debt securities issued - (483,000) - -
Proceeds from borrowings - - 23,546,543 -
Payment of borrowings - - (23,237,805) -
Proceeds from securities sold under agreements
to repurchase - - - 1,490,501
Payment of securities sold under agreements
to repurchase - - - (1,332,322)
Non-cash changes:
Amortisation of deferred bonds issuance costs - 851 - -
Adjustment of foreign currency - - 31,988 20,762
Net payable 31 December 2022 500,000 - 1,316,951 255,962
49. GUARANTEES ON THE OBLIGATIONS OF DOMESTIC BANKS
Based on Law No. 24 regarding Deposit Insurance Corporation (“LPS”) dated 22 September
2004, effective since 22 September 2004, the LPS was established to provide guarantee on
certain deposits from customers based on prevailing guarantee schemes, the amount of which
is subject to change if they meet certain applicable schemes. The law was changed with the
Government Regulation as the Replacement of Law No. 3 Year 2008, which was stipulated
as a law since 13 January 2009 based on the Republic of Indonesia Law No. 7 Year 2009.
Based on the Government of Republic of Indonesia Regulation No. 66/2008 dated 13 October
2008 regarding the deposit amount guaranteed by LPS, as of 31 December 2023 and 2022,
the deposit amount guaranteed by LPS for every customer in a bank was a maximum of
Rp 2,000.
As of 31 December 2023 and 2022, the Bank was the participant of this guarantee scheme.
Page 165
PT BANK CENTRAL ASIA Tbk AND SUBSIDIARIES Schedule 5/150
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
50. ACCOUNTING STANDARD ISSUED BUT NOT YET EFFECTIVE
Financial Accounting Standard Board of Indonesian Institute of Accountants (“DSAK-IAI”) has
issued the following new standards, amendments and interpretations, but not yet effective for
the financial year beginning 1 January 2023 as follows:
- Amendments of SFAS 1 “Presentation of Financial Statements” regarding classification of
liabilities as current or non-current;
- Amendments of SFAS 73 “Leases” regarding lease liabilities in sale-and-lease back
transactions.
The above standard will be effective on 1 January 2024 and early adoption is permitted.
- Amendments of SFAS 1 “Presentation of Financial Statements” insurance contract
regarding long-term liabilities with the covenant; and
- SFAS 74 “Insurance Contract”; and
- Amendments of SFAS 74 “Insurance Contracts on Initial Application of SFAS 74 and
SFAS 71 – Comparative Information”.
The above standard will be effective on 1 January 2025.
As at the authorisation date of these consolidated financial statements, the Group is still evaluating
the potential impact from the implementation of these new standards and the effect on the Group’s
consolidated financial statements.
Beginning 1 January 2024, references to the individual SFAS and IFAS will be changed as
published by DSAK-IAI.
51. ADDITIONAL INFORMATION
Information presented in schedule 6/1 - 6/7 are additional financial information of PT Bank
Central Asia Tbk, (Parent Entity), which presented investment in Subsidiaries according to
cost method and are an integral part of the consolidated financial statements of the Group.
Page 166
PT BANK CENTRAL ASIA Tbk Schedule 6/1
ADDITIONAL INFORMATION
STATEMENTS OF FINANCIAL POSITION (PARENT ENTITY ONLY)
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023 2022
ASSETS
Cash 21,655,553 21,281,939
Current accounts with Bank Indonesia 91,333,237 102,745,583
Current accounts with other banks - net of allowance for
impairment losses of Rp 608 as of 31 December 2023
(31 December 2022: Rp 595) 5,603,146 4,639,146
Placements with Bank Indonesia and other banks - net
of allowance for impairment losses of Rp 643
as of 31 December 2023 (31 December 2022: Rp 5,463) 2,649,867 29,406,058
Financial assets at fair value through profit or loss 14,144,470 1,368,206
Acceptance receivables - net of allowance for
impairment losses of Rp 283,115 as of
31 December 2023 (31 December 2022: Rp 315,457) 14,659,624 15,199,641
Bills receivable - net of allowance for impairment losses of
Rp 4,516 as of 31 December 2023
(31 December 2022: Rp 7,135) 10,383,524 5,895,907
Securities purchased under agreements to resell 90,780,368 152,408,798
Loans receivable - net of allowance for impairment
losses of Rp 33,168,491 as of 31 December 2023
(31 December 2022: Rp 33,832,635)
Related parties 8,803,131 9,548,725
Third parties 745,527,767 647,699,980
Investment securities - net of allowance for impairment
losses of Rp 351,296 as of 31 December 2023
(31 December 2022: Rp 154,854) 298,289,259 236,401,462
Prepaid expenses 716,210 603,889
Prepaid tax 24,117 23,749
Fixed assets - net of accumulated depreciation of
Rp 9,486,999 as of 31 December 2023
(31 December 2022: Rp 9,512,383) 25,962,532 23,890,994
Intangible assets - net of accumulated amortisation of
Rp 836,816 as of 31 December 2023
(31 December 2022: Rp 2,114,743) 393,556 396,554
Deferred tax assets - net 7,207,737 7,106,039
Investment in shares - net of allowance for impairment
losses of Rp 104,366 as of 31 December 2023
(31 December 2022: Rp 104,366) 10,157,038 10,157,038
Other assets - net of allowance for impairment losses of
Rp 200 as of 31 December 2023
(31 December 2022: Rp 213) 22,579,803 14,592,647
TOTAL ASSETS 1,370,870,939 1,283,366,355
Page 167
PT BANK CENTRAL ASIA Tbk Schedule 6/2
ADDITIONAL INFORMATION
STATEMENTS OF FINANCIAL POSITION (PARENT ENTITY ONLY)
31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023 2022
LIABILITIES AND EQUITY
LIABILITIES
Deposits from customers
Related parties 2,700,327 2,474,751
Third parties 1,079,151,832 1,021,184,852
Deposits from other banks 10,146,440 8,006,041
Financial liabilities at fair value through
profit or loss 120,630 383,273
Acceptance payables 6,701,256 9,666,648
Securities sold under agreements to repurchase 972,534 -
Tax payables 1,434,752 2,151,204
Borrowings 60,477 12,464
Estimated losses from commitments and contingencies 3,369,458 3,437,454
Post-employment benefits obligation 8,884,242 7,410,593
Accruals and other liabilities 23,904,545 15,925,205
Subordinated bonds 500,000 500,000
TOTAL LIABILITIES 1,137,946,493 1,071,152,485
EQUITY
Share capital - par value per share of Rp 12.50 (full amount)
Authorised capital: 440,000,000,000 shares
Issued and fully paid-up capital: 123,275,050,000 shares 1,540,938 1,540,938
Additional paid-in capital 5,711,368 5,711,368
Revaluation surplus of fixed assets 10,801,590 10,579,223
Unrealised gains (losses) on financial assets at
fair value through other comprehensive income 933,879 1,794,978
Retained earnings
Appropriated 3,234,149 2,826,792
Unappropriated 210,702,522 189,760,571
TOTAL EQUITY 232,924,446 212,213,870
TOTAL LIABILITIES AND EQUITY 1,370,870,939 1,283,366,355
Page 168
PT BANK CENTRAL ASIA Tbk Schedule 6/3
ADDITIONAL INFORMATION
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(PARENT ENTITY ONLY)
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023 2022
OPERATING INCOME AND EXPENSES
Interest income 81,809,757 67,896,741
Interest expenses (11,573,524) (7,847,736)
INTEREST INCOME - NET 70,236,233 60,049,005
OTHER OPERATING INCOME
Fees and commission income - net 16,562,019 16,455,832
Net income from transaction at fair value
through profit or loss 1,803,589 1,132,022
Others 4,216,071 3,863,647
Total other operating income 22,581,679 21,451,501
Impairment losses on assets (1,904,685) (4,383,978)
OTHER OPERATING EXPENSES
Personnel expenses (14,470,340) (12,190,691)
General and administrative expenses (15,743,363) (13,960,380)
Others (1,818,214) (1,969,215)
Total other operating expenses (32,031,917) (28,120,286)
INCOME BEFORE TAX 58,881,310 48,996,242
INCOME TAX EXPENSE (10,895,738) (9,026,842)
NET INCOME 47,985,572 39,969,400
OTHER COMPREHENSIVE INCOME:
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligation (554,048) (355,309)
Income tax on remeasurements of defined
benefit liability 105,269 67,509
(448,779) (287,800)
Revaluation surplus of fixed assets 230,830 1,189,684
(217,949) 901,884
Items that will be reclassified to profit or loss:
Unrealised gains (losses) on financial assets
at fair value through other comprehensive income (1,063,085) (5,260,917)
Income tax 201,986 999,574
(861,099) (4,261,343)
OTHER COMPREHENSIVE INCOME,
NET OF INCOME TAX (1,079,048) (3,359,459)
TOTAL COMPREHENSIVE INCOME 46,906,524 36,609,941
BASIC AND DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT ENTITY (in full amount) 389 324
Page 169
PT BANK CENTRAL ASIA Tbk Schedule 6/4
ADDITIONAL INFORMATION
STATEMENTS OF CHANGES IN EQUITY (PARENT ENTITY ONLY)
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023
Unrealised gains
(losses) on
financial assets
at fair value
Revaluation through other Retained earnings
Issued and fully Additional paid- surplus of fixed comprehensive
paid-up capital in capital assets income-net Appropriated Unappropriated Total equity
Balance, 31 December 2022 1,540,938 5,711,368 10,579,223 1,794,978 2,826,792 189,760,571 212,213,870
Net income for the year - - - - - 47,985,572 47,985,572
Revaluation surplus of fixed assets - - 222,367 - - 8,463 230,830
Unrealised gains (losses) on financial assets
at fair value through other
comprehensive income - net - - - (861,099) - - (861,099)
Remeasurement of defined
benefit liability - net - - - - - (448,779) (448,779)
Total comprehensive income for the year - - 222,367 (861,099) - 47,545,256 46,906,524
General reserve - - - - 407,357 (407,357) -
Cash dividends - - - - - (26,195,948) (26,195,948)
Balance, 31 December 2022 1,540,938 5,711,368 10,801,590 933,879 3,234,149 210,702,522 232,924,446
Page 170
PT BANK CENTRAL ASIA Tbk Schedule 6/5
ADDITIONAL INFORMATION
STATEMENTS OF CHANGES IN EQUITY (PARENT ENTITY ONLY)
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2022
Unrealised gains
(losses) on
financial assets
at fair value
Revaluation through other Retained earnings
Issued and fully Additional paid- surplus of fixed comprehensive
paid-up capital in capital assets income-net Appropriated Unappropriated Total equity
Balance, 31 December 2021 1,540,938 5,711,368 9,423,741 6,056,321 2,512,565 169,466,629 194,711,562
Net income for the year - - - - - 39,969,400 39,969,400
Revaluation surplus of fixed assets - - 1,155,482 - - 34,202 1,189,684
Unrealised gains (losses) on financial assets
at fair value through other
comprehensive income - net - - - (4,261,343) - - (4,261,343)
Remeasurement of defined
benefit liability - net - - - - - (287,800) (287,800)
Total comprehensive income for the year - - 1,155,482 (4,261,343) - 39,715,802 36,609,941
General reserve - - - - 314,227 (314,227) -
Cash dividends - - - - - (19,107,633) (19,107,633)
Balance, 31 December 2022 1,540,938 5,711,368 10,579,223 1,794,978 2,826,792 189,760,571 212,213,870
Page 171
PT BANK CENTRAL ASIA Tbk Schedule 6/6
ADDITIONAL INFORMATION
STATEMENTS OF CASH FLOWS (PARENT ENTITY ONLY)
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts of interest income, fees and commissions 100,562,554 85,094,247
Other operating income 2,300,444 2,151,659
Payments of interest expenses, fees and commissions (11,495,240) (7,977,107)
Payments of post-employment benefits (356,111) (339,170)
Gains from foreign exchange transactions - net (461,367) 3,079,816
Other operating expenses (30,056,445) (25,895,539)
Payment of tantiem to Board of Commissioners and Board of Directors (660,000) (493,000)
Other increases (decreases) affecting cash:
Placements with Bank Indonesia and other banks - mature
more than 3 (three) months from the date of acquisition 477,882 9,848,411
Financial assets at fair value through profit or loss (12,068,137) 4,866
Acceptance receivables 572,359 (4,054,784)
Bills receivable (4,489,425) 633,297
Securities purchased under agreements to resell 61,628,430 (6,879,797)
Loans receivable (99,473,782) (70,831,811)
Other assets (7,104,585) (126,826)
Deposits from customers 58,951,046 50,178,055
Deposits from other banks 2,159,930 (2,193,428)
Acceptance payables (2,965,392) 3,022,354
Accruals and other liabilities 8,047,642 1,696,809
Net cash provided by (used in) operating activities before
income tax 65,569,803 36,918,052
Payment of income tax (11,232,056) (9,449,525)
Net cash provided by (used in) operating activities 54,337,747 27,468,527
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of investment securities (103,795,014) (93,478,730)
Proceeds from investment securities that matured
during the year 40,540,445 68,575,375
Cash dividends received from investment in shares 1,914,400 1,702,184
Paid-in capital on Subsidiary - (67,500)
Acquisition of fixed assets (4,562,590) (2,497,743)
Acquisition of right-of-use assets (329,269) (636,329)
Proceeds from sale of fixed assets 7,705 1,210
Net cash provided by (used in) investing activities (66,224,323) (26,401,533)
Page 172
PT BANK CENTRAL ASIA Tbk Schedule 6/7
ADDITIONAL INFORMATION
STATEMENTS OF CASH FLOWS (PARENT ENTITY ONLY)
FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Expressed in millions of Rupiah, unless otherwise stated)
2023 2022
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 48,013 11,470
Payment of cash dividends (26,195,948) (19,107,633)
Proceeds from securities sold under agreements to repurchase 972,534 -
Net cash provided by (used in) financing activities (25,175,401) (19,096,163)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (37,061,977) (18,029,169)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 157,378,246 174,543,314
EFFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON
CASH AND CASH EQUIVALENTS 728,503 864,101
CASH AND CASH EQUIVALENTS, END OF YEAR 121,044,772 157,378,246
Cash and cash equivalents consist of:
Cash 21,655,553 21,281,939
Current accounts with Bank Indonesia 91,333,237 102,745,583
Current accounts with other banks 5,603,754 4,639,741
Placement with Bank Indonesia and other banks - mature within
3 (three) months or less from the date of acquisition 2,452,228 28,710,983
Total cash and cash equivalents 121,044,772 157,378,246
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