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BTN untuk Keluarga Indonesia 2025 ANNUAL REPORT PT Bank Tabungan Negara (Persero) Tbk
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ABOUT THE ANNUAL REPORT This Annual Report is an integrated report containing an overview of important financial data for the last 5 (five) years, company profile, reports from the Board of Directors and Board of Commissioners, management analysis and discussion which includes the Company’s performance achievements, compared with the performance of previous years, performance projections and company prospects. This Annual Report also reports on the implementation of corporate governance which includes governance structures and processes including the implementation of a risk management system which, among other things, describes the risk profile and its management. Thus, this Annual Report places historical performance into context and describes the Company’s risks, opportunities and prospects for the future, so that it is hoped that it can help shareholders and stakeholders understand the Company’s strategic objectives and its progress in creating sustainable value.
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PT Bank Tabungan Negara (Persero) Tbk
2025 Annual Report
BTN untuk
Keluarga
Indonesia
PT Bank Tabungan Negara (Persero) Tbk. (hereinafter financial ratios demonstrated the effectiveness of the
referred to as the Company) is always committed transformation strategy implemented. The Company,
not only to performing as a banking institution but performing its product innovation, synergy confirmation,
also acting as a financial partner, available in every and commitment to sustainability principles, attempted
Indonesian family’s life phase. A long-standing bank in to ensure that every Indonesian family had access
the national housing financing, the Company articulates to secure, reliable, added-value financial services. In
“family” as a key foundation of the socio-economic 2025, the Company recorded consolidated net profit
development. Therefore, the Company’s strategic of IDR3.50 trillion, representing a year-on-year (yoy)
initiatives are directed to support decent residential increase of 16.42%. This significant profit growth was in
necessity, inclusive financing access, and sustainable line with the expansion of the Company’s total assets,
financial solutions for a wider community. which reached IDR527.79 trillion, an increase of 12.39%
compared to 2024.
In 2025, the Company, having this commitment,
successfully maintained its loan growth, particularly Moreover, having a firm fundamental, consistent
in the housing financing segment, as the Company’s transformation, and more solid synergy, the Company
core business. Total loans in 2025 reached IDR312.58 was optimistic to continuously grow and provide
trillion (2025), an increase from IDR 286.14 trillion in 2024. added value to stakeholders. The Company affirmed its
Improved asset quality was maintained with a gross NPL commitment to grow with the community, build trust,
of 3.17%, strengthening a more stable capital structure and provide real contribution in creating inclusive and
with a CAR of 19.02%, and improvements in other sustainable welfare for the nation.
2025 Annual Report 3
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THEME
CONTINUITY
2024 Annual Report 2023 Annual Report
DIGITAL TRANSFORMATION KARENA HIDUP
FOR SUSTAINABLE GROWTH GAK CUMA TENTANG HARI INI
PT Bank Tabungan Negara (Persero) Tbk. (hereinafter PT Bank Tabungan Negara (Persero) Tbk (hereinafter
referred to as the Company or BTN) remains agile in referred to as the Company or Bank BTN) is implementing
conducting its business, continuously adapting to a breakthrough product development strategy to
changes in the environment. BTN has established capture opportunities arising from the demographics of
a vision and mission as a strategic direction for the the Indonesian population which is dominated by Gen Z
Company’s future development. The vision is: “To and millennials. This is realized by developing Bank BTN
Become the Best Mortgage Bank in Southeast Asia by features and services in owning a house, investing and
2025.” preparing digitally integrated retirement funds through
One of the key factors in implementing these strategic its Hero Campaign, namely Life is Not Only About Today.
initiatives is digital transformation, supported by Bank BTN invites millennials to develop their businesses
adaptive information technology management. BTN bigger and realize that now is the time to own a house
has strengthened its digitalization processes in lending while still living their lifestyle without having to worry
and funding, developed digital branches, enhanced about the mortgage they have. The development of
banking transaction capabilities by providing the housing business in the first home buyer segment
an improved BTN Mobile service, increased sales as Bank BTN’s captive market is expected to be able to
productivity in the funding segment, and reinforced its encourage business growth for the next 10 (ten) years.
information technology infrastructure.
Digital transformation is also reflected in the
establishment of the Digital Operations Division
and Digital Operations Risk Division, which ensures
the effective delivery of the Company’s services
and operations, as well as strengthens information
technology, digital, and operational risk management
to mitigate potential risks in the cyber and digital
domains. BTN is optimistic that these various efforts will
drive the Company’s long-term growth..
4 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
2022 Annual Report 2021 Annual Report
DEVELOPMENT OF HOUSING TRANSFORMATION
ECOSYSTEMBASED BUSINESS TOWARDS THE BEST
TRANSFORMATION AND MORTGAGE BANK
DIGITALIZATION
PT Bank Tabungan Negara (Persero) Tbk (hereinafter Bearing the spirit of transformation in a sustainable
referred to as “the Bank”, “the Company”, or “BTN”) business growth, PT Bank Tabungan Negara (Persero)
has been developing business transformation that Tbk has confidently passed through 2021 while executing
involves transforming branch offices’ operating its vision and mission. With robust fundamentals built
models, developing Strategic Business Unit (SBU) throughout 2021, Bank BTN’s journey going forward has
structures, transforming human capital to support been strengthened towards the transformation “To Be
business plans and improving capabilities of the The Best Mortgage Bank in Southeast Asia by 2025”.
employees to achieve the 2025 Visions, as well as This year, the Company will continue improving the
developing housing loans (hereinafter referred to existing banking services. Disruptions by the COVID-19
as KPR) for the millennials through Transit Oriented pandemic has given the Company opportunities to
Development (TOD) concept. enhance digital service performance such as banking
In line with business transformation, the Company from home and mobile banking applications, in
has been enhancing its digitalization capability in addition to creating variations of housing loan, cash
developing housing ecosystem-based business by management and savings products to increase
expanding the value chain of the housing business. customers’ loyalty.
This expansion is conducted by establishing a Since its founding, the Company has also been serving
one-stop shop financial solution, a comprehensive as the Government’s partner in supporting the economy,
banking service for commercial SMEs, corporates particularly as the agent of development by distributing
and institutional customers. In the end, business over IDR640 trillion loans to more than five million
transformation and housing ecosystem-based Indonesian people of all segments while continuously
digitalization has been able to improve the make the endeavor to become a leader and innovator
Company’s performance as expected by the amidst the national banking competition.
stakeholders.
2025 Annual Report 5
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TABLE
OF CONTENTS
3 Themes and Themes Explanation 9 Company at a Glance
4 Theme Continuity 10 Milestones
6 Table of Contents 12 Our Best Contributions
PERFORMANCE 105
Review of Vision and Mission by the Board of
HIGHLIGHTS 16 Commissioners and Directors
106 Corporate Culture
18 Important Performance Achievements in 2025 108 Business Activities
Business Activities According to the Articles of
20 Key Financial Highlights 108 Association and Business Activities Conducted
20 Financial Highlights and Financial Ratios 109 Products and Services
29 Operational Overview 124 Operational Area
126 Organizational Structure
30 Stock Price Information
128 Association Membership
33 Corporate Action
129 Board of Directors Profile
Temporary Termination of Stocks Trading 150 Board of Commissioners Profile
33 (Suspension) and/or Stock Registration (Delisting)
169 Sharia Supervisory Board Profile
34 Bond, Sukuk and/or Convertible Bond Information
173 Executive Officers Profile
36 Other Funding Source Information 201 Employee Profile
38 Company Rating 2025 201 Employee Composition by Gender
201 Employee Composition by Organizational Level
39 Corporate Analyst Report
201 Number of Employees Based by Age Range
41 Important Events in 2025
202 Number of Employees Based by Educational Level
202 Number of Employees by Employment Status
REPORT OF DIRECTORS 202 Employees Comp
AND BOARD OF 203 Shareholder’s Composition
COMMISSIONERS 50 204
205
Composition of the 20 Biggest Shareholders
Shareholders Composition 5% or More
Composition of Community Shareholders Less
52 Board of Directors Report 206 Than 5%
70 Board of Commissioners Report 207 Shareholding by the Directors and Commissioners
208 Shareholding by Senior Management
84 Accountability of Annual Report 2025
208 Shareholders Classification
209 Major and Controlling Shareholders
COMPANY PROFILE 86 209
List of Subsidiaries, Associated Entities and Joint
Venture Companies
88 Company Identity 210 Bank Business Group Information
Names and Addresses of Regional Offices, 211 Corporate Group Structure
90 Conventional Branch Offices and Sharia Branch 212 Stock Listing Chronology
Offices
Chronology of Issuance and/ or Listing of Bonds and
99 Business Partner Networks 214 Other Securities
101 Company Brand Information on the use of Public Accounting and
226 Public Accounting Office Services
102 Company at A Glance
Name and Address of Supporting Institution and/or
103 Description of Name Change 226 Professional
104 Company Vision, Mission and Corporate Culture
233 Awards and Certifications
104 Vision
242 Information Available on the Website
105 Mission
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PT Bank Tabungan Negara (Persero) Tbk
MANAGEMENT DISCUSSION 398
Material Information Regarding Investment,
Expansion, Divestment, Acquisition, or Debt and
AND ANALYSIS ON BANK Capital Restructuring
PERFORMANCE 244
Information on Material Transactions Containing
404 Conflicts of Interest, Affiliated Transactions, and
Related Transactions
412 Loan Policy for Board of Commissioners/Directors
246 Economic Overview
Maximum Limit on Credit Provision and Large
246 Global Economic Analysis 412
Funding
247 National Economic Analysis Changes in Legislation and Regulations and Their
413
248 Banking Industry Analysis Impact on the Company
248 Housing Industry Analysis 421 Changes in Accounting Policies
250 Analysis of BTN in the Banking Industry 422 Bank’s Soundess Level
252 Operational Overview 422 Information on Business Continuity
252 Bank Strategy Plan Disclosure of Governance, Management, and
426
Control Framework for Tax Aspects
274 Marketing Aspects
427 Response to Changes in Monetary Policy Direction
274 Marketing Strategy
428 Spot Transactions and Derivative Transactions
297 Market Share
Report on the Use of Additional State Capital
298 Customer Application Handling
430
Injection (SCI)
301 Operational Overview per Business Segment
301 Conventional Segment
323 Sharia Segment INFORMASI EKSPOSUR
340 Subsidiary Segment RISIKO DAN PERMODALAN
345
347
National Strategic Projects or Other Assignments
Financial Review
432
347 Financial Performance
434 Key Metrics
347 Statement of Financial Position
Differences Between the Scope of Consolidation and
Statement of Profit or Loss and Other Mapping in Financial Statements in Accordance with
356
Comprehensive Income 437 Financial Accounting Standard with Risk Category in
Line with The Financial Services Authority Regulation
360 Statement of Cash Flows
of the Risk Category (LI1)
363 Ability to Pay Debts and Collectability of Receivables
Main Differences Between Recorded Value in
363 Ability to Pay Debts Accordance with Financial Accounting Standard and
440 Exposure Value in Line with the Financial Services
366 Collectability of Receivables
Authority Regulation (LI2)
368 Rasio Keuangan Lain xxx
Description of Differences Between Exposure Value in
369 Fund Interest Rate 441 Accordance with Financial Accounting Standard and
372 Prime Lending Rate the Financial Services Authority Regulation (LIA)
372 Productive Assets Quality Analysis 442 Capital - Capital Composition (CC1)
375 Fee-Based Income Growth Acceleration 446 Capital - Capital Reconciliation (CC2)
Capital - Key Feature of Capital and Tlac-Eligible
375 Growth in Digital Transaction Volume 448 Instruments (CCA)
375 Bank Capital Structure
Qualitative Disclosure on Capital Structure and
Management Policy on Capital Structure and 450 Capital Adequacy
375
Basis for Determining Policy
Risk Management – Bank Risk Management
376 Capital Structure Details 452 Approach (OVA)
377 Information on Capital and Risk Exposure 456 Leverage Ratio
379 Capital Goods Investment 462 Credit Risk
380 Commitments and Contingencies 540 Market Risk
381 Agreement and Engagement 546 Liquidity Risk
384
Material Information and Facts after Accounting 563 Operational Risk
Report Date
HUMAN
384 Business Outlook and Future Strategies
388 Achievement of Targets and Future Targets
388 Achievement of Targets 2025 CAPITAL 566
391 Future Targets (Projection)
394 Long-Term Plan (LTP) Evaluation 434 Human Resource Development Work Program
395 Dividend Policy, Announcement and Payment
436
Human Capital Management Policy and
Implementation
398 Realization of Use of Proceeds from Public Offering
436 Recruitment
2025 Annual Report 7
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573 Competency Development 866 Public Accountant
576 Career Development 868 Internal Control System
580 Performance Assessment
874 Risk Management Report
582 Remuneration
891 Compliance Function
584 Pension Program
Anti-Money Laundering (AML), Counter-
585 Human Capital Information System (HCIS) Terrorism Financing (CTF), and Prevention of the
906
587 Cultural Internalization Proliferation of Weapons of Mass Destruction
(PFWMD) Program
588 Information Disclosure to Employees
589 Human Capital Management Structure 909 Legal Case
590 Human Capital Work Plan 2026 Administrative Sanctions Imposed on
911 The Company, Members of The Board of
Commissioners and Directors by The Capital
INFORMATION 911 Access to Company Information and Data
TECHNOLOGY 592 927 Code of Conducts
Policy of Long-Term Performancebased
Master Plan and Information Technology Strategy 932 Compensation to Management
594 Plan
933 Whistleblowing System
596 Information Technology Innovations
942 Anti-Corruption Program
597 Information Technology Infrastructure
Management of State Officials’ Wealth Report
598 Information Technology Governance 949 (LHKPN)
605 Information Technology Management Structure
Number of Determination (Internal Fraud) and
606 Information Technology Implementation Evaluation 950 Resolution Efforts
Information Technology (IT) Operations Performance Provision of Funding for Social and/or Political
606 In 2025 951 Activities
473 Information Technology Work Plan 2026
Provision of Funds to Related Parties and
951 Provision of Large Funds
CORPORATE 951 Share Buyback and Bond Buyback
GOVERNANCE 610 951 Bank Strategic Plan
951 Transactions Containing Conflict of Interest
Achievements in the Implementation of Corporate 951 Internal Dispute
612 Governance 951 Prevention of Insider Trading
Fundamentals of Implementation of Corporate Transparency of Financial and Non-Financial
613 Governance 952 Conditions
Objectives and Principles of Implementation of Implementation of Sustainable Finance Including
614 Governance 952 Social and Environmental Responsibility
Commitment to Corporate Governance
616 952 Banking Business Group Governance Report
Implementation
955 Report of Sharia Business Unit Governance
617 Implementation of Corporate Governance
Public Company Governance Implementation
626 Corporate Governance Structure and Mechanism 974 Guidelines
626 Company Organ Structure Governance Principles for Banks Issued by Basel
984 Committee on Banking Supervision
627 Governance Soft Structure
628 Corporate Governance Mechanism 986 Good Corporate Governance Assessment
628 Shareholders
628 General Meeting of Shareholders
SOCIAL AND
650 Board of Directors
ENVIRONMENTAL
680 Board of Commissioners
RESPONSIBILITY
PROGRAM 1006
Nomination and Remuneration for the Board of
730 Directors and Board of Commissioners
Diversity Policy for the Board of Directors and
736 Board of Commissioner
Transparency of Share Ownership of the Board
OJK REFERENCE INDEX
740 of Directors and Board of Commissioners
Organs and Committees Under the Board of
FINANCIAL REPORT
743
794
Commissioners
Organs and Committees Under the Directors
PUMK REPORT
858
Implementation of Governance in Providing
Remuneration for Commercial Banks
SOUNDNESS REPORT
8
8 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
COMPANY
AT A GLANCE
TOTAL ASSET
IDR
527.79 trillion
PRODUCTS AND SERVICES
Conventional Sharia
Banking Banking
BUSINESS SEGMENT
Commercial Bank
NUMBER OF OFFICES
642 118
Conventional Sharia Office
Office Networks Networks
Share
OWNERSHIP
Foreign Public 10,56%
Domestic Public 29,44%
PT Danantara
Asset Management 60,00%
2025 Annual Report 9
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MILESTONES
1897 1942 1945
The Company was first established The Company was taken over by the The Government of the Republic
under the name of “Postspaarbank” Government of Japan and renamed of Indonesia seized Tyokin Kyoku
during the rule of the Dutch East Tyokin Kyoku or the Savings Office. and Kantor Taboengan Pos (Postal
Indies Government. Savings Office) was formed.
1953 1963 1965
It was inaugurated as a legal entity The name was changed to Bank The integration of State-owned
under the Ministry of Transportation Tabungan Negara and moved Banks and Bank Tabungan Negara
and allowed to open a Branch under the Ministry of Central Bank into the Central Bank. A Single Bank
Office. Affairs. under the name of Bank Negara
Indonesia, consisting of Bank
Tabungan Negara, Bank Indonesia,
Bank Koperasi Tani dan Nelayan,
Bank Umum Negara, BNI 1946 and
Bank Dagang Negara.
1976 1986 1989
Realization of BTN mortgage (KPR In 1986, BTN signed a credit Issued bonds for the first time
BTN) for the first time was in Tanah agreement with the IBRD/World and the first commencement of
Mas Housing, Semarang. Bank worth US$ 266.55 million. commercial bank operations.
2002 2005 2008
With an IBM-AS400-based online Established Sharia Business Unit and Obtained ISO 9001-2000
realtime system, information opened the first Sharia Branch Office Certification for mid-term credit
technology was implemented in all at Harmoni, Jakarta. services with a service pattern of
Branch Offices. 1-5-1.
2014 2015 2016
The Company and SMF signed The Company participated in the The Company continued its
Indonesia’s biggest securitization. success of “One Million Houses for transformation agenda, such as
Indonesian”. “Digital Banking Periods”.
2020 2021 2022
Upgraded its vision and mission as Transformation to achieve The Company carries out corporate
Best Mortgage Bank in Southeast sustainable growth. actions in the form of Additional
Asia in 2025. Capital by Providing Preemptive
Rights II (PMHMETD II) in the issuance
of Preemptive Rights (HMETD) or
Rights Issue.
10 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
1946 1949 1950
All Postal Savings Offices (Kantor The Government of Indonesia The name was changed to “Bank
Taboengan Pos) were occupied by reopened Postal Savings Office Tabungan Pos” (Postal Savings
the Dutch and temporarily ceased (Kantor Taboengan Pos) with the Bank) by the Government of the
to operate. name of Bank Tabungan Pos RI Republic of Indonesia.
(Postal Savings Bank of RI.
1968 1971 1974
The single bank was separated BTN cooperated with Perum Pos Assigned to finance public
and reopened as Bank Tabungan dan Giro to implement Tabungan housing by the Ministry of
Negara, abbreviated to BTN. Pembangunan Nasional (Tabanas) Finance.
and Term-Insurance Savings
(Taska).
1992 1994 2001
Holding the status of a state-owned Obtained permission to operate as Recapitalized by the Government
limited liability company (Persero). a Foreign Exchange Bank. of the Republic of Indonesia with a
value of IDR13.6 trillion.
2009 2012 2013
Mortgage Securitization via the first The Company executed Right Issue. The Company transformed into a
Assets Backed Securities Collective leading housing financing bank and
Investment Contract (KIKEBA) was in worldclass banking.
Indonesia. The Company conducted
an Initial Public Offering (IPO) and
was listed on the Indonesia Stock
Exchange (Go Public).
2017 2018 2019
Developing various digital-based Developing digital ecosystem to Became Housing Market Maker and
products and services; one of which support sustainable business as a strengthened its position as the 5th
was the opening of Smart Branch in leading housing financing bank in Largest Bank.
Harmoni, Jakarta. Indonesia.
2024 2025
The Company inaugurated the new • BTN Extraordinary General Meeting of Shareholders (EGMS) approved spin-
BTN logo. off of Sharia Business Unit (SBU) to PT Bank Syariah Nasional (BSN). By this
resolution, BTN SBU rights and obligations were assigned to BSN.
• The launch of Super App balé by BTN .
2025 Annual Report 11
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OUR BEST
CONTRIBUTION
ESG
Implementation of
ESG in Sustainable
Transformation
BTN remains its firm commitment to implement
Environmental, Social, and Governance (ESG) principles
as part of the Company’s strategic efforts. For BTN,
Indonesia’s largest Mortgage Loans (KPR) distributor, the
ESG implementation is not only a compliance obligation
but also a crucial foundation in affirming service quality,
transparency, and sustainability of the business model.
BTN’s consistency in performing ESG transparency is
reflected in highly clear, measurable, and accountable
information disclosure performance to stakeholders.
This commitment is affirmed by the success of BTN in
achieving numerous awards, such as Public Company
with Trusted Green Achievement in Emission Reduction
and Trusted Diamond Achievement in Emission
Transparency from Investortrust.id & Datatrust, and
the AAA Leadership Award - Indonesia’s Leaders in
ESG Transparency from the BGK Foundation. This
achievement reflects BTN’s positive contribution to
sustainable development. Additionally, the appreciation
not only confirms BTN’s position as Key Partner in the This membership underscores BTN’s commitment to
Indonesian Family Financial Empowerment but also continuously strengthening its sustainable banking
exhibits the company’s active role as a proactive practices in line with international standards.
change agent in implementing high standards in ESG
disclosure. With the joining of BTN, UNEP FI would help the
Company to implement sustainable finance, and
In the era of highly global-concerned sustainability and create opportunities to collaborate and best practices
social responsibility, BTN comprehends that transparency exchange based on Principles for Responsible Banking.
is a key to building public trust. By comprehensive Those will help BTN to become a pioneer for sustainable
and transparent ESG information disclosure, BTN not finance in banking and finance industry in Indonesia. As
only satisfies regulation compliance but also ensures a member of UNEP FI, BTN would implement UN Principles
that shareholders, customers, regulators, and the for Responsible Banking, which is a framework to
community obtain a comprehensive picture related to encourage sustainable banking, according to the vision
the company’s sustainable performance. Hence, the and mission of the Sustainable Development Goals
benefit of ESG implementation can be widely felt by the (SDGs) and Paris Climate Agreement.
stakeholders sustainably.
Being part of the journey of ESG’s sustainable
Furthermore, BTN is the first State-Owned Bank in implementation, BTN committedly establishes the
Indonesia to sign the (UN Principles for Responsible company’s vision to be an ESG Champion in the Banking
Banking), and is also a member of the (United
Industry. This commitment is directed towards the
Nations Environment Programme Finance Initiative)
sustainable improvement in the environmental, social
a global initiative that promotes the development
empowerment, and governance affirmation aspects,
of a sustainable banking industry in collaboration
with financial institutions from various countries. so BTN can continuously contribute to the nationally
12 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
inclusive and sustainable economic development. promotes Low-Emission Housing financing as part of
efforts to develop a sustainable housing ecosystem.
Furthermore, BTN has demonstrated various
commitments to implementing the ESG pillars across Further, the ESG commitment is strengthened by efforts
its business and operational activities. These initiatives to raise employee, vendor, and customer awareness
include the installation of solar panels at BTN-owned of sustainability principles through various ongoing
office buildings, the procurement of electric vehicles programs and communication activities. This step
(EVs) for operational use, as well as the management reflects BTN’s commitment, which is not only to pursue
of the loan portfolio under the sustainable business business growth but also to ensure that social and
activities category and the integration of ESG aspects environmental impacts are an integral part of every
into the portfolio guidelines. In addition, BTN actively company initiative.
BTN Prepares Financing contributors to carbon emissions, from energy use
and the construction process to maintenance and
Support for 150,000 preservation. Therefore, this program is a crucial part
of BTN’s strategy to address the challenges of climate
Low-Emission Houses change.
In the initial stage of this implementation, BTN has
To support the Government’s commitment to accelerate conducted some pilot projects by utilizing recycled-
the supply of convenient, healthy, and green houses, based green materials. For example, the utilization of
BTN consistently accelerates the procurement of Low- floor decking containing around 3,6 kilograms of plastic
Emission House. In line with the national movement of waste per house unit, and the application of paving
house development, BTN will target financing for 150.000 blocks employing 2 kilograms of waste plastic per 1
Low-Emission Houses in 2029. The policy support from square. Implementing the staged approach up to 2029,
the Government is a foundation for BTN to continuously BTN targets a concrete contribution in reducing more
enhance qualified house development with better and than 1,7 million kilograms of plastic waste, including the
sustainable standards. pressing of carbon emission as of 2,42 tons of CO2. The
environmental impact is equal to the planting of 110.000
The development of Low-Emission House is expected trees and optimization of the emission-absorbing area
to increase the availability of convenient housing while of 323 hectares.
creating a healthier environment for future generations.
The initiative also promotes eco-friendly housing BTN’s commitment to the Low-Emission Homes program
becoming more affordable, as the growing demand is realized not only through financing but also through
for sustainable building components will strengthen collaborative initiatives with developers. BTN directs
the green economy & circular economy supply chain. developers to ensure sustainability standards in
The building and housing sector is one of the largest aspects of energy efficiency, water efficiency, waste
2025 Annual Report 13
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management, and regional pollution reduction. To To reduce pollution and affirm carbon absorption,
support energy efficiency, each house must have a developer must also minimally plant one absorbing
design that optimizes natural air circulation, including plant in each house, and ensure the availability of
adequate ventilation, high ceilings, and a window-to- green open space of 10% - 30% of the total housing
wall ratio of 15%–30% to create natural thermal comfort. area. Moreover, the Low-Emission House is directed to
minimally utilize 10% of green materials in the wall and/
In terms of water efficiency, the stipulated standards or floor components so that the sustainability impact is
consist of the utilization of low-water discharge faucet, not only present in the house level unit but also in the
better sanitary system, procurement of infiltrating wells, regional scale.
and reliable clean water source, such as the service of
Local Water Owned Enterprise (PDAM). Meanwhile, in Then, this strategic measure is a concrete manifestation
terms of waste management, BTN obliges developers to of BTN’s commitment to supporting the Government
procure sorted trash bins facilities in each house unit so and SDGs commitments, agenda, responding to the
that customers can sort their waste early from its source. challenges of climate change, and encouraging the
development of a sustainable and inclusive national
housing ecosystem.
BTN Enforces House
Financing Focus for
Informal Workers
BTN continuously solidifies its position as a Company that
concerns to the informal sector, particularly in realizing
the dream of having a house. Over the past five years,
this commitment clearly reflected in the achievement of
mortgage loan (KPR) financing for the informal segment,
approximately 133,000 units in total with a total value of
approximately IDR 22 trillion. In fact, referring to historical
data since BTN was first entrusted as a mortgage loan
(KPR) disbursing bank in December 1976, financing
support for the informal sector has reached more than
410,000 housing units with a cumulative value of around
IDR52 trillion.
The company views the informal sector as a highly
potential segment for broader access to banking
services. Despite its large national population, many
informal workers remain untouched by formal financial this initiative, BTN is now collaborating with BP Tapera
services. This condition presents both a challenge and to launch the BTN Rumah Tapera Savings product,
an opportunity for BTN to provide innovative, inclusive, specifically designed to facilitate informal workers’
and accessible financing solutions. access to a mortgage loan (KPR) under the Housing
Financing Liquidity Facility (FLPP) scheme.
BTN’s commitment to developing the informal sector
is reinforced through strategic collaboration with the Having these various initiatives and collaborations, BTN
government, and BP Tapera. Previously, the government is committed to being a key partner for Indonesia’s
launched a mortgage loan (KPR) financing scheme for informal workers in gaining financial access, while also
the informal sector through the Savings-Based Housing paving the way for more families in this segment to have
Financing Assistance (BP2BT) program. Continuing convenient and qualified housing.
14 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Digital transformation has become a crucial foundation
for BTN in adapting its work methods and service
patterns to the increasingly practical and fast-paced
Reinforcing BTN Digital
needs of the community. The balé by BTN platform has
recorded highly positive developments over the past
Services For Housing year, reflected in 65.61% year-on-year (yoy) user growth.
As of the monitoring period, the app has reached more
Ecosystem than 3.7 million users, with total activity reaching 80
million transactions. This data demonstrates that balé
by BTN has become an effective primary digital channel
in supporting fundraising and expanding customer
services.
Equipped with balé by BTN, BTN integrates the of residents in residential areas, including paying
homeownership ecosystem into two main features. neighborhood bills, various needs, service complaints,
The balé Properti feature focuses on providing access parking systems, security facilities, and other community
to mortgage services for new and second-hand services. This end-to-end service approach into one
homes, making the process of searching for property integrated application is part of BTN’s strategy to expand
and applying for financing easier, faster, and more access to housing financing, while improving the quality
transparent. Meanwhile, the balé Community feature of the customer experience in a more modern and
provides comprehensive solutions for the needs practical way.
2025 Annual Report 15
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PERFORMANCE
HIGHLIGHT
In 2025, the Company demonstrated significant performance
growth both operationally and financially. In 2025, the
Company recorded a consolidated net profit of Rp3.50 trillion,
an increase of 16.42% from 2024, and total assets reached
IDR527.79 trillion, an increase of 12.39% from 2024.
16 Laporan Tahunan 2025
Page 17
Laporan Tahunan 2025 17
Page 18
01 Performance Highlights
IMPORTANT PERFORMANCE
ACHIEVEMENTS IN 2025
Consumer Product
in 2025 reached an increase of
IDR
334,91 3,70%
trillion from 2024
Income for the Year
in 2025 reached an increase of
IDR
3,50 16,42%
trillion from 2024
Commercial Products Commercial Savings
in 2025 reached an increase of in 2025 reached an increase of
IDR
389,56 20,53% IDR
314,00 18,85%
trillion from 2024 trillion from 2024
18 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Total Assets
Equity
in 2025 reached
in 2025 reached
IDR
527,79
trillion
IDR
36,21
trillion
an increase of
12,39%
from 2024
an increase of
11,17%
from 2024
Sharia Financing Sharia Savings Funds
in 2025 reached an increase of in 2025 reached an increase of
54,87
IDR 25,02% 58,73
IDR 18,36%
trillion from 2024 trillion from 2024
2025 Annual Report 19
Page 20
01 Performance Highlights
KEY FINANCIAL
HIGHLIGHTS
Financial Highlights and Financial Ratios
Table of Financial Highlights (in IDR millions)
Description 2025 2024 2023 2022 2021
REPORT OF FINANCIAL POSITION
ASSETS
CASH 2.154.839 2.105.620 2.127.489 1.661.533 1.539.577
CURRENT ACCOUNTS WITH BANK INDONESIA 33.797.873 22.739.920 18.145.761 25.416.941 10.692.484
CURRENT ACCOUNTS WITH OTHER BANKS
Third parties 1.355.738 886.415 1.153.949 963.935 1.000.338
Related parties 1.160.233 5.065.331 1.049.449 508.322 96.460
Allowance for impairment losses (2.050) (2.571) (1.804) (1.747) (1.698)
2.513.921 5.949.175 2.201.594 1.470.510 1.095.100
PLACEMENTS WITH BANK INDONESIA AND OTHER
BANKS
Third parties 12.929.938 4.661.043 30.561.061 12.975.894 27.900.711
Related parties - 61 61 61 337
12.929.938 4.661.104 30.561.122 12.975.955 27.901.048
SECURITIES
Third parties 16.588.868 19.874.205 1.454.768 873.109 891.173
Related parties 5.464.153 5.489.205 3.851.105 850.059 1.341.732
Allowance for impairment losses (52) (787) (22.903) (2.399) (2.000)
22.052.969 25.362.623 5.282.970 1.720.769 2.230.905
GOVERNMENT BOND
Related parties 38.106.638 35.475.529 35.893.929 51.964.973 46.080.298
SECURITIES PURCHASED UNDER AGREEMENT TO
RESELL
Third parties 1.412.460 175.625 - 1.434.190 1.598.325
Related parties 271.380 - - - -
1.683.840 175.625 - 1.434.190 1.598.325
LOANS AND SHARIA FINANCING/RECEIVABLE
Loans
Third parties 312.576.503 286.144.106 268.898.377 247.217.823 229.174.514
Related parties 33.126.421 27.935.999 27.685.483 19.439.742 18.110.919
Allowance for impairment losses (13.959.557) (11.727.934) (14.191.536) (14.104.914) (13.165.897)
331.743.367 302.352.171 282.392.324 252.552.651 234.119.536
20 2025 Annual Report
Page 21
PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024 2023 2022 2021
Sharia financing/receivables
Third parties 53.552.470 43.681.345 37.027.078 31.367.082 27.102.484
Related parties 1.320.693 211.482 87.203 257.057 447.374
Allowance for impairment losses (1.354.679) (1.329.253) (1.400.428) (1.570.009) (1.269.863)
53.518.484 42.563.574 35.713.853 30.054.130 26.279.995
DERIVATIVE RECEIVABLES
Third parties - 102.843 32.176 103.939 31.017
ACCEPTANCES RECEIVABLES
Third parties 420.439 508.190 475.821 289.206 -
Related parties 154.462 433.708 68.746 131.356 454.140
Allowance for impairment losses (124) (1.987) (23.876) (136) (623)
574.777 939.911 520.691 420.426 453.517
FIXED ASSETS
Cost/revaluation value 15.950.513 14.059.957 12.953.746 10.599.848 9.468.655
Accumulated depreciation (5.441.785) (4.883.826) (4.835.934) (4.246.045) (3.731.864)
10.508.728 9.176.131 8.117.812 6.353.803 5.736.791
INTANGIBLE ASSETS
Acquisition Cost/Revaluation Value 792.084 137.531 - -
Accumulated Depreciation (66.521) (15.522) - -
725.563 122.009 - - -
INTEREST RECEIVABLES 12.222.824 11.518.574 11.526.687 10.750.302 9.173.536
DEFFERED TAX ASSETS- Net 1.323.347 2.286.038 2.998.282 2.915.428 2.430.660
PREPAID EXPENSE 1.232.769 985.821 - - -
PREPAID TAXES 981.970 754.095 - - -
OTHER ASSETS 1.721.573 2.343.739 3.235.046 2.352.762 2.505.522
TOTAL ASSETS 527.793.420 469.614.502 438.749.736 402.148.312 371.868.311
LIABILITIES, TEMPORARY SYIRKAH FUNDS AND EQUITY
LIABILITY
LIABILITIES DUE IMMEDIATELY 1.887.329 2.275.949 3.277.514 3.205.358 3.654.236
DEPOSITS FROM CUSTOMER
Demand deposits
Third parties 113.480.993 89.112.534 20.957.283 17.636.481 12.806.732
Related parties 28.817.269 51.910.728 108.412.008 87.264.437 60.556.142
Wadiah demand deposits
Third parties 23.285.531 15.853.349 2.402.728 1.783.134 1.176.350
Related parties 1.862.072 3.029.417 11.037.037 6.841.675 4.179.603
167.445.865 159.906.028 142.808.756 113.525.727 78.718.827
Saving deposits
2025 Annual Report 21
Page 22
01 Performance Highlights
Description 2025 2024 2023 2022 2021
Third parties 34.562.225 36.825.185 37.029.999 35.656.990 46.363.367
Related parties 643.032 874.964 692.162 525.339 436.034
Wadiah saving deposits
Third parties 1.726.107 1.520.491 1.274.456 1.192.775 1.149.143
Related parties 969 1.441 2.136 943 1.096
36.932.333 39.222.081 38.998.753 37.376.047 47.949.640
Time deposits
Third parties 139.829.959 92.959.773 63.976.056 66.808.185 53.067.211
Related parties 61.291.574 60.349.598 76.717.583 79.389.842 93.453.378
201.121.533 153.309.371 140.693.639 146.198.027 146.520.589
Total deposits from customers 405.499.731 352.437.480 322.501.148 297.099.801 273.189.056
DEPOSITS FROM OTHER BANK
Third parties 96.481 70.035 91.312 136.408 66.007
SECURITIES PURCHASED UNDER AGREEMENT TO
RESEL
Third parties 349.076 2.446.384 - - -
Related parties - 963.042 - - -
349.076 3.409.426 - - -
ACCEPTANCE PAYABLE
Third parties 168.480 251.423 320.522 302.037 292.220
Related parties 406.421 690.475 224.045 118.525 161.920
574.901 941.898 544.567 420.562 454.140
TAX PAYABLE 140.082 368.473 - - -
DERIVATIVE LIABILITIES
Third parties - - - - 17.741
SECURITIES ISSUED
Third parties 2.476.014 2.880.741 2.403.573 4.297.252 8.094.441
Related parties 1.509.069 2.563.783 5.868.525 4.355.008 4.277.267
3.985.083 5.444.524 8.272.098 8.652.260 12.371.708
FUND BORROWINGS
Third parties 10.240.697 10.132.859 11.308.799 7.365.320 6.499.997
Related parties 27.751.154 23.352.225 22.453.290 17.455.685 15.562.294
37.991.851 33.485.084 33.762.089 24.821.005 22.062.291
INTEREST PAYABLE 497.893 658.070 647.496 629.366 496.725
ESTIMATED LOSSES ON COMMITMENTS AND 438 3.385 3.580 4.719 3.644
CONTINGENCIES
EMPLOYEE BENEFITS AND OTHER LIABILITIES 2.552.651 1.745.282 2.951.848 7.248.985 6.618.300
SUBORDINATED LOAN AND SECURITIES
22 2025 Annual Report
Page 23
PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024 2023 2022 2021
Third parties 1.795.858 4.828.105 4.612.840 4.658.242 4.259.776
Related parties 3.696.275 1.500.000 4.499.997 4.499.977 4.499.968
5.492.133 6.328.105 9.112.837 9.158.219 8.759.744
OTHER LIABILITIES 633.000 626.886 - - -
TOTAL LIABILITIES 459.700.649 407.794.597 381.164.489 351.376.683 327.693.592
TEMPORARY SYIRKAH FUNDS
DEPOSITS FROM CUSTOMERS
Mudharabah current accounts
Third parties 1.046.837 929.940 712.587 468.889 467.333
Related parties 749.717 11.985 13.474 11.897 12.281
Mudharabah saving deposits
Third parties 5.645.501 6.161.887 5.331.249 4.730.686 3.466.529
Related parties 1.306.347 125.893 141.993 88.427 505.563
Mudharabah time deposits
Third parties 18.113.035 15.129.659 11.975.188 11.886.366 8.887.336
Related parties 4.994.605 6.857.408 8.908.369 7.637.191 9.424.102
Total deposits from customers 31.856.042 29.216.772 27.082.860 24.823.456 22.763.144
DEPOSITS FROM OTHER BANKS
Mudharabah current accounts
Third parties 6.145 9.214 4.154 56 46
Mudharabah saving deposits
Third parties 19.991 21.730 14.781 19.674 1.882
Mudharabah time deposits
Third parties 300 300 4.300 19.089 3.000
Total deposits from other banks 26.436 31.244 23.235 38.819 4.928
TOTAL TEMPORARY T SYIRKAH FUNDS 31.882.478 29.248.016 27.106.095 24.862.275 22.768.072
EQUITY
Capital stock - IDR500 par value per share (full
amount) as of December 31, 2023 and 2022,
respectively
Authorized capital 20,478,432,00 shares (full
amount) (consisting of 1 share of Series A
Dwiwarna and 20,478,431,999 shares of series B) as
of December 31, 2023 and 2022, respectively.
Issued and fully paid capital 14,034,444,413 shares 7.017.222 7.017.222 7.017.222 5.295.000 5.295.000
(full amount) (consisting of 1 share of series A
Dwiwarna and 14,034,444,412 shares of series B) as
of December 31, 2023 and 10.590.000.000 shares
(full amount) (consisting of 1 share of series A
Dwiwarna and 10.589.999.999 shares of series B)
As of December 31, 2022.
Additonal paid-in capital 4.418.900 4.418.900 4.418.900 2.054.454 2.054.454
2025 Annual Report 23
Page 24
01 Performance Highlights
Description 2025 2024 2023 2022 2021
Capital deposit fund - - - 2.756.575 -
Additional paid-in capital Net unrealized loss (530.198) (1.107.982) (769.001) (1.193.252) 87.817
allowance for and impairmanet losses on
securities and govermment at fair value through
other comprehensive income net of deferred tax
Remeasurement of defined benefit plan - net of (579.201) (424.015) (560.338) (409.657) (458.153)
deferred tax
Effective portion of cash flow hedge - (44.082) (32.346) (49.301) (19.983)
Revaluation surplus of premises and equipment 3.988.158 3.565.773 3.565.773 3.508.565 3.307.991
Retained earnings*)
Appropriated 18.237.500 15.982.004 13.181.214 10.745.157 8.606.555
Unappropriated 3.657.894 3.164.069 3.657.729 3.201.813 2.532.966
Total equity attributable to equity holders of the 36.210.275 32.571.889 30.479.153 25.909.354 21.406.647
parent entity
Non-controling interest 18 - - - -
TOTAL EQUITY 36.210.293 32.571.889 30.479.152 25.909.354 21.406.647
TOTAL LIABILITIES, TEMPORARY SYIRKAH FUNDS 527.793.420 469.614.502 438.749.737 402.148.312 371.868.311
AND EQUITY
REPORTS OF INCOME STATEMENET AND OTHER COMPREHENSIVE INCOMES
INCOME AND EXPENSES FROM OPERATION
Interest Income and Income from Profit Sharing
Interest 31.879.842 25.472.625 24.722.529 23.233.200 23.413.857
Profit sharing and margi from sharia unit 4.461.026 4.068.967 3.558.723 2.674.168 2.381.101
Total Interest Income and Income from Profit 36.340.868 29.541.592 28.281.252 25.907.368 25.794.958
Sharing
Interest, Profit Sharing and Bonus Expenses
Interest (15.702.025) (15.913.459) (13.203.108) (9.866.919) (11.670.728)
Other financing expenses (208.578) (200.476) (203.317) (169.804) (177.585)
Wadiah Bonus (263.760) (153.446) (71.621) (57.558) (32.175)
Third parties’ share on return of Mudharabah (1.947.956) (1.781.559) (1.372.916) (815.803) (923.167)
Total Interest, Profit Sharing and Bonus Expenses (18.122.319) (18.048.940) (14.850.962) (10.910.084) (12.803.655)
Interest Income and Income from Profit Sharing 18.218.549 11.492.652 13.430.290 14.997.284 12.991.303
- Net
Other Operating Income
Administration fees and penalties on deposits 1.080.319 1.072.304 1.096.346 965.441 852.953
and loans
Income from recovery of loans written-off 1.024.936 1.338.753 934.191 431.591 304.810
(loss) Gain on sale of securities - net 1.118.772 932.900 6.669 - 76.734
(loss) Gain on sale of government bonds - net 178.444 49.049 541.392 - 818.679
(loss) Unrealized gain on changes in fair value of 46.906 30.175 1.802 - -
securities - net
(loss) Unrealized gain on changes in fair value of - - - 55.045 -
bonds - net
24 2025 Annual Report
Page 25
PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024 2023 2022 2021
Others 658.595 1.152.738 1.310.747 822.775 463.507
Total Other Operating Income 4.107.972 4.575.919 3.891.147 2.274.852 2.516.683
Provision for Impairment Losses on Financial (6.178.669) (1.981.495) (3.765.397) (4.017.378) (3.627.477)
and Non-financial Assets
Reversal of estimated losses on comitment and 2.947 195 1.139 (1.075) 2.845
contingencies
Other Operating Expenses
General and administrative (5.263.420) (4.456.861) (3.884.779) (3.754.028) (3.358.846)
Salaries employee (5.004.271) (4.445.575) (3.982.503) (4.190.298) (3.782.925)
Premium on government’s guarantee program (846.272) (729.685) (656.774) (599.991) (619.667)
Unrealized losses from changes in fair value of (6.893) (40.444) (5.780) - (18.778)
government bonds - net
Loss from sale of government bonds - net - - - (266.235) -
Loss from sale of securities - net - - - (234.089) -
Unrealized losses from changes in fair value of - - - (64.931) (135.338)
securities - net
Others (673.906) (589.993) (487.614) (329.308) (930.968)
Total Other Operating Expenses (11.794.762) (10.262.558) (9.017.450) (9.438.880) (8.846.522)
INCOME FROM OPERATION 4.356.037 3.824.713 4.539.729 3.814.803 3.036.832
Non-operating income (expenses) - Net 25.927 (51.872) (159.519) 60.887 (43.512)
INCOME BEFORE TAX EXPENSE 4.381.964 3.772.841 4.380.210 3.875.690 2.993.320
TAX EXPENSE (880.810) (765.513) (879.222) (830.617) (617.093)
INCOME FOR THE YEAR 3.501.154 3.007.328 3.500.988 3.045.073 2.376.227
Other Comprehensive Income:
Items that will not be reclassified to profit or loss
Surplus revaluation of fixed asset 422.385 - 57.208 200.574 -
Remeasurement of defined benefit plan (191.589) 168.301 (186.027) 59.872 75.005
Income tax related to items that will not be 36.403 (31.977) 35.345 (11.376) (1.484)
reclassified to profit or loss
Items that will be reclassified to profit or loss
Effective part of hedging- cash flow 54.423 (14.490) 20.932 (40.883) (18.744)
Net unrealized gain (loss) on changes in value of 708.453 (421.538) 517.528 (1.576.967) (1.259.616)
fair value through other comprehensive income
securities and government bonds
Income tax related to items that will be (141.010) 85.311 (97.254) 307.463 247.414
reclassified to profit or loss
Total Comprehensive Income for the Year 4.390.219 2.792.935 3.848.720 1.983.756 1.418.802
INCOME FOR THE YEAR ATTRIBUTABLE TO:
Equity holders of parent entity 3.501.154 3.007.328 - - -
Non-controlling interest - - - - -
3.501.154 3.007.328 - - -
2025 Annual Report 25
Page 26
01 Performance Highlights
Description 2025 2024 2023 2022 2021
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO:
Equity holders of parent entity 4.390.219 2.792.935 - - -
Non-controlling interest - - - - -
4.390.219 2.792.935 - - -
EARNINGS PER SHARE Basic (full amount) 249 214 249 288 224
CASH FLOWS REPORT
CASH FLOWS FROM OPERATING ACTIVITIES
Interest, profit sharing, and margin 31.416.682 29.689.639 27.618.186 24.331.326 22.427.061
Recoveries from loan debts written-of 1.024.936 1.421.221 1.011.258 503.307 362.436
Interest and bonus, fees and commissions paid (18.234.167) (17.973.763) (14.892.249) (10.775.222) (13.027.787)
Corporate income tax paid (393.150) (912.208) (1.020.952) (1.001.324) (820.461)
Recoveries from tax assessment letter - - - 402.428 -
Other operating income 3.153.456 3.213.023 - -
Other operating expenses (11.151.094) (9.585.564) (5.790.828) (6.896.183) (5.927.136)
Other non-operating (expenses) income - net 25.951 (63.538) (54.382) 13.828 (27.932)
Cash receipts before changes in operating 5.842.614 5.788.810 6.871.033 6.578.160 2.986.181
assets and liabilities
Changes in operating assets and liabilities:
Decrease (increase) in operating assets:
Placements with bank other bank for 2025 and - - 947.105
2024
Fair value through profit or loss securities 3.763.859 (18.286.677) (246.380) (104.885) 849.641
Fair value through profit or loss government 174.072 490.445 15.788.979 (4.955.939) 4.842.769
bonds
Acceptance receivable 366.997 (397.331) (124.005) 33.578 (258.069)
Derivative bills 146.925 (70.666) - - -
Loans and sharia financing/ receivables (42.240.730) (27.739.554) (38.484.306) (26.318.471) (16.988.247)
Other assets 594.910 (136.021) (785.307) (196.503) 1.241.584
Decrease (increase) in operating assets
Liabilities due immediately (485.935) (441.930) 74.415 (466.852) (1.120.009)
Deposits from customer
Demand deposits 1.275.000 11.653.971 24.468.372 31.538.044 4.762.109
Wadiah demand deposits 6.264.837 5.443.299 4.814.656 3.268.857 2.270.858
Savings deposits (2.494.892) (22.012) 1.539.832 (10.617.072) 8.099.264
Savings deposits Wadiah 205.144 245.340 82.875 43.479 245.030
Time deposits 47.812.161 12.615.733 (5.504.388) (322.562) (1.338.019)
Deposits from other banks 26.445 (21.277) (45.095) 70.400 36.127
Acceptance payables (366.997) 397.331 124.005 (33.578) 258.069
26 2025 Annual Report
Page 27
PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024 2023 2022 2021
Other liabilities 806.055 (416.997) (4.184.154) 654.214 (206.114)
Temporary syirkah fund 2.634.462 2.141.920 2.243.821 2.094.203 2.923.653
Net Cash provided by Operating Activities 24.324.927 (8.755.616) 6.634.353 1.265.073 9.551.932
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of premises and equipment (1.540.067) -
(Purchase) Receipt in fair value through other (1.874.406) (1.634.521) (2.313.490) (1.042.464) (415.473)
comprehensive income securities
(Purchase) Receipts in fair value through other (579.617) (31.199) (1.247.159) 381.580 330.249
comprehensive income government bonds
Receipt (Purchases) from matured amortized (9.161.824) (1.163.910) 2.211.325 5.714.402 10.722.233
cost securities
Receipt of amortized cost goverment bonds 7.821.715 562.232 (1.655.566) (7.816.426) (5.922.417)
Receipt ( Purchase) from matured amortized 189.716 (2.878.561) (2.868.515) 199.964 (236.767)
cost securities
Receipt of securities purchased under 51.039.138 20.704.263 45.031.457 165.683.898 432.875.932
agreement to resell
Placement of securities purchased under (52.522.635) (20.867.689) (43.597.267) (165.520.488) (433.519.302)
agreement to resell
Sales of premises and equipment 1.155 3.045 - - -
Net Cash used in Investing Activities (6.626.825) (5.306.340) (4.439.215) (2.399.534) 3.834.455
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of securities issued 300.000 680.913 2.449.019 1.541.330 10.186
Payment of matured securities issued (1.754.979) (3.572.500) (2.769.764) (5.263.000) (3.455.000)
Payments of matured subordinated borrowing 51.431.824 143.153.604 67.691.353 592.326 1.716.191
Payments of matured securities sold under (54.544.966) (139.744.766) (67.691.353) (592.326) (1.716.191)
repurcase agreements
Payments of matured securities sold under (751.833) (700.198) (609.015) (237.624) -
repurchase agreements
Payments of dividends 7.499.533 11.144.193 11.185.162 11.814.826 6.455.429
Proceeds from fund borrowings (3.020.603) (11.385.262) (2.187.576) (9.095.884) (8.204.691)
Payment of fund borrowings 4.000.000 - - - 1.500.000
Proceeds from subordinated securitie (88.347) (93.408) (81.973) (84.983) (99.959)
Payment of lease liabilities (4.828.500) (3.000.000) - - (3.000.000)
Shares issuance - - 1.330.093 2.756.575 -
Net Cash provided by Financing Activities (1.757.871) (3.517.424) 9.315.946 1.431.240 (6.794.035)
NET INCREASE (DECREASE) IN CASH AND CASH 15.940.231 (17.579.380) 11.511.084 296.779 6.592.352
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF 35.458.390 53.037.770 41.526.686 41.229.907 34.637.555
YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR 51.398.621 35.458.390 53.037.770 41.526.686 41.229.907
The details of cash and cash equivalents at end
of year are as follows:
2025 Annual Report 27
Page 28
01 Performance Highlights
Description 2025 2024 2023 2022 2021
Cash 2.154.839 2.105.620 2.127.489 1.661.533 1.539.577
Current accounts with Bank Indonesia 33.797.873 22.739.920 18.145.761 25.416.941 10.692.484
Current accounts with other banks 2.515.971 5.951.746 2.203.398 1.472.257 1.096.798
Placements with Bank Indonesia and other banks 12.929.938 4.661.104 30.561.122 12.975.955 27.901.048
- maturing within three months or less since the
acquisition date
Certificate of Bank Indonesia - maturity period of - - - - -
three months or less from the date of acquisition
Total 51.398.621 35.458.390 53.037.770 41.526.686 41.229.907
FINANCIAL RATIO (BANK ONLY) (%)
LIQUIDITY
Loan to Deposit Ratio (LDR) 91,28 93,79 95,36 92,65 92,86
PROFITABILITY
Liabilities to Total Assets Ratio 0,93 0,93 86,88 87,37 88,12
Liabilities to Total Equity Ratio 13,58 13,42 13,40 14,52 16,37
Profit and Loss to Revenue Ratio 8,66 8,81 10,88 11,03 8,44
Return On Asset (ROA) 0,89 0,83 1,07 1,02 0,81
Return On Equity (ROE) 11,57 10,76 13,86 16,42 13,64
Net Interest Margin (NIM) 4,2 2,86 3,75 4,4 3,99
Operating Expenses to Operating Revenues 89,04 88,7 86,10 86 89,28
(BOPO)
EFFICIENCY
Non Performing Loan (NPL) Gross 3,17 3,16 3,01 3,38 3,70
Non Performing Loan (NPL) Netto 1,85 1,89 1,32 1,32 1,20
Earning Assets
Non performing Assets to Tottal Earning Assets 2,59 2,60 1,85 2,58 -
Allowance for Impairment on Productive Assets 3,45 3,07 2,92 3,88 -
to Total Productive Assets
CAPITAL
Minimum Capital Adequacy Ratio 19,02 18,50 20,16 20,17 19,14
COMPLIANCE
BMPK Violation Percentage
Related Parties - - - - -
Non Related Parties - - - - -
LLL Violation Percentage
Related Parties - - - - -
Non Related Parties - - - - -
28 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024 2023 2022 2021
Minimum Statutory Reserve (GWM)
Primary Statutory Reserve IDR
Conventional 9,39 5,38 6,04 8,28 3,55
Sharia 4,35 4,7 6,1 7,76 3,7
Statutory Reserve (Foreign Currency 4,02 4,18 4,4 4,13 6,24
Net Open Position (PDN) 1,95 1,29 1,73 4,17 2,63
OTHER RATIO
Cost to Income Ratio (CIR) 49,19 57,15 45,26 46,66 48,18
* deficit balance is IDR14,226,290 has been eliminated by quasire organization on May 31, 2007.
Operational Overview
Description 2025 2024 2023 2022 2021
CONSUMER BANKING
Consumer Loan Disbursement 270.202.267 255.110.204 238.282.527 218.482.723 202.655.829
Consumer Deposits 64.710.833 67.854.930 63.770.218 68.190.039 68.770.476
COMMERCIAL BANKING
Commercial Loan Disbursement 75.500.636 58.970.333 42.963.396 37.654.912 19.923.399
Consumer Deposits 314.001.045 264.189.863 243.694.432 223.893.013 197.961.260
SHARIA BUSINESS UNIT
Sharia Financing Disbursement 54.873.162 43.892.827 37.114.281 31.624.139 27.549.858
Shari Deposits 58.731.135 49.622.206 41.802.885 34.640.775 29.269.336
2025 Annual Report 29
Page 30
01 Performance Highlights
STOCK
INFORMATION
The Company has been publicly listed on the Indonesia Stock Exchange since 2009.
Price per Shares (IDR) Total Trading
Market
Outstanding Volume
Capitalization
Year Stock (Million (Million
Opening Highest Lowest Closing (IDR Trillion)
Shares) Shares)
(IDR) (IDR) (IDR) (IDR) Lowest (IDR)
Opening (IDR) Highest (IDR)
2024
Quarter I 1.250 1.600 1.250 1.555 14,03 3.041 17,54
Quarter II 1.490 1.515 1.175 1.265 14,03 2.204 21,82
Quarter III 1.275 1.535 1.245 1.450 14,03 2.110 20,35
Quarter IV 1.465 1.505 1.110 1.140 14,03 1.440 16,00
2025
Quarter I 1.140 1.190 770 885 14,03 2.210 12,42
Quarter II 885 1.275 810 1.115 14,03 2.937 15,65
Quarter III 1.095 1.410 1.080 1.285 14,03 2.125 18,03
Quarter IV 1.265 1.265 1.090 1.175 14,03 2.336 16,49
Graph of BTN Stock Transaction Volume for 2024-2025
1.555 1.265 1.450 1.140 885 1.115 1.285 1.175
1.800
1.600
1.400
Closing Share Price (IDR)
1.200
1.000
800
600
400
200
-
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2024 2025
30 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Graph of BTN Stock Trading Volume for 2024-2025
3.041 2.204 2.110 1.440 2.210 2.937 2.125 2.336
3.500
Stock trading volume (Million Shares)
3.000
2.500
2.000
1.500
1.000
500
-
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2024 2025
Graph of BTN Stock Price Movement and Trading Volume for 2024-2025
3.041 2.204 2.110 1.440 2.210 2.937 2.125 2.336
3.500 1.600
1.555 1.500
3.000
1.450 1.400
2.500
1.300
2.000 1.265 1.140 1.285 1.200
1.175 1.100
1.500 1.115
1.000
1.000
900
500 885
800
- 700
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
2024 2025
Stock Trading Volume (Million Shares) Closing
2025 Annual Report 31
Page 32
01 Performance Highlights
Table of BTN Stock Information Summary for 2021-2025
Indicator BBTN 2025 BBTN 2024 BBTN 2023 BBTN 2022 BBTN 2021
Opening Price (IDR/ per share) 1.140 1.250 1.335 1.668 1.735
Highest Price (IDR/ per share) 1.410 1.600 1.400 1.798 2.150
Lowest Price (IDR/ per share 770 1.110 1.175 1.311 1.230
Closing Price (IDR/ per share) 1.175 1.140 1.250 1.350 1.730
Trading Volume (million shares) 9.609 8.795 5.416 5.563 10.502
Book Value Per Share (IDR) 2.471 2.281 2.071 2.131 1.988
Price to Book Value (times) 0.48 0,51 0,60 0,63 0,89
Price to Earning Ratio (times) 4.72 4,98 5,53 4,73 9,28
Total Outstanding Stock (million shares) 14,03 14,03 14,03 12,87 10.59
Market Capitalization (IDR Trillion) 16,49 16,00 17,54 17,46 18,32
Throughout 2025, BTN succeeded in being listed as one of the constituents in several leading Stock:
Index Period
LQ45 January - December 2025
IDX BUMN20 January - December 2025
IDX80 January - December 2025
IDX Small-Mid Cap (IDX SMC) Composite January - December 2025
IDX Small-Mid Cap (IDX SMC) Liquid January - December 2025
Kompas100 January - December 2025
Infobank15 January - December 2025
MSCI EM Small Cap January - December 2025
MSCI Emerging Market (EM) January - December 2025
MSCI EM IMI January - December 2025
MSCI Indonesia Index January - December 2025
MSCI Total International Stock January - December 2025
ESG Sector Leaders IDX Kehati January - December 2025
ESG Quality 45 IDX Kehati January - December 2025
IDX Value30 January - December 2025
Investor33 January - December 2025
IDXFINANCE January - December 2025
SRI-KEHATI January - December 2025
IDX LQ45 Low Carbon Leaders January - December 2025
TEMPO-IDNFinancials 52 (Main Index) January - December 2025
PEFINDO Prime Bank January - June 2025
32 2025 Annual Report
Page 33
PT Bank Tabungan Negara (Persero) Tbk
Index Period
TEMPO-IDNFinancials 52 (High Dividend Index) December 2025
MBX January - December 2025
ECONOMIC30 January - December 2025
Corporate Action
In 2025, BTN will not carry out any Corporate Actions related to activities that affect the number of shares in circulation,
including stock splits, stock mergers, stock dividends, bonus shares, changes in the nominal value of shares, issuance
of convertible securities, and additions and reductions to capital.
Temporary Suspension of Stock Trading (Suspension)
and/or Stock Registration Delisting
As of December 31, 2025, the Company has never been subjected to a temporary suspension of stock trading
(suspension) and/or stock delisting.
2025 Annual Report 33
Page 34
01 Performance Highlights
INFORMATION ON BONDS, SUKUK,
AND/OR CONVERTIBLE BONDS
Bond Information
Table of BTN Bonds
Electronic Bond Tenor Total Bonds
Description Currency
Distribution Date (Years) (millions)
Continuing Bonds II Bank BTN Phase I of 2015 July 8, 2015 10 IDR 800.000
Series D
Continuing Bonds III Bank BTN Phase I of 2017 July 13, 2017 10 IDR 1.386.000
Series D
Junior Global Bond Bank BTN January 23, 2020 5 USD 300
Continuing Bonds IV Bank BTN Phase I of 2020 August 19, 2020 5 IDR 196.000
Series C
Continuing Bonds IV Bank BTN Phase II of 2022 May 24, 2022 3 IDR 600.000
Series A
Continuing Bonds IV Bank BTN Phase II of 2022 May 24, 2022 5 IDR 400.000
Series B
Sustainable Sosial Bonds I Phase I of 2025 December 12, 2025 3 IDR 300.000
Subordinate Bonds I Phase I of 2025 December 12, 2025 5 IDR 2.000.000
Notes:
- Outstanding domestic securities rating issued in 2025 used Pefindo’s rating.
- Outstanding domestic securities rating in 2025 used Fitch’s rating.
- The rating of BTN’s Junior Global Bond (USD) due in 2025 used Moody’s rating.
Sukuk Information
Table of BTN Sukuk
Electronic Sukuk Tenor Amount of Sukuk
Description Currency Due date
Distribution Date (months) (Millions)
BTN Sukuk I Year 2023 July 28, 2023 159 IDR 92.553 October 28, 2036
Phase I
BTN Sukuk I Year 2023 December 27, 2023 156 IDR 175.039 December 27, 2036
Phase II
BTN Sukuk I Year 2023 September 27, 2024 159 IDR 80.956 December 27, 2037
Phase III
BTN Sukuk I Year 2024 December 23, 2024 165 IDR 52.444 September 23, 2038
Phase IV
Information of Convertible Bonds
As of December 31,2025, the Company did not issue any convertible bonds, thus the Company has no information
regarding convertible bonds.
34 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Rating
Payment
Bid Price Due Date Interest Rate Trustee
Status
2025 2024
100% of the Bond July 8, 2025 10,5% Paid off AA+(idn) AA+(idn) Bank Mega
Principal Amount
100% of the Bond July 13, 2027 8,90% Not yet due AAA(idn) AA+(idn) Bank BJB
Principal Amount
100% of the Bond January 23, 4,20% Paid off Ba3 Ba3 Bank BJB
Principal Amount 2025
100% of the Bond August 19, 2025 8,40% Paid off AA+(idn) AA+(idn) Bank BJB
Principal Amount
100% of the Bond May 24, 2025 5,50% Paid off AA+(idn) AA+(idn) Bank BJB
Principal Amount
100% of the Bond May 24, 2027 6,0% Not yet due AAA(idn) AA+(idn) Bank BJB
Principal Amount
100% of the Bond December 12, 5.30% Not yet due id
AAA - Bank BRI
Principal Amount 2028
100% of the Bond December 12, 6.65% Not yet due id
AA - Bank BRI
Principal Amount 2030
Ratio Rate Payment Status Information
11,00% of the revenue shared with an indication of profit sharing Not yet due These Securities are not rated
equivalent to 0,55% per year. and there is no public offering.
27,40% of the revenue shared with an indication of profit Not yet due These Securities are not rated
sharing equivalent to 1,37% per year. and there is no public offering.
27,40% of the revenue shared with an indication of profit Not yet due These Securities are not rated
sharing equivalent to 1,37% per year. and there is no public offering.
27,40% of the revenue shared with an indication of profit Not yet due These Securities are not rated
sharing equivalent to 1,37% per year. and there is no public offering.
2025 Annual Report 35
Page 36
01 Performance Highlights
INFORMATION OF
OTHER FUNDING SOURCES
KPR Securitization
Table of House Loan (KPR) BTN Securitization
No. Securitization Transactions Total Amount (IDR) Class Nominal (IDR)
1. EBA-SP SMF-BTN 03 1.000.000.000.000 A1 200.000.000.000
A2 713.000.000.000
B 87.000.000.000
2. EBA-SP SMF-BTN 04 2.000.000.000.000 A1 700.000.000.000
A2 1.124.000.000.000
B 176.000.000.000
3. EBA-SP SMF-BTN 05 2.000.000.000.000 A1 574.000.000.000
A2 1.142.000.000.000
M 24.000.000.000
B 260.000.000.000
4. EBA-SP SMF-BTN 06 631.000.543.015 A 576.734.000.000
B 54.266.543.015
5. EBA-SP SMF-BTN 07 500.000.001.416 A 452.500.000.000
B 47.500.001.416
6. EBA-SP SMF-BTN 08 600.000.020.055 A 544.800.000.000
B 55.200.020.055
Long Term Notes (LTN)
Table of Long Term Notes (LTN) BTN
Electronic Distribution Tenor Total LTN
Description Currency
Date of LTN (Month) (thousands)
LTN BTN Phase I Year 2021 December 17, 2021 186 IDR 10.185.851
LTN BTN II Year 2022 Series A July 12, 2022 171 IDR 47.740.325
LTN BTN II Year 2022 Series B July 12, 2022 177 IDR 79.378.706
LTN BTN III Phase I Year 2022 December 14, 2022 177 IDR 210.866.282
LTN BTN III Phase II Year 2022 December 28, 2022 171 IDR 131.184.885
LTN BTN IV Phase I Year 2023 July 28, 2023 165 IDR 35.898.139
36 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Transaction Date Due Date Average Life Class A Coupon Class A Rating
April 28, 2017 January 7, 2028 7,78 A1 = 8,00% id
AAA
A2 = 8,40%
February 28, 2018 May 7, 2029 7,03 A1 = 7,00% id
AAA
A2 = 7,50%
November 27, 2019 May 7, 2032 9,09 A1 = 8,50% id
AAA
A2 = 8,75%
M = 10,40% id
A
December 30, 2020 July 7, 2032 6,08 6,50% id
AAA
December 23, 2022 January 7, 2034 5,66 7,70% id
AAA
September 26, 2023 August 7, 2035 7,44 6,65% id
AAA
Due Date Interest Rate Payment Status Information
June 17, 2037 1.37% fix Not yet due These Securities are not rated and there is
no public offering
October 12, 2036 1.37% fix Not yet due These Securities are not rated and there is
no public offering
April 12, 2037 0.55% fix Not yet due These Securities are not rated and there is
no public offering
June 14, 2037 0.55% fix Not yet due These Securities are not rated and there is
no public offering
March 28, 2037 0.55% fix Not yet due These Securities are not rated and there is
no public offering
April 28, 2037 0.55% fix Not yet due These Securities are not rated and there is
no public offering
2025 Annual Report 37
Page 38
01 Performance Highlights
Electronic Distribution Tenor Total LTN
Description Currency
Date of LTN (Month) (thousands)
LTN BTN IV Phase II Year 2023 September 15, 2023 168 IDR 404.745.014
LTN BTN IV Phase III Year 2023 – Series A December 27, 2023 180 IDR 6.241.671.188
LTN BTN IV Phase III Year 2023 – Series B December 27, 2023 168 IDR 234.541.750.854
LTN BTN IV Year 2024 Phase IV May 07, 2024 171 IDR 203.350.626.300
LTN BTN IV Year 2024 Phase V September 27, 2024 171 IDR 312.678.083.000
LTN BTN IV Year 2024 Phase VI December 23, 2024 168 IDR 147.909.042.000
Note: LTN BTN Securities are not rated and issued through offering to BP Tapera.
2025
COMPANY RATING
Fitch Ratings as of October 17, 2025
Information Rating
Outlook Stable
Long-Term National Rankings AAA(idn) from AA+(idn) previously
Short-Term National Rankings F1+(idn)
Pefindo Rating as of August 1, 2025
Information Rating
Outlook Stable
National Rankings id.
AAA
Moody’s Ratings as of June 17, 2025
Information Rating
Outlook Stable
38 2025 Annual Report
Page 39
PT Bank Tabungan Negara (Persero) Tbk
Due Date Interest Rate Payment Status Information
September 15, 2037 1.37% fix Not yet due These Securities are not rated and there is
no public offering
December 27, 2038 0.55% fix Not yet due These Securities are not rated and there is
no public offering
December 27, 2037 1.37% fix Not yet due These Securities are not rated and there is
no public offering
August 7, 2038 1.37% fix Not yet due These Securities are not rated and there is
no public offering
December 27, 2038 1.37% fix Not yet due These Securities are not rated and there is
no public offering
December 23, 2038 1.37% fix Not yet due These Securities are not rated and there is
no public offering
CORPORATE ANALYST
REPORT
Table of Company Corporate Analyst Report
Broker
No Company Analyst Recommendation Target Price
Code
1. PT Indo Premier Securities PD Jovent Muliadi Buy 1.450
2. Yuanta Investment Consulting FS Yap Swie Cu Buy 1.600
3. RHB Research DR Andrey Wijaya Buy 1.430
4. Binaartha Sekuritas AR Avanza Aditya Buy 1.345
5. PT Ciptadana Sekuritas KI Erni Siahaan Buy 1.500
6. PT Ina Sekuritas Indonesia RB Arief Machrus Buy 1.430
7. UOB KayHian (Equity) AI Posmarito Pakpahan Hold 1.420
8. UBS Securities AK Joshua Tanja Buy Restricted
9. PT Phintraco Sekuritas AT Nurwachidah Hold 1.315
10. Mandiri Sekuritas CC Kresna Hutabarat Buy 1.380
11. CLSA KZ Sarina Lesmina Accumulated 1.450
12. Sucor Sekuritas AZ Edward Lowis Hold 940
2025 Annual Report 39
Page 40
01 Performance Highlights
Broker
No Company Analyst Recommendation Target Price
Code
13. Panin Sekuritas GR Nico Laurens Buy 1.500
14. PT Verdhana Sekuritas BB Erwin Wijaya Neutral 980
Indonesia
15. Trimegah Securities LG Jonathan Gunawan Buy 1.540
16. OCBC Sekuritas TP Budi Rustanto Buy 1.500
17. CGS International YU Handy Noverdanius Add 1.400
18. PT BRI Danareksa Sekuritas OD Victor Stefano Buy 1.300
19. DBS Bank DP Muhammad Nurkholis Fully Valued 900
Syafruddin
20 Macquarie RX Jayden Vantakris Underperform 915
21. PT Sinarmas Sekuritas DH Ivan Putera Neutral 1.400
22. BNI Securities NI Yulinda Hartanto Hold 1.100
23. Bahana Securities DX Razqi Kurniawan Buy 1.400
24. Samuel Sekuritas Indonesia IF Prasetya Gunadi Buy 1.600
25. PT Valbury Asia Securities CP Akhmad Nurcahyadi Buy 1.530
26. Sadif Investment Analytics - Team Coverage Hold 900
40 2025 Annual Report
Page 41
PT Bank Tabungan Negara (Persero) Tbk
IMPORTANT EVENTS
2025
8 January
BTN and Mandiri Capital Cooperated
to Boost Housing Ecosystem Growth
BTN and MCI officially collaborated through provide technology-based solutions.
a strategic partnership, the BTN Fund Targeted business sectors included
Venture Fund. The initiative was designed housing, construction, financial services
to drive the growth of BTN's core business and banking, software, and Environmental,
through investments in startups that could Social, and Governance (ESG).
1 February
Non-Subsidized KPR
Sales Management Transformation
BTN marked a transformation in its sales to make a more productive, professional,
force management to improve its non- efficient, well-trained, and service-
subsidized mortgage loan (KPR) services. oriented sales force to drive sustainable
BTN introduced a new structure, a growth in the non-subsidized mortgage
performance-based incentive scheme, a loan (KPR) business.
digital monitoring system, and a clearer
sales role. Having this system, BTN hoped
9 February
The launch of
balé by BTN
BTN officially launched balé by BTN, strengthen its competitiveness as a
a Super App offering comprehensive transactional bank. Having balé by BTN,
solutions and superior services through the Company expected to sustainably
digital innovation. balé by BTN was the attract more low-cost retail funds and also
Company's strategic initiative to further facilitate customers' digital access to their
needs.
28 February
BTN and MAPCLUB Cooperated Transactionally
to Support BTN Vision
The cooperation between BTN and by BTN so that BTN customers would be
MAPCLUB was expected to provide added more loyal due to easy access to the
value to the BTN and MAPCLUB business MAPCLUB digital ecosystem and lifestyle.
ecosystems. Additionally, MAPCLUB could
hopefully support the transformation
process and transactions carried out
2025 Annual Report 41
Page 42
01 Performance Highlights
26 March
BTN Distributed
Subsidized KPR for Teachers
The program was a strategic collaboration Indonesia. This initiative was also part of
between the Ministry of PKP, the Ministry the Three Million Homes Program initiated
of Elementary and Secondary Education, by the government for segments of the
BPS, BP Tapera, and BTN, the implementing community, not only teachers but also
bank, which provided 20,000 subsidized Indonesian workers, public health workers,
housing units for teachers throughout farmers, fishermen, and laborers.
8 April
BTN Cooperated Strategically
with AlQilaa Group
The signing of a cooperation agreement 100,000 housing units with an investment
between BTN and AlQilaa International value of approximately USD 2 billion.
Group was related to the implementation
of the national housing program through
the construction of one million housing
units for the Indonesian people. AlQilaa
International Group would initially build
8 April
BTN, Ministry of PKP, BP Tapera, and KOMDIGI Collaborated to
Establish A Decent House for Journalists
The inter-agency collaboration prepared which was a priority of the Republic of
an allocation of 1,000 subsidized housing Indonesia government to support strategic
units for journalists throughout Indonesia professional groups.
via the KPR Sejahtera and Tapera schemes,
as part of the National Housing Program,
21 May
BTN Syariah Seized
the Best Islamic Bank
BTN Syariah once again received the in Indonesia. With this achievement, BTN
prestigious award of the 2025 Indonesia Syariah was ready to launch a spin-off
Best Sharia Bank for its successful to meet the needs of the Indonesian for
business transformation, service the best Sharia banking services and
innovation, and contribution to building products.
a sustainable Sharia banking ecosystem
42 2025 Annual Report
Page 43
PT Bank Tabungan Negara (Persero) Tbk
31 May
BTN and SBM ITB Appreciated Outstanding Graduates of
the Mini MBA in Property Program Batch 20–22
This collaborative program was part of BTN's ongoing strategy to produce professional
property talent, respond to industry dynamics, and make a real contribution to the
national housing ecosystem.
5 June
Officially acquiring BVIS, BTN Syariah Was Ready
for the Indonesian’s Second Largest Sharia Bank
With the signing of the Deed of Sale and Purchase and Share Acquisition, BTN officially
acquired BVIS. Further, BTN hoped this corporate action would support the achievement
of BTN's vision to make BTN Syariah, Indonesia’s second-largest Sharia bank.
19 June
MoU signing of
KPR Sejahtera FLPP
BTN signed an MOU Commitment to By the end of May 2025, BTN disbursed
support the FLPP Mortgage Loan (KPR) financing for 79,104 FLPP Mortgage Loan
Sejahtera Financing Program. In this event, (KPR) Sejahtera. This year, BTN targeted to
the Minister of PKP appreciated BTN's role as support the government in the People's
a Distributing Bank for FLPP Mortgage Loan Housing Program by distributing 220,000
(PR) Sejahtera, which had supported the FLPP Mortgage Loans (KPR) Sejahtera.
success of the People's Housing Program.
29 June
The 2025 BTN JAKIM Was Successfully Held
The 2025 BTN Jakarta International The number of participants in the 2025
Marathon (JAKIM) was successfully held BTN JAKIM was 31,000 runners, with 4,000
in celebration of the 498th anniversary of runners for the full marathon (42K), 13,000
DKI Jakarta, and broke the record for the runners for the half marathon (21K), and
most full marathon (FM) participants in 14,000 runners for the 10K.
Indonesia with more than 4,000 runners.
2025 Annual Report 43
Page 44
01 Performance Highlights
14 July
BTN Seized Strategic Award
in the 2025 ASEAN Risk Awards
At the 2025 ASEAN Risk Awards, Setiyo which significantly contributed to
Wibowo, Director of Risk Management, strengthening the company's resilience
received the Risk Professional of the Year amidst increasingly complex economic
and People's Choice of Risk Professional challenges. With this strategy, BTN also
of the Year awards. These awards successfully implemented various
represent international recognition for initiatives to drive sustainable growth and
BTN's risk management transformation, maintain superior risk governance.
24 July
BTN Achieved Two Prestigious Awards
in the 2025 ASEAN Corporate Governance Awards
BTN was awarded the Top 50 ASEAN reputation as a national financial
PLCs and Top 5 Indonesia PLCs awards institution aligned with regional best
for its commitment to building superior corporate governance practices.
corporate governance and transparency.
This recognition strengthened BTN's
1 August
Improving Productivity and Efficiency of Collection Business
Process, BTN launched the new Operating Model
BTN launched Business Process was hoped that this transformation could
Improvement (BPI) Monoline Collection lead BPI to a more productive, efficient,
as a new Operating Model for collection and effective direction in supporting the
by changing debtor guidance, previously acceleration of collection and execution of
managed by each Branch Office, to be non-performing loans.
based on regional clusters, under the
direct command of the Head Office. It
8 August
BTN Officially Launched balé Korpora, an Integrated Wholesale
Banking Platform for Corporate Customers
BTN launched a platform offering a a single digital portal. The launch was
number of key features, including cash part of BTN's digital transformation
management, e-guarantee, financial strategy to strengthen low-cost funding
supply chain management, and a acquisition and drive fee-based income
transaction dashboard, accessible growth.
securely, efficiently, and flexibly through
44 2025 Annual Report
Page 45
PT Bank Tabungan Negara (Persero) Tbk
19 August
BTN Confirmed Strategic Collaboration
with Ancol and Jakpro in Supporting Jakarta As A Global City
This collaboration confirmed BTN's role as to providing modern financial services
a partner in city transformation through that support the growth of the tourism
financing support, service digitalization, sector, the creative economy, and the
and financial system integration across development of Jakarta as an inclusive
various strategic public spaces. Together and sustainable global city.
with Jakpro and Ancol, BTN contributed
22 August
The birth of
National Sharia Bank
At the Bank Victoria Syariah’s off process of BTN Syariah into a Sharia
Extraordinary General Meeting of Commercial Bank using BVIS as a shell
Shareholders (EGMS), shareholders company. Going forward, BTN Syariah
approved the name change to Bank would use the BSN name for its corporate
Syariah Nasional (BSN). This EGMS branding and product services after
represented a continuation of the spin- undergoing regulatory approval.
27 August
BTN Digital Store Was Present in that directly delivers BTN's faster, more of the digital transformation of the national
the Indonesian Stock Exchange practical, and modern digital services. The financial sector.
presence of the Digital Store at the IDX would
BTN officially launched the BTN Digital Store provide customer experience, education,
at the Indonesia Stock Exchange Building, and interaction, while strengthening BTN's
Tower 2, SCBD. The Digital Store at the IDX positioning as a bank that was adaptive
was BTN’s third Digital Store, launched and relevant to the modern community.
as part of its digital-based banking Through this initiative, BTN targeted new
service transformation. Located at the customer acquisition and increased
center of national business, financial, and digital transactions and opportunities for
investment activities, the BTN Digital Store synergy with various strategic partners in
served as a customer experience platform the IDX region to support the acceleration
28 September
Waste Exchange,
Reducing BTN Housing Installment
BTN introduced an innovative program President Prabowo Subianto's Asta
that allowed customers to reduce Cita (Asta Cita) of developing a green
their mortgage loan (KPR) installments economy in the housing sector, including
by converting household waste into waste management and community-
savings. This program was a concrete based development.
implementation of BTN's support for
2025 Annual Report 45
Page 46
01 Performance Highlights
21 October
The Launch of
Housing Loans Program
BTN aimed to be the largest distributor accelerate the implementation of the 3
of KPP (Leasing Loan) loans by utilizing a million Houses Program. BTN also targeted
base of more than 12,000 housing sector an initial disbursement of approximately
business players, including developers, IDR2 trillion by the end of 2025 and would
contractors, and building supply stores. In accelerate its expansion in the future to
addition, the KPP program had an interest increase developer capital and accelerate
rate of 6% only with collateral and a simple housing construction.
application process, so it was expected to
28 October
The 2025 BTN Housing-preneur Competition
was Officially Started.
The 2025 BTN Housingpreneur was an entrepreneurs and new innovators to
annual competition that found the best support President Prabowo Subianto's
ideas and innovations in the housing Three Million Homes Program.
sector to strengthen the national
housing industry ecosystem. Through
this program, BTN was committed to
encouraging the emergence of young
5 November
BTN Private
was Officially Launched
This exclusive service was specifically and premium concierge services, such as
for customers with funds exceeding private jet reservations, wellness trips, and
IDR15 billion. By becoming a BTN Private medical evacuation.
customer, customers received premium
services, including complimentary stays
at five-star hotels, substantial cashback,
18 November
BTN Officially Conducted Spin-Off of SBU,
BSN Became Indonesia’s Second Largest Sharia Bank
During the meeting, shareholders of BTN and Bank Victoria Syariah would
approved the spin-off of the Sharia make BSN as Indonesia’s second-largest
Business Unit (SBU) to PT Bank Syariah Sharia commercial bank (SCB) with total
Nasional (BSN). The resolution decided assets reaching IDR71.3 trillion
that the rights and obligations of BTN
SBU were assigned to BSN. The merger
46 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
27 November
Queen of the Netherlands
Appreciated BTN
Queen Máxima of the Netherlands BTN innovation that encouraged green
witnessed the signing of mortgage loan financial inclusion, reduced mortgage
(KPR) agreements for low-income families loan (KPR) installments, and contributed
and spoke with debtors who had moved to reducing national waste loads from the
into subsidized housing. She also expressed smallest community level.
her appreciation for the implementation
of the waste-based mortgage loans
(KPR) installment payment program, a
8 December
BTN Achieved
the 2024 ARA Award
BTN won the 2024 BUMN Go Public as well as manage good corporate
Financial Annual Report Award (ARA) governance to achieve sustainable
category. This award reflected BTN's finance.
commitment to present reports with
integrity, transparency, and accuracy,
18 Desember
BTN Beaten Other Himbara Banks
in the 2025 Public Transparency Award
BTN reached the highest rank in the information disclosure. It also reflected
Informative State-Owned Enterprise the public’s continuous trust in supporting
(BUMN) category, beating out other sustainable finance.
Himbara banks. The achievement
confirmed BTN's position as a leading
Himbara bank in implementing
transparency, accountability, and
18 December
Prepared IDR4.5 Trillion, BTN Aimed to be the Key Selected Bank
in Serving Danareksa Holding
BTN signed a strategic partnership with Danareksa holding ecosystem. This
the Danareksa State-Owned Enterprise partnership was part of BTN's efforts
Holding. Through this partnership, BTN to strengthen its role as a key banking
prepared a financing facility of up to IDR partner for large-scale corporate
4.5 trillion, consisting of a Committed holding companies, including through
Corporate Line Facility and an the utilization of cash management
Uncommitted Corporate Line Facility, and services and digital banking solutions
procured integrated banking services through balé Korpora.
to support financial management and
business expansion throughout the
2025 Annual Report 47
Page 48
01 Performance Highlights 24 December Sustaining Housing Loans Expansion, BTN Confirmed Core Capital via Shareholder Loan as of IDR2 Trillion BTN strengthened the capital structure to maintain sustainable business expansion by obtaining a Shareholder Loan (SHL) as of IDR2 trillion from PT Danantara Asset Management (Persero) (DAM). This facility was classified as Additional Tier 1 (AT1) capital in accordance with the provisions of the Financial Services Authority (OJK). 48 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
24 December
Supporting Recovery, BTN Distributed Aid as of IDR12,36 Billion
for Natural Disaster Victims in Sumatra
BTN recorded that the total value of aid for baby supplies, medicines, and other items.
flood and landslide victims in Aceh, North The aid was distributed directly by the
Sumatra, and West Sumatra through its Company, with representatives from the
Social and Environmental Responsibility Board of Directors directly assessing the
(TJSL) Program has reached IDR 12.36 condition of the victims and the affected
billion to date. This aid included basic areas.
food packages, fast food, bedding, milk,
2025 Annual Report 49
Page 50
REPORT OF DIRECTORS
AND BOARD OF
COMMISSIONERS
In 2025, the Company demonstrated significant performance
growth in both operational and financial terms. Its
performance also received external recognition through
national and international awards.
50 2025 Annual Report
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2025 Annual Report 51
Page 52
02 Report of Directors and Board of Commissioners
BOARD OF DIRECTORS
REPORT
NIXON L.P.
NAPITUPULU
President Director
52 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Distinguished Shareholders and Valued Stakeholders,
Consumer Banking Products
Consumer products consist of Consumer Loan Products,
Consumer Deposit Products, and Wealth Management
Products. Consumer Loan Products include Housing
We extend our gratitude Loans and Non-Housing Loans. Consumer Savings
Products include Consumer Savings, BTN Individual
and praise to Almighty God Deposits, and BTN Individual Current Account. Meanwhile,
Wealth Management Products include Bancassurance,
for His grace and blessings, Mutual Funds, Primary Market Retail Government
which have enabled the Securities, Secondary Market Government Securities,
and Foreign Exchange services.
Company to close 2025
with strong performance, Commercial Banking Products
Commercial products consist of Commercial Loan
reflected in the growth of net Products, Commercial Deposit Products, and Corporate
profit, loan disbursements,
Loan Products. Commercial Loan Products include
Housing Loans and Non-Housing Loans including MSME
Third-Party Funds (TPF), Loan Products. Commercial Deposit Products include
BTN Institutional Current Accounts and Institutional
and total assets. This Time Deposits. Meanwhile, Corporate Products include
performance demonstrates Working Capital Loans (KMK), BTN Property Working
Capital Loans (KMK Properti BTN), BTN Contractor
that the transformation Working Capital Loans, Bridging Loans, Secured Loans,
undertaken by the Company BTN Investment Loans, Refinancing Facilities, Loans
to Ministries/Government Institutions of the Republic
has delivered a positive of Indonesia, Term Loan Facilities, Corporate Line
Facilities, and Treasury Line Facilities (to Non-Financial
impact on its overall Institutions).
business results
Services and Assistance
The Company provides various services, including
Consumer Cards and segmented customer services
covering Wealth Management, BTN Prospera, ATM
services, Cash Recycling Machines (CRM), the SuperApp
On this occasion, allow us to present a report on the balé by BTN, balé bisnis, Electronic Data Capture (EDC),
management and performance of the Company for balé merchant, Branchless Banking (balé agen),
the 2025 fiscal year, which includes the Company’s Quick Response Code Indonesian Standard (QRIS),
performance results, business prospects analysis, Virtual Branch, balé community, balé property, balé
developments in the implementation of corporate developer, and BTN Open API. The Company also offers
governance, evaluation of the performance of other services, including Virtual Account, Transfer
Committees under the Board of Directors, as well as Management, Payment Management, BTN Payroll
changes in the composition of the Board of Directors. Service, and Bale Poin.
To optimize the delivery of products and services to
About The Company customers, the Company has established a nationwide
network across Sumatra, Java, Kalimantan, Sulawesi,
As a banking institution, the Company remains Bali, Nusa Tenggara, Maluku, and Papua. As of
committed to being a bank that focuses on serving December 31, 2025, the Company operated 8 Regional
and supporting financing in the housing sector through Offices, 82 Branch Offices, 548 Sub-Branch Offices (KCP),
a wide range of products and services. Currently, the and 4 Functional Offices. As of December 31, 2025, the
Company offers various financial products and services Company’s operational focus remained domestic, with
as follows: no overseas branch offices.
2025 Annual Report 53
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02 Report of Directors and Board of Commissioners In 2025, the Company adjusted its organizational In conducting its operational activities, the Company structure to accommodate additional functional employed a total of 11,414 employees. As of needs in line with technological advancements and December 31, 2025, 531 employees held postgraduate business development. Currently, the Company has degrees, 9,790 employees held undergraduate 10 (ten) Directorates under the President Director and degrees, 897 employees held diploma degrees, the Vice President Director, namely the Consumer and 132 employees held senior high school (SLTA) Banking Directorate, Network & Retail Funding qualifications. The Company implements continuous Directorate, Commercial Banking Directorate, Corporate learning and development programs to ensure Banking Directorate, Treasury & International Banking that required competencies are met in alignment Directorate, Information Technology Directorate, with its annual strategic business focus, through Operations Directorate, Risk Management Directorate, training, development initiatives, special assignments, Finance & Strategy Directorate, and Human Capital & and rotation and promotion programs. Employee Compliance Directorate. Each Directorate is supported competency development is carried out through by several Divisions to assist in the execution of the structured and systematic learning and development respective Director’s duties. The President Director programs aimed at enhancing the knowledge, skills, is supported by the Internal Audit Division and the and attitudes required. These programs are designed Corporate Secretary Division. The President Director is to ensure sustainable human capital management that also supported by the Senior Executive Vice Presidents is adaptive to change and aligned with business needs (SEVPs), namely SEVP Digital Business and SEVP and the organization’s vision. Competency development Assets Management. The Vice President Director is efforts focus on leadership, critical capabilities, funding, supported by the Marketing Communication Division. transactional banking, and digital banking. The Consumer Banking Directorate is supported by the Subsidized Mortgage Division, Mortgage & Secured Loan Division, and Personal Banking Division. The Network Analysis of The Company’s & Retail Funding Directorate is supported by the Sales Performance & Distribution Division, Retail Funding Division, and Wealth Management Division. The Commercial Banking With the various resources at its disposal, the Board of Directorate is supported by the Business Banking Directors has managed these resources effectively. The Division, the Commercial Banking Division, and the Company delivered solid performance in 2025 amid Institutional Banking 2 Division. The Corporate Banking economic conditions that have not yet fully recovered. Directorate is supported by the Corporate Banking The Board of Directors consistently considers global, Division, Institutional Banking 1 Division, and Wholesale national, and banking industry conditions in formulating Transaction Division. The Treasury & International business strategies, enabling the Company to address Banking Directorate is supported by the Treasury challenges, particularly those related to the impact of Division, Financial Institution & Capital Market Division, economic developments on its business. Accordingly, and Procurement & Fixed Asset Management Division. in presenting the Company’s performance analysis, The Information Technology Directorate is supported allow us to first provide an overview of economic by the IT Strategic Planning Division, IT Development developments at the global, national, and banking Division, IT Operations Division, and IT Security Division. industry levels. The Operations Directorate is supported by the Customer Experience Division, the Credit Operations Economic Conditions Directly Division, the Digital Operations Division, and the Central Impacting The Company’s Operations Division. The Risk Management Directorate Performance is supported by SEVP Credit Risk, the Policy & Procedure Division, the Enterprise & ESG Risk Management Division, The global economy is expected to remain affected by the Digital & Operations Risk Management Division, ongoing trade wars and geopolitical tensions among and the Transformation & Partnership Management countries. Geopolitical tensions persist, including the Division. The Finance & Strategy Directorate is supported ongoing Russia-Ukraine war and escalating tensions in by the Corporate Strategy & Planning Division, the the Middle East. On the economic front, the trade war Finance & Accounting Division, the Investor Relations measures introduced by President Trump in April 2025 & Research Division, and the Data Management & imposed a universal 10% tariff on all goods entering the Analytics Division. The Human Capital & Compliance United States, along with high reciprocal tariffs on nearly Directorate is supported by the Human Capital Strategy 57 trading partners, including China, the European Union, Division, the Human Capital Management Division, the Mexico, and Canada. Human Capital Business Partner Division, the Learning Management Division, the Compliance & Governance In addition, the trend of global interest rate cuts has Division, and the Legal Division. begun, in line with increasingly controlled inflation. The 54 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
direction of the Fed Rate reduction became clearer in Strategy and Strategic Policies
2025 when it lowered its benchmark interest rate by a
total of 75 bps to 3.50%–3.75%. Besides the Fed, most In 2025, to address various challenges and capture
central banks around the world have also reduced opportunities, the Company established strategic
their benchmark interest rates, such as the European initiatives and policies guided by the strategic themes
Central Bank (ECB), the Bank of England (BoE), the Bank outlined in the 2025–2029 Corporate Plan. The strategic
of Canada (BoC), and others. measures implemented in 2025 are as follows:
1. Credit Sector
Although the global economy is still slowing down, The focus of credit growth in 2025 was on implementing
Indonesia’s economic growth in the fourth quarter of 2025 a large-scale housing ecosystem monetization
recorded a positive result of 5.39% yoy and was higher strategy to generate revenue across the housing
than the achievement in the third quarter. This indicates ecosystem by leveraging business opportunities
that Indonesia’s economy remains strong amid the in the property industry. This was pursued through
global economic slowdown. From a sectoral perspective, enhanced penetration and improved quality of
the sectors driving national economic growth include non-subsidized mortgages (KPR), as well as deeper
education services, other services, business services, penetration of the housing value chain.
information and communication, transportation and 2. Credit Quality Sector
warehousing, and the accommodation and food To achieve targeted improvements in credit quality,
and beverage provision sector. Meanwhile, from the the strategic focus included strengthening risk
expenditure side, the export component recorded the underwriting and collection processes to support
highest growth, followed by government consumption sustainable portfolio growth, managing a significant
and household consumption. volume of restructured portfolios, and accelerating
late-stage recovery by expanding the scope of
In the banking sector, the Financial Services Authority subsidiaries responsible for asset management.
(OJK) recorded that the performance of the financial 3. Funding Sector
services sector, particularly banking, remained solid The primary focus of TPF growth in 2025 was to
in 2025, supported by adequate capital and liquidity implement strategies to increase low-cost savings,
indicators as well as well-maintained credit risk. The target self-employed professional segments,
banking intermediation function in December 2025 enhance penetration in the trade sector, and expand
continued to grow positively, with credit expanding into the SME value chain.
strongly by 9.63% yoy. This growth was mainly driven 4. Fee-Based Income and Subsidiary Establishment
by Investment Loans, which grew by 20.81% yoy. On a The focus of fee-based income (FBI) achievement
monthly basis, nominal banking credit increased by in 2025 was the launch of loan product propositions
IDR271 trillion to IDR8,586 trillion. Meanwhile, Third-Party and the enhancement of fee-based income
Funds (TPF) in December 2025 grew by 13.83% yoy to generation.
IDR10,059 trillion. Credit risk continued to improve, with 5. Capital Investment Plan
the banking NPL ratio recorded at 2.05%. On the other In line with its vision to become the main partner in
hand, Loan at Risk (LaR) also showed a declining trend empowering the financial well-being of Indonesian
to 8.77%, lower than the pre-pandemic level of 9.93% in families, the Company aspires to expand its business
December 2019. across the housing ecosystem through:
a. The development of Sharia business through the
Banking industry liquidity in December 2025 remained spin-off of the Sharia Business Unit (SBU).
adequate, with liquidity ratios well maintained. The b. Expansion into the insurance business through life
Liquid Assets to Non-Core Deposit (AL/NCD) ratio insurance and/or general insurance subsidiaries.
stood at 126.15%, decreasing from 131.49% in November c. Expansion into vehicle financing through a
2025 but still far above the regulatory threshold of 50%. multifinance subsidiary.
Meanwhile, the Liquid Assets to TPF (AL/TPF) ratio was 6. Capital Participation in Life Insurance and/or General
28.57%, down from 29.67% in November 2025, yet still Insurance Subsidiaries
above the regulatory minimum threshold of 10%. Overall, The establishment of a life insurance and/or general
the banking industry’s profitability level, reflected by insurance subsidiary is planned through a capital
Return on Assets (ROA) of 2.53%, indicates that the participation scheme in an existing insurance
banking industry’s performance remained resilient and company/subsidiary or through the establishment of
stable. In terms of capitalization, the Capital Adequacy a new entity. The Company will act as the controlling
Ratio (CAR) of the banking industry in December shareholder with majority ownership (>50%). Going
2025 was recorded at 25.89%, compared to 26.05% in forward, the insurance sector is projected to have
November 2025. significant growth potential in Indonesia, driven by
rising public awareness of insurance’s importance.
2025 Annual Report 55
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02 Report of Directors and Board of Commissioners
7. Capital Participation in a Multifinance Subsidiary b. Compliance Implementation aimed at
The establishment of a multifinance subsidiary is enhancing operational resilience to support
planned through either a capital participation scheme business growth and fostering a culture of
in an existing multifinance company or the formation compliance at all levels of the organization and
of a new entity. This initiative aims to expand lending across the Company’s business activities.
beyond the current customer base, particularly in 13. Human Capital Development
motor vehicle financing, non-bankable customers, The Company’s human capital development
customers with irregular income, and other segments. strategy is designed to support business growth and
8. Retail Transaction Strategy to position the Company as one of the homes of
The development of retail foreign exchange (forex) Indonesia’s best talent.
and retail bonds in 2025 focused on enhancing 14. Branch Network Development
capabilities, improving human resource quality, The branch network development strategy in 2025
strengthening the organizational structure, and was implemented by minimizing office relocation
developing new systems and products. activities to reduce operational costs. The Company
9. Capital Sector optimized the role of Branch Offices as centers for
The 2025 capital strengthening plan was pursued mobilizing Third-Party Funds, developed branch
through increasing Tier 1 capital via retained networks focused on the emerging affluent segment,
earnings/profitability and implementing a Tier 2 and adjusted the branch network in accordance
capital action plan through subordinated loans and/ with the latest POJK regulations. In 2025, branch
or the extension of maturing subordinated loans. network standardization was carried out in line with
10. Information Technology (IT) Infrastructure Strategy the internalization of the digital branch initiative’s
The IT infrastructure development strategy and proposition.
work program in 2025 were focused on supporting 15. Capital Expenditure Plan
business strategies in digital banking fee-based In support of business expansion and development,
income growth, developing electronic transaction capital expenditures were planned, including land
channels, and automating front-end and back-end acquisition and the construction/renovation of office
processes. buildings.
11. IT Security Strategy
IT security-related developments were in line The Role of The Board of Directors in
with those outlined in the 2025-2029 Information Formulating Strategy and Strategic
Technology Strategic Plan (RSTI), which emphasized Policies
“Security by Design” to enhance the security of the
Company’s systems and applications. These also The Board of Directors plays a central role in formulating
included enhancing cybersecurity, implementing the Company’s strategic direction and strategic
identity and access management, and enhancing policies. In developing its strategy, the Board of Directors
infrastructure security. In line with these initiatives, directly leads the preparation of the corporate plan
the implemented activities were compliance with and business plan. The formulation process considers
the PDP Law No. 27 of 2022, ensuring the availability macroeconomic dynamics, regulatory policy directions,
of security infrastructure, upgrading technology, developments in the national banking industry, and the
meeting regulatory compliance requirements, ongoing digital transformation. Each strategic policy
managing data and user access, and mitigating is thoroughly discussed through Board of Directors
fraud and transaction abuse (money laundering and meetings and intensive coordination with the Board of
gambling). In addition, the Company also identifies Commissioners and executive management.
key risks related to information technology, including
disruption, cyber security, and disaster recovery, to Throughout 2025, the Board of Directors focused
ensure that these risks are managed and integrated on strengthening the fundamentals of the core
into the overall risk management framework. housing financing business by implementing a large-
12. Governance, Risk, and Compliance Implementation scale housing-ecosystem monetization strategy,
a. Governance Implementation through the accelerating the digitalization of business processes,
development of the BTN Governance Roadmap improving credit quality, and optimizing the funding
2025–2029, encompassing enhancements to structure. The established strategies were also directed
governance structure, strengthening governance toward enhancing competitiveness through product
business processes, improving governance and service innovation, branch network development,
outcome quality, and advancing sustainable strengthening risk management, and human capital
governance under the main theme “Governance development.
Business for Sustainable Growth,” implemented
through five (5) key focus areas of the GCG
Roadmap.
56 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
The Board of Directors ensures that every strategic human capital capability development. Commitment
policy formulated strengthens BTN’s role in realizing its to the implementation of Environmental, Social, and
vision to become the Leading Partner in Empowering the Governance (ESG) principles is further reinforced as
Financial of Indonesian Families. Through leading digital part of the Company’s contribution to sustainable
innovation, expanding inclusive financial products and development.
services, and enhancing accessibility for all segments of
Indonesian society, the Company remains committed Analysis of The Company’s
to supporting the sustainable financial growth of Performance
Indonesian families. The Company views financial
empowerment of families as a key driver of national Operational and Financial Performance
economic progress. Accordingly, the Company focuses
on strengthening synergy with various stakeholders, Based on the strategies implemented, the Company
providing accessible financial solutions, and enhancing recorded positive growth in 2025. From an operational
financial literacy across different segments of society. perspective, the Company’s consolidated loan
disbursements reached IDR400.58 trillion by the end of
Process Undertaken by The Board 2025, representing an 11.9% yoy increase. The outstanding
of Directors to Ensure Strategy value of Subsidized Mortgage Loans (KPR Subsidi) in 2025
Implementation was IDR 157.30 trillion, an increase of 6.77% from IDR 147.32
trillion in 2024. This increase indicates that demand for
The Board of Directors ensures that each strategy that subsidized mortgages remains strong, supported by
has been established is implemented and continuously government programs and the still significant housing
conducts evaluations to ensure the effectiveness of needs of low-income communities (MBR). The Company
its implementation. The Board of Directors actively developed equitable and inclusive financing schemes
monitors strategy implementation by establishing by enhancing Subsidized Mortgage products, such as
measurable Key Performance Indicators (KPIs), the New KPR FLPP, KPR Tapera, and the KPR Rent to Own
conducting periodic evaluations through management scheme. The Company also continued to increase BTN’s
meetings, monthly meetings, and quarterly performance market share in Subsidized Mortgages by deepening
evaluation forums. To maintain the quality of strategy collaboration with institutions and stakeholders in
implementation, the Board of Directors also strengthens the housing sector, both in terms of financing support
the risk management and internal control functions by (BP Tapera, SMF, and the Ministry of Public Works
ensuring that each strategic initiative has undergone and Housing) and from the supply and demand
a risk assessment process and consistently maintains sides, through partnerships with various institutions/
compliance with regulations. associations (developer associations, market trader
associations, technology companies such as Gojek,
In addition, the Board of Directors strengthens the Grab, and others). Improvements in business processes,
oversight function through the role of internal audit and adoption of the latest technology, and expansion of the
follows up on audit findings, both internal and external. housing business ecosystem are expected to positively
The Board of Directors coordinates with the Internal Audit impact BTN’s subsidized mortgage disbursements. Loan
Division in preparing the Annual Audit Plan to ensure growth was accompanied by improvements in credit
that the audit focus aligns with the Company’s strategic quality throughout 2025, as reflected by the gross non-
priorities. The Board of Directors ensures that each performing loan (NPL) ratio, which declined to 3.08%
audit finding that may pose risks to achieving strategic from 3.2% in the previous year.
objectives is properly identified. Audit results are
incorporated into the feedback mechanism to ensure On the funding side, Third-Party Funds (TPF) in 2025
continuous improvement, enhance the effectiveness amounted to IDR437.45 trillion, representing 104.00%
of internal controls, and refine business processes. of the 2025 target of IDR420.62 trillion. TPF growth
Through the integration of performance management, was partly supported by the acceleration of digital
risk management, and audit functions, the Board of transaction growth, particularly through the Bale by BTN
Directors ensures that strategies are not only executed superapp. The Company recorded a significant increase
as planned but also meet high standards of governance in Bale by BTN users, which grew 66.1% yoy to 3.7 million
and accountability. by the end of 2025, from 2.2 million in 2024. The increase
in users also boosted the number of Bale transactions,
The Board of Directors also ensures that the which surged by 79.2% yoy to 2.21 billion as of December
implementation of business strategies remains aligned 31, 2025, from 1.23 billion in the previous year. Meanwhile,
with the corporate plan and business plan, focusing transaction value reached IDR103.6 trillion, up 27.7% yoy
on strengthening the core housing financing business, from IDR81.1 trillion in the prior year.
portfolio diversification, funding optimization, and
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02 Report of Directors and Board of Commissioners
From a financial performance perspective, the Company being of Indonesian families. To support this focus, the
recorded consolidated net profit of IDR3.50 trillion, an Company carried out continuous improvements in its
increase of 16.42% compared to IDR3.01 trillion in 2024. IT infrastructure through various strategic initiatives,
The Company successfully accelerated business growth including the following:
throughout 2025, supported by strengthened profitability 1. Advanced Sustainable Core Banking Technology
and increasingly efficient business processes resulting through Infrastructure Modernization and AI
from consistent transformation initiatives across various Enablement
lines. This positive performance reflects the effective 2. Strengthened IT Resilience and Service Continuity
implementation of well-calibrated business strategies through Robust Infrastructure and Disaster Recovery
and sound, disciplined financial management. Net profit 3. Enhanced IT Infrastructure Flexibility to Support
growth was driven by interest income, which rose to Business Growth and Digital Expansion
IDR36.34 trillion, a 23.02% increase from IDR29.54 trillion 4. Improved IT Operational Oversight through an
in 2024. In 2025, the Company also recorded growth in Integrated Command Center
total assets, which increased by 12.4% yoy to IDR527.79
trillion at the end of 2025. Along with the various achievements successfully
accomplished throughout 2025, the Company
Information Technology continues to strengthen its commitment to developing
a technology-based banking ecosystem. The Company
In line with developments in the banking industry, the believes that the availability of reliable and integrated
Company continues to strengthen its Information information technology infrastructure is a strategic
Technology (IT) strategy as one of the main pillars foundation for providing optimal services, increasing
in delivering the best customer experience through added value for stakeholders, and accelerating
integrated digital and financial services. The IT strategy sustainable digital transformation.
is implemented sustainably through accelerated
modernization of banking platforms, adoption of the latest Comparison Between Achieved and
digital technologies, and enhancement of information Targeted Results
governance and security. The implementation of
this strategy is aimed at strengthening the core Based on economic and industry analysis, and
business, building a holistic banking proposition, and considering existing challenges, the Company set a
enhancing the capability to deliver reliable, efficient, market target for loans and financing of IDR393.64
and innovative large-scale banking services in line with trillion and IDR420.62 trillion for Third-Party Funds in 2025.
customer needs and prevailing regulations. In 2025, the Based on these market targets, the Company aimed to
Company established a strategic focus on becoming achieve interest income of IDR 35.29 trillion in 2025.
the leading partner in empowering the financial well-
To achieve these targets, the 2025 Basic Loan Interest Rates were determined as follows::
Table of Basic Loan Interest Rates
Basic Loan Interest Rates Based on Business Segment
Description Non-MSME Credit MSME Credit
KPR/KPA Non KPR/KPA
Corporate Retail Medium Small Micro
Basic Loan Interest Rate 8,76% 8,90% 9,90% 10,48% 13,75% 8,04% 10,80%
(SBDK) in 2025
Basic Loan Interest Rate 8,76% 9,25% 10,17% 11,00% 14,03% 8,04% 11,80%
(SBDK) in 2024
Basic Loan Interest Rate 8,05% 8,30% n/a n/a n/a 7,30% 8,80%
(SBDK) in 2023
58 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Basic Loan Interest Rates Based on Business Segment
Description Non-MSME Credit MSME Credit
KPR/KPA Non KPR/KPA
Corporate Retail Medium Small Micro
Basic Loan Interest Rate 8,00% 8,25% n/a n/a n/a 7,25% 8,75%
(SBDK) in 2022
Basic Loan Interest Rate 8,00% 8,25% n/a n/a n/a 7,25% 8,75%
(SBDK) in 2021
In addition, the Company has also determined competitive and market-aligned interest rates for savings, time
deposits, and current accounts, as presented below:
Table of Rupiah Savings Interest Rate
Types of products Balance strata Interest Rate
Investment Savings Up to IDR10 million 0,50%
> IDR10 million – IDR100 million 2,00%
> IDR100 million – IDR500 million 2,25%
> IDR500 million – IDR1 billion 2,64%
> IDR1 billion – IDR10 billion 3,48%
> IDR10 billion – IDR50 billion 3,75%
> Above IDR50 billion 2,15%
Investa Plus Savings ≥ IDR50 million – IDR500 million 2,25%
> IDR500 million – IDR1 billion 2,75%
> IDR1 billion – IDR5 billion 3,00%
> IDR5 billion 3,00%
BTN Batara Savings < IDR1 million 0,00%
IDR1 million – < IDR50 million 0,05%
IDR50 million – < IDR500 million 0,10%
IDR500 million – IDR1 billion 0,25%
> IDR1 billion 0,50%
BTN Bisnis Savings < IDR1 million 0,00%
≥ IDR1 million – < IDR50 million 0,25%
≥ IDR50 million – < IDR500 million 0,50%
≥ IDR500 million – < IDR1 billion 1,00%
≥ IDR1 billion 1,25%
BTN Junior Savings ≤ IDR50 thousand 0,00%
> IDR50 thousand 0,50%
TabunganKu ≤ IDR500 thousand 0,00%
> IDR500 thousand – IDR1 million 0,10%
> IDR1 million 0,25%
2025 Annual Report 59
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02 Report of Directors and Board of Commissioners
Types of products Balance strata Interest Rate
SiMuda RumahKu Savings ≤ IDR1 million – IDR10 million 1,00%
> IDR10 million – IDR25 million 1,15%
> IDR25 million – IDR50 million 1,25%
> IDR50 million – IDR100 million 1,35%
> IDR100 million – IDR250 million 1,50%
> IDR250 million 2,00%
BTN Siap! Savings < IDR1 million – IDR10 million 1,00%
> IDR10 million – IDR25 million 1,15%
> IDR25 million – IDR50 million 1,25%
> IDR50 million – IDR100 million 1,35%
> IDR100 million – IDR250 million 1,50%
> IDR250 million 2,00%
BTN e'BataraPos Savings < IDR1 million 0,00%
≥ IDR1 million – IDR50 million 0,05%
IDR50 million – < IDR500 million 0,10%
> IDR500 million – IDR1 billion 0,25%
> IDR1 billion 0,50%
Tabanas Batara Post Office All strata 0,00%
Table of Rupiah Current Account Interest Rate
Types of products Balance strata Interest Rate
Rupiah Current Account ≤ IDR10 million 0,00%
> IDR10 million – IDR100 million 0,25%
> IDR100 million – IDR500 million 0,75%
> IDR500 million 1,00%
Table of Rupiah Deposit Interest Rates
Time Period (Month)
Types of Product Balance Strata
2 3 4 6 12 24
BTN IDR Deposits < IDR5 million 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
≥ IDR5 million – < IDR10 1,00% 1,00% 1,00% 1,00% 1,00% 1,00% 1,00%
million
≥ IDR10 million – < IDR100 2,25% 2,25% 2,50% 2,50% 2,50% 2,50% 2,50%
million
≥ IDR100 million – < IDR500 2,25% 2,25% 2,50% 2,50% 2,50% 2,50% 2,50%
million
IDR500 million – IDR2 2,25% 2,25% 2,75% 2,75% 2,75% 2,75% 2,75%
billion
> IDR2 billion 2,25% 2,25% 2,75% 2,75% 3,00% 3,00% 3,00%
60 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Table of Rupiah e-Deposit Interest Rate
Time Period (Month)
Types of
Balance Strata
Product
2 3 4 6 12 24
BTN IDR IDR1 million – < IDR5 million 1,00% 1,00% 1,00% 1,00% 1,00% 1,00% 1,00%
e-Deposits
IDR5 million – < IDR100 million 2,60% 2,75% 3,00% 3,00% 3,00% 3,00% 3,00%
IDR100 million – < IDR500 million 2,65% 2,75% 3,25% 3,25% 3,25% 3,25% 3,25%
IDR500 million – < IDR2 billion 3,50% 3,50% 3,50% 3,50% 3,50% 3,40% 3,40%
IDR2 billion – < IDR5 billion 3,75% 3,75% 3,75% 3,75% 3,75% 3,40% 3,40%
IDR5 billion – < IDR10 billion 3,75% 3,75% 3,75% 3,75% 3,75% 3,50% 3,50%
≥ ≥ IDR10 billion 3,75% 3,75% 3,75% 3,75% 3,75% 3,60% 3,60%
Table of Foreign Currency Savings Interest Rates
USD SGD AUD / CNY JPY
Interest Rate
Types of
Product Balance Interest Balance Interest Balance Interest
Balance Strata Online
Offline Strata Rate Strata Rate Strata Rate
(via
(via KC)
Balé)
BTN Felas < USD1.000 0,00% 0,00% All 0,10% All 0,05% All 0,00%
Saving tiering tiering tiering
USD1.000 - < 0,15% 0,15%
USD10.000
USD10.000 - < 0,35% 0,35%
USD100.000
≥ USD100.000 0,50% 0,50%
Table of Foreign Currency Savings Interest Rates (USD)
Time Period (Month)
Types of Product Balance Strata
1 3 6 12
BTN USD Deposit All strata 4,00%
Table of Foreign Currency Deposit Interest Rates (SGD)
Time Period (Month)
Types of Product Balance Strata
1 3 4 6 12 24
BTN SGD Deposit All strata 0,10%
Table of Foreign Currency Deposit Interest Rates (AUD, CNY)
Time Period (Month)
Types of Product Balance Strata
1 3 6 12 24
AUD/CNY Deposits All strata 0,10%
JPY Deposits All strata 0,00%
2025 Annual Report 61
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02 Report of Directors and Board of Commissioners
Table of Foreign Currency e-Deposit Interest Rates (USD)
Time Period (Month)
Types of Product Balance Strata
1 3 6 12
e’Deposito BTN USD All strata 4,00%
Table of Foreign Currency Current Account Interest Rates (USD, EURO)
Types of Product Balance Strata Interest Rate
BTN USD Current Account Up to USD100.000 0,00%
> USD100.000 0,10%
BTN Euro Current Account All strata 0,00%
Based on the established strategy, the Company has transaction growth. In addition, the growth of non-
generally met its stakeholders’ expectations. Various subsidized mortgage loans (KPR Non-Subsidi) was lower
targets set for 2025 have been successfully achieved. than that of competitors. To address this, the Company
Overall, loans and financing disbursed in 2025 reached adopted a strategy to strengthen relationships with
IDR400.58 trillion, achieving 101.76% of the 2025 target the Top 50 developers by accelerating digitalization
of IDR393.64 trillion. This achievement was driven by processes to achieve a twofold improvement in Turn
non-housing loans reaching 112.56% of the target, Around Time (TAT), implementing digital back-end
and financing achieving 107.61% of the target. Loan processes for RM, providing real-time tracking portals
growth was carried out prudently, considering liquidity for customers and developers, increasing sales intensity,
conditions, the direction of interest rate policy, and the expanding sales centers in high-potential development
Company’s credit risk management. areas, and offering higher incentives for bulk acquisition
from key developers.
From a funding perspective, Third-Party Funds (TPF) in
2025 amounted to IDR 437.40 trillion, representing 103.99%
of the 2025 target of IDR 420.62 trillion. The achievement Important Things Expected to
in TPF was primarily driven by an increase in Time Occur in The Future and Business
Deposits, which reached IDR 224.27 trillion, or 119.40% of Prospects
the target. Meanwhile, Savings in 2025 amounted to IDR
43.88 trillion, representing 85.21% of the target. This is in Considering recent developments, in January 2026,
line with the Company’s strategy to optimize its funding the IMF projected global economic growth for 2026
structure by actively managing fund composition to at 3.3%, before moderating to 3.2% in 2027. In 2026,
maintain cost-of-funds efficiency amid tight banking emerging economies such as Indonesia are expected
liquidity conditions and relatively high interest rates. to record slightly higher growth compared to 2025.
China’s economy is also projected to slow in 2026, while
Obstacles Faced by The Company and advanced economies such as the United States are
Mitigation Measures expected to grow slightly stronger than in 2025.
Despite delivering a strong performance, the Company National economic growth remained positive in 2025
faced several challenges. These included dependence amid the global economic slowdown, supported by
on high-cost third-party funds. To address this resilient household consumption, incoming investment,
challenge, the Company implemented a strategy to and sustained export performance. Bank Indonesia
increase payroll account penetration to support growth projects that economic growth in 2026 will remain strong
opportunities in low-cost Third-Party Funds. and positive, within the 4.9%–5.7% range.
Another challenge was that mobile banking utilization Inflation in 2026 is projected to remain within Bank
among active customers had not yet been maximized. Indonesia’s target range of 2.5%±1% yoy. To achieve this
To overcome this, the Company implemented a strategy target, the Government and Bank Indonesia will implement
to increase the number of active mobile banking users, a mix of fiscal, monetary, and real sector policies.
capturing opportunities in digital interactions and Meanwhile, the average exchange rate of the Indonesian
62 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Rupiah against the United States Dollar (USD) is expected the growth of the national Sharia financial industry
to remain stable and trend toward appreciation in 2026, while complying with regulatory requirements. With the
while accounting for uncertainties in global financial establishment of BSN, product development, network
markets, including the Fed’s monetary policy, global expansion, and innovation in Sharia-based services can
geopolitical dynamics, and the potential escalation of be implemented more agilely and focusedly, in line with
trade wars. Bank Indonesia’s benchmark interest rate is market needs.
projected to decline more gradually in 2026.
Following the spin-off, BSN became part of the Bank
Amid these projections for global and national economic Business Group (KUB) together with the parent bank.
conditions and the banking industry, the Company has Through the KUB structure, BSN continues to benefit from
growth opportunities. The Company’s opportunities ecosystem support and the parent company’s strengths,
include the following: while maintaining independence in executing its business
1. Potential growth in mortgage loans (KPR) is in line strategy. As of December 31, 2025, the Board of Directors,
with the Government’s 3 (three) million housing units Board of Commissioners, and Shareholders within the
program. Bank Business Group did not hold shares in BSN.
2. Growth potential in the D2C segment (secondary
market), which offers higher yields.
3. Partnership opportunities in the multifinance and Developments in The
insurance sectors. Implementation of Corporate
4. Inorganic growth in the multifinance sector. Governance
5. Increasing digital interaction within the banking
system. The Company continues to strengthen the
6. Growth in the Consumer and SME segments in implementation of Corporate Governance as a
Indonesia. fundamental foundation in maintaining business
sustainability and stakeholder trust. Governance
By leveraging its internal strengths, the Company enhancement is not only focused on compliance but
remains optimistic about its future prospects. To also on supporting business transformation, improving
enhance its contribution to the housing sector and the quality of decision-making, and managing risks
support the transformation roadmap of the Ministry of more adaptively in response to industry dynamics. The
State-Owned Enterprises, BTN has established its vision Company continuously refines its internal policies and
to become the Leading Partner in Empowering the guidelines to align with regulatory developments and
Financial Well-Being of Indonesian Families in 2025, with best practices in the banking industry.
the following aspirations to be achieved by 2029:
1. Building a sustainable savings engine to mobilize Governance implementation is carried out consistently
savings of IDR 120 trillion. in accordance with regulatory provisions, including
2. Empowering Indonesian families in housing loan the Financial Services Authority (OJK) and Bank
disbursement to realize home ownership aspirations, Indonesia. The Company further reinforces Corporate
with a projected disbursement of approximately Governance practices by integrating the ETAK principles
IDR450 trillion. (Ethical Conduct, Transparency, Accountability, and
3. Becoming a financial partner for consumers and Sustainability) as the primary framework to ensure
businesses by providing a comprehensive range of business sustainability and integrity.
everyday banking solutions.
4. Building a high-quality portfolio with operational The Company’s responsibility to conduct its business
efficiency. in a sustainable manner cannot be effectively carried
5. Expanding service coverage through 3 (three) out without being grounded in ethical corporate
subsidiaries. conduct. Ethical behavior, grounded in moral values—
such as concern for others’ interests, guides and drives
corporate practices toward sustainable conduct
Information Regarding The Bank and ultimately responsible actions. The Company is
Business Group committed to ensuring the implementation of high
standards of corporate governance, drawing on the best
The transformation of the Sharia Business Unit (SBU) practices of credible and trusted banking institutions.
through the spin-off process into Bank Syariah Nasional Credibility and public, shareholder, and customer trust
(BSN) represents a strategic step in strengthening a are critical to the Company’s development and long-
more independent, competitive, and sustainable Sharia term sustainability. All business activities undertaken
banking structure. The spin-off was carried out by the by the Company must comply with applicable laws
Company as part of its commitment to accelerating and regulations and uphold prevailing norms and
2025 Annual Report 63
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02 Report of Directors and Board of Commissioners
ethical standards. Awareness in upholding sound Board of Directors is assessed through the achievement
ethical conduct strengthens the Company’s positive of Key Performance Indicators (KPIs), which refer to
image and supports its role as a Good Corporate measurement results reviewed by the external auditor
Citizen. Therefore, the Company consistently upholds auditing the Company’s annual financial statements.
integrity by establishing and implementing a Code of Both collective and individual KPIs of the Board of Directors
Ethics and Conduct that serves as the foundation for serve as effective tools for monitoring performance and
the attitudes and actions of all employees, ensuring the execution of the Company’s management duties.
professionalism and ethical behavior in accordance
with the Company’s vision, mission, values, and In ensuring the implementation of sustainability, the
applicable internal and external regulations. The Company complies with applicable laws and regulations
Company has formulated various policies that serve and is committed to fulfilling its responsibilities to society
as ethical and behavioral guidelines for all elements of and the environment to contribute to sustainable
the organization in conducting business activities. The development. Economic development is inseparable
implementation of ethical and behavioral standards from the social and environmental consequences it
aligned with the Company’s vision, mission, and cultural generates. To create a national economy that prioritizes
values is carried out through the Code of Conduct. The harmony among economic, social, and environmental
Code of Conduct is disseminated and accessible to all aspects, appropriate and adequate resource
employees through BTN Best media, and quizzes on the management is required. Accordingly, the Company
Code of Conduct are conducted to assess employees’ recognizes its strategic role and function in ensuring
understanding. Commitment to the implementation that the investment flows it manages contribute to
of the Code of Conduct is also formalized through an the future and generate broad impacts on economic
Integrity Pact, which must be signed by all members development, environmental conditions, and social
of the Board of Directors, the Board of Commissioners, aspects.
and the Company’s employees. In addition, the Code
of Conduct is accessible to all stakeholders through the The Company remains committed to promoting
Company’s website. sustainable finance through the integration of
environmental, social, and governance (ESG) aspects
The Company is committed to maintaining transparency into its operational activities. The Company’s ESG
in conducting its business processes. To ensure journey involves structured planning to manage
objectivity in its operations, the Company provides environmental impacts, address social issues, and
material and relevant information in a manner that is uphold ethical governance standards across all its
easily accessible and understandable to stakeholders. banking operations. The Company has developed
The Company has provided contact details on its a series of frameworks, strategies, and roadmaps
website and in its Annual Report, which stakeholders to advance sustainable finance and support its ESG
may use to submit complaints, suggestions, or report performance. The Company focuses on addressing
potential violations of their rights. In addition to the ESG-related issues in the mortgage banking sector, with
Annual Report, the Company provides transparent the objective of achieving long-term sustainability and
public access to financial and non-financial information responsible banking practices.
through various media, including its website (available
in two languages), mass media (press releases), internal In evaluating the implementation of corporate
magazines/bulletins, analyst meetings, the official governance, the Company conducts a GCG Assessment
IDX website, product posters and banners, corporate on a periodic and consistent annual basis, comprising
actions, the Company’s public presentation materials, both self-assessments and external assessments. The
and others. self-assessment of Governance implementation is
conducted regularly at the end of June and December
Regarding accountability, the Company has disclosed each year. For 2025, the governance implementation
the achievement of targets and the Board of Directors’ standards referred not only to OJK Regulation No.
performance. To enhance the quality of duties and 17 of 2023 on the Implementation of Governance
responsibilities, the Board of Commissioners and the for Commercial Banks but also began to follow the
Board of Directors are committed to establishing
policies and conducting performance evaluations. The
Board of Commissioners conducts a self-assessment to
evaluate its performance, while the performance of the
64 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
provisions of OJK Circular Letter No. 13/POJK.03/2017 on 6. The Company strives to strengthen customer-
the Implementation of Governance for Commercial oriented value growth through improvements in
Banks. product quality, services, and performance that truly
empower customers.
The results of the self-assessments in June 2025 and 7. The Company continuously seeks to strengthen
December 2025 were ranked 2 (two), reflecting that the and enhance comprehensive business innovation
Company’s Management has generally implemented achievements, not only in products and services
Good Corporate Governance effectively. Based on but also in core processes, supporting functions,
these assessment results, the Company has undertaken organizational performance, and corporate strategy.
improvement efforts by following up on several identified
weaknesses in accordance with the recommendations
provided. Assessment of Committees Under
The Board of Directors
In addition to the self-assessment, in 2025, the
Company also conducted a third-party assessment The Company has established and defined the structure
to obtain a second opinion on the quality of its GCG and membership of the Committees under the Board of
implementation, as part of continuous improvement Directors to support the execution of its duties. These
efforts. The assessments carried out included the Committees play a role in facilitating monitoring,
Corporate Governance Perception Index (CGPI) survey enhancing the effectiveness of problem-solving, and
organized by the Indonesian Institute for Corporate developing strategic aspects deemed important by the
Governance (IICG) and a GCG assessment based on Company in accordance with prevailing regulations.
the ASEAN Corporate Governance Scorecard standards, The Committees include:
conducted by OJK and the Indonesian Institute for 1. Risk Management Committee
Corporate Directorship (IICD). 2. Integrated Risk Management Committee
3. Asset and Liability Management Committee (ALCO)
The Company’s CGPI score in 2025 for fiscal year 4. Credit Policy Committee
2024 was 91.8, earning the predicate “Most Trusted.” 5. Credit Committee
The Company has followed up on the assessment 6. Human Capital Committee
recommendations as follows: 7. Information Technology (IT) Steering Committee
1. The Company established an updated organizational 8. Transformation Steering Committee
structure in 2025 pursuant to Technical Guideline No. 9. Business Committee
PT.3-A.6 concerning the Organizational Structure of 10. Environmental, Social, and Governance (ESG)
the Head Office, Regional Offices, and Branch Offices. Committee
2. In 2025, the Company updated all existing internal 11. Capital and Subsidiary Committee
regulations, with the previous Policy and Procedure
Architecture transformed into a New Policy and To measure the effectiveness of the performance of the
Procedure Architecture. Committees under the Board of Directors in assisting the
3. The Company has developed a Corporate Culture Board of Directors in managing the Company, periodic
framework that provides guidance for BTNers in evaluations are conducted by the Board of Directors. The
understanding and implementing the core values of performance assessment criteria for the Committees
AKHLAK. include the fulfillment of meeting implementation
4. The Company has formulated guidelines in the requirements and attendance at meetings during the
form of a Code of Business Ethics and Conduct and fiscal year. Throughout 2025, the Board of Directors
Guidelines on the Conduct and Professionalism assessed that the Committees under its supervision had
of the Board of Commissioners and the Board of performed their duties and responsibilities effectively.
Directors.
5. The Company strengthens the capabilities and
capacity of its technology resources by improving
infrastructure quality, optimizing the utilization of
digital systems, and enhancing digital trust and
cybersecurity aspects.
2025 Annual Report 65
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02 Report of Directors and Board of Commissioners
In addition to being supported by the Committees under COMPOSITION AND BASIS OF APPOINTMENT OF THE
the Board of Directors, the Board of Directors is also assisted BOARD OF DIRECTORS AFTER THE 2025 ANNUAL GMS
by supporting units, including the Corporate Secretary, On March 26, 2025, the 2025 Annual General Meeting of
the Internal Audit Unit, and the Risk Management Unit. Shareholders resolved to:
The performance evaluation of the Corporate Secretary, 1. Ratify the dismissal of Hakim Putratama as Director
Internal Audit Unit, and Risk Management Unit is based of Operations and Customer Experience and
on Key Performance Indicators (KPIs), including Primary Muhammad Iqbal as Director of SME and Retail
Targets, Collaboration, Initiative, and other performance Funding.
measures. In 2025, the KPIs for the Corporate Secretary, 2. Honorably discharge Elisabeth Novie Riswanti as
Internal Audit Unit, and Risk Management Unit exceeded Director of Assets Management, Jasmin as Director
100%. These units have carried out their duties effectively. of Distribution and Institutional Funding, and Andi
Nirwoto as Director of Information Technology.
3. Change the nomenclature of the positions of
Changes in The Composition of The members of the Board of Directors as follows
Board of Directors a. Director of Operations and Customer Experience
to become Director of Operations
During 2025, there were changes in the composition of b. Director of Consumer to become Director of
the Board of Directors. The changes were made based on Consumer Banking
the Company’s needs. The changes in the composition c. Director of SME and Retail Funding to become
of the Board of Directors are as follows: Director of Network & Retail Funding
d. Director of Distribution and Institutional Funding
COMPOSITION AND BASIS OF APPOINTMENT OF THE to become Director of Corporate Banking
BOARD OF DIRECTORS PRIOR TO THE 2025 ANNUAL GMS e. Director of Finance to become Director of Finance
Prior to the 2025 Annual GMS, the Board of Directors & Strategy
consisted of 11 (eleven) members, comprising 1 (one) f. Director of Human Capital, Compliance &
President Director, 1 (one) Vice President Director, and 9 Legal to become Director of Human Capital &
(nine) Directors, as follows: Compliance
Nixon L. P. : President Director g. Director of Assets Management
Napitupulu h. Director of Commercial Banking
Oni Febriarto : Vice President Director i. Director of Treasury & International Banking
Rahardjo 4. Reassign the following individuals as members of
Andi Nirwoto : Director of Information the Board of Directors of the Company:
Technology a. Hirwandi Gafar, previously Director of Consumer,
Elisabeth Novie : Director of Assets to become Director of Consumer Banking
Riswanti Management b. Nofry Rony Poetra, previously Director of Finance,
Jasmin : Director of Distribution and to become Director of Finance & Strategy
Institutional Funding c. Eko Waluyo, previously Director of Human
Setiyo Wibowo : Director of Risk Management Capital, Compliance & Legal, to become Director
Hirwandi Gafar : Director of Consumer of Human Capital & Compliance
Nofry Rony Poetra : Director of Finance 5. Appoint I Nyoman Sugiriyasa as Director of
Operations, Venda Yuniarti as Director of Treasury &
Eko Waluyo : Director of Human Capital,
Compliance & Legal International Banking, Rully Setiawan as Director of
Hakim Putratama : Director of Operations & Network & Retail Funding, Helmy Afrisa Nugroho as
Customer Experience Director of Corporate Banking, Hermita as Director
Muhammad Iqbal : Director of SME & Retail of Commercial Banking, and Tan Jacky Chen as
Funding Director of Information Technology.
66 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Accordingly, following the 2025 Annual GMS, the Eko Waluyo : Director of Human Capital &
Compliance
composition of the Board of Directors consists of 12
Tan Jacky Chen : Director of Information Technology
(twelve) members, comprising 1 (one) President Director,
Venda Yuniarti : Director of Treasury & International
1 (one) Vice President Director, and 10 (ten) Directors, as
Banking
follows:
Helmy Afrisa : Director of Corporate Banking
Nixon L. P. : President Director Nugroho*
Napitupulu
I Nyoman Sugiri : Director of Operations
Oni Febriarto : Vice President Director Yasa
Rahardjo
Rully Setiawan : Director of Network & Retail Funding
Setiyo Wibowo : Director of Risk Management
Hermita : Director of Commercial Banking
Hirwandi Gafar : Director of Consumer Banking
* Appointed at the Annual General Meeting of Shareholders on March 26,
Nofry Rony Poetra : Director of Finance & Strategy 2025, and currently undergoing the Fit and Proper Test.
Closing
The Board of Directors extends its highest appreciation to all stakeholders, particularly the management team and all
employees, for their trust, commitment, and cooperation, and for their diligent work and strong performance in 2025.
We recognize that these achievements are the result of the collective efforts of all Company employees, as well as
the support of the Board of Commissioners, regulators, business partners, and all stakeholders. On behalf of the Board
of Directors, we express our deepest appreciation and gratitude for the trust and collaboration that have been well
established.
Going forward, the Board of Directors remains committed to strengthening business fundamentals, enhancing
competitiveness, and optimizing growth opportunities in a sustainable manner. With a spirit of transformation and
innovation, we are confident that the Company will continue to strengthen its position as a specialist housing financing
bank that actively contributes to providing adequate housing for the people of Indonesia.
Jakarta, March 2026
On behalf of the Board of Directors
Nixon L. P. Napitupulu
President Director
2025 Annual Report 67
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02 Report of Directors and Board of Commissioners
Helmy Afrisa Nugroho*: Director of Corporate Banking _ Nofry Rony Poetra: Director of Finance & Strategy _
Hirwandi Gafar:Director of Consumer Banking _ Eko Waluyo: Director of Human Capital & Compliance _
Venda Yuniarti: Director of Treasury & International Banking (sit) _ Nixon L. P. Napitupulu: President Director (sit)
* Appointed at the Annual General Meeting of Shareholders on March 26, 2025, and currently undergoing the Fit and Proper Test.
68 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
I Nyoman Sugiri Yasa: Director of Operations _ Setiyo Wibowo: Director of Risk Management _ Tan Jacky
Chen: Director of Information Technology _ Rully Setiawan: Director of Network & Retail Funding _ Oni
Febriarto Rahardjo: Vice President Director (sit) _ Hermita: Director of Commercial Banking (sit)
2025 Annual Report 69
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02 Report of Directors and Board of Commissioners
BOARD OF
COMMISSIONERS REPORT
SURYO
UTOMO
President Commissioner
70 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Dear Shareholders and Stakeholders,
achievements, the Board of Commissioners will outline
the frequency and method of providing advice to
the Board of Directors and the Board’s oversight of
strategy formulation and implementation. In assessing
Praise be to God Almighty,
the Board of Directors’ performance, the Board of
Commissioners considers several aspects as the basis
for His grace and blessings for its assessment. These aspects include economic
conditions, performance achievements, namely
have enabled the Company operational performance, financial performance, and
to close 2025 with positive the company’s soundness level.
performance growth. 2025 Frequency and Methods of Providing
Advice to The Board of Directors
was a period full of dynamics
and opportunities. Amidst The Board of Commissioners provides advice to the Board
of Directors both formally and informally. Formal advice
the challenges of economic is given periodically through Board of Commissioners
uncertainty, the Company meetings, joint meetings of the Board of Commissioners
and the Board of Directors, and committee meetings
successfully accelerated under the Board of Commissioners discussing strategic
business growth throughout aspects, risk management, audits, and governance. In
addition to these formal forums, advice is also provided
2025. incidentally when there are strategic issues, regulatory
dynamics, or external conditions that require immediate
attention and direction. The supervisory function is
conducted by involving all supporting organs of the
Board of Commissioners, namely the Audit Committee,
This growth was supported by strengthening profitability the Remuneration and Nomination Committee, and
and increasingly efficient business processes thanks to the Risk Monitoring Committee. IT security-related
consistent transformations carried out across various developments were in line with those outlined in the
sectors. This positive performance is the result of hard 2025-2029 Information Technology Strategic Plan (RSTI),
work, the implementation of a careful business strategy, which emphasized “Security by Design” to enhance the
and sound and disciplined financial management. security of the Company’s systems and applications.
These also included enhancing cybersecurity,
Herewith, we present the Board of Commissioners report implementing identity and access management, and
on the supervision and advisory activities regarding enhancing infrastructure security. In line with these
the Company’s management for the 2025 fiscal year. initiatives, the implemented activities were compliance
This report presents an assessment of the Board of with the PDP Law No. 27 of 2022, ensuring the availability of
Directors’ performance during 2025, insights on the security infrastructure, upgrading technology, meeting
business prospects prepared by the Board of Directors, regulatory compliance requirements, managing data
the implementation of good corporate governance, and user access, and mitigating fraud and transaction
an evaluation of the Committees under the Board of abuse (money laundering and gambling).
Commissioners, and changes in the composition of the
Board of Commissioners. Supervision of Strategies’ Formulation
and Implementation
Board of Directors’ Performance The Board of Commissioners actively and independently
Assessment oversees the formulation and implementation of
strategies developed by the Board of Directors.
In line with its duties and responsibilities, the Board of In carrying out its oversight function, the Board of
Commissioners assesses the performance of the Board Commissioners is supported by Committees under the
of Directors. Therefore, the Board of Commissioners Board of Commissioners. This oversight is carried out
consistently conducts its supervisory and advisory to ensure that the Company’s strategic direction aligns
functions to the Board of Directors. Before presenting with its long-term vision, prudent principles, and the
its views on the Board of Directors’ performance interests of shareholders and stakeholders.
2025 Annual Report 71
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02 Report of Directors and Board of Commissioners
During the strategy formulation phase, the Board of the strengthening of the USD. Furthermore, United States
Commissioners conducts an in-depth review of the Treasury (UST) yields continued to strengthen, weakening
strategies outlined in the corporate and business plans, foreign portfolio flows to developing countries.
including macroeconomic assumptions, financial
projections, risk profiles, and alignment with the Due to President Trump’s tariff policies and ongoing
Company’s risk appetite. The Board of Commissioners geopolitical tensions, global economic growth in 2025
provides insights, recommendations, and strategic slowed down compared to the previous year. Tariff
direction in joint meetings and through supporting policies reduced the volume and value of global trade
committees to ensure that the strategies established and exacerbate supply chain disruptions. Furthermore,
by the Board of Directors comprehensively consider the impact on economic activity was more visible in the
sustainability and risk mitigation aspects. worsening sentiment of both producers and consumers.
Global economic growth in 2025 was held at 3.3% year-
The Board of Commissioners oversees strategy on-year (yoy), while in developed countries like China
implementation through periodic evaluations of and the United States, growth only reached 5.0% yoy
performance, asset quality, liquidity, capitalization, and 2.1% yoy, respectively. Conversely, in developing
digital transformation, and internal control effectiveness. countries like India and Indonesia, economic growth
Oversight is strengthened through management remained quite strong until the end of 2025, at 7.3% yoy
reports, reviews by the audit committee, risk monitoring and 5.0% yoy, respectively.
committee, the Nomination and Remuneration
Committee, and the internal audit function. The Despite the continued slowdown in the global economy,
Board of Commissioners also ensures that strategy national economic growth remained positive until
implementation remains within regulatory frameworks the end of 2025. Leading indicators as of December
and corporate governance principles, in line with the 2025 continued to show positive results, such as a
provisions of the Financial Services Authority and Bank high Consumer Confidence Index (CCI) of 123.5, a
Indonesia. PMI Manufacturing that remained high at 51.2, and a
Real Sales Index that grew by 3.5% year-on-year. In its
Through this oversight, the Board of Commissioners January 2026 World Economic Outlook release, the IMF
ensures that the strategies formulated by the Board estimated Indonesia’s economic growth in 2026 at 5.1%,
of Directors are not only relevant and competitive, or stable with the cumulative achievement in 2025.
but also implemented in a disciplined, accountable
manner, and oriented towards creating long-term value In the banking sector, the banking intermediation
for the Company. In 2025, the Board of Commissioners function continued to grow positively in December
conducted the duties of supervising, directing, providing 2025, with credit growing strongly by 9.63% year-on-
advice, monitoring, and evaluating the implementation year. This growth was primarily driven by investment
of the Company’s strategic policies, including: credit, which grew 20.81% year-on-year. Meanwhile,
1. Regularly monitoring the implementation of the Third Party Funds (TPF) grew 13.83% year-on-year to
company’s strategic plan initiatives. IDR10,059 trillion in December 2025. Credit risk continued
2. Regularly monitoring the implementation of risk to strengthen, with the banking industry’s NPL ratio
management, including the risk profile, bank at 2.05%. Meanwhile, Loan at Risk (LaR) also showed a
soundness level, CAR, risk appetite, risk tolerance, downward trend, reaching 8.77%, surpassing the pre-
and recovery plan. pandemic level of 9.93% in December 2019. Banking
3. Periodically reviewing the company’s performance. industry liquidity in December 2025 was at an adequate
4. Oversight by the Board of Commissioners on the level, with maintained liquidity ratios. Overall, the bank
Bank’s performance and implementation of the profitability level (ROA) was 2.53%, indicating that the
business plans. banking industry’s performance remained resilient
and stable. Meanwhile, in terms of capital, the banking
Economic Conditions That Directly industry’s Capital Adequacy Ratio (CAR) in December
Impact The Company’s Performance 2025 was recorded at 25.89%, increased from 26.05% in
November 2025.
The global economy is expected to continue being
affected by the ongoing trade war and geopolitical Company Performance
tensions between countries. These geopolitical tensions
are causing uncertainty in financial markets. Until The Board of Directors’ performance assessment is
the end of 2025, the USD exchange rate continued to conducted both collegially and individually. The Board
strengthen, weakening emerging market currencies, of Directors’ KPI collegially is the individual KPI for the
including Indonesia. The rupiah exchange rate weakened President Director. Meanwhile, the individual KPI for
to around IDR16,700/USD by the end of 2025, in line with the Board of Directors is a cascading of the Board of
72 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Directors’ KPI collegially based on the duties, functions, soundness level reflects the results of the company’s
and responsibilities of each Directorate of the Board condition assessment conducted on the bank’s risks
of Directors. The Board of Directors’ performance is and performance which can be seen from the final
assessed based on the calculation of the Board of rating of the assessment results based on Financial
Directors’ KPI achievement collegially and individually Services Authority Regulation No. 04/POJK.03/2016 dated
referring to the results of measurements conducted January 26, 2017 concerning the Assessment of the
by the external auditor who audits the company’s Soundness Level of Commercial Banks and OJK
annual financial statements. Furthermore, the Board Circular Letter No. 14/SEOJK.03/2017 dated March 17, 2017
of Commissioners submits the results of the Board of concerning the Assessment of the Soundness Level of
Directors’ performance assessment to be reported to Commercial Banks Using a Risk Approach (Risk - Based
shareholders by taking into account: Bank Rating) which includes 4 (four) factors, namely
1. Economic and social value for Indonesia Risk Profile, Governance, Earnings, and Capital. The
1. Business model innovation bank’s soundness rating as of December 2025 (Self
2. Technology leadership Assessment) is at a composite rating 2 (CR-2) /PK2
3. Investment development which reflects the bank is in general sound condition
4. Talent development. so that it is considered capable of facing significant
negative influences from changes in business conditions
Amidst these economic conditions, the Board of and other external factors.
Commissioners views that the Board of Directors is
capable of facing the challenges and opportunities Furthermore, the assessment of soundness levels using
that arise by recording good performance in 2025. This ratings is also regulated in Regulation of the Minister of
is demonstrated by the achievement of performance State-Owned Enterprises of the Republic of Indonesia
from both operational and financial aspects. From the Number PER-2/MBU/03/2023 concerning Guidelines
operational side, the outstanding value of Consumer for Governance and Significant Corporate Activities
Credit products in 2025 was IDR270.20 trillion, an increase of State-Owned Enterprises. The soundness rating of
of 5.92% compared to 2024 which was IDR255.11 trillion. State-Owned Enterprises as assessed by the National
The outstanding value of Subsidized Mortgages in 2025 Rating Agency for December 31, 2025, is AAA, thus falling
was IDR157.30 trillion, an increase of 6.77% compared into the “Extremely Sound” classification.
to 2024 which was IDR147.32 trillion. The outstanding
value of Non-Subsidized Mortgages in 2025 was IDR96.11 The Board of Commissioners assesses that the Board
trillion, an increase of 4.86% compared to 2024 which of Directors has managed the Company effectively, as
was IDR91.65 trillion. From commercial products, the reflected in solid performance, maintained growth, and
outstanding value of Commercial Credit in 2025 was increased competitiveness through accelerated digital
IDR75.50 trillion, an increase of 28.02% compared to transformation and strengthening its core housing
2024 which was IDR58.97 trillion. The total funds of finance business. Focusing on asset quality, funding
Commercial Savings products in 2025 was IDR314.00 optimization, and operational efficiency are relevant
trillion, an increase of 18.85% compared to 2024 which strategic steps in maintaining the Company’s resilience.
was IDR264.19 trillion.
From financial perspective, total interest income and Views on Business Prospects
profit sharing in 2025 was recorded at IDR36.34 trillion, Prepared by The Board of Directors
an increase of 23.02% compared to IDR29.54 trillion in
2024. The increase in total interest income and profit The International Monetary Fund (IMF) projects the
sharing indirectly increased the Company’s profit for the global economy to grow by 3.3% in 2026. The economies
year. The Company recorded a profit of IDR3.50 trillion in of developed countries like China are also expected to
2025, an increase of 16.42% compared to IDR3.01 trillion in slow in 2026. Meanwhile, the economies of developed
2024. The Company’s total assets in 2025 were recorded countries like the United States are projected to grow
at IDR527.79 trillion, an increase of 12.39% compared to slightly higher than in 2025.
IDR469.61 trillion in 2024. In addition, the Company’s total
equity in 2024 also increased. The Company’s equity On the national front, national economic growth
in 2025 was recorded at IDR36.21 trillion, an increase of remained positive in 2025 amidst a global economic
11.17% compared to IDR32.57 trillion in 2024. slowdown, driven by continued strong household
consumption, inflows of investment, and maintained
In addition to operational and financial performance, the export performance. Bank Indonesia predicts that
bank’s soundness level is also one of the considerations economic growth in 2026 will remain strong and positive
of the Board of Commissioners in assessing the in the range of 4.9%-5.7%.
performance of the Board of Directors. The bank’s
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02 Report of Directors and Board of Commissioners
From banking perspective, Bank Indonesia estimates regulatory obligations, but rather as a strategic
that third-party funds (TPF) will grow in the range of foundation in maintaining business sustainability and
8.0%-10.0% in 2026, while bank lending will grow by 8.0%- stakeholder trust. Corporate governance is one of
12.0%. The housing sector is predicted to strengthen in the important indicators for shareholders to assess
2026 compared to previous years. The housing sector the Company’s performance and to ensure that the
still has the potential for positive growth and a reduction Company is well managed and is believed to be able to
in the backlog, driven by several factors, including: protect the interests of all shareholders.
1. The 3 million housing program is one of President
Prabowo Subianto’s priorities. The Board of Commissioners assesses that the Board
2. The FLPP quota in 2026 is 350,000 units, the same as of Directors has implemented corporate governance
in 2025. in every decision-making process and strategy
3. The Government-Borne VAT (DTP) incentive has implementation. Strengthening the risk management
been extended by the government until December function, internal control system, whistleblowing system,
2026. compliance, and internal audit is conducted effectively
4. The LTV policy for property has been extended until to ensure that all business activities are within the
the end of 2026. corridor of risk appetite and the principle of prudence.
5. The government has eliminated several taxes related The Board of Commissioners continuously carries out its
to the housing sector, namely Land and Building supervisory function to ensure that the management of
Acquisition Tax (BPHTB) and Building Approval Tax the Company conducted by the Board of Directors is in
(PBG). line with applicable laws and regulations and provides
advice/opinions as needed on every strategic action/
To achieve the target of 3 (three) million houses, activity in order to achieve the Company’s objectives.
collaboration is needed between all stakeholders,
namely the Central and Regional Governments, Risk Management
Associations, Developers, Banks and the Community to
face existing obstacles such as land availability, permits, To implement risk management and as a follow-up
bureaucracy, and people‘s purchasing power. to the implementation of Basel II, especially pillar 1, the
Company has implemented:
After considering the economic conditions, the Board 1. Credit Risk Measurement by mapping credit risk
of Commissioners views that the business prospects exposure according to portfolio categories in the
prepared by the Board of Directors are appropriate. The calculation of Credit Risk RWA using the Standardized
Board of Commissioners is confident that the Company Approach referring to OJK Circular Letter
will be able to capitalize on existing opportunities, No. 24/SEOJK.03/2021 dated October 7, 2021
including the potential for mortgage growth in line concerning the Calculation of Risk-Weighted Assets
with the Government‘s 3 (three) million housing unit for Credit Risk using the Standard Approach for
program and the potential for growth in the D2C Commercial Banks in line with applicable regulatory
(secondary market) segment, which offers higher provisions.
yields. The Company also has partnership opportunities 2. The calculation of minimum capital requirements
in the multifinance and insurance sectors, as well as using the Market Risk RWA calculation in line with OJK
inorganic growth in the multifinance sector. Increased Circular Letter Number 23/SEOJK.03/2022 concerning
digital interaction in the banking system can also be an the Calculation of Risk-Weighted Assets for Market
opportunity for the Company. Furthermore, there are Risk for Commercial Banks.
opportunities from the growth of the Consumer and SME 3. The calculation of minimum capital requirements
segments in Indonesia. using the Standard Approach Operational Risk RWA
calculation with reference to the Financial Services
Authority Circular Letter No. 06/SEOJK.03/2020 dated
Views on The Implementation of April 29, 2020 and currently the Bank records data
Corporate Governance on losses related to operational risks in line with the
Regulator’s provisions.
The Board of Commissioners views that the
implementation of corporate governance in the
Company has been carried out consistently. The
Company continuously strengthens its commitment
to consistently implementing and upholding corporate
governance principles in all business activities. The
implementation of corporate governance principles
is no longer positioned merely as a means of fulfilling
74 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
In the Company’s risk management system, the The Company’s internal control system is considered to be
Company implements a risk management process effective and adequate, as reflected in the effectiveness
supported by 4 (four) pillars of risk management of the implementation of internal control functions,
implementation, namely: including internal audit, risk management, compliance,
1. Active oversight by the Board of Commissioners and financial, and operational control. The Company’s risk
Directors. governance is based on good corporate governance
2. Adequate risk management policies and procedures, and the involvement of all Company organs in risk
as well as the implementation of risk limits. management. This can be seen from the Company’s
3. Adequate risk identification, measurement, risk management organizational structure. The Board of
monitoring, and control processes, as well as the Commissioners, through the Risk Monitoring Committee
Information System. meeting, and the Board of Directors, through the Risk
4. A Comprehensive Risk Control System Management Committee meeting, are responsible for
In line with Financial Services Authority Regulation ensuring that the implementation of Risk Management
No. 18/POJK.03/2016 dated March 16, 2016 concerning is adequate in line with the characteristics, complexity,
the Implementation of Risk Management for and risk profile of the Company on a periodic basis.
Commercial Banks and Financial Services Authority Based on the results of the review conducted in 2025,
Circular Letter No. 34/SEOJK.03/2016 dated the Board of Directors and the Board of Commissioners
September 1, 2016 concerning the Implementation views that the risk management system has been
of Risk Management for Commercial Banks, the Risk implemented adequately.
Management Business Unit submits a risk profile
report to the Financial Services Authority (OJK) every Internal Control System
quarter containing exposures to Credit Risk, Market
Risk, Liquidity Risk, Operational Risk, Compliance Risk, The implementation of the internal control system is
Strategic Risk, Legal Risk, and Reputation Risk. The conducted in order to support the achievement of the
risk profile assessment includes an assessment of Company’s performance objectives, increase value for
Inherent Risk and the Quality of Risk Management stakeholders, minimize the risk of loss and maintain
Implementation in the Bank’s operational activities. compliance with applicable laws and regulations. The
Company implements an internal control system as an
In general, according to the self-assessment of the Q4 important supervisory component in the management
of 2025 Risk Profile, it is attempted to be at the Low to of the Company and serves as a reference for sound and
Moderate level, namely the possibility of losses faced controlled operational activities. The Company refers to
by the Bank from composite inherent risks is classified the COSO (Committee of the Sponsoring Organizations of
as low (Low to Moderate) with the quality of composite the Treadway Commission) - Internal Control Integrated
risk management implementation being Adequate Framework in preparing the internal control framework
(Satisfactory). to ensure the adequacy of operational and financial
controls, financial reporting, operational effectiveness
The Company’s Risk Profile Assessment, both Individual and efficiency, and compliance with applicable laws
and Consolidated, is conducted periodically. Throughout and regulations.
2025, it was reflected that the risks faced by the Company
(both conventional and sharia) can be managed well to The Board of Commissioners is responsible for
support further business development. In other words, Risk ensuring that the Board of Directors has monitored
Management has been implemented by the Company the effectiveness of the implementation of the internal
well and effectively. The results of the evaluation of the control system, so that the Board of Commissioners
effectiveness of the Company’s Risk Management by has an active role in ensuring improvements to the
an external party (independent consultant) through the Company’s problems that can reduce the effectiveness
Risk Maturity Index (RMI) are in the strong practice phase of the internal control system. The Board of Directors
with the criteria meeting the provisions of the Ministry is responsible for establishing policies and strategies
of SOEs No.SK-8/DKU.MBU/12/2023 concerning technical as well as internal control procedures. The Board of
instructions for assessing the risk maturity index within Directors is also responsible for monitoring the adequacy
the SOE environment. Throughout 2025, improvements and effectiveness of the internal control system. The
to the implementation of risk management were made Board of Commissioners and the Board of Directors are
in line with the recommendations of the Risk Maturity responsible for improving work ethics and high integrity
Index (RMI) results carried out by an independent and creating an organizational culture that emphasizes
party so that the implementation of Risk Management to all Company’s employees the importance of internal
continued to improve and was standardized in each control applicable in the Company.
business unit and risk management became part of the
Company’s work processes and culture.
2025 Annual Report 75
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02 Report of Directors and Board of Commissioners
Furthermore, a well-implemented management Correction of Deviations. Based on the results of the
oversight process and control culture foster the creation review conducted in 2024, the Board of Directors and
of a Control Environment that reflects the overall the Board of Commissioners assessed that the internal
commitment, behavior, concern, and steps of the Board control system had been implemented adequately.
of Commissioners and Directors in implementing the
Company’s operational control activities. The elements This Internal Control System Standard Guideline is a
of this Control Environment include: guideline that contains the minimum measurements
1. Adequate organizational structure. regarding the Internal Control System that must be
2. Leadership style and philosophy of Company organized and implemented by the Bank in all aspects
Management. related to the organization and implementation of the
3. Integrity, ethical values, and competency of all Company’s operational activities, so that a common
employees. understanding and basis is created regarding the level
4. Policies and procedures of the Company’s human of maintenance of the interests and commitment of all
capital. parties related to the Company.
5. Attention and direction from Company Management
and other committees, such as the Risk Management Internal Control in The Financial
Committee. Reporting Process
6. Methods adopted by Company Management in
exercising its authority and responsibilities. The Company is committed to maintaining the integrity
7. External factors influencing Company operations of financial reports through the implementation of
and the implementation of risk management. internal controls to ensure reliable, accurate, complete,
relevant and timely information in line with applicable
In 2025, the Company implemented internal controls in regulations, namely:
line with the control principles and the overall quality 1. OJK Regulation No. 15 of 2024 concerning the Integrity
of the internal control system was running well. The of Bank Financial Reporting.
Company, through the Internal Audit Division (IAD), 2. Decree of the Deputy for Finance and Risk
evaluated the effectiveness of the internal control Management of the Ministry of State-Owned
system, one of which was by conducting an Internal Enterprises Number SK-5/DKU.MBU/11/2024
Control Assessment. This assessment measured the concerning Technical Instructions for Internal Control
quality of internal control of the auditee business unit on Over Financial Reporting (ICOFR) of State-Owned
the 5 (five) components of internal control of the COSO Enterprises (SK-5 KBUMN).
Framework using the criteria and rating methodology
of the Internal Control Assessment (ICA) questionnaire In addition, the Company has established Policies and
and the auditor’s professional judgment through direct Procedures related to ICOFR, namely:
testing (walkthrough) in the field. In 2025, the Company 1. Special Policy (KK) No. 7-C dated
implemented internal controls in line with the control December 30, 2024, concerning Internal Control
principles and the overall quality of the internal control Procedures over Financial Reporting.
system was running well. 2. Technical Instruction (PT) No. 7C-1 concerning the
Implementation of Internal Control Over Financial
The Board of Directors and the Board of Commissioners Reporting.
are committed to ensuring that Corporate Governance
is implemented effectively as a foundation for achieving The Board of Commissioners believes that the
the goal of maintaining and enhancing the Company’s implementation of ICOFR in the Company has been
value. One aspect of good Corporate Governance running well. The Company has established a Special
implementation is ensuring that the internal control ICOFR Business Unit (UKK ICOFR) within the Digital &
system is adequately implemented. Operations Risk Management Division (DORD), which
is responsible for coordinating the implementation
The Board of Directors and the Board of Commissioners or of ICOFR in the Company. The details of the ICOFR
the Audit Committee conduct periodic reviews annually implementation process are as follows:
of the evaluation results of the effectiveness of the 1. The first line has already conducted a scooping to
Bank’s internal control system which includes five main determine Overall Materiality and Performance
components of control, namely the Control Environment Materiality, significant accounts, significant business
including Management Oversight and Control Culture, processes, and significant applications.
Risk Identification and Assessment, Control Activities
and Segregation of Duties, Accountancy, Information
and Communication Systems, Monitoring Activities and
76 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
2. The first line has prepared a Business Process Model Whistleblowing System
(BPM) and Risk Control Matrix (RCM) for a Control Self
Assessment (CSA), which will then be tested by the In terms of the detecting pillars in implementing an
second line Digital & Operations Risk Management anti-fraud strategy, the Company has implemented
Division (DORD). The first line will remediate a Whistleblowing System (WBS) Policy. This policy is
ineffective controls resulting from the second line managed based on the Regulation of the Minister of
testing. State-Owned Enterprises No. PER-2/MBU/03/2023 on
3. The ICOFR evaluation by third line covers three levels March 3, 2023, concerning Guidelines for Governance
of control: Entity-Level Control (ELC), Transaction- and Significant Corporate Activities of State-Owned
Level Control (TLC), and IT General Control (ITGC). Enterprises, Financial Services Authority Regulation
The evaluation stage uses the Test of Design (TOD) (POJK) No. 12 of 2024 concerning the Implementation
and Test of Operating Effectiveness (TOE) methods of Anti-Fraud Strategies for Financial Services
against pre-established controls. Institutions, and Technical Instruction No. PT.7-B.2 on
October 31, 2023, concerning Whistleblowing System
Management Report on Internal Control Management. The Company’s WBS is part of the internal
in The Financial Reporting Process control system in preventing the occurrence of irregularities
and aims to detect early and prevent deviations or
The Company has established policies to ensure the violations and gradually create an open, sincere, honest
effectiveness of internal controls for financial reporting and responsible work climate in the Company.
and to present financial statements that are fair and
free from material misstatement in line with applicable The Company has collaborated with the Corruption
regulations. For the Company’s financial statements for Eradication Commission (KPK) of the Republic of
the fiscal year ending December 31, 2025, the Board of Indonesia regarding the handling of WBS in its efforts
Directors is responsible for: to eradicate corruption. This collaboration aims to
1. Designing and ensuring the availability of an build and improve the effectiveness and efficiency of
adequate internal control framework for financial complaint handling, both internally and externally, in an
reporting. integrated, professional, transparent, and accountable
2. Ensuring that controls are implemented effectively manner, prioritizing confidentiality to optimize the
across all business units related to the financial eradication of criminal acts of corruption.
reporting process.
3. Assessing the effectiveness of ICOFR periodically and The Company is committed to providing protection to
ensuring improvement of any weaknesses found. every whistleblower. Protection to the Whistleblower
4. Ensuring the preparation and presentation of is provided to support the Whistleblower’s courage in
financial reports in linr with accounting standards reporting alleged violations and/or if there is retaliation
and regulatory provisions. from the reported party. For Whistleblowers who submit
5. Taking Responsibility for the fairness and integrity WBS reports that are recognized for their accuracy
of financial reports, including ensuring they are free and good faith, the Company can provide protection
from material misstatement due to errors or fraud. guarantees. Related to the implementation of WBS.
The Company’s Board of Directors conducted an The Board of Commissioners plays a role in evaluating if
evaluation and review of the Financial Statements for violations are committed by the Board of Directors, the
the fiscal year ending December 31, 2025, in line with the Board of Commissioners, and Committees under the
internal control framework issued by the Committee of Board of Commissioners. The Independent WBS Manager
Sponsoring Organizations of the Treadway Commission will submit a report to the Board of Commissioners.
(COSO). The Board of Commissioners is of the opinion Furthermore, the Board of Commissioners will validate
that internal control over the financial reporting process and decide whether or not a special audit is appropriate,
has been effective and the Financial Statements have with further investigation/in-depth investigations to be
been presented fairly in all material respects. carried out by the Special Audit Team (IAD)/External
Auditor Team. If it is not appropriate to conduct a special
audit, the handling will be adjusted to the Company’s
provisions.
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02 Report of Directors and Board of Commissioners
The Company internalizes the WBS by distributing the The implementation of the Anti-Bribery Management
guidelines for the Implementation of the Whistleblowing System is expected to increase the trust of all Company
System Policy, which are stipulated in the Board of stakeholders, including business partners/working
Directors’ Circular Letter, as well as conducting live partners in establishing cooperation and can improve
sharing session presentations to all Company leaders the efficiency of business processes. The Company
and employees. In addition, to reach all Company as a financial institution really needs to improve its
stakeholders, the Whistleblowing System socialization reputation with efficient business processes, GCG, and
is also carried out through the Company’s website compliance with international standards such as ISO
and various media, such as internal bulletins, posters, 37001:2016 SMAP. The Board of Commissioners views
standing banners, customer gatherings, and live that the implementation of the anti-corruption program
presentations of the ethical guidelines and WBS policies. in the Company has been running well.
The Board of Commissioners views that the management Sustainabillity Governance
of the Whistleblowing System in the Company has been
running well. This can be seen from the management The Company is committed to implementing the
of complaint reports and follow-up of these complaints. principles of good corporate governance (GCG) across
Complaints received during 2025 amounted to 276 all its operations. GCG serves as a fundamental guideline
complaints consisting of 99 complaints via SMS/ for company management, alongside legal regulations
Telephone/WhatsApp, and 177 complaints via Email/ and business ethics. As an entity that prioritizes
Website/P.O.Box. Based on the number of complaints professionalism, the Company adopts GCG not only for
received, 227 complaints were not proven, 43 complaints compliance with applicable laws and regulations, but
are still in the process of gathering information/ also as a manifestation of its awareness of the benefits
follow-up, and the remaining 6 complaints have been of GCG in improving performance, excellence, and
processed and/or have been sanctioned. sustainable competitiveness.
Anti-Corruption Program To face competition in the banking industry, the
Company is actively striving to strengthen its position
The Company remains committed to eradicating by optimally implementing GCG. The implementation of
corruption by continuously encouraging the effectiveness GCG brings various benefits to the Company, including
of the implementation of gratification control policies, creating a balance in corporate controls to reduce the
Whistleblowing System, and Management of State risk of fraud and minimize the possibility of errors in
Officials Wealth Reports (LHKPN), as well as the Anti- corporate management.
Money Laundering (ANL) and terrorism financing (TF)
Programs, and the proliferation financing of weapons The ability to meet the expectations of various
of mass destruction (PFWMD). In addition, the Company stakeholders is a valuable asset for the Company,
also makes efforts to support the Anti-Corruption ensuring its continued growth and sustainability in the
Program through the implementation of Surveillance future. As a financial services institution, the Company is
and Extend Scope Certification of ISO 37001:2016 Anti- confident it can address the challenges and demands of
Bribery Management System (SMAP), participation in its stakeholders, both internal and external, through the
the Integrity Building Expert Certification (API) and the proper implementation of GCG in line with applicable
Anti-Corruption Counselor Certification (PAKSI), the BTN regulations and existing best practice standards.
PAKSI API Empowerment Program, Technical Guidance
for Critical Material Risk Taker Officials, Commemoration By implementing the GCG paradigm comprehensively,
of World Anti-Corruption Day (Hakordia), and Integrity there will be alignment between the interests and
Assessment Survey. objectives of the Company and its stakeholders. This
alignment will ultimately encourage the creation of
The Company is committed to continuous improvement long-term corporate sustainability. To strengthen GCG
in implementing ISO 37001:2016 Anti-Bribery consistently over time, the Company has developed a
Management System in order to realize a Company free GCG roadmap that includes four main pillars. The first
from corruption, collusion, and nepotism. The Company pillar is the Commitment to Governance, which serves
will always invite business partners/working partners to as the foundation for the other three pillars, namely the
always support the implementation of ISO 37001:2016 governance structure, the governance process, and the
SMAP in the Company by signing an External Integrity governance outcome which includes four main pillars,
Pact with a commitment that during cooperation with namely Commitment on Governance, Governance
the Company will not engage in gratification, bribery, Structure, Governance Process, and Governance
or other actions that violate applicable laws and Outcome.
regulations.
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As a commitment to implementing sustainable finance, Changes in The Composition of The
the Company established an Environmental, Social, Board of Commissioners
and Governance (ESG) Committee to achieve the
Sustainable Development Goals and Climate targets, Throughout 2025, there were changes to the composition
which plays a role in providing recommendations to the of the Board of Commissioners. These changes were
President Director to formulate policies, strategies and made based on the Company’s needs. The changes to
targets for ESG and TJSL programs that have an impact the composition of the Board of Commissioners are as
on the environment, social and governance as well as follows:
facilities for monitoring and making decisions related
to the implementation of the Company’s ESG and TJSL COMPOSITION AND BASIS FOR APPOINTMENT OF THE
programs. BOARD OF COMMISSIONERS BEFORE THE 2025 ANNUAL
GMS
The composition of the Board of Commissioners prior
Performance Assessment of to the 2025 Annual GMS was 9 (nine) people consisting
Committees Under The Board of of 1 (one) President Commissioner/Independent, 1
Commissioners (one) Vice President Commissioner/Independent,
4 (four) Independent Commissioners, and 3 (three)
The Board of Commissioners is assisted by 3 (three) Commissioners as follows:
committees, namely the Audit Committee, the
Remuneration and Nomination Committee, and the Risk Chandra M. : President Commissioner/
Monitoring Committee. The Board of Commissioners Hamzah Independent
periodically assesses the effectiveness of the Iqbal Latanro : Vice President Commissioner/
performance of the Committees under the Board of Independent
Commissioners. The assessment is based on the Armand B. Arief : Independent Commissioner
Regulation of the Minister of State-Owned Enterprises Sentot A. : Independent Commissioner
number PER-3/MBU/03/2023 dated March 24, 2023 Sentausa
concerning Organs and Human Resources of State- Adi Sulistyowati : Independent Commissioner
Owned Enterprises and OJK Regulation No. 17 of 2023
Bambang : Independent Commissioner
concerning the Implementation of Governance for Widjanarko
Commercial Banks. The assessment criteria for the Andin Hadiyanto : Commissioner
Committees below are Key Performance Indicators
Herry Trisaputra : Commissioner
that have been established for each Committee under Zuna
the Board of Commissioners with a self-assessment
Himawan Arief : Commissioner
method and approved by the Board of Commissioners Sugoto
in line with the provisions of statutory and regulation.
The Board of Commissioners assesses that during
2025 the Committees have carried out their duties and
responsibilities quite effectively.
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02 Report of Directors and Board of Commissioners
COMPOSITION AND BASIS FOR APPOINTMENT OF THE COMPOSITION AND BASIS FOR APPOINTMENT OF
BOARD OF COMMISSIONERS AFTER THE 2025 ANNUAL THE BOARD OF COMMISSIONERS AFTER THE 2026
GMS EXTRAORDINARY GMS
On March 26, 2025, the 2025 General Meeting of On January 7, 2026, the 2026 Extraordinary General
Shareholders resolved to: Meeting of Shareholders decided to appoint Didyk
1. Honorably dismiss Chandra M. Hamzah as President Choiroel as a Commissioner of the Company. Therefore,
Commissioner/Independent, Iqbal Latanro as the composition of the Board of Commissioners following
Vice President Commissioner/Independent, Andin the 2026 Extraordinary GMS was 7 (seven) people
Hadiyanto as Commissioner, Herry Trisaputra consisting of 1 (one) President Commissioner, 1 (one)
Zuna as Commissioner, Bambang Widjanarko as Vice President Commissioner, 3 (three) Independent
Independent Commissioner, Armand B. Arief as Commissioners, and 2 (two) Commissioners as follows:
Independent Commissioner, Adi Sulistyowati as
Independent Commissioner, Himawan Arief Sugoto Suryo Utomo : President Commissioner
as Commissioner, and Sentot A. Sentausa as
Dwi Ary Purnomo* : Vice President Commissioner
Independent Commissioner.
Fahri Hamzah : Commissioner
2. Appoint Suryo Utomo as President Commissioner,
Dwi Ary Purnomo as Vice President Commissioner, Ida Nuryanti : Independent Commissioner
Ida Nuryanti as Independent Commissioner, Fahri Pietra Machreza : Independent Commissioner
Hamzah as Commissioner, Pietra Machreza Paloh Paloh
as Independent Commissioner, and Panangian Panangian : Independent Commissioner
Simanungkalit
Simanungkalit as Independent Commissioner.
Didyk Choiroel** : Commissioner
Therefore, the composition of the Board of Commissioners * Resigned as of February 25, 2026 in connection with his appointment
as a member of the Board of Directors of PT Asuransi Kerugian Jasa
following the 2025 Annual GMS was 6 (six) people Raharja..
** Appointed at the Extraordinary General Meeting of Shareholders held
consisting of 1 (one) President Commissioner, 1 (one) on January 7, 2026, and currently undergoing the Fit and Proper Test
Vice President Commissioner, 3 (three) Independent
Commissioners, and 1 (one) Commissioner as follows:
Suryo Utomo : President Commissioner
Dwi Ary Purnomo : Vice President Commissioner
Fahri Hamzah : Commissioner
Ida Nuryanti : Independent Commissioner
Pietra Machreza : Independent Commissioner
Paloh
Panangian : Independent Commissioner
Simanungkalit
80 2025 Annual Report
Page 81
PT Bank Tabungan Negara (Persero) Tbk
Closing
On behalf of the Board of Commissioners, we would like to express our appreciation to the Board of Directors and
all employees of the Company for their dedication and hard work throughout 2025. We would also like to thank our
shareholders, regulators, business partners, and all stakeholders for their trust and support.
Moving forward, the Board of Commissioners will continue to strengthen its oversight function and ensure the Company
remains on a sound, sustainable growth, and oriented towards long-term value creation. With solid synergy between
the Board of Commissioners and the Board of Directors, we are optimistic that the Company will become increasingly
resilient in facing challenges and able to capitalize on future growth opportunities.
Jakarta, March 2026
On Behalf of the Board of Commissioners
Suryo Utomo
President Commissioner
2025 Annual Report 81
Page 82
02 Report of Directors and Board of Commissioners
Pietra Machreza Paloh: Independent Commissioner (sit) _ Didyk Choiroel**: Commissioner _ Suryo Utomo:
President Commissioner (sit) _ Ida Nuryanti: Independent Commissioner
82 2025 Annual Report
Page 83
PT Bank Tabungan Negara (Persero) Tbk
_ Dwi Ary Purnomo*: Vice President Commissioner (sit) _ Panangian Simanungkalit: Independent
Commissioner _ Fahri Hamzah: Commissioner (sit)
* Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja..
** Appointed at the Extraordinary General Meeting of Shareholders held on January 7, 2026, and currently undergoing the Fit and Proper Test.
2025 Annual Report 83
Page 84
ACCOUNTABILITY
OF ANNUAL REPORT
Letter of Statement of the Members of Board of Directors
on 2025 Annual Accountability Report
of PT Bank Tabungan Negara (Persero) Tbk
We, the undersigned below, declare that all information in the 2025 Annual Report of PT Bank Tabungan
Negara (Persero) Tbk has been completely disclosed and we are fully accountable for the truthfulness of
its content. We also declare that the Company Risk Management and Internal Control System is adequate.
This statement is made truthfully.
Jakarta, March 31, 2026
Nixon L.P. Napitupulu Oni Febriarto Rahardjo Setiyo Wibowo
President Director Vice President Director Director of Risk Management
Hirwandi Gafar Nofry Rony Poetra Eko Waluyo
Director of Consumer Banking Director of Finance & Strategy Director of Human Capital
& Compliance
Tan Jacky Chen Venda Yuniarti Helmy Afrisa Nugroho*
Director of Information Technology Director of Treasury Director of Corporate Banking
& International Banking
I Nyoman Sugiri Yasa Rully Setiawan Hermita
Director of Operations Director of Network & Retail Funding Director of Commercial Banking
* Appointed at the Annual GMS on March 26, 2025 and effectively served after obtaining OJK Approval for the Fit and Proper Assessment.
84 2025 Annual Report
Page 85
PT Bank Tabungan Negara (Persero) Tbk
Letter of Statement of the Members of Board of Commissioners
on 2025 Annual Accountability Report
of PT Bank Tabungan Negara (Persero) Tbk
We, the undersigned below, declare that all information in the 2025 Annual Report of PT Bank Tabungan
Negara (Persero) Tbk has been completely disclosed and we are fully accountable for the truthfulness of
its content. We also declare that the Company Risk Management and Internal Control System is adequate.
This statement is made truthfully.
Jakarta, March 31, 2026
Suryo Utomo
President Commissioner
Dwi Ary Purnomo* Fahri Hamzah Ida Nuryanti
Vice President Commissioner Commissioner Independent Commissioner
Pietra Machreza Paloh Panangian Simanungkalit Didyk Choiroel**
Independent Commissioner Independent Commissioner Commissioner
* Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja..
** Appointed at the Extraordinary GMS on January 7, 2026 and effectively served after obtaining OJK approval for the fit and proper assessment.
2025 Annual Report 85
Page 86
COMPANY PROFILE 86 2025 Annual Report
Page 87
PT Bank Tabungan Negara (Persero) Tbk (“Company”)
began with the establishment of Postspaarbank in 1897.
Currently, the Company has 8 Regional Offices, 82 Branch
Offices, 548 Sub-Branch Offices (KCP), and 4 Functional
Offices.
2025 Annual Report 87
Page 88
03 Company Profile
COMPANY
IDENTITY
Company Name Line of Business
PT Bank Tabungan Negara Commercial
Bank, including
conducting sharia
banking activities
Common Name
BTN
Date of Establishment Stock Code
February 9, 1950 BBTN
Company Status Ownership
Limited Liability Company (PT)/ Public Company/
State-Owned Enterprise (BUMN)
Stock Exchange Listing
December 17, 2009 on Indonesia Stock Exchange
Number of Employees
11,414 as of December 31, 2025
Authorized Capital
60.00%
IDR10,239,216,000,000 PT Danantara Asset
Management
Issued and Paid-up Capital 29.44%
IDR7,017,222,206,500 Domestic Public
10.56%
Business Network Data Foreign Public
• Conventional Banking Network: 8 Regional Offices,
82 Branch Offices, 548 Sub-branch Offices, and
4 Functional Office.
• Sharia Banking Network: 35 Sharia Branch Offices,
and 83 Sharia Sub-branch Offices.
88 2025 Annual Report
Page 89
PT Bank Tabungan Negara (Persero) Tbk
Legal Basis of Establishment
• Emergency Law No. 9 of 1950 dated February 9, 1950 on Amendment to Postspaarbank Law
(Staatsblad 1934 No. 653, 1937 No. 176 and 197 and 1941 No. 295) (State Gazette of the Republic
of Indonesia No. 12 of 1950).
• Government Regulation as Substitution of Law No. 4 of 1963 dated June 22, 1963 on
Amendment to and Supplement of Law No. 36 of 1953 on Bank Tabungan Negara (State
Gazette No. 86 of 1953).
• Government Regulation No. 24 of 1992 dated April 29, 1992 on Adjustments to Bank Tabungan
Negara’s Legal Form into a Limited Liability Company (Persero).
• The Bank’s Deed of Establishment as a Limited Liability Company No. 136 dated July 31, 1992
which was made before Muhani Salim, S.H., a Notary based in Jakarta.
Information Access
Head Office Company Secretary
Menara BTN Ramon Armando
Jl. Gajah Mada No. 1 Menara BTN
Jakarta 10130, Jalan Gajah Mada No.1,
Indonesia Jakarta Pusat 10130
(021) 6336789, 6332666 (021) 6336789 ext. 2003
(021) 6346704 (021) 6336719
csd@btn.co.id ramon.armando@btn.co.id
www.btn.co.id
1500-286 / 150-286 Investor Relations
PT Bank Tabungan Negara (Persero) Tbk
Functional Office Menara BTN Lantai 16
Menara 2 BTN Jalan Gajah Mada No. 1
Jl. H.R. Rasuna Said No. 1 Jakarta Pusat 10130
Jakarta 12980 (021) 63870107
Indonesia investor_relations@btn.co.id
csd@btn.co.id
www.btn.co.id Public Information Services
1500-286 / 150-286 PT Bank Tabungan Negara (Persero) Tbk
ppid.btn.co.id
Social Media
Bank BTN @bankbtn @btn Bank BTN
2025 Annual Report 89
Page 90
03 Company Profile
NAMES AND ADDRESSES OF REGIONAL OFFICES,
CONVENTIONAL BRANCH OFFICES
AND SHARIA BRANCH OFFICES
REGIONAL OFFICE
WEST JAVA REGIONAL OFFICE JAKARTA REGIONAL OFFICE 1
Jl. Raya Buah Batu No. 194 RT 01 RW 01 Lantai 1-3 Menara Bank BTN, Jl. Gajah Mada No. 1 RT 2 RW 8,
Kelurahan Cijagra, Kecamatan Lengkong Petojo Utara, Kecamatan Gambir, Kota Jakarta Pusat,
Kota Bandung – Jawa Barat DKI Jakarta 10130
(021) 88953281, 88953282 (021) 6336789
kantorwilayahjabar@btn.co.id kanwiljakarta1@btn.co.id
www.btn.co.id www.btn.co.id
JAKARTA REGIONAL OFFICE 2 SUMATERA REGIONAL OFFICE
Gedung Menara 2 BTN Lt 16-17, Jl. H.R. Rasuna Said No. 1, Gedung Graha Merah Putih Lt. 8
RT 1 RW 6, Kelurahan Guntur, Kec. Setiabudi, Jl. Puteri Hijau No. 1, Kesawan,
Kota Jakarta Selatan, Medan 20111
Daerah Khusus Ibukota Jakarta 12980 (061) 80011133
kantorwilayah2@btn.co.id kantorwilayahsumatera@btn.co.id
www.btn.co.id www.btn.co.id
EAST JAVA, BALI & NUSA REGIONAL OFFICE SULAWESI, MALUKU & PAPUA REGIONAL OFFICE
Gedung Graha Sudirman, Jl. Panglima Sudirman Jl. Sultan Hassanudin No. 1
No. 7-9, Kel. Gembong Asin, Kec. Genteng, Makassar
Kota Surabaya - Jawa Timur (0411) 5070760
(031) 5661704 , 5661204 kantorwilayahsulampua@btn.co.id
kantorwilayah.jatimbalinusra@btn.co.id www.btn.co.id
www.btn.co.id
CENTRAL JAVA & DIY REGIONAL OFFICE KALIMANTAN REGIONAL OFFICE
Jl. Mgr. Sugiyopranoto Jl. Jendral Sudirman
Kelurahan/Desa Pindrikan Kompleks Ruko Balikpapan Permai Blok H.1 No. 23-27
Kecamatan Semarang Tengah Kelurahan Damai, Kecamatan Balikpapan Selatan
Kota Semarang – Jawa Tengah Kota Balikpapan
(024) 8455932 (0542) 3010057, 3010058
kantorwilayahjatengdiy@btn.co.id ro.kalimantan@btn.co.id
www.btn.co.id www.btn.co.id
90 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
CONVENTIONAL BRANCH OFFICE
CONVENTIONAL BRANCH OFFICE (WEST JAVA REGIONAL OFFICE)
Bandung Branch Office Bandung Timur Branch Office
Jl. Jawa No. 7 Bandung 40117 Jl. Raya Cinunuk No. 223 A, Kec. Cileunyi, Kab. Bandung
(022) 4232112, 4241036 (022) 7816883
kc.bandung@btn.co.id kc.bandungtimur@btn.co.id
www.btn.co.id www.btn.co.id
Bekasi Branch Office Harapan Indah Bekasi Branch Office
Jl. Jend. Sudirman No. 19 Ruko Office Park Harapan Indah
Bekasi 17143 Blok OP Kavling No. OP1-01 & OP1-02
(021) 8840649 Harapan Indah - Bekasi 17132
kc.bekasi@btn.co.id (021) 88386971(hunting), 88386972, 88386973
www.btn.co.id kc.harapanindah@btn.co.id
www.btn.co.id
Cikarang Branch Office Cimahi Branch Office
Pertokoan Cikarang Central City Blok B No. 2, 3, 5, 6, Jl. Jend. Amir Machmud/Raya Timur No. 475
Jl. Raya Cikarang - Cibarusah, 17530 Kab. Bekasi Cimahi 40524
(021) 22180090/ 22180096 (022) 6651644, 6651645
kc.cikarang@btn.co.id kc.cimahi@btn.co.id
www.btn.co.id www.btn.co.id
Cirebon Branch Office Karawang Branch Office
Jl. Siliwangi No. 16 Cirebon 45121 Jl. Galuh Mas Raya Blok VI-A No. 6, Desa. Sukaharja,
(0231) 209143, 209153 Kec. Teluk Jambe, Timur, Kab. Karawang - Jawa Barat
kc.cirebon@btn.co.id (0267) 8411400, 8411500
www.btn.co.id kc.karawang@btn.co.id
www.btn.co.id
Purwakarta Branch Office Tasikmalaya Branch Office
Jl. R.E. Martadinata No. 1, Purwakarta 41114 Jl. Sutisna Senjaya No. 101, Tasikmalaya 46112
(0264) 201024, 210830, 210831, 206637 (0265) 334464, 334465
kc.purwakarta@btn.co.id kc.tasikmalaya@btn.co.id
www.btn.co.id www.btn.co.id
CONVENTIONAL BRANCH OFFICE (JAKARTA REGIONAL OFFICE 1)
Bintaro Jaya Branch Office Jakarta Harmoni Branch Office
CBD Bintaro Blok B7 No. A3 - 04A, Kel. Pondok Jaya, Menara BTN
Kec. Pondok Aren, Tangerang Selatan Jl. Gajah Mada No. 1 Jakarta Pusat 10130
(021) 22215981 (021) 6336789, 6332666, 2310490
kc.bintarojaya@btn.co.id kc.jakartaharmoni@btn.co.id
www.btn.co.id www.btn.co.id
Kelapa Gading Square Branch Office Jakarta Kebon Jeruk Branch Office
Jl. Boulevard Barat Raya Blok XC No. 1-A RT 9 RW 5 Jl. Panjang Arteri Kelapa Dua Raya
Kelurahan Kelapa Gading Barat, RT 002 RW 003, Kecamatan Kebon Jeruk
Kecamatan Kelapa Gading - Kota Jakarta Utara Jakarta Barat 11550
(021) 45866885 (021) 53666345
kc.kelapagadingsquare@btn.co.id kc.jakartakebonjeruk@btn.co.id
www.btn.co.id www.btn.co.id
2025 Annual Report 91
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03 Company Profile
Cilegon Branch Office Tangerang Branch Office
Jl. Sultan Ageng Tirtayasa No. 49, Cilegon 42414 Jl. Perintis Kemerdekaan No. 01 Tangerang 15118
(0254) 391766, 392681, 393479 (021) 5539363
kc.cilegon@btn.co.id kc.tangerang@btn.co.id
www.btn.co.id www.btn.co.id
Ciputat Branch Office Jakarta Pluit Branch Office
Jl. Dewi Sartika No. 21 Ciputat Jl. Pluit Kencana Raya No. 79, Pluit,
Tangerang Selatan 15411 Penjaringan, Jakarta Utara 14450
(021) 7445145 (021) 66607390, 66607391, 66607392
kc.ciputat@btn.co.id kc.jakartapluit@btn.co.id
www.btn.co.id www.btn.co.id
Bumi Serpong Damai Branch Office Karawaci Branch Office
Kompleks BSD, Ruko Sektor VII E Perumnas Karawaci I
Blok K No. 8 Jl. Raya Serpong, Jl. Cendrawasih No. 1
Tangerang 15310 Tangerang 15115
(021) 5372235, 5372237 (021) 5517849, 5517850
kc.bumiserpongdamai@btn.co.id kc.karawaci@btn.co.id
www.btn.co.id www.btn.co.id
Agung Sedayu Branch Office
Agung Sedayu Tower GF Unit A & B, Jl. Boulevard No. 02,
Pantai Indah Kapuk, Kamal Mutiara, Penjaringan
021-50206007, 50201008
kc.agungsedayu@btn.co.id
www.btn.co.id
CONVENTIONAL BRANCH OFFICE (JAKARTA REGIONAL OFFICE 2)
Depok Branch Office Jakarta Cawang Branch Office
Jl. Margonda Raya No. 186 Gedung Yodya Tower Lt. 1-3,
Depok 16423 Jl. Mayjen DI Panjaitan Kav 8, RT 003, RW 011,
(021) 7751236, 7751237 Kel. Cipinang Cempedak, Kec. Jatinegara,
kc.depok@btn.co.id Jakarta Timur 13340
www.btn.co.id (021) 22986826, 22986827
kc.jakartacawang@btn.co.id
www.btn.co.id
Bogor Branch Office Cibinong Branch Office
Jl. Pengadilan No. 13-15 Bogor 16121 Ruko Cibinong City Centre Blok B20-21 & D20-21
(0251) 8311700 Jl. Tegar Beriman Kel. Pakansari Kec. Cibinong,
kc.bogor@btn.co.id Kab. Bogor
www.btn.co.id (021) 83721442
kc.cibinong@btn.co.id
www.btn.co.id
Jakarta Kuningan Branch Office Cibubur Branch Office
Gedung Menara 2 BTN, Jl. H.R. Rasuna Said No. 1 Jl. Alternatif Cibubur Kp. Nagrak RT 001 RW 003
RT 1 / RW 6, Kelurahan Guntur, Kecamatan Setiabudi, Kel. Desa Nagrak, Kec. Gunung Putri
Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta Kabupaten Bogor – Jawa Barat
12980 (021) 84300071, 84300073
(021) 52964652 kc.cibubur@btn.co.id
kc.jakartakuningan@btn.co.id www.btn.co.id
www.btn.co.id
92 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Jakarta Melawai Branch Officei Sukabumi Branch Office
Jl. Melawai Raya No. 26 A-C Jl. Jendral Sudirman No. 49,
Kel. Kramat Pela, Kec. Kebayoran Baru Kel. Sriwedari, Kec. Gunung Puyuh
Kota Jakarta Selatan Sukabumi - Jawa Barat
(021) 27517843, 27517840 (0266) 223446,235951
kc.jakartamelawai@btn.co.id kc.sukabumi@btn.co.id
www.btn.co.id www.btn.co.id
CONVENTIONAL BRANCH OFFICE (EAST JAVA, BALI, NUSRA REGIONAL OFFICE)
Surabaya Branch Office Denpasar Branch Office
Jl. Pemuda No. 50, Surabaya 60271 Jl. Dewi Sartika No. 2, Denpasar 80114
(031) 5353513, 5353519 (0361) 243811
kc.surabaya@btn.co.id kc.denpasar@btn.co.id
www.btn.co.id www.btn.co.id
Sidoarjo Branch Office Malang Branch Office
Jl. Ahmad Yani No. 15, Sidoarjo 61212 Jl. Ade Irma Suryani No. 2-4, Malang 65119
(031) 8929211, 8957949, 8957950, 8957175 (0341) 323956
kc.sidoarjo@btn.co.id kc.malang@btn.co.id
www.btn.co.id www.btn.co.id
Mataram Branch Office Surabaya Bukit Darmo Branch Office
Jl. Pejanggik No. 99-101 Cakranegara Mataram 83121 Jl. Mayjend HR Muhammad Kav. 399
(0370) 631186, 638289 Kel. Putat Gede, Kec. Sukomanunggal
kc.mataram@btn.co.id (031) 7323344
www.btn.co.id kc.surabayabukitdarmo@btn.co.id
www.btn.co.id
Bangkalan Branch Office Kupang Branch Office
Jl. Teuku Umar No. 16 Jl. El Tari I RT 011 RW 004
Kel. Kemayoran, Kec. Bangkalan 69116 Kel/Desa. Oebobo, Kec. Oebobo
(031) 3098929, 3098831, 3098930 Kota Kupang - NTT
kc.bangkalan@btn.co.id (0380) 831004
www.btn.co.id kc.kupang@btn.co.id
www.btn.co.id
Madiun Branch Office Mulyosari Branch Office
Jl. Dr. Sutomo No. 38 Jl. Raya Mulyosari No. 82,
Madiun 63117 Kel. Dukuh Sutorejo, Kec. Mulyorejo
(0351) 451460, 459034, 457927, 459500, 459600 Kota Surabaya 60112
kc.madiun@btn.co.id (031) 5931763
www.btn.co.id kc.mulyosari@btn.co.id
www.btn.co.id
Kediri Branch Office Jember Branch Office
Jl. Diponegoro No. 22 - 24 Kediri 64121 Jl. A. Yani No. 05 Jember 68118
(0354) 691260, 691262 (0331) 484611, 489292, 489266
kc.kediri@btn.co.id kc.jember@btn.co.id
www.btn.co.id www.btn.co.id
2025 Annual Report 93
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03 Company Profile
Banyuwangi Branch Office Gresik Branch Office
Jl. Brawijaya No. B-1 dan B-2 Kompleks Pertokoan Multi Sarana Plaza Blok C 01 No. 1
Kel. Sobo, Kec. Banyuwangi, Kab. Banyuwangi 68418 Jl. Gubernur Suryo, Gresik 61118
(0333) 414490, 415690 (031) 3973455
kc.banyuwangi@btn.co.id kc.gresik@btn.co.id
www.btn.co.id www.btn.co.id
Mojokerto Branch Office Singaraja Branch Office
Jl. Majapahit No. 130 - 134 Blok 1-2 Jl. Ahmad Yani No. 190
Mojokerto 61323 Kel. Banyuasri, Kec. Buleleng, Kab. Buleleng
(0321) 323850, 323853 (0362) 21856
kc.mojokerto@btn.co.id kc_singaraja@btn.co.id
www.btn.co.id www.btn.co.id
CONVENTIONAL BRANCH OFFICE (SUMATERA REGIONAL OFFICE)
Medan Branch Office Batam Branch Office
Jl. Pemuda No. 10A, Medan 20151 Jl. Raja Isa No. 1, Batam Center
(061) 4149777 (0778) 470630, 470625, 470628
kc.medan@btn.co.id kc.batam@btn.co.id
www.btn.co.id www.btn.co.id
Padang Branch Office Pematang Siantar Branch Office
Jl. H. R. Rasuna Said No. 3, Jl. Kapten MH Sitorus No. 2,
Kel. Jati Baru, Kec.Padang Timur, Kel. Timbang Galung Kec. Siantar Barat
Kota Padang 25129 Kota Pematang Siantar - Sumatera Utara
(0751) 31903, 32094, 32096 (0622) 28887
kc.padang@btn.co.id kc.pematangsiantar@btn.co.id
www.btn.co.id www.btn.co.id
Pekanbaru Branch Office Tanjung Pinang Branch Office
Jl. Jend. Sudirman No. 393 Jl. D.I. Panjaitan Km. 9
Pekanbaru 28116 Komplek Plaza Bintan Center Blok Bunga No. 9-12
(0761) 40494, 40185, 40188 Tanjung Pinang
kc.pekanbaru@btn.co.id (0771) 7447101, 7447088
www.btn.co.id kc.tanjungpinang@btn.co.id
www.btn.co.id
Palembang Branch Office Bandar Lampung Branch Office
Jl. Jend. Sudirman Km. 4, 5 No. 125 Jl. Wolter Monginsidi No. 80-88
Palembang 30128 Bandar Lampung 35215
(0711) 411175, 410552 (0721) 489253, 489255, 484778, 483256
kc.palembang@btn.co.id kc.bandarlampung@btn.co.id
www.btn.co.id www.btn.co.id
Jambi Branch Office Pangkal Pinang Branch Office
Jl. H. M. Yusuf Singadikane No. 146 Jl. Perniagaan, Mall Bangka TradeCenter B11 - B14
Jambi 36122 Pangkal Pinang
(0741) 61793, 61792 (0717) 423748
kc.jambi@btn.co.id kc.pangkalpinang@btn.co.id
www.btn.co.id www.btn.co.id
94 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Bengkulu Branch Office
Jl. Soeprapto No. 7 - 8, Bengkulu 38223
(0736) 20875
kc.bengkulu@btn.co.id
www.btn.co.id
CONVENTIONAL BRANCH OFFICE (SULAWESI, MALUKU, PAPUA REGIONAL OFFICE)
Makassar Branch Office Manado Branch Office
Jl. Kajaolalido No. 4 Makassar 90111 Jl. Wolter Monginsidi No. 56, Manado 95115
(0411) 316016, 316011 (0431) 868095, 855504, 855505
kc.makassar@btn.co.id kc.manado@btn.co.id
www.btn.co.id www.btn.co.id
Parepare Branch Office Kendari Branch Office
Jl. Adi Makkasau No. 115-117, Lakessi, Jl. A. Yani , Komplek A. Yani Square Blok. A6-7
Kec. Soreang, Kota Parepare, Sulawesi Selatan 91131 Kendari 93117
(0421) 28115 (0401) 322101
kc_parepare@btn.co.id kc.kendari@btn.co.id
www.btn.co.id www.btn.co.id
Ambon Branch Office Jayapura Branch Office
Jl. Diponegoro No. 75B Ambon Jl. Koti No. 22, Jayapura 99111
(0911) 355882, 354471, 348552, 355882 (0967) 537970, 537971
kc.ambon@btn.co.id kc.jayapura@btn.co.id
www.btn.co.id www.btn.co.id
Palu Branch Office Panakkukang Branch Office
Jl. Jend. Sudirman No. 2, Palu 94111 Jl. Letjen Hertasning Blok B2/1
(0451) 424555, 428555 Kel. Kassi-kassi Kec. Rappocini
kc.palu@btn.co.id Kota Makassar
www.btn.co.id (0411) 868831, 868833
kc.panakukang@btn.co.id
www.btn.co.id
Gorontalo Branch Office Ternate Branch Office
Jl. Nani Wartabone No. 3 Jl. Pahlawan Revolusi No. 152
Kel. Limba U I, Kec. Kota Selatan, Kota Gorontalo Kel. Gamalama, Ternate Tengah - Maluku Utara 97721
(0435) 830490, 829481 (0921) 3111330
kc.gorontalo@btn.co.id kc.ternate@btn.co.id
www.btn.co.id www.btn.co.id
Mamuju Branch Office
Jl. K.S. Tubun No. 18, Kabupaten Mamuju
(0426) 22389
kc.mamuju@btn.co.id
www.btn.co.id
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03 Company Profile
CONVENTIONAL BRANCH OFFICE (KALIMANTAN REGIONAL OFFICE)
Palangkaraya Branch Office Banjarmasin Branch Office
Jl. Diponegoro No. 23 Jl. R. E. Martadinata No. 4
Palangkaraya 73111 Banjarmasin 70111
(0536) 3220602, 3223975 (0511) 4368133, 4366669, 4366670
kc.palangkaraya@btn.co.id kc.banjarmasin@btn.co.id
www.btn.co.id www.btn.co.id
Samarinda Branch Office Pontianak Branch Office
Jl. R.E. Martadinata No. 01 Jl. Imam Bonjol No. 29
Samarinda 75127 Pontianak 78122
(0541) 736930, 731695, 731510 (0561) 740163
kc.samarinda@btn.co.id kc.pontianak@btn.co.id
www.btn.co.id www.btn.co.id
Balikpapan Branch Office Tarakan Branch Office
Jl. Jend. Sudirman No. 141 Jl. Mulawarman No. 10
Balikpapan Kel. Karang Anyar, Kec. Tarakan Barat, Kota Tarakan
(0542) 420333 (0551) 24322
kc.balikpapan@btn.co.id kc.tarakan@btn.co.id
www.btn.co.id www.btn.co.id
Banjarbaru Branch Office
Jl. Ahmad Yani Km 33 RT 01 RW 01, Loktabak Utara,
Banjarbaru, Kalimantan Selatan 71114
(0511) 6749738, 6749831
kc.banjarbaru@btn.co.id
www.btn.co.id
CONVENTIONAL BRANCH OFFICE (CENTRAL JAVA & DIY REGIONAL OFFICE)
Semarang Branch Office Yogyakarta Branch Office
Jl. M.T. Haryono No. 717 Jl. Jend. Sudirman No. 71
Semarang 50242 Yogyakarta 55223
(024) 312151, 446166 (0274) 589898, 581014, 581016
kc.semarang@btn.co.id kc.yogyakarta@btn.co.id
www.btn.co.id www.btn.co.id
Solo Branch Office Pekalongan Branch Office
Jl. Slamet Riyadi No. 282 Jl. Merdeka No. 7
Solo 57141 Pekalongan 51113
(0271) 726930 (0285) 433883, 433884
kc.solo@btn.co.id kc.pekalongan@btn.co.id
www.btn.co.id www.btn.co.id
Purwokerto Branch Office Tegal Branch Office
Jl. Jend. Sudirman No. 431 Jl. Gajah Mada No. 33
Purwokerto 53116 Tegal
(0281) 641114 (0283) 343050, 343835, 323038
kc.purwokerto@btn.co.id kc.tegal@btn.co.id
www.btn.co.id www.btn.co.id
Kudus Branch Office Magelang Branch Office
Jl. AKBP Agil Kusumadya No. 32 Jl. Tentara Pelajar No. 40,
Kecamatan Jati, Kab. Kudus 59347 Magelang 56116
(0291) 438732 (0293) 3215983
kc.kudus@btn.co.id kc.magelang@btn.co.id
www.btn.co.id www.btn.co.id
96 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
SHARIA BRANCH OFFICE*
Balikpapan Sharia Branch Office Banda Aceh Sharia Branch Office
Jl. Jenderal Sudirman No. 565 – 566 Jl. H.M Daud Beureuh No. 39
Balikpapan 76114 Desa. Kuta Alam, Kec. Kuta Alam
(0542) 742260, 742258 Kota. Banda Aceh
kcs.balikpapan@btn.co.id (0651) 40331
www.btn.co.id kcs.bandaaceh@btn.co.id
www.btn.co.id
Bandar Lampung Sharia Branch Office Bandung Sharia Branch Office
Jl. Kartini No. 85 Jl. Diponegoro No. 8, Bandung
Kel. Palapa, Kec. Tanjung Karang Pusat Kel. Citarum, Kec. Bandung Wetan
Kota Bandar Lampung 35116 Bandung 40115
(0751)- 6025555 (022) 4265472, 4265473, 4265474
kcs.bandarlampung@btn.co.id kcs.bandung@btn.co.id
www.btn.co.id www.btn.co.id
Banjarmasin Sharia Branch Office Batam Sharia Branch Office
Jl. Jend Ahmad Yani KM 5,5 No. 456 Jl. Sriwijaya
Kel. Pemurus Luar, Kec. Banjarmasin Timur Komp. Regency Park Lot 29 Pelita - Batam 29432
Kota Banjarmasin - Kalimantan Selatan (0778) 421921
(0511) 3250530, 3250540, 3250560 kcs.batam@btn.co.id
kcs.banjarmasin@btn.co.id www.btn.co.id
www.btn.co.id
Bekasi Sharia Branch Office Bengkulu Sharia Branch Office
Jl. Ahmad Yani Jl. S. Parman No. 24
Ruko Sentra Niaga Kalimalang Blok A.IV No. 5-6 dan Kel. Penurunan, Kec. Ratu Samban,
Blok B No. 1 Kel. Kayuringin Jaya, Kec. Bekasi Selatan, Kota Bengkulu, Provinsi Bengkulu
Kota Bekasi 17144 (0736) 78604566
(021) 8893333 kcs.bengkulu@btn.co.id
kcs.bekasi@btn.co.id www.btn.co.id
www.btn.co.id
Bogor Sharia Branch Office Cirebon Sharia Branch Office
Jl. Jendral Sudirman No. 01, Jl. Raden Ajeng Kartini No. 68
Kec. Bogor Tengah Kel. Sukapura, Kec. Kejaksan,
Bogor 16121 Cirebon 45123
(0251) 8327171, 8327575 (0231) 235485, 235486, 235488
kcs.bogor@btn.co.id kcs.cirebon@btn.co.id
www.btn.co.id www.btn.co.id
Depok Sharia Branch Office Jakarta Harmoni Sharia Branch Office
Jl. Margonda Raya No. 438B-D Jl. Ir. H. Juanda No. 27A,
Kel. Pondok Cina, Kec. Beji, Kota Depok Kebon Kelapa, Kec. Gambir
(021) 7867661 Jakarta Pusat
kcs.depok@btn.co.id (021) 35285009
www.btn.co.id kcs.jakartaharmoni@btn.co.id
www.btn.co.id
Jakarta Pasar Minggu Sharia Branch Office Jambi Sharia Branch Office
Ruko Grand Palace Blok G & H, Jl. Hayam Wuruk No. 27
Jl. Raya Ps. Minggu Km 16 Pancoran - Jakarta Selatan Kel. Cempaka Putih, Kec. Jelutung
(021) 7993662, 7993015 Kota Jambi
kcs.pasarminggu@btn.co.id (0741)- 3620645, 3620687
www.btn.co.id kcs.jambi@btn.co.id
www.btn.co.id
2025 Annual Report 97
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03 Company Profile
Jember Sharia Branch Office Karawang Sharia Branch Office
Jl. Hayam Wuruk No. 16 Jl. Kertabumi No. 29 C-D
Kel. Kaliwates Kec. Kaliwates Kel. Nagasari, Kec. Karawang Barat
Kabupaten Jember Kabupaten Karawang 41311
(0331) 491009, 491010 (0267) 8400888, 8400999
kcs.jember@btn.co.id kcs.karawang@btn.co.id
www.btn.co.id www.btn.co.id
Kendari Sharia Branch Office Lhokseumawe Sharia Branch Office
Jl. M.T. Haryono No. 78 Jl. Merdeka No. 2 Lhokseumawe,
Kel. Bende, Kec. Baruga Kecamatan Banda Sakti, Kota Lhokseumawe, 24300
Kota Kendari (0645) 40305
(0401) 3092284 kcs.lhokseumawe@btn.co.id
kcs.kendari@btn.co.id www.btn.co.id
www.btn.co.id
Makassar Sharia Branch Office Malang Sharia Branch Office
Jl. A.P. Pettarani No. 21, Tamamaung, Jl. Jaksa Agung Suprapto No. 87
Kec. Panakkukang Kel. Rampal Celaket, Kec. Klojen
Kota Makassar 90231 Kota Malang 65112
(0411) 3613399 (0341) 3012469
kcs.makassar@btn.co.id kcs.malang@btn.co.id
www.btn.co.id www.btn.co.id
Mataram Sharia Branch Office Medan Sharia Branch Office
Jl. Pejanggik No. 18-19 Jl. Diponegoro No. 34
Kel. Cakranegara, Kab. Mataram Kel. Madras Hulu, Kec. Medan Polonia, Kota Medan
(0370) 7503646 (061) 4144554
kcs.mataram@btn.co.id kcs.medan@btn.co.id
www.btn.co.id www.btn.co.id
Padang Sharia Branch Office Palembang Sharia Branch Office
Jl. Belakang Olo No. 47 Jl. Kapten A. Rivai No. 221, Kel. 26 Ilir D.1
Kel. Kp Jao, Kec. Padang Barat Kec. Ilir Barat I, Palembang, Sumatera Selatan
Padang, Sumatera Barat (0711) 365808, 354001, 353230
(0751)- 8954842, 8954832 kcs.palembang@btn.co.id
kcs.padang@btn.co.id www.btn.co.id
www.btn.co.id
Palu Sharia Branch Office Pekanbaru Sharia Branch Office
Jl. Emmy Saelan No. 36 Jl. Jendral Sudirman No. 203 C D E F G
Kel. Tatura Utara, Kec. Palu Selatan Kel. Tangkerang Tengah, Kec. Marpoyan Damai,
Kota Palu 94236 Kota Pekanbaru 28128
(0451) - 485431 (0761) 7891314
kcs.palu@btn.co.id kcs.pekanbaru@btn.co.id
www.btn.co.id www.btn.co.id
Pontianak Sharia Branch Office Semarang Sharia Branch Office
Jl. Jend Ahmad Yani No. 61 G-H, Jl. Achmad Yani No. 181
Kel. Bangka Belitung Laut, Kec. Pontianak Tenggara, Kel. Wonodri Kec. Semarang Selatan
Kota Pontianak Kota Semarang
(0561) - 8171285 (024) 8449918, 8449919
kcs.pontianak@btn.co.id kcs.semarang@btn.co.id
www.btn.co.id www.btn.co.id
98 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Serang Sharia Branch Office Solo Sharia Branch Office
Jl. Jend Ahmad Yani No. 175, Cipete Jl. Brigjen Slamet Riyadi No. 332
Kel. Sumur Pecung, Kec. Serang, Solo 57141
Kota Serang - Banten (0271) 712127, 7008978, 7008947
(0254) 7915869 kcs.solo@btn.co.id
kcs.cilegon@btn.co.id www.btn.co.id
www.btn.co.id
Surabaya Sharia Branch Office Tangerang Sharia Branch Office
Jl. Diponegoro No. 29 Jl. Serpong Raya
Surabaya 60271 Ruko Villa Melati Mas Blok. SR-1 No. 23-24
(031) 5666363,5610518 Serpong - Tangerang 15320
kcs.surabaya@btn.co.id (021) 5370773
www.btn.co.id kcs.tangerang@btn.co.id
www.btn.co.id
Tasikmalaya Sharia Branch Office Tegal Sharia Branch Office
JI. Yudanegara No. 10 Jl. Jenderal Sudirman No. 02
Kel. Yudanegara, Kec. Cihideung Kel. Pekauman, Kec. Tegal Barat
Kota Tasikmalaya 46112 Kota Tegal, Jawa Tengah 52113
(0265) 310612, 7296566, 7296567, 7296568 (0283) 342923 ,342933
kcs.tasikmalaya@btn.co.id kcs.tegal@btn.co.id
www.btn.co.id www.btn.co.id
Yogyakarta Sharia Branch Office
Jl. Faridan M. Noto No. 10,
Kota Baru Gondokusuman
Yogyakarta 55224
(0274) 551055, 512467
kcs.yogyakarta@btn.co.id
www.btn.co.id
* Regarding the approval of the Separation of the Sharia Business of PT Bank Tabungan Negara (Persero) Tbk by means of the transfer of rights
and obligations to Bank Syariah Nasional, sharia banking products were not part of the Company anymore as of December 22, 2025.
BUSINESS PARTNER
NETWORK
The Company always cooperates with various business and convenience of transactions carried out by
partners, purposed of achieving the set targets. The the customers. The cooperation carried out by the
Company also runs various business partnerships Company with business partners include the following:
in the context of providing banking product services
No. Group/Company Collaboration
1. PT Mapclub Digital Asia Information System Integration within the BTN Digital Ecosystem
2. PT Indomarco Prismatama Cash In Cash Out Partnership
3. Kawan Lama Group Transactional business integration (EDC and QRIS)
4. PT Pertamina Retail Transactional business integration (EDC and QRIS)
5. PT Dompet Anak Bangsa E-Wallet top up business integration
Integration of Event Ticketing System and Payment Acceptance through balé
6. Moflip Digital Sejahtera
by BTN
2025 Annual Report 99
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03 Company Profile
No. Group/Company Collaboration
7. PT Espay Debit Indonesia Koe Payment Acceptance for Top-Up Transactions of Funds Balance
8. PT Cashlez Worldwide Indonesia Open API Banking Services Partnership
9. PT Finnet Indonesia Open API Banking Services
10. PT Cazh Teknologi Inovasi Open API Banking Services
11. Ministry of Religion Disbursement of State Budget (APBN) and utilization of other banking services
12. PT Pelindo Daya Sejahtera Synergy and utilization of banking services
Provision of banking services and facilities in order to provide additional
13. BPJS TK
service benefits in the form of housing financing facilities.
14. Mahkamah Agung Provision of Banking Service Services
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
15. PT Summarecon Agung Tbk
Ownership (KPR/KPA/KP Ruko)
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
16. PT Ciputra Development Tbk
Ownership (KPR/KPA/KP Ruko)
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
17. PT Sinarmas Land Tbk
Ownership (KPR/KPA/KP Ruko)
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
18. PT Bumi Serpong Damai Tbk
Ownership (KPR/KPA/KP Ruko)
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
19. PT Alam Sutera Realty Tbk
Ownership (KPR/KPA/KP Ruko)
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
20. PT Yobelindo Graha Mandiri
Ownership (KPR/KPA/KP Ruko) Partnership
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
21. PT Sagotra Usaha
Ownership (KPR/KPA/KP Ruko) Partnership
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
22. PT Era Graha Realty
Ownership (KPR/KPA/KP Ruko) Partnership
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
23. PT Ray Propertindo
Ownership (KPR/KPA/KP Ruko) Partnership
Financing Facilities for Mortgage/Apartment Ownership/Shop-House
24. PT Xavier Marks Indonesia
Ownership (KPR/KPA/KP Ruko) Partnership
25. PT Fidac Inovasi Teknologi Cooperation for the Marketing of BTN Loan Products
26. Koperasi Simpan Pinjam Nusantara Cooperation for the Marketing of BTN Credit Products
27. PT Mitra Bina Artha Raharja Cooperation for the Marketing of Kring BTN Products
Cooperation for the Marketing of Kring BTN Products to Prospective Retirees
28. PT Dana Perkasa Nusantara
and Retirees
29. Koperasi Jasa Amanah Mandiri Swakarya Cooperation for the Marketing of Kring Products
30. PT Aura Sinergi Sejahtera Cooperation for the Marketing of Kring BTN Products
31. PT Asuransi Jiwa IFG Bancassurance Partners – Life Insurance
32. PT MSIG Life Insurance Indonesia Tbk Bancassurance Partners – Telemarketing
33. PT Bahana TCW Investment Management Investment Manager Partners
34. PT Trimegah Asset Management Investment Manager Partners
35. PT Manulife Aset Manajemen Indonesia Investment Manager Partners
PT Schroder Investment Management
36. Investment Manager Partners
Indonesia
37. PT Batavia Prosperindo Aset Manajemen Investment Manager Partners
38. PT Mandiri Manajemen Investasi Investment Manager Partners
39. PT Sucorinvest Asset Management Investment Manager Partners
40. PT Syailendra Capital Investment Manager Partners
100 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
COMPANY
BRAND
Not just a logo, but a vision that describes BTN as a progressive financial pillar.
The Company has a commitment to make BTN a place that describes the
dreams and aspirations of every customer, forming a “home ecosystem” that
provides comfort through integrated digital services. The Company also has
a commitment to Facilitating home financing transactions and daily needs,
so that every step of life is decorated with unforgettable warmth and ease.
Symbol of a progressive Vision
The line that stretches across the BTN logo symbolizes a progressive bank that
continues to innovate as a financial institution. Establishing itself that BTN is
not only a bank that focuses on home financing but more than that, offering
financial solutions for customers through the financial ecosystem owned by
BTN.
Optimistic Construction
This font is designed with a strong and dynamic style to show BTN as modern
and relevant to the times. The use of lowercase letters in the BTN logo reflects a
bank that is friendly and approaches customers, understands their needs, and
is active in helping them achieve their life goals. BTN hopes to be a home for
customers, where the journey of life begins.
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03 Company Profile
BRIEF HISTORY
OF THE COMPANY
Established under the name of Postspaarbank in 1897 under the Dutch East Indies government, then renamed to
Tyokin Kyoku or Kantor Tabungan in 1942 during the Japanese government. The Company was changed into Kantor
Taboengan Pos in 1945 during the independence period of the Republic of Indonesia. In the postindependence era,
in 1950 to be precise the Government of the Republic of Indonesia changed the name Tyokin Kyoku to Bank Savings
Post based on Emergency Law no. 9 of 1950 dated February 9, 1950 and later based on Government Regulation in
Lieu of Law No. 4 of 1963 changed its name to Bank Tabungan Negara in 1963 until now.
In 1974, the Government appointed the Company In 2009, the Company carried out the first KPR
as the only institution that disbursed Housing Loans securitization in Indonesia. The Company conducted
(KPR), in line with the Government Program which asset securitization by recording Collective Investment
was promoting housing programs for the people. In Contract - Asset Backed Securities (KIK-EBA) transactions,
1976, the Company made its first realization at Tanah then on December 17, 2009 conducted an Initial Public
Mas Housing, Semarang City. On April 29, 1989, the Offering (IPO) and Listing on the Indonesia Stock Exchange.
Bank started operating as a state-owned commercial
bank. Based on Government Regulation No. 24 of 1992, In 2015, the Company played an important role in
the status of the Bank was changed to a state- assisting the Government Program “One Million Houses
owned limited liability company (Persero). Deed of for the People Program”. The company was appointed
establishment of the Bank as a Persero made before as one of the banks supporting government programs
Notary Muhani Salim, S.H., No. 136 dated July 31, 1992 and through mortgage financing. In 2017, the journey of the
had been ratified by the Minister of Justice with Decree Company’s digital banking transformation process
No. C2-6587.HT.01.01.TH.92 dated August 12, 1992 and continued. From a business perspective, the Company
announced in State Gazette Established under the name continued to improve banking services by accelerating
of Postspaarbank in 1897 under the Dutch East Indies the stages of transformation in the digital era, one of
government, then renamed to Tyokin Kyoku or Kantor which was by opening a Smart Branch. The Company’s
Tabungan in 1942 during the Japanese government. Smart Branch was equipped with a variety of services
The Company was changed into Kantor Taboengan Pos to facilitate customer needs in obtaining banking
in 1945 during the independence period of the Republic information, conducting communications, transactions,
of Indonesia. In the postindependence era, in 1950 to be registration and opening accounts.
precise the Government of the Republic of Indonesia
changed the name Tyokin Kyoku to Bank Savings Post In 2019, the Company became a Housing Market Maker
based on Emergency Law no. 9 of 1950 dated February and strengthened its position as the 5th Largest Bank.
9, 1950 and later based on Government Regulation in Furthermore, 2022 became an important year because it
Lieu of Law No. 4 of 1963 changed its name to Bank was the second time the Company held a Rights Issue or
Tabungan Negara in 1963 until now. No. 73 dated issued new shares after 2012. The Rights Issue is intended
September 11, 1992 Supplement No. 6A. In 1994, based on to be one of the Company’s efforts to increase loans
the Decree of the Board of Directors of Bank Indonesia expansion while simultaneously strengthening capital
No. 27/55/KEP/DIR September 23, 1994, the Company to oversee the Company’s mission to become The Best
obtained an operating license as a Foreign Exchange Mortgage Bank in Southeast Asia by 2025. In 2023, as a
Bank and subsequently the Company was appointed form of digital banking transformation, the Company
as a commercial bank focusing on home financing released BTN Mobile, an application to support banking
in 2002. The Company obtained approval from Bank services via mobile phone replacing BTN Mobile Banking.
Indonesia to carry out general banking activities based
on sharia principles by letter No. 6/1350/ DPbS dated On March 3, 2024, the Company conducted a “rebranding”
December 15, 2004. The Company started its activities by launching a new logo. The new logo that was released
based on sharia principles on February 14, 2005 with the is a symbol of the Company’s success and commitment
operation of the first sharia branch in Jakarta - Harmoni. in continuing its transformation into a more modern and
adaptive Bank in facing digitalization.
102 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Description of Name Change
Bank BTN has endured a long journey to become what it is today; from Bank Tabungan Pos in 1950, the Company now
becomes PT Bank Tabungan Negara (Persero) Tbk.
1897 – 1950 1950 1963 2009 - Present
Established under the On February 9, 1950, On June 22, 1963, On December 17, 2009,
name of Postspaarbank the Indonesian the Company was the Company performed
in 1897 under the Dutch Government changed inaugurated as Bank its Initial Public Offering
East Indies government, the Company’s name Tabungan Negara. (IPO) at the Indonesia
then renamed to to Bank Tabungan Po. Stock Exchange. The
Tyokin Kyoku or Kantor Company became a
Tabungan in 1942 public limited liability
during the Japanese company under the
government. The name of PT Bank
Company was changed Tabungan Negara
into Kantor Taboengan (Persero) Tbk.
Pos in 1945 during the
independence period of
the Republic of Indonesia.
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03 Company Profile
VISION, MISSION,
AND CORPORATE CULTURE
VISION
“A Key Partner in the
Indonesian Families
Financial Empowerment.”
Corporate Culture
Trust Competent
The Company is aware of the importance of
corporate cultural application which can significantly Upholding the trust given Continuously learning
boost the Company’s performance. The corporate and developing
culture has been modified for several times to ensure Amanah value behavior capabilities
its relevance with the constantly changing external guide:
environment and business ecosystem that go along • Fulfilling promises Competent value behavior
with the current development and technological and commitments. guide:
advancement. Company is currently consistently • Responsible for duties, • Improving competence
decisions and actions to answer to
and sustainably implementing the Core Values
taken. everchanging
of AKHLAK (moral) as the foundation of corporate challenges.
• Adhering to moral
culture.
and ethical values. • Helping others to learn.
• Finishing duties with
This foundation is manifested in the behavior of BTN the best quality.
people or BTNers in carrying out work activities, which
consists of:
104 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
MISSION
Being the government’s key partner Being a home for Indonesia’s
1 4
in housing and financial inclusion. best talents.
Providing the best customer experience Implementing good corporate
2 5
through integrated digital and financial governance practices and sustainable
services. business innovation for community
welfare and environmental sustainability.
Increasing shareholder value
3
with sustainable profitability growth.
REVIEW OF COMPANY The Vision and Mission are periodically reviewed, taking into account changes in
VISION AND MISSION both the external and internal environment. To ensure the continued relevance of the
Company’s Vision and Mission, the Board of Commissioners and the Board of Directors
BY THE BOARD OF
regularly conduct reviews of these Vision and Mission. In 2025, the Company’s Vision
COMMISSIONERS
and Mission remained relevant and aligned with the changes in both the external and
AND THE BOARD OF internal environment. The Company’s Vision and Mission were discussed by the Board of
DIRECTORS Commissioners and the Board of Directors during the approval of the adjustments to the
2025 Company Budget Work Plan (RKAP) and the 2025-2027 Bank Business Plan (RBB) of
PT Bank Tabungan Negara (Persero) Tbk, which was held on February 25, 2025.
Harmonious Loyal Adaptive Collaborative
Caring for each Dedicated and Continuously innovating Building synergistic
other and respecting prioritizing the interests and enthusiastic in cooperation
differences of the nation and state driving or facing change
Collaborative values
Harmonious value behavior Loyal value behavior guide: Adaptive Values Behavior behavior guide:
guide: Guide: • Providing opportunity
• Maintaining the honor
• Respecting others of fellow employees, • Easily adaptable to for other parties to
regardless of their leaders, SOEs and bettering self. contribute.
background. Country. • Make continuous • Open to cooperation that
• Helpful to others. • Willing to sacrifice improvements to keep delivers added value.
• Building favorable work for the greater good. up with technological • Encouraging the
environment. development. utilization of various
• Obeying leaders as long
as in compliance with • Being proactive. resources for common
the laws and ethics. goals.
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03 Company Profile
Corporate Culture Framework
The Corporate Culture Framework provides guidance for
BTNers in understanding and implementing the AKHLAK
core values. To strengthen the consistent and sustainable
implementation of the AKHLAK core values, BTN has
established five (5) cultural pillars, namely Sales &
Service Culture, Governance & Risk Culture, Performance
Culture, Learning Culture, and Digital Culture, as
behavioral guidelines in achieving the Company’s vision
and mission. These are actualized through ten (10)
flagship programs as the implementation of cultural
initiatives across all Business Units within BTN.
Leading Partner In Empowering The Financial
of Indonesian Families
Home of Indonesia’s Best Talents
3 Ps (Productive, Prominent, Prosperous) Talents With Global Mindset
AKHLAK
Be The oNe
Sales & Service Governance & Risk Performance Learning Digital
Culture Culture Culture Culture Culture
Be The oNe: Be The oNe: Be The oNe: Be The oNe:
Be The oNe:
Customer-Oriented Risk-Aware & Intrapreneurial Continuous Digitally
Environmentally
Conscious Mindset Learning Savvy
10 Main Program
• Sales Rhythm • ESG Champion • Kerja Cepat (Cerdas, • Learn The Best, From
• balé & Korpora
• Pasti Best (Berikan • 3 JAGA (JAGA Diri, Tepat, Tuntas) The Best, Be The Best
Racing
Service Terbaik) JAGA BtNers, • C-Pro (Coahing • I-Mindset (Innovation
• Digital Racing
JAGA BTN) for Productivity) Mindset)
Change Leaders Change Agents BTNers
BTNers Excellence Awards (BXA)
106 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
As part of accelerating cultural implementation to drive performance achievement, BTN established
a Change Agent Team that acts as a catalyst in fostering a productive and high-performing work
culture through cultural programs aligned with daily work activities, thereby influencing the formation of
employee behavior.
The Change Agent Team plays a role in planning, developing, monitoring, evaluating, ensuring, and
enhancing the effectiveness of corporate culture program implementation in each Business Unit, at the
Head Office, Regional Offices, Branch Offices, and Sharia Branch Offices.
Providing strategic direction, evaluating the
Champion effectiveness of cultural management at
company and resolving strategic issues.
Ensuring the effectiveness of cultural programs,
Culture Specialist monitoring and evaluating the implementation
of cultural programs.
Act as a role model and coach for Change
Change Leader
Agents and BTNers in internalizing culture.
Responsible for internalizing culture and
Change Agent bridging communication between Change
Leaders and BTNers.
Supporting the internalization of culture
BTNers by actively participating in the implementation
of cultural programs in work units
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03 Company Profile BUSINESS ACTIVITIES Business Activities According to The Articles of Association and Business Activities Conducted The Company conducts business in the banking sector and optimizes the utilization of its resources to deliver high-quality and highly competitive services in order to generate profits and enhance the Company’s value, in accordance with the principles of a Limited Liability Company as stipulated in Article 3 of the Articles of Association, based on the Notarial Deed Number 09 dated 04 December 2025 made by Notary ASHOYA RATAM S.H., M.KN., which was received on December 22, 2025 and recorded in the Legal Entity Administration System. Based on the Articles of Association, the Company carries out its main activities as follows: Main Business Activities a. Collecting funds from the public in the form of k. Conducting temporary capital participation activities savings, current accounts, time deposits, certificates outside financial service institutions to overcome the of deposit, and/or other forms that are similar to consequences of credit failure or financing based those; on sharia principles, with the condition that the b. Distributing funds in the form of credit or financing participation must be withdrawn; based on sharia principles; l. Acting as the founder of a pension fund and manager c. Carrying out activities in the field of payment of a pension fund in accordance with the provisions systems; of laws and regulations regarding pension funds; d. Placing funds in other banks, borrowing funds from m. Conducting financial service activities, investment other banks, or lending funds to other banks, either banking and other commercial banking in by using letters, telecommunications facilities or with accordance with the provisions of laws and bearer drafts, checks, or other facilities; regulations; e. Issuing and/or carrying out securities transactions n. Conducting business activities based on Sharia for the benefit of the Company and/or customers; Principles, in accordance with the provisions f. Providing a place to store goods and securities; stipulated by the FSA and the provisions of laws and g. Carrying out business activities in foreign currency; regulations; h. Carrying out receivables transfer activities; o. Cooperating with other financial service institutions i. Carrying out storage activities for goods and and cooperation with other than financial service securities; institutions in providing financial services to j. To undertake equity participation in financial services customers; institutions and/or other companies that support the p. Conducting other activities with the approval of the banking industry, in compliance with the provisions FSA. stipulated by the FSA; Supporting Business Activities Optimizing the use of existing resources to support the Company’s main business activities as long as they do not conflict with the provisions of laws and regulations. All business activities according to the Articles of Association have been carried out by the Company. 108 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Products and Services
Based on the business segments developed by the Company, the Company’s products and services are divided
into two (2) segments, namely conventional and sharia, with the following details:
PRODUCTS
CONVENTIONAL BANKING SHARIA BANKING*
Consumer products Commercial products Sharia Products
Consumer Loan Products: Commercial Loan Products: Sharia Financing Products:
• Housing Loan • Investment Loans • Consumer Financing
• Non Housing Loan • Working Capital Loans • Commercial Financing
• Property Working Capital Loans
• Contractor Working Capital Loans
• Bridging Working Capital Loans
• Linkage Loans
• Savings backed Loans
Consumer Saving Products: Commercial Savings Products: Sharia Savings Products:
• Consumer Savings • Time Deposit for Institutions • Sharia Demand Deposits
• Deposito BTN Ritel • Commercial Demand Deposits • Sharia Savings
• Individual current account • Sharia Time Deposits
Wealth Management Products Corporate Loan Products:
• Bancassurance • Working Capital Loans
• Mutual Funds - KMK Property
• Primary Market Retail Government - KMK Contractor
Securities - Bridging Loan
• Secondary Market Government - KMK Backed by Savings
Securities (Self-Funding)
• Foreign Exchange • Investment Loan
- Refinancing
• Credit to Ministries/Government
Institutions of the Republic of Indonesia
• Term Loan Facility
• Corporate Line Facility
• Treasury Line Facility
(to Non-Financial Institutions)
SERVICES
CONVENTIONAL BANKING SHARIA BANKING/ SHARIA BUSINESS UNIT*
Electronic Data Capture (EDC) Branchless Banking (balé agen) BSN Safe Deposit Box
balé Korpora balé community BSN Bank Guarantee
Virtual Account Online Onboarding Open Account BSN Operational Development Program
Visa/GPN Debit Card & Online Debt Cash In Cash Out (CICO) BSN Online SPP
Internet Banking CRM Hajj Travel Expense Receipt
balé properti Other Banking Services and Services balé Syariah by BSN
Super App balé by BTN BTN Open API BSN Online Debit
SKBDN balé bisnis BSN Payroll
BTN Bank Guarantee balé merchant BSN Cash Management
Electronic channel ATM balé developer BSN Virtual Account
BTN Priority Services
Online Onboarding for Open Account
and BTN Private Services
PLUS by BTN Priority Bancassurance
In connection with the approval of the Separation of the Sharia Business Unit of PT Bank Tabungan Negara (Persero) Tbk through the transfer of rights
and obligations to PT Bank Syariah Nasional, sharia banking products are no longer part of the Company’s products as of December 22, 2025.
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03 Company Profile
Product Variety • KBR Tapera
The facility is intended for Participants who do
Conventional Banking not yet have a house and will build a house on
a mature land plot. The target group for the
Consumer Banking BTN Tapera KBR product is Tapera participants
(Civil Servants) with maximum income levels
CONSUMER LOAN PRODUCTS determined for each respective region, with
1. Housing Loans beneficiary features including a 5% interest
a. Subsidized Home Ownership Credit (KPR) rate, a maximum loan term of up to 8 years in
Home Ownership Program in collaboration with 2025, while the general provision allows up to
the Ministry of Public Works and Public Housing 20 years, and a 0% down payment.
(Kemen PKP) and the Public Housing Savings
Management Agency (BP Tapera) which is • KRR Tapera
aimed at Low-Income Communities (MBR) with The facility is intended for Participants who
attractive interest rates and low installments in will make their first Home Improvement, the
the form of Landed Houses and General Flats. target group for the BTN Tapera KRR product
• KPR BTN Sejahtera is Tapera participants (Civil Servants) with
Housing Financing Liquidity Facility (FLPP) maximum income levels determined for each
support from the Government in the form of respective region, with beneficiary features
Landed Public Housing or Public Flats Units including a 5% interest rate, a maximum
intended for MBR with formal or informal jobs loan term of up to 8 years in 2025, while the
with certain income limits in accordance with general provision allows up to 10 years, and a
laws and regulations. 0% down payment.
The facilities/benefits obtained by applicants b. Non-Subsidized KPR
are an interest rate of 5% per year, a maximum Home Ownership Loan for middle to upper
subsidy period of 20 years and a maximum segment customers. Non-subsidized KPR
loan period of 20 years and a down payment services consist of KPR BTN PLATINUM, KPA BTN
assistance subsidy feature for applicants. PLATINUM and KP Ruko products.
• KPR BTN PLATINUM
Loan to Value for BTN Sejahtera FLPP The BTN PLATINUM Mortgage (KPR) is a non-
mortgage products is the maximum selling subsidized (commercial) mortgage facility
price according to each region minus the provided by the Bank to debtors for the
applicant’s personal down payment and purchase of land and houses. This mortgage
minus the down payment assistance subsidy facility from BTN is intended for the purchase
from the government. of houses from developers or non-developers,
whether ready stock or under construction
• KPR Tapera (indent), for new or second-hand homes, as
Loan facilities from banks for MBR who are well as for loan takeovers from other banks.
Tapera participants which are intended for
Ownership of Public Landed Houses or Public • KPA BTN PLATINUM
Flats with Tapera Financing support. The BTN Apartment Ownership Credit (KPA BTN)
target group for the BTN Tapera KPR product for purchasing apartment from developer or
is Tapera participants (Civil Servants) with non-developer, either for new or secondhand
maximum income levels determined for each apartment, ready stock apartment,
respective region, with beneficiary features apartment in construction (indent), or loan
including a 5% interest rate, a maximum takeover from another bank.
loan term of up to 8 years in 2025, while the
general provision allows up to 30 years, and a • KP Ruko
0% down payment. Shop-House Ownership Loans (KP Ruko)
are loan facilities provided by the Bank to
individuals for the purchase of commercial
residential properties, including shop-houses,
office-houses, and kiosks, for ownership
purposes.
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PT Bank Tabungan Negara (Persero) Tbk
c. Other Housing Loans e. Kredit Ringan BTN Ultimate
• Kredit Agunan Rumah (KAR): A loan facility Kredit Ringan BTN Ultimate is a pre-approved
for various consumer needs using house/ loan offered under a new credit scheme as
apartment/ shophouse/office house as an additional facility (resulting in two loan
collateral. facilities), with predetermined limits and tenors,
• Kredit Bangun Rumah BTN Loans facility for independent of the main facility.
those who want to build a house on their own f. Kredit Sejahtera Pegawai
land. Loan facilities provided specifically to employees
• BPJS Employment Additional Service Benefits: for home or apartment ownership or to meet
Housing down payment loan as a other needs, subject to certain requirements,
down payment loan facility for BPJS aimed at motivating employees and improving
Ketenagakerjaan participants who apply their welfare, thereby supporting performance
for Bank BTN mortgage. improvement.
House Renovation Loan as a loan
facility for House renovation for BPJS CONSUMER SAVINGS PRODUCTS
Ketenagakerjaan participants. 1. Consumer Savings
• Batara Savings
2. Non-Housing Loans Transactional savings that provide easy and
a. Kredit Ringan BTN comfortable banking transactions for family
Consumer loans for individual customers, finances through the BTN channel.
specifically intended for permanent employees • Business Savings
whose payroll is managed through the Bank Business Savings provides features and services
or through collective arrangements with that facilitate various business needs with
government institutions/state agencies, civil complete support for larger businesses.
servants, TNI/Polri, SOEs/ROEs, subsidiaries • Investa Savings
of SOEs/ROEs, limited liability companies, Superior investment savings for various needs
foundations, pension funds, or cooperatives, with with flexible withdrawals and deposits.
repayment sourced from fixed income (salary) • e’BataraPos Savings
through collective cooperation and subject to Savings in collaboration with PT Pos Indonesia
the Bank’s requirements. (Persero) to provide convenience in banking
b. Kredit Ringan BTN Pra Pensiun transactions through Post Office Counters
Kredit Ringan BTN Pra Pensiun is a consumer throughout Indonesia.
loan for civil servants and National Army/ • Champion Savings
Police personnel approaching retirement, with Savings for financial education and transactions
repayment sourced from fixed income (salary) according to the needs of the young generation
and pension benefits, whether or not such salary for ages 12-23 years.
and benefits are disbursed through the Bank, for • Student Savings Account (SimPel)
consumer purposes. The loan tenor may extend Savings for students with easy and simple
beyond the debtor’s retirement period. requirements and attractive features, in the
c. Kredit Ringan BTN Pensiunan context of financial education and inclusion to
Kredit Ringan BTN Pensiunan is a consumer loan encourage a culture of saving from an early age.
for retired civil servants, retired National Army/ • TabunganKu
Police personnel, retired SOE employees, and Savings without administration fees for individual
their widows/widowers, with repayment sourced customers initiated by the regulator as an effort
from monthly pension benefits. to foster a culture of saving in society.
d. Kredit BTN Swadana • BTN Housing Savings
Kredit Swadana is a loan provided to customers A savings account aimed at those looking to
secured by the partial or full placement of funds purchase their first home.
in BTN Deposits, BTN Batara Savings, or BTN Prima
Savings held with the Bank.
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03 Company Profile
• Cermat Savings WEALTH MANAGEMENT PRODUCTS
A card-based savings account that provides a. Bancassurance
easy access for low-income and underbanked In offering bancassurance products, BTN collaborates
individuals through partnerships with bank with 3 (three) insurance partners, namely IFG
agencies. Life (branch channels), MSIG Life (telemarketing
• Siap! Savings channels), and Binagriya Upakara.
A term savings account with free insurance • Traditional Life Insurance
benefits, where customers regularly make Insurance products that provide certainty of core
mandatory monthly deposits to prepare funds benefits in the form of Life Sum Assured (UP)
for any future plans. and/or medical expense reimbursement due to
• SiMuda RumahKu Savings illness, including access to healthcare services.
A term savings account aimed at students BTN collaborates with IFG Life and MSIG Life to
and young people aged 18-30 as a means of offer traditional life insurance products, available
educating them about home ownership planning through BTN Branch Office networks and via
from an early age. telemarketing.
• BTN Felas Savings • Unit Link Life Insurance(PAYDI)
A savings account used for saving, transacting, Unit-Linked Insurance products offer benefits
and investing in foreign currencies. It is available in the form of a sum assured in the event of a
in USD, SGD, AUD, JPY, CNY, EUR, and GBP. risk and a cash value benefit derived from the
• BTN HKBP Savings invested portion of the premium. BTN collaborates
BTN’s transactional savings are designed with its insurance partner, IFG Life, to offer the Life
specifically for HKBP congregation, management, Protection Platinum (Regular Premium Unit Link)
and priests to ease financial management and product.
support spiritual service and church activity • General Insurance
General Insurance Products provide protection
2. BTN Individual Deposits against the risk of financial losses that are
BTN Individual Deposits provide the convenience of material (assets) or non-life. BTN collaborates
term investment in IDR or foreign currencies (USD, with Mitra Asuransi Binagriya Upakara which can
SGD) with competitive interest rates and a deposit be obtained at the BTN Branch Office network.
and withdrawal system at certain times. With
opening through Offline Branch Offices and Online b. Mutual Funds
through BTN Mobile (eDeposito). The Bank as a Mutual Fund Selling Agent (APERD)
cooperates with 10 (ten) Investment Manager
3. BTN Individual Current Account Partners in offering mutual fund products, both
• Individual Current Account openended mutual funds and protected mutual
Types of deposits denominated in Rupiah and funds. The Investment Manager Partners who
foreign currencies held by banks opened by cooperate with the Bank are as follows:
individuals whose withdrawals can be made 1. PT Bahana TCW Investment Management
at any time using checks, giro slips and other 2. PT Trimegah Asset Management
withdrawal media. 3. PT Manulife Aset Manajemen Indonesia
• Joint Current Account 4. PT Schroder Investment Management Indonesia
Accounts owned by more than one individual 5. PT Danareksa Investment Management
account holder. 6. PT Batavia Prosperindo Aset Manajemen
7. PT Insight Investments Management
8. PT Mandiri Manajemen Investasi
9. PT Sucorinvest Asset Management
10. PT Syailendra Capital
• Money Market Mutual Funds
This type of mutual fund invests 100 percent of its
managed funds in money market products such as
deposits and securities with maturities of less than 1
year. This Mutual Fund is suitable for novice Investors
with a conservative risk profile. Money Market Mutual
Fund Products include:
- Bahana Mutual Fund Liquid Fund
- TRIM Cash 2 Mutual Fund
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PT Bank Tabungan Negara (Persero) Tbk
- BRI Seruni Money Market II Mutual Fund Class A - Schroder Mutual Fund 90 Plus Equity Fund
- Mandiri Investa Money Market Mutual Fund Class - Schroder Mutual Fund Dana Prestasi
A - Schroder Mutual Fund Dana Prestasi Plus
- Sucorinvest Money Market Fund Mutual Fund - Batavia Mutual Fund Equity Fund
- Mandiri Money Market USD Mutual Fund - Batavia Mutual Fund Global ESG Sharia Equity
- Batavia Mutual Fund Cash Maksima - Batavia Mutual Fund Equity ESG Impact t
• Fixed Income Mutual Funds - Batavia Technology Sharia Equity USD
It is a type of mutual fund that invests at least 80% of - Sucorinvest Mutual Fund Equity Fund
its assets in the form of debt securities or bonds. The - Mandiri Mutual Fund FTSE Indonesia ESG - Class A
goal is to generate a stable rate of return. The risk is - Syailendra Mutual Fund MSCI Indonesia Value
relatively greater than money market mutual funds. Index
Fixed Income Mutual Fund Products include: - Syailendra Equity Opportunity Fund Class A
- Manulife Mutual Fund Monthly Income II
- Manulife Mutual Fund USD Fixed Income Class A • Protected Mutual Funds
- TRIM Mutual Fund Fixed Fund 2 Class A Protected Mutual Funds, also known as Capital
- Trimegah Mutual Fund Fixed Income Plan Protected Fund (CPF), are a type of mutual fund
- Batavia Mutual Fund Ultima Bond Fund that provides protection for the initial investment
- Mandiri Mutual Fund Investa Dana Utama Class A value, if the unit holder holds the mutual fund until
- Bahana Mutual Fund Fixed Income Makara Prima the maturity date through an investment portfolio
Class G management mechanism. Periodically protected
- Bahana Mutual Fund Fixed Income Generasi mutual funds also share investment returns in the
Gemilang Sharia Class G form of dividends.
- Syailendra Mutual Fund Fixed Income Premium
Class A c. Retail Government Securities
- Sucorinvest Mutual Fund Monthly Income Fund Retail Government Securities (SBN Retail) are
Class A investment instruments in the form of government
bonds issued by the government of the Republic
• Mixed mutual funds of Indonesia intended for individual investors of
It is a type of mutual fund that allocates investment Indonesian citizenship in the primary market. The
funds in a varied portfolio. The investment instrument government, in this case as the issuer, guarantees
can be in the form of stocks or combined with bonds. the return of the principal amount at maturity plus a
The goal is price and revenue growth. The risk of coupon which will be paid periodically (According to
mixed mutual funds is moderate with the potential Law No. 24 of 2002 concerning Government Bonds).
for a relatively higher rate of return compared to Bank BTN is one of the Government’s distribution
fixed income funds. Mixed Mutual Fund products partners in the distribution of Retail SBN.
include: • Obligasi Negara Ritel Indonesia (ORI)
- Schroder Mutual Funds Combined Fund It is one of the Retail SBN instruments intended
- Manulife Mutual Funds Mixed Fund II for individual investors of Indonesian Citizens in
- TRIM Mutual Funds Combined 2 the primary market. ORI has the characteristics of
- Batavia Mutual Funds USD Balanced Asia being tradable in the secondary market between
domestic investors and the coupon rate is fixed
• Equity Mutual Funds (fixed coupon).
It is a type of mutual fund that invests at least 80% of • Saving Bond Ritel (SBR)
its assets in the form of equity securities. The goal is It is one of the Retail SBN instruments intended
to grow the share or unit price in the long run. The risk for individual investors of Indonesian Citizens in
is relatively higher than money market mutual funds the primary market. SBR has the characteristics
and fixed income mutual funds, but they have the of providing a floating coupon rate with a floor
potential for the highest rate of return. Equity Mutual (floating with floor) and has an early redemption
Fund Products include: facility for investors. However, SBR cannot be
- Bahana Mutual Fund Equity Fund Prima traded (nontradable) in the secondary market.
- TRIM Mutual Fund Kapital Plus
- Manulife Mutual Fund Equity Fund Class A
- Manulife Sharia Mutual Fund Sectoral Amanah
Class A
- Manulife Mutual Fund Equity Sharia Asia Pacific
Dollar US
- BRI Mawar Konsumer 10 Class A
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03 Company Profile
• Sukuk Ritel (SR) • Fixed Rate USD (INDON)
It is one of the retail SBSN instruments issued A series of Government Securities (SUN) or
based on sharia principles and is intended for Bonds issued by the Government denominated
individual investors who are Indonesian citizens. in USD and sold on the Secondary Market within
SR has characteristics that can be traded a certain period (according to the tenor of the
(tradable) in the secondary market between Bonds) with a fixed coupon. The government
domestic investors and has a fixed rate of return in this case will pay coupons regularly every
(fixed coupon). 6 months (semester). INDON is intended for
• Sukuk Tabungan (ST) institutional and retail investors, both domestic
It is one of the retail SBSN instruments issued and foreign.
based on sharia principles and is intended for • Fixed Rate USD (INDOIS)
individual investors who are Indonesian citizens. A series of Government Securities (SUN) sharia
ST has the characteristics of providing floating based by the Government denominated in USD
coupon rates with a floating floor and having and sold on the Secondary Market within a certain
early redemption facilities for investors. However, period (according to the tenor of the Bonds)
ST cannot be traded (nontradable) in the with a fixed coupon. The government in this
secondary market. case will pay coupons regularly every 6 months
(semester). INDOIS is intended for institutional
d. Secondary Market Government Securities and retail investors, both domestic and foreign.
Government Securities (SUN) issued by the
Government are sold on the Secondary Market and e. Foreign Exchange
offer flexibility for investors, namely being able to Foreign exchange is a currency conversion service
carry out buying and selling activities at any time using current exchange rates with trading coverage
(there is no offering period). The government, in throughout the world. Bank BTN forex services are
this case as the issuer, guarantees the return of the available in USD, JPY, GBP, AUD, HKD, SGD, EUR, MYR,
principal amount at maturity plus a coupon which SAR and CNY. The foreign exchange target market is
will be paid periodically (According to Law No. 24 of individual/institutional customers who need foreign
2002 concerning Government Bonds). Secondary exchange in the form of savings, transactional
Market SBN is intended for institutional and retail transfers or payments abroad as well as foreign
investors, both domestic and foreign. exchange trading needs. Foreign exchange services
• Fixed Rate IDR (FR) include Telegraphic Transfer (TT) Overbooking,
A series of Government Securities (SUN) or Bonds Outgoing and Incoming transaction services as well
issued by the Government denominated in as Bank Notes transaction services. Apart from that,
Rupiah and sold on the Secondary Market within structured products are available including SWAP
a certain period (according to the tenor of the Depo, DCI (Dual Currency Investment) Products and
Bonds) with a fixed coupon. The government MLD (Market Linked Deposit) Products to increase
in this case will pay coupons regularly every 6 investment options for Bank BTN customers.
months (semester). FR is intended for institutional
and retail investors, both domestic and foreign.
• Project Based SUKUK IDR (PBS)
One of a series of Sharia Government Securities
(SUN) or Sharia Bonds issued by the Government
in Rupiah denominations and sold on the
Secondary Market within a certain period of
time (according to the tenor of the Bond) with
a fixed coupon. In this case, the government will
pay coupons periodically every 6 (six) months
(semester). PBS is intended for institutional and
retail investors, both domestic and foreign.
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Commercial Banking • Contractor Working Capital Loan
1. COMMERCIAL LOAN PRODUCTS (KMK Kontraktor)
1) Housing Loans Loans provided to contractors for working
• Property Working Capital Credit capital to complete projects based on a Work
(KMK Property) Contract or Work Order (SPK).
Working capital loans provided by the Bank to • KMK Secured by Savings
developers for land acquisition and financing (Institutional Self-Funding)
the entire project cost of horizontal or landed Loans provided by the Bank to customers
housing developments within a residential secured by the partial or full placement of
area. institutional funds in the form of Deposit/
• BTN Land Ownership Loan (KPL) Current Account/Institutional Savings
BTN Land Ownership Loan is a credit facility invested in the Bank.
provided by the Bank to legal business • Bridging Loan
entities for land acquisition intended for A short-term credit facility designed to
the development of simple houses, with bridge the gap between outgoing funds and
construction financed under BTN Construction incoming funds that are already confirmed
Loans (KYG). for a specified period, enabling the debtor
• Housing Program Loan (KPP) BTN to obtain immediate disbursement to meet
The Housing Program Loan (KPP) is a financing funding needs.
facility provided to support the sustainable • BTN Micro, Small and Medium Enterprises
development of the housing sector through (MSME) Loan
strengthening both the housing supply and Working capital and/or investment financing
demand sides. This program is intended loan for customers who have productive
for business actors within the housing businesses with MSME criteria.
ecosystem, including developers and MSMEs, • Micro and Small Business Funding Program
to accelerate the provision of adequate (PUMK)
housing and enhance inclusive economic PUMK is a working capital financing loan
activities. program that aims to improve the capabilities
of new micro and small businesses to become
2) Non Housing Loans resilient and independent.
Bank BTN NonHousing Loans consist of MSME • BTN Micro Business Loan (KUR)
Loan Products, other Commercial Loans, Linkage Working capital and/or investment loan
Programs and Corporate Loans. MSME loans provided to debtors engaged in business
include KUR BTN, KUMKM BTN and the Micro and sectors that according to their scale have
Small Business Funding Program (PUMK). Other the status of MSMEs in productive and
Commercial Loans include Investment Loans, feasible business sectors but do not yet
KMK and Contractor KMK. The Linkage Program have additional collateral or the additional
includes loans to Rural Loan Banks and Savings collateral is not sufficient.
and Loans Cooperatives. Meanwhile, Corporate • BTN Linkage Loan
Loans include Invesment Loans, Investments, BTN Linkage Loan is a loan facility provided
Working Capital, Working Capital for Contractors by the Bank to legal entities, namely People’s
and Syndicates. Loan Banks (BPR) and Cooperatives to be
• BTN Investment Loan loaned to the Small and Micro Business sector
A loan facility provided by the Bank to (productive) and the consumer sector.
legal and non-legal business entities
for investment financing, including new 2. COMMERCIAL SAVING PRODUCT
investments, expansion, modernization, or a. BTN Institution Current Account
rehabilitation. Types of deposits in Rupiah and Foreign Currency
• Working Capital Loan held by Banks in which withdrawals can be made
Working capital loan provided by the Bank to at any time by using Checks, Bilyet Giro, Payment
finance working capital in productive sectors Orders, transfers and other withdrawal media.
such as services, industry, trade, or activities
related to the procurement of goods and
production processes until the goods are
sold.
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03 Company Profile
Institutional Current Account customers consist well as vertical or high-rise buildings (flats,
of: apartments, condotels, office buildings, and
• Government agencies/state institutions and others), including their supporting facilities and
social organizations that are not companies. infrastructure, subject to the Bank’s feasibility
• All legal entities regulated in the Commercial assessment.
Code or other laws and regulations. • • BTN Contractor Working Capital Loan
• Limited Liability Company (PT), Foreign (KMK BTN Contractor)
Investment Limited Company (PTPMA), BTN Contractor Working Capital Credit is credit
Firma (Fa), CV, Foundations, Institutions with provided by the Bank to the Contractor which
Foreign Legal Entities, Political Parties, Special is used as working capital in completing work
Campaign Fund Accounts (RKDK), Ormas/ based on a Work Contract.
Non-Governmental Organizations (NGOs) • Bridging Loan
and others. Bridging Loan is a short-term loan facility to
b. Institutional Time Deposits bridge the gap between outgoing funds and
• Institutional Deposits new funds that are certain to come in within
Deposits of Third Party Funds to Banks in a specified period so that debtors can get
Rupiah and Foreign Currency which can only immediate disbursement of funds to meet their
be withdrawn at a certain time according needs.
to the agreement between the customer • KMK Secured by Savings
and the bank concerned. Institutional Time (Institutional Self- Funding)
Deposits can be issued with terms of 1, 2, 3, 4, Loan provided by the Bank to customers with
6, 12 and 24 months. collateral in the form of holding part or all of the
• Institutional On Call Deposits Deposit/Current Account/Institutional Savings
Deposits of Third Party Funds to Banks in funds invested in the Bank.
Rupiah and Foreign Currency which can only • BTN Investment Loan
be withdrawn at a certain time according BTN Investment Loan is a loan facility provided by
to the agreement between the customer the Bank to legal entities and non-legal entities,
and the bank concerned. The period for in the context of investment financing, whether
placement of Institutional On Call Deposits new investments, expansion, modernization or
is a minimum of 1 day and a maximum of 35 rehabilitation.
days or according to customer needs. • Refinancing
Refinancing is the provision of investment
3. CORPORATE LOAN PRODUCTS loans to refinance the productive assets of the
Corporate loans are loans given to Debtors in Debtor/ Prospective Debtor which are already in
the form of legal entities (Companies) to meet progress and are first financed from the Debtor/
working capital needs and/or investment needs Prospective Debtor’s own costs or financing from
as stipulated in the Company’s Business Plan. the Bank which has been repaid.
Corporate Loan Schemes can be given in the form • Loan to Ministries/Government Agencies
of bilateral, syndicated, club deal, single borrower, of the Republic of Indonesia
and coborrower/ joint-borrower. Corporate Loan Loan to the Ministry/Government Institution
products can be given in the form of: of the Republic of Indonesia is a type of loan
• BTN Working Capital Loan (KMK) provided by the Bank to debtors of the Ministry
BTN Working Capital Loan is a Working Capital and Government Institution of the Republic of
Loan redit provided by the Bank to legal entities Indonesia, which must be repaid with certain
and non-legal entities to finance the company’s requirements, in accordance with the loan period.
working capital needs. The provision of loan to the Ministry/Government
• BTN Property Working Capital Loan Institution of the Republic of Indonesia is carried
(KMK Properti BTN) out to facilitate the need for the provision of
Working capital loans provided by the Bank Government funds through Domestic Loans
to developers, in the form of legal or non-legal (PDN).
business entities, to finance the construction of
horizontal buildings (residential houses, shop-
houses, office-houses, kiosks, and others) as
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PT Bank Tabungan Negara (Persero) Tbk
• Term Loan Facility c. BSN Home Refinancing
Term Loan Facility is a non-revolving loan This financing is intended for individual customers
facility for medium-term or long-term financing who meet the Bank’s requirements for refinancing
of Capital Expenditure and/or Operational houses, shophouses, apartments, and/or land,
Expenditure whose repayment can be paid in as well as other types of property. The bank and
installments according to the debtor’s financial customer provide mutually agreed-upon capital,
ability. with ownership (equity shares) transferred from
• Corporate Line Facility the bank to the customer using a Musyarakah
Corporate Line Facility is a form of approval for Mutanaqisah contract.
the provision of funds in a certain maximum d. BSN Home Construction Financing
limit to borrowers within a certain period of time Financing for individual applicants using
based on the results of the Bank’s analysis and a murabahah contract, intended for the
evaluation. construction and/or renovation of houses,
• Treasury Line Facility (to Non-Financial Institutions) shop-houses, or other buildings categorized as
Treasury Line Facility is a facility provided by residential properties on land already owned
Banks to Non-Financial Institutions to cover by the applicant, whether for personal use or for
Foreign Exchange Line transactions, Fixed Income rental purposes.
Lines and other types of facilities commonly e. BSN Motor Vehicle Financing
carried out by Banks. Financing for individual customers using a
murabahah contract for the ownership of motor
Sharia Banking/Sharia Business Unit* vehicles for personal use.
f. BSN Gold Pawn Financing
* Regarding the approval of the Separation of the Sharia Business of Financing provided to customers to meet
PT Bank Tabungan Negara (Persero) Tbk by means of the transfer funding needs, based on qardh (cash loan), rahn
of rights and obligations to Bank Syariah Nasional, sharia banking (pledge), and ijarah (lease) contracts, granted by
products were not part of the Company anymore as of December the Bank to customers based on an agreement
22, 2025. and accompanied by a pawn certificate.
g. BSN Multipurpose Financing
Sharia Financing Products Consumer financing for individuals using
murabahah and kafalah bil ujroh contracts,
Sharia Business Unit financing products are categorized which can be used for the purchase of various
into Consumer Financing and Commercial Financing. useful goods such as electronics, furniture, and
Descriptions related to Sharia Business Financing household appliances, as well as for service
Products are outlined as follows: packages including education, weddings, travel,
umrah/hajj plus, healthcare, and other services,
1. Consumer Financing in compliance with applicable regulations.
a. BSN Subsidized Home Ownership Financing h. BSN Gold Installment Financing
Subsidized Home Ownership Financing provided Financing for individual customers using a
by Banks to customer through the Housing murabahah contract for the purchase of gold
Financing Liquidity Facility Scheme (FLPP) bullion with fixed installments over the financing
provided by the government based on Sharia period.
principles. i. BSN Employee Multipurpose Financing
b. BSN Home Ownership Financing Consumer financing facilities provided to BSN
Financing for individual customers who meet the employees for joint asset ownership in the
Bank’s requirements for the purchase of houses, purchase of property assets not yet owned by
shophouses, office buildings, apartments and/ the customer or for refinancing property already
or land and other types of property to be owned, owned. The Bank and the customer contribute
occupied, or used by themselves with a choice capital and share risks as agreed, with the
of murabahah contracts, istishna contracts, or gradual transfer of the Bank’s equity share to the
Musyarakah Mutanaqisah (MMQ) contracts. customer until full ownership is achieved, using a
musyarakah mutanaqisah contract.
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03 Company Profile
2. Commercial Financing e. BSN IMBT
a. BSN Yasa Griya Provision of funds to transfer the right to use
A financing facility provided to meet customer or benefit from an item based on a lease
funding needs based on a partnership contract transaction with the option to transfer ownership
between the Bank and the customer to undertake of the item after the lease term ends, either by
a specific joint business (syirkah), where the sale or donation, whichever is agreed upon.
customer carries out productive activities in f. BSN Syndication
the form of housing project development. The Financing provided in the form of syndication
financing is implemented in accordance with and/or club deals and/or co-financing by more
Sharia principles, with the customer obligated to than one or a group of Bank Financial Institutions
repay the funds received, along with the Bank’s (LKB) and/or Non-Bank Financial Institutions
agreed return, according to the stipulated tenor (LKBB) to a single customer whose financing
and repayment schedule. amount is too large to be provided by a single
b. BSN Land Ownership Financing LKB/LKBB.
A financing facility provided by the Bank to legal g. BSN Contractor Working Capital
business entities for land acquisition and/or A financing facility to meet the customer’s
land development for the construction of simple funding needs based on a collaboration
houses, where the construction is financed between the Bank and the customer to carry
using BTN iB construction financing facilities. out a specific collaborative venture to complete
The financing is conducted in accordance with work according to a contract obtained by the
Sharia principles, with the customer obligated to customer from a third party. This agreement is
repay the funds received, along with the Bank’s implemented based on Sharia principles and
profit-sharing, in accordance with the agreed requires the customer to return the funds received
tenor and repayment schedule. and compensation to the bank according to the
c. BSN Working Capital Financing agreed repayment period and schedule.
Financing facility to meet the customer’s funding h. BSN Linkage
needs based on a cooperation agreement A financing facility to meet the customer’s
between the Bank to run a certain cooperation funding needs based on a collaboration between
business (shirkah) together with the customer the Bank and the customer, specifically to be
who runs a productive business other than redistributed by the customer to members (end
housing project development business and users) for financing micro and small businesses
is carried out with an agreement based on (productive) and/or the consumer sector. The
Sharia principles and with the obligation for the agreement is implemented with a Sharia-
customer to return the funds received along with compliant contract and requires the customer
compensation for the Bank according to the to return the funds received, along with a return
agreed repayment period and schedule. to the bank, according to the agreed repayment
d. BSN Investment period and schedule.
Financing facilities to meet the customer’s
funding needs based on a cooperation
agreement between the Bank to run a certain
cooperative business together with the
Customer who runs a productive business, for
the purchase/procurement of capital goods
and services needed for business/investment
activities and carried out with a contract based
on Sharia principles as well as the obligation
for the Customer to return the funds received
along with the compensation for the Bank (profit
sharing or margin) according to the agreed time
period and return schedule.
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PT Bank Tabungan Negara (Persero) Tbk
Sharia Savings Products g. BSN Gold Savings
Savings product with “Mudharabah” contract
1. Sharia Demand Deposits that makes it easy for customers to invest by
a. BSN Berkah Wadiah Current Account buying gold and get profitable profit sharing.
Savings products based on the wadiah (deposit) 3. Sharia Time Deposits
principle, for the purpose of customer financial a. BSN Berkah Time Deposits
operational needs by providing profitable A time-based secure, comfortable and reliable
bonuses to customers for their savings in order savings facility under Mudharabah Mutlaqah
to facilitate business activities. and Mudharabah Muqayyadah (investment)
b. BSN Berkah Mudharabah Current Account contract. This product is available for individuals
Savings products with the principles of and agencies.
mudharabah mutlaqah and mudharabah b. BSN Berkah On Call Time Deposit
muqayyadah (investment), are intended for A secure and reliable savings facility in
investment purposes. Customers will receive shorter tenure under mudharabah mutlaqah
profitable profit sharing to facilitate business (investment) contract. This product is available
activities. for individuals and agencies.
2. Sharia Savings
a. BSN Berkah Wadiah Savings Services and Others
savings product with a wadi’ah (deposit)
contract, used for daily banking transactions, Conventional Banking
providing various benefits that are profitable for
customers and imposing administration fees Consumer Card
that do not reduce the principal of savings. a. Suka-suka BTN Card
b. BSN Berkah Mudharabah Savings Debit card with customizable design according to
A fund savings product under Mudharabah its holder’s request. The card can be used in EDC
Mutlaqah and Mudharabah Muqayyadah transactions and online transactions with online
(investment) principle for investment where merchants worldwide.
customers receive profitable and competitive b. BTN Visa Contactless Debit Card
returns and whose administration fee does not A debit card that can make transactions using
reduce the principal. contactless technology that allows customers to
c. BSN Hajj and Umrah Savings make transactions by simply placing the card near
A savings product to realize the dream for hajj the EDC Contactless machine without having to use
and umrah pilgrimage under Mudharabah a PIN.
(investment) contract with profitable and c. Blink BTN Card
competitive returns. E-money based BTN card applicable for transactions
d. BSN TabunganKu Savings at thousands of e-money acceptances, such as: Toll
A savings product under Wadiah (entrust) Roads, Transjakarta BRT, KRL Commuter Line, Parking
contract which offers attractive bonus. This Lots and others.
product is a collaboration with other Indonesian
banks to foster a saving culture and enhance Customer Service Segmentation
people’s welfare.
e. BSN Qurban Savings 1. Wealth Management
A savings product for celebrating the Feast BTN Wealth Management is a business unit that
of Sacrifice ceremony under Mudharabah provides financial services to the affluent customer
Mutlaqah (profit sharing) contract with profitable segment, including BTN Prioritas, BTN Private, and
and competitive returns. PLUS by BTN Prioritas.
f. BSN Student Savings a. BTN Priority Service
Tabungan Rupiah for students issued by BTN Priority is an exclusive service for customers
BSN and Banks in Indonesia with easy and with Asset Under Management (AUM) starting
simple requirements and attractive features from IDR500 million, carrying Unique Value
for education and financial inclusion aims to Proposition (UVP): “Defining Your Priority”.
introduce a culture of saving from an early ag.
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03 Company Profile
This service provides relevant, sustainable, and • Banking Privilege
long-term financial solutions through: Safe Deposit Box, Free Mobile Banking
• Product Solution Transaction Fees, Tax Consultation, Overseas
Individual Savings, Individual Time Deposits, Education Consultation, and Meeting Room
Individual Current Accounts, Government Reservations.
Securities, Mutual Funds, Bancassurance • Concierge Service
Products, and Foreign Exchange Services. Airport Lounge Access, Airport Handling,
• Service Privilege: Domestic and International Airport Transfers,
Dedicated Priority Banking Manager, and Medical Check-Ups.
e-Consolidated Statement, e-channel • Membership Coupons
services, concierge services, airport lounge For customers who regularly enjoy sports
access and handling, education and tax activities such as golf, as well as selected
consultation, loyalty rewards through PLUS hotel and restaurant memberships.
by BTN Prioritas, and overseas education • Hadiah Hari Istimewa
consultation. A variety of gift options to celebrate special
• Product Privilege: occasions, including Gadgets and Electronics,
BTN Prioritas Visa Platinum Debit Card, Safe Gadget Accessories, Headphones and Audio
Deposit Box (SDB), BTN Mobile, Special Fund Devices, Watches, Home Electronics, Data
Placement Programs, Priority Mortgage, and Packages, E-Vouchers, Household Items,
Member Get Member programs. Games and Hobby Products, Health and
b. BTN Private Service Beauty Items, Hampers and Cakes.
BTN Private is designed for High Net Worth
Individuals (HNWI) and Ultra High Net Worth 2. BTN Prospera
Individuals (UHNWI) with a minimum of AUM of BTN Prospera is a solution specially designed by BTN
IDR15 billion, carrying the Unique Value Proposition for the Emerging Affluent (EA) segment in Indonesia.
(UVP): “Elevate Your Legacy”. Launched in the Aligned with BTN’s mission to support financial
fourth quarter of 2025, this service focuses on: growth and lifestyle aspirations, BTN Prospera comes
• Personalized and exclusive financial solutions. with the brand promise “Unlocking Your Potential”,
• Dedicated professional advisory relationship offering innovative products, lifestyle benefits, and
managers. exclusive banking solutions tailored to customers’
• Product and service offerings based on needs and dreams.
legacy planning and value creation.
c. PLUS by BTN Prioritas BTN Prospera is designed for three key personas:
PLUS by BTN Prioritas is a web-based loyalty 1. The Dream Chaser: Entrepreneurs and
platform with a membership model, available professionals focused on business growth and
at www.definingyourpriority.com. Membership wealth expansion.
levels are based on FUM (Fund Under 2. The Family Fighter: Customers prioritizing
Management): financial stability and building a legacy for their
• Gold : IDR500 million – < IDR2 billion families.
• Platinum : IDR2 billion – < IDR5 billion 3. The Lifestyle Pursuer: Established individuals
• Titanium : IDR5 billion – < IDR10 billion seeking exclusive lifestyle benefits with a high
• Prime : ≥ IDR10 billion awareness of health and well-being.
Key PLUS Features:
• Special Offers The key offerings and innovations of BTN Prospera
Cashback for Single Investor ID (SID) issuance include:
and fund placements with special benefits. 1. Exclusive Lifestyle Privileges: Complimentary
• Loyalty Reward Options access to various airport lounges in major
As appreciation for loyal customers, a cities across Indonesia, both domestic and
wide variety of rewards are available, international terminals. Birthday or religious
including gadgets and electronics, gadget holiday gifts, as well as annual loyalty rewards
accessories, headphones and audio devices, accessible via balé SuperApp.
watches, home electronics, data packages, 2. Healthy Lifestyle Support Program: Free weekly
e-vouchers, household items, games and group training sessions led by a certified Running
hobby products, health and beauty items, Coach, linked to the prestigious annual marathon
and hampers and cakes. event, BTN Jakarta International Marathon.
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PT Bank Tabungan Negara (Persero) Tbk
3. Business Growth Support Services: Meeting the 7. Electronic Data Capture (EDC)
needs of self-employed customers in growing EDC machines act as mini ATMs, providing payment
their businesses through Business Savings and transaction processing services. Customers
products, Business Internet Banking (IBB) services, can use debit or credit cards by inserting or swiping
business mentoring sessions, and business trips them at EDC machines, which are connected to
to leading local and international companies. the banking network in real-time online, enabling
4. Family-Oriented Services: The Prospera Family seamless transactions between banks.
Program offers benefits for customers’ family
members through various products and features 8. balé merchant
that help families achieve their financial goals balé merchant is a web-based application that
and secure their future. supports financial transactions for BTN merchants.
5. Exclusive Debit Card Promotions: The BTN Its features include a dashboard (daily and monthly
Prospera Debit Card offers higher transaction transaction information), real-time notifications
limits, exclusive merchant promotions, and from the BTN merchant application, transaction
seamless digital access. history, transaction recording, QR code generation,
and menu selection information at checkout.
BTN Prospera continues to lead innovation in retail
banking by combining financial solutions with 9. Branchless Banking (balé agen)
meaningful lifestyle and business benefits. The Banking products and services without offices
program remains a key driver of BTN’s vision to through cooperation with Bank agents and Post
unlock the full potential of customers in the growing Offices acting for and on behalf of the Bank in order
Emerging Affluent segment in Indonesia. to expand the range and ease of banking transaction
services for the community and are supported by
3. ATM information technology network facilities.
Automatic Teller Machine (ATM) services that
can serve cash withdrawals in denominations of 10. Quick Response Code Indonesian Standard (QRIS)
IDR50,000 and IDR100,000 spread throughout the Standardize payments using the QR Code method
Company’s Branch Office areas and premium from Bank Indonesia so that the transaction process
locations such as ATM Galleries in Malls, shopping using QR Codes becomes easier, faster and more
centers, offices, markets and housing estates, secure.
making it easier for customers to make transactions
and supported by a 24-hour online network. 11. Virtual Branch
BTN Virtual Branch brings new conveniences for BTN
4. Cash Recycling Machine (CRM) Bank customers. Customers do not need to linger
ATM machine services that can accept cash at the Bank BTN Outlet to make transactions at the
deposits and cash withdrawals in denominations Teller and Customer Service, just fill in the e-form
of IDR50,000 and IDR100,000 and can serve other online anywhere and from anywhere before making
banking transactions quickly and in real time. transactions at the Bank BTN Outlet.
5. Super App balé by BTN 12. balé community
balé by BTN functions as a one-stop-shop financial balé community is a BTN platform managed by
solution super app that integrates various BTN debtors to facilitate community administrators in
e-channel services into a practical, secure, and managing billing within their communities. It serves
convenient application. With just a smartphone, as a connector between residents and administrators
customers can seamlessly conduct various banking in the process of bill payments, parking, information
transactions in real-time, anytime and anywhere. exchange, as well as complaints or grievance
handling.
6. balé bisnis
A service designed to facilitate BTN Business 13. balé properti
Savings customers in running and growing their balé properti is a BTN platform designed to support
businesses. balé Bisnis provides convenient financial individuals and businesses in achieving their
management and transaction features to support property goals, from searching for a house to owning
business operations efficiently. a home through online mortgage applications, or
developing businesses through productive loans.
Its features include installment simulation, online
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03 Company Profile
mortgage/apartment loan (KPR/KPA) applications, c. Payment Management
24-hour live chat, and other supporting features. Payment Management is a collaboration
balé property is also equipped with a 4D Tour Service between the Bank and the customers to help
technology that enables prospective debtors to customers manage payments and billings, such
obtain a realistic view of the selected property unit. as;
balé property can be accessed via btnproperti.co.id • Edu Payment/SPP Online BTN
and balé by BTN, while the commercial balé property • Edu Payment is a service for educational
platform can be accessed at komersial btnproperti. institutions that facilitates the online realtime
co.id. collection of tuition fees and other costs
related to education.
14. balé developer • Bill Payment (payment of telephone,
balé developer is available for developers who have electricity, water, gas, and other bills).
partnered with BTN. Through this system, developers - Tax Payments
can access and manage project data, monitor - Payment for Pertamina product
applications, and perform reporting digitally in an purchases
integrated manner. - Payment of BPJS Ketenagakerjaan
- Payment of BPJS Kesehatan
15. BTN Open API - Pension payments (Taspen and ASABRI)
API (Application Programming Interface) serves as - Payment of hospital bills
a connector between one application and another. - Operational Bank I and II
This technology enables partner customers to d. Payroll Service BTN
perform transfers using their own applications, as A service provided for companies/institutions
these applications are connected to BTN’s system for salary payment management and other
through the API. financial needs.
e. balé Poin
16. Services and Other Banking Services balé poin is a customer loyalty program with
In addition to distributing loans and collecting reward points, where customers earn points
third party fund, the Company also provides the every time they conduct certain transactions or
customers with other services to increase fee-based activities, such as saving, investing, or using other
income, such as: Domestic and international money banking services. These accumulated points can
remittance, money changer, safe deposit box, utility be redeemed for various rewards or benefits,
bill payment (telephone, electricity and water), such as discounts, goods, vouchers, or exclusive
internet and TV subscription payment, flight and services.
train ticket booking and cell phone top up. As a total
banking solution provider to agency customers, the Sharia Banking/Sharia Business Unit*
Company also provides the following services:
a. Virtual Account BTN * Regarding the approval of the Separation of the Sharia Business of
A service for Giro BTN Lembaga (Demand PT Bank Tabungan Negara (Persero) Tbk by means of the transfer
Deposit for Agencies) customers in the form of of rights and obligations to Bank Syariah Nasional, sharia banking
virtual account that can be used by customers/ products were not part of the Company anymore as of December
partners of the agency to make billing payment 22, 2025.
using any bank’s card. The agency can monitor
the payments received from its customers online 1. BSN Debit Card
and real-time. A card service facility that provides convenience
b. Transfer Management for customers through ATM services such as cash
Transfer Management is a bank service for withdrawals and transfers, accessible across the
customers to help customers make fund entire BTN ATM network, Link, ATM Bersama, Prima,
transfers online, both Inhouse Transfers (between Visa, and Plus networks, as well as for shopping
accounts), Domestic transfers (LLG/Clearing at Visa-affiliated merchants domestically and
and RTGS), and International Fund Transfers internationally.
(transfers to other banks both within and outside 2. BSN Cash Management System
the country in foreign currency). Transfers can be An internet-based service using a web-browser
made in single currency (the currency code sent application designed to help customers manage
is the same as the currency code received) and their banking activities independently, effectively,
multi-currency (the currency code sent is not the and efficiently.
same as the currency code received).
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PT Bank Tabungan Negara (Persero) Tbk
3. BSN Payroll 7. BSN Bank Guarantee
A service for companies, institutions, or individuals The service provided by the Bank is in the form of a
to manage routine financial payments such as guarantee of payment of a certain amount of money
salaries, holiday bonuses (THR), and other incentives given to the party receiving the guarantee for the
for employees. benefit of a certain transaction/project to be carried
4. Penerimaan Biaya Perjalanan Haji out by the Customer with a “Kafalah” (Guarantee)
A facility that ensures convenience in obtaining a contract.
Hajj departure quota through the online system of 8. BSN Safe Deposit Box
Siskoha. A specially designed box facility with specific sizes
5. BSN SPP Online and equipped with a security system to ensure the
service for universities and schools that provides safety of valuables or important documents stored
a delivery channel to receive tuition and other against risks such as fire, theft, and others. The
educational fees in real-time and online. contract used is Ijarah (lease).
6. BSN Operational Development Program 9. balé Syariah by BSN
A program provided by the Bank to institutional A banking application for BSN customers to facilitate
customers in the form of funds, goods, or other purchase, payment, transfer transactions, and
facilities to support the smooth operation of access to account information via mobile devices.
customers under specific terms agreed upon by 10. BSN Virtual Account
both the Bank and the customer, while adhering A service that simplifies payments by providing a
to the principles of prudence and Good Corporate unique payment identification number.
Governance (GCG). 11. Bancassurance
A collaborative marketing activity between the Bank
and an Insurance Company using Sharia principles
to distribute Sharia insurance products through the
Bank’s distribution network.
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03 Company Profile
OPERATIONAL
AREA
5
8
2
3
6
1
7 4
Office Networks by Region in 2025
1 2 3
West Java Jakarta Jakarta
Office Type
Regional Office Regional Office I Regional Office II
Regional Office 1 1 1
Branch Office 10 11 8
Sub-Branch Office 79 100 90
Functional Office 0 0 1
Sharia Branch Office 5 3 3
Sharia Sub-Branch Office 11 9 6
Sharia Cash Office - - -
Sharia Payment Point - - -
Outlet & Lounge BTN Prioritas 6 11 12
ATM & CRM 336 342 263
124 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Table of Office Network for the last 5 (five) Years
Office Type 2025 2024 2023 2022 2021
Regional Office 8 8 6 6 6
Branch Office 82 82 81 80 79
Sub-Branch Office 548 536 541 537 543
Cash Office - - - - -
Payment Point - - - - -
Functional Office 4 4 3 3 58*
Sub-Branch Equivalent Service Office - - - 2 2
Mobile Cash Office (BTNMove) - - - - 51
Total Conventional Office Network 642 630 631 628 739
Sharia Branch Office 35 35 34 30 29
Sharia Supporting Branch Office 83 75 75 69 61
Sharia Cash Office - - - 5 7
Payment Point Syariah - - - 6 12
Total Sharia Office Network 118 110 109 110 109
*) Looking at the OJK Regulation 12/POJK.03/2021 of July 30, 2021 regarding General Banks, There is simplification of network logging to OJK regulator
which is Bank Office that is located under Branch Office only by Assistant and functional Office, so there is cash Office State Equalization into Cash Office
become Branch Office.
4 5 6 7 8
East Java, Regional Office Central Java
Sumatra Kalimantan
Bali, Nusra of Sulawesi, & DIY Regional
Regional Office Regional Office
Regional Office Maluku, Papua Office
1 1 1 1 1
16 11 11 8 7
79 74 38 56 32
0 1 0 2 0
4 10 3 4 3
14 21 2 16 4
- - - - -
- - - - -
9 9 5 5 5
330 307 167 213 133
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03 Company Profile
ORGANIZATIONAL
STRUCTURE
General Meetings
of Shareholder
President Director
Nixon L. P. Napitupulu
Vice President Director
Oni Febriarto Rahardjo
Corporate Treasury & Information
Consumer Network & Retail Commercial
Banking Director International Technology
Banking Director Funding Director Banking Director
Helmy Afrisa Banking Director Director
Hirwandi Gafar Rully Setiawan Hermita Tan Jacky Chen
Nugroho* Venda Yuniarti
SEVP Digital SEVP Assets
Business Management
Thomas Benjamen
Wahyudi Sihombing
Subsidized Digital Banking Business Treasury IT Strategic Consumer
Sales & Product
Corporate Collection, Recovery
Mortgage Banking Nur Planning
Distribution Development Banking & Asset Sales 1
Umi Bramantyo Khasanah Joko
Wiji Astuti Tresia Sri Astuti Laloria Novelina
Hardinajati Tri Adi Christianto
Sarumpaet Nugroho Pardede
Financial
Mortgage & Retail Institutional Institution & IT
Secured Loan Funding Banking 1 Capital Market Development Consumer
Digital Banking Commercial
Frengky R. Wahyu B. Collection, Recovery
Sri Sales Banking Erwinta Joko
Witjaksono & Asset Sales 2
Soekminiarni Rosadrian Utaminingsih Siswadi Christianto
Perangin- Ricky RS Roganda Sahat
Angin Pattinggi Procurement Mangapul Siahaan
Personal Wholesale IT Operations
& Fixed Asset
Banking Transaction
Institutional Management Ghulam Commercial Asset
Nurkholis Wealth Grenardy
Banking 2 Wahyudi Mahdi Management
Wahyudi Management Arief
Denny Joko Muharram Didi Rusliyadi
Meru
Arumdalu Kriswana Santoso
IT Security
Budi
Regional
Hariyanto
Offices
• Branch
Offices
Asset & Liability IT Steering Risk Management Human Capital Credit Policy Credit Business
Committee Committee Committee Committee Committee Committee Committee
Committee Board SEVP Division Distribution
Line Commando Line Coordination
*Appointed at the Annual GMS on March 26, 2025, subject to the ongoing Fit and Proper Test process.
126 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
In line with the business transformation undertaken by the Company, the Board of Directors has just made adjustments
to the organizational structure to ensure the effective execution of business and operational initiatives. These
adjustments were implemented pursuant to the Board of Commissioners’ Approval letter No. 205/KOM/BTN/XII/2025
regarding the Approval of Directions on Changes to the Head Office Organizational Structure of PT Bank Tabungan Negara
(Persero) Tbk dated December 19, 2025. The following is the Company’s organizational structure as of December 31,
2025.
Board of Commissioner
Audit
Committee
Operations Risk Finance & Human Capital
Director Management Strategy Director & Compliance Remuneration
Director Director & Nomination
I Nyoman Nofry Rony Committee
Sugiri Yasa Setiyo Wibowo Poetra Eko Waluyo
Risk Monitoring
Committee
SEVP
Credit Risk
Henri Ari
Wibawa
Customer Wholesale Corporate Internal
Experience Credit Risk Policy & Procedure Strategy & Human Capital
Audit
Lusiana Anjarsari Planning Strategy
Eko Hapsoro Agus Hendratno
Susilo Sumaryono Erwin Dwi Aldo Bimantoro
Tri Wibowo
Kusuma
Credit Retail Enterprise & ESG Corporate
Operations Credit Risk Risk Management Finance & Human Capital
Secretary
Wilson Arafat Accounting Management
Adee Achmad Ramon
Indriana D Zuchridin Yenny Herlina Rahmayati
Armando
Digital & Operations
Digital Risk Management Marketing
Operations Investor Human Capital
Makhadir Relations & Business Partner Communication
Rahmad Mukhamad Research Farida
Budi Santoso Didik Sudibyo
Eka Savitri Andriani W
Transformation
Central & Partnership Learning
Operations Data Management
Management
Management
Fatoni Erika Ade Surya
& Analytics
Hudhori Lesmana
Indra
Hidayatullah
Compliance &
Governance
Hasta Nugraha
Utomo
Legal
Satrijo Katri
Wilargo
Transformation Intergrated Risk Capital &
ESG Bank Syariah
Steering Management Subsidiary
Committee Nasional
Committee Committee Committee
Members of Committees under the Board of Commissioners as of December 31, 2025 are as follows:
1. Audit Committee: Pietra Machreza Paloh, Ida Nuryanti, 3. Risk Monitoring Committee: Panangian Simanungkalit,
Panangian Simanungkalit, Endang A. Suprijatna, Indra Jaka Suryo Utomo, Dwi Ary Purnomo, Ignace Widiatmoko, Pamuji
Aprilyanta. Gesang Raharjo.
2. Remuneration and Nomination Committee: Ida Nuryanti,
Suryo Utomo, Dwi Ary Purnomo, Fahri Hamzah, Nurhayati The names of Committees under the Board of Directors can be
Saadah, Panangian Simanungkalit, Pietra Machreza Paloh, found in the Corporate Governance Chapter.
Rahmayati.
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03 Company Profile
ASSOCIATION MEMBERSHIP
The importance of association’s role for a company joining this association, the Company is able to share
encourages the Company to actively participate in the issues and policies regarding the banking industry,
membership of organizations or associations, especially including its impact and opportunities for banking in
in Indonesia. The Company joins various associations the short, medium and long term. In 2025, the Company
related to the business line in the banking industry, joined the following associations:
including its status as a state-owned enterprise. By
Association Name Position in association
NATIONAL
Treasurer and Member of the Banking Economics Study
Perhimpunan Bank Nasional (PERBANAS)
Development Division
Deputy Secretary General I and Head of Regional Division
Ikatan Bankir Indonesia (IBI)
and Member of Regional Division
Forum Human Capital Indonesia BUMN Member
Secretary II: Mrs. Venda Yuniarti - Director of Treasury &
Himpunan Bank-Bank Milik Negara (HIMBARA) International Banking, Coordinator for Communication Affairs:
Mr. Rully Setiawan - Director of Network & Retail Funding
Forum Humas BUMN Member
Asosiasi Emiten Indonesia Member
Konsorsium Data Kerugian Eksternal (KDKE) Member
Asosiasi Sistem Pembayaran Indonesia (ASPI) Member
Forum Komunikasi Direktur Kepatuhan Perbankan (FKDKP) Member
Lembaga Alternatif Penyelesaian Sengketa Perbankan
Member
Indonesia (LAPSPI)
Ikatan Auditor Intern Bank Member
Perhimpunan Audit Internal Indonesia Member
Forum Hukum BUMN Member
Asosiasi SWIFT Indonesia (ASWIFTINDO) Member
Forum Komunikasi Direktur Operasional Member
SRIKANDI BUMN Member
Perhimpunan Pedagang Surat Utang Negara (HIMDASUN) Member
Asosiasi Wali Amanat Indonesia Member - Education Committee
Ikatan Komite Audit Indonesia Chairman of the Board of Directors
Organisasi Profesi Pasar Modal Indonesia (Propami) Member
Asosiasi Pasar Uang dan Valuta Asing Indonesia
Member
(APUVINDO)
Association Cambiste Internationale (ACI) - Financial
Member
Markets Association (FMA)
Inisiatif Keuangan Berkelanjutan Indonesia (IKBI) Member
INTERNATIONAL
World Saving Bank Institution (WSBI) Member of theAsia - Pasific Regional Group
The Institute of Internal Auditor (IIA)-lndonesia Chapter Member
United Nations Environment Programme Finance Initiative
Member
(UNEP FI)
Asia Pacific Loan Market Association (APLMA) Member
Asian Venture Philanthropy Network Member
Partnership for Carbon Accounting Financials (PCAF) Member
128 2025 Annual Report
Page 129
PT Bank Tabungan Negara (Persero) Tbk
BOARD OF
DIRECTORS PROFILE
NIXON L. P. NAPITUPULU
President Director
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
56 years old as of December 2025
Period of Office
March 17, 2017 – March 02, 2022, First Period
March 02, 2022 – 2027 GMS, Second Period
BTN Share Ownership
As of December 31, 2025, it owns 5,399,000 shares/0.0384696%
Educational Background • Permanent Member of the BTN Risk Function RKK
Bachelor (S1) in Economics, University of North Sumatra, Medan Committee A
(1994). • Chairman and Concurrent Member of the BTN ESG
Committee
Certification • Chairman and Concurrent Permanent Member of the BTN
• Banking Risk Management Level 7 by BSMR (2024 Alignment). Capital and Subsidiary Committee
• Treasury Dealer Level Advance by LSPP (2023). The term of office in the committees follows the term of office
as President Director.
Employment History
Concurrent Position in Another Public Company
Legal Basis of Appointment
Does not have concurrent positions in other public
Served as Director of the Company for the first time since March companies.
17, 2017 through the decision of the Company’s Annual General
Meeting of Shareholders (AGMS) and declared effective by Work Experience
the Financial Services Authority (FSA) on July 25, 2017. Served
• President Director of BTN (March 2023-present).
as Vice President Director since March 10, 2021 through
the decision of the Company’s Annual General Meeting of • Vice President Director of BTN (March 2021 - March 2023).
Shareholders (AGMS) and declared effective by the Financial • Acting President Director of BTN (December 2020-March 2021).
Services Authority (FSA) on May 19, 2021 and was trusted to • Director of Finance, Planning, and Treasury of BTN (November
serve again for the 2nd term as Vice President Director of the 2019- March 2021).
Company based on the decision of the Company’s Annual • Director of Finance, Treasury, and Strategy of BTN (August
General Meeting of Shareholders (AGMS) on March 2, 2022. 2019 - November 2019).
Then served as President Director of the Company since • Director of Collection and Asset Management concurrently
March 16, 2023 through the Decision of the Company’s Annual as Acting Director of Finance, Treasury, and Strategy
General Meeting of Shareholders (AGMS) with a term of office of BTN (May 2019-August 2019).
continuing the remaining term of office in accordance with
• Director of Collection and Asset Management of BTN
the appointment based on the Decision of the 2021 Financial
(March 2018-May 2019).
Year AGMS dated March 2, 2022 and declared effective by the
• Director of Collection, Asset Management, and Legal of BTN
Financial Services Authority (FSA) on June 7, 2023.
(March 2017- March 2018).
Concurrent Position • President Director of PT Bank Mandiri Taspen Pos
• Chairman and Concurrent Permanent Member of the BTN (May 2015- March 2017).
Asset and Liability Committee • Head of Transition Team of Bank Joint Venture
of PT Bank Mandiri (Persero) Tbk (2015).
• Chairman and Concurrent Permanent Member of the BTN
Information Technology Steering Committee • Head of Priority Project of Bank Joint Venture
of PT Bank Mandiri (Persero) Tbk (2014 - 2015).
• Chairman and Concurrent Permanent Member of the BTN
Human Capital Committee • Group Head of Corporate Secretary Group
of PT Bank Mandiri (Persero) Tbk (2013- 2014).
• Chairman and Concurrent Permanent Member of the A1
Talent Management Sub Committee
• Chairman and Concurrent Permanent Member of the BTN
Credit or Financing Policy Committee
2025 Annual Report 129
Page 130
03 Company Profile
ONI FEBRIARTO RAHARDJO
Vice President Director
Citizenship
Indonesian Citizen
Domicile
South Tangerang, Indonesia
Age
54 years old as of December 2025.
Period of Office
March 24, 2015 – November 27, 2019, First Period
March 16, 2023 – 2028 GMS, as Vice President DIrector: First Period
BTN Share Ownership
As of December 31, 2025, owned 1,149,100 shares/0.0081877%
Educational Background Concurrent Position
• Bachelor (S1) in Chemical Engineering, Diponegoro University, • Permanent Member of the BTN Asset and Liability
Semarang (1994). Committee
• Master (S2) in Management, PPM Management College, • Permanent Member of the BTN Information Technology
Jakarta (1997). Steering Committee
• Permanent Member of the BTN Human Capital Committee
Certification
• Permanent Member of the BTN A1 Talent Management
Banking Risk Management Level 7 by BSMR (2024 Alignment). Sub Committee
Employment History • Permanent Member of the BTN Credit or Financing Policy
Committee
Legal Basis of Appointment • Permanent Member of the BTN Business Function RKK
Served as Director of the Company for the first time since Committee A
March 24, 2015 through the decision of the Company’s • Chairman and Concurrent Permanent Member of the BTN
Annual General Meeting of Shareholders (AGM) and declared Business Committee
effective by the Financial Services Authority (FSA) on May 19, • Permanent Member of the BTN ESG Committee
2015. Subsequently served as Vice President Director of the • Permanent Member of the BTN capital and Subsidiary
Company since March 16, 2023 through the Decision of the Committee
Company’s Annual General Meeting of Shareholders (AGM)
The term of office in the Committee follows the term of office
and declared effective by the Financial Services Authority
as Vice President Director.
(FSA) on June 7, 2023.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public
companies.
Work Experience
• Vice President Director of BTN (March 2023 - present)
• Vice President Director of Perum Perumnas
(May 2020 - March 2023)
• Act. President Director of BTN (August 2019 - November 2019)
• Director of Commercial Banking at BTN (March 2015 - August
2019)
• Head of Small & Micro Lending Division at BTN (March 2013 -
March 2015)
130 2025 Annual Report
Page 131
PT Bank Tabungan Negara (Persero) Tbk
SETIYO WIBOWO
Director of Risk Management
Citizenship
Indonesian Citizen
Domicile
South Tangerang, Indonesia
Age
45 years old as of December2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – GMS 2029, Second Period
BTN Share Ownership
As of December 31, 2025, it has 2,889,100 shares/0.0205858%
Educational Background Concurrent Position
• Bachelor (S1) in Electrical Engineering, Bandung Institute • Permanent Member of the BTN Asset and Liability
of Technology, Bandung (1999). Committee
• Master (S2) MBA in Finance & Banking, KDI School of Public • Permanent Member of the BTN Information Technology
Policy and Management, South Korea (2009). Steering Committee
• Chairman and Concurrent Member of the BTN Risk
Certification Management Committee
Banking Risk Management Level 7 by BSMR (2024 Alignment). • Chairman and Concurrent Member of the BTN Anti-Fraud
Committee
Employment History
• Permanent Member of the BTN Human Capital Committee
Legal Basis of Appointment • Permanent Member of the BTN A1 Talent Management
Sub Committee
Served as Director of the Company for the first time since
November 27, 2019 through the decision of the Extraordinary • Permanent Member of the BTN Credit or Financing Policy
General Meeting of Shareholders (EGMS) of the Company and Committee
declared effective by the Financial Services Authority (FSA) • Permanent Member of the BTN Risk Function RKK
since July 3, 2020. Subsequently, he was honorably dismissed Committee A
and reappointed as Director of Risk Management based • Permanent Member of the BTN Business Committee
on the decision of the Company’s 2024 General Meeting of • Chairman and Concurrent Member of the BTN
Shareholders on March 6, 2024. Transformation Steering Committee
• Permanent Member of the BTN ESG Committee
• Chairman and Concurrent Member of the BTN Integrated
Risk Management Committee
• Permanent Member of the BTN Capital and Subsidiary
Committee
The term of office in the Committee follows the term of office
as Director of Risk Management.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public
companies.
Work Experience
• Director of Risk Management BTN (March 2022 - present).
• Director of Risk Management and Transformation BTN
(2021 - March 2022).
• Director of Enterprise Risk Management, Big Data,
and Analytics BTN (2019 - 2021).
• Group Head Consumer Credit Risk & Analytics
PT Bank Mandiri (Persero) Tbk (2018 - 2019).
• Group Head Credit Portfolio Risk PT Bank Mandiri (Persero)
Tbk (2017 - 2018).
2025 Annual Report 131
Page 132
03 Company Profile
HIRWANDI GAFAR
Director of Consumer Banking
Citizenship
Indonesian Citizen
Domicile
West Jakarta, Indonesia
Age
57 years old as of December 2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – GMS 2029, Second Period
BTN Share Ownership
As of December 31, 2025, it has 2,759,714 shares/0.0196639%
Educational Background Concurrent Position
Bachelor (S1) in Civil Engineering, Bandung Institute • Permanent Member of the BTN Asset and Liability
of Technology, Bandung (1992). Committee
• Permanent Member of the BTN Risk Management
Certification Committee
• Banking Risk Management Level 7 by BSMR (2024 Alignment). • Permanent Member of the BTN Human Capital Committee
• Executive Risk Management Refresher Program ESGRC by LPPI • Permanent Member of the A1 Talent Management
(2024). Sub Committee
• International Risk Management Refreshment & Wealth • Permanent Member of the BTN Credit or Financing Policy
Management Certification Program by MMUGM and IBI Committee
(2022). • Permanent Member of the BTN Business Function RKK
• Basic Training of Islamic Banking/PDPS by PEBS (2020). Committee A
• Permanent Member of the BTN Business Committee
Employment History The term of office in the Committee follows the term of office
as Director of Consumer Banking.
Legal Basis of Appointment
Served as Director of the Company for the first time since Concurrent Position in Another Public Company
November 27, 2019 through the decision of the Extraordinary
Does not have concurrent positions in other public companies.
General Meeting of Shareholders (EGMS) of the Company.
Declared effective by the Financial Services Authority (FSA) on Work Experience
August 28, 2020 and effective as Director of the Sharia Business
• Director of Consumer Banking in BTN (2025 – present).
Unit on March 2, 2021. Subsequently honorably dismissed and
reappointed as Director of Consumer based on the decision • Director of Consumer in BTN (March 2022 – 2025).
of the Company’s 2024 General Meeting of Shareholders on • Director of Sharia Business Unit BTN (2020 – 2025)
March 6, 2024. • Director of Consumer and Commercial Lending BTN
(2019 - March 2022).
• Commercial Lending Division Head BTN (2019).
• Subsidized Mortgage Lending Division Head BTN (2019).
132 2025 Annual Report
Page 133
PT Bank Tabungan Negara (Persero) Tbk
NOFRY RONY POETRA
Director of Finance & Strategy
Citizenship
Indonesian Citizen
Domicile
East Jakarta, Indonesia
Age
57 years old as of December 2025.
Period of Office
March 10, 2021 – 2026 GMS, First Period
BTN Share Ownership
As of December 31, 2025, it has 3,527,422 shares/0.0251340%
Educational Background Concurrent Position
• Bachelor (S1) in Economics, Pancasila University, Jakarta • Permanent Member of the BTN Asset and Liability
(1991). Committee
• Master (S2) MBA in International Business, The George • Permanent Member of the BTN Information and Technology
Washington University, Washington DC, USA (1999). Steering Committee
• Permanent Member of the BTN Risk Management
Certification Committee
• Treasury Dealer Level Advance (ACI/LSPP) (Refreshment • Permanent Member of the BTN Human Capital Committee
2024). • Permanent Member of the BTN A1 Talent Management
• Advanced Professional Accountant Certification by IAI (2024). Sub Committee
• Banking Risk Management Level 7 by BSMR (Alignment 2024). • Permanent Member of the BTN Credit and Financing Policy
• Certified Wealth Manager (CWMA) (2006 Committee
• Permanent Member of the BTN Risk Function RKK
Committee A
Employment History
• Permanent Member of the BTN ESG Committee
Legal Basis of Appointment • Permanent Member of the BTN Integrated Risk
Served as Director of the Company for the first time since Management Committee
March 10, 2021 through the decision of the Company’s Annual • Permanent Member of the BTN Capital and Subsidiary
General Meeting of Shareholders (AGMS) and declared Committee
effective by the Financial Services Authority (FSA) on August The term of office in the Committee follows the term of office
9, 2021. as Director of Finance & Strategy.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
Work Experience
• Director of Finance & Strategy in BTN (2025 – present).
• Director of Finance Director in BTN (March 2022 – 2025).
• Director of Finance, Planning and Treasury BTN
(2021- March 2022).
• Treasury Division Head BTN (2015 - 2021).
• Acting Head of Regional Office I BTN (2015).
• Treasury Division Head BTN (2014).
2025 Annual Report 133
Page 134
03 Company Profile
EKO WALUYO
Director of Human Capital & Compliance
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
54 years old as of December 2025.
Period of Office
March 10, 2021 - 2026 GMS, First Period
BTN Share Ownership
As of December 31, 2025, it has 2,868,364 shares/0.0204380%
Educational Background Concurrent Position
• Bachelor (S1) in Economics, Universitas Gadjah Mada, • Permanent Member of the BTN Asset and Liability
Yogyakarta (1995). Committee
• Master of Business Administration (MBA) (S2), Gatton College • Permanent Member of the BTN Information Technology
of Business in Cooperation with MM UGM, University of Steering Committee
Kentucky, USA (2003). • Permanent Member of the BTN Risk Management
Committee
• Master (S2) in Management, Universitas Gadjah Mada,
Yogyakarta (2004). • Permanent Member of the BTN Anti-Fraud Committee
• Permanent Member of the BTN A1 Talent Management
Certification Sub Committee
• Certified Professional Human Resources (CPHR) by BNSP • Permanent Member of the BTN Human Capital Committee
(2024). • Permanent Member of the BTN Credit or Financing Policy
• Banking Risk Management Level 7 by BSMR (2024 Alignment) Committee
• Permanent Member of the BTN Business Committee
• Certified Anti Fraud Professional by Asia Anti Fraud (2023).
• Permanent Member of the BTN Transformation Steering
• Certified Public Accountant (CPA) by Ministry of Finance
Committee
(2015).
• Permanent Member of the BTN ESG Committee
Employment History • Permanent Member of the BTN Integrated Risk
Management Committee
Legal Basis of Appointment • Permanent Member of the BTN Capital and Subsidiary
Served as Director of the Company for the first time since March Committee
10, 2021 through the decision of the Company’s Annual General The term of office in the Committee follows the term of office
Meeting of Shareholders (AGMS) and declared effective by the as Director of Human Capital & Compliance.
Financial Services Authority (FSA) on August 9, 2021.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
Work Experience
• Director of Human Capital & Compliance in BTN
(2025 – present).
• Director of Human Capital, Compliance & Legal in BTN
(March 2022 – 2025).
• Director of Compliance and Legal BTN (2021- March 2022).
• Human Capital Management Division Head BTN (2019 - 2021).
• Human Capital Management & Culture Specialist Division
Head BTN (2017 - 2019).
• Human Capital Division Head BTN (2017).
• Corporate Secretary Division Head BTN (2015 - 2017).
• Acting Corporate Secretary Division Head BTN (2014 - 2015).
134 2025 Annual Report
Page 135
PT Bank Tabungan Negara (Persero) Tbk
TAN JACKY CHEN
Director of Information Technology
Citizenship
Indonesian Citizen
Domicile
Tangerang, Indonesia
Age
42 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General Meeting of Shareholders, First term
BTN Share Ownership
As of December 31, 2025, holds 724,135 shares/0.0051597%
Educational Background Concurrent Position
• Bachelor (S1) in Information Technology, Bina Nusantara • Permanent Member of the BTN Information Technology
University, Jakarta (2005). Steering Committee
• Master (S2) in Management, Bina Nusantara University, • Permanent Member of the BTN Risk Management
Jakarta (2007). Committee
• Permanent Member of the BTN Anti-Fraud Committee
Certification • Permanent Member of the BTN Human Capital Committee
Banking Risk Management Certification Level 7 by BNSP (2025). • Permanent Member of the BTN A1 Talent Management
Sub Committee
Employment History • Permanent Member of the BTN Risk Function RKK
Committee A
Legal Basis of Appointment
• Permanent Member of the BTN Business Committee
Appointed as Information Technology Director of the • Permanent Member of the BTN ESG Committee
Company for the first time, effective March 26, 2025, pursuant
• Permanent Member of the BTN Integrated Risk
to the resolution of the Company’s Annual General Meeting of
Management Committee
Shareholders (AGMS), and declared effective by the Financial
Services Authority (FSA) on September 1, 2025. The term of office in the Committee follows the term of office
as Director of Information Technology.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
Work Experience
• Director of Information Technology in BTN (2025 – present).
• Head of Digital Banking Product Development Division,
PT Bank Tabungan Negara (Persero) Tbk (May 2024 –
March 2025).
• Head of Digital Banking Division, PT Bank Tabungan Negara
(Persero) Tbk (October 2021 – May 2024).
• Head of Digital Channel Division, PT Bank Tabungan Negara
(Persero) Tbk (June 2021 – October 2021).
• Head of Digital Solution Department, PT Bank Mandiri
(Persero) Tbk (May 2015 – June 2021).
2025 Annual Report 135
Page 136
03 Company Profile
VENDA YUNIARTI
Director of Treasury & International Banking
Citizenship
Indonesian Citizen
Domicile
East Jakarta, Indonesia
Age
45 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General Meeting of Shareholders, First Term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Electrical Engineering, Sepuluh November • Director of Treasury & International Banking in BTN
Institute of Technology (ITS), Surabaya (2002). (2025 – present).
• Master (S2) in Business Administration (Corporate Finance), • Head of International Banking & Financial Institution Group,
The University of Texas at Austin (2023). PT Bank Mandiri (Persero) Tbk (August 2023 – March 2025).
• General Manager, Bank Mandiri Hong Kong Branch, PT Bank
Certification Mandiri (Persero) Tbk (2020 – July 2023).
• Treasury Dealer Level 7 issued by ACI FMA Indonesia (2025). • Vice President of Liquidity & ALM, PT Bank Mandiri (Persero)
Tbk (2015 – 2020).
• Banking Risk Management Certification Level 7 Issued by LSP
LSPP (2025). • ALM Chief Dealer, PT Bank Mandiri (Persero) Tbk (2014).
• Chief Dealer of Spot Emerging Currencies, PT Bank Mandiri
Employment History (Persero) Tbk (2013 – 2014).
Legal Basis of Appointment
Appointed as Treasury & International Banking Director of the
Company for the first time, effective March 26, 2025, pursuant
to the resolution of the Company’s Annual General Meeting of
Shareholders (AGMS), and declared effective by the Financial
Services Authority (FSA) on September 1, 2025
Concurrent Position
• Permanent Member of the BTN Asset and Liability
Committee
• Permanent Member of the BTN Risk Management
Committee
• Permanent Member of the BTN Human Capital Committee
• Permanent Member of the BTN A1 Talent Management
Sub Committee
• Permanent Member of the BTN Credit or Financing Policy
Committee
• Permanent Member of the BTN Business Function RKK
Committee A
• Permanent Member of the BTN Business Committee
• Permanent Member of the BTN ESG Committee
• Permanent Member of the BTN Integrated Risk
Management Committee
• Permanent Member of the BTN Capital and Subsidiary
Committee
The term of office in the Committee follows the term of office
as Director of Treasury & International Banking.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
136 2025 Annual Report
Page 137
PT Bank Tabungan Negara (Persero) Tbk
HELMY AFRISA NUGROHO*
Director of Corporate Banking
Citizenship
Indonesian Citizen
Domicile
West Jakarta, Indonesia
Age
44 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General meeting of Shareholders, First term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Food Technology, Bogor Agricultural • Director of Corporate Banking in BTN (March 2025 – present)
University (IPB), Bogor (2003). • SVP Head of Improvement Project, PT Bank Mandiri (Persero)
• Master (S2) in Management, Bogor Agricultural University Tbk (January 2025 – March 2025)
(IPB), Bogor (2005). • SVP Group Head of Corporate Banking 3 Group,
PT Bank Mandiri (Persero) Tbk (September 2019 - January 2025)
Certification
• VP Head of Energy and Electricity Departement,
Banking Risk Management Certification Level 7 issued by LSP PT Bank Mandiri (Persero) Tbk (June 2018 - September 2019)
LSPP (2025).
• VP Head of Structured Finance and Syndication,
PT Bank Mandiri (Persero) Tbk (January 2018 - May 2018)
Employment History
• VP Head of Mining Departement, PT Bank Mandiri (Persero) Tbk
Legal Basis of Appointment (Maret 2016 – Januari 2018)
Appointed as Corporate Director of the Company for the first
time, effective March 26, 2025, pursuant to the resolution of the
Company’s Annual General Meeting of Shareholders (AGMS).
Concurrent Position
• Permanent Member of the BTN Asset and Liability
Committee
• Permanent Member of the BTN Human Capital Committee
• Permanent Member of the BTN A1 Talent Management
Sub Committee
• Permanent Member of the BTN Credit or Financing Policy
Committee
• Permanent Member of the BTN Business Function RKK
Committee A
• Permanent Member of the BTN Business Committee
The term of office in the Committee follows the term of office
as Director of Corporate Banking.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
*Appointed at the Annual General Meeting of Shareholders held on March 26, 2025, and currently undergoing the Fit and Proper Test from FSA.
2025 Annual Report 137
Page 138
03 Company Profile
I NYOMAN SUGIRI YASA
Director of Operations
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
48 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General Meeting of Shareholders, First Term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Mathematics, Bogor Agricultural University • Director of Operations in BTN (2025 – present).
(IPB) (2000). • Senior Executive Vice President (SEVP) of Operations, PT Bank
• Master (S2) in Business Administration (S2), Simon School Rakyat Indonesia (Persero) Tbk (August 2023 – March 2025).
of Business, University of Rochester (2010). • Executive Vice President (EVP) of Application Management &
Operations Division, PT Bank Rakyat Indonesia (Persero) Tbk
Certification
(2020 – 2023).
Banking Risk Management Certification Level 7 issued by BSMR
• Executive VicePresident (EVP) of Technology Partnership
(2025).
Division, PT Bank Rakyat Indonesia (Persero) Tbk
Employment History (August 2018 – 2019).
• Vice President (VP) of IT Strategy and Planning,
Legal Basis of Appointment PT Bank Rakyat Indonesia (Persero) Tbk
Appointed as Operations Director of the Company for the first (January 2018 – August 2018).
time effective March 26, 2025, pursuant to the resolution of the
Company’s Annual General Meeting of Shareholders (AGMS),
and declared effective by the Financial Services Authority
(FSA) on July 25, 2025.
Concurrent Position
• Permanent Member of the BTN Information Technology
Steering Committee
• Permanent Member of the BTN Risk Management
Committee
• Permanent Member of the BTN Anti-Fraud Committee
• Permanent Member of the BTN Human Capital Committee
• Permanent Member of the BTN A1 Talent Management
Sub Committee
• Permanent Member of the BTN Credit or Financing Policy
Committee
• Permanent Member of the BTN Risk Function RKK
Committee A
• Permanent Member of the BTN Business Committee
• Permanent Member of the BTN ESG Committee
The term of office in the Committee follows the term of office
as Director of Operations.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
138 2025 Annual Report
Page 139
PT Bank Tabungan Negara (Persero) Tbk
RULLY SETIAWAN
Director of Network & Retail Funding
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
48 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General Meeting of Shareholders, First Term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Accounting Economics, Bandung School • Director of Network & Retail Funding in BTN (2025 – present).
of Economics (STIE Bandung) (1999). • Acting President Director, PT Mandiri Utama Finance
• Master (S2) in Integrated Micro Management, Padjajaran (January 2025 - March 2025).
University, Bandung (2023). • Director of Finance & Risk Management,
PT Mandiri Utama Finance (February 2024 - March 2025).
Certification
• Director of Finance & Business Relationship,
Banking Risk Management Certification Level 7 issued by BSMR
PT Mandiri Utama Finance (April 2021 - February 2024).
(2025).
• Senior Executive Vice President (SEVP) of Business Captive
Employment History Bank Mandiri, PT Mandiri Utama Finance (November 2020
- April 2021).
Legal Basis of Appointment • Senior Vice President, Group Head Corporate Secretary,
Appointed as Network & Funding Director of the Company PT Bank Mandiri (Persero) Tbk (March 2020 - October 2020).
for the first time, effective March 26, 2025, pursuant to the
resolution of the Company’s Annual General Meeting of
Shareholders (AGMS), and declared effective by the Financial
Services Authority (FSA) on July 25, 2025.
Concurrent Position
• Permanent Member of the BTN Asset and Liability
Committee
• Permanent Member of the BTN Risk Management
Committee
• Permanent Member of the BTN Anti-Fraud Committee
• Permanent Member of the BTN Human Capital Committee
• Permanent Member of the BTN A1 Talent Management
Sub Committee
• Permanent Member of the BTN Business Function RKK
Committee A
• Permanent Member of the BTN Business Committee
• Permanent Member of the BTN Transformation Steering
Committee
• Permanent Member of the BTN Capital and Subsidiary
Committee
The term of office in the Committee follows the term of office
as Director of Network & Retail Funding.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
2025 Annual Report 139
Page 140
03 Company Profile
HERMITA
Director of Commercial Banking
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
57 years old as of December 2025.
Period of Office
March 26, 2025 – the 2030 General Meeting of Shareholders, First Term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Law, Andalas University, Padang (1992). • Director of Commercial Banking in BTN (2025 – present).
• Master (S2) in Agribusiness Management, Bogor Agricultural • Senior Executive Vice President (SEVP) of Consumer Banking,
University (IPB) (2003). PT BPD Jatim Surabaya (June 2023 – March 2025).
• Senior Vice President (SVP) of Smart City, Business
Certification
Optimization, PT Bank Negara Indonesia (Persero) Tbk
Banking Risk Management Certification Level 7 issued by BSMR (July 2021 – May 2023).
(2025). • SVP (Acting) of Head of Palembang Regional Office,
PT Bank Negara Indonesia (Persero) Tbk
Employment History
(December 2022 – January 2023).
Legal Basis of Appointment • Senior Vice President (SVP) of Align Corporate & Consumer
Appointed as Commercial Banking Director of the Company Businesses (Institutional Relations Division),
for the first time effective March 26, 2025, pursuant to the PT Bank Negara Indonesia (Persero) Tbk
resolution of the Company’s Annual General Meeting of (February 2020 – July 2021).
Shareholders (AGMS), and declared effective by the Financial • Senior Vice President (SVP) Head of Consumer Sales Division,
Services Authority (FSA) on July 25, 2025. PT Bank Negara Indonesia (Persero) Tbk
(March 2018 – February 2020).
Concurrent Position
• Permanent Member of the BTN Asset and Liability
Committee
• Permanent Member of the BTN Human Capital Committee
• Permanent Member of the BTN A1 Talent Management
Sub Committee
• Permanent Member of the BTN Credit or Financing Policy
Committee
• Permanent Member of the BTN Business Function RKK
Committee A
• Permanent Member of the BTN Business Committee
The term of office in the Committee follows the term of office
as Director of Commercial Banking.
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other public
companies.
140 2025 Annual Report
Page 141
PT Bank Tabungan Negara (Persero) Tbk
ANDI NIRWOTO*
Director of Information Technology
Citizenship
Indonesian Citizen
Domicile
Central Jakarta, Indonesia
Age
55 years old as of December 2025.
Period of Office
March 23, 2018 - January 11, 2023, First Period
January 11, 2023 – the 2025 General Meeting of Shareholders, Second Term
BTN Share Ownership
As of December 31, 2025, it has 2,818,561 shares/0.0200832%
Educational Background Work Experience
• Bachelor (S1) in Engineering, Gadjah Mada University, • Director of Information Technology in BTN
Yogyakarta (1994). (March 2024 – 2025).
• Master (S2) in Finance, Gadjah Mada University, Yogyakarta/ • Director of IT & Digital BTN (March 2022 - March 2024).
University of Lexington Kentucky, USA (1997). • Director of Operation, IT, and Digital Banking BTN
(2019 - March 2022).
Certification
• Director of IT & Operation BTN (2018 - 2019)
Banking Risk Management Level 7 by BSMR (2024 Alignment).
• General Manager of Information Technology Operations
Employment History PT Bank Negara Indonesia (Persero) Tbk (2017 - 2018).
• General Manager of Information Technology Solutions
Legal Basis of Appointment & Security Division PT Bank Negara Indonesia (Persero) Tbk
Served as Director of the Company for the first time since (2015 - 2017).
March 23, 2018 through the decision of the Company’s
Annual General Meeting of Shareholders (AGMS) and
declared effective by the Financial Services Authority (FSA)
on September 10, 2018. Subsequently, he was honorably
dismissed and reappointed as Director of IT & Digital of the
Company based on the decision of the Extraordinary General
Meeting of Shareholders (EGMS) of the Company on January
11, 2023.
Concurrent Position
No concurrent position
Concurrent Position in Another Public Company
Does not have concurrent positions in other public
companies.
*Ceased to serve since March 26, 2025.
2025 Annual Report 141
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03 Company Profile
ELISABETH NOVIE RISWANTI*
Director of Assets Management
Citizenship
Indonesian Citizen
Domicile
Cibubur, Indonesia
Age
58 years old as of December 2025.
Period of Office
August 29, 2019 - March 6, 2024, First Period
March 6, 2024 – 2025 GMS, Second Period
BTN Share Ownership
As of December 31, 2025, it has 2,231,500 shares/0.0159001%
Educational Background Work Experience
Bachelor of Law, Gadjah Mada University, Yogyakarta (1991). • Director of Assets Management in BTN (March 2022 - 2025).
• Director of Wholesale Risk and Asset Management BTN
Certification (2021 - March 2022).
• Banking Risk Management Level 7 by BSMR (2024 Alignment). • Director of Remedial and Wholesale Risk BTN (2019 - 2021)
• International Risk Management Refreshment & Wealth • Director of Collection and Asset Management BTN (2019).
Management Certification Program by MMUGM and IBI • Asset Management Division Head BTN (2017 - 2019).
(2022).
Employment History
Legal Basis of Appointment
Served as Director of the Company for the first time since August
29, 2019 through the decision of the Extraordinary General
Meeting of Shareholders (EGMS) of the Company and declared
effective by the Financial Services Authority (FSA) since June
26, 2020. Subsequently honorably dismissed and reappointed
as Director of Assets Management based on the decision of the
Company’s 2024 General Meeting of Shareholders on March 6,
2024.
Concurrent Position
No concurrent position
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
*Ceased to serve since March 26, 2025.
142 2025 Annual Report
Page 143
PT Bank Tabungan Negara (Persero) Tbk
JASMIN*
Director of Distribution and Institutional Funding
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
61 years old as of December 2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – the 2025 General Meeting of Shareholders, Second Term
BTN Share Ownership
As of December 31, 2025, it has 1,362,830 shares/0.0097106%
Educational Background Work Experience
• Bachelor (S1) in Economics, Gadjah Mada University, • Director of Distribution and Institutional Funding
Yogyakarta (1988). (March 2024 – 2025).
• Master (S2) in International Business, Gadjah Mada University, • Director of Distribution and Funding BTN
Yogyakarta (1998). (March 2022 - March 2024).
• Director of Distribution and Retail Funding BTN
Certification (2019 - March 2022).
• Banking Risk Management Level 7 by BSMR (2024 Alignment). • SEVP Consumer & Transaction PT Bank Mandiri (Persero) Tbk
• Public Risk Management and Treasury Dealer Level 5 (2018 - 2019).
(Refreshment 2022). • Regional CEO IV/JKT 2 PT Bank Mandiri (Persero) Tbk
• Certified Wealth Manager by CWM (2021). (2015 - 2018).
• Regional Manager IV-JKT PT Bank Mandiri (Persero) Tbk
Employment History (2013 - 2015).
Legal Basis of Appointment
Served as Director of the Company for the first time since
November 27, 2019 through the decision of the Extraordinary
General Meeting of Shareholders (EGMS) of the Company
and declared effective by the Financial Services Authority
(FSA) since May 4, 2020. Subsequently honorably dismissed
and reappointed as Director of Distribution and Institutional
Funding based on the decision of the Company’s 2024
General Meeting of Shareholders on March 6, 2024.
Concurrent Position
No concurrent position
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
*Ceased to serve since March 26, 2025.
2025 Annual Report 143
Page 144
03 Company Profile
HAKIM PUTRATAMA*
Director of Operations & Customer Experience
Citizenship
Indonesian Citizen
Domicile
South Tangerang, Indonesia
Age
49 years old as of December 2025.
Period of Office
March 16, 2023 - 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, owned 529,600 shares/0.0037736%
Educational Background Work Experience
• Bachelor (S1) in International Relations, Padjadjaran • Director of Operations and Customer Experience
University, Bandung (1998). (March 2024 – 2025)
• Master (S2) in International Business, Aston University, • Director of Institutional Banking BTN (March 2023 – March 2024).
England (2001). • Head of International and Transaction Banking
PT Bank Pembangunan Daerah Jawa Barat dan Banten, Tbk
Certification
(May 2022 – March 2023).
Risk Management Level 7 by BSMR (2024 Alignment).
• Senior Vice President (SVP) Consumer Funding Retail Division
Employment History PT Bank Pembangunan Daerah Jawa Barat dan Banten, Tbk
(2018 -2022).
Legal Basis of Appointment • Senior Vice President (SVP) Corporate Secretary Division
Served as Director of the Company for the first time since PT Bank Pembangunan Daerah Jawa Barat dan Banten, Tbk
March 16, 2023 through the Resolution of the Company’s (2015- 2018)
Annual General Meeting of Shareholders (AGMS) and • Senior Vice President (SVP) Head of Marketing & Segment
declared effective by the Financial Services Authority (FSA) on Offering PT Bank Commonwealth (2012 – 2015).
July 26, 2023.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
*Ceased to serve since March 26, 2025.
144 2025 Annual Report
Page 145
PT Bank Tabungan Negara (Persero) Tbk
MUHAMMAD IQBAL*
Director of SME & Retail Funding
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
52 years old as of December 2025.
Period of Office
March 6, 2024 – the 2025 General Meeting of Shareholders, First Term
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) in Industrial Engineering, Bandung Institute • Director of SME & Retail Funding in BTN (2024 - 2025).
of Technology, Bandung (1996).
• Director of Institutional Banking PT Bank Negara Indonesia
• Master (S2) in General Management, IPMI International (Persero) Tbk (2023 - March 2024).
Business School, Jakarta (2005).
• Director of Enterprise & Commercial Banking
• Master (S2) in Business Administration, Monash University, PT Bank Negara Indonesia (Persero) Tbk (2022-2023).
Melbourne (2006).
• Director of MSME Business PT Bank Negara Indonesia (Persero)
Certification Tbk. (2020- 2022).
Risk Management Level 7 by BSMR (2024 Alignment). • SVP Group Head Small & Medium Enterprise Banking
PT Bank Mandiri (Persero) Tbk (August 2020 - September 2020).
Employment History • SVP Group Head Small Medium Enterprise & Micro Risk
PT Bank Mandiri (Persero) Tbk (2017- 2020).
Legal Basis of Appointment
Served as Director of the Company for the first time since
March 6, 2024 through the decision of the Company’s Annual
General Meeting of Shareholders (AGMS) and declared
effective by the Financial Services Authority (FSA) since
August 8, 2024.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
*Ceased to serve since March 26, 2025.
2025 Annual Report 145
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03 Company Profile
Directors Affiliation Relations
Table of Directors Affiliation Relations
Financial Relations, Family and Board of Directors Management
Financial Relations With Family Relations With
Management
Name Position Board of Board of Controlling Board of Board of Controlling Relations*
Commissioners* Directors* Shareholders* Commissioners* Directors* Shareholders*
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Nixon L. P. President
√ √ √ √ √ √ √
Napitupulu Director
Oni
Vice President
Febriarto √ √ √ √ √ √ √
Director
Rahardjo
Setiyo Director
Wibowo of Risk √ √ √ √ √ √ √
Management
Hirwandi Director of
Gafar Consumer √ √ √ √ √ √ √
Banking
Nofry Rony Director of
Poetra Finance & √ √ √ √ √ √ √
Strategy
Eko Waluyo Director
of Human
√ √ √ √ √ √ √
Capital &
Compliance
Tan Jacky Director of
Chen Information √ √ √ √ √ √ √
Technology
Venda Director of
Yuniarti Treasury &
√ √ √ √ √ √ √
International
Banking
Helmy Director of
Afrisa Corporate √ √ √ √ √ √ √
Nugroho** Banking
I Nyoman Director of √
√ √ √ √ √ √
Sugiri Yasa Operations
Rully Director of
Setiawan Network & √ √ √ √ √ √ √
Retail Funding
Hermita Director of
Commercial √ √ √ √ √ √ √
Banking
* Directly or indirectly
** Appointed at the Annual General Meeting of Shareholders on March 26, 2026, and currently undergoing the Fit and Proper Test from FSA.
146 2025 Annual Report
Page 147
PT Bank Tabungan Negara (Persero) Tbk
Education and/or Training Changes in the Composition
of the Board of Directors of Members of the Board of Directors
and Reasons for the Changes
A description of the education and/or training of the
Board of Directors during the financial year is presented During 2025, there were changes to the composition of
in the Corporate Governance Chapter. the Board of Directors. Changes in the composition of
the Board of Directors were carried out based on the
Company’s needs. Changes in the composition of the
Board of Directors are as follows:
Composition and Basis of Appointment of the Board of Directors
Before the 2025 Annual GMS
The composition of the Board of Directors prior to the 2025 Annual General Meeting of Shareholders consisted of 11
(eleven) members, comprising 1 (one) President Director, 1 (one) Vice President Director, and 9 (nine) Directors. The
composition and basis for the appointment of the members of the Board of Directors are presented in the table below:
Table of Composition and Basis of Appointment of the Board of Directors Before the 2025 Annual GMS
Executor of the
Effective
Nama Position Basis of Appointment Period Fit and Proper
Date
Assessment
Nixon L. P. President Director - Annual GMS dated March 17, 2017 Second FSA June 7, 2023
Napitupulu - Annual GMS dated March 10, 2021
- Annual GMS dated March 2, 2022
- Annual GMS dated March 16, 2023
Oni Febriarto Vice President Annual GMS dated March 16, 2023 First FSA June 7, 2023
Rahardjo Director
Andi Nirwoto Director of - Annual GMS dated March 23, 2018 Second FSA September 10,
Information - Extraordinary GMS dated January 11, 2018
Technology 2023
Elisabeth Novie Director of Assets - Extraordinary GMS on August 29, 2019 Second FSA June 26,
Riswanti Management - Annual GMS on March 6, 2024 2020
Jasmin Director of - Extraordinary GMS on November 27, Second FSA May 4,
Distribution and 2019 2020
Institutional Funding - Annual GMS on March 6, 2024
Setiyo Wibowo Director of Risk - Extraordinary GMS on November 27, Second FSA July 3,
Management 2019 2020
- Annual GMS on March 6, 2024
Hirwandi Gafar Director of - Extraordinary GMS on November 27, Second FSA August 28,
Consumer 2019 2020
- Annual GMS on March 6, 2024
Nofry Rony Director of Finance Annual GMS on March 10, 2021 First FSA August 9,
Poetra 2021
Eko Waluyo Director of Human Annual GMS on March 10, 2021 First FSA August 9,
Capital, Compliance 2021
& Legal
Hakim Director of Operations Annual GMS on March 16, 2023 First FSA July 26,
Putratama & Customer 2023
Experience
Muhammad Director of SME & Annual GMS on March 6, 2024 First FSA August 8,
Iqbal Retail Funding 2024
2025 Annual Report 147
Page 148
03 Company Profile
Composition and Basis for Appointment of the Board of Directors
After the 2025 Annual GMS
On March 26, 2025, the 2025 Annual General Meeting of Shareholders resolved as follows:
1. To ratify the honorable termination of the following individuals from their positions as members of the Company’s
board of Directors:
a. Director of Operations and Customer Experience: Hakim Putratama
b. Director of SME and Retail Funding: Muhammad Iqbal
2. To honorably dismiss the following individuals from their positions as members of the Company’s Management:
a. Director of Assets Management: Elisabeth Novie Riswanti
b. Director of Distribution and Institutional Funding: Jasmin
c. Director of Information Technology: Andi Nirwoto
3. To change the nomenclature of the positions of the members of the Company’s Board of Directors as follows:
a. Director of Operations and Customer Experience to Director of Operations
b. Director of Consumer to Director of Consumer Banking
c. Director of SME and Retail Funding to Director of Network & Retail Funding
d. Director of Distribution and Institutional Funding to Director of Corporate Banking
e. Director of Finance to Director of Finance & Strategy
f. Director of Human Capital, Compliance, & Legal to Director of Human Capital & Compliance
g. Director of Assets Management
h. Director of Commercial Banking
i. Director of Treasury & International Banking
4. To reassign the duties of the following individuals as members of the Company’s Board of Directors:
a. Hirwandi Gafar, previously as Director of Consumer, to become Director of Consumer Banking
b. Nofry Rony Poetra, previously as Director of Finance, to become Director of Finance & Strategy
c. Eko Waluyo, previously as Director of Human Capital, Compliance, & Legal, to become Director of Human Capital
& Compliance
5. Appoint the following individuals as members of the Company’s Management:
a. Director of Operations: I Nyoman Sugiriyasa
b. Director of Treasury & International Banking: Venda Yuniarti
c. Director of Network & Retail Funding: Rully Setiawan
d. Director of Corporate Banking: Helmy Afrisa Nugroho
e. Director of Commercial Banking: Hermita
f. Director of Information Technology: Tan Jacky Chen
148 2025 Annual Report
Page 149
PT Bank Tabungan Negara (Persero) Tbk
Accordingly, the composition of the Board of Directors after the 2025 Annual General Meeting of Shareholders comprises
12 (twelve) members, consisting of 1 (one) President Director, 1 (one) Vice President Director, and 10 (ten) Directors. The
composition and basis for the appointment of the members of the Board of Directors are presented in the table below:
Table of Composition and Basis for Appointment of Board of Directors After the 2025 Annual GMS
Executor of the
Effective
Name Position Basis of Appointment Period Fit and Proper
Date
Assessment
Nixon L. P. President Director - Annual GMS dated March 17, 2017 Second FSA June 7,
Napitupulu - Annual GMS dated March 10, 2021 2023
- Annual GMS dated March 2, 2022
- Annual GMS dated March 16, 2023
Oni Febriarto Vice President Annual GMS dated March 16, 2023 First FSA June 7,
Rahardjo Director 2023
Setiyo Wibowo Director of Risk - Extraordinary GMS on November Second FSA July 3,
Management 27, 2019 2020
- Annual GMS on March 6, 2024
Hirwandi Gafar Director of Consumer - Extraordinary GMS on November Second FSA August 28,
Banking 27, 2019 2020
- Annual GMS on March 6, 2024
Nofry Rony Director of Finance Annual GMS dated March 10, 2021 First FSA August 9,
Poetra & Strategy 2021
Eko Waluyo Director of Annual GMS dated March 10, 2021 First FSA August 9,
Human Capital 2021
& Compliance
Tan Jacky Director of Annual GMS dated March 26, 2025 First FSA September 01,
Chen Information 2025
Technology
Venda Yuniarti Director of Treasury & Annual GMS dated March 26, 2025 First FSA September 01,
International Banking 2025
Helmy Afrisa Director of Corporate Annual GMS dated March 26, 2025 First FSA Still
Nugroho Banking undergoing
the Fit and
Proper
Assessment
process
I Nyoman Director of Operations Annual GMS dated March 26, 2025 First FSA July 25,
Sugiri Yasa 2025
Rully Setiawan Director of Network Annual GMS dated March 26, 2025 First FSA July 25,
& Retail Funding 2025
Hermita Director of Annual GMS dated March 26, 2025 First FSA July 25,
Commercial Banking 2025
2025 Annual Report 149
Page 150
03 Company Profile
BOARD OF
COMMISSIONERS PROFILE
SURYO UTOMO
President Commissioner
Citizenship
Indonesian Citizen
Domicile
Bekasi, Indonesia
Age
56 years old as of December 2025.
Period of Office
March 26, 2025 – the closing of the annual General Meeting of Shareholders
in 2030, First term
BTN Share Ownership
As of December 31, 2025, does not hold any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Accounting Economics, Diponegoro • Head of the Agency for Technology, Information, and
University, Semarang (1992). Financial Intelligence, Ministry of Finance of the Republic
• Bachelor (S1) in Law, Universitas Terbuka, Jakarta (2022). of Indonesia (May 2025 – present).
• Master of Business Taxation (S2), University of Southern • President Commissioner PT Bank Tabungan Negara (Persero)
California (1998). Tbk (March 2025 – present).
• PhD of Doctor of Philosophy (S3), Universiti Kebangsaan • Chairman of the Supervisory Board, National Central General
Malaysia (2019). Hospital (RSUPN) Dr. Cipto Mangunkusumo (October 2023 –
present).
Certification • Commissioner of PT Sarana Multi Infrastruktur (November
Banking Risk Management Level 6 2019 – April 2025).
• Director General of Taxes, Ministry of Finance (November 2019
Employment History – May 2025).
Legal Basis of Appointment • Commissioner of PT Sarana Multi Infrastruktur (November
2019 – April 2025).
Serving as the President Commissioner of the Company for the
first time since March 26, 2025, pursuant to the resolution of the • Senior Advisor to the Minister of Finance on Tax Compliance,
Company’s Annual General Meeting of Shareholders (AGMS), Ministry of Finance of the Republic of Indonesia (July 2015 –
and declared effective by the Financial Services Authority (FSA) October 2019).
as of June 26, 2025. • Director of Tax Extensification and Valuation, Ministry
of Finance Ekstensifikasi (April 2015 – June 2015).
Concurrent Position • Director of Tax Regulations I, Ministry of Finance of the
• Member of the Risk Monitoring Committee, PT Bank Republic of Indonesia (April 2010 – October 2011).
Tabungan Negara (Persero) Tbk (June 2025—present)
• Head of Regional Office of the Directorate General of Taxes
• Member of the Remuneration and Nomination Committee for Central Java I, Ministry of Finance of the Republic of
PT Bank Tabungan Negara (Persero) Tbk (June 2025— Indonesia (April 2009 – April 2010).
present)
• Head of the Agency for Technology, Information, and
Financial Intelligence, Ministry of Finance of the Republic
of Indonesia (May 2025 – present).
• Chairman of the Supervisory Board, National Central
General Hospital (RSUPN) Dr. Cipto Mangunkusumo
(October 2023 – present).
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other publicly listed
companies.
150 2025 Annual Report
Page 151
PT Bank Tabungan Negara (Persero) Tbk
DWI ARY PURNOMO*
Vice President Commissioner
Citizenship
Indonesian Citizen
Domicile
East Jakarta, Indonesia
Age
50 years old as of December 2025.
Period of Office
March 26, 2025 – the closing of the Annual general Meeting of Shareholders
in 2030, First Term
BTN Share Ownership
As of December 31, 2025, does not own any shares of BBTN
Educational Background • Commissioner - PT Pertamina EP (May 2024 – March 2025).
• Bachelor (S1) in Accounting, Borobudur University, Jakarta • Commissioner - PT Kimia Farma (April 2021 – June 2024).
(1996). • President Commissioner - PT Petrokimia Kayaku (January
• Master (S2) in Law, University of Indonesia, Depok (2011). 2018 – April 2021).
• Director of Finance, Human Resources, & General Affairs -
Certification PT Petrokimia Gresik (Persero) (December 2017 – February 2021).
Banking Risk Management Qualification Level 6 Certification • Director of Finance, Human Resources, & General Affairs -
PT Petrokimia Gresik (Persero) (December 2017 – February 2021).
Employment History
• Acting Secretary - Ministry of State-Owned Enterprises of the
Legal Basis of Appointment Republic of Indonesia (January 2018 – January 2021).
Serving as the Vice President Commissioner of the Company • Assistant Deputy for SOE Leagl Services, Ministry of State-
for the first time since March 26, 2025, pursuant to the resolution Owned Enterprises of the Republic of Indonesia (June 2016
of the Company’s Annual General Meeting of Shareholders – January 2018).
(AGMS), and declared effective by the Financial Services • Head of Division for Agro-Industry and Pharmaceutical
Authority (FSA) as of June 26, 2025. Business I B - Ministry of State-Owned Enterprises of the
Republic of Indonesia (October 2015 – June 2016).
Concurrent Position • Head of Division for Plantation Business II - Ministry of State-
• Member of the Risk Monitoring Committee PT Bank Owned Enterprises of the Republic of Indonesia (May 2013
Tabungan Negara (Persero) Tbk (June 2025—present) – October 2015).
• Member of the Remuneration and Nomination Committee • Head of Division for Service Business IIIa - Ministry of State-
PT Bank Tabungan Negara (Persero) Tbk (June 2025— Owned Enterprises of the Republic of Indonesia (September
present) 2013 – May 2014).
• Deputy for Finance and Risk Management – State-Owned
• Commissioner - PT Angkasa Pura I (Persero) (April 2013 –
Enterprises Regulation Agency of the Republic of Indonesia
December 2017).
(May 2025 – present).
• Commissioner - PT Perkebunan Nusantara IX (January 2010 –
Concurrent Position in Another Public Company September 2013).
Does not hold any concurrent positions in other publicly listed • Head of Division for Administration and State-owned
companies. Enterprises Assets, Ministry of State-Owned Enterprises of the
Republic of Indonesia (October 2010 – September 2013).
Work Experience • Head of Subdivision for Organizationand Governance,
• Vice President Commissioner of BTN (March 2025 - present). Secretariat of the Ministry of State-Owned Enterprises of the
• Deputy for Finance and Risk Management, Ministry of State- Republic of Indonesia (June 2006 – October 2010).
owned Enterprises of the Republic of Indonesia (May 2025 • Acting Officer at the Deputy for Agro-Industry, Forestry, Paper,
– present). Printing, and Publishing Business Affairs, Ministry of State-
• Assistant Deputy for Risk Management and Compliance, Owned Enterprises of the Republic of Indonesia (January
Ministry of State-Owned Enterprises of the Republic of 2004 – June 2006).
Indonesia (January 2021 – May 2025).
* Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja.
2025 Annual Report 151
Page 152
03 Company Profile
FAHRI HAMZAH
Commissioner
Citizenship
Indonesian Citizen
Domicile
Depok, Indonesia
Age
54 years old as of December 2025.
Period of Office
March 26, 2025 – the closing of the Annual General Meeting of Shareholders
in 2030, First Term
BTN Share Ownership
As of December 31, 2025, does not own any shares of BBTN
Educational Background Work Experience
Bachelor (S1) in Economics, University of Indonesia, Depok • Commissioner of BTN (March 2025 - present).
(1997).
• Vice Minister of Public Works and Public Housing of the
Certification Republic of Indonesia (October 2024 – present).
Banking Risk Management Qualification Level 6 Certification • Vice Chairman of the House of Representatives of the
Republic of Indonesia (2014 – 2019).
Employment History • Member of the House of Representatives of the Republic
of Indonesia (2004 – 2014).
Legal Basis of Appointment
• President Director of CGN Consulting (2000 – 2004).
Serving as a Commissioner of the Company for the first
time since March 26, 2025, pursuant to the resolution of the • Lectures in Extension Program, Economic Faculty, University
Company’s Annual General Meeting of Shareholders (AGMS), of Indonesia (1996 – 1998).
and declared effective by the Financial Services Authority (FSA) • Staff to Director of Extension Program, Economic Faculty,
as of December 17, 2025 University of Indonesia (1996 – 1998).
Concurrent Position
• Member of the remuneration and Nomination Committee
PT Bank Tabungan Negara (Persero) Tbk (June 2025—
present)
• Vice Minister of Public Works and Public Housing of the
Republic of Indonesia RI (October 2024 – present).
Concurrent Position in Another Public Company
Does not hold any concurrent positions in other publicly listed
companies.
152 2025 Annual Report
Page 153
PT Bank Tabungan Negara (Persero) Tbk
IDA NURYANTI
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
East Jakarta, Indonesia
Age
58 years old as of December 2025.
Period of Office
March 26, 2025 – the closing of the Annual General Meeting of Shareholders,
First term
BTN Share Ownership
As of December 31, 2025, does not own any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Law, University of Sebelas Maret, Surakarta • Independent Commissioner of BTN (March 2025 - present).
(1991).
• Head of Human Resources Department, Bank Indonesia
• Master (S2) in Management, PPM School of Management, (January 2025 – March 2025).
Jakarta (2005).
• Head of Payment System Operations Department,
Certification Bank Indonesia (July 2022 –January 2025).
Banking Risk Management Qualification Level 6 Certification • Head of Strategic Procurement Department, Bank Indonesia
(February 2020 – July 2022).
Employment History • Head of Payment System Policy Department, Bank Indonesia
(September 2013 – February 2020).
Legal Basis of Appointment
• Deputy Head of Payment System Policy Department,
Serving as an Independent Commissioner of the Company for
Bank Indonesia (July 2002 – September 2013).
the first time since March 26, 2025, pursuant to the resolution
of the Company’s Annual General meeting of Shareholders • Manager, Payment System Policy Department,
(AGMS), and declared effective by the Financial Services Bank Indonesia (July 1999 – July 2002).
Authority (FSA) as of October 9, 2025. • Legal Analyst, Legal Department, Bank Indonesia
(February 1993 – August 1999).
Concurrent Position
• Chairman and concurrently a member of the
Remuneration and Nomination Committee, PT Bank
Tabungan Negara (Persero) Tbk (June 2025—present)
• Member of the Audit Committee PT Bank Tabungan
Negara (Persero) Tbk (June 2025—present)
Concurrent Position in Another Public Company
Does not hold concurrent positions in other publicly listed
companies.
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03 Company Profile
PIETRA MACHREZA PALOH
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
55 years old as of December 2025.
Period of Office
March 26, 2025 – the closing of the Annual meeting of Shareholders in 2030,
First Term
BTN Share Ownership
As of December 31, 2025, does not oen any shares of BBTN
Educational Background Work Experience
• Extensive Class, Business Administration, West Coast • Independent Commissioner of BTN (March 2025 - present).
University, USA (1994)
• President Commissioner, PT Indo Tata Global Batam
• Master of Business Administration, Woodburry University, USA (June 2018 – May 2021).
(1999).
• President Commissioner, PT Indo Berjaya Logistik, Batam
(June 2018 – May 2021).
Certification
• Director Operations, PT Walinusa, Jakarta
Banking Risk Management Qualification Level 6 Certification
(October 2014 – February 2021).
Employment History • President Director, PT Transmega Energi Jakarta
(August 2014 – March 2020).
Legal Basis of Appointment
• Corporate Secretary, Tanri Abeng and Son (TASON) Holding,
Serving as an Independent Commissioner of the Company for Jakarta (April 2014 – September 2020).
the first time since March 26, 2025, pursuant to the resolution
• Community Development Director, PT Rindra Bara Utama
of the Company’s Annual General Meeting of Shareholders
Jakarta (March 2004 – May 2008).
(AGMS), and declared effective by the Financial Services
Authority (FSA) as of August 15, 2025. • President Director, PT Panca Cipta Karsa, Jakarta
(July 2002 – August 2013).
Concurrent Position • Operation Director, Avstar Aviation Service Los Angeles
• Chairman and concurrently a member of the Audit California (January 2001 – June 2002).
Committee of PT Bank Tabungan Negara (Persero) Tbk
• General Manager, Atlas Air Ground Handling Los Angeles
(June 2025—present)
Airport California (February 1997 – January 2001).
• Member of the Remuneration and Nomination Committee
of PT Bank Tabungan Negara (Persero) Tbk
(June 2025—present)
Concurrent Position in Another Public Company
Does not hold concurrent positions in other publicly listed
companies
154 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
PANANGIAN SIMANUNGKALIT
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
East Jakarta, Indonesia
Age
65 years old as of december 2025.
Period of Office
March 26, 2025 – the closing of the Annual General Meeting of Shareholders
in 2030, First Term
BTN Share Ownership
As of December 31, 2025deos not own any shares of BBTN
Educational Background Work Experience
Bachelor (S1) in Civil Engineering, University of Sebelas Maret, • Independent Commissioner of BTN (March 2025 - present).
Surakarta (1986).
• Member of the Housing Task Force Team, Ministry of Housing
Certification and Settlement areas (May 2024 – present).
Banking Risk Management Qualification Level 6 Certification • Member of the Expert Council for Housing and Property
(January 2023 – October 2024).
Employment History • Independent Consultant in Housing and Property, DKI Jakarta
Provincial Government (September 2007 – September 2008).
Legal Basis of Appointment
• Special Staff for Housing Sector Policy, Ministry of Public
Serving as an Independent Commissioner of the Company for Housing of the Republic of Indonesia
the first time since March 26, 2025, pursuant to the resolution (October 2004 – October 2009).
of the Company’s Annual General Meeting of Shareholders
(AGMS), and declared effective by the Financial Services • Independent Consultant for Housing Sector and Property
Authority (FSA) as of August 15, 2025. Expert, Indonesian Bank Restructuring Agency (IBRA)
(August 2000 – April 2005).
Concurrent Position • Member of the Advisory Team to the Minister of Housing
• Chairman and concurrently a Member of the Risk of the Republic of Indonesia (October 1999 – October 2000).
Monitoring Committee PT Bank Tabungan Negara • Chief Executive Officer, Yayasan Panangian School
(Persero) Tbk (June 2025 - present) of Property (April 1998 – present).
• Member of the Audit Committee of PT Bank Tabungan • Chief Executive Officer, PT Penilai Arta Sedaya
Negara (Persero) Tbk (June 2025 - present) (April 1994 – March 2010).
• Member of the Remuneration and Nomination of PT Bank • Chief Executive Officer, PT Panangian & Associates
Tabungan Negara (Persero) Tbk (June 2025 - present) (November 1993 – October 2010).
• Member of the Housing Task Force Team, Ministry
• Director of Franchise Management for Housing Brokerage,
of Housing and Settlement Areas (May 2024 - present)
PT Homes 21 Realty (October 1992 – October 1993).
Concurrent Position in Another Public Company • Project Supervision Manager, PT Satyatama Graha Tara
(March 1986 – September 1992).
Does not hold concurrent positions in other publicly listed
companies. • Staff in Housing Development Division, PT Satyatama Graha
Tara (February 1986 – September 1986).
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03 Company Profile
DIDYK CHOIROEL*
Commissioner
Citizenship
Indonesian Citizen
Domicile
Tangerang, Indonesia
Age
54 years old as of December 2025.
Period of Office
January 7, 2026 – the closing of the Annual General Meeting of Shareholders
in 2030, First Term
BTN Share Ownership
Does not own any shares of BBTN
Educational Background Work Experience
• Bachelor (S1) in Public Administration, Mataram University, • Commissioner of BTN (January 2026 - present).
Mataram (1998). • Secretary General, Secretariat General, Ministry of Housing
• Master (S2) in Management, Sekolah Tinggi Ilmu Ekonomi and Settlement Areas of the Republic of Indonesia
(STIE Jakarta), Jakarta (2001) (January 2025 – present).
• Master (S2) in Public Administration, Gadjah Mada University, • Member of the Supervisory Board, dr. Ramelan Navy Hospital,
Yogyakarta (2005) Surabaya (2024 – 2025)
• Member of the Supervisory Board, State Asset Management
Certification
Agency (2023 – 2024)
-
• Head of Regional Office, Directorate General of Treasury,
Employment History East Java Province, Ministry of Finance of the Republic
of Indonesia (May 2024 – January 2025);
Legal Basis of Appointment • Secretary of the Directorate general Secretariat, Directorate
Serving as a Commissioner of the Company for the first general of Treasury, Ministry of Finance of the Republic
time since January 7, 2026, pursuant to the resolution of the of Indonesia (April 2021 – May 2025);
Company’s Extraordinary General Meeting of Shareholders • Director, Directorate of State Cash Management, Directorate
(EGMS), and declared effective following the completion of the General of Treasury, Ministry of Finance of the Republic
Fit and Proper Test by the Financial Services Authority (FSA). of Indonesia (September 2018 – April 2021);
• Member of the Supervisory Board, Darmais Cancer Hospital,
Concurrent Position Jakarta (2021 – 2022)
• Member of the Remuneration and Nomination Committee • Director, Directorate of Budget Implementation, Directorate
of PT Bank Tabungan Negara (Persero) Tbk (January General of Treasury, Ministry of Finance of the Republic
2026—present) of Indonesia (March 2017 – September 2018);
• Secretary General, Secretariat General, Ministry of Housing • Member of the Board of Commissioners of PT Perusahaan
and Settlement Areas of the Republic of Indonesia Pengelola Aset (Persero), (2018 – 2020)
(January 2025 – present)
• Head of Regional Office, Directorate General of Treasury,
Concurrent Position in Another Public Company Riau Islands province, Ministry of Finance of the Republic
of Indonesia (October 2015 – March 2017);
Does not hold concurrent positions in other publicly listed
• Member of the Supervisory Board, Institute for Cooperative
companies
and MSME Marketing Services (LPPKUKM) (2016 – 2017).
* Appointed at the Extraordinary General Meeting of Shareholders held on January 7, 2026, and currently undergoing the Fit and Proper Test from FSA.
156 2025 Annual Report
Page 157
PT Bank Tabungan Negara (Persero) Tbk
CHANDRA M. HAMZAH*
President Commissioner/Independent
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
58 years old as of December 2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – GMS 2025, Second Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
Bachelor of Law, University of Indonesia (1995). • President Commissioner/Independent of BTN (2019 - 2025).
• President Commissioner of PT Perusahaan Listrik Negara
Certification
(Persero) (2014 - 2015).
Banking Risk Management Level 6 by LSPP (2024 Alignment)
• Partner of Assegaf Hamzah & Partners Law Firm
Employment History (2012 - present).
• Commissioner of the Corruption Eradication Commission
Legal Basis of Appointment (KPK) (2007 - 2011).
Served as President Commissioner and Independent • Partner of Assegaf Hamzah & Partners Law Firm (2001 - 2007).
Commissioner of the Company for the first time since
November 27, 2019 through the decision of the Company’s
Extraordinary General Meeting of Shareholders (EGMS) and
was declared effective by the Financial Services Authority
(FSA) since May 4, 2020. Then reappointed on March 6, 2024
through the 2024 Annual General Meeting of Shareholders.
Concurrent Position
Co-Founder & Senior Partner of Assegaf Hamzah & Partners
Law Firm (2012-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
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03 Company Profile
IQBAL LATANRO*
Deputy Commissioner/Independent
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
67 years old as of December 2025.
Period of Office
March 10, 2021 - 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) in Economics, Hasanuddin University, Makassar • Deputy President Commissioner/Independent of BTN
(1983). (2021 - 2025).
• Master (S2) in Business Management, Hasanuddin University, • Commissioner of PT Bank Mandiri Taspen (2020 - 2021).
Makassar (1998). • Commissioner of PT Pemeringkat Efek Indonesia (2020 - 2021).
• President Director of PT Taspen (Persero) (2018 - 2020).
Certification
• President Commissioner of PT Taspen Properti Indonesia
Banking Risk Management Level 7 by LSPP (2024 Alignment). (2015 - 2020).
Employment History
Legal Basis of Appointment
Served as Deputy President Commissioner/ Independent of
the Company for the first time since March 10, 2021 through
the decision of the Company’s Annual General Meeting of
Shareholders (AGMS) and declared effective by the Financial
Services Authority (FSA) on September 6, 2021.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
158 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
ARMAND B. ARIEF*
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
73 years old as of December 2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – 2025 GMS, Second Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) Business Administration, Curry College, Milton • Independent Commissioner of PT Cardig Aero Services Tbk
Massachusetts, United States (1982). (2021 - present).
• Master (S2) Business Administration, Suffolk University, Boston • Independent Commissioner of BTN (2019 - 2025).
Massachusetts, United States (1995). • Independent Commissioner of PT Bank Royal Indonesia
(2017 - 2018).
Certification • Commissioner/Senior Consultant of Dunamis Organization
Banking Risk Management Level 6 by LSPP (2024 Alignment). Services (Franklin Covey USA Subsidiary (2016 - 2019).
• Member of the Financial Services Authority Panel Interviewer
Employment History (2016 - 2017).
Legal Basis of Appointment
Served as Independent Commissioner of the Company for
the first time since November 27, 2019 through the decision
of the Extraordinary General Meeting of Shareholders (EGMS)
of the Company and was declared effective by the Financial
Services Authority (FSA) since May 14, 2020. Then reappointed
on March 6, 2024 through the 2024 Annual General Meeting of
Shareholders.
Concurrent Position
No Concurrent Positions
Concurrent Position in Another Public Company
Independent Commissioner of PT Cardig Aero Services Tbk
(2021-present).
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
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03 Company Profile
SENTOT A. SENTAUSA*
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
68 years old as of December 2025.
Period of Office
March 2, 2022 – 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) Statistics, Padjadjaran University, Bandung • Independent Commissioner of BTN (2022 - 2025).
(1985).
• President Commissioner of PT Jiwasraya (Persero)
• Master (S2) Business Administration, Monash University, (2019 - 2020).
Australia (1995).
• President Commissioner of Mandiri lnhealth (2016 - 2019).
Certification • Distribution Director of PT Bank Mandiri (Persero) Tbk
Banking Risk Management Level 7 by LSPP (2024 Alignment). (2015 - 2016).
• Risk Management Director of PT Bank Mandiri (Persero) Tbk
Employment History (2006 - 2014).
Legal Basis of Appointment
Served as Independent Commissioner of the Company for
the first time since March 2, 2022 through the Resolution of the
Company’s Annual General Meeting of Shareholders (AGMS)
and declared effective by the Financial Services Authority
(FSA) since August 8, 2022.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
160 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
ADI SULISTYOWATI*
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
58 years old as of December 2025.
Period of Office
6 March 6, 2024 – 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025 it does not own BBTN shares
Educational Background Work Experience
Bachelor (S1) in Management Economics, Krisnadwipayana • Independent Commissioner of BTN (March 2024-2025)
University, Jakarta (1986)
• Vice President Director of PT Bank Negara Indonesia (Persero)
Certification Tbk (2020-March 2024)
Banking Risk Management Level 7 by LSPP (2024 Alignment). • Director of Services and Network of PT Bank Negara Indonesia
(Persero) Tbk (2020)
Employment History • Director of Institutional Relations of PT Bank Negara Indonesia
(Persero) Tbk (2015-2020)
Legal Basis of Appointment
• Head of Network and Service Division of PT Bank Negara
Served as Independent Commissioner of the Company for Indonesia (Persero) Tbk (2012-2015)
the first time since March 6, 2024 through the decision of the
Company’s Annual General Meeting of Shareholders (AGMS)
and declared effective by the Financial Services Authority
(FSA) since October 7, 2024.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
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03 Company Profile
BAMBANG WIDJANARKO*
Independent Commissioner
Citizenship
Indonesian Citizen
Domicile
Bekasi, Indonesia
Age
62 years old as of December 2025.
Period of Office
March 6, 2024 – 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) in Accounting, Brawijaya University, Malang • Independent Commissioner of BTN (March 2024-2025)
(1988).
• Deputy Commissioner for Supervision of Government
• Master (S2) in Business and Finance, International University and Sharia Banks OJK (2023)
of Japan, Japan (2000).
• Deputy Commissioner for Supervision of Banking II OJK
Certification (2020-2023)
Banking Risk Management Level 6 by LSPP (2024 Alignment). • Deputy Commissioner for Investigation, Organization
and Human Resources OJK (2018-2020)
Employment History • Head of Regional Office 1 DKI Jakarta and Banten OJK
(2016-2018)
Legal Basis of Appointment
Served as Independent Commissioner of the Company for
the first time since March 6, 2024 through the decision of the
Company’s Annual General Meeting of Shareholders (AGMS)
and declared effective by the Financial Services Authority
(FSA) since October 7, 2024.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
162 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
ANDIN HADIYANTO*
Commissioner
Citizenship
Indonesian Citizen
Domicile
Bekasi, Indonesia
Age
60 years old as of December 2025.
Period of Office
November 27, 2019 - March 6, 2024, First Period
March 6, 2024 – 2025 GMS, Second Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) in Economics, Universitas Gadjah Mada, • Head of the Financial Education and Training Agency
Yogyakarta (1989). (BPPK) and Acting President Director of the Education Fund
• Master (S2) in International Development, Nagoya University, Management Institute (LPDP), Ministry of Finance
Japan (1997). (2021-June 2025).
• Doctor (S3) in International Development, Nagoya University, • Commissioner of BTN (2019-2025).
Japan (2000).
• Director General of Treasury, Ministry of Finance (2019-2021).
Certification • Expert Staff on Macroeconomics and International Finance,
Ministry of Finance (2018-2019).
Banking Risk Management Level 6 by LSPP (2024 Alignment).
• Executive Director, World Bank (2016-2018).
Employment History
Legal Basis of Appointment
Served as Commissioner of the Company for the first time since
November 27, 2019 through the decision of the Extraordinary
General Meeting of Shareholders (EGMS) of the Company and
was declared effective by the Financial Services Authority (FSA)
since July 10, 2020. Then reappointed on March 6, 2024 through
the 2024 Annual General Meeting of Shareholders.
Concurrent Position
No concurrent positions
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
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03 Company Profile
HERRY TRISAPUTRA ZUNA*
Commissioner
Citizenship
Indonesian Citizen
Domicile
West Jakarta, Indonesia
Age
58 years old as of December 2025.
Period of Office
March 2, 2022 - 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, has 879,300 shares or 0.0062653%
Educational Background Work Experience
• Bachelor (S1) in Civil Engineering, Bandung Institute of • Road and Bridge Management Expert, Ministry of Public
Technology, Bandung (1992). Works and Public Housing (2024 - present).
• Bachelor (S1) in Management, Padjajaran University, • BTN Commissioner (2022 - 2025).
Bandung (1993).
• Director General of Public Works and Housing Infrastructure
• Master (S2) in Highway Systems and Engineering, Bandung Financing, Ministry of Public Works and Public Housing
Institute of Technology, Bandung (1994).
(2021 - 2024).
• Doctor (S3) in Civil Engineering, University of Indonesia,
• Director of Financing Strategy System Development,
Depok (2016).
Ministry of Public Works and Public Housing (2019 - 2021).
Certification • Commissioner of PT Wijaya Karya Beton Tbk (2017 - 2019).
Banking Risk Management Level 6 by LSPP (2024 Alignment). • Head of the Indonesian Toll Road Regulatory Agency,
Ministry of Public Works and Public Housing (2015 - 2019).
Employment History
Legal Basis of Appointment
Served as Commissioner of the Company for the first time
since March 2, 2022 through the Resolution of the Company’s
Annual General Meeting of Shareholders (AGMS) and declared
effective by the Financial Services Authority (FSA) on October
11, 2022.
Concurrent Position
Road and Bridge Management Expert, Ministry of Public
Works and Public Housing (2024-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public
companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
164 2025 Annual Report
Page 165
PT Bank Tabungan Negara (Persero) Tbk
HIMAWAN ARIEF SUGOTO*
Commissioner
Citizenship
Indonesian Citizen
Domicile
Depok, Indonesia
Age
62 years old as of December 2025.
Period of Office
March 2, 2022 - 2025 GMS, First Period
BTN Share Ownership
As of December 31, 2025, it has 879,300 shares or 0.0062653
Educational Background Work Experience
• Bachelor (S1) in Civil Engineering, Bandung Institute • Senior Advisor to the Minister of Agrarian Affairs and Spatial
of Technology, Bandung (1990). Planning/ Head of the National Land Agency for Land
• Master (S2) in Civil Engineering, University of Indonesia, Economics (2023 - 2024).
Jakarta (2001). • Commissioner of BTN (2022 - 2025).
• Doctor (S3) in Management and Business, Bogor Agricultural • Secretary of the Land Bank Agency Committee (2021 - 2023).
Institute, Bogor (2023).
• Commissioner of PT Rajawali Nusantara Indonesia
(Food Holding) (2020 - 2022).
Certification
• Acting Director General of Land Acquisition and Land
Banking Risk Management Level 6 by LSPP (2024 Alignment).
Development of the Ministry of Agrarian Affairs and Spatial
Employment History Planning/National Land Agency (2020 - 2021).
• Secretary General of the Commissioner of the Ministry
Legal Basis of Appointment of Agrarian Affairs and Spatial Planning/National Land Agency
Served as Commissioner of the Company for the first time (2018 - 2023).
since March 2, 2022 through the Resolution of the Company’s
Annual General Meeting of Shareholders (AGMS) and declared
effective by the Financial Services Authority (FSA) on October
3, 2022.
Concurrent Position
No concurrent positions.
Concurrent Position in Another Public Company
Does not have concurrent positions in other public
companies.
* Ceased to serve since the closing of the Annual General Meeting of Shareholders on March 26, 2025.
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03 Company Profile
Affiliation of the Board of Commissioners
Table of Affiliation of the Board of Commissioners
Financial Relations, Family and Board of Commissioner Management
Financial Relations With Family Relations With
Management
Board of Board of
Board of Controlling Board of Controlling Relations*
Name Position Relations Relations
Directors* Shareholders* Directors* Shareholders*
Commissioners* Commissioners*
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President
Suryo Utomo
Commissioner
Dwi Ary Vice President
Purnomo** Commissioner
Fahri Hamzah Commissioner
Independent
Ida Nuryanti
Commissioner
Pietra
Independent
Machreza
Commissioner
Paloh
Panangian Independent
Simanungkalit Commissioner
Didyk
Commissioner
Choiroel
* Directly or indirectly.
** Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja.
Education and/or Training of the Board of Commissioners
A description of the education and/or training of the Board of Commissioners during the Fiscal year is presented in the
Corporate Governance Chapter.
Changes in the Composition of Members of the Board of Commissioners
and Reasons for the Changes
During 2025, there was a change in the composition of the members of the Board of Commissioners. Changes in
the composition of the members of the Board of Commissioners were made based on the needs of the Company.
Changes in the composition of the members of the Board of Commissioners are as follows:
Composition and Basis for Appointment of the Board of Commissioners
Before the 2025 Annual GMS
The composition of the Board of Commissioners prior to the 2025 Annual GMS was 9 (nine) members, consisting
of 1 (one) President/Independent Commissioner, 1 (one) Deputy President/Independent Commissioner, 4 (four)
Independent Commissioners, and 3 (three) Commissioners. The composition and basis for appointment of the Board
of Commissioners can be seen in the table below:
166 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Table of Composition and Basis for
Appointment of the Board of Commissioners Prior to the 2025 Annual GMS
Executor of the
Name Position Basis of Appointment Period Fit and Proper Effective Date
Assessment
Chandra M. President Commissioner/ Annual GMS
Second FSA May 4, 2020
Hamzah Independent on March 6, 2024
Vice President
Annual GMS
Iqbal Latanro Commissioner/ First FSA September 6, 2021
on March 10, 2021
Independent
Independent Annual GMS
Armand B. Arief Second FSA May 14, 2020
Commissioner on March 6, 2024
Independent Annual GMS
Sentot A. Sentausa First FSA August 8, 2022
Commissioner on March 2, 2022
Independent Annual GMS
Adi Sulistyowati First FSA October 7, 2024
Commissioner on March 6, 2024
Bambang Independent Annual GMS
First FSA October 7, 2024
Widjanarko Commissioner on March 6, 2024
Annual GMS
Andin Hadiyanto Commissioner Second FSA July 10, 2020
on March 6, 2024
Herry Trisaputra Annual GMS
Commissioner First FSA October 11, 2022
Zuna on March 2, 2022
Himawan Arief Annual GMS
Commissioner First FSA October 3, 2022
Sugoto on March 2, 2022
Composition and Basis of Appointment of the Board of Directors
After the 2025 Annual GMS
On March 26, 2025, the 2025 General Meeting of Shareholders decided to:
1. Honorably dismiss the following names as Company Managers:
a. President Commissioner/Independent : Chandra M. Hamzah
b. Vice President Commissioner/Independent : Iqbal Latanro
c. Commissioner : Andin Hadiyanto
d. Commissioner: Herry Trisaputra Zuna
e. Commissioner Independen : Bambang Widjanarko
f. Commissioner Independen : Armand B. Arief
g. Commissioner Independen : Adi Sulistyowati
h. Commissioner : Himawan Arief Sugoto
i. Commissioner Independen : Sentot A. Sentausa
2. Appoint the following names as the Company’s Management:
a. President Commissioner : Suryo Utomo
b. Vice President Commissioner : Dwi Ary Purnomo
c. Independent Commissioner : Ida Nuryanti
d. Commissioner : Fahri Hamzah
e. Independent Commissioner : Pietra Machreza Paloh
f. Independent Commissioner : Panangian Simanungkalit
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03 Company Profile
Thus, the composition of the Board of Commissioners after the 2025 Annual GMS was 6 (six) people consisting
of 1 (one) President Commissioner, 1 (one) Vice President Commissioner, 3 (three) Independent Commissioners,
and 1 (one) Commissioner. The composition and basis of appointment of the Board of Commissioners can be seen
in the table below:
Table of Composition and Basis of Appointment of the Board of Directors after the 2025 Annual GMS
Executor of the
Name Position Basis of Appointment Period Fit and Proper Effective Date
Assessment
Annual GMS
Suryo Utomo President Commissioner First FSA June 26, 2025
on March 26, 2025
Vice President Annual GMS
Dwi Ary Purnomo First FSA June 26, 2025
Commissioner on March 26, 2025
Annual GMS December 17,
Fahri Hamzah Commissioner First FSA
on March 26, 2025 2025
Independent Annual GMS
Ida Nuryanti First FSA October 9, 2025
Commissioner on March 26, 2025
Pietra Machreza Independent Annual GMS
First FSA August 15, 2025
Paloh Commissioner on March 26, 2025
Panangian Independent Annual GMS
First FSA August 15, 2025
Simanungkalit Commissioner on March 26, 2025
Composition and Basis of Appointment of The Board of Commissioners
After The 2026 Extraordinary GMS
On January 7, 2026, the 2026 Extraordinary General Meeting of Shareholders decided to appoint Didyk Choiroel as a
Commissioner of the Company. Therefore, the composition of the Board of Commissioners after the 2025 Annual GMS
was 9 (nine) people consisting of 1 (one) President Commissioner/Independent, 1 (one) Vice President Commissioner/
Independent, 4 (four) Independent Commissioners, and 2 (two) Commissioners. The composition and basis of
appointment of the Board of Commissioners can be seen in the table below:
Table of Composition and Basis of Appointment of the Board of Commissioners After the 2026
Extraordinary GMS
Executor of the
Name Position Basis of Appointment Period Fit and Proper Effective Date
Assessment
President Annual GMS
Suryo Utomo First FSA June 26, 2025
Commissioner on March 26, 2025
Vice President Annual GMS
Dwi Ary Purnomo* First FSA June 26, 2025
Commissioner on March 26, 2025
Annual GMS December 17,
Fahri Hamzah Commissioner First FSA
on March 26, 2025 2025
Independent Annual GMS
Ida Nuryanti First FSA October 9, 2025
Commissioner on March 26, 2025
Pietra Machreza Independent Annual GMS
First FSA August 15, 2025
Paloh Commissioner on March 26, 2025
Panangian Independent Annual GMS
First FSA August 15, 2025
Simanungkalit Commissioner on March 26, 2025
Still in the
Extraordinary GMS
Didyk Choiroel Commissioner First FSA process of the Fit
on January 7, 2026
and Proper Test
* Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja.
168 2025 Annual Report
Page 169
PT Bank Tabungan Negara (Persero) Tbk
SHARIA
SUPERVISORY BOARD PROFILE
Prof. Dr. H. MUHAMMAD
QURAISH SHIHAB, M.A.*
Chairman of the Sharia Supervisory Board
Citizenship
Indonesian Citizen
Domicile
South Jakarta, Indonesia
Age
82 years old as of December 2025.
Period of Office
March 23, 2018 - 2023 GMS, First Period
March 16, 2023 - 2028 GMS, Second Period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) in Tafsir and Hadith from Al-Azhar University, • Chairman of the BTN Sharia Supervisory Board (2018 - 2025).
Cairo, Egypt (1967). • Founder and Member of the Council of Muslim Elders
• Postgraduate (S2) in Tafsir and Hadith from Al-Azhar (2014 - present).
University, Cairo, Egypt (1969).
• Member of the Eminent Person Group Indonesia Malaysia
• Doctorate (S3) in Tafsir and Hadith from Al-Azhar University, Person Group Indonesia Malaysia (2010).
Cairo, Egypt (1982).
• Ambassador Extraordinary and Plenipotentiary of Arabia,
Certification Egypt and Djibouti (1998 - 2002).
• Minister of Religious Affairs of the Republic of Indonesia (1998).
Ijtima’Sanawi & DPS Annual Meeting IX (2024).
• Member of the National Research Council (1995 - 1999).
Employment History • Member of the National Accreditation Board (1994 - 1998).
Legal Basis of Appointment • Director of Ulama Cadre Development MUI (1994 - 1997).
• Member of DPS Bank Muamalat (1992 - 1999).
Served as Chairman of the Sharia Supervisory Board for the
first time through the results of the Company’s Annual General • Rector of IAIN Syarif Hidayatullah (1992 - 1998).
Meeting of Shareholders (AGM) on March 23, 2018 and declared • Member of the Pentashih Al-Qur’an, Ministry of Religious
effective by the Financial Services Authority (FSA) since Affairs of the Republic of Indonesia (1989 - present).
January 10, 2019. Then reappointed as Chairman of the Sharia • Member of the National Education Advisory Board
Supervisory Board for the second time at the 2023 General (1988 - 1996).
Meeting of Shareholders on March 16, 2023.
• Member of the MPR-RI for the 1982-1987 period
Concurrent Position and the period (1987 - 2002).
No concurrent position. • Chairman of the Central Indonesian Ulema Council (MUI)
(1985 - 1998).
Concurrent Position in Another Public Company • Vice Chancellor of IAIN Alauddin (1974 - 1980).
Does not have concurrent positions in other public • Assistant Leader of the Coordinator of the East Indonesian
companies. Police in the Mental Field (1973 - 1975).
• Coordinator of Private Islamic Higher Education Institutions
throughout East Indonesia (Kopertis East Region)
(1967 - 1980).
* Resigned as of November 4, 2025 and effective as of December 22, 2025.
2025 Annual Report 169
Page 170
03 Company Profile
MOHAMAD BAGUS TEGUH
PERWIRA, Lc, M.A.*
Member of the Sharia Supervisory Board
Citizenship
Indonesian Citizen
Domicile
Bekasi, Indonesia
Age
47 years old as of December 2025.
Period of Office
March 10, 2021 – 2026 GMS, First Period.
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Concurrent Position
• Bachelor (S1) from the Faculty of Islamic Studies, Al-Azhar • Chairman of the Sharia Supervisory Board of PT Manulife
University, Cairo-Egypt (1999). Asset Management Indonesia (2022 - present).
• Postgraduate (S2) Islamic Economics Study Program, • Deputy Secretary of the Daily Executive Board,
UIN Syarif Hidayatullah – Jakarta (2007). National Sharia Council-Indonesian Ulema Council
(2020 - present).
Certification
Concurrent Position in Another Public Company
Domestic
• Certified Financial Planner (CFP®)-FPSB (2010). Member of the Sharia Supervisory Board of PT OCBC NISP Tbk.
(2009-present).
• Qualified Wealth Planner (QWP)-FPSB Global (2011).
• Sharia Supervisory Board Certification of Financing Work Experience
Companies-DSN-MUI and OJK (2015). • Chairman of the Sharia Supervisory Board of PT Manulife
• Sharia Supervisor Competency Certification - Professional Asset Management Indonesia (2022 - present).
Certification Institute-Indonesian Ulema Council (LSPMUI) • Member of the Sharia Supervisory Board of PT Bank
(2016). Tabungan Negara, Tbk (Persero) (2021 - present).
• Sharia Supervisor Competency Certification - BNSP (2017) • Deputy Secretary of the Daily Executive Board of DSN-MUI
• Capital Market Sharia Expert (ASPM)–OJK (2021). (2020 - present).
• Sharia Supervisor Competency Certification-BNSP (2023). • Member of the Sharia Supervisory Board of PT Bank Maybank
Indonesia Tbk. (2020 -2024).
• Risk Management Certification Training Level 6 (2025)
• Chairman of the Sharia Supervisory Board of DPLK BRI
• Pre-Ijtima’Sanawi & Ijtima’Sanawi Annual Meeting (2018 - 2019).
of DPS X-DSN-MUI (2025).
• Chairman of the Sharia Supervisory Board of PT Aberdeen
Overseas: Standard Investment Indonesia (2015 - 2021).
• Islamic Economic-ICMI Orsat Cairo-Cairo, Egypt (1997). • Member and Secretary of the Capital Market Division
of the Daily Executive Board of the DSN-MUI (2015 - 2020)
• Islamic Banking Practice-Syahata Consulting-Cairo, Egypt
(1998). • Chairman of the Sharia Supervisory Board of PT Indosurya
Asset Management (2015 - 2017).
• Islamic Banking Training for Regulator-Al Huda Center
of Islamic Banking & Economics-Dubai, UAE (2023). • Member of the Sharia Supervisory Board of PT OCBC NISP Tbk.
(2009 - present).
• Durham Islamic Finance Summer School 2025-Durham
• Member of the Sharia Supervisory Board of PT Schroder
University Business School-Durham, UK (2025).
Investment Management Indonesia (2009 - 2022).
• Head Planner Consultant of PT Quantum Magna
Employment History
(2007 - 2014).
Legal Basis of Appointment • Consultant of PT Batasa Tazkia (2004 - 2009).
Served as a Member of the Sharia Supervisory Board for the • Business Development Management at KAB Consulting
first time since the results of the Company’s Annual General (2003 - 2004).
Meeting of Shareholders (AGMS) dated March 10, 2021 and • Office Manager at the Islamic Economic Community
declared effective by the Financial Services Authority (FSA) (2002 - 2004).
since June 2, 2021. • Training Manager of the International Institute of Islamic
Thought (IIIT) Indonesia (2001 - 2002).
• Assistant Rector at the Islamic University of ‘45 Bekasi
(February 2000 - September 2000).
* Ceased to serve as a member of the Sharia Supervisory Board in connection with the separation of the Sharia Business Unit of PT Bank Tabungan Negara
(Persero) Tbk to PT Bank Syariah Nasional.
170 2025 Annual Report
Page 171
PT Bank Tabungan Negara (Persero) Tbk
MUHAMMAD FAIZ, Lc, M.A.*
Member of the Sharia Supervisory Board
Citizenship
Indonesian Citizen
Domicile
Jakarta, Indonesia
Age
51 years old as of December 2025.
Period of Office
November 29, 2023 - GMS 2028, first period
BTN Share Ownership
As of December 31, 2025, does not own BBTN shares
Educational Background Work Experience
• Bachelor (S1) Faculty of Sharia Islamic University of Madinah, • Chairman of the Indonesian Ulema Council (MUI) for DKI
Saudi Arabia (1997) Jakarta Province (2024 - 2029)
• Master (S2) Faculty of Daarul Ulum Cairo University, Egypt • Member of the Sharia Supervisory Board of PT Bank
(1999) Tabungan Negara, Tbk (Persero) (2023 - present).
• Executive Board (PB) of Nahdlatul Ulama (2022 - present).
Certification
• Deputy Rais PW Nahdlatul Ulama DKI Jakarta (2021 - 2022).
• Sharia Supervisory Board Certification Level 2 (2013).
• Chairman of the Sharia Supervisory Board of PT Bank
• Sharia Supervisory Board Certification Level 1 (2008). Tabungan Pensiunan Nasional (BTPN) Syariah (2017-present).
Employment History • Chairman of the Sharia Supervisory Board of the Sharia
Business Unit of PT Bank Permata, Tbk. (2014 - present).
Legal Basis of Appointment • Chairman of the Sharia Supervisory Board of PT Indomobil
Served as a Member of the Sharia Supervisory Board Multi Finance Indonesia Syariah (2012 - present).
following the Deed of Statement of Decisions of the Board of • Deputy Secretary of the MUI Fatwa Commission
Commissioners Meeting No. 24 dated December 15, 2023 and (2010 - present).
declared effective based on the Letter of the Financial Services • Member of the Sharia Supervisory Board of the Sharia
Authority (FSA) No. S-267/PB.02/2023 since October 18, 2023. Business Unit of PT Bank Permata, Tbk. (2008 - 2014).
Concurrent Position • Deputy Management of PP Daarul Rahman (2008 - present).
• Chairman of the Indonesian Ulema Council (MUI) for DKI
Jakarta Province (2024-2029)
• Executive Board (PB) Nahdlatul Ulama (2022-present).
• Chairman of the Sharia Supervisory Board of PT
Bank Tabungan Pensiunan Nasional (BTPN) Syariah
(2017-present)
• Chairman of the Sharia Supervisory Board of PT Indomobil
Multi Finance Indonesia Syariah (2012-present)
• Deputy Secretary of the MUI Fatwa Commission
(2010-present).
• Deputy Management of PP Daarul Rahman
(2008-present).
Concurrent Position in Another Public Company
Does not have concurrent positions in other public companies.
* Ceased to serve as a member of the Sharia Supervisory Board in connection with the separation of the Sharia Business Unit of PT Bank Tabungan Negara
(Persero) Tbk to PT Bank Syariah Nasional.
2025 Annual Report 171
Page 172
03 Company Profile
Affiliation of the Sharia Supervisory Board
Table of Affiliation of the Sharia Supervisory Board
Financial Relations, Family, and Management of the Sharia Supervisory Board
Financial Relations With Family Relations With
Board of Management
Board of Controlling Board of Relations Board of Controlling Relations*
Name Position Relations
Directors* Shareholders* Commissioners* Directors* Shareholders*
Commissioners*
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Prof. Dr. H. Chairman of the
Muhammad Sharia Supervisory √ √ √ √ √ √ √
Quraish Shihab, MA Board
Mohamad Bagus Member of the
Teguh Perwira, Sharia Supervisory √ √ √ √ √ √ √
Lc, MA Board
Member of the
Muhammad Faiz,
Sharia Supervisory √ √ √ √ √ √ √
Lc, MA
Board
* Directly or indirectly.
Education and/or Training for the Sharia Supervisory Board
The description of the education and/or training of the Sharia Supervisory Board during the financial year is presented
in the Corporate Governance chapter.
Changes in the Composition of Members of the Sharia Supervisory
Board and the Reasons for The Change
During 2025, there were changes to the composition of the Sharia Supervisory Board. Changes to the Sharia
Supervisory Board were made based on the Company’s needs. The composition and basis for nomination of the
Sharia Supervisory Board were as follows:
Composition and Basis for Nomination of the Sharia Supervisory Board
for January 1, 2025 - November 22, 2025
The Sharia Supervisory Board consists of 3 (three) members: 1 (one) Chairman and 2 (two) members. The composition
and basis for appointment of the Sharia Supervisory Board are shown in the table below:
Table of Composition and Basis of Appointment of the Sharia Supervisory Board
Executor of the
Name Position Basis of Appointment Period Fit and Proper Effective Date
Assessment
Prof. Dr. H. Muhammad • Annual GMS on March 23, 2018 • January 10, 2019
Quraish Shihab, MA Chairman Second FSA
• Annual GMS on March 16, 2023 • March 16, 2023
Mohamad Bagus Teguh Annual General Meeting of
Perwira, Lc, MA Member First FSA June 2, 2021
Shareholders on March 10, 2021
Muhammad Faiz, Lc, MA Member OJK Decree on October 18, 2023 First FSA November 29, 2023
Composition and Basis for Nomination of the Sharia Supervisory Board
for November 22, 2025 - Present
On November 4, 2025, Prof. Dr. H. Muhammad Quraish Shihab, MA, resigned as Chairman of the Sharia Supervisory
Board, effective December 22, 2025. Furthermore, in connection with the approval of the Separation of the Sharia
Business Unit of PT Bank Tabungan Negara (Persero) Tbk by transferring its rights and obligations to PT Bank
Syariah Nasional from the Financial Services Authority (OJK), the business permits of the Sharia Business Unit of
PT Bank Tabungan Negara (Persero) Tbk was revoked. Consequently, the members of the Sharia Supervisory Board,
Muhammad Faiz, Lc, MA, and Mohamad Bagus Teguh Perwira, Lc, MA, did not serve as members of the Company’s
Sharia Supervisory Board anymore.
172 2025 Annual Report
Page 173
PT Bank Tabungan Negara (Persero) Tbk
PROFILE OF EXECUTIVE OFFICES
Senior Executive Vice President
Benjamen Sihombing
SEVP Assets Management
Indonesian Citizen,
(55 years old as of December 2025)
Bekasi, Indonesia
Educational Background Concurrent Positions
Bachelor (S1) in Management from North Sumatra University • Non-Permanent Member of BTN Risk Management
(1993). Committee
• Non-Permanent Member of BTN Integrated Risk Management
Certification Committee
Banking Risk Management Certification Level 6 • Permanent Member of BTN Asset and Liability Committee
Work Experience • Non-Permanent Member of BTN Credit or Financing Policy
Committee
• SEVP Asset Management BTN (2025 – present).
• Permanent Member of BTN Human Capital Committee
• Commercial Asset Management Division Head - PT Bank
Tabungan Negara (Persero) Tbk (June 2025 – August 2025). • Non-Permanent Member of BTN Information Technology
Steering Committee
• Regional Office Head of West Java Regional Office - PT Bank
Tabungan Negara (Persero) Tbk (May 2024 – June 2025). • Non-Permanent Member of BTN Transportation Steering
Committee related to Human Capital Organization & GRC
• Head of Regional Office 1 - PT Bank Tabungan Negara
(Persero) Tbk (July 2022 – May 2024). • Non-Permanent Member of BTN Transformation Steering
Committee related to IT, Digital & Network
• Commercial Asset Management Division Head - PT Bank
Tabungan Negara (Persero) Tbk (February 2021 – June 2022). • Non-Permanent Member of BTN Transformation Steering
Committee related to Business Process Improvement (BPI)
• Acting Commercial Risk Division Head - PT Bank Tabungan
Negara (Persero) Tbk (June 2020 – January 2021). • Non-Permanent Member of BTN Business Committee
• Team Leader, SOE & Government Institution Division • Non-Permanent Member of BTN Environmental, Social and
of PT Bank Negara Indonesia (Persero) Tbk (2013 – 2016). Governance (ESG) Committee
• Non-Permanent Member of BTN Capital and Subsidiary
Committee
Legal Basis of Appointment
Served as SEVP of the Company for the first time since September
1, 2025 based on the Decree of the Company’s Board of Directors
Number 1844/2025 dated September 1, 2025.
BTN Share Ownership
As of December 31, 2025, owned 925,059 shares/0.0065914%
2025 Annual Report 173
Page 174
03 Company Profile
Thomas Wahyudi
SEVP Digital Business
Indonesian Citizen,
(52 Years Old As of December 2024)
Tangerang Regency, Indonesia
Educational Background Concurrent Positions
• Bachelor (S1) in Economics, Atma Jaya University, Yogyakarta • Non-Permanent Member of BTN Risk Management
(1995). Committee
• Masters (S2) in Management, Pelita Harapan University, • Non-Permanent Member of BTN Integrated Risk Management
Jakarta (2023). Committee
• Permanent Member of BTN Asset and Liability Committee
Certification
• Non-Permanent Member of BTN Credit or Financing Policy
Banking Risk Management Certification Level 7 Committee
Work Experience • Permanent Member of BTN Human Capital Committee
• SEVP Digital Business BTN (June 2024 – present). • Permanent Member of BTN Information Technology Steering
Committee
• Group Head Transaction Banking Retail Sales PT Bank Mandiri
(Persero) Tbk (2016-2024). • Non-Permanent Member of BTN Transportation Steering
Committee related to Human Capital Organization & GRC
• Commissioner of PT Mitra Transaksi Indonesia (2020 - 2024).
• Permanent Member of BTN Transformation Steering
• Plt. Reg. Transaction Banking Head Jakarta PT Bank Mandiri Committee related to IT, Digital & Network
(Persero) Tbk (April 2016-September 2016).
• Non-Permanent Member of BTN Transformation Steering
• VP Electronic Banking Business Development PT Bank Mandiri Committee related to Business Process Improvement (BPI)
(Persero) Tbk (2011 - March 2016).
• Permanent Member of BTN Business Committee
• Commissioner PT Mitra Transaksi Indonesia (2020 - present).
• Non-Permanent Member of BTN Environmental, Social
• President Commissioner PT Digital Artha Media (2018 - 2020). and Governance (ESG) Committee
• Electronic Channel Head - PT Bank OCBC NISP (2005 - 2011). • Non-Permanent Member of BTN Capital and Subsidiary
• Assistant Manager Electronic Banking Division - PT Bank Committee
Central Asia Tbk (1997-2005).
Legal Basis of Appointment
Served as SEVP of the Company for the first time since April 1,
2024 based on the Decree of the Company’s Board of Directors
Number 374/DIR/2024 dated April 1, 2024.
BTN Share Ownership
As of December 31, 2025, owned 268,500 shares/0.0019132%
174 2025 Annual Report
Page 175
PT Bank Tabungan Negara (Persero) Tbk
Henri Ari Wibawa
SEVP Credit Risk
Indonesian Citizen,
(54 years old as of December 2025)
Jakarta, Indonesia
Educational Background Concurrent Positions
Bachelor (S1) in Agricultural Engineering from Gajah Mada • Non-Permanent Member of BTN Risk Management
University (1996). Committee
• Non-Permanent Member of BTN Integrated Risk Management
Certification Committee
Banking Risk Management Certification Level 6 • Non-Permanent Member of BTN Asset and Liability
Committee
Work Experience
• Permanent Member of BTN Credit or Financing Policy
• SEVP Credit Risk BTN (2025 – present). Committee
• Wholesale Credit Risk Division Head - PT Bank Tabungan • Permanent Member of BTN Human Capital Committee
Negara (Persero) Tbk (August 2023 - August 2025).
• Non-Permanent Member of BTN Information Technology
• Commercial Risk Division Head - PT Bank Tabungan Negara Steering Committee
(Persero) Tbk (February 2021 - July 2023).
• Non-Permanent Member of BTN Transportation Steering
• Branch Manager at Jakarta Cawang - PT Bank Tabungan Committee related to Human Capital Organization & GRC
Negara (Persero) Tbk (May 2020 - January 2021).
• Non-Permanent Member of BTN Transformation Steering
• Branch Manager at Ciputat Branch Office - PT Bank Committee related to IT, Digital & Network
Tabungan Negara (Persero) Tbk (August 2018 – April 2020).
• Non-Permanent Member of BTN Transformation Steering
• Commercial Loan II Department Head - PT Bank Tabungan Committee related to Business Process Improvement (BPI)
Negara (Persero) Tbk (June 2017 – July 2018).
• Non-Permanent Member of BTN Business Committee
• Non-Permanent Member of BTN Environmental, Social
and Governance (ESG) Committee
• Non-Permanent Member of BTN Capital and Subsidiary
Committee
Legal Basis of Appointment
Served as SEVP of the Company for the first time since September
1, 2025 based on the Decree of the Company’s Board of Directors
Number 1843/2025 dated September 1, 2025.
BTN Share Ownership
As of December 31, 2025, owned 104,469 shares/0.0007444%
2025 Annual Report 175
Page 176
03 Company Profile
Profile of Officers One Level Under the Board of Directors
Hendratno Tri Wibowo
Internal Audit Division Head
Indonesian Citizen, Period of Office
(51 years old) Served since: July 26, 2021
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 642/DIR/2021
Educational Background Work Experience
• Diploma (D3) in Accounting from the State Accountancy • 2021 served as Head of Internal Audit Division of the
College (STAN) (1995). Company.
• Bachelor (S1) in Accounting from the University of Indonesia • 2020 served as Post Mortem & Forensic Audit Division Head
(1998). at Indonesia Exim Bank.
• Master (S2) in Accounting from the University of Queensland • 2011 served as Fraud Risk Management Division Head
at Indonesia Exim Bank.
(2003).
Description: The complete profile can be seen in the Corporate Governance chapter.
Nur Khasanah
Treasury Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: July 8, 2024
Central Jakarta, Indonesia
Legal Basis of Appointment
SK No. 630/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Accounting from the Islamic University • 2024 served as PJ Treasury Division Head.
of Indonesia (1994) • 2022 served as Deputy Division Head
• 2021 served as Trading Department Head
• 2019 served as Market & Reserve Management Dept Head
• 2017 served as Trading Management Department Head
176 2025 Annual Report
Page 177
PT Bank Tabungan Negara (Persero) Tbk
Farida Andriani W.
Marketing Communication Division Head
Indonesian Citizen, Period of Office
(55 years old) Served since: April 14, 2023
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 230/DIR/2023
Educational Background Work Experience
Bachelor (S1) in Agriculture from Jenderal Soedirman University • 2023 served as Marketing Communication Division Head
(1994). • 2020 served as Branding & Product Marketing Department
Head
Ramon Armando
Corporate Secretary Division Head
Indonesian Citizen, Period of Office
(51 years old) Served since: April 14, 2023
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 230/DIR/2023
Educational Background Work Experience
Master of Commerce from The University of Sydney (1998). • 2023 served as Corporate Secretary Division Head
• 2020 served as Marketing Communication Division Head
• 2020 concurrently served as Digital Channel Division Head
Description: The complete profile can be seen in the Corporate Governance chapter.
Eka Savitri
Acting Investor Relation & Research Division Head
Indonesian Citizen, Period of Office
(42 years old) Served since: October 1, 2025
Tangerang, Indonesia
Legal Basis of Appointment
SK No. 2260/2025
Educational Background Work Experience
Master (S2) in Accounting from University of Illinois at Urbana • 2025 served as acting Investor Relations & Research Division
Champaign (2009). Head.
• 2023 served as Investor Relations Department Head.
2025 Annual Report 177
Page 178
03 Company Profile
Rahmayati
Human Capital Management Division Head
Indonesian Citizen, Period of Office
(52 years old) Served since: February 14, 2022
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 124/DIR/2022
Educational Background Work Experience
• Bachelor (S1) in Civil Engineering from Hasanuddin University • 2022 served as Human Capital Management Division
(1996). • 2021 served as Sharia Funding & Treasury Deputy
• Master (S2) in Business Administration from Bandung • 2021 served as Sharia Business Deputy
Institute of Technology (2012). • 2016 served as Branch Manager Sharia Jakarta Pasar Minggu
Didik Sudibyo
Acting Human Capital Business Partner Division Head
Indonesian Citizen, Period of Office
(54 years old) Served since: November 3, 2025
Bekasi, Indonesia
Legal Basis of Appointment
SK No. 2610/2025
Educational Background Work Experience
• Bachelor (S1) in Civil Engineering from Atma Jaya University • 2025 served as acting Human Capital Business Partner
Yogyakarta (1996). Division Head.
• Master (S2) in Human Resource Management from Gadjah • 2025 served as Deputy Regional Manager Service
Mada University (2005). & Collection, Jakarta I Regional Office.
• 2024 served as Deputy Regional Manager Service
& Collection, Kalimantan Regional Office.
Aldo Bimantoro
Human Capital Strategy Division Head
Indonesian Citizen, Period of Office
(35 years old) Served since: November 6, 2023
Depok, Indonesia
Legal Basis of Appointment
SK No. 1074/DIR/2023
Educational Background Work Experience
• Bachelor (S1) in Agricultural Industrial Technology from Bogor 2023 served as Human Capital Strategy Division Head.
Agricultural Institute (2012).
• Master (S2) in Human Resource and Organizational
Management from The London School of Economics &
Political Science (2021).
178 2025 Annual Report
Page 179
PT Bank Tabungan Negara (Persero) Tbk
Ade Surya Lesmana
Learning Management Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: February 1, 2023
Tangerang Selatan, Indonesia
Legal Basis of Appointment
SK No. 46/DIR/2023
Educational Background Work Experience
• Bachelor (S1) in Economics from Padjadjaran University • 2023 served as Learning Management Division Head
(1996). • 2022 served as PJ Learning Management Division Head
• Master (S2) in Management from the Institute of Finance, • 2022 served as PJ Learning Center Division Head
Banking and Informatics Asia Perbanas (2009). • 2021 served as Employee Development Department Head
Yenny Herlina
Finance & Accounting Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: November 1, 2024
West Jakarta, Indonesia
Legal Basis of Appointment
SK No. 971/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Economics from Jenderal Soedirman University • 2024 served as Finance & Accounting Division Head
(1996). • 2023 served as Regional Office Head III (East Java)
• 2022 served as DRM Business Regional Office III (East Java)
• 2020 served as DRM Support Regional Office III (East Java)
• 2019 served as Accounting Policy, Planning & Service
Department Head
2025 Annual Report 179
Page 180
03 Company Profile
Wilson Arafat
Enterprise & ESG Risk Management Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: June 2, 2021
West Jakarta, Indonesia
Legal Basis of Appointment
SK No. 525/DIR/2021
Educational Background Work Experience
• Bachelor (S1) in Development Economics from Gadjah Mada • 2021 served as Enterprise & ESG Risk Management Division
University (1996). Head
• Masters (S2) in Management from Gadjah Mada University • 2019 served as Procurement & General Services Division Head
(2004). • 2017 served as Transformation Management Office Division
Head
Description: The complete profile can be seen in the Corporate Governance chapter.
Makhadir Mukhamad
Acting Digital & Operations Risk Division Head
Indonesian Citizen, Period of Office
(39 years old) Served since: September 1, 2025
Depok, Indonesia
Legal Basis of Appointment
Decree No. 2845/2025
Educational Background Work Experience
Bachelor (S1) in Engineering from University of Indonesia (2010). • 2025 served as Acting Digital & Operations Risk Division Head.
• 2024 served as Digital Risk Management Department Head.
• 2022 served as IT Risk Management Department Head.
Description: The complete profile can be seen in the Corporate Governance chapter.
Joko Christianto
IT Strategic Planning Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: July 29, 2021
Jakarta, Indonesia
Legal Basis of Appointment
SPK No. 29/PK/PRO/HCMD/TAC/V/2021
Educational Background Work Experience
Bachelor’s degree in Computer Science from Universitas 2021 served as IT Strategic Planning & Development
Gadjah Mada (2003). Division Head
180 2025 Annual Report
Page 181
PT Bank Tabungan Negara (Persero) Tbk
Joko Christianto
Acting IT Development Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: June 1, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 794/DIR/2025
Educational Background Work Experience
Bachelor’s degree in Computer Science from Universitas 2021 served as IT Strategic Planning Division Head.
Gadjah Mada (2003).
Ghulam Mahdi Muharram
Acting IT Operations Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: October 1, 2025
Jakarta, Indonesia
Legal Basis of Appointment
Memo No. 512/M/HCMD/EDEV/IX/2025
Educational Background Work Experience
Bachelor (S1) in Computer Science from Gajah Mada University • 2025 served as Acting IT Operations Division Head.
(2003). • 2024 served as Deputy IT Operations.
• 2023 served as Deputy IT Strategic Planning & Development.
Budi Hariyanto
IT Security Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: December 15, 2022
Jakarta, Indonesia
Legal Basis of Appointment
SPK No. 29/PK/PRO/HCMD/TAC/XI/2022
Educational Background Work Experience
Bachelor (S1) in Electrical Engineering from Bandung Institute 2022 served as IT Security Division Head
of Technology (2003).
2025 Annual Report 181
Page 182
03 Company Profile
Indra Hidayatullah
Data Management & Analytics Division Head
Indonesian Citizen, Period of Office
(49 years old) Served since: June 2, 2025
Tangerang Selatan, Indonesia
Legal Basis of Appointment
SK No. 2476/2025
Educational Background Work Experience
Bachelor (S1) in Physics from Bandung Institute of Technology • 2025 served as Data Management & Analytics Division Head.
(2001). • 2024 served as IT Operations Division Head.
• 2021 served as Data Management & Analytics Division Head.
Wahyudi Joko Santoso
Procurement & Fixed Asset Management Division Head
Indonesian Citizen, Period of Office
(54 years old) Served since: August 3, 2023
Bekasi, Indonesia
Legal Basis of Appointment
SK No. 625/DIR/2023
Educational Background Work Experience
• Bachelor (S1) in Management Economics from Jenderal • 2023 served as Procurement & Fixed Asset Management
Soedirman University (1995). Division Head
• Master (S2) in Management from STIE Indonesia Banking • 2021 served as IT Operations Division Head
School (2019). • 2019 served as PJ. IT Operations Division Head
Adee Indriana D.
Credit Operations Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: April 8, 2025
Bekasi, Indonesia
Legal Basis of Appointment
A1 Talent Committee No. 03 Th 2025
Educational Background Work Experience
Bachelor (S1) in Development Economics from Sebelas Maret • 2025 served as Credit Operations Division Head.
University (1995). • 2024 served as Digital Operations Division Head
• 2018 served as Operations & Business Support Division Head
• 2017 served as PLT Operation & Business Support Division
Head
• 2016 served as Digital Banking Development Department
Head
182 2025 Annual Report
Page 183
PT Bank Tabungan Negara (Persero) Tbk
Eko Hapsoro Susilo
Customer Experience Division Head
Indonesian Citizen, Period of Office
(52 years old) Served since: April 16, 2024
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 393/DIR/2024
Educational Background Work Experience
• Bachelor (S1) in Architectural Engineering from Diponegoro • 2024 served as Customer Experience Division Head
University (1996). • 2022 served as Customer Care Division Head
• Master (S2) in Management from Gadjah Mada University • 2020 served as Corporate Communication Department Head
(2004).
Wiji Astuti
Sales & Distribution Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: August 26, 2025
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 1535/2025
Educational Background Work Experience
Master (S2) in Management from Padjadjaran University (2024). 2025 served as Sales & Distribution Division Head.
Fatoni Hudhori
Central Operation Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: November 1, 2024
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 971/DIR/2024
Educational Background Work Experience
• Bachelor (S1) in Accounting from Dr. Moechtar Talib School • 2024 served as Central Operation Division Head
of Economics (1995). • 2023 served as Finance & Accounting Division Head
• Master (S2) in Economics, Trisakti University (2018). • 2022 served as PJ Finance & Accounting Division Head
2025 Annual Report 183
Page 184
03 Company Profile
Rahmad Budi Santoso
PJ Digital Operations Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: October 1, 2025
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 2240/2025
Educational Background Work Experience
Bachelor (S1) in Economics from Indonesian Banking Economics • 2025 served as Acting Digital Operations Division Head
College (1995). • 2017 served as Settlement Operation Department Head
R. Wahyu B. Witjaksono
Financial Institusion & Capital Market Division Head
Indonesian Citizen, Period of Office
(55 years old) Served since: January 15, 2024
Bekasi, Indonesia
Legal Basis of Appointment
SK No. 11/DIR/2024
Educational Background Work Experience
• Bachelor (S1) in Accounting from Padjadjaran University • 2024 served as Financial Institution & Capital Market
(1993). Division Head
• Master (S2) in Financial Management from UGM & University • 2019 served as Compliance & Governance Division Head
of Kentucky USA (2004). • 2018 served as PLT Compliance & Governance Division Head
• 2018 served as Deputy Internal Audit Division Head
184 2025 Annual Report
Page 185
PT Bank Tabungan Negara (Persero) Tbk
Sri Astuti
Corporate Banking Division Head
Indonesian Citizen, Period of Office
(52 years old) Served since: October 1, 2024
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 941/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Economics from the Islamic University • 2024 served as Corporate Banking Division Head
of Indonesia (1995). • 2020 served as Commercial Banking Division Head
• 2018 served as Corporate & Loan Syndication Department
Head
Ricky RS Pattinggi
Commercial Banking Division Head
Indonesian Citizen, Period of Office
(54 years old) Served since: October 1, 2024
Bogor, Indonesia
Legal Basis of Appointment
SK No. 941/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Management from Bandar Lampung University • 2024 served as Commercial Banking Division Head
(1994). • 2021 served as Corporate Syndication & Transaction Banking
Division Head
• 2020 served as Deputy Internal Audit Division Head
2025 Annual Report 185
Page 186
03 Company Profile
Grenardy Arief
Wholesale Transaction Division Head
Indonesian Citizen, Period of Office
(48 years old) Served since: January 8, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 182/DIR/2025
Educational Background Work Experience
Master (S2) in Business Administration from University 2025 served as Wholesale Transaction Division Head
of San Francisco (2004)
Erwinta Siswadi
Institutional Banking 1 Division Head
Indonesian Citizen, Period of Office
(54 years old) Served since: August 3, 2023
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 627/DIR/2023
Educational Background Work Experience
Bachelor (S1) in Industrial Engineering from the University • 2024 served as Large Institutional Funding Division Head
of North Sumatra (1996). • 2022 served as Institutional Funding Division Head
• 2021 served as PJ Institutional Funding Division Head
Denny Kriswana
Institutional Banking 2 Division Head
Indonesian Citizen, Period of Office
(56 years old) Served since: August 1, 2024
South Tangerang, Indonesia
Legal Basis of Appointment
SK No. 711/DIR/2024
Educational Background Work Experience
• Bachelor (S1) in Economics from Padjadjaran University • 2024 served as Midsize Institution Funding Division Head
(1991). • 2023 served as Deputy Regional Manager Business,
• Master (S2) in Strategic Management from ABFI Perbanas Regional Office Jateng DIY
(2016). • 2023 served as Branch Manager KC Tangerang
• 2020 served as Branch Manager KC Jakarta Kuningan
186 2025 Annual Report
Page 187
PT Bank Tabungan Negara (Persero) Tbk
Frengky Rosadrian Perangin Angin
Retail Funding Division Head
Indonesian Citizen, Period of Office
(50 years old) Served since: March 01, 2024
Jakarta, Indonesia
Legal Basis of Appointment
SPK No. 188/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Finance & Economics from University of Oregon • 2024 served as Retail Funding Division Head
(1996). • 2020 served as Wealth Management Division Head
Sri Soekminiarni
Mortgage & Secured Loan Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: March 10, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 288/DIR/2025
Educational Background Work Experience
Bachelor (S1) in Management Economics from the University • 2025 served as Mortgage & Secured Loan Division Head.
of North Sumatra (1994). • 2024 served as Regional Office Head of Jakarta II Regional
Office
• 2024 served as PJ Regional Office Head VI (East Java - DIY)
• 2022 served as Deputy Regional Manager Business, Regional
Office I (West Java)
• 2021 served as Branch Manager Jakarta Harmoni
2025 Annual Report 187
Page 188
03 Company Profile
Nurkholis Wahyudi
Personal Banking Division Head
Indonesian Citizen, Period of Office
(49 years old) Served since: August 09, 2023
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 103/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Socio-Economics of Fisheries from Brawijaya 2023 served as Personal Banking Division Head
University (2000).
Tresia Sarumpaet
Digital Banking Product Development Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: July 1, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 1233/2025
Educational Background Work Experience
Master (S2) Marketing from Royal Melbourne Institute • 2025 served as Digital Banking Product Development Division
Technology (2003). Head.
• 2025 served as Digital Banking Sales Division Head.
188 2025 Annual Report
Page 189
PT Bank Tabungan Negara (Persero) Tbk
Utaminingsih
Digital Banking Sales Division Head
Indonesian Citizen, Period of Office
(48 years old) Served since: July 1, 2025
South Tangerang, Indonesia
Legal Basis of Appointment
Memo No. 447/M/HCMD/TAC/V/2025
Educational Background Work Experience
Master (S2) in Management from Gadjah Mada University 2025 served as Digital Banking Sales Division Head.
(2024).
Laloria Novelina Pardede
Acting Consumer Collection, Recovery & Asset Sales 1 Division Head
Indonesian Citizen, Period of Office
(40 years old) Served since: September 8, 2025
Jakarta, Indonesia
Legal Basis of Appointment
Minutes of the A1 Talent Committee No. 16 of 2025
Educational Background Work Experience
Bachelor (S1) in Economics from Diponegoro University (2009). • 2025 served as Acting Consumer Collection, Recovery
and Asset Sales 1 Division Head.
• 2025 served as Deputy Regional Manager Business Regional
Office.
• 2024 served as Branch Manager of Kediri Branch Office.
2025 Annual Report 189
Page 190
03 Company Profile
Roganda Sahat Mangapul Siahaan
Consumer Collection, Recovery & Asset Sales 2 Division Head
Indonesian Citizen, Period of Office
(55 years old) Served since: March 10, 2025
Tangerang, Indonesia
Legal Basis of Appointment
SK No. 288/DIR/2025
Educational Background Work Experience
Bachelor (S1) in Civil Engineering from North Sumatra University • 2025 served as Consumer Collection, Recovery & Asset Sales 2
(1996). Division Head.
• 2023 served as Small Medium Enterprise Banking Division
Head.
• 2023 served as Deputy Subsidized Mortgage Division.
• 2023 served as Branch Manager of Bekasi Branch Office.
• 2020 served as Branch Manager of Tangerang Branch Office.
Didi Rusliyadi
Commercial Asset Management Division Head
Indonesian Citizen, Period of Office
(44 years old) Served since: September 1, 2025
Bogor, Indonesia
Legal Basis of Appointment
A1 Talent Committee No. 14th 2025
Educational Background Work Experience
Bachelor (S1) in Mathematics and Natural Sciences from • 2025 served as Commercial Asset Management Division
Bandung Institute of Technology (2005). Head.
• 2025 served as Acting Regional Office Head of Kalimantan
Regional Office.
• 2024 served as Deputy Wholesale Credit Risk Division.
190 2025 Annual Report
Page 191
PT Bank Tabungan Negara (Persero) Tbk
Hasta Nugraha Utomo
Compliance & Governance Division Head
Indonesian Citizen, Period of Office
(53 years old) Served since: March 10, 2025
Tangerang, Indonesia
Legal Basis of Appointment
SK No. 287/DIR/2025
Educational Background Work Experience
• Bachelor of Law (S1) from Wijaya Kusuma University, • 2025 served as Compliance & Governance Division Head.
Purwokerto (1995). • 2024 served as Corporate Strategy & Planning Division Head.
• Master (S2) in Financial Management from Gadjah Mada • 2021 served as Financial Institution and Capital Market
University and the University of Kentucky USA (2004). Division Head.
Satrijo Katri Wilargo
Acting Legal Division Head
Indonesian Citizen, Period of Office
(54 years old) Served since: September 8, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 1179/2025
Educational Background Work Experience
Bachelor (S1) of Law from Jember University (1995). • 2025 served as Acting Legal Division Head.
• 2024 served as Legal Litigation Department Head.
2025 Annual Report 191
Page 192
03 Company Profile
Lusiana Anjarsari
Policy & Procedure Division Head
Indonesian Citizen, Period of Office
(51 years old) Served since: November 3, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 2609/2025
Educational Background Work Experience
• Bachelor (S1) of Law from Bandar Lampung University (1996). • 2025 served as Policy & Procedure Division Head.
• Master of Law (S2) from University of Indonesia (2002) • 2021 served as Deputy Internal Audit Division.
• 2018 served as Legal Division Head.
Umi Hardinajati
PLT Subsidized Mortgage Division Head
Indonesian Citizen, Period of Office
(44 years old) Served since: November 10, 2025
Jakarta, Indonesia
Legal Basis of Appointment
Memo No. 1164/M/HCMD/EDEV/XI/2025
Educational Background Work Experience
Masters (S2) in Economics from the University of Indonesia (2007). • 2025 served as Deputy Subsidized Mortgage Division.
• 2022 served as Stakeholder Relation Department Head.
192 2025 Annual Report
Page 193
PT Bank Tabungan Negara (Persero) Tbk
Erwin Dwi Kusuma
Corporate Strategy & Planning Division Head
Indonesian Citizen, Period of Office
(46 years old) Served since: March 10, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 287/DIR/2025
Educational Background Work Experience
• Bachelor (S1) in Civil Engineering from Sepuluh November • 2025 served as Corporate Strategy & Planning Division Head.
Institute of Technology (2002). • 2023 served as Consumer Collection Recovery and Asset
• Master of Business Administration (S2) from Gadjah Mada Sales 1 Division Head.
University (2023). • 2020 served as Transformation Partnership Management
Division Head.
• 2019 served as Enterprise Risk Management Division Head.
• 2017 served as Retail Risk Division Head.
Bramantyo Tri Adi Nugroho
Business Banking Division Head
Indonesian Citizen, Period of Office
(44 years old) Served since: March 10, 2025
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 288/DIR/2025
Educational Background Work Experience
Bachelor (S1) in Agricultural Socio-Economics from Bogor • 2025 served as Small Medium Enterprise Banking Division
Agricultural Institute (2004). Head.
• 2024 served as Acting Consumer Collection,
Recovery & Asset Sales 2 Division Head.
• 2023 served as Middle Bucket Department Head.
2025 Annual Report 193
Page 194
03 Company Profile
Meru Arumdalu
Wealth Management Division Head
Indonesian Citizen, Period of Office
(45 years old) Served since: March 01, 2024
Cinere, Indonesia
Legal Basis of Appointment
SK No. 360/DIR/2024
Educational Background Work Experience
Masters (S2) in Financial Economics from University 2024 served as Wealth Management Division Head.
of Birmingham UK (2004).
Erika
Transformation & Partnership Management Division Head
Indonesian Citizen, Period of Office
(46 years old) Served since: April 22, 2024
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 404/DIR/2024
Educational Background Work Experience
Bachelor (S1) in Industrial Engineering from the University 2024 served as Transformation & Partnership Management
of Indonesia (2001). Division Head.
194 2025 Annual Report
Page 195
PT Bank Tabungan Negara (Persero) Tbk
Agus Sumaryono
Wholesale Credit Risk Division Head
Indonesian Citizen, Period of Office
(55 years old) Served since: September 1, 2025
Bekasi, Indonesia
Legal Basis of Appointment
SK No. 1805/2025
Educational Background Work Experience
Bachelor (S1) in Civil Engineering from Sebelas Maret University • 2025 served as Wholesale Credit Risk Division Head.
(1994). • 2024 served as Digital & Operations Risk Management
Division Head.
• 2024 served as Pj Digital & Operations Risk Management
Division Head.
• 2023 served as Deputy Commercial Risk Division.
• 2021 served as Branch Manager Bekasi.
Achmad Zuchridin
PJ Retail Credit Risk Division Head
Indonesian Citizen, Period of Office
(55 years old) Served since: September 8, 2025
Depok, Indonesia
Legal Basis of Appointment
A1 Talent Committee No. 16th 2025
Educational Background Work Experience
Bachelor (S1) in Economics from Jember University (1995). • 2025 served as Acting Retail Credit Risk Division Head.
• 2023 served as Deputy Commercial Banking Division.
2025 Annual Report 195
Page 196
03 Company Profile
Tiana Elma Hetty
Regional Office Head of Jakarta I Regional Office
Indonesian Citizen, Period of Office
(54 years old) Served since: August 1, 2024
Jakarta, Indonesia
Legal Basis of Appointment
SK No. 711/DIR/2024
Educational Background Work Experience
• Bachelor (S1) in Management Economics from the Christian • 2024 served as Regional Office Head of Jakarta I
University of Indonesia (1994). Regional Office.
• Master (S2) in Management from Jayabaya University (2016). • 2024 served as PJ Regional Office Head of Jakarta I
Regional Office.
• 2023 served as Deputy Regional Manager Business,
Regional Office IV(Sumatera).
• 2022 served as Branch Manager Jakarta Harmoni.
Asvianti Handaru W.
Acting Regional Office Head of Jakarta II Regional Office
Indonesian Citizen, Period of Office
(53 years old) Served since: July 1, 2025
Bogor, Indonesia
Legal Basis of Appointment
SK No. 1234/2025
Educational Background Work Experience
• Bachelor (S1) in Banking Management from the Indonesian • 2025 served as Acting Regional Office Head of Jakarta II
Cooperative Management Institute (1996). Regional Office.
• Master (S2) in Management from Bogor Agricultural • 2024 served as Sharia Funding Business Deputy.
University (2000). • 2022 served as Sharia Funding & Treasury Deputy.
• 2021 served as DBM Business Bekasi Branch Office.
196 2025 Annual Report
Page 197
PT Bank Tabungan Negara (Persero) Tbk
Waluyo
Regional Office Head of West Java Regional Office
Indonesian Citizen, Period of Office
(56 years old) Served since: June 2, 2025
Bandung, Indonesia
Legal Basis of Appointment
SK No. 2469/2025
Educational Background Work Experience
Bachelor (S1) in Accounting Economics from Sebelas Maret • 2025 served as Regional Office Head of West Java
University (1994). Regional Office.
• 2024 served as PJ Regional Office Head of Central Java DIY
Regional Office.
• 2023 served as Deputy Commercial Asset Management.
• 2022 served as Deputy Commercial Banking.
• 2020 served as Commercial Asset Document Department
Head.
Fitri Novianty Ratna K
Acting Regional Office Head of Central Java and DIY Regional Office
Indonesian Citizen, Period of Office
(54 years old) Served since: June 2, 2025
Semarang, Indonesia
Legal Basis of Appointment
SK No. 2272/2025
Educational Background Work Experience
Bachelor (S1) in Planning Engineering from Bandung Institute • 2025 served as Acting Regional Office Head of Central Java
of Technology (1995). DIY Regional Office.
• 2023 served as Commercial Banking Center Head
at Bandung 1.
2025 Annual Report 197
Page 198
03 Company Profile
Carly Tambunan
Acting Regional Office Head of East Java Bali Nusra Regional Office
Indonesian Citizen, Period of Office
(54 years old) Served since: March 10, 2025
Surabaya, Indonesia
Legal Basis of Appointment
SK No. 288/DIR/2025
Educational Background Work Experience
Bachelor (S1) in Mining and Mineral Engineering from Bandung • 2025 served as Acting Regional Office Head of East Java Bali
Institute of Technology (1995). Nusra Regional Office.
• 2024 served as Deputy Regional Manager Business, Regional
Office 3 (Surabaya).
• 2023 served as Branch Manager of Bandung Branch Office.
Noor Ridlo
Acting Regional Office Head of Sumatra Regional Office
Indonesian Citizen, Period of Office
(53 years old) Served since: July 1, 2025
Medan, Indonesia
Legal Basis of Appointment
SK No. 1235/2025
Educational Background Work Experience
Bachelor (S1) in Economics from Islamic University of Indonesia • 2025 served as Acting Regional Office Head of Sumatra
(1995). Regional Office.
• 2024 served as Deputy Subsidized Mortgage Division.
• 2023 served as Branch Manager of Tangerang Branch Office.
198 2025 Annual Report
Page 199
PT Bank Tabungan Negara (Persero) Tbk
Bagus Hendri Setiawan
Acting Regional Office Head of Sulawesi Maluku Papua Regional Office
Indonesian Citizen, Period of Office
(40 years old) Served since: February 3, 2025
Makassar, Indonesia
Legal Basis of Appointment
SK No. 2303/2025
Educational Background Work Experience
Bachelor (S1) in Economics from Brawijaya University (2007). • 2025 served as Acting Regional Office Head of Sulawesi
Maluku Papua Regional Office.
• 2024 served as Deputy Regional Manager Business,
Regional Office 6 (Semarang).
• 2023 served as Branch Manager of Cikarang Branch Office.
Vidy Aryo Fajar
Acting Regional Office Head of the Kalimantan Regional Office
Indonesian Citizen, Period of Office
(39 years old) Served since: November 3, 2025
Balikpapan, Indonesia
Legal Basis of Appointment
Memo No. 603/M/HCMD/EDEV/XI/2025
Educational Background Work Experience
Bachelor (S1) in Economics from the University of Indonesia • 2025 served as Acting Regional Office Head of Kalimantan
(2008). Regional Office.
• 2025 served as Deputy Regional Manager Business
of Kalimantan Regional Office.
• 2024 served as Branch Manager of Medan Branch Office.
2025 Annual Report 199
Page 200
03 Company Profile
Officers Two Levels Below The Board of Directors
Name Work Unit Job Title
DIVISION
Hatorangan David Hutajulu IT Development Division Deputy IT Development Division
Ghulam Mahdi Muharram IT Operations Division Deputy IT Operations Division
Romeo Daniel Mekenru Van Enst Mortgage & Secure Loan Division Deputy Mortgage & Secured Loan Division
Mochamad Iqbal Nugraha Treasury Division Deputy Treasury Division
Umi Hardinajati Subsidized Mortgage Division Deputy SMD
Erwin Perangin Angin Wholesale Credit Risk Division Deputy Wholesale Credit Risk
REGIONAL OFFICE
Deputy Regional Manager Business Office
Yayang Wirawan Jakarta Regional Office I
of Jakarta I
Deputy Regional Manager Service & Collection
Shesharina Ayu Wulandini Jakarta Regional Office I
of Jakarta I
Deputy Regional Manager Business Office
Bryan Andria Wijaya Jakarta Regional Office II
of Jakarta II
Deputy Regional Manager Service & Collection
Ciko Hadiantono Jakarta Regional Office II
Office of Jakarta II
Deputy Regional Manager Business Office
Erik Budi Setiawan West Java Regional Office
of West Java
Deputy Regional Manager Service & Collection
Marlina Marianna Siahaan West Java Regional Office
Office of West Java
Deputy Regional Manager Business
Ardityas Dwi Atmoko DIY Central Java Regional Office
Central Java, DIY Regional Office
Deputy Regional Manager Service & Collection
Adolf Ronaldo Sebastianus DIY Central Java Regional Office
Central Java, DIY Regional Office
Deputy Regional Manager Business East Java,
Joyce Ivone Mandagi East Java Bali Nusra Regional Office
Bali, Nusra Regional Office
Deputy Regional Manager Service & Collection
Jastrawan Pesulima East Java Bali Nusra Regional Office
East Java, Bali, Nusra Regional Office
Deputy Regional Manager Business Sumatra
Aries Tuti Sumatra Regional Office
Regional Office
Deputy Regional Manager Service & Collection
Ternamentha Sitepu Sumatra Regional Office
Sumatra Regional Office
Deputy Regional Manager Business Office
I Wayan Cahya Prandika Sulawesi Maluku Papua Regional Office
Sulawesi, Maluku, Papua
Deputy Regional Manager Service & Collection
Ali Irfan Sulawesi Maluku Papua Regional Office
Sulawesi, Maluku, Papua Regional Office
Deputy Regional Manager Business Office
Liling Joko Suprapto Kalimantan Regional Office
Kalimantan
Deputy Regional Manager Service & Collection
Vidy Aryo Fajar Kalimantan Regional Office
Office Kalimantan
200 2025 Annual Report
Page 201
PT Bank Tabungan Negara (Persero) Tbk
PROFILE OF
EMPLOYEE
Employee Composition by Gender
Table of Employee Composition by Gender (in person)
Gender 2025 2024
Male 5,684 6,560
Female 5,730 6,287
Total 11,414 12,847
Employee Composition by Organizational Level
Table of Employee Composition by Organizational Level (in person)
2025 2024
Organizational Level
Male Female Total Male Female Total
Level 22 6 1 7 2 1 3
Level 19-21 98 29 127 114 26 140
Level 15-18 1,093 425 1,518 1,119 409 1,528
Level 13-14 1,537 1,132 2,669 1,718 1,215 2,933
Level 11-12 2,408 3,271 5,679 2,895 3,548 6,443
Level 8-10 542 872 1414 712 1,088 1,800
Total 5,684 5,730 11,414 6,560 6,287 12,847
Employee Composition by Age Range
Table of Employee Composition by Age Range (in person)
2025 2024
Age range
Male Female Total Male Female Total
≥ 51 570 174 744 681 218 899
31–50 3,482 2,712 6,194 3,713 2,764 6,477
≤ 30 1,632 2,844 4,476 2,166 3,305 5,471
Total 5,684 5,730 11,414 6,560 6,287 12,847
2025 Annual Report 201
Page 202
03 Company Profile
Employee Composition by Level of Education
Table of Employee Composition by Level of Education (in person)
2025 2024
Level of Education
Male Female Total Male Female Total
Doctorate Degree 333 198 531 373 189 562
Bachelor 4,910 4,880 9,790 5,574 5,212 10,786
Diploma 377 520 897 511 706 1,217
Senior High School 64 132 196 102 180 282
Total 5,684 5,730 11,414 6,560 6,287 12,847
Employee Composition by Employment Status
Table of Employee Composition by Employment Status (in person)
2025 2024
Employment Status
Male Female Total Male Female Total
Permanent 5,617 5,706 11,323 6,485 6,214 12,699
Contract 67 24 91 75 73 148
Total without Outsourced Employees 5,684 5,730 11,414 6,560 6,287 12,847
Outsource 6,804 1,288 8,092 6,551 1,187 7,738
Total with Outsourced Employees 12,488 7,018 19,506 13,111 7,474 20,585
Employee Composition by Years of Service
Table of Employee Composition by Years of Service (in person)
2025 2024
Years of Service
Male Female Total Male Female Total
> 30th 89 66 155 124 80 204
Above 25th-30th 479 95 574 584 142 726
Above 20th-25th - 68 68 - - -
Above 15th-20th 191 268 459 213 306 519
Above 10th-15th 1,566 1,344 2,910 1,473 1,519 2,992
Above 5th-10th 1,988 1,658 3,646 2,733 2,043 4,776
Above 0-5th 1,371 2,231 3,602 1,433 2,197 3,630
Total 5,684 5,730 11,414 6,560 6,287 12,847
202 2025 Annual Report
Page 203
PT Bank Tabungan Negara (Persero) Tbk
SHAREHOLDER
COMPOSITION
Shareholder composition is presented as follows:
Table of Composition of BTN Shareholders as of January 1, 2025
Number of Amount Shares Ownership
Shareholders
Shareholders (Share) Percentage (%)
LOCAL
Republic of Indonesia 1 8,420,666,648 60.00
Insurance 93 283,251,354 2.02
Bank 3 9,608,789 0.07
Retirement Fund 108 1,331,751,166 9.49
Cooperative 3 1,016,500 0.01
Indonesian Individual 55,826 1,594,873,202 11.36
Limited Liability Company 153 115,739,035 0.82
Mutual Funds 150 744,706,029 5.31
Foundation 15 26,954,630 0.19
Sub Total 56,352 12,528,567,353 89.27
FOREIGN
Foreign Business Entity 204 1,503,132,136 10.71
Foreign Individual 71 2,744,924 0.02
Sub Total 275 1,505,877,060 10.73
TOTAL 56,627 14,034,444,413 100.00
Table of Composition of BTN Shareholders as of December 31, 2025
Number of Amount Shares Ownership
Shareholders
Shareholders (Share) Percentage (%)
LOCAL
Republic of Indonesia 1 1 0.00
PT Danantara Asset Management 1 8,420,666,647 60.00
Insurance 76 236,216,854 1.68
Bank 3 9,475,889 0.07
Retirement Fund 78 1,327,587,556 9.46
Cooperative 5 1,189,000 0.01
Indonesian Individual 64,963 1,847,627,220 13.16
Limited Liability Company 160 177,984,763 1.27
Mutual Funds 102 504,261,846 3.59
Foundation 17 27,340,295 0.19
Sub Total 65,406 12,552,350,071 89.44
2025 Annual Report 203
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03 Company Profile
Number of Amount Shares Ownership
Shareholders
Shareholders (Share) Percentage (%)
FOREIGN
Foreign Business Entity 203 1,479,122,970 10.54
Foreign Individual 60 2,971,372 0.02
Sub Total 263 1,482,094,342 10.56
TOTAL 65,669 14,034,444,413 100.00
Composition of the 20 Biggest Shareholders
Table of Composition of the 20 Largest Shareholders of BTN as of January 1, 2025
Amount Shares Ownership
No. Investor Name Status
(Share) Percentage (%)
1. DJS KETENAGAKERJAAN PROGRAM JHT Local 389,275,808 2.77
2. PT TASPEN (ASURANSI) - AFS Local 362,166,723 2.58
3. PT TASPEN Local 332,835,794 2.37
4. REKSA DANA SUCORINVEST EQUITY FUND Local 206,156,100 1.47
5. JPMSE STOCK RE UCITS CLT RE-HANDELSBANKE Foreign 156,224,839 1.11
6. REKSA DANA SAM DANA CERDAS Local 84,750,058 0.60
7. DJS KETENAGAKERJAAN PROGRAM JP Local 77,756,000 0.55
8. NTC-ARTEMIS SMARTGARP GLOBAL EMERGING MARKETS EQUITY FUND Foreign 75,530,000 0.54
9. JPMCB NA RE - VANGUARD EMERGING MARKETS Foreign 66,560,556 0.47
10. JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL Foreign 65,330,984 0.47
11. NTC-LSV EMERGING MARKETS EQUITY FUND, LP Foreign 61,460,400 0.44
12. BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD Foreign 57,337,558 0.41
13. JPMCB NA RE - REB EMERGING MARKETS FINANCIALS FUND Foreign 57,264,150 0.41
14. BNYM RE VANDERBILT UNIVERSITY Foreign 55,523,100 0.40
15. CITIBANK NEW YORK S/A EMERGING MARKETS CORE EQUITY Foreign 54,408,154 0.39
16. SSB 2Q27 ISHARES CORE MSCI EMERGING MARKETS Foreign 54,042,776 0.39
17. SSB SBG6 SWEDBANK ROBUR SMALL CAP EMERGING MARKETS Foreign 50,000,000 0.36
18. REKSA DANA ASHMORE SAHAM SEJAHTERA NUSAN Local 43,438,800 0.31
19. SURYADI TJU Local 38,406,500 0.27
20. REKSA DANA ASHMORE DANA EKUITAS NUSANTARA Local 36,759,600 0.26
204 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Table of Composition of the 20 Largest BTN Shareholders as of December 31, 2025
Amount Shares Ownership
No. Investor Name Status
(Share) Percentage (%)
1. DJS KETENAGAKERJAAN PROGRAM JHT Local 389,275,808 2.77
2. PT TASPEN (ASURANSI) - FVTPL Local 362,166,723 2.58
3. PT TASPEN Local 332,835,794 2.37
4. JPMSE STOCK RE UCITS CLT RE-HANDELSBANKE Foreign 156,224,839 1.11
5. REKSA DANA SUCORINVEST EQUITY FUND Local 154,623,000 1.10
6. SSB SBG6 SWEDBANK ROBUR SMALL CAP EMERGING MARKETS Foreign 85,000,000 0.61
7. DJS KETENAGAKERJAAN PROGRAM JP Local 77,756,000 0.55
8. CACEIS BANK, LUXEMBOURG BRANCH/ NEF Foreign 73,199,966 0.52
9. JPMCB NA RE-VANGUARD TOTAL INTERNATIONALSTOCK INDEX FUND Foreign 70,075,984 0.50
10. SSB ACXU AMERICAN CENTRY ETF TST-AVANTISEM EQ ETF Foreign 65,440,783 0.47
11. JPMCB NA RE - VANGUARD EMERGING MARKETSSTOCK INDEX FUND Foreign 65,031,756 0.46
12. CITIBANK NEW YORK S/A ISHARES CORE MSCI EMERGING MARKETS ETF Foreign 63,005,376 0.45
13. NTC-LSV EMERGING MARKETS EQUITY FUND, LP Foreign 61,460,400 0.44
14. JPMCB NA RE - REB EMERGING MARKETS FINANCIALS FUND, LP Foreign 54,964,150 0.39
CITIBANK NEW YORK S/A EMERGING MARKETS CORE EQUITY 2
15. Foreign 54,408,154 0.39
PORTFOLIO OF DFA INVESTMENT
16. MANULIFE DANA EKUITAS Local 45,409,736 0.32
17. BNYM RE VANDERBILT UNIVERSITY Foreign 39,720,100 0.28
JPMCB NA RE-VANGUARD FIDUCIARY TRUST COMPANY INSTITUTIONAL
18. Foreign 36,887,554 0.26
TOTAL INTERNATIONAL S
JPMCB NA RE - BLACKROCK INST TR CO N A INVESTMENT FDS FOR
19. Foreign 36,500,632 0.26
EMPLOYEE BENEFIT TRUST
20. PT MANDIRI SEKURITAS QQ ERROR AO Local 34,360,500 0.24
Shareholders Composition 5% or More
Table of Composition of Shareholders of 5% or More of BTN as of January 1, 2025
Investor Name Number of shares (share) Ownership Percentage (%)
Republic of Indonesia 8,420,666,648 60.00
Table of Composition of Shareholders of 5% or More of BTN as of December 31, 2025
Investor Name Number of shares (share) Ownership Percentage (%)
PT Danantara Asset Management 8,420,666,647 60.00
2025 Annual Report 205
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03 Company Profile
Composition of Community Shareholders Less Than 5%
Table of Composition of Community Shareholders Less than 5% as of January 1, 2025
Number of Number of shares Ownership
Shareholders
Shareholders (share) Percentage (%)
LOCAL
Insurance 93 283,251,354 2.02
Bank 3 9,608,789 0.07
Retirement Fund 108 1,331,751,166 9.49
Cooperative 3 1,016,500 0.01
Indonesian Individual 55,826 1,594,873,202 11.36
Limited Liability Company 153 115,739,035 0.82
Mutual Funds 150 744,706,029 5.31
Foundation 15 26,954,630 0.19
Sub Total 56,351 4,107,900,705 29.27
FOREIGN
Foreign Business Entity 204 1,503,132,136 10.71
Foreign Individual 71 2,744,924 0.02
Sub Total 275 1,505,877,060 10.73
TOTAL 56,626 5,613,777,765 40.00
Table of Composition of Group of Community Shareholders Less than 5% as of December 31, 2025
Number of Number of shares Ownership
Shareholders
Shareholders (share) Percentage (%)
LOCAL
Insurance 76 236,216,854 1.68
Bank 3 9,475,889 0.07
Retirement Fund 78 1,327,587,556 9.46
Cooperative 5 1,189,000 0.01
Indonesian Individual 64,963 1,847,627,220 13.16
Limited Liability Company 160 177,984,763 1.27
Mutual Funds 102 504,261,846 3.59
Foundation 17 27,340,295 0.19
Sub Total 65,404 4,131,683,423 29.44
FOREIGN
Foreign Business Entity 203 1,479,122,970 10.54
Foreign Individual 60 2,971,372 0.02
Sub Total 263 1,482,094,342 10.56
TOTAL 65,667 5,613,777,765 40.00
206 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Shareholding by The Directors and Commissioners
Table of Share Ownership of the Board of Commissioners and Directors of BTN as of January 1, 2025
Number of shares Ownership
No. Name Position
(share) Percentage (%)
BOARD OF DIRECTORS
1. Nixon L. P. Napitupulu President Director 5,399,000 0.0384696
2. Oni Febriarto Rahardjo Vice President Director 1,149,100 0.0081877
3. Andi Nirwoto *
Director of Information Technology 2,818,561 0.0200832
4. Elisabeth Novie Riswanti *
Director of Assets Management 2,729,600 0.0194493
5. Jasmin *
Director of Distribution and Institutional Funding 3,844,430 0.0273928
6. Setiyo Wibowo Director of Risk Management 2,889,100 0.0205858
7. Hirwandi Gafar Director of Consumer 2,759,714 0.0196639
8. Nofry Rony Poetra Director of Finance 3,527,422 0.0251340
9. Eko Waluyo Director of Human Capital, Compliance and Legal 2,868,364 0.0204380
10. Hakim Putratama** Director of Operations & Customer Experience 794,400 0.0056604
11. Muhammad Iqbal* Director of SME & Retail Funding - -
BOARD OF COMMISSIONER
1. Chandra M. Hamzah* President Commissioner/Independent - -
2. Iqbal Latanro *
Vice President Commissioner/Independent - -
3. Armand B. Arief *
Independent Commissioner - -
4. Sentot A. Sentausa* Independent Commissioner - -
5. Adi Sulistyowati* Independent Commissioner - -
6. Bambang Widjanarko* Independent Commissioner - -
7. Andin Hadiyanto* Commissioner - -
8. Herry Trisaputra Zuna* Commissioner 879,300 0.0062653
9. Himawan Arief Sugoto* Commissioner 879,300 0.0062653
TOTAL
*
Ceased to serve since March 26, 2025.
Table of Share Ownership of the Board of Commissioners and Directors of BTN as of December 31, 2025
Number of shares Ownership
No. Name Position
(share) Percentage (%)
BOARD OF DIRECTORS
1. Nixon L. P. Napitupulu President Director 5,399,000 0.0384696
2. Oni Febriarto Rahardjo Vice President Director 1,149,100 0.0081877
3. Setiyo Wibowo Director of Risk Management 2,889,100 0.0205858
4. Hirwandi Gafar Director of Consumer Banking 2,759,714 0.0196639
5. Nofry Rony Poetra Director of Finance & Strategy 3,527,422 0.0251340
6. Eko Waluyo Director of Human Capital & Compliance 2,868,364 0.0204380
7. Tan Jacky Chen Director of Information Technology 724,135 0.0051597
8. Venda Yuniarti Director of Treasury & International Banking - -
9. Helmy Afrisa Nugroho* Director of Corporate Banking - -
10. I Nyoman Sugiri Yasa Director of Operations - -
2025 Annual Report 207
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03 Company Profile
Number of shares Ownership
No. Name Position
(share) Percentage (%)
11. Rully Setiawan Director of Network & Retail Funding - -
12. Hermita Director of Commercial Banking - -
BOARD OF COMMISSIONERS
1. Suryo Utomo President Commissioner - -
2. Dwi Ary Purnomo** Vice President Commissioner - -
3. Fahri Hamzah Commissioner - -
4. Ida Nuryanti Independent Commissioner - -
5. Pietra Machreza Paloh Independent Commissioner - -
6. Panangian Simanungkalit Independent Commissioner - -
7. Didyk Choiroel*** Commissioner
TOTAL
* Appointed at the Annual GMS on March 26, 2025, in the Fit and Proper Test process from FSA.
** Resigned as of February 25, 2026 in connection with his appointment as a member of the Board of Directors of PT Asuransi Kerugian Jasa Raharja.
*** Appointed at the Extraordinary General Meeting of Shareholders held on January 7, 2026, and currently undergoing the Fit and Proper Test from FSA.
As of December 2025, there is no indirect share ownership by the Company’s Board of Directors and Board of
Commissioners.
Shares Ownership by Senior Management
Table of share ownership of BTN senior management as of December 31, 2025
Number of shares Ownership
No. Name Position
(share) Percentage (%)
1. Thomas Wahyudi SEVP Digital Business 268,500 0.0019132
2. Benjamen Sihombing SEVP Assets Management 925,059 0.0065914
3. Henri Ari Wibawa SEVP Credit Risk 104,469 0.0007444
As of December 31, 2025, BTN Senior Management does not have indirect share ownership.
Shareholders Classification
Table of BTN Shareholder Classification as of December 31, 2025
Number of Number of shares Ownership
Shareholding
Shareholders (share) Percentage (%)
Local Institution 441 2,284,056,203 16.27
Foreign Institution 203 1,479,122,970 10.54
Local Individual 64,963 1,847,627,220 13.16
Foreign Individual 60 2,971,372 0.02
Total 65,667 5,613,777,765 40.00
Beneficial Owner
The beneficial owner of the Company is the Government of the Republic of Indonesia, in this case the The Head of
the State-Owned Enterprises Regulatory Agency (BP BUMN) is appointed and/or given the authority to represent the
Government of the Republic of Indonesia.
208 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
INFORMATION OF MAJOR
AND CONTROLLING SHAREHOLDERS
The majority share ownership of Bank BTN was owned PT Bank Tabungan
Negara (Persero) Tbk
by the Government of the Republic of Indonesia with a
60.00%. share ownership. Thus, the Major and Controlling
Shareholders of Company were the Government of 60 %
the Republic of Indonesia, there were no Major and
Controlling Shareholders indirectly.
LIST OF SUBSIDIARIES, ASSOCIATES
AND JOINT VENTURE COMPANIES
On June 5, 2025, the Company officially established a subsidiary in the sharia banking sector through an acquisition/
spin-off as part of its strategy to strengthen the national housing finance ecosystem. Furthermore, to strengthen its
sharia business positioning and identity, on August 20, 2025, the subsidiary rebranded and began operating under the
name Bank Syariah Nasional after obtaining regulatory approval. This transformation is expected to expand the reach
of BTN’s sharia banking services and increase the subsidiary’s contribution to the Group’s consolidated performance.
Subsidiaries
Company Name PT Bank Syariah Nasional
Business Field Sharia Banking
Date of Incorporation December 22, 2025
Total Assets IDR72.9 Trillion
Ownership (%) 99.999%
Start of Operation/Operational Status December 22, 2025
Address Menara Bank BTN Lt. 11,
Jl. Gajah Mada No. 1, Jakarta Pusat 10130
Telp : Telp. 021 - 6310800 (Hunting)
Fax : 021 - 6311900
Web : https://bankbsn.co.id/
Company Management Board of Commissioners
Bahrullah Akbar President Commissioner concurrently
Independent Commissioner
Machhendra Setyo Atmaja Commissioner
Hilman Latief Commissioner
Ilham Nurhidayatuloh Independent Commissioner
Lukman Khakim Independent Commissioner
Board of Directors
Alex Sofjan Noor President Director
Arga Mahanana Nugraha Vice President Director
Abdul Firman Director of Finance, Strategy & Treasury
Mochamad Yut Penta Director of Consumer Banking
Beki Kanuwa Director of Risk Management
Ari Kurniaman Director of Network & Retail Funding
Anton Rijanto Director of Human Capital & Compliance
2025 Annual Report 209
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03 Company Profile
BANK BUSINESS GROUP
INFORMATION
Structure of Bank Business Group
As of December 31, 2025, the Company has a banking business group consisting of BTN and BBSN, which was formed
to support the strengthening of integrated conventional and sharia banking services. This business group aims to
expand the reach of housing financing, increase sharia financial inclusion, and optimize business synergies to create
sustainable growth and increased value for stakeholders.
Bank Business Group (BBG) of BTN Group
(Conventional and Sharia Banks)
Structure of Management Relationships in Bank Business Group
There is no administrator in BTN’s subsidiaries who currently also holds positions at BTN.
Shareholders Acting on Behalf of Other Shareholders
There is no Shareholder acting on behalf of other shareholders.
210 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
CORPORATE
GROUP STRUCTURE
PT Danantara Asset Public,
Management less than 5% each
PT Bank Tabungan Negara (Persero) Tbk
60 % 40 %
PT Bank Syariah Nasional
99.999 %
As of December 31, 2025, the Company has no Associate Entities, Joint Ventures, or Special Purpose Vehicles (SPV).
2025 Annual Report 211
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03 Company Profile
STOCK LISTING
CHRONOLOGY
Initial Public Offering (IPO)
The Company listed its shares for the very first time on the Indonesia Stock Exchange on December 17, 2009 by offering
2,360,057,000 B Series shares or 27.08% of the issued capital, at a par value of IDR800 per share to the public. The Initial
Public Offering (IPO) was warmly welcome by the public, as demonstrated from 2.04 times of oversubscription with
IDR1.88 trillion of proceeds. The action was recognized as the “Best 2009 IPO in Indonesia” by The Asset magazine and
as the “Mid Cap/IPO deal of the year in Southeast Asia 2009” by Alpha Southeast Asia (Hong Kong).
Corporate Action : Initial Public Offering/IPO
Year of Issue of Shares : December 17, 2009
Number of Shares Offered : 2,360,057,000 Series B shares or 27.08% of the issued capital
Nominal Value of Shares : IDR500 per share
Bid Price : IDR800 per share
Number of Shares Before IPO : 0 share
Number of Listed Shares After IPO : 8,623,285,575 Shares of Series B
Exchange Listing : Indonesia Stock Exchange (BEI)
Limited Offering I – Rights Issue
On November 23, 2012, the Company carried out a corporation action, i.e. Limited Offering I (PUT I) to Company
shareholders in relation to the performance of Rights Issue with the aim of strengthening the capital structure as well
as increasing the number of floating shares. This will improve BBTN’s market capitalization and share liquidity in the
capital market, not to mention supporting credit growth, so as to encourage investors to spend more of their funds in
BTN shares.
Corporate Action : Limited Public Offering I (PUT I) – Preemptive Rights (HMETD)/
Rights Issue
Number of Shares Offered : 1,512,857,500 Series B Shares
Nominal Value of Shares : IDR500
Exercise Price : IDR1,235
Number of Shares Recorded Before Rights Issue : 8,859,291,500
Number of Shares Recorded After Rights Issue : 10,481,074,500 shares
Amount of Funds (Proceeds) Received : IDR1,868,379,012,500
Conversion Ratio : 555,000 Old Shares are entitled to 94,943 HMETD
Ownership Dilution : 14.61% before MESOP and 16.49% after MESOP
Preemptive Rights Trading Period : November 23 - 29, 2012
Preemptive Rights Exercise Period : November 23 - 29, 2012
Date of Securities Listing on the Stock Exchange : November 23, 2012
Stock Exchange Listing : Indonesia Stock Exchange (BEI)
Alert Buyer : PT Bahana Securities, PT Danareksa Sekuritas
and PT Mandiri Sekuritas
212 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Limited Public Offering II – Rights Issue
On December 28, 2022, the Company carried out a corporate action in the form of Capital Increase by Providing
Preemptive Rights II (PMHMETD II) to the Company’s shareholders in order to issue Preemptive Rights (HMETD) or Rights
Issue with the aim of strengthening the capital structure Company in increasing the distribution of credit and/or loans.
Corporate Action : Increase in Capital by Providing Pre-emptive Rights II
(“PMHMETD II”)
Number of Shares Offered : As many as 3,444,444,413 (Three Billion Four Hundred Forty Four
Million Four Hundred Forty Four Thousand Four Hundred Thirteen)
new Series B shares
Nominal Value of Shares : IDR500 (five hundred Rupiah)
Exercise Price : IDR1,200 (one thousand two hundred Rupiah)
Number of Shares Recorded : 10,590,000,000 (ten billion five hundred and ninety million) shares
Before Rights Issue
Number of Shares Recorded : 14,034,444,413 (fourteen billion thirty four million four hundred
After Rights Issue and forty four thousand four hundred and thirteen) shares
Rights Issue Value : The value of PMN is IDR2,479,999,997,600,- (Two Trillion Four
Hundred Seventy Nine Billion Nine Hundred Ninety Nine Million Nine
Hundred Ninety Seven Thousand Six Hundred Rupiah)
The value of public participation is IDR1,653,333,295,600,-
(One Trillion Six Hundred Fifty Three Billion Three Hundred Thirty
Three Million Two Hundred Ninety Five Thousand Six Hundred
Rupiah)
Amount of Funds (Proceeds) Received : IDR4,133,333,295,600,- (Four Trillion One Hundred Thirty Three
Billion Three Hundred Thirty Three Million Two Hundred Ninety Five
Thousand Six Hundred Rupiah)
Conversion Ratio : Each holder of 100,000,000 (one hundred million) Old Shares is
entitled to 32,525,443 (thirty two million five hundred twenty five
thousand four hundred and forty three) HMETD, where every 1 (one)
HMETD gives the holder the right to purchase 1 (one) New Share.
Ownership Dilution : Shareholders who do not exercise their rights will experience a
maximum decrease in ownership percentage of 24.54% (Twenty
Four Point Five Four Percent)
Preemptive Rights Trading Period : December 28, 2022 - January 5, 2023
Preemptive Rights Exercise Period : December 28, 2022 - January 5, 2023
Securities Listing Date on the Stock Exchange : December 28, 2022
Stock Exchange Listing : Indonesia Stock Exchange (BEI)
Alert Buyer : PT CIMB Niaga Sekuritas
2025 Annual Report 213
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03 Company Profile
Chronology of Issuance/Listing of BTN Shares
Nominal Bid
No. Period Description Share Value Price
(IDR) (IDR)
1. Before IPO - - -
2. December 17, 2009 Initial Public Offering Series B Common Stock 500 800
3. February 4, 2011 MESOP Program Realization Series B Common Stock 500 855
4. October 4, 2011 MESOP Program Realization Series B Common Stock 500 855
5. February 1, 2012 MESOP Program Realization Series B Common Stock 500 1,297
6. May 1, 2012 MESOP Program Realization Series B Common Stock 500 -
7. November 23, 2012 Limited Public Offering I/Rights Issue Series B Common Stock 500 1,235
8. February 1, 2013 MESOP Program Realization Series B Common Stock 500 1,098
9. July 1, 2013 MESOP Program Realization Series B Common Stock 500 -
10. February 1, 2014 MESOP Program Realization Series B Common Stock 500 -
11. July 1, 2014 MESOP Program Realization Series B Common Stock 500 -
12. February 2, 2015 MESOP Program Realization Series B Common Stock 500 -
13. July 1, 2015 MESOP Program Realization Series B Common Stock 500 -
14. February 1, 2016 MESOP Program Realization Series B Common Stock 500 1,098
15. December 28, 2022 Limited Public Offering I/Rights Issue Series B Common Stock 500 1,200
CHRONOLOGY OF BOND LISTING
AND OTHER SECURITIES LISTING
Chronology of listing of other securities which consists of bonds, sukuk, mortgage securitization, negotiable
certificate of deposits (NCD) and Long Term Notes (LTN). All of the Company’s bonds have been listed
on the Indonesia Stock Exchange and for global bond have been listed in Singapore Exchange.
Chronology of Bond Issuance
Table of Chronology of the Company Bond Issuance BTNs
Electronic
Number
Bond Tenor
Description Currency of Bonds Bid Price
Distribution (Year)
(Millions)
Date
Bank BTN Bond I Year 1989 July 25, 1989 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bond II Year 1990 - 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bond III Year 1991 - 5 IDR 50,000 100% of the principal amount of the Bonds
Bank BTN Bond IV Year 1991 - 5 IDR 100,000 100% of the principal amount of the Bonds
Bank BTN Bond V Year 1993 - 5 IDR 150,000 100% of the principal amount of the Bonds
Bank BTN Bond VI Year 1995 - 5 IDR 350,000 100% of the principal amount of the Bonds
Bank BTN Bond VII Year 1996 - 5 IDR 200,000 100% of the principal amount of the Bonds
214 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Issued and Paid Up Capital
Number of
shares issued
Number of Shares Total Amount of Money Total Offering Price
(sheet)
(sheet) (IDR) (IDR)
- 6,354,000,000 3,177,000,000,000 -
2,360,057,000 8,714,057,000 4,357,028,500,000 1,888,045,600,000
95,015,000 8,809,072,000 4,404,536,000,000 81,237,825,000
26,898,500 8,835,970,500 4,417,985,250,000 22,998,217,500
2,544,500 8,838,515,000 4,419,257,500,000 3,300,216,500
5,068,000 8,843,583,000 4,421,791,500,000 -
1,512,857,500 10,356,440,500 5,178,220,250,000 1,868,379,012,500
206,420,500 10,562,861,000 5,281,430,500,000 226,649,709,000
1,992,500 10,564,853,500 5,282,426,750,000 -
407,000 10,565,260,500 5,282,630,250,000 -
2,435,500 10,567,696,000 5,283,848,000,000 -
24,500 10,567,720,500 5,283,860,250,000 -
14,624,500 10,582,345,000 5,291,172,500,000 -
7,655,000 10,590,000,000 5,295,000,000,000 8,405,190,000
3,444,444,413 14,034,444,413 7,017,222,206,500 4,133,333,259,600
Maturity Interest Payment Rating
Trustee
Date Rate Status
2025 2024
July 25, 1994 18.75% fixed Paid Off - - -
June 1, 1995 16.25% fixed Paid Off - - -
November 11, 1996 20.00% fixed Paid Off - - -
January 23, 1996 17.00% fixed Paid Off - - -
15.25% fixed for first
and second years,
July 31, 1998 Paid Off - - -
in for remaining years
until maturity
17.25% fixed for first year,
December 21, 2000 floating for remaining years Paid Off - - -
until maturity
17.125% fixed for first year,
July 22, 2001 floating for remaining years Paid Off - - -
until maturity
2025 Annual Report 215
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03 Company Profile
Electronic
Number
Bond Tenor
Description Currency of Bonds Bid Price
Distribution (Year)
(Millions)
Date
Bank BTN Bond VIII Year 1997 - 5 IDR 400,000 100% of the principal amount of the Bonds
Bank BTN Bond IX Year 2003 - 5 IDR 750,000 100% of the principal amount of the Bonds
Bank BTN Bond X Year 2004 - 5 IDR 750,000 100% of the principal amount of the Bonds
BTN Subordinated Bonds I
- 10 IDR 250,000 100% of the principal amount of the Bonds
Year 2004
BTN Bonds XI Year 2005 - 5 IDR 750,000 100% of the principal amount of the Bonds
Bank BTN Bonds XII Year 2006 - 10 IDR 1,000,000 100% of the principal amount of the Bonds
Bank BTN Bonds XIII Year 2009
- 3 IDR 300,000 100% of the principal amount of the Bonds
Series A
Bank BTN Bonds XIII Year 2009
- 4 IDR 300,000 100% of the principal amount of the Bonds
Series B
Bank BTN Bonds XIII Year 2009
- 5 IDR 900,000 100% of the principal amount of the Bonds
Series C
Bank BTN Bond XIV Year 2010 June 11, 2010 10 IDR 1,650,000 100% of the principal amount of the Bonds
Bank BTN Bond XV Year 2011 June 28, 2011 10 IDR 1,300,000 100% of the principal amount of the Bonds
Bank BTN Continuous Bond I
June 5, 2012 10 IDR 2,000,000 100% of the principal amount of the Bonds
Phase I Year 2012
Bank BTN Continuous Bond I
March 27, 2013 10 IDR 2,000,000 100% of the principal amount of the Bonds
Phase II Year 2013
Sustainable Bonds II Bank BTN
3 IDR 900,000 100% of the principal amount of the Bonds
Phase I Year 2015 Series A
Sustainable Bonds II Bank BTN
July 8, 2015 5 IDR 500,000 100% of the principal amount of the Bonds
Phase I Year 2015 Series B
Sustainable Bonds II Bank BTN
July 8, 2015 7 IDR 800,000 100% of the principal amount of the Bonds
Phase I Year 2015 Series C
Sustainable Bonds II Bank BTN
July 8, 2015 10 IDR 800,000 100% of the principal amount of the Bonds
Phase I Year 2015 Series D
Sustainable Bonds II Bank BTN August 30,
3 IDR 1,347,000 100% of the principal amount of the Bonds
Phase II Year 2016 Series A 2016
Sustainable Bonds II Bank BTN August 30,
5 IDR 1,653,000 100% of the principal amount of the Bonds
Phase II Year 2016 Series B 2016
Sustainable Bonds III Bank BTN
July 13, 2017 3 IDR 1,466,000 100% of the principal amount of the Bonds
Phase I Year 2017 Series A
Sustainable Bonds III Bank BTN
July 13, 2017 5 IDR 1,295,000 100% of the principal amount of the Bonds
Phase I Year 2017 Series B
Sustainable Bonds III Bank BTN
July 13, 2017 7 IDR 853,000 100% of the principal amount of the Bonds
Phase I Year 2017 Series C
Sustainable Bonds III Bank BTN
July 13, 2017 10 IDR 1,386,000 100% of the principal amount of the Bonds
Phase I Year 2017 Series D
Sustainable Bonds III Bank BTN 370
June 28, 2019 IDR 1,756,500 100% of the principal amount of the Bonds
Phase II Year 2019 Series A day
Sustainable Bonds III Bank BTN
June 28, 2019 3 IDR 1,168,000 100% of the principal amount of the Bonds
Phase II Year 2019 Series B
Sustainable Bonds III Bank BTN
June 28, 2019 5 IDR 1,219,500 100% of the principal amount of the Bonds
Phase II Year 2019 Series C
216 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Maturity Interest Payment Rating
Trustee
Date Rate Status
2025 2024
July 18, 2002 14.15% fixed Paid Off - - -
October 2, 2008 12.50% fixed Paid Off - - -
May 25, 2009 12.20% fixed Paid Off - - -
12.60% fixed for the first year
to the fifth year, 22.60% fixed
for the sixth year to the tenth year
May 25, 2014* Paid Off - - -
if the Bank does not exercise
the purchase option in the fifth year
from the date of issuance
July 6, 2010 12.00% fixed Paid Off - - Bank Mega
September 19, 2016 12.75% fixed Paid Off - - Bank Mega
May 29, 2012 11.75% fixed Paid Off - - Bank Mega
May 29, 2013 12.00% fixed Paid Off - - Bank Mega
May 29, 2014 12.25% fixed Paid Off - - Bank Mega
June 11, 2020 10.25% fixed Paid Off - - Bank Mega
June 28, 2021 9.50% fixed Paid Off - - Bank Mega
June 5, 2022 7.90% fixed Paid Off - - Bank Mega
March 27, 2023 7.90% fixed Paid Off - - Bank Mega
July 8, 2018 9.625% fixed Paid Off - - Bank Mega
July 8, 2020 9.875% fixed Paid Off - - Bank Mega
July 8, 2022 10.00% fixed Paid Off - - Bank Mega
July 8, 2025 10.50% fixed Paid Off AA+(idn) AA+(idn) Bank Mega
August 30, 2019 8.20% fixed Paid Off - - Bank Mega
August 30, 2021 8.75% fixed Paid Off - - Bank Mega
July 13, 2020 8.30% fixed Paid Off - - Bank BJB
July 13, 2022 8.50% fixed Paid Off - - Bank BJB
July 13, 2024 8.70% fixed Paid Off - - Bank BJB
July 13, 2027 8.90% fixed Not yet due AAA(idn) AA+(idn) Bank BJB
July 8, 2020 7.750% fixed Paid Off - - Bank Mega
June 28, 2022 8.750% fixed Paid Off - - Bank Mega
June 28, 2024 9.000% fixed Paid Off - AA+(idn) Bank Mega
2025 Annual Report 217
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03 Company Profile
Electronic
Number
Bond Tenor
Description Currency of Bonds Bid Price
Distribution (Year)
(Millions)
Date
January 23,
Junior Global Bond Bank BTN 5 USD 300 100% of the principal amount of the Bonds
2020
Sustainable Bond IV Bank BTN August 19, 370
IDR 577,000 100% of the principal amount of the Bonds
Phase I Year 2020 Series A 2020 (day)
Sustainable Bond IV Bank BTN August 19,
3 IDR 727,000 100% of the principal amount of the Bonds
Phase I Year 2020 Series B 2020
Sustainable Bond IV Bank BTN August 19,
5 IDR 196,000 100% of the principal amount of the Bonds
Phase I Year 2020 Series C 2020
Sustainable Bond IV Bank BTN
May 24, 2022 3 IDR 600,000 100% of the principal amount of the Bonds
Phase II Year 2022 Series A
Sustainable Bond IV Bank BTN
May 24, 2022 5 IDR 400,000 100% of the principal amount of the Bonds
Phase II Year 2022 Series B
December 12,
Social Bonds I Phase I 2025 3 IDR 300,000 100% of the principal amount of the Bonds
2025
Subordinated Bonds I Phase I December 12,
5 IDR 2,000,000 100% of the principal amount of the Bonds
2025 2025
Notes:
• Ratings of domestic securities issued outstanding in 2025 used the rating from Pefindo.
• Ratings for outstanding domestic securities in 2025 were based on Fitch ratings.
• Ratings of BTN’s Junior Global Bond (USD) due in 2025 is based on the rating assigned by Moody’s.
* The Company exercised the buyback option on May 25, 2009.
Chronology of Sukuk Issuance
Table of BTN Sukuk Issuance Chronology
Sukuk
Electronic Sukuk Tenor Amount Maturity
Description Currency
Distribution Date (Month) (Millions Date
of IDR)
BTN Sukuk I Year 2023 Phase I July 28, 2023 159 IDR 92,553 October 28, 2036
BTN Sukuk I Year 2023 Phase II December 27, 2023 156 IDR 175,039 December 27, 2036
BTN Sukuk I Year 2024 Phase III September 27, 2024 159 IDR 80,956 December 27, 2037
BTN Sukuk I Year 2024 Phase IV December 23, 2024 165 IDR 52,444 September 23, 2038
Chronology of KPR Securization
The Company has carried out the securitization of Housing Loan bills through Collective Investment Contract of Asset-
Backed Security (KIK-EBA) and Asset-Backed Security in the Form of Letter of Participation (EBA-SP), with the following
details:
Table of Chronology of BTN KPR Securization
Securization Total Nominal Nominal
No. Class
Transactions (IDR) (IDR)
A 100,000,000,000
1. KIK-EBA DSMF 01 111,111,108,501
B 11,111,108,501
218 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Maturity Interest Payment Rating
Trustee
Date Rate Status
2025 2024
Citicorp
January 23, 2025 4.20% Paid Off Ba3 Ba3 International
Limited
August 29, 2021 6.75% Paid Off - - Bank BJB
August 19, 2023 7.80% Paid Off - - Bank BJB
August 19, 2025 8.40% Paid Off AA+(idn) AA+(idn) Bank BJB
May 24, 2025 5.50% Paid Off AA+(idn) AA+(idn) Bank BJB
May 24, 2027 6.0% Not yet due AAA(idn) AA+(idn) Bank BJB
December 12, 2028 5.30% Not yet due id
AAA - Bank BRI
December 12, 2030 6.65% Not yet due id
AA - Bank BRI
Names of the Stock Exchange Where the Company’s Bonds Are Listed
• All BTN Domestic Bonds are listed on the Indonesia Stock Exchange.
• BTN’s Juneor Global Bond is listed on SGX (Singapore Exchange).
Payment
Level Nisbah Description
Status
11.00% of the revenue shared with an indication of profit These Securities were not rated,
Not yet due
sharing equivalent to 0.55% per year. and there was no public offering.
27.40% of the revenue generated with an indication of profit These Securities were not rated,
Not yet due
sharing equivalent to 1.37% per year. and there was no public offering.
27.40% of the revenue generated with an indication of profit Not yet due These Securities were not rated,
sharing equivalent to 1.37% per year. and there was no public offering.
27.40% of the revenue generated with an indication of profit Not yet due These Securities were not rated,
sharing equivalent to 1.37% per year. and there was no public offering.
Date of Transaction Maturity Date Average Life Class A Coupon Class A Ranking
February 11, 2009* January 10, 2018 5.30 13.000% AAA
id
2025 Annual Report 219
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03 Company Profile
Securization Total Nominal Nominal
No. Class
Transactions (IDR) (IDR)
A 360,000,000,000
2. KIK-EBA DSMF 02 391,305,329,159
B 31,305,329,159
A 688,500,000,000
3. KIK-EBA DBTN 01 750,000,230,717
B 61,500,230,717
A 645,000,000,000
4. KIK-EBA DBTN 02 703,450,414,156
B 58,450,414,156
A 925,000,000,000
5. KIK-EBA DBTN 03 1,000,000,005,997
B 75,000,005,997
A1 403,000,000,000
6. KIK-EBA DBTN 04 1,000,000,005,941 A2 525,000,000,000
B 72,000,005,941
A1 723,500,000,000
7. KIK-EBA DBTN 05 1,500,000,001,615 A2 647,500,000,000
B 129,000,001,615
A 181,600,000,000
8. EBA-SP SMF-BTN 01 200,000,000,041
B 18,400,000,041
A1 400,000,000,000
9. EBA-SP SMF-BTN 02 1,000,000,000,000 A2 513,000,000,000
B 87,000,000,000
A1 200,000,000,000
10. EBA-SP SMF-BTN 03 1,000,000,000,000 A2 713,000,000,000
B 87,000,000,000
A1 700,000,000,000
11. EBA-SP SMF-BTN 04 2,000,000,000,000 A2 1,124,000,000,000
B 176,000,000,000
A1 574,000,000,000
A2 1,142,000,000,000
12. EBA-SP SMF-BTN 05 2,000,000,000,000
M 24,000,000,000
B 260,000,000,000
A 576,734,000,000
13. EBA-SP SMF-BTN 06 631,000,543,015
B 54,266,543,015
A 452,500,000,000
14. EBA-SP SMF-BTN 07 500,000,001,416
B 47,500,001,416
A 544,800,000,000
15. EBA-SP SMF-BTN 08 600,000,020,055
B 55,200,020,055
Totals 13,386,867,660,613 13,386,867,660,613
* The Bank as a Service Provider in securitization transactions has implemented the clean-up call option in accordance with the provisions.
220 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Date of Transaction Maturity Date Average Life Class A Coupon Class A Ranking
November 10, 2009* Decsember 10, 2019 5.63 11.000% AAA
id
December 27, 2010* September 27, 2019 5.35 9.250% AAA
id
November 16, 2011* February 27, 2021 5.94 8.750% AAA
id
December 12, 2012* January 07, 2023 6.35 7.750% AAA
id
A1 = 8.90%
December 20, 2013 *
February 26, 2022 5.57 AAA
id
A2 = 9.50%
A1 = 10%
November 28, 2014* September 07, 2025 AAA
6.72 id
A2 = 10.25%
November 27, 2015 March 07, 2022 3.95 8.60% AAA
id
A1 = 8.15%
October 31, 2016 June 27, 2027 7.05 AAA
id
A2 = 8.75%
A1 = 8.00%
April 28, 2017 January 07, 2028 7.78 AAA
id
A2 = 8.40%
A1 = 7.00%
February 28, 2018 May 07, 2029 7.03 AAA
id
A2 = 7.50%
A1 = 8.50%
AAA
id
A2 = 8.75%
November 27, 2019 May 07, 2032 9.09
M = 10.40% A
id
December 30, 2020 July 07, 2032 6.08 6.50% AAA
id
AAA
id
December 23, 2022 January 07, 2034 5.66 7.70%
AAA
id
September 26, 2023 August 07, 2035 7.44 6.65% AAA
id
2025 Annual Report 221
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03 Company Profile
Chronology of Negotiable Certificate of Deposit Issuance
Table of Chronology of Negotiable Certificate of Deposit Recording
Type NCD Issuance Nominal (IDR) Date of Transaction Series
A
NCD Phase I 625,000,000,000 December 5, 2014 B
C
A
B
NCD Phase II 1,005,000,000,000 December 5, 2014
C
D
NCD Phase III 500,000,000,000 February 17, 2015 E
A
NCD Phase IV 1,110,000,000,000 April 30, 2015 B
C
NCD Phase I 2016 740,000,000,000 June 9, 2016 A
A
NCD Phase II 2016 1,115,000,000,000 August 5, 2016 B
C
A
NCD Phase III 2016 371,000,000,000 November 30, 2016
B
A
NCD Phase IV 2016 500,000,000,000 December 29, 2016
B
NCD Phase V 2016 500,000,000,000 December 30, 2016 -
A
NCD Phase I 2017 1,735,000,000,000 February 21, 2017
B
NCD Phase III 2017 550,000,000,000 October 3, 2017 -
A
NCD Phase II 2017 1,050,000,000,000 October 5, 2017
B
A
NCD Phase IV 2017 540,000,000,000 December 13, 2017
B
NCD Phase I 2018 1,440,000,000,000 April 3, 2018 A
A
NCD Phase II 2018 690,000,000,000 July 18, 2018
B
A
NCD Phase III 2018 2,020,000,000,000 November 5, 2018 B
222 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Tenor Maturity Date Rate Nominal Per Series
6 months June 4, 2015 9.00% 280,000,000,000
12 months November 27, 2015 9.25% 45,000,000,000
15 months February 26, 2016 9.50% 300,000,000,000
6 months August 26, 2015 9.00% 470,000,000,000
12 months February 18, 2016 9.25% 85,000,000,000
15 months May 19, 2016 9.50% 10,000,000,000
18 months August 18, 2016 9.70% 440,000,000,000
5 months July 15, 2015 9.00% 500,000,000,000
6 months October 30, 2015 8.75% 330,000,000,000
12 months May 2, 2016 9.00% 620,000,000,000
18 months October 31, 2016 9.25% 160,000,000,000
3 months September 9, 2016 6.85% 740,000,000,000
3 months November 3, 2016 7.19% 440,000,000,000
6 months February 1, 2017 7.47% 275,000,000,000
12 months August 10, 2017 7.80% 400,000,000,000
3 months February 28, 2017 7.04% 20,000,000,000
6 months May 29, 2017 7.26% 351,000,000,000
3 months March 29, 2017 7.75% 315,000,000,000
6 months July 3, 2017 7.74% 185,000,000,000
6 months July 3, 2017 7.73% 500,000,000,000
6 months August 22, 2017 7.28% 1,195,000,000,000
12 months February 16, 2018 7.43% 540,000,000,000
12 months October 2, 2018 6.50% 550,000,000,000
6 months April 3, 2018 6.00% 230,000,000,000
12 months October 5, 2018 6.25% 820,000,000,000
6 months June 12, 2018 5.90% 160,000,000,000
12 months December 13, 2018 6.20% 320,000,000,000
6 months October 2, 2018 5.90% 830,000,000,000
6 months January 15, 2019 7.60% 520,000,000,000
12 months July 16, 2019 7.70% 170,000,000,000
6 months May 7, 2019 8.30% 1,340,000,000,000
9 months August 2, 2019 8.40% 170,000,000,000
12 months November 5, 2019 8.50% 510,000,000,000
2025 Annual Report 223
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03 Company Profile
Type NCD Issuance Nominal (IDR) Date of Transaction Series
A
NCD Phase IV 2018 340,000,000,000 December 10, 2018
B
A
NCD Phase I 2023 1,500,000,000,000 October 20, 2023 B
C
Total 14,831,000,000,000
Chronology of Issuing Long Term Notes (LTN)
The issuance of BTN Long Term Notes (LTN) was intended for BP Taperaas single investor, as reimbursement of BP
Tapera’s source of fund for KPR Tapera distribution. Thus, LTN was a debt securities issued without going through
a Public Offering process and was not rated.
Table of Chronology of Issuance of Long Term Notes (LTN) of BTN
Electronic LTN Tenor LTN Amount
Description Currency
Distribution Date (Month) (IDR Thousands)
LTN BTN 2021 Phase I December 17, 2021 186 IDR 10,185,851
LTN BTN II 2022 Series A July 12, 2022 171 IDR 47,740,325
LTN BTN II 2022 Series B July 12, 2022 177 IDR 79,378,706
LTN BTN III Phase I YEAR 2022 December 14, 2022 177 IDR 210,866,282
LTN BTN III Phase II YEAR 2022 December 28, 2022 171 IDR 131,184,885
LTN BTN IV Phase I Year 2023 July 28, 2023 165 IDR 35,898,139
LTN BTN IV Phase II Year 2023 September 15, 2023 168 IDR 404,745,014
LTN BTN IV Phase III Year 2023 – Series A December 27, 2023 180 IDR 6,241,671,188
LTN BTN IV Phase III Year 2023 – Series B December 27, 2023 168 IDR 234,541,750,854
LTN BTN IV Year 2024 Phase IV May 07, 2024 171 IDR 203,350,626,300
LTN BTN IV Year 2024 Phase V September 27, 2024 171 IDR 312,678,083,000
LTN BTN IV Year 2024 Phase VI December 23, 2024 168 IDR 147,909,042,000
Note: BTN LTN Securities are unrated and issued through a private placement to BP Tapera.
224 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Tenor Maturity Date Rate Nominal Per Series
3 months March 12, 2019 8.00% 80,000,000,000
6 months June 11, 2019 8.40% 260,000,000,000
6 months April 17, 2024 6.40% 500,000,000,000
9 months July 16, 2024 6.45% 70,000,000,000
12 months October 21, 2024 6.53% 930,000,000,000
16,331,000,000,000
Maturity Interest Payment
Description
Date Rates Status
June 17, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
October 12, 2036 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
April 12, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
June 14, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
March 28, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
April 28, 2037 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
September 15, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
December 27, 2038 0.55% fixed Not yet due These Securities were not rated, and there was no public offering.
December 27, 2037 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
August 7, 2038 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
December 27, 2038 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
December 23, 2038 1.37% fixed Not yet due These Securities were not rated, and there was no public offering.
2025 Annual Report 225
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03 Company Profile
INFORMATION ON THE USE OF PUBLIC ACCOUNTING
AND PUBLIC ACCOUNTING OFFICE SERVICES
Name of Public KAP Purwanto, Susanti & Surja (formerly Purwantono, Sungkoro & Surja)
Accounting Firm
Association Network Ernst & Young Global Limited
Financial Accounting Indonesia Stock Exchange Building Tower 2, 7th Floor
Firm Address Jl. Jend. Sudirman Kav.52-53, Jakarta 12190, Indonesia
AP Name Christophorus Alvin Kossim
Financial Accounting 11 th Period
Firm Assignment Period
AP Assignment Period 3 r d period
Audit Services Audit of the Consolidated Financial Statements of PT Bank Tabungan Negara
IDR4,150,000,000
(Persero) Tbk;
Audit of the Financial Statements of the Micro and Small Business Funding Program
IDR450,000,000
(PUMK) of PT Bank Tabungan Negara (Persero) Tbk;
Audit of Compliance with legislation and internal control
IDR350,000,000
of PT Bank Tabungan Negara (Persero) Tbk;
Other assurance procedures for the consolidated performance evaluation report
IDR225,000,000
of PT Bank Tabungan Negara (Persero)
Non-Audit Services Agreed procedures for the key performance indicators (KPIs) of the Board of Directors,
IDR975,000,000
both collegially and individually, of PT Bank Tabungan Negara (Persero) Tbk;
Implementation of agreed procedures for the custodial services operations
IDR175,000,000
of PT Bank Tabungan Negara (Persero) Tbk;
Implementation of agreed procedures for SOE financial information packages. IDR400,000,000
Audit Fee IDR5,175,000,000
Non-Audit Fee IDR1,550,000,000
SUPPORTING INSTITUTION
AND/OR PROFESSIONAL
CUSTODIAN BANK
Name : PT Kustodian Sentral Efek Indonesia
Address : Gedung Bursa Efek Indonesia, Tower 1, Lantai 5.
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
Telephone : (021) 5152855
Facsimile : (021) 52991199
Email : helpdesk@ksei.co.id
Website : www.ksei.co.id
Form of Service : Custodian and Payment Agent
Assignment Period : Throughout the life of the Debt Securities
226 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Name : PT Penilai Harga Efek Indonesia
Address : Gedung Bursa Efek Indonesia, Tower 2, Lantai GF.
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
Telephone : (021) 5155620
Facsimile : (021) 5155026
Email : enquiries@phei.co.id
Website : www.phei.co.id
Form of Service : Indonesian securities price provider
Assignment Period : Throughout the life of the securities, they are debt in nature.
Name : PT Bursa Efek Indonesia (CTP – PLTE)
Address : Gedung Bursa Efek Indonesia, Tower 1, Lantai 6.
Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
Telephone : (021) 150515 (Nasional)
Facsimile : -
Email : contactscenter@idx.co.id
Website : Idx.co.id
Form of Service : Reporting provider for securities transactions
Assignment Period : Throughout the life of the securities, they are debt in nature.
BUREAU OF SECURITIES ADMINISTRATION
Name : PT Datindo Entrycom
Address : Jl. Hayam Wuruk No.28, Lantai 2 Jakarta 10120 - Indonesia
Telephone : (021) 3508077
Facsimile : (021) 3508077
Email : corporatesecretary@datindo.com
Website : https://www.datindo.com
Form of Service : Securities Administration Bureau for Shares
Assignment Period : December 9, 2009 – present
TRUSTEE
Name : PT Bank Mandiri (Persero) Tbk
Address : Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190, Indonesia
Telephone : (62-21) 526 5045, 526 5095
Facsimile : (62-21) 527 447, 527 5577
Email : fundaccounting@bankmandiri.co.id
Website : -
Form of Service : Trustee and Custodian Bank of EBA Securitization (Asset-Backed Securities)
Assignment Period : Throughout the life of EBA
2025 Annual Report 227
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03 Company Profile
Name : PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Bank BJB)
Address : Sinarmas MSIG Tower Lantai 9,
Jl. Jend. Sudirman Kav. 21, Jakarta Selatan, lndonesia
Telephone : (021) 5228737 Ext. 101
Facsimile : (021) 5228738
Email : -
Website : www.bankbjb.co.id
Form of Service : Trustee of Continuous Public Offering Continuous Bonds
Assignment Period : Throughout the Life of the Bonds
Name : PT Bank Rakyat Indonesia (Persero) Tbk
Address : Jl. Jendral Sudirman No. 44-46 Tromol Pos 1094 / 1000 Jakarta 10210
Telephone : 2510244, 25100254
Facsimile : 2500065, 2500077
Email : custody_mf@corp.bri.co.id
Website : -
Form of Service : Trustee and Custodian Bank of EBA Securitization (Asset-Backed Securities)
Assignment Period : Throughout the life of EBA
SECURITIES RATING
Name : PT Fitch Ratings Indonesia
Address : DBS Bank Tower 24th Floor Suite 2403,
Jl. Prof. Dr. Satrio Kav. 3-5, Jakarta 12940 Indonesia
Telephone : (021) 29886800
Facsimile : (021) 29886822
Email : -
Website : www.fitchratings.com
Form of Service : Rating
Assignment Period : Throughout the life of the Bond
Name : Moody’s Investor Service Singapore Pte. Ltd
Address : 50 Raffles Place #23-06, Singapore Land Tower, Singapore 48623
Telephone : -
Facsimile : -
Email : -
Website : www.moodys.com
Form of Service : Rating
Assignment Period : Junior Global Bond Lifetime
228 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Name : PT Pemeringkat Efek Indonesia
Address : Equity Tower Lt. 30, Sudirman Business District, Lot 9,
Jl. Jend. Sudirman Kav. 52 – 53, Jakarta Selatan 12190, Indonesia
Telephone : (021) 509 68469
Facsimile : (021) 509 68468
Email : -
Website : www.pefindo.com
Form of Service : Rating
Assignment Period : Throughout the Life of the Bond
LEGAL CONSULTANT ON CALL
Name : ABNR Counsellor at Law
Address : Graha CIMB Niaga, 24th Floor
Jl. Jend. Sudirman Kav. 58, Jakarta, 12190
Telephone : (021) 250 5125/5136
Facsimile : (021) 250 5001/5121/5122/5392
Email : fkaryadi@abnrlaw.com
Website : www.abnrlaw.com
Form of Service : Advisory Consultant for the 2024 Annual General Meeting of Shareholders (AGM)
Assignment Period : January 30, 2025
Name : PwC Legal Indonesia
Address : WTC 3, Jalan Jenderal Sudirman Kavling 29-31 Jakarta 12920
Telephone : 021 50992901
Facsimile : -
Email : contact.us@id.pwc.com , indra.allen@pwc.com
Website : www.pwc.com
Form of Service : Harmonization and Adjustment of the Standard Credit Agreement Draft/Financing Agreements
Assignment Period : February 13, 2025 to March 27, 2025
Name : FKNK Law Firm
Address : Equity Tower 40th Floor Unit 40E, Sudirman Central Business District (SCBD) Lot 9,
Jl. Jenderal Sudirman Kav. 52-53, Jakarta 12190
Telephone : (021) 29035008, 30003550
Facsimile : -
Email : rajagukguk@fknk.co.id
Website : www.fknk.co.id
Form of Service : Preparation of the White Paper on the Sale of Non-Performing Assets accompanied
by the Purchase of Securities (Project Tiger) Stage 2
Assignment Period : February 26, 2025
2025 Annual Report 229
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03 Company Profile
Name : Relawanto & Partners
Address : Setiabudi 2 Building 2nd Floor Suite 207 B-C,
Jl. H.R. Rasuna Said Kav. 62, Jakarta Selatan, 12920
Telephone : (021) 52900828
Facsimile : -
Email : relawantoandpartners@gmail.com
Website : -
Form of Service : Legal Review and Compliance Risk Mitigation of Financial Services Authority Regulation (POJK)
Number 22 of 2023 concerning Consumer and Community Protection in the Financial Services Sector
Assignment Period : April 21, 2025
Name : LHS & Partners
Address : Jl. Ahmad Adnawijaya No. 97 RT 2 / RW 16, Kel. Tegal Gundil, Kec. Bogor Utara, Kota Bogor
Telephone : 0811-1132-305
Facsimile : -
Email : Lhs.lawpartners@gmail.com
Website : -
Form of Service : Review of Internal Regulations related to Technical Instruction No. PT.6-C.7
concerning Guidelines for Handling Legal Issues
Assignment Period : April 21, 2025
Name : Bagus Enrico & Partners
Address : Menara Rajawali Lantai 15, CBD Mega Kuningan,
Jl. Dr. Ide Anak Agung Gde Agung Kav. 5.1, Jakarta
Telephone : 021 29885959
Facsimile : -
Email : bagus@bepartners.co.id
Website : www.bepartners.co.id
Form of Service : Legal Research on BTN’s Business Activity Opportunities in Organizing Bulion Business Activities
Assignment Period : July 01, 2025 to October 31, 2025
Name : Hanafiah Ponggawa & Partners (Dentons HPRP)
Address : Wisma 46 – Kota BNI, Lantai 4 (Lantai Dentons HPRP),
Jl. Jend. Sudirman Kav.1, Jakarta
Telephone : (021) 5701837
Facsimile : -
Email : Erwin.winenda@dentons.com
Website : www.dentons.hprplawyers.com
Form of Service : Legal Research on Optimizing Bank Legal Risk Management in the Business Processes and Activities
of PT Bank Tabungan Negara (Persero) Tbk
Assignment Period : June 30, 2025 to September 30, 2025
230 2025 Annual Report
Page 231
PT Bank Tabungan Negara (Persero) Tbk
Name : Hiswara Bunjamin & Tandjung (“HBT”)
Address : Sudirman 7.8, Tower 1 Lantai 18
Jl. Jenderal Sudirman Kav. 7-8, Kel. Karet Tengsin, Kec. Tanah Abang,
Kota Adm. Jakarta Pusat, Provinsi DKI Jakarta
Telephone : (021) 39738000
Facsimile : -
Email : sakurayuki@hsfkramer.com
Website : www.hbtlaw.com
Form of Service : Legal Research on the Use of Artificial Intelligence (AI) Technology in BTN Product Development
and/or Activities
Assignment Period : June 30, 2025 to September 30, 2025
Name : HKGM & Partners
Address : Pondok Indah Plaza 3, Blok E/4 & E/5, Jl. TB Simatupang, Jakarta 12310
Telephone : (021) 75900215
Facsimile : (021) 75900225
Email : hkgmlaw@indo.net.id
Website : -
Form of Service : Legal Consultant Services for the Implementation of the Public Offering of Sustainable Subordinated
Bonds I Phase 1 of 2025 and Sustainable Socially-Ministried Bonds I Phase 1 of 2025.
Assignment Period : September 01, 2025 until December 12, 2025
Name : UMBRA
Address : Telkom Landmark Tower, Tower 2, 49th Floor, Jl. Gatot Subroto Kav 52, Jakarta 12710
Telephone : (021) 5082 0999
Facsimile : -
Email : raditya@umbra.law
Website : www.umbra.law
Form of Service : Legal Consultant Services for the Implementation of the Danantara Shareholder Loan.
Consultant Services for the Implementation of the 2025 Extraordinary General Meeting of Shareholders.
Assignment Period : December 2025
2025 Annual Report 231
Page 232
03 Company Profile
NOTARY
Name : Siti Rayhana, SH
Address : Riviera Timur No. 1 Cluster La Bella, Riviera Village,
Jl. Gading Golf Boulevard, Gading Serpong, Cihuni,
Kecamatan Pagedangan, Kabupaten Tangerang, Banten 15332
Telephone : (021) 55687610
Facsimile : -
Email : siti.rayhana@yahoo.co.id
Website : N/A
Form of Service : Ratification of the Deed of Credit Agreement with PT Bank BCA
Public Valuation Services for Danantara Shareholder Loan Transactions
Assignment Period : Until each transaction is completed.
Name : Ir. Nanette Cahyanie Handari Adi Warsito, S.H.
Address : Jl. Panglima Polim V No. 11, Kebayoran Baru, Jakarta Selatan
Telephone : (021) 7392801
Facsimile : (021) 7265090
Email : poerbaningsih@yahoo.com
Website : -
Form of Service : Formalizing the Subordinated Bonds Issuance Agreement and Social Bonds Issuance Agreement
Assignment Period : Until each transaction is completed.
Name : Notaris Ashoya Ratam, S.H., M.Kn
Address : Jl. Suryo No. 54 Kebayoran Baru, Jakarta 12180
Telephone : (021) 29236060
Facsimile : -
Email : finance.notaris@ashoyaratam.com
Website : -
Form of Service : Notary Services for the assistance in the Implementation of the BTN Sharia Business
Unit Spin-Off Corporate Action
Supporting Professional Services for Annual GMS and Extraordinary GMS
Assignment Period : July to December 2025
232 2025 Annual Report
Page 233
PT Bank Tabungan Negara (Persero) Tbk
AWARDS
AND CERTIFICATIONS
Awards
No. Award Name Events Organizer Date
Best Public Relations 2025 in Accelerating
Indonesia Public Relations
1. Credibility Mortgage Bank Warta Ekonomi January 24, 2025
Awards 2025
(Category : Conventional Bank)
Best Public Relations 2025 in Maintaining
Media Collaborations Through Utilize Indonesia Public Relations
2. Warta Ekonomi January 24, 2025
Digital Platforms to Drive Brand Awareness Awards 2025
(Category : Conventional Bank)
8th Infobank Satisfactions,
3. The Best KBMI 3 Bank in Net Promoter Score Loyalty and Engagement Infobank February 04, 2025
2025
8th Infobank Satisfactions,
The 3rd Best KBMI 3 Bank in Customer Loyalty and Engagement
4. Infobank February 04, 2025
Satisfaction 2025
8th Infobank Satisfactions,
The 2nd Best KBMI 3 Bank In Customer
5. Loyalty and Engagement Infobank February 04, 2025
Resilience Level
2025
8th Infobank Satisfactions,
The 2nd Most Satisfying KBMI 3 Bank in Mobile
6. Loyalty and Engagement Infobank February 04, 2025
Banking
2025
Indonesia 20 Top Digital Financial Award The Global Economics
7. The Economics Awards February 13, 2025
2025 Limited
The Best Indonesia GCG Award – IX – 2025,
Gold Award (B) Excellent (4 Star), Category Indonesia Good Corporate
8. Economic Review February 14, 2025
: Public Company - Bank – State Owned Governance Award IX 2025
Enterprises Company Asset > Rp400T
Indonesia’s 20 Top CIOs for Director
9. The Iconomics Award 2025 The Iconomics February 14, 2025
of Information Technology, Mr. Andi Nirwoto
Indonesia 20 Top Digital Product Awards
10. The Iconomics Award 2025 The Iconomics February 14, 2025
2025
2025 Annual Report 233
Page 234
03 Company Profile
No. Award Name Events Organizer Date
Indonesia 20 Top Digital Financial Award
11. The Iconomics award 2025 The Iconomics February 14, 2025
2025
12. Sectoral – Middle Cap Financial Sector Best Stock Awards 2025 Investortrust Infovesta February 25, 2025
State-Owned Enterprises & Subsidiaries
13. of State-Owned Enterprises – Middle-Cap Best Stock Awards 2025 Investortrust Infovesta February 25, 2025
Financial Sector
Podomoro Harmony Award
14. Leadership in Sustainable Financing Agung Podomoro Land February 28, 2025
2025
The Best Mobile Banking from Conventional Majalah Infobank
15. Infobank Digital Brand March 19, 2025
Commercial Banks Media Group
The 2nd Best Overall Conventional Bank 14th Infobank Digital Brand
16. Infobank Media Group March 20, 2025
Savings Accounts in 2025 Appreciation 2025
The 3rd Best Overall Wealth Management 14th Infobank Digital Brand
17. Infobank Media Group March 20, 2025
of the 2025 Conventional Commercial Bank Appreciation 2025
The Highest Digital Index in Sharia Business 14th Infobank Digital Brand
18. Infobank Media Group March 20, 2025
Unit Appreciation 2025
The 2025 Best Debit Card of Conventional 14th Infobank Digital Brand
19. Infobank Media Group March 20, 2025
Commercial Bank – KBMI 3 Appreciation 2025
The 2025 Best Conventional Commercial 14th Infobank Digital Brand
20. Infobank Media Group March 20, 2025
Bank Deposits – KBMI 3 Appreciation 2025
The 2025 Best Mobile Banking for 14th Infobank Digital Brand
21. Infobank Media Group March 20, 2025
Conventional Commercial Bank – KBMI 3 Appreciation 2025
The 2024 Best Conventional Commercial 14th Infobank Digital Brand
22. Infobank Media Group March 20, 2025
Bank Savings – KBMI 3 Appreciation 2025
The 2025 Best Conventional Commercial 14th Infobank Digital Brand
23. Infobank Media Group March 20, 2025
Bank KPR – KBMI 3 Appreciation 2025
The 2025 Best Management of Conventional 14th Infobank Digital Brand
24. Infobank Media Group March 20, 2025
Commercial Bank – KBMI 3 Appreciation 2025
The 2025 Best Conventional Commercial 14th Infobank Digital Brand
25. Infobank Media Group March 20, 2025
Bank Deposits – KBMI 3 Appreciation 2025
234 2025 Annual Report
Page 235
PT Bank Tabungan Negara (Persero) Tbk
No. Award Name Events Organizer Date
The 3rd Best Internet Banking of the 2025 14th Infobank Digital Brand
26. Infobank Media Group March 20, 2025
Conventional Commercial Bank – KBMI 3 Appreciation 2025
The 2025 Best Sharia Business Unit –
14th Infobank Digital Brand
27. Conventional Commercial Bank - Infobank Media Group March 20, 2025
Appreciation 2025
Assets of IDR10 Trillion and Above
Platinum Throphy The Best Sharia Business
14th Infobank Digital Brand
28. Unit in Digital Brand 10 Years in a Row 2016 Infobank Media Group March 20, 2025
Appreciation 2025
– 2025
Most Trusted Financial Investortrust.id
29. General Bank Mortgage Products from Banks March 20, 2025
Brands Awards 2025 & Infovesa Utama
International Finance Awards
30. Most Innovative Digial Housing Finance Bank International Finance April 23, 2025
2024
Fastest Growing Digital Transformation International Finance Awards
31. International Finance April 23, 2025
Mortgage Bank 2024
32. Best retail Bank for Digital CX – Indonesia Digital CX Awards 2025 The Digital Banker April 24, 2025
Public Company With Trusted Green
The Best Corporate Emission
Achivement in Emission Reduction and Investortrust.id &
33. Reduction Transparency April 29, 2025
Trusted Diamond Achievement in Emission Datatrust
Awards 2025
Transparency
Driving Tomorrow Outstanding Emerging
34. Mastercard Forum 2025 Mastercard April 29, 2025
Acquirer Innovation in Action
The Best Human Capital 2025 for Achieving
Indonesia Human Capital 5
35. Company’’s Strategic Goals and Business Warta Ekonomi April 30, 2025
Awards 2025
Targets (Conventional Bank)
The Best Human Capital for Achievng
Company’s Strategic Goals and Indonesia Human Capital
36. Warta Ekonomi April 30, 2025
Business Targets Through Holistic Talent Awards 2025
Management Initiatives
Best Digital Branch Design Southeast Asia 15th Year Global Banking & Global Banking
37. May 11, 2025
2025 Finance Awards & Finance Review
Euromoney Awards for
38. Best Islamic Bank – Indonesia 2025 Euromoney May 21, 2025
Excellence 2025
2025 Annual Report 235
Page 236
03 Company Profile
No. Award Name Events Organizer Date
39. Best Savings Bank Global Brand Awards 2025 Global Brand Magazine June 13, 2025
The HR Asia Best Companies to Work for in HR Asia Best Companies to Business Media
40. June 22, 2025
Asia Awards work for in Asia 2025 International
HR Asia Sustainable Business Media
41. Sustainable Workplace Awards 2025 June 22, 2025
Workplace 2025 International
The 2nd Best Sharia Business Unit in 22nd Infobank MRI Banking
42. Excellence Branch ATM, Class; Sharia Service Excellence Award Infobank June 24, 2025
Business Unit 2025
22nd Infobank MRI Banking
The 2nd Best Sharia Bank in Excellence Social
43. Service Excellence Award Infobank June 24, 2025
Media (Class: Sharia Bank)
2025
The 2nd Best Sharia Business Unit in 22nd Infobank MRI Banking
44. Excellence Convenience Branch Office Service Excellence Award Infobank June 24, 2025
(Class: Sharia Business Unit) 2025
19th Annual Indonesia
45. CEO of The Year 2025 Property & Bank Media June 25, 2025
Property & Bank Award 2025
Best State-Owned Bank with The Easiest 19th Annual Indonesia
46. Property & Bank Media June 25, 2025
Mortgage & Home Options for Millenials Property & Bank Award 2025
Excellence in Apps Innovation for Cord Investortrust Best Bank
47. Investortrust June 25, 2025
Management Awards
Indonesia Best Bank 2025 for Commitment
Indonesia Best Bank Awards
48. to Housing Innovation, Digital Lending and Warta Ekonomi June 25, 2025
2025
Economic Inclusion Initiatives
Customer Experience Initiative of The Year – Asian Banking & Finance Asian Banking
49. July 03, 2025
Indonesia (PLUS by BTN Prioritas) Retail Banking Award 2025 & Finance
Winner of Risk Professional of The Enterprise Risk
50. Year (Setiyo Wibowo – Director of Risk ASEAN Risk Award 2025 Management July 04, 2025
Management) Academy (ERMA)
People’’s Choice of Risk Professional of Enterprise Risk
51. The Year (Setiyo Wibowo – Director of Risk ASEAN Risk Award 2025 Management July 04, 2025
Management) Academy (ERMA)
236 2025 Annual Report
Page 237
PT Bank Tabungan Negara (Persero) Tbk
No. Award Name Events Organizer Date
Corporate
Governance Expert
ASEAN Corporate
ASEAN Corporate
52. Top 50 ASEAN PLCs Governance Awards (ACGA) July 24, 2025
Govenrnance
2025
Scorecard dan Senior
Partner RSM Indonesia
Corporate
ASEAN Corporate Governance Expert
Governance Awards (ACGA) ASEAN Corporate
53. Top 5 Indonesia PLCs July 24, 2025
2025 Govenrnance
Scorecard dan Senior
Partner RSM Indonesia
Indonesia Best Business Transformation
54. SWA Awards SWA Media Group July 29, 2025
2025
Indonesia Best Workplace Awards 2025
55. for Advancing Gender Equality and Talent Best Workplace Awards 2025 Warta Ekonomi July 30, 2025
Growth Through Inclusive Work Environment
PT Jalin Pembayaran
56. Best Mortgage Banking JALIN CX Summit July 31, 2025
Nusantara
57. Best Green Mortgage Bank Transformation Prominent Awards 2025 Metro TV & Salutee.id September 03, 2025
58. Top GRC Awards 2025 #5tar Top GRC Awards 2025 Majalah Top Business September 08, 2025
59. The Most Commited GRC Leader 2025 Top GRC Awards 2025 Majalah Top Business September 08, 2025
The High Performing Board of
60. Top GRC Awards 2025 Majalah Top Business September 08, 2025
Commissioners on GRC 2025
61. Indonesia Biggest Companies 2025 Fortune Indonesia 100 Fortune Indonesia September 12, 2025
The 16th IICD Corporate
Indonesia Institute for
62. Best Overall in the Midcap PLCs Category Governance Conference and September 15, 2025
Corporate Directorship
Award 2025
The 16th IICD Corporate
Top 50 Middle Capitalixation Public Listed Indonesia Institute for
63. Governance Conference and September 15, 2025
Company Corporate Directorship
Award 2025
Indonesia Most Reputable Reputable
Indonesia Most Reputable
64. Companies : Kategori State Owned Bank SWA Media September 23, 2025
Companies
Kredit : Very Good
2025 Annual Report 237
Page 238
03 Company Profile
No. Award Name Events Organizer Date
Bronze Winner AHI in the Government
The 7th Anugerah Humas
65. Public Relations Program Category of State PR Indonesia September 25, 2025
Indonesia (AHI) 2025
Cooperative Sub-Category
AHI Silver Winner in Internal Media Category The 7th Anugerah Humas
66. PR Indonesia September 25, 2025
of Video Profile Sub-Category Indonesia (AHI) 2025
Indonesia Property
67. Most Influental Property Figure in Banking Golden Property Award 2025 September 29, 2025
Watch (IPW) Lembaga
68. On Passing The Stone Membership Program ALTO Award ALTO Network September 30, 2025
69. Excellence in Urban Guerrilla Marketing Marketing Excellence Awards Marketing‑Interactive October 16, 2025
PT Rintis Sejahtera &
70. Best System Availability PRIMA Awards October 23, 2025
Biro Riset Infobank
71. Platinum Star Awards – Medium Cap ESG Awards 2025 Investortrust October 29, 2025
Top Human Capital Awards
72.. Top Human Capital Awards 2025 #Star 5 Top Business November 04, 2025
2025
73. Transformational Leader Knight Satria Leader Award 2025 Suara Merdeka November 07, 2025
Top CEO in SDGs Changemaker for
TOP CEO in SDGs
74. Internalization of Sustainability Values and Netral News November 10, 2025
Changemaker
Gree Business Transformation
Indonesia Sustainable Synergy Awards for
Indonesia Sustainable
75. Environmentally friendly Business Practices Netral News November 10, 2025
Synergy Awards 2025
and Improving Community Well-being
Leadership AAA-Indonesia’s Leader in ESG Indonesia ESG Leadership
76. BGK Foundation November 12, 2025
Transparency Awards 2025
Best Social Business Innovation Awards Best Social Business
77. The Economics November 13, 2025
2025 Innovation Awards 2025
78. Best Green CEO Awards 2025 Best Green CEO Award 2025 The Economics November 13, 2025
Asosiasi Real Estate
In The New Era of Property Brokerage With
79. AREBI Award 2025 Broker Indonesia November 18, 2025
Technology
(AREBI)
Housing Sector Entrepreneurship
80. Detikcom Awards 2025 Detikcom November 25, 2025
Empowerment Bank
238 2025 Annual Report
Page 239
PT Bank Tabungan Negara (Persero) Tbk
No. Award Name Events Organizer Date
balé by BTN The Best Banking App
81. Indonesia Myhome Award Property Bank.com November 25, 2025
for The Real Estate Sector
The Main Proponent of Affordable &
82. Sustainable Housing Development State Indonesia Myhome Award Property Bank.com November 25, 2025
Owned Enterprise Bank Category
KPR BTN as Dominant Leader in Mortgage 12th Properti Indonesia Award
83. Properti Indonesia November 25, 2025
Market 2025
Corporate Governance Perception Index
84. Corporate Governance IICD & SWA Media 25 November 2025
(CGPI) 2025
Adaptive Leader in Home Financing
85. CSA Awards 2025 Infobank November 27, 2025
Innovation
BUMN Branding & Marketing
86. Best Customer Experience & Personalixation BUMN Track December 03, 2025
Award 2025
Transformaton Brand and Marketing in BUMN Branding & Marketing
87. BUMN Track December 03, 2025
Digital Era “Best ESG Branding” Award 2025
Golden Trophy - Top Digital Awards,
88. Top Digital Awards IT Works magazine December 04, 2025
The Winner - Top Digital Implementation
The Investing
89. Best Innovative Conservation Editors Choice Award December 05, 2025
on Climate
The Investing
90. Best Literacy for Climate Resilience Editors Choice Award December 05, 2025
on Climate
The Investing
91. Best Emission Reduction Editors Choice Award December 05, 2025
on Climate
Inspirational Figures in Environmental and The Investing
92. Editors Choice Award December 05, 2025
Social Sustainability on Climate
Second Place for State-Owned Enterprises
Komite Nasional
93. to Go Public with Laster Financial Value of Annual Report Award 2024 December 08, 2025
Kebijakan Governansi
Over IDR 5 Trillion
94. Bankers of The Year 2025 Bankers of The Year 2025 Infobank December 08, 2025
Government Partnership for Social & Public
95. Bisnis Indonesia 40 Konsisten Bisnis Indonesia December 08, 2025
Housing Development
2025 Annual Report 239
Page 240
03 Company Profile
No. Award Name Events Organizer Date
I Nyoman Sugiri Yasa – Top 100 CEO
96. The 200 Future Leaders Infobank December 08, 2025
and The Future Leaders Forum 2025
Ramon Armando - Top 100 CEO
97. The 200 Future Leaders Infobank December 08, 2025
and The Future Leaders Forum 2025
Rully Setiawan – Top 100 CEO and The Future
98. The 200 Future Leaders Infobank December 08, 2025
Leaders Forum 2025
Setiyo Wibowo – Top 100 CEOThe Future
99. The 200 Future Leaders Infobank December 08, 2025
Leaders Forum 2025
Tan Jacky Chen – Top 100 CEO and The
100. The 200 Future Leaders Infobank December 08, 2025
Future Leaders Forum 2025
Venda Yuniarti – Top 100 CEO
101. The 200 Future Leaders Infobank December 08, 2025
and The Future Leaders Forum 2025
Pikiran Rakyat Media
102. Creative Collaboration Anugerah PRMN December 15, 2025
Network
Pikiran Rakyat Media
103. Sustainable Brand Leader Anugerah PRMN December 15, 2025
Network
Public Agency with the 6th Ranking in Anugerah Keterbukaan Komisi Informasi Pusat
104. December 15, 2025
Informative Qualifications Informasi Publik Republik Indonesia
Appreciation to BTN for its Dedication Anugerah Keterbukaan
105. Ombudsman RI December 15, 2025
and Synergy in Implementation Affirmation Informasi Publik
240 2025 Annual Report
Page 241
PT Bank Tabungan Negara (Persero) Tbk
Certifications
Certification Type Certification Type Certification Type
ISO 37001:2016 ISO 37001:2016 Sertifikat Indi 4.0 Level 3
Anti Bribery Management System Anti Bribery Management System
Validation
Validation Validation July 18, 2022 – July 18, 2025
December 21, 2022 – December 20, 2025 December 21, 2022 – December 20, 2025
Certification Recipient
Certification Recipient Certification Recipient PT Bank Tabungan Negara
Commercial Credit Risk Division, Unit SME Restructuring Kantor Wilayah 1 (Persero) Tbk
Corporate Banking Division, Commercial
Banking Division, Procurement & Fixed Issued By Issued By
Asset Management
Komite Akreditasi Nasional Kementerian Perindustrian
Issued By
Komite Akreditasi Nasional
Certification Type Certification Type Certification Type
ISO 27001:2013 ISO 37001:2016 ISO 9001:2015
Informastion System Anti Bribery Management System Quality Management System
Management System
Validation Validation
Validation December 28, 2023 – December 27, 2026 December 17, 2023 – December 16, 2026
July 11, 2023 – October 31, 2025 Certification Recipient Certification Recipient
Certification Recipient Small Medium Enterprises Banking Transformation & Partnership
Division (SMBD) Management Division
Data Center
Issued By Issued By
Issued By
Komite Akreditasi Nasional BSI
BSI
2025 Annual Report 241
Page 242
03 Company Profile
INFORMATION
AVAILABLE ON THE WEBSITE
The Company has the official website with the address www. btn.co.id. This website contains the latest information
about the Company Corporation, whether it is e-Banking login for customers, information about the Company and its
products, profile, organization management and good corporate governance transparency, to the latest news. This
website is a publicly accessible portal, with the aim of providing comprehensive information about the Company to
the audience.
The Company is committed to continuously developing the website as part of the transparency of information to the
public.
Description Information
Corporate group structure and shareholder Company Group Structure in tabular form, https://www.btn.co.id/id/
information down to the individual ultimate owners. Tentang-Kami
Code of Ethic Contents https://www.btn.co.id/id/Tata-Kelola on the “Corporate Governance”
channel
Information on the General Meeting of Shareholders https://www.btn.co.id/Investor-Relation- Home page on “RUPS” channel
(GMS) at least includes the agenda items discussed
in the GMS, a summary of the minutes of the GMS,
and information on important dates, namely the
date of the GMS announcement, the date of the GMS
summons, the date of the GMS, and the date the
summary of the minutes of the GMS was announced.
Annual financial reports (the last 5 years), Financial https://www.btn.co.id/Investor-Relation- Home page on the “Company
Information (including Quarterly Financial Reports). Report” channel
Profile of the Board of Commissioners and Directors https://www.btn.co.id/Tentang-Kami on the “Leadership” channel
Charter of the Board of Commissioners, Board https://www.btn.co.id/id/Tata-Kelola on the “Corporate Governance”
of Directors, Committees, and Internal Audit Unit channel
Environmental, social, and corporate governance https://www.btn.co.id/Investor-Relation-Home on the ESG channel
(ESG)
Easy access to products and promotions https://www.btn.co.id/ on the product channel
Charter of the Board of Commissioners, Board https://www.btn.co.id/Investor-Relation on the Corporate Governance
of Directors, Committees, and Internal Audit Unit channel
and Articles of Association.
Press Release https://www.btn.co.id/id-ID/About/Gallery/News/Press-Conference
on the BTN Gallery Channel
242 2025 Annual Report
Page 243
Page 244
MANAGEMENT
DISCUSSION
AND ANALYSIS
ON BANK
PERFORMANCE
The Company recorded profit for the year amounting to
IDR 3.50 trillion in 2025, representing an increase of 16.42%
compared to IDR 3.01 trillion in 2024. This achievement
reflects the Company’s capability to sustain healthy earnings
growth amid interest rate dynamics and challenging
banking liquidity conditions.
244 2025 Annual Report
Page 245
2025 Annual Report 245
Page 246
04 Management Discussion and Analysis on Bank Performance
ECONOMIC
REVIEW
Global Economic Analysis
The global economy is projected to remain affected markets. By the end of 2025, the US Dollar (USD) continued
by the continuation of trade wars and the dynamics to strengthen, resulting in depreciation pressures on
of geopolitical tensions among countries. Geopolitical emerging market currencies, including Indonesia. The
tensions persist, including the ongoing Russia-Ukraine Rupiah exchange rate weakened to approximately
war, which has yet to be resolved, as well as escalating IDR16,700 per USD by year-end 2025 amid the continued
tensions in the Middle East. On the economic front, the appreciation of the USD. Furthermore, yields on United
trader war measures introduced by Donald Trump in States Treasury (UST) securities continued to rise,
April 2025 included the imposition of a universal 10% leading to weaker foreign portfolio inflows into emerging
tariff on all goods imported into the United States, along markets.
with high reciprocal tariffs applied to nearly 57 trading
partner countries, including China, the European Union, Amid the tariff policies introduced by Donald Trump
Mexico, and Canada. and the ongoing geopolitical tensions, global economic
growth in 2025 experienced a slowdown compared to
In addition, the global trend of declining interest rates the previous year. The tariff measures led to a decline
has begun in line with increasingly controlled inflation in global trade volumes and values, while further
levels. The direction of the Federal Funds Rate reduction exacerbating supply chain disruptions. Moreover,
became clearer after, in 2025, the policy rate was the impact on economic activity was reflected in
lowered by a total of 75 basis points to a range of 3.50%- deteriorating sentiment among both producers and
3.75%. In addition to the Fed, the majority of central consumers. Global economic growth in 2025 moderated
banks worldwide have also reduced their benchmark to 3.3%year-on-year (yoy). Among major economies,
interest rates, including the European Central Bank growth in China and the United States reached 5.0%
(ECB), the Bank of England (BoE), the Bank of Canada yoy and 2.1% yoy, respectively. Meanwhile, in emerging
(BoC), among others.. economies such as India and Indonesia, economic
growth remained relatively robust through the end of
The dynamics of global geopolitical tensions have 2025, reaching 7.3% year-on-year (yoy) and 5.0% you,
also contributed to heightened uncertainty in financial respectively.
Global Economic Growth Chart for 2025
8.0% 7.3% 5.0% 5.0% 4.4% 3.3% 2.1% 1.7% 1.4% 1.1%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Emerging Amerika Advanced
India Indonesia China Global Uni Eropa Jepang
Market Serikat Economies
Source: World Economic Outlook, International Monetary Fund (IMF), January 2026; Federal Reserve, December 2025; Bloomberg, December 2025
246 2025 Annual Report
Page 247
PT Bank Tabungan Negara (Persero) Tbk
Indonesia Economic Analysis
Indonesia’s economic growth in the fourth quarter of 2025 recorded a positive performance of 5.39% year-on-year
(yoy), exceeding the achievement of the third quarter. This indicates that the Indonesian economy remained resilient
amid the global economic slowdown. From a sectoral perspective, the sectors driving national economic growth
included education services, other services, business services, information and communication, transportation and
warehousing, as well as accommodation and food and beverage services. From the expenditure side, the export
component recorded the highest growth, followed by government consumption and household consumption.
Indonesia‘s Economic Growth Chart until the Fourth Quarter of 2025 (% yoy)
5.90%
5.72%
5.70%
5.50% 5.39%
5.30%
5.01%
5.10%
4.90% 5.04%
4.70%
4.50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024 2025
Source: Official Statistics News, Central Bureau of Statistics (BPS), February 2026
National economic growth remained positive through National economic growth is expected to continue its
the end of 2025. Leading indicators as of December positive trend in 2026. Overall, the Government projects
2025 continued to show favorable results, including Indonesia’s economy to grow above 5.1% year-on-year
a high Consumer Confidence Index (CCI) of 123.5, a in 2026, supported primarily by household consumption
Manufacturing PMI that remained in expansion territory and exports. Both headline and core inflation remained
at 51.2, and a Real Sales Index that grew by 3.5% year-on- well controlled, supported by strong coordination
year. In its January 2026 release of the World Economic among Bank Indonesia, the Central Government, and
Outlook, the International Monetary Fund projected Regional Governments, resulting in inflation being
Indonesia’s economic growth for 2026 at 5.1%, stable maintained below 3% at the end of 2025. Meanwhile, the
compared to the cumulative growth achieved in 2025. Rupiah exchange rate continued to be influenced by
global market dynamics, with persistent depreciation
On the monetary side, BI maintained its benchmark pressures. As of the end of December 2025, the Rupiah
interest rate at 4.75% through the end of 2025, following stood at approximately IDR16,700 per US Dollar.
five cuts totalling 125 basis points. Monetary policy
Source:
remained focused on strengthening the Rupiah - Official Statistics News, Central Bureau of Statistics (BPS), February 2026
exchange rate stability amid heightened global - International Monetary Fund (IMF), World Economic Outlook, January
2026
economic uncertainty, while also preserving the
momentum of national economic growth.
2025 Annual Report 247
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04 Management Discussion and Analysis on Bank Performance
Banking Industry Analysis
The Financial Services Authority reported that the Banking industry liquidity as of December 2025
performance of the financial services sector, particularly remained at an adequate level, with liquidity ratios well
banking, remained solid throughout 2025, supported by maintained. The Liquid Assets to Non-Core Deposit (AL/
strong capital and liquidity positions as well as well- NCD) ratio stood at 126.15%, declining from 131.49% in
maintained credit risk. Banking intermediation functions November 2025, yet remaining significantly above the
in December 2025 continued to record positive growth, regulatory threshold of 50%. Meanwhile, the Liquid Assets
with credit expanding robustly by 9.63% year-on-year to Third-Party Funds (AL/DPK) ratio was recorded at
(yoy). This growth was primarily driven by investment 28.57%, slightly lower than 29.67% in November 2025, but
loans, which increased significantly by 20.81% yoy. On still well above the regulatory minimum requirement of
a monthly basis, nominal banking credit grew IDR271 10%. Overall, the banking industry’s profitability level, as
trillion, reaching IDR8,586 trillion. Meanwhile, Third- reflected by a Return on Assets (ROA) of 2.53%, indicates
Party Funds (DPK) in December 2025 grew 13.83% yoy that the industry remained resilient and stable. From a
to IDR10,059 trillion. Credit risk indicators continued to capital perspective, the Capital Adequacy Ratio (CAR)
improve, with the NPL ratio recorded at 2.05%. In addition, of the banking industry stood at 25.89% in December
the Loan at Risk (LaR) ratio showed a declining trend 2025, compared to 26.05% in November 2025.
to 8.77%, falling below its pre-pandemic level of 9.93%
recorded in December 2019.
Banking Credit and Third-Party Funds (TPF) Growth Chart
16 100
13.83
14 95
11.83 90
12
85.35
85
10 83.87
9.63 80
8
75
6
5.80 70
4 65
2 60
Jan Feb Mar Apr May June July Aug Sep Ovt Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
2024 2025
LDR (RHS) Credit TPF
Source: Indonesia Banking Statistics (SPI), Financial Services Authority (OJK), December 2025.
Housing Industry Analysis
As a bank that focuses on housing financing, the pandemic. Meanwhile, the construction sector also
Company continuously analyzes the housing industry. continued to expand, growing by 3.89% yoy, compared
The real estate sector again recorded positive growth of to 4.21% yoy in the previous quarter. The housing sector
3.71% yoy in fourth quarter of 2025, slightly moderating still has a lot of room to grow considering the high
compared to 3.95% yoy in the third quarter of 2025. national housing backlog and the high number of
The Real Estate sector has remained one of the sectors people who do not have decent homes as well as the 3
consistently posting positive growth, even during (three) million homes program promoted by President
periods of economic contraction such as the COVID-19 Prabowo Subianto.
248 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Sector Gross Domestic Product (GDP) Growth Chart
(1.98)
(0.51)
10.59
(1.31)
8.98
9.65
8.09
9.94
5.49
5.54
5.40
5.95
6.83
3.89
4.93
3.95
3.55
8.62
2.86
9.92
6.07
4.33
3.43
7.90
3.32
7.92
0.77
8.41
5.14
1.63
4.21
8.71
7.15
3.71
12.00
10.00
8.00
6.00
4.00
2.00
0.00
(2.00)
(4.00)
and Warehousing
Financial Service
Accommodation
Communication
Information and
General Trading
Health Services
Administration
Other Services
Transportation
and Insurance
Governmental
Electricity and
Water Supply
Construction
Manufacture
Educational
Gas Supply
Agriculture
Corporate
and Retail
Real Estat
and Food
Services
Services
Service
Mining
Q III 2025 Q IV 2025
Source: Official Statistics News, Central Bureau of Statistics (BPS), February 2025
The extension of the Government’s stimulus in the housing sector has boosted demand for housing until fourth quarter
of 2025. These measures included the relaxation of the LTV/FTV ratio for property loans/financing to a maximum of
100% for all property types, as well as the Government-Borne Value Added Tax (VAT/DPT) policy, which has been in
effect since 2024-2025 and is set to be extended through 2026. The scale of Government support is reflected in the
continued positive growth of the national mortgage loan (KPR) portfolio, which reached 6.80% year-on-year (yoy)
through the fourth quarter of 2025. Meanwhile, total national credit growth increased to 9.63% yoy, improving from
7.70% yoy in the third quarter of 2025.
Comparison Graph of Total Credit and Mortgage (KPR) Growth
10.55% 6.81% 7.56% 7.82% 7.06% 7.76% 8.96% 10.38% 6.87% 12.36% 10.85% 10.39% 9.16% 7.81% 7.26% 6.80%
14.20%
11.00% 11.35% 10.85%
10.66% 12.36% 10.39%
9.93%
9.16% 9.63%
10.38% 7.77% 7.70%
8.96%
7.76%
6.67%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024 2025
Mortgage Total Credit
Source: Indonesian Banking Statistics, Financial Services Authority (OJK), January 2026
Housing Finance Center of BTN released the House Price Index (HPI) in fourth quarter of 2024, with an index of 240.36
and growth of 5.13% yoy. The growth in BTN’s HPI was influenced by a moderation in price growth for medium-sized
houses (37-45 m2) and large houses (46-70 m2), amid continued increases in prices for small houses (21-36 m2). This
increase in the house price index reflects sustained strong housing demand domestically, in line with the strengthening
of the national economy.
2025 Annual Report 249
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04 Management Discussion and Analysis on Bank Performance
Graph of House Price Growth according to House Price Index in the Fourth Quarter of 2025
12.00 300.00
10.00 9.55 250.00
8.99
8.66
8.25
8.00 7.14 200.00
6.56 6.80 6.58 6.44
6.00
6.00 5.24 5.44 5.64 150.00
5.02 4.94 5.13
6.14 4.61 4.88
4.60
4.29 4.23
4.00 3.01
100.00
2.78
2.05 1.92
1.59 1.78 1.57 1.78 1.57 1.68
1.55 1.50 1.39 1.53 1.54
2.00 1.11 1.07 1.16 1.03 1.01 50.00
0.31 0.57
0.00 0.00
Sep Dec Mar June Sep Dec Mar June Sep Dec Mar June Sep Dec Mar June Sep Dec Mar June Sep Dec
2020 2021 2022 2023 2024 2025
Index QoQ yoy
Source: Housing Finance Center BTN, January 2026
Analysis of BTN in the Banking Industry
Until December 2025, Company remained solid as the 5th (five) largest bank in terms of assets, with total assets
reaching IDR504 trillion or growing by 12.16% yoy. This increase was also supported by an increase in credit and
financing which grew by 8.57% to IDR386 trillion and third party funds which grew by 15.77% to IDR424 trillion.
Asset and Loan performance Comparison Chart on November 2025 (including UUS)
1,851 1,283 2,120 1,452 1,415 876 1,527 921 449 356 504 386 282 163 304 164 260 148 276 158
November November November November November November November November November November
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
1,851 1,219 1,923 1,307 1,073 740 1,237 823 376 271 437 304 347 215 357 218 219 157 243 166
November November November November November November November November November November
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Asset Loan
250 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Banking Third-Party Funds (TPF) Performance Comparison Chart on November 2025
1,367 1,584 1,109 1,200 366 424 206 233 184 202
November November November November November November November November November November
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
1,387 1.460 784 952 303 367 249 279 150 183
November November November November November November November November November November
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
In 2025, competition occured across all Company business lines. Challenging macroeconomic conditions, as well as
the banking industry still experiencing tight liquidity, caused competition to obtain funding, especially retail funding
that offers lower funding costs, to become increasingly intense. Company competed with other banks especially in
terms of extension and convenience of distribution channels, product range, price, speed of service to customers, and
reserves for technology services.
Company will likely continue to face competition from a number of financial institutions that offer a wider range of banking
products and services or loans with larger limits or have greater financial and other resources than Company. Many financial
institutions will compete for the same target customers as Company, and many institutions have access to governments
or business groups with greater financial resources. Several of Company‘s competitors have formed, and are expected to
form, strategic alliances with several foreign banks with significantly greater management and financial resources.
Graph of Outstanding Housing Loans Comparison of Banks in Indonesia September 2025
(in IDR trillion)
301 139 70 68 64 42
BTN BCA BNI Mandiri BRI CIMB Niaga
Source: Corporate Presentation of each Bank
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04 Management Discussion and Analysis on Bank Performance
OPERASIONAL
OVERVIEW
Bank Strategy
The Bank’s strategic plans consists of long-term strategy (corporate plan), medium term, and short term
(business plan).
Long-Term Strategy (Corporate Plan)
The Company has established its 2029 aspiration the Company remains committed to supporting the
as a strategic milestone toward realizing its vision sustainable financial growth of Indonesian families. The
to become the Leading Partner in Empowering the Company believes that family financial empowerment
Financial Lives of Indonesian Families (Mitra Utama serves as a key driver of national economic progress.
dalam Pemberdayaan Finansial Keluarga Indonesia). Accordingly, the Company focuses on strengthening
Through leading digital innovation, the expansion of synergies with various stakeholders, providing
inclusive financial products and services, and enhanced accessible financial solutions, and enhancing financial
accessibility for all segments of Indonesian society, literacy across different segments of society.
BTN’s 2029 Aspirations to Achieve Its Vision
“Become the Main Partner in Financial Empowerment for Indonesian Families”
Build a sustainable savings account engine to capture IDR120 Trillion
Capturing 3% of SA from top 20 largest provinces, launching innovative propositions for value-chain payroll,
first-time home buyers and cash-rich self- employed professionals, and becoming transactional bank for
customers and businesses through enhanced transaction banking capabilities
Empower Indonesia families in disbursement enabling their dream of home ownership
with IDR450 Trillion in disbursement
Supporting -1.2mn subsidized mortgage and ~290k non-subsidized mortgage customers; empowering ~27k
housing related SMEs through propositions across the life-cycle.
Become a financial partner for consumers and businesses providing full suite of
everyday banking solutions
Increasing consumer product ownership through high-margin loans (targeting 8% of loan portfolio),
investment and payment solutions; expanding non-housing loan portion (targeting 20% of loan portfolio)
and increasing FBI (~20% of revenue); and increasing conversion of new mortgage customers to full banking
service users (mostly as primary bank).
Building a high-quality portfolio with operational efficiency
Building digital and efficient operations (CIR <50%) and strengthened customer service culture across
the bank; Maintaining low NPL (<2.3%) rate across economic cycles powered by advanced-Al driven
underwriting and collections process.
Expanding service coverage through three subsidiary companies
Becoming true #2 Syariah banking contender in Indonesia; launching and scaling multi-finance (>2.5 Trillion
loan disbursement) and insurance subsidiaries (>2 Trillion GWP) to have full-suite of banking offerings
252 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Over the next five years, the Company has established a long-term aspiration aimed at achieving its vision of becoming
the Leading Partner in Empowering the Financial Lives of Indonesian Families. The strategic journey toward this vision
is structured as follows:
BTN’s Strategic Journey in 2025-2029
2025 2026-2027 2028-2029
Strengthen engine for Broaden product Deliver full-banking
sustainable funding propositions offerings with superior
and cross-selling customer experience
The Company’s journey toward a stronger future 1. Building a Sustainable Funding Engine
commenced in 2025 with a focus on strengthening To strengthen its funding structure, the Company will
the engine for sustainable funding, whereby the implement strategies to increase low-cost savings,
Company reinforced sustainable funding mechanisms target self-employed professional segments,
to support long-term operations. In the 2026–2027 enhance penetration in the trade sector, and
period, the Company will develop strategies to broaden optimize opportunities within the SME value chain.
product propositions and enhance cross-selling, by 2. Monetizing the Housing Ecosystem at Scale
expanding its product portfolio and strengthening inter- The strategy to monetize the housing ecosystem
product synergies to address customer needs more at scale aims to generate revenue across the
comprehensively. In the final phase, during 2028–2029, entire housing ecosystem by leveraging business
the Company aims to deliver full banking offerings with opportunities related to the property industry
superior customer experience, providing comprehensive through increasing the proportion of non-subsidized
banking services supported by enhanced customer mortgages, expanding lending activities, and
experience, thereby ensuring customer satisfaction and enhancing penetration across the housing value
loyalty across all service touchpoints. chain.
3. Transition from Mono-Bank Lending to Full Banking
Based on this journey, a series of work programs and Offerings
strategic initiatives have been proposed to achieve The transition strategy from mono-bank lending
the defined targets. The key strategies and business to full banking offerings aims to transform the
programs are as follows: Company’s business model, which previously
focused solely on lending activities, into a provider of
more comprehensive banking services.
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04 Management Discussion and Analysis on Bank Performance
4. Strategic Targets, Business Strategy, Policies, and c. Optimization of volume and profitability under
Work Programs of Subholding/Subsidiaries the Joint Finance Scheme (B2B) and channeling
Considering the Company’s core focus on the partnerships.
housing sector, significant opportunities exist to d. Expansion of MSME financing into high-growth
maximize the potential of captive customers and the SME sectors with low NPL level.
property value chain. To capture these opportunities, e. Expansion of KUR (People’s Business Credit)
the Company will implement focused product and financing into high-potential sectors with well-
service diversification and differentiation strategies managed credit risk.
through inorganic growth initiatives. During the
2025–2029 period, capital participation activities will Credit Quality and Financing Sector
be directed toward subsidiaries engaged in venture
capital, investment management, insurance, In order to achieve sustainable improvements in credit
multifinance, and Sharia commercial banking. quality, the Company has implemented strategies to
5. Strategic Targets, Business Strategy, Policies, and strengthen underwriting and collection processes to
Work Programs of Supporting Functions support healthy portfolio growth, while reducing the
In addition to strategies in the business area, it is proportion of restricted loans and accelerating the
necessary to implement strategies that support all recovery of advanced-stage non-performing loans.
business activities as enabling functions in achieving These efforts are also supported by the establishment
the Company’s 2029 aspiration. of dedicated asset management subsidiary, with the
following key initiatives:
1. Enhancement of the underwriting model through the
Medium – Term Strategy integration of advanced AI-based modeling and the
utilization of external data sources.
Company’s medium-term strategy for the 2025- 2. Integration of the Straight Through Processing (STP)
2027 period is in line with the strategic themes of the process with differentiated swim-lane arrangements
company’s long-term plan, targets, and strategic to improve customer experience.
initiatives for each business area as follows: 3. Strengthening of the fraud management approach,
including the implementation of a next-generation
Credit Sector fraud management system.
4. Reduction in the proportion of restructured loans
Credit business development over the short-to medium- within the financing portfolio.
term horizon is directed through the following strategic 5. Modernization of information technology
initiatives: infrastructure to support collection processes,
1. Optimization of large-scale (at-scale) housing including the development of a collection
ecosystem monetization through: management system.
a. Deepening strategic partnerships with 50 6. Provision of early-stage (pre-NPL) asset resolution
developers.. and disposal solutions, as well as expansion of
b. Strengthening the acquisition channel, namely the role and coverage of the asset management
the agent network and enhanced processes.. subsidiary.
c. Increasing penetration across the housing sector
value chain to reinforce relationships with anchor Funding Sector
clients.
d. Launching integrated sectoral product packages To build a sustainable funding structure, the Company
for construction and real estate companies, has implemented a solid funding engine development
covering the entire business cycle on an end-to- strategy through the following initiatives:
end basis. 1. Launch of an integrated payroll proposition (bundled
2. Transformation from a mono-lending model to payroll) to increase penetration within the existing
a comprehensive banking service provider (full ecosystem and expand the Non-Interest Bearing
banking offerings) through:. Current Account (NTB) customer base.
a. Development of higher-yield products supported 2. Strengthening the Bank’s position as either the
by capability enhancement and expansion of primary or supporting bank for first-time homebuyers
KAR/KRING into new segments. through product packages focused on the millennial
b. Increased penetration and activation of fee- segment.
based income products.
254 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
3. Acceleration of customer and transactional account c. Optimization of fee income from Bank Guarantees
acquisition for BTN Mobile through the establishment (BG), SKBDN, Supply Chain Financing (SCF), and
of a retail deposit war room. Cash Management System (CMS) services in the
4. Increased penetration of wealth products among corporate and wholesale segments.
existing cash-rich customers and the hidden affluent
segment within the Company’s ecosystem. Subsidiary Establishment Plan
5. Launch of needs-based propositions tailored for
professionals and entrepreneurs with cash-rich In line with the Company’s business focus on the
profiles. housing sector, there are opportunities for business
6. Development of merchant propositions targeting expansion through the optimization of the captive
MSMEs and SMEs in the food retail and restaurant market and the property value chain. Accordingly, the
sectors. Company is implementing a targeted product and
7. Establishment of a deposit war room for the service diversification and differentiation strategy
wholesale and top SME segments to enhance low- through inorganic growth initiatives. For the 2025–2029
cost fund (CASA) penetration. period, capital participation activities will be focused on
8. Realignment of the Branch Funding Sales (BFS) venture capital companies, investment management
role based on specialization and segmented firms, insurance companies, multifinance companies,
responsibilities. and Sharia commercial banks, with the following plans:
9. Formation of a centralized payroll monoline team to 1. Capital participation in existing insurance companies
strengthen payroll penetration among institutional or the establishment of new insurance entities.
clients. 2. Capital participation in existing multifinance
companies or the establishment of new entities.
Other Operating Income Sector and 3. Implementation of the spin-off of the UUS in 2025,
Subsidiaries Establishment Other Operating which has been prepared since 2021 as part of the
Income Sharia business development strategy.
4. Acceleration of growth through the transfer of the
In order to enhance profitability, the Company’s Business Company’s USS assets to the newly established
Plan over the next three years is focused on increasing Sharia Commercial Bank.
other operating income,particularly from transaction- 5. In the capital participation in BUS, the Company
based fee income and new service offerings, particularly will act as the controlling shareholder with majority
from transaction-based fee income and new service ownership.
offerings, through the following initiatives:
1. Optimization of fee income from treasury and foreign Sharia Business Sector
exchange transactions.
2. Increase in fee-based income derived from lending The implementation of the spin-off the Sharia Business
activities, including loan syndication, insurance kick- Unit (UUS) represents a strategic step by the Company
back arrangements, and administrative fees from to strengthen business focus, enhance competitiveness,
non-subsidized mortgage )non-subsidized KPR) and accelerate the growth of a more independent and
loans. sustainable Sharia banking business. This strategy
3. Acceleration of fee-based income from digital is aligned with the regulator’s policy direction, the
transaction and wholesale banking through: strengthening of the national Sharia financial industry,
a. Expedited implementation of online acquiring and the need to optimize the economic value of the
features. Company’s sharia business.
b. Implementation of QRIS Border and QRIS
customer-presented mode. Amid ongoing global economic uncertainty and
c. Development of visa paywave services to the dynamics of international monetary policy, the
increase transaction volumes and retail Company has undertaken efforts to restructure its
customer fee income. business model to become more adaptive and focused.
4. Development of new fee income sources through: Domestically, Indonesia’s economy has demonstrated
a. Strengthening of e-Guarantee services within the resilience, with relatively stable growth supported by
wholesale banking segment. domestic consumption and government policies. Within
b. Enhancement of fee income from priority banking this context, the national Sharia banking industry has
services through SBN, insurance, and mutual recorded higher growth compared to conventional
fund products. banking, reflecting significant untapped market
potential.
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04 Management Discussion and Analysis on Bank Performance
In line with this industry trend, the performance of the In order to realize one of the Company’s missions in
Company’s Sharia Business Unit has shown solid and the field of Human Capital, which is “To be the home
sustainable growth. As of December 2024, the USS for Indonesia’s best talent,” the human resource
recorded increases in assets, financing, Third-Party development programs in the short and medium term
Funds (DPK), and profit, demonstrating its readiness are aligned with the Corporate Plan for 2025-2029. To
to operate independently as a full-fledged Sharia achieve this aspiration, five end-state dimensions are
commercial bank. formulated as parameters for success in achieving
the condition of “One of the Homes of Indonesia’s Best
To accelerate growth and enhance business flexibility, Talent,” which are:
the Company planned to execute the spin-off of its UUS 1. Talent Magnet, meaning Company becomes one
in 2025 through an asset and liability transfer scheme to of the top-of-mind employers for the best talent
a newly established Sharia Commercial Bank. This spin- in the market, both for professional hires and fresh
off model was selected to expedite the transformation graduates.
process, minimize operational disruption, and ensure 2. Employee Productivity, meaning BTN employees’
continuity of services to customers. productivity is above the average of the top 10 banks.
3. Talents, Leadership, and Capabilities Development,
Through the implementation of this spin-off, the meaning BTN employees possess strong leadership
resulting Sharia Commercial bank was expected to have abilities at all leadership levels and critical
a stronger capital structure, more focused governance, capabilities aligned with the company’s strategy.
and broader capacity for product development and 4. Employee Wellbeing and Experience, meaning BTN
business expansion. The Company would act as the becomes a comfortable workplace, offering growth
controlling shareholder with majority ownership, thereby opportunities, career development, and providing a
ensuring continued strategic synergy between the positive employee experience.
parent bank and the Sharia Commercial Bank within the 5. HC Operational Excellence and Technology, meaning
group structure. efficient Human Capital management, satisfying HC
services, and a role as an effective business partner
The execution of this spin-off marked an important by optimizing technology utilization.
milestone in the Company’s medium-term strategy
to strengthen the Sharia-based housing ecosystem, To achieve the mission above, a long-term Human
enhance the contribution of the Sharia business to the Capital strategy for 2025–2029 is formulated under
Group’s consolidated performance, and support the the theme “Dynamic Workplace Filled with Productive,
sustainable development of the national sharia financial Prominent, and Prosperous Global-Oriented Talent,”
industry. focusing on:
1. Developing employees to have high productivity,
Capital Strengthening superior capabilities, competitiveness, and
competitive employee welfare, with a global
Supporting soundness and sustainable business growth orientation.
requires strong capital support by considering the 2. Developing a dynamic work environment that
fulfillment of the bank’s minimum capital requirements provides a best-in-class employee experience.
following Basel III. According to OJK Regulation
Number 27 of 2022 dated January 29, 2016 concerning IT Infrastructure
second amandment to the OJK Regulation number
11/POJK/02/2016 concerning the Requirement to Provide To support the Corporate Plan, business aspirations,
Minimum Bank Capital, which banks must provide and the Company’s vision for 2025, an IT Strategic Plan
capital in the form of minimum capital based on risk for 2025-2029 has been formulated, comprising the
rating and additional capital as a buffer based on Basel following six strategic themes:
III (there are 3 types, namely capital conservation buffer,
countercyclical buffer, capital surcharge).
Company’s capital strengthening strategies include:
1. Increase the Bank’s profitability.
2. Issuance or extension of bonds/subordinated loans.
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PT Bank Tabungan Negara (Persero) Tbk
Picture of IT Strategic Initiative Themes for 2025-2029
01 02 03 04 05 06
AGILITY AT FUTURE-PROOF FULL BANKING DATA & AI BUSINESS PROCESS
SCALE TECHNOLOGY EMPOWERMENT EXPERIENCE RESILLIENT EXCELLENCE
BACKBONE REIMAGINATED ECOSYSTEM ENABLEMENT
Source: The 2025-2029 Information Technology Strategic Plan (RSTI) BTN
In implementing the 2025-2029 IT Strategic Plan, the
Company defined three main annual themes as follows: c. Enhancing the structure for gratuity
1. 2025: Modernize Core Platforms and Architecture management.
The year 2025 focused on modernizing and d. Strengthening governance processes to support
enhancing the Company’s core architecture and GRC.
capabilities, including critical applications (for e. Enhancing governance policies within business
instance CBS, BDS, EFS) and infrastructure (for processes.
example 3DC) to support greater scalability. 2. Strengthening integrated governance, through:
2. 2026-2027: Unify Technology and Experience a. Enhancement of the organizational structure for
This phase emphasized enterprise architecture integrated governance.
renewal, as well as the enhancement of customer- b. Formulation of integrated governance policies.
oriented business and technology platforms to 3. Strengthening IT governance to support operational
improve operational efficiency and strengthen excellence, through:
cross-selling capabilities. a. Development of an integrated IT system for
3. 2028-2029: Delivery Full Banking at Scale managing conflicts of interest.
This stage aims to ensure IT reliability with optimized b. Development of a gratuity reporting application.
security and operational capabilities, supported c. Development of a governance self-assessment.
by robust cybersecurity and adequate capacity to d. Development of a gratuity chatbot application.
enable full-scale banking operations. e. Development of an integrated online GCG
platform.
4. Strengthening governance capability and culture to
Good Corporate Governance (GCG), support a strong GRC Culture, through:
Risk Management and Compliance a. Enhancement of API certification programs.
b. Enhancement of PAKSI certification programs.
Good Corporate Governance (GCG) c. Strengthening of the Integrity Family program.
Improvement d. Strengthening the anti-gratuity culture program.
e. Strengthening the code of conduct and COI
In line with the 2025-2029 GRC Roadmap, the Company program.
developed the 2025-2029 Corporate Governance f. Strengthening the integration of governance and
Roadmap, encompassing improvements in governance risk culture.
structure, strengthening of governance business 5. Strengthening governance standards for continuous
processes, enhancement of governance outcome improvement, through:
quality, and the implementation of sustainable a. enhancement of ISO SMAP implementation.
governance under the main theme “Governance b. Implementation of corporate governance ISO
Business for Sustainable Growth”. This roadmap was standards.
implemented through five key focus areas of the GCG c. Strengthening the implementation of ACGS and
Roadman, including: PUGKI parameters.
1. Strengthening the governance structure and d. Strengthening compliance assessment
governance process to support the Company’s implementation for SMAP.
business, through: e. Implementation of integrated COI management.
a. Reinforcing the governance structure to support f. Implementation of a business competition
GRC. compliance program.
b. Strengthening the structure for managing g. Strengthening gratuity reporting channels.
conflicts of interest (COI).
2025 Annual Report 257
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04 Management Discussion and Analysis on Bank Performance
h. Implementation of the ISO governance maturity effectively, and ensure sound corporate
model. governance practices.This initiative integrates
i. Strengthening the implementation of governance governance oversight, risk management, and
within ESG practices. compliance processes to support sustainable
j. Participation in and enhancement of ratings and business growth and operational resilience. The
assessment under ASEAN Corporate Governance key focus areas and strategic design identified
Scorecard (ACGS), Corporate Governance within the GRC Roadmap, included:
Perception Index (CGPI), and Survei Penilaian 1) Development of an asset and liability risk
Integritas (SPI). management framework and system to
ensure earnings stability, optimize risk-return
Compliance Enhancement profiles, and enhance capital efficiency.
2) Acceleration of sustainable growth through
To enhance operational resilience in supporting business scaling up ESG initiatives by integrating
growth and to create a Compliance Culture at every level environmental, social, and governance
of the organization and business activities of the Bank, the principles into the Company’s core
GRC Roadmap Company 2025-2029 has been developed operations, strategy, and GRC framework,
regarding the implementation of the Company’s based on the identified ESG Rating Gap.
Compliance Function, which includes the following: 3) Establishment of integrated governance
1. Developing a Regulatory Compliance System to encompassing risk management within
mitigate Compliance Risk arising from non-fulfillment the financial conglomeration structure
of compliance obligations for each regulation issued to strengthen the Company’s business
by the regulator. ecosystem through the formation of
2. Developing an integrated Compliance Dashboard subsidiaries.
with the Fraud Detection System so that it becomes 4) Transition toward zero manual processes
real-time and embedded in business processes, to enhance operational efficiency through
continuously developed. automated decision-making, paperless
3. Building and developing a Data Privacy Framework processes, and the development of advanced
to ensure compliance with regulations related to risk management models.
personal data, with a Data Privacy Management 5) Boosting operational resilience to support
System to ensure real-time monitoring and business growth.
integration into all business processes and services. 6) Development of employee talent and
4. Strengthening the IT compliance organizational strengthening of GRC culture to foster long-
structure to accommodate Advisory, Governance, term organizational resilience, with an
Reporting, and Assurance functions. emphasis on risk awareness and quality
5. Strengthening the governance of reporting for oversight.
APUPPT, PPPSPM, and the Bank’s compliance through b. Strengthening risk culture through the
improving employee competencies, integrated development of a strategic roadmap aimed at
management information systems, and utilization. building and fostering a sustainable risk culture.
The initial step includes establishing Governance
Risk Management Improvement and Risk Culture (GRC) as one of the four pillars of
the Company’s corporate culture. GRC serves as
Company has undergone a transformation to achieve the foundation for shaping a risk-aware mindset
its 2025 vision of becoming “The Main Partner in and behavior across all organizational levels.
Financial Empowerment for Indonesian Families,” but it c. Optimizing risk-based portfolio management by
still requires a long-term sustainability framework for controlling the composition of the credit portfolio
the company. In support of its long-term plan, Company while ensuring healthy portfolio growth. This is
needs to remain a bank with sustainable profitability achieved through the implementation of portfolio
and continue to implement strategies and initiatives guidelines, currently applied to the wholesale
related to risk management, including: segment and being developed for the SME and
1. Enterprise Risk Management commercial Sharia segments, to manage credit
a. The Company formulated a 2025-2029 concentration risk while upholding prudential
Governance, Risk, and Compliance Roadmap principles and strong governance practices.
(GRC Roadmap), designed to strengthen d. The Company actively prepares portfolio quality
the organization’s capability to comply review reports and conducts related forums, with
with regulatory requirements, manage risks the results reported to the Board of Directors,
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Divisions, CBC, and Branch Offices monthly or h. Improving the decision-making process and
at any time upon request. This initiative aims to quality of consumer credit by accelerating credit
provide an up-to-date overview of the Bank-wide approval processes through data analysis using
credit position and quality, both on consolidated CSM. Additionally, Company has implemented
basis and by credit segment. collection scoring to assist the collection team in
e. Development of balance sheet optimization determining the priority scale for debt collection
through the enhancement of the capital and based on the risk level (high, medium, and low
asset pillar, optimization of the liquidity and risk) to ensure the effectiveness and efficiency of
funding pillar, and strengthening of the interest credit management.
rate risk management pillar. These initiatives i. Improving risk assessments for specific non-fixed
are intended to ensure optimal risk-return income segments through the development
outcomes, stable profitability, capital efficiency, of an analytic model for non-fixed income and
and alignment with the Company’s established developing the competency of credit analysts
strategic goals. by:
f. The Company implements enterprise risk 1. Formulating risk criteria for targeted
management, whereby risk management segments and overlay models to increase
practices are focused on enhancing corporate approval rates.
value. Productivity improvements are achieved 2. Determining the priority target segments:
through effective risk management aligned with existing debtors, funding customers, and
the transformation of the Company’s operating new-to-bank customers to manage risks
model, making it more performance-and during the implementation phase.
profitability-oriented. 3. Building proxy income models to project
g. Improving credit and financing underwriting the income growth of debtors and potential
processes and quality to support the debtors in credit limit assessments and
implementation of the new Business Process standardized recommendations and
Improvement (BPI) initiatives: decisions.
1) In the commercial segment, the Company has 4. Refining credit policies according to riskbased
established a Commercial Banking Center segmentation.
(CBC), which functions as a centralized hub j. Maintaining a low Non-Performing Loan (NPL)
for processing commercial credit. rate across all segments through strong risk
2) In the SME segment, the Company is monitoring. Development of the Commercial
implementing the MSME Process Center (SPU) Loan Early Warning System (EWS) to strengthen
as part of its efforts to enhance MSME credit the monitoring of commercial credit risks through
processing and management. This initiative standardization, digitalization, and development
aims to improve productivity, enhance the of guidelines and tools. Company will develop
quality of centralized and objective credit the EWS by setting risk parameters that indicate
decision-making, and strengthen centralized the deterioration of individual commercial credit
monitoring. debtor quality, which will help credit departments
3) In the consumer segment, the Company has take immediate actions to prevent troubled
centralized credit processing through the loans.
establishment of the National Loan Processing k. The Company established a Risk Maturity Index
Center (NLPC) as part of its transformation (RMI) assessment roadmap for 2024-2029, which
and process improvement initiatives. The was extended to support the achievement of an
objectives include: RMI target score of 4.5 (best practice phase) by
- Enhancing consumer credit operations 2029.
through standardized processes.
- Sgtrengthening supervision and 2. Environmental, Social, and Governance (ESG)
optimizing credit processing officers Environmental, Social, and Governance (ESG) The
by centralized functions and improving Company has developed an ESG framework called
efficiency. The Future of Finance. This ESG framework guides
- Implementing a dedicated portfolio Company in managing and conducting business
risk management function to enhance practices that focus on impact performance
control, analysis, and monitoring by the and support the achievement of the Sustainable
risk unit. Development Goals (SDGs). This framework serves as
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04 Management Discussion and Analysis on Bank Performance
the foundation for managing business activities and 4. Stakeholder inclusiveness.
operations as well as decision-making processes 5. ESG in the value chain.
in a more comprehensive manner. The BTN ESG 6. Integrated governance, risk management, and
framework consists of six components: compliance (GRC).
1. Sustainable finance.
2. Climate change and ecosystems.
3. People and communities.
Picture of Implementation of the Environment, Social, and Governance Roadmap
Six Components of BTN’s Framework
Sustainable Finance
Managing products and services that support the transition
The Future of Finance to a low-carbon economy with balanced capital allocation,
while maintaining social and environmental sustainability.
ESG in the Value Chain Climate Change and Ecosystem
Managing climate change risks and their impact on
Climate Change and
Ecosystems ecosystem capacity.
Community and Society
Managing impacts on individuals, communities, and society
at large.
ESG in the Value Chain
Sustainable Finance Society & Community
Building a sustainable business by implementing ESG
principles throughout the business value chain.
Stakeholder Inclusivity
Integrated GRC Stakeholder Inclusivity
Building a sustainable business by implementing ESG
principles throughout the business value chain.
Governance Risk Compliance
Integrated GRC
Managing governance, risk, and compliance (GRC) in an
Integrated GRC integrated manner to achieve objectives.
Source: ESG BTN Roadmap
The Company identified nine (9) strategic initiative e) Optimization of digitalization and/or
themes within its five-year ESG roadmap, with automation of internal processes toward a
several priority activities, as follows: paperless environment, through:
1) Conducting Sustainable Business Operation - Utilization and implementation of digital
The Bank set a target to reduce Scope 1 and signatures by all employees to enhance
Scope 2 carbon emissions by 30% through clean the Company’s operational efficiency.
banking operations initiatives, including: - Implementation of a centralized i-Work
a) The use of EV and/or hybrid vehicles for system (e-RKK, e-MoM, e-Committee,
operational purposes. and document management system) to
b) Increased utilization of solar panels. reduce paper usage.
c) Development and implementation of green - Development of online current account
buildings. e-statement delivered via melalui email.
d) Replacement of building cooling systems - Development of an end-to-end
with more energy-efficient solutions. procurement system for goods and
services to improve operational efficiency.
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- Enhancement of the online account base of 20,183 individuals, in alignment with
opening process (OLOB) and e-deposit Presidential Regulation of the Republic of
services in line with the Company’s Indonesia No. 63 of 2020.
business targets. c) BTN Digital Store
- leveraging technology for internal The Company continues to pursue
regulation searches (PPDigital transformation initiatives aimed at
enhancement) using AI, smart tagging, enhancing sales capacity and customer
and chatbots. service, with a strong focus on customer
- Other paperless initiatives are aligned satisfaction. BTN Digital Store is expected to
with business and operational needs. deliver services tailored to meeting customer
2) Develop Sustainable and Inclusive Bank needs by leveraging digital technology
Products and Portfolio Management through devices and applications. The
The Company was committed to developing implementation of BTN Digital Store is
sustainable and inclusive products while also intended to provide customers with a
expanding its sustainable portfolio, which distinctive service experience. Furthermore,
included: BTN Digital Store integrates ESG principles
a) Implementation of Low-Emission Housing into its operations, including energy-efficient
Low-emission Housing was a project initiated practices and paperless digital services.
by the Company to encourage developers to d) Expanding Inclusive Credit Distribution for
implement energy efficiency (air circulation), Low-Income Communities (MBR), such as
water (the use of PDAM), waste management, Subsidized Home Ownership Loans and MSME
and pollution reduction measures (one Loans.
house-one tree, eco-friendly materials, and e) Expanding Credit Distribution to Sustainable
green open spaces). The initiative aimed Business Activities.
to provide decent, healthy, and affordable f) Credit Distribution in Line ESG-Integrated
housing. Low-Emission Housing represented portfolio guidelines.
one of the Company’s ESg initiatives to begin The Company has implemented a Portfolio
a transition alongside developer partners, Guideline (PG) that integrates ESG principles
contributing to carbon emission reductions to support business sustainability and
in the housing sector and fostering a circular financial stability. These guidelines are
economy through sustainable business designed as a strategic tool to effectively
practices. As of August 2024, the Company manage credit concentration risk through
had collaborated with eight (8) developers to measured portfolio diversification. By
implement 1,200 low-emission housing units. applying these guidelines, the Company
In April 2025, the Company also conducted seeks to maintain asset quality by directing
workshops and socialization programs on credit allocation toward priority sectors with
low-emission housing involving developers, sustainable growth prospects. This approach
eco-material suppliers, and relevant not only supports business expansion but
business units. In accordance with the also contributes to mitigating environmental,
established roadmap, the Company targets social, and governance risks.
the development of 150,000 low-emission g) Pioneer in green mortgage carbon trading
housing units by 2029. seller.
b) balé by BTN h) Issuance of green/social/sustainable bonds
balé by BTN was a comprehensive super app or loans.
designed to simplify financial transactions i) Launchof green savings products
for the Indonesian public, encompassing 3) Integrate ESG Component in Enterprise Risk
both banking and financial services. This Management Framework and Program
initiative represented a strategic effort to The Company actively supports government
overcome geographical challenges, ensuring efforts to achieve carbon neutrality by designing
that all segments of society, particularly a long-term strategy toward Net Zero Emission
those in remote areas, can benefit from (NZE). This strategy integrates global standards
enhanced financial inclusion. In 2024, the and national policies, including carbon emission
service successfully reached communities inventories, to identify emission sources (Scope
in underdeveloped regions, achieving a user 1, 2, and 3). In addition, to ensure sound risk
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04 Management Discussion and Analysis on Bank Performance
management that incorporates ESG aspects, the c) Integrating ESG aspects into portfolio
Company regularly conducts climate risk stress guideline.
tests to identify and manage risks associated 7) Building ESG Data Management
with climate change, both physical risks and To strengthen reporting and monitoring, the
those arising from the transition to a low-carbon Company is developing a comprehensive ESG
economy. data management framework. This includes the
4) Developing ESG Culture and Responsible establishment of an integrated ESG data mart
Leaders’ Program designed to support both reporting requirements
In the area of human capital, the Company and informed decision-making processes.
is committed to implementing the Respectful 8) Navigate trends in ESG Provisions and
Workplace Policy (RWP) to foster a fair, inclusive, Regulations
and sustainable work environment and culture. The Company has embedded ESG principles
The Company also consistently enhances across all aspects of tis internal regulations
employee capacity related to ESG through the and policies, including credit, operations, risk
following initiatives: management, and other key functions. In
a) Establishing a regular training curriculum addition, the Bank leveragestechnology to
focused on ESG. enhance its internal regulatory systems through
b) Strengthening employee capacity and digital innovations such as AI, smart tagging,
capabilities in ESG and keeping pace with and chat bot.
emerging ESG trends. 9) Building Partnerships and Collaborations
c) Developing Diversity, Equity, and Inclusion In implementing sustainability and ESG initiatives,
(DEI) programs by increasing women’s the Company collaborates with communities,
participation in leadership roles and providing developers, and other stakeholders to strengthen
opportunities for women to hold structural a robust sustainability ecosystem through
positions. programs such as:
d) Promoting an inclusive workplace by a) Eco-property developer meetings are
recruiting employees with disabilities. workshops that feature expert speakers
e) Enhancing digital mindset and ESG awareness in sustainable property development and
among employees to support competencies environmentally friendly materials, aimed at
and roles across all Work Units. promoting eco-conscious practices in the
f) Improving employees’ experience programs real estate sector.
integrated with ESG aspects, such as the b) Hosting specialized competitions in the
Green Champion initiative, Employee housing ecosystem to encourage innovative
Community Day, and other related activities. and sustainable business models that
dan lain-lain. support long-term growth.
5) Building a Control Environment That is c) Enhancing ESG-based MSME capabilities
Integrated with ESG Components by conducting training programs for MSME
To support sustainability, the Bank has to improve business competitiveness while
embedded ESG principles into all aspects of promoting awareness and adoption of ESG-
its corporate regulations and policies. This based sustainable business practices.
includes the implementation of a gratuity control d) Conducting training sessions, workshops,and
program as well as enhancements in data collaborations with universities, agencies,
privacy and cybersecurity, thereby strengthening and relevant institutions to promote financial
corporate governance more responsibly and inclusion.
accountability. e) Providing educational scholarships to the
6) Develop ESG Monitoring, Communication and children of the Company’s outsourced
Reporting Program employees.
a) Developing ESG dashboard management f) Expanding cooperation and collaboration
that encompasses key sustainability with global ESG communities such as
indicators, including GHG emissions, Equator Principles, UNEP FI, and IKBI. These
sustainable portfolio, and human capital partnerships deliver strategic benefits to
metrics to monitor the bank’s sustainability the Company, including enhanced internal
performance. capacity and competence, improved access
b) Establishing ESG knowledge portal as a to global ESG best practices, and the adoption
centralized hub of information and best of international standards in environmental
practices for all employees. and social risk management.
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3. Digital and Operation Risk Management alignment of strategies. The considerations used in
The Company has strengthened its digital and the area mapping strategy are as follows:
operational risk management framework to achieve a. The development of overly dense areas will
digital and operational resiliency in support of the ensure better control over Key Performance
Company’s vision and mission through the following Indicators (KPIs) and more comprehensive
strategic initiatives: strategy alignment.
a. Developing and implementing an IT, digital, and b. Determining the operational zones of branches
third-party cyber risk management framework takes into account not only location but also the
and operating model to enhance the Company’s branch office density ratio.
security posture against IT, digital, cyber risk 2. Optimizing Branch Office Productivity
exposures arising from cooperation with vendors In the short term, Company is not too expansive in
and business partners. opening a branch office. This year, Company will
b. Developing a Fraud Detection System (FDS) improve the oversight of the branch office to the outlet
solution to enhance the Company’s capability below and conduct an assessment or evaluation of
in detecting and preventing fraud from the unproductive outlets performance for closure.
both transactional activities and customer This is conducted in order for office branches can
onboarding applications (manually or digitally), monitor better the subordinate performance which
thereby minimizing the potential occurrence of support corporate performance.
fraud. 3. Agent Banking
c. Implementing Internal Control Over Financial Optimizing banking agents as aggregators with
Report (ICOFR) in accordance with the Technical expanding strategic alliances, e.g. post office and
Guidelines of the Ministry of State-Owned mini-market as sales agent.
Enterprises No. SK-5/DKU-MBU/11/2024 and POJK 4. Digital Channel
No 15 of 2024 concerning the Integrity of Bank The development of digital channel is intended
Financial Reporting. for remote access to target the emerging affluent
d. Conducting a review of organizational segment, the younger generation, and increase the
effectiveness (DORD), including capacity and convenience of transactions for customers. Digital
capability assessments in collaboration with channel development is focused on:
HCMD, HCSD and TPMD, to ensure that the a. Attractive and clearly defined target segments
objectives of organizational structuring are with a focus on segment selection age range
achieved, including Work Load Analysis (WLA) between 20 to 35 years.
and human capital development. b. Right-to-target offering by advantaging big
e. Enhancing the capability of the Operational data analytical advantage to obtain product or
Risk Management System (ORMIS) to service recommendations for each customer.
comprehensively accommodate the digital c. Customer value management through offering
and operational risk framework, covering the broad and universal products and services.
risk register, control testing validation functions, However, it is more focused on the main needs of
and case management processes accessible to customers (customer centric).
risk-taking units, second line functions, and third
line functions in accordance with defined roles Short-Term Strategy (Business Plan)
and responsibilities that fulfill the dual control
principle. Guided by the strategic themes of the 2025-2029
corporate plan, the strategic steps that have been taken
Network Development Sector in 2025 are as follows:
(Delivery Channel) 1. Bidang Perkreditan Loan Sector
The focus of Loan growth in 2025 was carried out by
Optimization of delivery channels to support business is implementing a strategy to monetize the housing
carried out through developing the quantity and variety ecosystem on a large scale, aimed at generating
of channels with network expansion strategy focused revenue from the entire housing ecosystem by
on 4 (four) main initiatives, namely the regionalization leveraging various business opportunities related to
strategy, branch expansion, banking agent and digital the property industry, through strategies to enhance
channels. the penetration and quality of non-subsidized
1. Area Mapping Strategy Mortgage and to increase penetration within the
The area mapping strategy is a form of grouping housing value chain. The initiatives undertaken to
work areas not only based on location but also on achieve these targets in 2025 were as follows:
the density of existing branches to ensure better
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04 Management Discussion and Analysis on Bank Performance
Table of 2025 Loan Strategy
Strategy Theme Initiative
Monetize the housing ecosystem at-scale. Primary housing: deepen relationships with the top 50 developers.
Transition from mono-bank lending to full banking offerings. Enhance higher-yield products by strengthening capabilities and
expanding KAR/KRING into new segments.
Expand Micro and Small Enterprise Cooperative Penetrate high-growth and low-NPL sectors for Micro Business
Loans (KUMK) to leading SME sectors and achieve the Loan (KUR) products supported by superior Loan capabilities and
predetermined Micro Business Loan disbursement target. process digitalization.
From the three Loan strategies above, the Bank mechanism from Direct to Consumer (D2C)
significantly increased non-subsidized lending by agents within the sales center and loyalty
strengthening relationships with developers and programs for agents. Enhancing customer
reinforcing the Direct to Consumer (D2C) acquisition experience through instant offerings, “time-
channel, while ensuring readiness to support the to-yes” in less than 1 (one) week, and twofold
National Housing Program through the following acceleration of TAT through a fully digitalized
initiatives: application process. Increasing acquisition
a. Primary Housing and lead generation through digital partners,
Strengthening relationships with the Top 50 including process integration via BTN Properti
developers through accelerated digitalization and an Online to Offline (O2O) fulfillment journey.
of Turn Around Time (TAT) by twofold, c. Increasing Higher-Yield Products
implementation of digital back-end processes for Expanding KAR/KRING to non-payroll and new-
Relationship Managers (RM), real-time tracking to-bank customer bases by accelerating digital
portals for customers and developers, increased application processes, credit decisioning, and
sales intensity, expansion of sales centers in personalized marketing through the Company’s
high-potential development areas, and higher digital channels. Launching new product
incentives for bulk acquisition for key developers. propositions and driving Loan application
b. Secondary Housing penetration.
Strengthening acquisition channels through
property agents with a dual-reporting line
2. Loan Quality
To achieve the targeted improvement in Loan quality, the strategic focus was on strengthening risk underwriting
and collection to grow the portfolio sustainably, addressing a large volume of restructured portfolios, and
accelerating late-stage recovery by expanding the scope of subsidiaries managing assets. In detail, the initiatives
to be implemented in 2025 are as follows:
Table of 2025 Loan Quality Strategy
Strategy Theme Initiative
Strengthen risk underwriting and a. Enhancement of the existing underwriting model by integrating advanced AI-
collection processes to sustainably based modeling approaches and incorporating external datasets.
grow the portfolio, address a high b. Strengthening the fraud management approach, including the implementation of
restructured portfolio, and expedite a next-generation fraud management system.
late-stage recovery by establishing c. Reducing the proportion of restructured Loans within the portfolio.
an asset management subsidiary. d. Preparing early-stage (pre-NPL) asset resolution/sales solutions and expanding
the scope of the asset management subsidiary.
From the above Loan quality strategies, in supporting assessment approach for the SME and
credit underwriting as well as early warning and commercial segments; deploying a transaction
collection, the Bank implemented the following analyzer for merchants and adopting a structured
initiatives: approach to estimate salary for customers with
a. Enhancing the existing underwriting model cash-based income; and providing tools for
through the integration of advanced AI modeling indicative collateral valuation.
and external datasets; developing a modular b. Strengthening the fraud management approach
Probability of Default (PD) score applicable to through the integration of e-Know Your Customer
all products; implementing a proven qualitative (KYC), active status verification, and Artificial
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Intelligence (AI)-based document verification The implementation of MSME bad debt write-offs
(e.g., salary slips and bank statements), as referred to in the UU P2SK and the Government
which may be carried out through targeted Regulation must be carried out with due observance
collaboration with leading external vendors. of prudential principles, risk management, internal
c. Formulating a strategy for managing restructured control, Good Corporate Governance (GCG)
Loans to resolve, settle, or write off a significant principles, prevailing laws and regulations, and the
volume of Loans restructured due to the Covid-19 articles of association. This is because any losses
Pandemic. incurred by SOE (State-Owned Enterprise) Banks in
d. Developing early-stage asset sales or resolution executing MSME bad debt write-offs under the UU
solutions to dispose of high-risk assets prior to P2SK and the Government Regulation constitute
becoming Non-Performing Loans (NPL), as well as losses of the respective SOE (State-Owned
expanding the asset management subsidiary’s Enterprise) Bank and do not represent state financial
coverage to regions outside Jakarta. losses, provided that such actions are undertaken in
good faith and in compliance with prevailing laws
On November 5, 2024, the Government of the and regulations, the articles of association, and
Republic of Indonesia enacted a Government Good Corporate Governance (GCG) principles.
Regulation concerning the Write-Off of Bad Debts
for Micro, Small, and Medium Enterprises (MSMEs) In relation to the foregoing, to ensure that the entire
in order to strengthen national economic resilience process of MSME bad debt write-offs is implemented
through the empowerment of MSMEs by providing systematically, expeditiously, accurately,
easier access to financing, including legal certainty innovatively, and in an administratively orderly
in the settlement of bad debts at SOE (State-Owned manner within the Company, while consistently
Enterprise) Banks to MSMEs through write-offs in adhering to prudential principles, risk management,
accordance with the provisions on Financial Sector internal control, Good Corporate Governance (GCG)
Development and Strengthening (UU P2SK), which principles, prevailing laws and regulations, and the
are effective for 6 (six) months from the date of articles of association, it is necessary to establish
enactment. a specific internal policy to ensure that all such
requirements are properly fulfilled.
3. Funding Sector
The primary focus of Third-Party Funds (TPF) growth in 2025 is to implement strategies aimed at increasing low-
cost savings, targeting the independent professional segment, and enhancing penetration in the trade sector and
SME value chain. The initiatives to be undertaken to enhance funding growth in 2025 are as follows:
Table of 2025 Funding Strategy
Strategy Theme Initiative
Build a Sustainable Funding a. Launching a bundled payroll proposition to increase penetration within the existing
Engine ecosystem and expand outreach to New-to-Bank (NTB) customers.
b. Intensifying the retail funding sales footprint in markets with high Savings Account
(SA) volumes.
c. Positioning the Bank as the primary/secondary bank for first-time homebuyers
through millennial-focused product bundling.
d. Driving customer acquisition and transactional account growth on BTN Mobile
through the launch of a retail deposit war room.
e. Launching a deposit war room targeting wholesale and top SME customers to drive
CASA penetration.
Reinvent sales structure and a. Redefining the role of Branch Funding Sales (BFS) based on specific segment
operating model to drive sales responsibilities.
growth and effectiveness of b. Establishing a centralized monoline payroll team to enhance payroll penetration
prioritized product segments among institutional clients.
From the above funding enhancement strategies, in developing innovative low-cost transactional savings
products that drive payroll innovation, millennial-focused bundling for first-time homebuyers, intensifying footprint
in saturated markets, and increasing BTN Mobile transactions, the Bank implemented the following initiatives:
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04 Management Discussion and Analysis on Bank Performance
a. Launching a bundled payroll proposition to d. Driving BTN Mobile customer acquisition and
increase penetration among existing corporate increasing the proportion of active transactional
clients within the Bank’s ecosystem and New-to- accounts from 30.00% to 45.00% by launching
Bank (NTB) customers, while expanding outreach a retail deposit war room, implementing win-
to NTB customers, both payroll employees and back programs for recently inactive customers
key decision-makers, by assigning dedicated and NTB acquisition initiatives, introducing
payroll specialists within the one-Client Service customer segment-based product bundling,
Team (CST) Relationship Manager (RM) coverage and expanding BTN balé offerings to enhance
model. customer loyalty, supported by cross-selling
b. Intensifying the retail funding sales footprint campaigns and engagement driven by
(through internal and outsourced channels) in Advanced Analytics (AA).
market areas with high Savings Account (SA) e. Launching a deposit war room targeting existing
volumes and growth potential, targeting mass SME value chain customers, newly acquired SME
and mass-affluent NTB customers to increase merchants, and wholesale customers to drive CASA
savings market share from 1.3% to 2–3% through penetration through segment-specific campaigns
improved sales productivity (e.g., training, KPI leveraging Advanced Analytics (AA), tailored
refinement, and sales productivity toolkits), pricing strategies, targeted rewards, and product
branch-less formats, and outsourcing initiatives. bundling for cash-rich sectors. In this context,
c. Positioning the Bank as the primary/secondary the deposit war room serves as the Company’s
bank for first-time homebuyers through centralized command center to monitor and
millennial-focused product bundling for Existing- manage Third-Party Funds performance in real
to-Bank (ETB) and NTB customers to enhance time, including time deposits, current accounts,
engagement in Savings Accounts and debit/ and savings accounts, thereby enabling
credit cards through partnerships with lifestyle prompt decision-making regarding interest rate
retail and housing companies. adjustments and marketing strategies to ensure
effective liquidity acquisition and competitiveness.
4. Fee-Based Income and Subsidiary Establishment
The focus of achieving fee-based income in 2025 is to launch loan product propositions and drive fee-based
income (FBI). The initiatives to be implemented in 2025 to achieve these targets are as follows:
Table of 2025 Fee-Based Income and Subsidiary Establishment Strategy
Strategy Theme Initiative
Launch loan product propositions and drive fee- a. Increasing penetration and activation of fee-based income
based income products for credit cards and wealth propositions, integrated with
savings and lending propositions.
b. Increasing volume and profitability of the Joint Finance Scheme
(B2B) and channeling partnerships.
Launch multi-finance and insurance subsidiary to Building a true #2 contender through a standalone sharia business post
support the Bank’s retail business and become a spin-off.
true #2 sharia banking contender post spin-off
5. Capital Injection Plan
In line with its vision as the main partner in empowering Indonesian families financially, the Company aspires to
expand its business across the housing ecosystem through the following initiatives:
a. Development of the sharia business through the spin-off of the Sharia Business Unit (SBU).
b. Expansion of the insurance business through life insurance and/or general insurance subsidiaries.
c. Expansion of the vehicle financing business through a multifinance subsidiary.
Considering the Company’s business position, which focuses on the housing sector, there are opportunities to
enhance growth by maximizing the potential of captive customers and the property value chain. To realize this
objective, focused strategies for product and service development, diversification, and differentiation are required
through inorganic growth initiatives. In 2025, capital injection activities primarily focused on the development of
the syariah business through the spin-off of the Sharia Business Unit.
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6. Capital Injection in Life Insurance and/or General b. A growing elderly population and increasing
Insurance Subsidiaries awareness of personal responsibility for health
The establishment of a life insurance and/or general and retirement, with the proportion of individuals
insurance subsidiary is planned to be executed aged 50 years or older projected to increase
through a capital injection scheme into an existing from 22.00% in 2023 to 29.00% by 2035.
insurance company/subsidiary or through the c. Life insurance penetration in Indonesia (<2.00%)
establishment of a new company. The Company remains among the lowest in Asia, with life
acts as the controlling shareholder with a majority insurance Gross Written Premium (GWP)
ownership (>50%). Going forward, the insurance representing only 1.00% of total GDP in 2022 and
sector continues to present significant growth USD 40 GWP per capita in 2022, significantly
opportunities in Indonesia, driven by increasing lower compared to other Asian countries (e.g.,
public awareness of the importance of insurance. Thailand at approximately USD 270 and Malaysia
at approximately USD 463).
The following factors are expected to support d. Increasing awareness of protection against
insurance growth in the coming years: everyday and catastrophic risks, driving demand
a. Rising prosperity, which is expected to drive for general insurance products such as motor
demand for wealth protection and accumulation vehicle, property, travel, and liability insurance.
products, with the proportion of affluent and This trend is supported by infrastructure growth,
emerging affluent segments in Indonesia increasing asset ownership, and increasingly
projected to increase from 18.00% of the complex and diverse economic activities.
population in 2023 to 27.00% by 2030..
Figure of Life Insurance Penetration in Indonesia Compared to Other Asian Countrie
1.0 1.4 1.9 2.6 2.8 3.9 4.0 7.7
Life insurance penetration,
Total GWP as % of total
GDP (2022)
42 49 77 337 67 463 274 6,368
Life insurance density,
GWP per capita, in USD
(2022)
Indonesia Filipina Vietnam China India Malaysia Thailand Singapura
Source: Internal BTN
In light of these opportunities and challenges, the Furthermore, the Company may consider establishing
Company must conduct a thorough assessment and or entering into strategic partnerships in the general
comprehensive analysis regarding the establishment insurance sector to provide protection for financed
of insurance subsidiaries. The establishment of a life assets, such as residential houses, apartments, or
insurance subsidiary aims to increase the wallet commercial properties. General insurance products,
share of captive customers, particularly mortgage including fire insurance, motor vehicle insurance, and
borrowers, by complementing the financial services commercial property insurance, may complement
offered and supporting the Company’s business in the Company’s financial services ecosystem and
providing a one-stop financial solution to customers. create new business opportunities aligned with its
In addition, the establishment of a life insurance core housing business.
subsidiary may serve as a cross-selling platform for
general insurance products to mortgage customers,
developers, and developer partners.
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04 Management Discussion and Analysis on Bank Performance
The development of life and/or general insurance e. Acquiring or partnering with insurtech players
subsidiaries as part of the Company’s service and offering small-ticket or short-term basic
offering also supports a vertical integration strategy protection products, particularly in health (e.g.,
within the financial services value chain. The sale of mixed-benefit health coverage and inpatient
bancassurance products through the Company’s insurance).
wealth management channels, whether linked to
securities investments or secured by securities 7. Capital Injection in a Multifinance Subsidiary
collateral, is expected to enhance fee-based The establishment of a multifinance subsidiary is
income and broaden product offerings, given that planned to be executed through a capital injection
bancassurance products have not previously been into an existing multifinance company or through the
optimally developed within the Company. establishment of a new entity. This initiative aims to
expand lending beyond the current customer base,
The following strategies are planned for the particularly in motor vehicle financing, non-bankable
Company’s life and/or general insurance customers, customers with irregular income, and
subsidiaries: other underserved segments. In preparation for the
a. Leveraging the Company’s ecosystem advantage establishment of the multifinance subsidiary, the
by expanding offerings to approximately 12,000 Company will develop the following key components
employees and their family members (e.g., to ensure sustainable business operations:
retirement benefit programs and DPLK, long- a. Multifinance products and policies.
term disability, and unemployment protection). b. Credit risk capabilities specific to the multifinance
b. Expanding offerings to companies within the subsidiary, including credit assessment
Company’s housing value chain ecosystem frameworks and related policies.
(e.g., providing insurance products to their c. Synergy between the Company and the
employees). multifinance subsidiary, including joint marketing
c. Cross-selling insurance products to Existing-to- initiatives and joint credit operations.
Bank (ETB) and New-to-Bank (NTB) customers d. Investment-grade rating for the multifinance
through bundled propositions (e.g., life insurance subsidiary.
offerings for mortgage customers).
d. Developing a multi-channel proposition across The Company will act as the controlling shareholder
the Company’s platforms. with a majority ownership (>50%).
Figure of Potential of Multifinance Motor Vehicle Financing
The total financing of multifinance companies in Indonesia
in IDR trillion 2023
A proportion of BTN customers
Automotive
Property-
Segment Four-wheel vehicles Two-wheel vehicles backed
financing
New Used New Used
Affluent
(Income <IDR550 jt p.a.) 21,0 9,8 5,9 2,2 1,6
<1%
Emerging affluent
(Income >IDR150-550 jt p.a.) 54,2 12,5 14,9 4,5
-3%
0,6
Upper mass
(Income >IDR30-150 jt p.a.) 42,0 28,5 29,8 7,0
-19%
Mass
(Income up to IDR30 jt p.a.) 30,1 22,9 20,9 7,1 0,0
~78%
Total ~147 ~78 ~72 ~20 ~2,2
2029 ~176 ~110 ~88 ~50 ~3,9
Source: Internal BTN
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PT Bank Tabungan Negara (Persero) Tbk
Based on the above assessment, several segments - Provision of exchange rate boards at KC
are projected to become the Company’s target Devisa branches and money changers to
markets going forward, namely the mass, upper ensure the availability of real-time exchange
mass, and emerging affluent segments for four- rate information at six (6) designated KC
wheeled vehicles (new and used) as well as Devisa and money changer locations.
two-wheeled vehicles (new). Four-wheeled (4W) b. Product development to increase Non-Third-
vehicles, together with new two-wheeled (2W) Party Funds (Non-DPK) AUM and retail treasury
vehicles for the mass and emerging affluent product sales to both existing and new customers,
segments (the growing middle class), represent including:
the largest opportunity in the market, accounting - Development of forex products for customers
for approximately 90% of total market volume. The through the FX Festival program to support
increasing number of consumers transitioning to increased transaction volume and frequency
the upper-middle segment is expected to drive 4W in retail forex.
sales growth, with projected sales increasing by c. Development of bond and forex products for
20.00%–40.00% to reach approximately 8 million corporate customers through mini-gatherings
units by 2030. In addition, 4W financing may serve and market update programs to enhance
as a complementary proposition to the Company’s customer engagement and satisfaction
mortgage business, supporting growth in line with d. Enhancement of brand awareness and corporate
customers’ life-cycle progression. image through money changer services.
e. Administration and safekeeping of treasury
8. Retail Transaction Strategy portfolios through BTN Custody.
The development of retail forex and retail bonds in
2025 focused on enhancing capabilities, improving 9. Capital Management
human capital quality, strengthening organizational To support the implementation of the Company’s
structure, and developing new systems and business development strategy, adequate capital is
products. In more detail, the 2025 work programs required while ensuring compliance with minimum
include the following: capital requirements under Basel III standards.
a. Business process automation and service quality The 2025 capital strengthening plan focused on
enhancement, including enhancing Tier-1 capital through retained earnings
- Implementation of Reuters terminals as a and improved profitability, as well as executing Tier-
platform for executing forex transactions, 2 capital action plans through subordinated loans
thereby increasing fee-based income and and/or the extension of maturing subordinated
interest income. loans. In relation to the planned spin-off of the Sharia
- Maintenance of the Bloomberg network Business Unit (SBU), the Company also intends to
for B-Pipe Data, marketing data services, inject capital to support the development of its
and network access to support transaction shariah business.
activities at foreign exchange branches (KC
Devisa) and money changer outlets.
10. Information Technology (IT) Infrastructure Strategy
The 2025 IT infrastructure development strategy and work programs were focused on supporting business strategies
related to digital banking fee-based income growth, the development of electronic transaction channels, and the
automation of front-end and back-end processes, as summarized below:
Table of 2025 IT Infrastructure Strategy
Strategy Theme Initiatives
Digitize front-end applications and a. Enhancing transaction banking capabilities, including BTN Mobile functionalities
back-end processes to improve and cash management systems.
customer experience and enhance b. Digitizing the end-to-end customer journey across all consumer and SME lending
employee productivity products.
c. Implementing digital flagship stores and expanding digitally oriented and digital-
first branches.
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04 Management Discussion and Analysis on Bank Performance
Strategy Theme Initiatives
New Bank Product Development Plan a. Time Deposit and DOC without physical certificate
(RPPB) b. Gold Savings
c. BTN Siap Plus
d. Paylater
e. Credit Card
f. Virtual Debit Card
g. QRIS Cross Border
h. QRIS Customer Presented Mode
i. KPR Rent to Own
j. KPR Serbu Desa
Funding Engine a. Retail Foreign Currency Savings and Time Deposits (EUR, GBP, and 4 other
currencies).
b. Global Debit Card
c. Wealth Management System Phase 2
Sharia a. PSAK 413 Implementation
b. BTN Mobile Syariah Phase 2
c. Treasury System
d. FOS Consumer
e. i-Loan System Tapera API Version 2
f. Centralized Document Collateral
g. H2H Insurance
h. Dashboard Performance Management Review
i. Integration BTN Property
j. Digital Gold Savings
k. QRIS Merchant
l. Poin Spekta
m. Reporting One Platform
Housing Ecosystem a. Platform for joint finance and channeling.
b. H2H Tapera Development
Full Banking a. Enhancement BTN Mobile
b. Enhancement CMS
c. Enhancement IB Business
d. Enhancement/Replatform BTN Properti
e. Pre-Approval KAR Ultimate for BTN mobile account with proxy income
f. Loyalty point AUM based
g. MCY, Deposito Plus, SIAP Plus, Investa Plus, Juara, and Tabungan Bisnis via BTN Mobile
Digitize Frontback a. Enhancement BTN Laku
b. Enhancement i-Loan
c. H2H Guarantee, credit claims, and KUR restructuring
d. Digitalization of commercial and corporate credit business processes
e. CLAPS, LPA Live with ArcGIS, Company Big Data OTS, Appraisal and LPA Payment
Management System
f. Booking Form App
g. Management of non-financing assets stock
Sales Structure a. Addition of a voice interactive banking assistant
b. Customer data platform
c. Monitoring limit facility cash and non cash loan
d. QR Code Monitoring System
Banking Platform a. New BDS
b. CBS Modernization
c. Enterprise finance system
d. Digital branch development, including digital ATM/debit card issuance and
Pinpad modernization
e. Contact center system upgrade with additional CRM functions
f. AI-based iRekon
g. Transaction monitoring
Branch Productivity a. Integrated customer care system (service and performance monitoring)
b. SPN Enhancement
c. User Management SSO
d. Cash Center Management System
e. Integrated Report Register
f. Consumer Loan Center
g. Simplification of savings products
h. Fraud Detection System
i. Escrow Funds for PPJB
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11. IT Security Strategy
IT development related to security has been outlined in the Information Technology Strategic Plan (RSTI) 2025–2029,
which adopts the theme Security by Design to enhance the security of the Company’s systems and applications,
including improvements in cybersecurity, implementation of identity and access management, and enhancement
of infrastructure security.
Table of 2025 IT Security Strategy
Strategy Theme Initiatives
Strengthening Security and a. Enhancement of Cybersecurity, focusing on strengthening BTN’s security and cyber resilience
Cyber Resilience against incidents and threats through the implementation of new systems in accordance
with best practices and regulatory provisions.
b. Implementation of Identity and Access Management, focusing on the development of a
centralized platform to manage Identity & Access Management (IAM) and Customer Identity
& Access Management (CIAM) to improve cyber resilience and security.
c. Enhancement of Infrastructure Security, focusing on improving the security posture of
infrastructure to support stronger cyber resilience and protection against incidents and
threats through the implementation of new systems in accordance with best practices.
12. Governance, Risk, and Compliance (GRC)
Implementation Sector
a. Governance Implementation
In line with the BTN GRC Roadmap 2025–2029, b) Formulation of integrated governance
the Company has formulated the Governance policies.
Roadmap 2025–2029, covering enhancement 2) Strengthening IT Governance to Support
of governance structure, strengthening of Operational Excellence
governance business processes, improvement a) Development of integrated IT systems for
of governance outcome quality, and sustainable Conflict of Interest (COI) management.
governance under the main theme “Governance 3) Strengthening Governance Capability and
Business for Sustainable Growth.” The roadmap Culture to Support GRC Culture.
focuses on five (5) key GCG areas: a) Strengthening of anti-gratification culture
- Strengthening governance structure and programs.
governance processes to support the 4) Strengthening Governance Standards for
Company’s business. Continuous Improvement:
- Strengthening integrated governance. a) Strengthening implementation of ISO SMAP.
- Strengthening IT governance to support b) Implementation of corporate governance
operational excellence. ISO standards.
- Strengthening governance capability and c) Strengthening compliance assessment
culture to reinforce the GRC culture. under SMAP
- Strengthening governance standards for d) Implementation of fair competition
continuous improvement. compliance programs.
e) Strengthening governance implementation
The 2025 work programs for each focus area of within ESG frameworks
the GCG Roadmap are as follows: f) Conducting assessments and ratings,
1) Strengthening Integrated Governance including ACGS, CGPI, and SPI.
a) Enhancement of organizational structure
within the integrated governance
framework.
Table of 2025 Governance Strategy
Strategy Theme Initiatives
Strengthening Integrated Governance a. Enhancement of organizational structure within the integrated
governance framework.
b. Formulation of integrated governance policies.
Strengthening IT Governance to Support Development of integrated IT systems for Conflict of Interest (COI)
Operational Excellence management.
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04 Management Discussion and Analysis on Bank Performance
Strategy Theme Initiatives
Strengthening Governance Capability and Strengthening anti-gratification culture programs.
Culture to Support GRC Culture
Strengthening Governance Standards for a. Strengthening implementation of ISO SMAP.
Continuous Improvement b. Implementation of corporate governance ISO standards..
c. Strengthening compliance assessment under SMAP.
d. Implementation of fair competition compliance programs.
e. Strengthening governance implementation within ESG frameworks.
f. Conducting assessments and ratings, including ASEAN Corporate
Governance Scorecard (ACGS), Corporate Governance Perception
Index (CGPI), and Survei Penilaian Integritas (SPI).
b. Compliance Implementation Sector
In order to enhance operational resilience to c. Establishing and developing a data privacy
support the Company’s business growth and framework to ensure compliance with
to foster a culture of compliance at every personal data regulations, supported by a
organizational level and business activity, data privacy management system to ensure
the GRC Roadmap BTN 2025–2029 has been real-time monitoring integrated across all
developed concerning the implementation of the business processes and services
Company’s compliance function, as follows: d. Strengthening the IT compliance
a. Developing a regulatory compliance system organizational structure to accommodate
to mitigate compliance risks arising from advisory, governance and reporting, and
unfulfilled compliance obligations under assurance functions.
each regulator-issued regulation. e. Enhancing governance of AML, CTF, and
b. Developing an integrated compliance WMD-FP reporting, and overall Company
dashboard with a fraud detection system, compliance through employee competency
enabling real-time monitoring and development, integrated Management
embedding into business processes, with Information System support, and leveraging
continuous development. the latest technology to improve reporting
quality to regulators.
Table of 2025 Compliance Strategy
Strategy Theme Initiatives
Strengthening the Company’s a. Regulatory compliance system.
compliance function towards regulators b. Integrated compliance dashboard with fraud detection system.
and sustainable mitigation of
compliance risks.
Building a personal data protection a. Developing a data privacy framework.
awareness culture as Top of Mind for b. Strengthening the Data Protection Officer (DPO) organizational structure.
BTNers. c. Designing and implementing a data privacy awareness program.
d. Developing systems to automate processes related to personal data
protection, such as consent centralization, monitoring personal data
subject requests, and managing Record of Processing Activities (ROPA)
and data implementation Protection Impact Assessment (DPIA)
e. Developing data privacy term reports and annual reports.
Strengthening IT Compliance in Strengthening the IT compliance organizational structure to accommodate
implementing the Company’s IT advisory, governance and reporting, and assurance functions.
compliance.
Implementing AML, CTF, and WMD- a. Strengthening monitoring of regulator reporting and financial transaction
FP programs to support sustainable analysis through systematic processes.
banking business. b. Supporting business growth through transaction analysis results.
c. Seamless Integration of an AML CFT Systems.
d. Utilizing artificial intelligence/machine learning in AML, CTF, and WMD-FP
systems (new AML/CTF system)..
e. Improving employee capabilities and systems used in transaction analysis
through data analysis certification for implementing anti-money laundering,
counter-terrorism financing, and WMD financing prevention programs.
f. Improving reporting quality of AML, CTF, and WMD-FP program
implementation.
g. Strengthening policies, procedures, and infrastructure for implementing
AML, CTF, and WMD-FP programs across all branch offices and subsidiaries.
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13. Human Capital Development Sector
Company’s human capital development strategy, aimed at supporting business growth and establishing the
Company as “One of the Homes of Indonesia’s Best Talent”, is carried out in line with the Company’s human capital
framework:
Table of 2025 Human Capital Strategy
Strategy Theme Initiatives
Enhance branch and salesforce a. Improving KPI indicators, sales productivity metrics, and individual incentive
productivity with revamped structures to drive target achievement and strengthen the sales organization.
performance management and b. Establishing a Sales Academy with capability development programs and a
capability building approach. revised training delivery approach.
Improve reliability of banking platforms a. Filling critical talent gaps in key technology functions.
and accelerate modernization of tech b. Optimizing demand management and resource allocation.
capabilities; drive build and adoption c. Enhancing team capacity and expertise by recruiting data scientists to expand
of advanced AI assets. the capabilities of DMD.
Build Strong HC Learning and a. Mengoptimalisasi peran human capital business partner sebagai mitra
Development Engine and Optimize HC strategis bisnis.
Advisory Function to Support Business b. Penyelarasan workforce posture sehingga sejalan dengan strategi bisnis yaitu
Strategy and Sustainable Funding. meningkatkan proporsi sales khususnya funding serta digital workforce (IT,
data analytic, dan digital).
c. Pengembangan skema rekrutmen dari outsource ke pegawai dengan
berdasarkan kinerja outsource yang unggul.
d. Mengembangkan kapabilitas sales dengan mengembangkan sales academy
khususnya pada lini bisnis funding
e. Mengakselerasi kapabilitas pegawai IT, digital, analytic, risk management, dan
collection
f. Melakukan Re-invent BTN DNA (untuk semua BTNers dan leadership role)
g. Menyempurnakan KPI Sales sehingga lebih fokus.
h. Mengembangkan perhitungan produktivitas sales.
i. Mengembangkan pilar dan program budaya digital dan memperkuat budaya
sales dan GRC.
j. Pengembangan HCIS Fase 3 (advanced people analytics dan digital workforce
planning)
k. Implementasi personal cost planning tahap 1: HC Cost sebagai baseline
productivity measurement dan komponen CIR dalam self funded incentives.
14. Branch Network Development Sector
The branch network development strategy for 2025 b. Branch relocation activities were minimized to
is as follows: reduce operational costs. Outlet relocation was
a. Branch network development in 2025 was carried out only under certain conditions, such as
guided by branch productivity analysis. Branch when lease extensions at existing premises were
productivity calculations were used to assess not possible or in the event of force majeure..
the effectiveness of branch functions from both c. The role of branches as centers for third-
service and business perspectives, based on six party fund mobilization was optimized, branch
indicators: CASA and retail deposits, consumer networks focusing on the emerging affluent
and SME loan realization, Number of Accounts segment were developed, and adjustments to
(NOA) for funding and lending, fee-based the branch network were made in accordance
income, transactions, and profit. The analysis with the latest OJK regulations.
of branch productivity results served as the d. In 2025, branch network standardization was
basis for decisions regarding branch network implemented in line with the internalization of the
development, such as new branch openings, digital branch proposition initiative.
status upgrades, relocations, and branch e. Summary of branch network development in
closures. 2025, with details as follow:
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04 Management Discussion and Analysis on Bank Performance
Table of 2025 Office Network Development Plan
Office Network Development Plan Number
NEW OFFICE NETWORK OPENINGS 28
Regional Office 1
Conventional Sub-Branch Office (KCP) 13
Sharia Sub-Branch Office (KCPS) 8
Digital Branch 6
STATUS UPGRADE 1
KCPD upgraded to Digital Branch 1
STATUS UPGRADE 2
KCP upgraded to Conventional Branch Office (KC) 1
KCPS upgraded to Sharia Branch Office (KCS) 1
OFFICE RELOCATION 31
Regional Office 2
Branch Office 6
Conventional Sub-Branch Office (KCP) 21
Sharia Branch Office (KCS) 1
Sharia Sub-Branch Office (KCPS) 1
CLOSURE 6
Conventional Sub-Branch Office (KCP) 6
Total 68
15. Capital Expenditure Plan - Construction of Learning Center Dago (Phase
In the context of business expansion and 1 – Contractor) with a budget of IDR90.45
development, the following capital expenditures are billion
planned: - Construction of Learning Center Dago (Phase
a. Land Acquisition 2) with a budget of IDR137.36 billion
- BUS Land and Building valued at IDR850 - Construction of Kebon Jeruk Branch Office
billion. with a budget of IDR115.42 billion.
- Sumatra Regional Office valued at IDR102.56
billion
- Tanah Abang Sharia Center valued at Marketing Aspect
IDR56.50 billion
- Bangkalan Branch Office valued at IDR46.40 Marketing Strategy
billion
- Cikarang (Deltamas) Branch Office valued at To improve the Company’s competitive advantage in
IDR41.76 billion. the midst of a highly competitive industry dynamic, a
b. Construction/Renovation of Office Buildings structured and integrated marketing strategy is required
- BTN Eco Park in Gandul (Contractor) with a as a guideline in product management and marketing.
budget of IDR274.46 billion. The marketing strategy not only serves as a reference
- Construction of Kelapa Gading Square for implementing marketing activities but also provides
Branch Office amounting to IDR142.74 billion a clear direction for the Company’s business, ensuring
it aligns with the Company’s vision, mission, and long-
term objectives.
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PT Bank Tabungan Negara (Persero) Tbk
Umbrella Campaign
An umbrella campaign is a comprehensive marketing communication strategy that unites various products, services,
and promotional activities under a single, overarching idea and a consistent core message. A part of the Company’s
marketing strategy, it is outlined in the 2020-2025 umbrella campaign with tagline “Hidup Gak Cuma Tentang Hari
Ini (HGCTHI-Life is Not Just About Today),” highlighting the Company’s role in supporting customers for both present
necessities and future plans.
Umbrella Campaign
2020 2022 2024
HGCTHI HGCTHI HGCTHI
BTN Gives a new BTN provides Big dreams are
perspective 2021 real solutions for 2023 achieved through 2025
on the principle of progress in life in small steps taken
You Only Live various aspects today. Big dreams
Once for the sake HGCTHI (from owning a HGCTHI for the future begin HGCTHI
of a more BTN Steps with the home, investing, Now is the time for with small steps
Hidup Gak Cuma
planned future. young and preparing BTN to support and taken today to
Tentang Hari Ini
retirement funds) provide pathways manage finances
people to
in an integrated for customers to act for mortgage (KPR).
embrace
manner within a more boldly and
optimism:
short period of no longer delay in
Dare to face and time.
get around owning assets.
today’s
challenges.
To boost the achievement of this purpose, the 2025 3. Secondary Lending Side:
campaign plan was designed as the Company’s 2025 - balé Pinjam (April to May 2025)
promotional planning strategy, aimed to optimize - balé Properti (April to May 2025)
marketing communication effectiveness, align - balé Properti (September to December 2025)
promotional activities with the umbrella campaign’s 4. Festive Campaign
core message, and ensure maximal impact from each - BTN 75th Anniversary Promo (February 2025):
channel and program for customers and the Company’s moment of truth for BTN’s 75th anniversary
business growth. - Ramadan and Eid al-Fitr Promo 1446 H (March
to April 2025): Moment of Truth Ramadan and
Campaign Plan 2025 Idulfitri 1446 H
- Promo for the 80th Independence of the Republic
Campaign Plan 2025 is BTN’s promotional planning of Indonesia (August 2025): Moment of Truth for
strategy for 2025, by optimizing conventional media and the 80th Anniversary of the Republic of Indonesia
digital media, Out-of-Home (OOH), as well as various - BTN KPR (Housing Loan) 49th Anniversary Promo:
activation activities, which are divided into categories: Moment of Truth BTN KPR (Housing Loan) 49th
1. Primary (hero campaign): balé by BTN Anniversary
2. Secondary Funding Side: 5. Always On
- balé Bisnis (April to May 2025) This is publication and marketing through digital
- Plus by BTN (May to June 2025) media, both as a call to action and to build
- balé Korpora (June to July 2025) awareness regarding the product.
- BTN Prospera (July to August 2025)
- BTN Payroll (August to September 2025)
- BTN Private (September to October 2025)
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04 Management Discussion and Analysis on Bank Performance
CAMPAIGN Plan 2025
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Primary
Lending
Side
Festive HUT
HUT Ramadhan HUT
ke-49
Campaign ke-75 BTN Idul Fitri ke-79 RI
KPR BTN
• BTN e-Channel Products & Promotions (Balé by BTN, EDC, • Balé Korpora • KUR and KUMK products and programs
and ATM) • Balé Poin • Other BTN products, programs, and services
• BTN Visa Debit Card Products & Promotions • Balé Agen • Corporate communication
Always On • BTN Savings, BTN Siap! & e-Deposito, multi-currency • BTN Priority Services and Programs • Festive
• BTN Business Savings & Balé Bisnis • KAR and KRING Products & Programs • Sharia products & programs
• Mortgage (subsidized & non-subsidized) & Balé Properti • Commercial Credit Financing • Government communication
Products • Institutional Current Accounts and Deposits
A part of the 2025 campaign plan, the hero campaign plan was focused on the superior program highlighting the
umbrella campaign’s core message, so it became a key spotlight in implementing promotion, improving awareness,
engagement, and positioning the Company in the community, as well as becoming a driver for other marketing
activities.
Hero Campaign Plan 2025
Hero campaign plan is a strategic plan to implement a superior campaign that becomes a focal point in a certain
promotional period. The hero campaign functions as a flagship program prioritizing the umbrella campaign’s core
message, so it can attract public attention, affirm brand awareness, and support more focused engagement.
The Company’s 2025 hero campaign was Bale by BTN, performed by optimizing conventional media, Out-of-Home
(OOH), and digital media.
1. Grand Launching of balé by BTN in media platform
1.1 Launching in Social Media
No Platform Broadcasting Evidence
1 Instagram
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PT Bank Tabungan Negara (Persero) Tbk
No Platform Broadcasting Evidence
2 YouTube
3 Facebook
4 TikTok
2025 Annual Report 277
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04 Management Discussion and Analysis on Bank Performance
No Platform Broadcasting Evidence
5 X
1.2 Banner in various news media
No Media Name Broadcasting Evidence
1 Kompas
https://money.kompas.com/read/2025/02/09/112400226/volume-transaksi-di-bale-by-btn-tembus-rp-6-6-
triliun-per-bulan?page=all
2 Republika
https://ekonomi.republika.co.id/berita/sred69370/luncurkan-superapps-bale-btn-tarik-100-ribu-pengguna-
baru-per-bulan%C2%A0
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PT Bank Tabungan Negara (Persero) Tbk
No Media Name Broadcasting Evidence
3 Antara News
https://beritaja.com/menteri-pkp-tapera-bermanfaat-bagi-rakyat-indonesia-beritaja-278343.html
4 Viva
https://www.viva.co.id/bisnis/1796955-ultah-ke-75-btn-luncurkan-super-app-bale-by-btn
5 Kumparan
https://kumparan.com/kumparanbisnis/btn-resmi-luncurkan-superapps-bale-volume-transaksi-tembus-
rp-6-6-t-24SzFoehSpS
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04 Management Discussion and Analysis on Bank Performance
No Media Name Broadcasting Evidence
6 Investor
https://investor.id/finance/388717/hut-ke75super-app-btn-resmi-meluncur
7 Metro TV News
https://metrotvnews.com/read/NQACY6MM-dongkrak-dpk-btn-bidik-5-juta-pengguna-super-app-hingga-
akhir-2025
8 IDN Times
https://www.idntimes.com/business/finance/masuk-usia-75-tahun-btn-resmi-rilis-super-app-bale-by-btn-
00-brqf5-l8dmqg
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PT Bank Tabungan Negara (Persero) Tbk
No Media Name Broadcasting Evidence
9 Kontan
https://keuangan.kontan.co.id/news/btn-resmi-merilis-bale-super-apps-targetkan-raih-5-juta-pengguna-
di-2025
10 IDX Channel
https://www.idxchannel.com/banking/bbtn-resmi-luncurkan-bale-by-btn-bidik-hingga-5-juta-pengguna-
di-2025
2. Grand Launching Event of balé by BTN
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04 Management Discussion and Analysis on Bank Performance
3. Placement on the Conventional and Digital Media
3.1 Placement on the Conventional
No Media Name Period Size
1 Koran Kompas February 7, 2025 Full page
2 Koran Kontan February 7, 2025 Full page
No Nama Campaign Media Type Media Name Period
1 Placement SF di Shihab & Shihab TV Indosiar March 1-30, 2025
Mahaka
2 Placement lagu balé by BTN di Radio Radio March 10-28, 2025
(Gen FM dan Jam FM)
3 Placement balé by BTN di Acara KURMA TV Kompas TV March 6-30, 2025
4 Placement balé by BTN di WCQ TV RCTI June 5, 2025
5 Placement balé by BTN di Built in Arisan TV Trans 7 August 8-29, 2025
August 12-
6 Placement balé by BTN di Radio (9 kota) Radio RMI
September 30, 2025
7 Placement balé by BTN Loose Spot TV Trans 7 September 3-30, 2025
8 Placement balé by BTN Loose Spot TV Trans 7 October 1-10, 2025
Harian Rakyat
9 Placement Jaket Ads di Media Cetak Koran October 21, 2025
Merdeka
October 25-
10 Placement KPR Bersubsidi di TV TV Metro TV
November 3, 2025
11 Placement KPR Bersubsidi di TV TV CNBC November 3-8, 2025
December 17,
12 Placement balé x Ancol di Radio Radio RMI
2025-January 4, 2026
Placement Campaign BTN di TV dalam rangka December 2,
13 TV TVOne
HUT ke-49 KPR BTN 2025-January 16, 2026
3.2 Placement Digital
No Media Name Phase
PREMIUM PUBLISHER
1 Detik Awareness
2 Kompas Awareness
3 IDN Times Awareness
4 Kumparan Awareness
KOL AND AGREGATOR
1 Detik Awareness
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PT Bank Tabungan Negara (Persero) Tbk
No Media Name Phase
SOSIAL MEDIA DAN BANNER
1 Meta Awareness and Consideration
2 Google Awareness
3 TikTok Awareness and Consideration
4 Ad Network Awareness and Consideration
5 Twitter Consideration
3.3 Branding on the Outdoor Media
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04 Management Discussion and Analysis on Bank Performance 4. BTN’s 75th Anniversary and BTN RUN 5. BTN’s 2025 Jakarta International Marathon (BTN Jakim) 284 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
6. Cooperation with Football Clubs of Indonesian Super League
7. KPR BTN 49th Anniversary
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04 Management Discussion and Analysis on Bank Performance
360° Communication
360° Communication is a marketing and communications strategy that reaches a comprehensive audience through
multiple channels and touchpoints, and ensures consistent messaging across consumer interactions. This strategy
ensures that every communication element, whether advertising, digital, social media, events, public relations, or sales
promotions, is integrated and supports the brand’s overall objectives.
“Leading partner in empowering the financials of Indonesian families”
Above The Line (ATL) Marketing Below The Line (BTL) Marketing
• Broad audience target • Limited audience target
• Explains more of a concept or idea. No direct • Media Or activities provide the audiences
interaction with the audience opportunity to interact and to purchase
Magazine/ Point of Sale Direct
TV Radio OOH/ DOOH Event Materials Marketing
Newspaper
(Posters/Leaflets) (Mail/SMS/WA Blast)
Through the Line (TTL) Marketing involves the use of ATL & BTL marketing strategies. Recent consumer trends in the market
require integration of ATL & BTL strategies for better results. 360º Advertising where campaigns are developed with a vision
of brand building as well as conversion/accountability. Digital Marketing is under TTL Marketing, as it combines ATL & BTL
Marketing.
While applying a comprehensive marketing strategy, segment collaboration, and utilizing data and digital
the Company also implements a special strategy for platforms. In this framework, the corporate segment was
products and services marketing. It aims to boost the a crucial pillar that had to maintain asset and revenue
improvement of market share in each offered product growth while ensuring service integration. During 2025,
and service. Moreover, the Company always increases the following efforts were aligned and implemented in
cooperation effectiveness with various partners in the marketing strategies for corporate loan products, as
terms of widening marketing outreach and boosting follows:
innovative new product development, as well as aligning 1. Growth
with customers’ needs to support sustainable business Sustainable loan portfolio growth, either cash loan or
growth. non-cash loan, by sectoral diversification, referring
to the 2025 portfolio guideline.
Corporate Loan Marketing Strategy 2. Expand
Increasing non-cash loan transactions to grow fee-
2025 was the first year of the Company’s 2025-2029 based income.
vision and mission implementation. The Company 3. Elevate
focused on strengthening its funding foundation, Optimization of trickle-down business debtor in
expanding its product value proposition, and developing the corporate segment. The implementation of
full banking offerings to support better service quality. Client Service Team (CST) was designed to provide
The transformation was reinforced by increasing the end-to-end solutions for corporate customers by
capacity and capabilities of wholesale banking, cross- considering comprehensive customer profitability.
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PT Bank Tabungan Negara (Persero) Tbk
Commercial Loan Marketing Strategy b. Strategic Collaboration with Property Agents
(D2C Strategy)
In 2025, the Company conducted some marketing The Company actively collaborated with property
strategies for commercial loan products, as follows: agents, both nationally and locally, through joint
1. Optimizing the derivative business ecosystem for marketing programs and direct-to-consumer
Institutional Banking Division 1 (IBD 1) customers and (D2C) initiatives. The Direct-to-Customer (D2C)
Corporate Banking Division (CBD) borrowers. approach allowed the Company to reach
2. Increasing the FBI by optimizing non-cash loan prospective borrowers earlier in the homebuying
products such as trade finance, supply chain process, strengthen brand visibility, and increase
financing, and bank guarantees through the mortgage conversion rates by integrating
provision of line facilities. financing offers directly into the property sales
3. Establishing a Commercial Banking Center (CBC) channel.
specifically for non-housing customers to support c. Affirming BTN Properti by End-to-End
sustainable commercial loan growth. Digitalization
4. Providing relaxation policies and special interest BTN Properti application and portal were
rates for borrowers to retain the Company’s prime continuously enhanced to support an end-to-end
commercial borrowers. digital mortgage process for both consumers and
5. Maintaining loan quality improvement strategies, developers. The initiative simplified the mortgage
such as mini Portfolio Quality Review/PQR, investor application process, accelerated turnaround
gatherings, CBC coaching. times, increased transparency, and enhanced
the user experience. This digital integration also
Housing Loan Marketing Strategy supported better data management and faster
loan decision-making.
The housing loan marketing strategy in 2025 was d. Developing an Instant Purchase Platform
focused on increasing the mortgage (KPR) market Within the BTN Properti ecosystem, the Company
share in the emerging affluent and affluent customer developed an instant purchasing platform that
segments, as well as strengthening the distribution of allowed customers to search for properties,
high-yield loans, as outlined below: simulate financing options, and initiate
mortgage applications seamlessly. This platform
1. Improving KPR Market Share in the Upper-Middle was expected to increase transaction efficiency,
Customer and Affluent Customer improve customer engagement, and position
a. Expansion by Sales Centers the Company as a one-stop solution for property
The Company established dedicated sales financing.
centers focused on serving the emerging e. Introducing KPR Rent-to-Own (RTO) Scheme
affluent segment, and offering personalized To address affordability challenges and meet
mortgage solutions and consulting services. evolving housing preferences, the Company
In 2024, these sales centers were successfully developed a Rent-to-Own mortgage scheme
opened in key strategic sites (Jakarta, Surabaya, specifically targeted at the millennial segment.
and Tangerang), including Bandung, Medan, This scheme allows customers to occupy
Makassar, Cibubur, Pondok Indah, and Pantai a property while gradually transitioning to
Indah Kapuk. Furthermore, in 2025, additional ownership. This offered a more flexible and
expansions were conducted in three major equitable financing alternative that aligned
cities: Semarang, Balikpapan, and Batam. These with income growth patterns and long-term
locations were selected based on high residential homeownership aspirations.
demand, greater purchasing power, and rapid
property development, allowing the Company
to be closer to target customers and property
developers.
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04 Management Discussion and Analysis on Bank Performance
2. Increasing High-Yield Loan offices to efficiently access a broader customer
a. Expansion of High-Yield Loan Outside KPR segment. This channeling model enabled the
Products Company to generate yield-enhancing assets
The Company would improve the distribution while maintaining risk oversight, optimizing
of high-yield loan products, such as KRING and capital utilization, and reducing operational
KAR, through the application of actively up- costs associated with direct loan origination.
selling and cross-selling programs to captive e. Optimization of the Loan Acquisition Program to
customers (existing customers). These programs Company’s Payroll Customer by the Ecosystem
targeted existing mortgage customers as well as Scheme
employees and workers in office complexes and Each payroll cooperation agreement with
industrial areas, where stable income profiles institutions was not only aimed for cheap fund
supported consumer and payroll-based lending. collection but also developed into an integrated
This approach maximized wallet share, increased ecosystem covering KPR facility financing
customer lifetime value, and reduced acquisition potential, consumptive loan, and digital
costs by leveraging existing relationships. transaction services through balé by BTN.
b. Upselling to Subsidized KPR Customers through
Data Analysis Subsidy Housing Loan Marketing Strategy
Subsidized KPR customers having paid-off its
lending or approaching due date were a great The marketing strategy for subsidized housing loans is
opportunity for the offering of non-subsidized as follows:
and high-yield products. Utilizing advanced 1. Developing an equitable and affordable subsidy
analytics and customer behavior insight, the financing scheme by proposing a Subsidized
Company could identify eligible customers for Mortgage for the informal sector.
a directed upselling and cross-selling program. 2. Developing the housing financing ecosystem in
This initiative focused on consumptive loan Indonesia by conducting Focus Group Discussions
offering, refinancing, or non-subsidized KPR (FGD) and discussions with housing stakeholders.
products that was in line with the improvement 3. Strengthening marketing communication and brand
of customer financial capacity and growing life- awareness on digital platforms.
style demand.
c. Pre-Approved Loan for Existing Borrowers Commercial Funding Marketing Strategy
The Company strengthened its pre-approved
loan offerings for existing borrowers, satisfying The marketing strategy for commercial funding are
certain loan and risk criteria. Disbursement was carried out as follows:
conducted through telesales and the balé by BTN 1. Collecting Sustainable TPF
application through the BTN Kita program, which Acquiring an ecosystem of institutional customers,
allowed for faster disbursement, higher take-up both existing and new, to enhance holding products,
rates, and lower processing costs. This initiative funding volume, fee-based income, and lending.
enhanced customer convenience, increased the The offered Holding products included a Cash
utility of high-margin products, and improved Management System (CMS), virtual account debit,
portfolio quality by prioritizing customers with a trade, payroll, loans, etc.
proven track record of repayment. 2. Improving Payroll Acquisition and Institutional
d. Consumptive Loan Distribution via Channeling Customer Transaction
Scheme Focusing on collaboration in acquisitions across the
To expand its outreach and accelerate loan Supreme Court and expanding payroll acquisitions
growth, the Company distributed consumptive and transactions within the scope of SOE,
loans through a channeling scheme with Government, Universities, Private Sector, and BTN
partners. This partnership leveraged the partners’ Healthcare to increase CASA and fee-based income.
digital application platforms and branch
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PT Bank Tabungan Negara (Persero) Tbk
3. Implementing Wholesale Deposit War Room Retail Funding Marketing Strategy
(WDWR)
Optimizing the management of Institutional TPF in Marketing Strategy for Third Party Fund (TPF/DPK) Retail
the Company through the Wholesale Deposit War products in 2025 is outlined as follows:
Room (WDWR), where WDWR acts as a command 1. Transactional Improvement Program
and control center that integrates various functions A strategic initiative aimed at retail customers to
to improve the performance of wholesale fund increase the frequency and volume of transactions
collection effectively and efficiently. through balé by BTN in order to encourage the
4. Applying Client Service Team (CST) Company’s revenue growth and encourage
CST focuses on improving the holding products of customers to actively transact.
corporate/large-size institutions and commercial/ 2. Penetrasi Bisnis Payroll pada Nasabah Korporasi
mid-size institutions customers where the Company Perseroan
offers a portfolio of retail, SME, commercial and Increasing payroll business penetration by offering
corporate products tailored to the needs of special deals for BTN corporate customers, so
prospective customers and employees within the corporate customers along with its employee
value chain ecosystem of selected customers, so could enjoy the Company’s products, services, and
it builds a strong relationship with the Company, benefits.
and becomes the Company of choice for the 3. balé Poin
Company’s product needs as proof of penetration Bale Poin is a customer loyalty program that rewards
and increasing market share and profitability in the customers with points for specific transactions or
customer’s product portfolio based on Customer activities such as saving, investing, or using other
Profitability Analysis (CPA) calculations. banking services. The accumulated points can be
5. Widening Institutional Customer Acquisition exchanged for various rewards or benefits, including
Acquiring new customers in the large and middle discounts, goods, vouchers, or exclusive services. This
institution segment, focusing on all segments, program aims to enhance customer satisfaction,
including BUMN Group, private corporations, encourage more active use of the bank’s products
education and government across the region by and services, and strengthen longterm relationships
collaborating with related divisions, including loan, between the bank and customers.
transactional, and digital. 4. CASA Construction
6. Reducing dependency on Core Customer CASA construction was a strategy to improve third-
Recomposing core customers in the large institution party funds in the retail segment and focus on 5
segment by replacing them with funds from (five) principles, as follows:
other funding units at optimal rates and through - A qualified and active NTB acquisition using balé
comprehensive customer diversification. by BTN.
7. Designing and Performing Reward Program - Optimizing existing customers by enabling
To recognize the performance of business units them to have a second account, such as a
(in this case, the head office, regional offices, Ready Savings or Business Savings, to increase
and branch offices) and increase the Number of customer loyalty.
Accounts (NOA) and Volume of Accounts (VOA) in - Debtor optimization, comprising activating and
the commercial segment, special reward programs encouraging them to be more active in using Balé
are implemented, including institutional customer by BTN and activating the AGF feature for loan
referral programs, cost of funds reductions, Cash installment payments using savings accounts.
Management System (CMS) status upgrades, - Payroll customer optimization, involving
funding volume growth, inter-division collaboration, activating and increasing their use of balé by
and reward programs for specific current account BTN.
customers, such as waiving transaction fees, - Merchant acquisition and activation involves
cheque/Giro Bills (BG), etc. activating QRIS/EDC merchants and optimizing
VoA merchants.
5. BTN Prospera
BTN Prospera is a service solution for customers
to meet various banking and lifestyle needs.
BTN Prospera will be a banking partner, assisting
customers on their journey to success. This
service focuses on customers with Assets Under
Management (AUM) of IDR 100 million to IDR500
million.
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04 Management Discussion and Analysis on Bank Performance
SME Banking Marketing Strategy top of mind is related to mortgage products. ATL
activities include:
Marketing strategy for SME Banking products in 2025 is - Television Commercial (TVC) Advertisement
outlined as follows: - Advertisement in movie theater
1. Value Chain and Business Economy (Ekobis) - Event in the public places
a. Optimization sales to customers’ value chain or - Exhibition through cooperation with strategic
business ecosystem. partners
b. Upgrading Debtor.
c. MSME fostering program. In addition to affirm the Company’s effectiveness
d. Optimization database: merchant, Agent, KPR in its marketing strategy, BTN Prioritas launches
Lancar, KUR Lancar innovation through PLUS by BTN Prioritas, a
2. Partnership and Sectoral Expansion marketing engine aimed at increasing customer
a. Partnership Development. loyalty. PLUS Acquisition has now been developed
b. SME Loan expansion to high-growth and low-NPL as an alternative marketing tool for sales teams to
sectors. offer programs with various benefits and attractive
3. Business Process prizes. Previously, offers were made directly by BTN
a. Portofolio Quality Review (PQR). Prioritas Relationship Managers. PLUS Acquisition
b. Implementation of Stop and Go acts as a pull factor in the marketing strategy to
c. Enhancement of loan process via BTN Laku. create customer demand.
4. SME Debtor Savings Transaction
a. Bundling program of Business Savings, QRIS/EDC, Continuing its marketing innovation, BTN Prioritas
CMS. also introduces a flagship innovation by becoming
b. Transaction and savings debtor preposition the first bank to provide cardless airport lounge
program. access, simply by using a booking code or QR scan,
5. HR Competency and Capability allowing customers to enter in under 60 seconds.
a. Increasing total sales productivity. This feature is a first-of-its-kind feature in the Priority
b. Additional TAD sales and collection. Banking segment.
c. Additional desk call, particularly for MSME loans.
d. Facilitation to the branch office. Consistent product innovation and marketing
e. Sales force training. strategies are further affirmed by targeted brand
exposure. In 2025, BTN Prioritas became the key
BTN Prioritas Services Marketing Strategy sponsor of the 2025 Indonesian Fashion Week, held in
May. This collaboration provided significant exposure
To support the Company’s firm position in the premium for the BTN Prioritas brand through engagement with
customer segment, the marketing strategy is designed renowned designers.
selectively and focused by prioritizing personal
communication for BTN Prioritas customers and an 2. BTN Private Service
exclusive and value-added approach for BTN Private To firm the loyalty of the High Net Worth Individuals
customers to build loyalty and sustainable long-term (HNWIs) and Ultra High Net Worth Individuals
relationships as described below: (UHNWIs), the Company launched the BTN Private
1. BTN Priority Services service in November 2025. This service was aimed at
BTN Prioritas is a special service designed specifically individuals with assets under management starting
for priority customers. Given the specific target from IDR15 billion, as a strategic step to provide a
market, BTN Prioritas’ marketing activities are mostly premium experience that went beyond the BTN
Below The Line (BTL) through direct communication Prioritas segment.
with customers. From the first join, customers
receive a welcome greeting and regularly receive BTN Private presented with the tagline “Unique
information regarding promotions and ongoing Value Proposition: Elevate Your Legacy.” This tagline
programs through WhatsApp blasts sent tactically reflected the Company’s commitment to support
and regularly, as well as through the Priority Booklet. customers in managing, developing, and inheriting
Although the main focus is BTL, Above The Line (ATL) wealth sustainably through exclusive and innovative
strategies are continuously performed to increase services.
brand exposure, considering that the Company’s
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PT Bank Tabungan Negara (Persero) Tbk
BTN Private offered various services and benefits specifically designed to fulfill customers’ needs, comprising of:
- Exclusive service and benefits, a premium service with various privileges.
- Experienced advisory Relationship Manager (RM), a professional providing financial facilitation and consultation.
- Ecosystem product support, an integrated support for banking products and investment.
- Innovative solutions, such as an adaptive and modern financial solution to market development.
- Tailored strategies, wealth management strategy adjusted with customers’ purpose and preferences.
The launch of BTN Private was a strategic move by the Company to strengthen its position in the HNWI and UHNWI
customer segments. With exclusive services, high personalization, and comprehensive product ecosystem support,
BTN Private was expected to be a trusted partner in wealth management and long-term financial planning.
Transaction Banking Product Marketing Strategy
Marketing strategy description for transaction banking product throughout 2025 include the following:
1. Improving collaboration with corporate and commercial segments, as well as branch network customers, to drive
increased transaction volume through the acquisition of Corporate Bank accounts and optimizing the activation
of active Corporate Bank users, in order to increase the average customer balance.
2. Maximizing the Company’s revenue growth by driving a sustainable increase in trade finance and bank guarantee
transaction volume.
3. Deepening strategic collaboration with anchor customers and other financial institutions to expand the industry
ecosystem, including non-property-related sectors such as education, healthcare, government, and hotels,
restaurants, and cafes (HOREKA).
4. Optimizing the role of transaction banking sales, wholesale implementers, and client service, both at the head
office and in the regions, to ensure continuous improvement in the quality of banking services and after-sales
services.
Digital Service Marketing Strategy
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04 Management Discussion and Analysis on Bank Performance
To expand its digital service outreach in 2025, the - Virtual Expo di balé
Company conducted the following historically digital - Event-Moflip Ticket Purchasing
marketing strategies: b. balé bisnis
1. Grand Launching of balé by BTN in early 2025. - Alm Payment by balé Bisnis
2. Collaboration with the Marjan syrup brand for - List of BI Fast Transfer Receiver
Ramadan and Eid al-Fitr. - Indosat Ooredoo Postpaid
3. Collaboration with modern retail (Indomaret) for - KAI Ticket
cashier withdrawal and deposit processes. - Pegadaian
4. PAttractive promotional programs for QRIS - Land and Building Tax (PBB) Payment
transactions between countries (in Thailand, - Garuda Ticket Payment
Singapore, Malaysia, and the sandboxes of Japan - Ooredeo (Pre-paid)-Single Multi Telephone
and China). Payment
5. Becoming a key partner in the 2025 Jakarta - XL (Pre-paid)-Single Multi Telephone
International Marathon, resulting in increased Payment
activation of balé by BTN and increased transactions. - PBB-Multiple Regional Tax Payment
6. Collaboration with the national football teams - Pembayaran Pegadaian Multiple
(PSM, Arema, Persita, and Persib) to increase brand c. balé Properti
awareness and provide online tickets at balé by BTN. - General Feature Phase 1 (Notification of KPR
7. Collaboration with MAP, one of the largest retail Application Draft)
merchants in Indonesia. - Additional of Electrician Booking Feature
8. Collaboration with online ticket purchase service - Additional of Roofer Ordering Feature
providers and conducting transactional and - Additional of Ceiling Ordering Feature
acquisition promotions. d. balé Community
9. Collaboration with agencies and local governments - Smart Residence X balé (Service SR)
to develop a digital financial ecosystem. Integration
- Enhancement of General Feature BTN Smart
In accordance with its marketing initiatives and to firm Residence CR007
its digital transformation and improve its business - EDC Acquiring (EDC Redeem Point Spekta
performance sustainably, the Company implemented Enhancement Report EDC-Pertamina
various strategic initiatives, including digital services - File Recon EDC Purchase and EDC Mini ATM
development, the digital mortgage ecosystem Development
affirmation, and user acquisition and transaction activity e. QRIS
levels improvement through a targeted and integrated - Improvement of QRIS Server Capacity for BTN
direct sales strategy, described as follows: Anniversary
- Additional of QRIS QRIS CPM (Acquiring)
1. Digital Service Development Parameter Status Check
To increase customer satisfaction, the digital channel - QRIS CPM-Alfamart Soundbox MCT
continued to develop product and digital service (Telkomsel)
features oriented to customer banking needs.The f. BTN Open API
Company developed various digital platform service - API Integration
features, starting from the following feature service: - QRIS MPM
a. Super Apps balé by BTN - VA with various partners
- OLOB International (Malaysia, Singapore, g. Branchless Banking
South Korea, and Japan) - Other Bank Cards in EDC Agen through Jalin.
- QRIS Crossborder (Malaysia, Singapore,
Thailand, Japan, China) These various platforms were designed in such
- Top Up Flazz manner for customers could carry out banking
- balé Community integration transactions anywhere and anytime according
- Indomaret Cash In Cash Out to their needs, in order for customer’s sense of
- Dorman Activation engagement with company got stronger and
- International Remitenance synergy.
- QRIS Transfer
- QRIS CPM (Issuer) 2. Strengthening the Digital Mortgage Ecosystem
- Lifestyle Tourism Ticket The Company, as a bank focused on the housing
- Shopping Voucher sector, plays a central role in shaping the digital
- Virtual Card mortgage ecosystem. Based on this, in every service
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PT Bank Tabungan Negara (Persero) Tbk
development the Company prioritizes strategic - balé by BTN Activation Gets MAPCLUB Point
collaboration with partners within the housing Reward
ecosystem from upstream to downstream through An IDR50,000 MAPCLUB Points reward program
various digital products and services such as balé for customers who activate balé by BTN using
properti, balé developer, E-Mitra, and the balé the referral code BTNMAP50. It is valid for
community application. In addition to developing customers (NTB and ETB) who activate balé
these applications, the Company regularly by BTN for the first time, not reactivating.
organizes BTN Properti Expo both offline and online - balé by BTN Activation Gets E-Voucher
to accommodate the public’s needs in obtaining Shopee Bonus
housing through KPR BTN. A reward program, such as an IDR 50,000
Shopee e-Voucher for customers who open
3. Increase in User Acquisition and Active Rate an online account and/or activate balé by
Transactions through Direct Sales BTN using the SHOPEE50 referral code. It is
a. Hero Campaign balé valid for online account opening via balé by
- balé Be Free BTN or through virtualbranch.btn.co.id until
Admin fee cashback program for customers balé by BTN activation.
who make financial transactions for superior - Buying Indosat Data Package on balé by
features such as BI Fast transfers, ewallet top- BTN Gets Credit Bonus
ups, token purchases and PLN payments, as The program is valid for the Company’s
well as purchasing telco provider vouchers. customers who purchase certain IM3 data
- balé Unlock Your World packages through balé by BTN during the
A program providing a 5% cashback benefit program period. Customers will receive a
of up to IDR1 million for the Company’s credit bonus of the specified amount if the
customers, making shopping transactions at transaction is declared successful by the
EDC abroad. A cashback benefit of IDR30,000 Indosat system. The credit bonus will be sent
cash withdrawal administration fees is also in real time after the transaction is successful,
provided to customers who make cash or within a maximum of 24 hours.
withdrawals using BTN Visa Debit Cards - Buying XL and Axis Data Package on balé by
at ATMs abroad with the VISA logo. A 15% BTN Gets Credit Bonus
cashback benefit of up to IDR1 million per The program is valid for the Company’s
month with QRIS balé by BTN in Malaysia, customers who purchase certain XL and
Singapore, Thailand, and Japan. Axis data packages through balé by BTN
- balé 3S (Santap, Santai, Sehat) during the program period. Credit bonus
30% cashback up to IDR 15 thousand per will be awarded no later than three days
transaction with a minimum transaction of after successful package purchase. This
IDR25,000 and 30% cashback up to IDR50,000 promotion is only valid through BTN channels
with a minimum transaction of IDR100,000 for (balé by BTN, ATMs, or Internet Banking).
every purchase at various anchor merchants - Reward up to IDR20,000 for balé by BTN New
and local champions who collaborate with User
the Company. An IDR20,000 savings balance reward
b. Acquisition and Transaction Programs of Balé is available for customers who open an
by BTN account online via balé by BTN or through a
- balé by BTN Activation Gets a 2-Liter Cooking branch office. The reward is flexible and can
Oil be customized in the form of goods, direct
Bonus program of 1 Pouch of 2 Liter Cooking gifts, or event sponsorships. Customers must
Oil for customers who activate balé by BTN, register for SMS notifications in the same
register for SMS Notification, and make 1 month. It is valid for customers who are
transaction of minimally IDR10,000 (valid for activating balé by BTN for the first time, not
transactions, unless for the on-us transfers reactivating.
and funds transfer to the Company’s personal - balé Promotion to Get Million Hundred
account). Indomaret iKupon rewards will Rewards
be given via balé by BTN push notification An IDR25,000 savings balance reward/
with the condition that customers must customer account provided to customers
activate push notifications on balé by BTN. who successfully invite his/her friends to
The program is only valid for customers who activate balé by BTN and register SMS
activate for the first time during the program Notification. Friends (other customers) enter
period. customer referral code during the balé by
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04 Management Discussion and Analysis on Bank Performance
BTN activation. The customer referral code - Game Ticket of the 2025/2026 Indonesian
can be seen in the profile page of balé by BTN. Super League-AREMA vs DEWA UNITED
- balé by BTN Activation for the Open A 25% cashback program, with a maximum
University (UT) Students of IDR 50,000, applicable to NTB customers
An IDR35,0000 savings account or goods who open an account and purchase AREMA
reward for the Open University (UT) students tickets at the lifestyle feature on balé by BTN
who activate balé by BTN. A 44.522 quotas for during the match sales period. Cashback will
the fastest customers during the applicable be awarded to eligible customers for seven
program period. Students making account days after the match.
opening and activating balé by BTN have a - Game Ticket of the 2025/2026 Indonesian
right to achieve reward. The balance reward Super League-PERSITA
can be converted into equal goods value. A 25% cashback program, with a maximum
- Reward for Open University (UT) Employees of IDR 50,000, applicable to NTB customers
An IDR20,000/referral savings balance who open an account and purchase PERSITA
reward, particularly for the Open University tickets at the Lifestyle feature on balé by BTN
employees, providing referral to the Open during the match sales period. Cashback will
University (UT) students. be awarded to eligible customers for seven
- IDR80,000 Tourism Ticket Discount Promo days after the match.
on balé by BTN - 10% Discount for MotoGP Watching in
An IDR80,000 discount for every customer Sepang
making a tourism ticket purchasing in the 10% discount for the Sepang MotoGP ticket
lifestyle feature on balé by BTN, with the purchased via the lifestyle feature on balé by
BALEMERDEKA80 voucher promo. It applies for BTN, applicable for individual customers of
100 quotas per day with the following tourism balé by BTN.
lists: - 50% Discount for Shopping Voucher
- Bali Bird Park-Bali Purchasing Only on balé by BTN
- Garuda Wisnu Kencana Package-Bali 50% Discount maximally IDR25,000 for Ultra
- Melasti Beach Kecak Dance Show-Bali Voucher purchasing with a certain beverage
- Waterbom Bali-Bali merchant category only in the lifestyle feature
- Jungleland Adventure Theme Park-Bogor on balé by BTN.
- Taman Safari Indonesia-Bogor - Game Ticket of the 2025/2026 Indonesian
- Jakarta Aquarium Safari-Jakarta Super League-Arema
- Taman Mini Indonesia Indah-Jakarta The 2025/2026 Indonesian Super League
- Museum Angkut-Malang of Arema macth purchasing program for
- BXSea-Tangerang customers purchasing tickets in the lifestyle
- IDR80,000 Discount Promo for Shopping feature on balé by BTN, with a total quota of
Voucher Purchasing on balé by BTN 800 quotas during the purchasing period on
An IDR80,000 discount for customers making January 5-11, 2026.
shopping voucher purchases in the lifestyle c. Acquisition Program and Merchant Transaction
feature on balé by BTN. It is valid for 100 (EDC, QRIS, BTN Debit Card)
quotas per day with a shopping voucher in - 50% Discount for Yoshinoya Dishes Menu
some anchor merchants collaborating with and One Piece X Yoshinoya Merchandise
the Company. Purchasing
- Game Ticket of the 2025/2026 Indonesian 50% discount promo with a maximum
Super League-PERSIB discount of IDR75,000, for a minimum
A 25% cashback program, with a maximum transaction of IDR100,000 for customers using
of IDR 50,000, applicable to NTB customers QRIS balé by BTN. It is valid for purchases of
who open an account and purchase PERSIB One Piece x Yoshinoya food and merchandise.
tickets at the lifestyle feature on balé by BTN - Buy 3 Gets 4 Free Ciwidey Valley Bandung
during the match sales period. Cashback will Tourism/Recreational Ticket
be awarded to eligible customers for seven Buy 3 gets 4 free entrance tickets to tourist/
days after the match. recreational locations for customers using
QRIS balé by BTN with no minimum transaction.
It is valid at the following merchants:
- Amanah Borneo Park-Banjarbaru
- Waterboom Pesona Modern-Banjarmasin
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- Go! Wet Waterpark-Bekasi - 50% Cashback maximally IDR1 Million at
- Transera Waterpark-Bekasi Kawan Lama Group
- Aviary Park Indonesia-Bintaro 50% cashback up to IDR 1 million for
- Marcopolo Water Adventure-Bogor customers who make transactions
- Edu Wisata Lontar Sewu-Gresik with QRIS balé by BTN or their BTN Debit
- Jember Mini Zoo-Jember Card on BTN EDC/QRIS for a minimum
- Taman Kyai Langgeng-Magelang transaction of IDR 2 million. Valid for the
- Lawang Sewu-Semarang first 100 transactions. Promo valid at
- Stasiun Ambarawa-Semarang Informa, Informa Electronics, and Selma
- Goalpara Tea Park-Sukabumi merchants.
- Grab Discount Up To IDR30,000 - 50% Cashback maximally IDR100,000
Discounts up to IDR30,000 are available for 50% cashback up to IDR100,000 for
customers who order GrabFood, GrabCar, customers who make transactions using
and GrabBike using a BTN Visa Debit Card QRIS balé by BTN or a BTN Debit Card at
saved in the Grab app. It is valid for the BTN EDC/QRIS for a minimum transaction
following types of BTN Visa Debit Card: of IDR 200,000. Valid for two transactions
- BTN Visa Regular Debit Card (Silver, Gold, per customer across merchants (between
Platinum, e’Batara Pos, Juara) regional and national merchants) during
- BTN Visa Bisnis Debit Card the period. A quota applies to the first
- BTN Visa Prospera Debit Card 10,000 transactions.
- BTN Visa Prioritas Debit Card - 50% Cashback maximally IDR25,000
- BTN Visa Syariah Debit Card 50% cashback up to IDR25,000 for
- An IDR 17,000 Special Promo Price using QRIS customers who make transactions using
balé by BTN QRIS balé by BTN or a BTN Debit Card at
An IDR17,000 special promo price is available BTN EDC/QRIS for a minimum transaction
for customers who make transactions at of IDR 50,000. Valid for three transactions
QRIS balé by BTN, with no minimum purchase per customer across merchants (between
required. It is valid for select menu items at regional and national merchants) during
participating merchants. Purchases on the the period. A quota applies to the first
promotional menu cannot be combined with 10,000 transactions.
other menu items. - 10% Cashback maximally IDR1 Million on
- Cashback Promo Up To IDR80,000 using Traveloka
QRIS balé by BTN Cashback 10% hingga Rp1 juta bagi
30% cashback up to IDR80,000 for customers nasabah yang bertransaksi tiket pesawat
who make transactions at QRIS balé by BTN. atau pesan hotel di menu Lifestyle balé
Minimum transaction IDR100,000. A quota of by BTN dengan minimal transaksi Rp1
the first 2,000 transactions per day applies juta. Berlaku 1x transaksi/nasabah selama
to all national merchants. A quota of the periode. Berlaku kuota 100 transaksi
first 1,000 transactions per day applies to all pertama.
regional merchants. It is valid for 1 balé user/1 - 10% Cashback maximally IDR1 Million in
transaction during the cross-merchant Travel and Leisure
period. Cashback will be credited by the 10% cashback up to IDR1 million for
system to the customer’s account H+1 after customers who make transactions using
the transaction is successfully recorded in the QRIS balé by BTN or BTN Debit Cards at
Company’s system. EDC/QRIS BTN with a minimum transaction
- Profitable End Year! Save up to IDR1 Million of IDR 1 million. This promotion is valid at
Using balé by BTN and BTN Debit Card! all Dwidaya Tour & Travel and Nusantara
- 50% Cashback maximally IDR1 Million at Tour outlets.
Mitra 10 - Buy 3 Tickets Gets 1 Free Ancol Attraction
50% cashback up to IDR 1 million for Ticket
customers who make transactions with Buy 3 Get 1 Free Ancol Attractions Ticket
their BTN Debit Card on BTN EDC at Mitra 10 is valid for customers purchasing regular
merchants with a minimum transaction tickets for the amusement park, Dufan,
of IDR 2 million. It is valid for the first 100 Sea World, Samudra, Atlantis, and Jakarta
transactions. Bird Land. It is valid for transactions using
QRIS balé by BTN or BTN Debit Card..
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04 Management Discussion and Analysis on Bank Performance
- 30% Discount Up To IDR50,000 at Ancol cashback bonus of IDR80,000 per month
Restaurant for every IDR40 million increase in funds,
30% discount up to IDR50,000 on food and valid in multiples and a maximum of
beverages at select restaurants in the IDR800,000/month. The reward is given to
Ancol area with a minimum transaction balé Agens who are able to increase funds
of IDR100,000 (excluding tax). It is valid of at least IDR40 million from the balance
with QRIS balé by BTN and BTN VISA Debit cut-off date at the end of May 2025 and
Cards. maintain an average balance every
- 30% Discount Up To IDR100,000 at Ancol month. For newly acquired balé Agents
Restaurant after May 2025, the cut-off date was the
30% discount up to IDR100,000 on food and end of the relevant month. Participants
beverages at select restaurants in the were willing to place a minimum savings
Ancol area with a minimum transaction fund of IDR40 million outside the cut-off
of IDR300,000 (excluding tax). It is valid fund at the end of May 2025.
with QRIS balé by BTN and BTN VISA Debit - Get Reward Up To IDR200,000-
Cards. Customers
- Additional IDR5,000 Discount on Cheap Eligible participants for the balé Merayu
Festive Items using QRIS balé by BTN Nasabah Program are balé referral
More economical transactions using QRIS customers Agent who have activated
balé by BTN at Indomaret. Additional the balé super app. The reward program
IDR5,000 discount on festive items includes a cashback bonus of IDR20,000
using QRIS balé by BTN with a minimum per month for every IDR10 million increase
purchase of IDR50,000. It is valid once per in funds, valid in multiples, with a maximum
customer per period.. of IDR200,000 per month. The reward is
- Free Upsize transaction using QRIS balé awarded to balé referral customers Agent
by BTN at Point Coffee Outlets who increase their funds by at least IDR10
Free upsize transactions using QRIS balé million from the balance cut-off date
by BTN at Point Coffee outlets. It is valid for at the end of May 2025, and maintain
Point Coffee upsize variants (hot/cold), an average monthly balance. For newly
and it applies once per customer per day. acquired balé referral customers Agent
It is invalid at stand-alone stores or for after May 2025, the cut-off date was the
specialty products. end of the relevant month. Participants
- BTN Agent Acquisition and Transaction were willing to deposit a minimum of IDR10
Program (Branchless Banking) million in savings, excluding the cut-off
- Boosting Transaction and Getting amount at the end of May 2025.
Incentives Up To IDR150,000 d. Digital Mortgage Ecosystem Program
Eligible participants to participate in the - KPR Payment in Alfamart Gets A 1-Litern
program are Agents who are in Quadrant Sania Cooking Oil
B and Quadrant D at the end of each The reward is awarded to customers who
month. Rewards of IDR50,000 per multiple make KPR payments through Alfamart
of 100 Transactions and a maximum between the 1st and 7th of each month. The
reward of IDR150,000. For newly acquired reward will be given to users in the form
agent balés in the current month, of a 1-liter Sania cooking oil. It is valid for 1
they could participate as long as they transaction/user/period.
could meet the minimum transaction - New Member Gets Cashback
requirement of 100 transactions at the A reward is given to balé by BTN’s users, such
end of the month. Branch Office (Branch as BTN’s account balance up to IDR50,000. It
Office/Outlet Office) had to foster 4 (four) applies to new balé community users who
agents in quadrant B or D to participate register an account on the balé community
in the ganbate program for 2 balés agent app. This reward is given to new balé
every month. community app users who have made one
- Get Reward Up To IDR800,000-balé bill payment transaction via balé community.
agent - Bills Payment Gets Cashback
Eligible participants for the balé Merayu 20% cashback is given to users who pay bills
Agen Program are balé Agents with via the balé community app. This applies
an average monthly transaction of 10 to any bill payment. The cashback reward
transactions. The program reward is a is given to balé users in the form of a BTN
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PT Bank Tabungan Negara (Persero) Tbk
account balance of up to IDR20,000. The - Incentive for Subsidized Developer
minimum transaction is IDR100,000. The incentive is awarded to the 50 (fifty)
- Incentive for Manager developer administrators with the most
This incentive is given to registered balé credit applications through BTN Properti, and
community managers who have achieved it is booked during the program period. The
a minimum of 50 transactions during the incentive is IDR25,000 per booked application.
program period. The incentive is a deposit The maximum incentive that can be received
account balance of IDR 500,000 from the by an administrator is IDR2.5 million.
date of the manager’s acquisition.
Market Share
Information regarding BTN’s market share compared to the banking industry is presented as follows:
Table of BTN Market Share Compared to the Indonesian Banking Industry
(in IDR trillion)
December December
Description Information
2025 2024
Asset Banking Industry 13,646 12,461
BTN 528 470
BTN Market Share (%) 3.87% 3.77%
Third Party Fund Banking Industry 10,058 8,837
BTN 437 382
BTN Market Share (%) 4.35% 4.32%
Loans Banking Industry 8,694 7,832
BTN 401 358
BTN Market Share (%) 4.61% 4.57%
Source: Indonesian Banking Statistics Financial Services Authority (SPI OJK), Internal Data, processed.
Throughout 2025, through continuous transformation to Housing Loan Market Share
become a game changer in banking by delivering the
best services, the Company’s assets grew by 12.39% year- Since 1976, the Company has disbursed more than 5.8
on-year, compared to industry growth of 9.51% year-on- million mortgages (KPR) in Indonesia, establishing the
year. As of December 2025, the Company’s asset market Company as the mortgage market leader in Indonesia.
share reached 3.87%. Product development that meets As of September 2025, the Company remained the bank
customer segment needs, along with digital services with the largest total outstanding mortgage portfolio,
that enhance ease of transactions, drove the Company’s at IDR301 trillion. The main competitors in Indonesia’s
Third-Party Funds (TPF) to grow by 14.60% year-on-year mortgage business are Bank Central Asia (BCA), with
to IDR 437 trillion as of December 2025, higher than the outstanding mortgages of IDR139 trillion, and Bank
banking industry TPF growth of 13.81% year-on-year. This Negara Indonesia (BNI), with outstanding mortgages of
resulted in an increase in the Company’s TPF market IDR70 trillion. The Company continues to demonstrate its
share to 4.35% in December 2025 from 4.32% in December support for government programs, including serving as
2024. The Company’s loans and financing grew by 11.90% the main contributor in the distribution of Subsidized Home
year-on-year to IDR 401 trillion as of December 2025, Ownership Loans (KPRS) to support the Government of
while industry loan growth reached 11.01% year-on-year, Indonesia’s 3 (three) Million Houses Program through the
bringing the Company’s loan market share to 4.61% as of Ministry of Housing and Residential Areas (PKP) and BP
December 2025. Tapera. Of the total national FLPP quota of 350 thousand
units, the Company has distributed 192 thousand units, with
FLPP financing reaching IDR23.79 trillion. As of December
2025, the Company’s market share in the subsidized
mortgage financing segment reached 81.09%, while its
overall mortgage financing market share stood at 38.68%.
2025 Annual Report 297
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04 Management Discussion and Analysis on Bank Performance
Housing Loan (KPR) Market Share December 2025
18,91%
61,32%
38,68% 81,09%
BTN Other Banks
Total Mortgage Total Subsidized Mortgage
Source: Respective Banks’ Corporate Presentations, Indonesian Economic and Financial Statistics I.15, and BTN, December 2025.
Customer Complaint Handling
Company has established a structured complainthandling mechanism for customers facing transaction issues,
grievances, or other complaints. To provide the best possible service and enhance customer satisfaction, Company
formed the Customer Protection and Complaint Handling Management (CPCHM) unit. This unit’s primary responsibilities
include resolving customer complaints effectively to provide solutions, monitoring incoming complaints to ensure
proper resolution, and ensuring all customer complaints are handled according to the established Service Level
Agreement (SLA) and that each complaint receives proper follow-up.
Customer Complaint Handling Flow
Complaint Handling Flow
Complaint Customer Data Customer Receives
Submission Verification Complaint Number
Customers submit complaints Bank BTN verifies customer data Bank BTN receives and records the
through channels provided by in accordance with established complaint and provides a complaint
Bank BTN. procedures. ticket number to the customer.
Customer Not Satisfied Follow-up Process by
and Proceeds to LAPS Complaint Resolved
BTN
SJK
Customers who do not agree with If the customer agrees with Bank BTN will follow up on and
the resolution may proceed with the the resolution, the complaint is resolve the complaint within the
LAPS SJK process (in accordance considered resolved. stipulated timeframe.
with POJK No. 61/POJK.07/2020).
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PT Bank Tabungan Negara (Persero) Tbk
Display after clicking here
LAPS SJK is an out-of-court dispute resolution institution Dispute criteria eligible to be handled by LAPS SJK:
established on September 22, 2020, by Self-Regulatory 1. The complaint has been subject to resolution efforts
Organizations (SROs) and associations within the by the PUJK, but was rejected by the Consumer,
financial services sector. In conducting its activities, LAPS or the Consumer has not received a response to
SJK obtained its operational license from the Financial the complaint as stipulated under the Financial
Services Authority (OJK) on December 29, 2020, and Services Authority Regulation concerning consumer
officially commenced operations on January 1, 2021. complaint services in the financial services sector;
As the only alternative dispute resolution institution 2. The dispute submitted is not currently being
(LAPS) in the financial services sector licensed by OJK, processed or has not previously been decided
LAPS SJK has assumed the roles and functions of the six by a court of law, arbitration tribunal, or any other
previously existing LAPS in the financial services sector, alternative dispute resolution institution; and
namely BAPMI, BMAI, BMDP, LAPSPI, BAMPPI, and BMPPVI. 3. The dispute is civil in nature.
Dispute Resolution Application Mechanism to LAPS SJK: Services of LAPS SJK:
1. Application through OJK’s Consumer Protection 1. Mediation
Portal Application (APPK). In the event that no 2. Arbitration
agreement is reached in the implementation of 3. Binding Opinion
internal dispute resolution between the Consumer
and the PUJK (Internal Dispute Resolution/IDR), The fees for dispute resolution services are determined
the Consumer may submit a dispute resolution in accordance with LAPS SJK’s fee regulations. For further
application to LAPS SJK, provided that the dispute information, please contact LAPS SJK through its official
meets the criteria eligible to be handled by LAPS SJK. contact channels:
2. Direct Application to LAPS SJK. Applications for E-Mail : info@lapsssjk.id
dispute resolution may be submitted directly to Telpon : 021-2527700/150125
LAPS SJK, including through walk-in services and Website : www.lapssjk.id
correspondence (including electronic mail).
2025 Annual Report 299
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04 Management Discussion and Analysis on Bank Performance
Here is the customer complaint data for the period from January to December 2024-2025 as follows:
Table of Customer Complaint Details by Category
2025
Complaint
Resolved In Proces Unresolved
Category Total
Complaints
Total % Total % Total %
Fundraising 1,455 92.44% 119 7.56% - 0.00% 1,574
Fund Distribution 543 71.54% 216 28.46% - 0.00% 759
Partnership Products 4 100.00% - 0.00% - 0.00% 4
Other Products 1,629 78.17% 455 21.83% - 0.00% 2,084
Payment System 68,032 99.76% 163 0.24% - 0.00% 68,195
Total 71,663 98.69% 953 1.31% - 0.00% 72,616
Tahun 2024
Complaint
Resolved In Proces Unresolved
Category Total
Complaints
Total % Total % Total %
Fundraising 655 61.56% 409 38.44% - 0.00% 1,064
Fund Distribution 330 71.58% 131 28.42% - 0.00% 461
Partnership Products 12 100.00% 3 25.00% - 0.00% 12
Other Products 819 65.10% 439 34.90% - 0.00% 1,258
Payment System 89,965 99.74% 234 0.26% - 0.00% 90,199
Total 91,781 98.70% 1,216 1.31% - 0.00% 92,994
Table of Inbound Call Contact Center in 2025
2025
Inbound
Channel
Total
Januarr February March April May June July August September October November December
BTN Call 26,851 27,167 33,082 23,960 24,398 33,350 32,218 28,772 29,884 33,525 32,387 28,601 354,195
Email 33,136 27,179 32,161 24,617 22,568 29,448 32,712 27,893 33,473 29,198 28,048 30,478 350,911
Instagram 11,800 11,680 23,500 7,939 6,940 10,070 12,058 10,850 14,214 13,043 10,671 9,231 141,996
Facebook 13,321 23,054 14,447 14,023 18,278 1,031 6,551 4,269 2,090 2,315 2,172 3,054 104,605
Whats App 7,461 7,017 8,768 5,898 5,718 8,223 8,235 6,827 6,065 5,897 5,641 5,232 80,982
Twitter 3,797 5,162 5,233 2,816 1,589 1,939 1,999 1,673 1,809 1,789 2,104 1,519 31,429
Live Chat 1,420 1,465 1,207 1,094 1,160 980 1,141 6,827 905 993 1,014 880 19,086
Playstore 489 333 360 294 256 356 690 415 352 697 399 327 4,968
YouTube 34 19 49 44 25 32 59 58 32 41 22 36 451
App Store - - - 119 22 25 29 18 27 39 19 - 298
lapor.go.id - 1 11 53 35 12 6 2 3 5 6 1 135
Helpdesk - - - - - - 5 4 5 19 8 15 56
IB & I-CASH
Total 98,309 103,077 118,818 80,857 80,989 85,466 95,703 87,608 88,859 87,561 82,491 79,374 1,089,112
300 2025 Annual Report
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Table of Inbound Call Contact Center in 2024
2024
Inbound
Total
Channel
January February March April May June July August September October November December
BTN Call 36,307 28,315 32,623 29,249 27,251 24,720 30,800 29,485 26,011 30,925 28,619 28,798 353,103
Email 18,656 15,465 19,216 26,544 21,078 17,959 22,940 22,831 23,509 23,786 23,384 29,045 264,413
Instagram 7,243 13,865 15,774 10,459 9,167 7,254 7,800 7,457 23,509 10,722 9,501 11,288 118,137
Facebook 4,846 5,221 6,740 6,930 5,709 4,516 5,476 5,507 5,000 5,818 5,914 6,549 68,226
Whats App 1,970 7,112 9,219 1,987 5,396 1,881 2,630 2,814 7,287 7,337 6,669 9,738 64,040
Twitter 3,642 3,475 4,038 4,632 5,244 3,410 2,837 4,015 2,693 3,944 2,893 3,692 44,515
Live Chat 709 1,228 1,657 1,361 1,091 945 465 339 1,011 2,339 3,048 3,838 18,031
Playstore 517 517 571 430 548 746 693 339 1,288 1,503 1,217 1,276 10,565
YouTube 69 81 229 121 70 31 66 34 34 59 36 56 886
App Store 88 45 37 53 15 33 32 - - - 126 8 437
lapor.go.id 13 2 3 2 2 4 2 2 5 9 2 - 46
Helpdesk 4 - 5 5 1 - - - - - - - 15
IB & I-CASH
Total 74,064 75,326 90,112 81,773 75,572 61,499 73,741 73,743 74,445 86,442 81,409 94,288 942,414
Operation Overview per Business Segment
The Company’s business segments based on the nature of its business activities consist of 3 (three) main segments,
namely the Conventional Segment, the Sharia Segment, and the Subsidiary Segment.
1. The Conventional Segment represents the Company’s core business segment and contributes the largest portion
to the Company’s revenue.
2. The Sharia Segment, which is managed through the Company’s Sharia Business Unit (SBU), has demonstrated
sustained growth year by year, in line with various development initiatives and strategies implemented by the
Company.
3. The Subsidiary Segment comprises business activities conducted through the Company’s subsidiary, namely Bank
Syariah Negara (BSN).
Conventional Segment
Explanation and Productivity of Conventional Segments
The Conventional Segment consists of consumer and commercial products in the form of deposits and loans, with the
following information:
CONVENTIONAL SEGMENT
CONSUMER PRODUCTS COMMERCIAL PRODUCTS
CONSUMER SAVINGS CONSUMER CREDIT COMMERCIAL SAVINGS COMMERCIAL CREDIT
PRODUCTS PRODUCTS PRODUCTS PRODUCTS
PERSONAL COMMERCIAL
CONSUMER BTN RETAIL HOUSING NON-HOUSING INSTITUTIONAL HOUSING NON-HOUSING
CURRENT CURRENT
SAVINGS TIME DEPOSIT LOANS LOANS TIME DEPOSIT LOANS LOANS
ACCOUNT ACCOUNT
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04 Management Discussion and Analysis on Bank Performance
An overview of the performance of the Conventional Segment can be seen in the following table:
Graph of Conventional Segment Performance
(in IDR trillion)
Total Value of Conventional
Consumer Product Commercial Product
Segment Product
255.11 270.20 64.71 67.85 58.97 75.50 264.19 314.06 322.97 334.91 323.16 389.56
300.00 350.00 450.00
400.00
250.00 300.00
350.00
250.00
200.00 300.00
200.00 250.00
150.00
150.00 200.00
100.00 150.00
100.00
100.00
50.00 50.00
50.00
0.00 0.00 0.00
Total Value Total Value of
Consumer Consumer Commercial Commercial
of Consumer Commercial
Loan Savings Loan Savings
Product Product
2024 2025
Consumer Product
The distribution of BTN products to Consumer Products is divided into 2 (two), namely Consumer Loan Products and
Consumer Savings Products. Total Consumer Product in 2025 was IDR334.91 trillion, a 3.70% increase from IDR322.96
trillion in 2024. The increase was driven by growth in Consumer Loans, Consumer Savings Deposits, and Consumer
Time Deposits in 2025.
Table of Consumer Product Value
(in IDR million)
Increase/Decrease
Consumer Product 2025 2024
Nominal %
Consumer Loan Product 270,202,267 255,110,204 15,092,063 5.92%
Consumer Savings Product 64,710,833 67,854,930 (3,144,097) (4.63%)
Total Consumer Product Value 334,913,100 322,965,133 11,947,966 3.70%
The volume of Consumer Loan products in 2025 reached 9,251,924 units, an increase of 11.63% compared to 8,288,323
units in 2024. The increase was driven by the growth in the distribution volume of Subsidized Mortgage Loans (KPR
Subsidi). Similarly, Consumer Deposits in 2025 reached 7,162,745 accounts, an increase of 14.40% compared to 6,261,345
accounts in 2024. This growth was primarily attributable to a 14.76% increase in the number of Consumer Savings
accounts.
Table of Consumer Product Volume
Increase/Decrease
Consumer Product 2025 2024
Nominal Percentage
Consumer Loan Product (unit) 2,089,179 2,026,978 62,201 3.07%
Consumer Savings Product (account) 7,162,745 6,261,345 901,400 14.40%
Total Consumer Product (unit/ account) 9,251,924 8,288,323 963,601 11.63%
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PT Bank Tabungan Negara (Persero) Tbk
CONSUMER LOAN PRODUCT
Company provides Consumer Loan Products consisting of Housing Loans and Non-Housing Loans. Housing Loan
products were classified into Subsidized Mortgages, Non-Subsidized Mortgages And Other Housing Loans. All individual
consumer credit products were distributed in Rupiah (IDR).
Table of Consumer Loan Product Distribution Value
(in IDR million)
Increase/Decrease
Consumer Loan 2025 2024
Nominal Percentage
Housing Loan 262,460,465 247,586,738 14,873,727 6.01%
Subsidized Housing Loan 157,301,634 147,322,000 9,979,634 6.77%
Non Subsidized Housing Loan 96,106,508 91,653,241 4,453,266 4.86%
Other Housing Loan 9,052,323 8,611,496 440,827 5.12%
Non Housing Loan 7,741,802 7,523,466 218,336 2.90%
Total Consumer Loan Product Distribution Value 270,202,267 255,110,204 15,092,063 5.92%
The outstanding value of Consumer Loan products in 2025 amounted to IDR270.20 trillion, an increase of 5.92%
compared to IDR255.11 trillion in 2024. The increase was primarily driven by continued loan expansion in the Consumer
segment throughout 2025 and the full absorption of the Subsidized Mortgage (KPR Subsidi) FLPP quota allocated by
the Government.
Table of Consumer Loan Product Distribution Volume
(in unit)
Increase/Decrease
Consumer Loan 2025 2024
Nominal Persentase
Housing Loan 2,020,914 1,961,170 59,744 3.05%
Subsidized Housing Loan 1,627,482 1,559,659 67,823 4.35%
Non Subsidized Housing Loan 333,922 342,313 (8,391) (2.45%)
Other Housing Loan 59,510 59,198 312 0.53%
Non Housing Loan 68,805 65,808 2,997 4.55%
Total Consumer Loan Product Distribution
2,089,719 2,026,978 62,741 3.10%
Volume
Consumer Loan Distribution Volume in 2025 was 2.089.719 units, an increase of 9.77% compared to 2024 which was
2.026.978 units. The growth was driven by the increase in the distribution volume of Subsidized Mortgage Loans (KPR
Subsidi) as well as Non-Housing Consumer Loans.
HOUSING LOAN-SUBSIDIZED HOUSING
Since 1976 until today, albeit with continuously changing scheme. the Subsidized Housing Loans have been steadily
distributed. Subsidized Housing Loans are Governmentinitiated house ownership program run by the Ministry of
Public Works and Housing, provided to low income communities. That are distributed by conventional and sharia
implementing banks. In Subsidized Housing Loan program. the Government provides assistance through long-term
low-cost funding as well as down payment subsidies, resulting in affordable installment for prosperity landed house
or flat purchase.
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04 Management Discussion and Analysis on Bank Performance
Company strives to provide convenience and low-cost 3. The sources of the FLPP program funding are 75%
facilities for the people aiming to purchase house under from the Government and 25% from the Company.
the Subsidized Housing Loan program. Company was BTN has entered into an agreement with PT Sarana
mandated with the task to provide Subsidized Housing Multigriya Finansial for the provision of funding for
Loans for the first time by the Letter of the Minister of FLPP program.
Finance No. B-49/MK/IV/I/1974 dated January 29, 1974. 4. The tenure for the Housing Loan is agreed upon BTN
in which the first housing loan was distributed on and the Low-Income Community (MBR) which also
December 10, 1976. In distributing Subsidized Housing takes into account the potential debtor’s capability
Loans. Company collaborates with the Ministry of Public to pay the installments within a period of maximum
Works and Public Housing. The currently applicable 20 years.
provisions on Subsidized Housing Loan distribution
are contained in the Regulation of the Minister of The provisions for providing KPR BP2BT for the purchase
Public Works and housing No. 35/PRT/M/2021 on House of landed houses/flats and the construction of self-help
Ownership Convenience and Subsidies for Low-Income houses are as follows: For the BP2BT (Housing Financing
Community. Regulation of the Minister of Public Work Assistance for Low-Income Communities) program, the
and Housing No. 32 of 2021, on Savings-Based House following terms apply to landed houses, apartments,
Financing Subsidies and Regulation of BP Tapera No. and self-built homes:
6 of 2021 on House Financing for Community Housing 1. Eligible Low-Income Community (MBR) receive a
Savings Participants. maximum down payment subsidy of IDR40 million
from the government.
The Subsidized Housing Loans are distributed by 2. The mortgage value equals the house price or the
Company under the House Financing Liquidity Facility cost estimation (RAB) of the self-built house minus
(FLPP), Savings-Based Housing Financing Assistance the BP2BT subsidy and the down payment provided
(BP2BT) and Community Housing Savings (Tapera) by the MBR.
schemes. Low-Income Community (MBR) comprises 3. The mortgage interest rate is 10% fixed for 10 years
first-time buyers who meet certain requirements or 9.5% fixed for 5 years, using a gradual payment
to obtain Subsidized Housing Loans with affordable mortgage method.
installments. Under the currently applicable government 4. The funding source for the BP2BT program comes
regulation, KPR Sejahtera FLPP and KPR BP2BT facilities entirely from the implementing bank.
given to customers who do not have a house yet with 5. The mortgage term is agreed upon by BTN and the
the household income of IDR8 million/ month (for Java, MBR, adjusted to the borrower’s repayment capacity,
Sumatra, Kalimantan and Sulawesi) and IDR10 million/ with a maximum term of 20 years.
month (for Papua). On the other hand, KPR Tapera
facility is provided to customers registered as BP-Tapera The provisions for the distribution of KPR Tapera is as
participants with the household income of IDR8 million/ follows:
month (for Java, Sumatra, Kalimantan and Sulawesi) 1. KPR Tapera shall be provided for Tapera participants
and IDR10 million/month (for Papua). The prices for who have met certain requirements and participant
houses purchased through these facilities are limited to priority order from BP Tapera.
a certain amount. 2. The down payment for KPR Tapera shall be at
minimum 0%. according to BTN assessment of the
The provisions for the distribution of KPR FLPP for landed low-income customer (MBR).
house and flat purchase are as follows: 3. The Housing Loan interest rate to be paid by the
1. The maximum value of housing loans is the selling debtors is 5% p.a., inclusive of life insurance. fire
price of the landed estates or flats minus the down insurance. and credit insurance premiums. The
payment prepared by MBR. Through this program, interest rate as referred to in item (2) is fixed
MBR also deserves Subsidized Down Payment throughout the tenure of the loan. calculated on an
Assistance (SBUM) of IDR4 million (for Java, Sumatra, annuity.
Kalimantan and Sulawesi) and IDR8 million (for 4. The tenure for the Housing Loan is agreed upon by
Papua) from the Government. BTN and the Low-Income Customer (MBR), which
2. The Housing Loan interest rate to be paid by also takes into account the potential debtor’s
the debtors is 5% p.a., inclusive of life insurance. capability to pay the installments within a period of
fire insurance. and credit insurance premiums. maximum 30 years.
The interest rate as referred to in item (1) is fixed 5. The Company shall issue the Asset- Backed Security
throughout the tenure of the loan, calculated on an (EBA) according to the amount of loan realized, in
annuity. collaboration with a Custodian Bank appointed by
BP-Tapera.
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Table of Subsidized Housing Loan Product Distribution Value
(in IDR million)
Increase/Decrease
Subsidized Housing Loan 2025 2024
Nominal Percentage
KPR BTN Sejahtera Tapak 157,301,634 147,322,000 9,979,634 6.77%
KPR BP2BT 101,939,091 86,489,043 15,450,048 17.86%
KPR BTN Tapera 51,390,502 56,528,288 (5,137,786) (9.09%)
Other Subsidized Housing 2,207,879 2,428,153 (220,274) (9.07%)
Total Subsidized Housing Loan Distribution Value 157,301,634 147,322,000 9,979,634 6.77%
The outstanding value of Subsidized Mortgage Loans deepening cooperation with institutions and stakeholders
(KPR Subsidi) in 2025 amounted to IDR157.30 trillion, an in the housing sector, both in terms of financing support
increase of 6.77% compared to IDR147.32 trillion in 2024. (BP Tapera, SMF, and the Ministry of Public Works and
This increase indicates that demand for subsidized Public Housing) as well as from both the supply and
mortgages remains strong, in line with continued demand sides. This includes collaboration with various
Government support programs and the substantial institutions and associations (developers’ associations,
housing needs of low-income communities (MBR). market traders’ associations, and technology companies
The Company has developed equitable and inclusive such as Gojek, Grab, and others), business process
financing schemes by enhancing Subsidized Mortgage improvements, the adoption of the latest technology, and
products, such as New KPR FLPP, KPR Tapera, and the Rent- the expansion of the housing business ecosystem, which
to-Own mortgage scheme. The Company also continues are expected to provide a positive impact on the growth
to strengthen BTN’s subsidized mortgage market share by of BTN’s subsidized mortgage distribution.
Table of Subsidized Housing Loan (KPR) Distribution Value
(in unit)
Increase/Decrease
Subsidized Housing Loan 2025 2024
Nominal Percentage
KPR BTN Sejahtera Tapak 951,204 847,184 104,020 12.28%
KPR BP2BT 617,920 633,462 (15,542) (2.45%)
KPR BTN Tapera 12,855 12,819 36 0.28%
Other Subsidized Housing 45,503 66,194 (20,691) (31.26%)
Total Subsidized Housing Loan Distribution Volume 1,627,482 1,559,659 67,823 4.35%
In line with the growth in product disbursement value, Non-Subsidized KPR and a maximum of 15 (fifteen) years
the volume of Subsidized Mortgage (KPR Subsidi) units in for Apartment Ownership Credit (KPA) and Shophouse
2025 also increased by 4.35%, or 67,823 units, compared Loan. BTN Non-Subsidized KPR provides services for
to 1,559,659 units in 2024. The increase in unit volume was purchasing houses from developers or non-developers,
mainly contributed by the growth of KPR BTN Sejahtera both for purchasing new or second-hand houses,
Tapak in 2025. purchasing ready to-live-in (ready stock) or unfinished
(indent) houses, as well as taking over credit from other
Housing Loan-Non Subsidized Housing Loan banks. Minimum down payment requirement of 15% or in
Apart from Subsidized Housing, the Company also has accordance with Bank Indonesia Regulations regarding
various Non-Subsidized KPR services targeting middle Loan to Value (LTV) Ratio. BTN distributes NonSubsidized
to upper income customers with floating interest rates. KPR credit through several products, namely KPR BTN
The maximum term offered is 35 (thirty five) years for Platinum, KPA BTN and Kredit Ruko BTN.
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04 Management Discussion and Analysis on Bank Performance
Table of Non Subsidized Housing Loan Product Distribution Value
(in IDR million)
Increase/Decrease
Non Subsidized Housing 2025 2024
Nominal Percentage
KPR BTN Platinum 93,527,897 89,016,072 4,511,825 5.07%
KPA BTN 2,036,459 2,060,058 (23,599) (1.15%)
Kredit Ruko BTN 542,151 577,111 (34,960) (6.06%)
Total Non Subsidized Housing Loan Distribution
96,106,508 91,653,241 4,453,266 4.86%
Value
The outstanding value of Non-Subsidized Mortgage Loans (KPR Non-Subsidi) in 2025 amounted to IDR96.11 trillion,
an increase of 4.86% compared to IDR91.65 trillion in 2024. This growth was driven by an increase in the outstanding
balance of KPR BTN Platinum, which rose by IDR4.51 trillion.
Table of Non Subsidized Housing Loan Distribution Volume
(in unit)
Increase/Decrease
Non Subsidized Housing 2025 2024
Nominal Percentage
KPR BTN Platinum 325,686 333,270 (7,584) (2.28%)
KPA BTN 6,944 7,593 (649) (8.55%)
Kredit Ruko BTN 1,292 1,450 (158) (10.90%)
Total Non Subsidized Housing Loan Distribution
333,922 342,313 (8,391) (2.45%)
Volume
The volume of non-subsidized mortgage disbursements Housing Loan - Other Housing Loan
in 2025 was 333.922 units, down 14.62% from 342.313 units Company also offers other types of housing loans and
in 2024. The decline was primarily attributable to several other Consumer Loans according to the customers’
factors, including a strategic shift toward financing needs. Other Housing Loans are Company’s endeavor
with larger ticket sizes. The Company has increasingly in developing business as well as in helping the
focused on the affluent segment and Non-Subsidized customers with residence ownership with high profit
Mortgage Loans (KPR Non-Subsidi) valued at>IDR750 and convenience. Company’s other Housing Loans
million, resulting in a higher average loan ceiling per unit. are distributed under the following products, namely,
This strategy was further strengthened by the Company’s Kredit Agunan Rumah (Home Collateral), Kredit Bangun
aggressive expansion of its sales centers, enabling more Rumah (Home Building), Bank Cooperation Housing
targeted acquisition of high-value customers. As a result, Renovation Loan (Bank Cooperation Home Renovation
although the number of units declined, the outstanding Loan/PRR-KB) BPJS Ketenagakerjaan.
loan balance increased by 4.86%.
Table of Other Housing Loan Distribution Value
(in IDR million)
Increase/Decrease
Other Housing Loan 2025 2024
Nominal Percentage
Kredit Agunan Rumah (Home Collateral) 8,813,607 8,440,305 373,302 4.42%
Kredit Bangun Rumah (Home Building) 31,490 33,811 (2,321) (6.86%)
PRR-KB BPJS Ketenagakerjaan 207,225 137,380 69,845 50.84%
Total Other Housing Loan Distribution Value 9,052,323 8,611,496 440,826 5.12%
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The disbursement value of Other Housing Loans in 2025 amounted to IDR9.05 trillion, an increase of 5.12% compared
to IDR8.61 trillion in 2024. The increase was primarily driven by a 4.42% growth in the disbursement value of Kredit
Agunan Rumah (KAR)/Home Collateral, reflecting rising public demand for funds and the increasing relevance of KAR
as a “cash-out” solution. Through this product, customers can monetize their existing residential assets to meet both
consumptive and productive needs (such as home renovations, education, healthcare, and working capital), while
from the Bank’s perspective, KAR remains attractive due to its relatively well-managed risk profile (secured by property
collateral) and the potential for a more streamlined processing time.
Table of Other Housing Loan Distribution Volume
(in unit)
Increase/Decrease
Other Housing Loan 2025 2024
Nominal Percentage
Kredit Agunan Rumah (Home Collateral) 51,488 50,205 1,283 2.56%
Kredit Bangun Rumah (Home Building) 189 248 (59) (23.79%)
PRR-KB BPJS Ketenagakerjaan 7,833 8,745 (912) (10.43%)
Total Other Housing Loan Distribution Volume 59,510 59,198 312 0.53%
In addition to the increase in value, Kredit Agunan Non Housing Loan
Rumah (KAR) also recorded growth in terms of units, Company provides other Consumer Loans apart from
rising by 2.56% from 50,205 units in 2024 to 51,488 units the Housing Loans for various needs of the lending
in 2025. This increase indicates strengthening demand customers. Company Non Housing Loans are distributed
for KAR as a collateral-based cash-out product, while under the following products, which are Kring BTN, Kring
also reflecting the Company’s more aggressive strategy BTN Pensiunan (Pension Loans), Kredit Swadana BTN,
to expand acquisitions and cross-selling through and Kredit Pegawai (Employee Loans).
strengthened sales channels. As a result, KAR growth
became one of the main contributors to the increase in
the volume of Other Housing Loans in 2025.
Table of Non Housing Loan Distribution Value
(in IDR million)
Increase/Decrease
Non Housing Loan 2025 2024
Nominal Percentage
Kring BTN 5,062,273 4,720,484 341,789 7.24%
Kring BTN Pensiunan (Pension Loans) 399,054 425,609 (26,555) (6.24%)
Kredit Swadana BTN 376,908 578,142 (201,234) (34.81%)
Kredit Pegawai (Employee Loans) 1,903,566 1,799,231 104,335 5.80%
Total Non Housing Loan Distribution Value 8,741,802 7,523,466 218,335 2.90%
The disbursement value of Non-Housing Loans in growth of Kring BTN was strengthened by cross-selling
2025 amounted to IDR8.74 trillion, an increase of 2.90% to existing payroll and mortgage (KPR) customers,
compared to IDR7.52 trillion in 2024. The increase was streamlined processes and accelerated service level
primarily driven by the Company’s intensified payroll agreements (SLA) through digitalization, as well as
acquisition strategy, which expanded its base of fixed- the Company’s focus on expanding higher-margin
income customers (civil servants/ASN, SOEs/Regional- non-housing portfolios to enhance yield and income
Owned Enterprises, and corporates) and became a key diversification.
source of consumer loan disbursement. In addition, the
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04 Management Discussion and Analysis on Bank Performance
Table of Non Housing Loan Distribution Volume
(in unit)
Increase/Decrease
Non Housing Loan 2025 2024
Nominal Percentage
Kring BTN 55,361 50,867 4,494 8.83%
Kring BTN Pensiunan (Pension Loans) 4,748 5,404 (656) (12.14%)
Kredit Swadana BTN 367 589 (222) (37.69%)
Kredit Pegawai (Employee Loans) 8,329 8,948 (619) (6.92%)
Total Non Housing Loan Distribution Value 68,805 65,808 2,997 4.55%
The volume of Non-Housing Loans disbursed in 2025 CONSUMER SAVINGS PRODUCT
was 68.805 units, increasing by 4.55% from 65.808 units Company provides various deposit products to answer
in 2024. The increase was almost entirely supported by customer’s savings need. which are classified into
Kring BTN, which rose 8.83% or 4,494 units, from 50,867 2 (two), i.e. Savings and Time Deposits. Through the
units to 55,361 units, in line with intensifying payroll provision of these products, Company seeks to maintain
acquisition, resulting in a growing base of fixed-income sound liquidity level, low-cost funds that are in line with
customers and driving demand for consumer loans. BTN strategies to maintain competitive and affordable
Meanwhile, several other products declined (Kring financial composition.
Pensiunan, Swadana, and Kredit Pegawai/Employee
Loans), indicating that overall unit growth was primarily
driven by a portfolio shift toward Kring BTN as the main
engine of non-housing loan expansion.
Table of Total Consumer Savings Product
(in IDR million)
Increase/Decrease
Consumer Savings 2025 2024
Nominal Percentage
Consumer Savings 35.205.036 37.699.994 (2.494.888) (6,62%)
Time Deposit 29.135.050 29.732.484 (597.434) (2,01%)
Individual current account 370.747 422.522 (51.775) (12.25%)
Total Consumer Savings Product 64.710.833 67.854.930 (3.144.097) (4,63%)
The total value of Consumer Savings in 2025 amounted to IDR64.71 trillion, a decrease of 4.63% compared to IDR67.43
trillion in 2024. The decline was primarily attributable to decreases of 6.62% in Savings, 2.01% in Deposits, and 12.25% in
Individual Current Accounts.
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Table of Total Consumer Savings Accounts
(in account)
Increase/Decrease
Consumer Savings 2025 2024
Nominal Percentage
Consumer Savings 7,045,749 6,139,468 906,281 14.76%
Time Deposit 85,817 93,017 (7,200) (7.74%)
Individual current account 31,177 28,857 2,320 8.04%
Total Consumer Savings Product 7,131,566 6,232,485 901,401 14.40%
The number of Consumer Savings accounts in 2025 was 7.131.566, increasing by 14.40% compared to 6.232.485
accounts in 2024. The increase was primarily driven by growth in the number of Consumer Savings accounts by 14.76%
and Individual Current Accounts by 8.04%.
Consumer Savings
The Consumer Savings owned by BTN provides transactional savings solution with convenient purchase and payment
transactions through BTN channels to support the consumers’ financial activities. BTN consumer savings are developed
through the following products:
1. Tabungan Batara
2. Tabungan Bisnis
3. Tabungan Investa
4. Tabungan eBatara Pos
5. Other Saving Accounts
Table of Total Consumer Saving
(in IDR million)
Increase/Decrease
Consumer Savings 2025 2024
Nominal Percentage
Tabungan Batara 17,830,534 17,250,326 580,207 3.36%
Tabungan Bisnis 4,457,428 3,603,417 854,011 23.70%
Tabungan Investa 8,432,883 12,052,267 (3,619,384) (30.03%)
Tabungan eBatara Pos 1,631,900 1,944,082 (312,181) (16.06%)
Tabungan Lainnya 2,852,290 2,849,902 2,388 0.08%
Total Consumer Savings Funds 35,205,036 37,699,994 (2,494,958) (6.62%)
The total value of Consumer Savings accounts in 2025 was IDR35.21 trillion, a slight decrease of 6.62% compared to
IDR37.70 trillion in 2024. This decline was primarily caused by a reduction in Investa Savings funds by IDR3,62 trillion.
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04 Management Discussion and Analysis on Bank Performance
Table of Total Consumer Savings Account
(in account)
Increase/Decrease
Consumer Savings 2025 2024
Nominal Percentage
Tabungan Batara 3,377,926 2,588,725 789,201 30.49%
Tabungan Bisnis 94,493 61,138 33,355 54.56%
Tabungan Investa 6,830 8,080 (1,250) (15.47%)
Tabungan eBatara Pos 504,979 602,956 (97,977) (16.25%)
Tabungan Lainnya 3,061,521 2,878,569 182,952 6.36%
Number of Consumer Savings Accounts 7,045,749 6,139,468 906,281 14.76%
The number of Consumer Savings accounts in 2025 reached 7.05 million accounts, an increase of 14.76% compared
to 6.14 million accounts in 2024. The increase was primarily driven by the growth in the number of Tabungan Batara
accounts, which rose by 789,201 accounts.
BTN Ritel Time Deposit
BTN Ritel Time Deposit includes On Bilyet Deposit and e-Depo.
Table of Total Time Deposit
(in IDR million)
Increase/Decrease
Time Deposit 2025 2024
Nominal Percentage
DEPOSITO ON BILYET
1 month 8,275,816 8,276,804 (988) (0.01%)
2 months 954,627 1,885,215 (930,589) (49.36%)
3 months 11,816,924 11,159,587 657,336 5.89%
4 months 1,115,521 444,730 670,791 150.83%
6 months 826,405 2,200,387 (1,373,982) (62.44%)
> 12 months 487,462 278,385 209,077 75.10%
E-DEPO
1 month 1,733,905 1,498,342 235,563 15.72%
2 months 115,565 145,020 (29,455) (20.31%)
3 months 2,221,129 2,044,796 176,333 8.62%
4 months 160,734 246,524 (85,790) (34.80%)
6 months 1,299,214 1,352,132 (52,918) (3.91)
12 months 86,708 67,863 18,845 27.77%
Deposito On Call 41,005 132,663 (91,658) (69.09%)
DHE 35 35 0 0.00%
Total Time Deposit Funds 26,724,483 29,732,484 (3,008,001) (10.12%)
The total Time Deposits in 2025 amounted to IDR26.72 trillion, a decrease of 10.12% compared to IDR29.73 trillion in 2024.
The decline was primarily attributable to a 3.17% reduction in Deposito On Bilyet. Nevertheless, e-Deposits recorded
growth of 4.90%.
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Table of Total Time Deposit Accounts
(in account)
Increase/Decrease
Time Deposit 2025 2024
Nominal Percentage
DEPOSITO ON BILYET
1 month 30,317 35,642 (5,325) (14.94%)
2 months 1,047 1,607 (560) (34.85%)
3 months 16,794 19,641 (2,847) (14.50%)
4 months 215 193 22 11.40%
6 months 6,269 7,396 (1,127) (15.24%)
> 12 months 2,447 2,556 (109) (4.26%)
E-DEPO
1 month 10,074 9,208 866 9.40%
2 months 878 888 (10) (1.13%)
3 months 11,112 9,522 1,590 16.70%
4 months 531 889 (358) (40.27%)
6 months 4,815 4,531 284 6.27%
12 months 1,310 917 393 42.86%
Deposito On Call 6 26 (20) (76.92%)
DHE 1 1 0 0.00%
Number of Time Deposit Account 85,816 93,017 (7,201) (7.74%)
The number of Time Deposit accounts in 2025 totaled 85,816 accounts, a decrease of 7.74% compared to 93,017
accounts in 2024. The decline was primarily attributable to a 14.84% reduction in the number of Deposito on Bilyet
accounts. Nevertheless, the number of e-Deposit accounts increased by 10.57%.
Commercial Product
BTN product portfolio in Commercial Products was divided into 2 (two), namely Commercial Loan Products and
Commercial Savings Products.
Table of Commercial Product Value
(in IDR million)
Increase/Decrease
Commercial Product 2025 2024
Nominal Percentage
Commercial Loan Products 75,500,636 58,970,333 16,530,303 28.03%
Commercial Savings Products 314,001,045 264,189,863 49,811,182 18.85%
Total Commercial Product Value 389,501,681 323,160,196 66,397,483 20.53%
The total value of Commercial Products in 2025 amounted to IDR389.56 trillion, an increase of 20.53% compared to
IDR323.16 trillion in 2024. The growth in the commercial segment was driven by strengthened customer acquisition,
expansion of the commercial business ecosystem, and optimization of loan–deposit cross-selling through cash
management and wholesale digital solutions (VA, H2H, EDC/QRIS). Increased transaction activity enhanced the
stickiness of commercial funds, while a stronger commercial financing pipeline supported significant growth in both
loans and deposits.
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Table of Distribution Volume Commercial Product
Increase/Decrease
Commercial Product 2025 2024
Nominal Percentage
Commercial Loan Products (unit) 34,105 27,643 6,462 23.38%
Commercial Savings Products (account) 181,572 160,196 21,376 13.24%
Total 215,677 187,839 27,838 14.82%
In terms of units, growth in the commercial segment underscores the strengthening of the Company’s
was also clearly evident. Commercial Loan products commercial ecosystem through acquisition strategies,
increased by 23.38% or 6,462 units, from 27,643 units loan–deposit cross-selling, and the activation of
in 2024 to 34,105 units in 2025, indicating increasingly wholesale and digital solutions.
aggressive acquisition of commercial debtors and a
stronger financing pipeline. In line with this, Commercial COMMERCIAL LOAN PRODUCT
Deposit products rose by 13.24%, or 21,376 accounts, BTN provides commercial banking loans products
from 160,196 in 2024 to 181,572 in 2025. This reflects to provide a variety of solutions for consumers with
the Company’s success in expanding its commercial products consisting of Housing Loans and Non-Housing
customer base and strengthening cash management Loans products. Housing Loans are in the form of
and transaction services, thereby enhancing the Construction Loans, while Non Housing Loans consist of
stickiness of customers’ operational funds. The MSME Loans and Commercial Loans (KI, KMK and KMK
combination of higher loan units and deposit accounts Contractor).
Table of Commercial Loan Product Distribution Value
(in IDR million)
Increase/Decrease
Commercial Loan 2025 2024
Nominal Percentage
Housing Loan
Construction Loans 12,972,836 14,735,852 (1,763,016) (11.96%)
Non Housing Loan
MSME Loans 5,354,158 5,075,305 278,853 5.49%
Other Commercial Loan 57,173,642 39,159,176 18,014,466 46.00%
Total Commercial Loans Distribution Value 75,500,636 58,970,333 16,530,303 28.03%
The outstanding value of Commercial Loans in 2025 productive sectors and promote financial inclusion. This
amounted to IDR75.50 trillion, an increase of 28.02% growth indicates deeper penetration into the small and
compared to IDR58.97 trillion in 2024. This growth medium enterprise segment as a new source of growth.
was primarily supported by a strong surge in Other
Commercial Loans, which rose significantly by 46.00% Meanwhile, Construction Loans declined by 11.96% or
or IDR18.01 trillion, reflecting the Company’s success in IDR1.76 trillion, indicating adjustments in developers’
expanding financing to non-housing business segments project pipelines and project completion cycles, as well
and meeting the working capital and investment needs as the implementation of a more selective financing
of commercial customers. policy in the construction sector to maintain asset
quality.
On the other hand, MSME Loans also recorded positive
growth of 5.49% or IDR278.85 billion, in line with the
Company’s strategy to strengthen financing in
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Table of Commercial Loan Product Distribution Volume
(in unit)
Increase/Decrease
Commercial Loan 2025 2024
Nominal Percentage
Housing Loan
Construction Loans 2,626 3,063 (437) (14.27%)
Non Housing Loan
MSME Loans 31,015 24,394 6,621 27.14%
Other Commercial Loan 464 186 278 149.46%
Total Commercial Loan Distribution Volume 34,105 27,643 6,462 23.38%
The outstanding volume of Commercial Loans in vertical buildings/high rise buildings including their
2025 reached 34,105 units, an increase of 23.38% facilities and infrastructure.
compared to 27,643 units in 2024. The increase in
commercial loan units in 2025 primarily reflects a shift Construction Loans play a strategic role in supporting
in focus from construction financing to productive the One Million Houses Program by increasing housing
non-housing segments, particularly MSMEs and other supply. In financing construction loans, Company
commercial loans. Although construction loan units considers the maturity period based on the estimated
declined, the significantly more aggressive expansion construction timeline. Construction Loans are secured
in MSME acquisition led to substantial overall growth by collateral in the form of land and the buildings
in disbursements. Consequently, the Company’s constructed on it.
commercial portfolio has become more diversified and
less dependent on construction projects. Commercial product customers who have received BTN
Construction Loans may also obtain Kredit Kepemilikan
Housing Loan – Construction Loans Lahan (Land Ownership Loans). Company provides loan
Housing Loans in Commercial Product is Construction for the acquisition of land to be used for constructing
Loans. Company provides various property construction residences and subsidized apartment, in total up to
solutions with many facilities and benefits offered. 70% of the loan cost. The tenure for the loan follows the
Company provides construction loans to housing tenure of the construction loan and guaranteed by the
developers for working capital purposes which can land acquired and the buildings financed, with three
be used to finance the construction of houses and years period and secured by collateral in the form of
apartments. For this type of loans, company provides land acquired and buildings financed.
a maximum loans of up to 80% of development or
construction costs with floating interest rates. The Company distributes Construction Loans through 2
construction loans facility provides convenience (two) products, namely BTN Construction Loans and
for commercial banking customers to carry out Corporate Construction Loans.
developments in the construction of horizontal and
Table of Total Construction Loans Distribution Value
(in IDR million)
Increase/Decrease
Construction Loans 2025 2024
Nominal Percentage
BTN Construction Loans 11,273,342 13,220,772 (1,947,430) (14.73%)
Corporate Construction Loans 1,699,495 1,515,080 184,415 12.17%
Total Construction Loans Distribution Value 12,972,837 14,735,852 (1,763,015) (11.96%)
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04 Management Discussion and Analysis on Bank Performance
The disbursement value of Construction Loan products in 2025 amounted to IDR12.97 trillion, a decrease of 11.96%
compared to IDR14.73 trillion in 2024. The decline in Construction Loans in 2025 is consistent with the earlier discussion
that the Company’s commercial portfolio has begun to shift from project-based financing (construction) toward
productive non-housing segments, such as MSME loans and other commercial loans.
Table of Construction Loans Distribution Volume
(in unit)
Increase/Decrease
Construction Loans 2025 2024
Nominal Percentage
BTN Construction Loans 2,610 3,047 (437) (14.34%)
Corporate Construction Loans 16 16 - 0.00%
Total Construction Loans Distribution Volume 2,626 3,063 (437) (14.27%)
In terms of units, Construction Loan disbursements in Non-Housing Loans- Small Micro and Medium
2025 declined by 14.27% to 2,626 units, down from 3,063 Enterprises (MSMEs) Loans
units in 2024, a decrease of 437 units. The decline was Company provides MSME Loans as a solution for
entirely attributable to Construction Loans BTN, which fell Micro, Small and Medium Entrepreneurs (MSME/UMKM)
by 14.34% from 3,047 units to 2,610 units, a reduction of and aims to channel productive business financing.
437 units, while Corporate Construction Loans remained Company distributes MSME Loans through several
unchanged at 16 units. products, namely Micro Business Loan (KUR), Micro Small
Business Loans (KUMK), Working Capital Loans (KMK),
MSME Investment Loans, MSME Contractor KMK.
Table of MSME Loans Distribution Value
(in IDR million)
Increase/Decrease
MSME Loans 2025 2024
Nominal Percentage
KUR 3,052,735 2,910,748 141,987 4.88%
KUMK 2,195,249 2,091,016 104,233 4.98%
KMK 77,316 44,345 32,971 74.35%
MSME Investment Loans 10,191 11,469 (1,278) (11.14%)
MSME Contractor KMK 18,667 17,727 940 5.30%
Total MSME Loans Distribution Value 5,354,158 5,075,305 278,853 5.49%
The disbursement value of MSME Loan products in 2025 amounted to IDR5.35 trillion, an increase of 5.49% compared
to IDR5.07 trillion in 2024. MSME loan growth in 2025 was driven by a rebalancing from program-based financing (KUR)
and investment loans toward working capital/commercial MSME financing (KUMK and KMK). This shift strengthened
diversification of non-housing loans while maintaining profitability by shifting to a more productive portfolio mix.
Table of Distribution VolumeProduk MSME Loans
(in unit)
Increase/Decrease
MSME Loans 2025 2024
Nominal Percentage
KUR 28,621 22,408 6,213 27.73%
KUMK 2,352 1,956 396 20.25%
KMK 30 18 12 66.67%
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PT Bank Tabungan Negara (Persero) Tbk
Increase/Decrease
MSME Loans 2025 2024
Nominal Percentage
MSME Investment Loans 6 5 1 20.00%
MSME Contractor KMK 6 7 (1) (14.29%)
Total MSME Loans Distribution Value 31,015 24,394 6,621 27.14%
The volume of MSME Loan disbursements in 2025 Non Housing Loan – Other Commercial Loan
totaled 31.015 units, an increase of 27.14% compared Company markets Non-Housing Loans in the form of
to 24.394 units in 2024. The growth in MSME units in Commercial Loans, apart from providing competitive
2025 was primarily driven by the increased scale of interest and offering excellent service. Company
KUR disbursement and the rapid expansion of KUMK, distributes Commercial Loans through several products,
underscoring the Company’s strategy to broaden its namely Working Capital Loans (KMK), Investment Loan
MSME debtor base and strengthen non-housing loan and Contractor KMK.
growth.
Table of Other Commercial Loan Distribution Value
(in IDR million)
Increase/Decrease
Other Commercial Loan 2025 2024
Nominal Percentage
KMK 21,358,932 10,632,844 10,726,088 100.88%
Investment Loans 24,916,172 23,583,328 1,332,844 5.65%
Contractor KMK 475,118 1,133,305 (658,187) (58.08%)
TLF 10,423,420 3,809,700 6,613,721 173.60%
Total Other Commercial Loan Distribution Value 57,173,642 39,159,176 18,014,465 46.00%
The outstanding value of Other Commercial Loan products in 2025 amounted to IDR57.17 trillion, an increase of 46.00%
compared to IDR39.16 trillion in 2024. The growth in Other Commercial Loans was primarily driven by the expansion of
KMK and TLF, indicating that the Company’s strategy is to enlarge its non-housing commercial portfolio. characterized
by more transactional, faster-turnover financing, has been successful while also strengthening income diversification
beyond construction and housing financing.
Table of Other Commercial Loan Distribution Volume
(in unit)
Increase/Decrease
Other Commercial Loan 2025 2024
Nominal Percentage
KMK 380 321 59 18.38%
Investment Loans 172 163 9 5.52%
Contractor KMK 45 68 (23) (33.82%)
TLF 27 15 12 80.00%
Total Other Commercial Loan Distribution
624 567 57 10.05%
Volume
The volume of distribution of Other Commercial Credit in 2025 was 624 units, an increase of 10.05% compared to 2024
which was 567 units. Growth in Other Commercial Loans remained positive and was supported by the expansion of
KMK and TLF, resulting in a portfolio shift toward more transactional and faster-turnover financing, while contractor
exposure declined in line with the Company’s risk rebalancing strategy.
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04 Management Discussion and Analysis on Bank Performance
COMMERCIAL SAVINGS PRODUCTS
Company offers funding products and services for the commercial banking segment, including Current Accounts and
Institutional Time Deposits.
Table of Total Commercial Savings Funds
(in IDR million)
Increase/Decrease
Commercial Savings 2025 2024
Nominal Percentage
Commercial Current Account 141,972,871 140,600,964 1,372,907 0.97%
Institutional Term Deposit 172,028,174 123,588,899 48,439,275 39.19%
Total Commercial Savings Funds 314,001,045 264,189,863 49,811,182 18.85%
The total funds of Commercial Deposit products in 2025 in line with stronger business relationships and more
amounted to IDR314.00 trillion, an increase of 18.85% competitive pricing and product offerings.
compared to IDR264.19 trillion in 2024. The growth in
commercial loans and deposits was primarily driven by Meanwhile, Commercial Current Accounts recorded
strengthened acquisition of commercial customers and modest growth of 0.97%, indicating relatively stable
the activation of the business ecosystem (developers– operational balances; however, total funds still surged
contractors–suppliers–merchants), resulting in higher due to a shift in composition toward time deposits. The
financing and transaction needs. On the funding side, combination of commercial loan expansion (which
the largest growth came from Institutional Time Deposits, drives demand for transaction accounts and cash
which increased significantly by 39.19%, indicating management services) and increased institutional
the Company’s success in attracting institutional and deposit placements drove significant growth in the
corporate placements (operational funds/idle funds) commercial segment.
Table of Total Commercial Savings Funds Account
(in account)
Increase/Decrease
Commercial Savings 2025 2024
Nominal Percentage
Commercial Current Account 170,723 147,316 23,407 15.89%
Institutional Term Deposit 34,229 50,263 (16,034) (31.90%)
Total Commercial Savings Funds Account 204,952 197,579 7,373 3.73%
The number of Commercial Savings accounts in 2025 totaled 204.952 accounts, a 3.73% increase compared to 197.579
accounts in 2024. This increase was primarily driven by the Company’s success in expanding its commercial transaction
customer base, as reflected in the growth of operational accounts, higher transaction volume, and stronger customer
stickiness in cash management services.
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PT Bank Tabungan Negara (Persero) Tbk
Commercial Current Account
Company provides fund saving service through Current Account. i.e, Current Account FLPP and Current Account Non
FLPP.
Table of Total Commercial Current Account Funds
(in IDR million)
Increase/Decrease
Commercial Current Account 2025 2024
Nominal Percentage
Current Account Non FLPP 66,983,027 79,362,259 (12,379,232) (15.60%)
Current Account FLPP 75,416,589 61,661,227 13,755,362 22.31%
Total Commercial Current Account Funds 142,399,616 141,023,486 1,376,130 0.98%
The total funds in Commercial Current Accounts reached IDR142.40 trillion in 2025, growing by 0.98% from IDR141.02
trillion in 2024. This increase was driven by the Company’s proactive measures to restructure high-cost funds into
lower-cost funds, as reflected in the decline in Non-FLPP Current Accounts and the increase in FLPP Current Accounts,
with a rate of only 0.05%. This shift in the funding mix has resulted in a more efficient Third-Party Funds (TPF) structure,
reducing the TPF cost of funds (CoF) from 4.09% in December 2024 to 3.91% in December 2025.
Table of Total Commercial Current Account Account
(in account)
Increase/Decrease
Commercial Current Account 2025 2024
Nominal Percentage
Current Account Non FLPP 170,583 147,304 23,279 15.80%
Current Account FLPP 12 12 0 0.00%
Total Commercial Current Account Account 170,595 147,316 23,279 15.80%
In terms of the number of accounts, Commercial more efficiently priced average balances. This strategy
Current Accounts recorded significant growth, with aligns with the Company’s efforts to reduce the cost of
total accounts increasing by 15.80% or 23,279 accounts, funds through active management of current account
from 147,316 in 2024 to 170,595 accounts in 2025. This composition and pricing, while the growth of FLPP Current
increase was entirely attributable to Non-FLPP Current Accounts, with rates of approximately 0.05%, helps
Accounts, which also rose by 15.80% or 23,279 accounts, maintain a low-cost funding structure and supports the
while FLPP Current Accounts remained unchanged at 12 reduction of the cost of Third-Party Funds (CoF TPF).
accounts. The implication is that, although the nominal
value of Non-FLPP Current Accounts declined in line with Institutional Term Deposit
the strategy to reduce high-cost funds, the transaction Company also provides fund savings services in the
account base continued to expand. This reflects a form of Institutional Term Deposit through Institutional
quality rebalancing, characterized by an increase in Term Deposit products and Institutional On Call Deposits.
operational/transactional accounts with smaller and
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04 Management Discussion and Analysis on Bank Performance
Table of Total Institutional Term Deposit Funds
(in IDR million)
Increase/Decrease
Institutional Term Deposit 2025 2024
Nominal Percentage
Institutional Term Deposit 171,114,693 119,769,907 51,344,786 42.87%
Institutional On Call Deposits 913,481 3,818,992 (2,905,511) (76.08%)
Total Institutional Term Deposit Funds 172,028,174 123,588,899 48,439,275 39.19%
Institutional Time Deposits in 2025 totaled IDR172.03 funding sources. Accordingly, although the nominal
trillion, a growth of 39.19% compared to IDR123.59 trillion in amount of deposits increased, the funding structure
2024. This increase remains aligned with BTN’s strategy, became healthier, supported by more competitive and
as growth in institutional deposits has been managed controlled rate management, thereby contributing to a
through more efficient pricing (lower rates), as part of sustainable reduction in the cost of funds.
the effort to replace high-cost funds with lower-cost
Table of Total Institutional Term Deposit Account
(in account)
Increase/Decrease
Institutional Term Deposit 2025 2024
Nominal Percentage
Institutional Term Deposit 12,513 10,635 1,878 17.66%
Institutional On Call Deposits 367 214 153 71.50%
Total Time Deposit for Agencies Account 12,880 10,849 2,031 18.72%
The number of Institutional Time Deposit accounts The vast potential for housing sector development is also
in 2025 reached 12.880 accounts, a 18.72% increase reflected in Indonesia’s mortgage-to-GDP ratio, which
compared to 10.849 accounts in 2024. The increase in remains around 2.9%–3.0%, significantly lower than other
the number of accounts indicates that the Company Southeast Asian countries such as Singapore (44.8%),
is not solely relying on large placements from a limited Malaysia (38.4%), Thailand (22.3%), and the Philippines
number of institutions, but is also expanding its base (3.8%). This indicates substantial opportunities to further
of institutional and corporate depositors. In line with its increase the housing sector’s contribution to GDP.
fund recomposition strategy, the growth of institutional
deposits has been managed with more efficient pricing Within the housing ecosystem, Company plays a
and rates, thereby supporting improvements in the strategic role as an enabler by providing supply-side
overall cost of funds structure. financing through construction loans for developers and
demandside financing through mortgage loans for the
Conventional Segment Innovations and public. Beyond its role in supply and demand financing,
Competitive Advantages Company also contributes to developing the secondary
mortgage market through mortgage securitization.
As one of the sectors contributing to GDP growth, the In general, Company’s role in the national housing
property sector, particularly housing, is expected to ecosystem is illustrated in the following diagram:
continue expanding to maintain the current economic
growth momentum. This is largely due to the significant
housing backlog, the property sector’s multiplier effect
on 174 other sub-sectors, and its contribution to job
creation. According to BPS data from 2021, the property
sector has directly employed up to 19 million people.
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PT Bank Tabungan Negara (Persero) Tbk
BTN’S ROLE IN THE HOUSING ECOSYSTEM
REGULATOR
SUPPLY SIDE supply - demand DEMAND SIDE
• SOEs Development ENABLER / INEGRATOR Affluent
society
Construction
Mortgage
Loan Facility
Facility
BTN as a financing institution
supports the supply and
demand side People in the upper middle class
Debt Installment segment will obtain houses
Payment Payment through market mechanisms.
Performance Contribution Payment
Pioneering, (Specifically for BP
Placement
of funds,
EBA Sales, Tapera, BPJS TK & Low-Income
Bond Issuance TWP AD) Community
partnerships
• Private Development
Alternative Sources of Financing Funds
Provider of construction services To increase the repayment
and decent housing for the capacity of MBR, the government
Providers
community including for provides stimulus/subsidies:
and Capital
low-income communities. Service On shore Off Shore FLPP, SSB, SCUM, BP2BT
market
Providers
Securitization
Legal support, licensing and of bond
land provision issuance
Institutional and
Supporting Supporting KLIK
community collaboration
Professions Institutions
TWP AD
• Notary • BPN
• KJPP • Land Bank • Managing participant savings funds as a source Community
of housing financing (BP Tapera, BP Jamsostek,
(barbers, etc.)
TWP AD)
As a supporter As a supporter of • Joint Financing (FLPP), refinancing and
in appraisal defense licensing securitization of KPR (SMF)
services (KJPP) (BPN) and land • Foreign funding sources (JICA) Various communities and
AND LEGALITY management (Land • Capital markets as a means for issuers to obtain institutions (Gojek drivers,
(notary) Bank) funds and the public to invest (securitization, KIK, Indomaret employees, Asgar
Bonds) barbers, etc.)
Each institution within the housing ecosystem plays a 1. Developing innovative low-cost transactional
strategic, interconnected role that cannot be separated. savings products
BTN’s role in the housing ecosystem is highly significant, a. Launching a bundled payroll proposition to
serving as an enabler and integrator in the housing increase penetration with existing BTN companies
sector. Key stakeholders involved in the housing in the ecosystem and New to Bank (NTB) and
ecosystem include regulators, alternative funding expanding reach to NTB customers, both payroll
providers, housing suppliers, residents or communities, employees and key decision-makers, by placing
and BTN itself. dedicated payroll specialists within a one-Client
Service Team (CST) RM coverage model.
Conventional Segment Strategy In 2025 b. Intensifying retail funding sales footprint (through
internal and outsourcing) in market areas with
In alignment with the eight strategic themes of the high Savings Account (SA) volume and growth
2025–2029 long-term plan, the Company executed the potential, targeting mass and mass-affluent
following steps: NTB customers to increase savings market
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04 Management Discussion and Analysis on Bank Performance
share from 1.3% to 2%-3% through increased rewards, and product bundles for cash-rich
sales productivity (e.g., training, KPIs, and sales sectors. In this regard, the deposit war-room
productivity toolkits), branchless formats, and serves as the Company’s control center for
outsourcing. real-time monitoring and management of
c. Becoming the primary/secondary bank for first- third-party fundraising performance, including
time homebuyers - with millennial-focused time deposits, demand deposits, and savings
product bundles for Existing to Bank (ETB) and accounts. This facility enables rapid decision-
New to Bank (NTB) to increase engagement with making regarding interest rate adjustments and
SA and debit/credit cards through partnerships marketing strategies, enabling BTN to compete
with lifestyle retail goods and housing companies. effectively in attracting liquidity.
d. Driving BTN mobile customer acquisition and b. Targeting cross-selling funding into the end-
increasing the number of transacting accounts to-end housing ecosystem and value chain
from 30% to 45%, launching a retail deposit acquisitions, for example, in the cement sector,
war room with win-back for recently inactive starting from the wholesaler, distributor, retailer,
customers and the acquisition of NTB, bundling and developer levels.
products based on customer segments and 5. Growing Non-Subsidized Lending by Enhancing
expanding BTN-balé offerings to increase Partnerships
customer loyalty supported by cross-selling and a. Primary Housing: Deepening relationships
engagement campaigns driven by Advanced with Top 50 developers by doubling the digital
Analytics (AA). Turn Around Time (TAT), digitalizing back-end
e. Expanding wealth proposition penetration to processes for RMs, providing a real-time tracking
existing and hidden cash-rich customers within portal for customers and developers, increasing
the Company’s ecosystem, including bundling sales intensity, expanding sales centers in areas
wealth propositions with payroll products and with high development potential, and providing
cash-rich Small and Medium Enterprise (SME) higher incentives for bulk acquisitions for primary
products. developers.
2. Targeting the Cash-Rich Self-Employed Segment b. Secondary Housing: Strengthening acquisition
in the Housing Ecosystem channels through an agent network that
a. Launching a needs-based proposition targeting provides dual reporting lines from Direct-to-
cash-rich self-employed professionals within Consumer (D2C) agents within sales centers
the housing ecosystem; with the potential to and a loyalty program for elite agents. Improving
expand to the healthcare, legal, and consulting the customer experience with instant indicative
ecosystems offers, a one-week “time-to-yes” period, and a
b. Launching a merchant proposition targeting two-fold reduction in the overall TAT through a
MSMEs and food and restaurant retailers through digitalized application process. Increase lead
merchant product bundles, strengthening the acquisition and generation through digital
merchant platform, and offering value-added partners including seamless process integration
services (beyond banking) through partnerships with BTN property and Online to Offline (O2O)
with merchant service providers/acquirers. fulfillment journey.
3. Optimizing Fee-Based Product Penetration c. Developing a proposition to reduce churn/
Encouraging registration and utilization of transaction repayments with a centralized counter-offering
banking products with a single integrated platform, team to reduce prepayment rates and a win-
launching sector-specific solutions for cash-heavy back campaign to target customers who have
and trade-focused priority segments, and activating already switched.
dormant institutional accounts. 6. Increasing Penetration in the Housing Value Chain
4. Gaining Full-Wallet Share for SMEs and Wholesale a. Increasing value-chain penetration of corporate
a. Launching a deposit war-room targeting existing anchor clients from one anchor client to at least
SME value chain customers, acquired SME 15-20 anchor clients with dedicated value-
merchants, and wholesale customers to drive chain specialists under a one-Client Service
CASA penetration with campaigns leveraging Team (CST) model with a centralized monitoring
AA and segment-specific pricing, targeted system for tracking.
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PT Bank Tabungan Negara (Persero) Tbk
b. Launching sector-specific product bundles for approximately 350,000 units nationally, and BTN is
construction and real estate companies across targeting/projecting subsidized housing financing
the end-to-end lifecycle, including underwriting, of approximately 170,000 units throughout 2026,
financing, funding, and financial management confirming the company’s role as a key driver of
services, as well as providing tiered programs subsidized mortgage distribution.
and a universal annual limit for spokespeople • In the short term, the housing sector remains in a
(partners/agents). phase of adjustment. The Residential Property Price
7. Expanding High-Yield Products to All Segments Survey (SHPR) shows that in the third quarter of 2025,
a. Increasing higher-yielding products by residential property sales in the primary market
expanding KAR/KRING to non-payroll and NTB contracted by 1.29% (yoy), although this represents
customer bases by accelerating the deployment an improvement compared to the previous
of digital application journeys, credit decision quarter’s contraction of 3.80% (yoy). This slowdown
support, and highly personalized marketing was primarily driven by public purchasing power,
across owned media channels. Launching new rising building material prices, and more selective
propositions and driving penetration for credit consumer preferences.
lines.
b. Optimizing penetration and activation of fee- Nevertheless, several driving factors are beginning to
based income products for credit cards and form and lay the foundation for future recovery. The
wealth propositions, combined with savings and government has increased the FLPP mortgage allocation
lending propositions. for the low-income segment by approximately 170,000
c. Increasing the volume and profitability of units specifically for the Company in 2026, which will
Joint Finance Schemes (B2B) and channeling strengthen demand for affordable housing. On the
partnerships. monetary policy side, the continuation of the LTV/FTV
8. Expanding KUMK to Leading SME Sectors stimulus of up to 100% provides more flexible financing
Expanding KUMK to high-growth SME sectors with opportunities for the upper-middle class, potentially
lower NPLs, improving the performance and practices accelerating demand for non-subsidized property.
of existing RMs, improving credit underwriting and
streamlining processes, and launching innovative From the financing side, mortgages remain dominant,
propositions to enter cash-intensive sectors with accounting for 74.41% of total home purchase financing
cash management offerings and bundled MSME sources, confirming the central role of banks, particularly
loans. Trade-oriented sectors, namely export/ the Company, as a key driver of the housing ecosystem.
import transaction banking propositions combined The improving trend in the IHPR, which continues to grow
with micro, small, and medium enterprises (MSMEs) by 0.84% (yoy), also indicates that interest in property
offerings. Entering high-growth, low-NPL sectors for assets remains strong, particularly for small homes.
Micro Business Loan (KUR) through superior credit
capabilities and process digitization. Medium and Long Term Prospect
Business Prospects and Conventional The demographic bonus and growth of the middle class
Segment Strategies for 2026 population dominated by the millennial generation
are also driving the housing finance business in the
Short Term Prospect future, where based on data from the Central Statistics
Agency (BPS), currently the number of generation Z
Housing loan growth is expected to remain resilient in and millennial generations dominates the productive
the short term, supported by a combination of policy age population with generation Z (aged 8 - 23 years)
incentives and a substantial structural backlog. In the reaching 27.94% and the millennial generation (aged
short term, two key factors have the potential to catalyze 24 - 39 years) as much as 25.87%, where this portion is
growth: predicted to continue to grow for the next 10 (ten) years,
• Demand for low-income mortgages (MBR) which is an opportunity to develop the housing business
is expected to remain strong, in line with the in the first home buyer segment which is BTN’s captive
continuation of the government’s subsidy program. market.
For 2026, the government has set a FLPP quota of
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04 Management Discussion and Analysis on Bank Performance
Graph of Indonesia Population Projection
(in Million People)
239 271 296 313 319
126 96
151
186
194
223
187
145
85
45
2010 2020 2030 2040 2045
Middle Class Other Segment
Source: National Development Planning Agency (Bappenas), 2024
Furthermore, as a sector with a multiplier effect on 174 industrial sub-sectors, developing the housing business value
chain is also one of the Company’s business development strategies. To capture this opportunity, the Company will
develop financial products and services targeting the expansion of the construction business value chain, including
land acquisition, building materials, land and property development, construction services, and financing for
developers.
Picture of Housing Business Value Chain Expansion
Land and Property Construction
Land Acquisition Basic materials Developer
Development services
Business
players
Distributors
Significant potential to tap into
ecosystem play can by boosted bu
providing anchor with incentives
(eg lead sharing, referral fees)
~20 ~15 ~130rb ~5-6rb ~5-6rb
Number of
• 20 corporations • The 2 largest business • 20 thousand business • 20% large companies
Entrepreneurs operating across players account for players in the mid- • 45% medium-sized
• The top 10 largest
companies account for
and Indonesia the majority of market sized to large enterprise companies the majority of market
competitive • A large number of share, supported by segment • 35% small companies share
individual landowners SME-class distributors • 85% are SME- • The remaining
landscape outside the 10 major class construction 80–90% are SME-class
2019 cities in Indonesia companies developers
Source: Long-Term Corporate Plan 2025–2029
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PT Bank Tabungan Negara (Persero) Tbk
Sharia Segment
Sharia Segment Explanation and Productivity
Company is also developing a banking model that adheres to the sharia system. The Sharia Business Segment
provides savings and financing product in consumer and commercial segment. The product performance of the
Sharia Segment is described through 2 (two) products, namely Sharia Financing and Sharia Savings, with each
description as follows:
SHARIA SEGMENT
SHARIA FINANCING SHARIA DEPOSIT
PRODUCT PRODUCT
SHARIA SHARIA
SHARIA CONSUMER SHARIA CURRENT
COMMERCIAL SHARIA DEPOSIT SHARIA SAVINGS
FINANCING ACCOUNT
FINANCING
Preview of Sharia Segment performance can be seen in the following table and chart:
Graph of Financing Position and Third Party Funds
(in IDR trillion)
Sharia Financing Position Sharia Savings Position
41,16 51,35 3,52 2,74 19,82 26,94 7,81 8,68 21,99 23,11
60,00 30,00
50,00 25,00
40,00 20,00
30,00 15,00
20,00 10,00
10,00 5,00
0,00 0,00
Consumer Financing Commersial Financing Current Account Sharia Berkah Savings Berkah Deposit
Total Financing Positions and Third Party Funds in the Sharia Segment
43,89 54,87 49,62 58,73 93,52 114
120,00
100,00
80,00
60,00
40,00
20,00
0,00
Total Position Value of Sharia Financing
Total Sharia Savings Fund Position Number of Sharia Segment Product Position
Products
2024 2025
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04 Management Discussion and Analysis on Bank Performance
Sharia Financing Products
Company also provides housing and non-housing financing facilities under sharia principle, which are divided into two
types, i.e. Consumer and Sharia Commercial Financing. Detailed information regarding the performance of Company
Sharia Financing products can be seen in the table and below:
Table of Sharia Financing Value Position
(in IDR million)
Increase/Decrease
Sharia Financing 2025 2024
Nominal Percentage
Consumer Financing 51,352,635 41,156,171 10,196,464 24.78%
Sharia Commercial Financing 3,520,527 2,736,656 783,871 28.64%
Total Sharia Financing Value Position 54,873,162 43,892,827 10,980,335 25.02%
The total Sharia Financing distribution in 2025 reached IDR54.87 trillion, an increase of 25.02% compared to the
2024 disbursement of IDR43.89 trillion. This increase was due to an increase in growth contributions from Consumer
Financing of IDR 10.19 trillion, an increase of 24.78% compared to 2024.
Table of Sharia Financing Volume Position
(in financing unit)
Increase/Decrease
Sharia Financing 2025 2024
Nominal Percentage
Consumer Financing 371,435 311,252 60,180 19.34%
Sharia Commercial Financing 1,372 1,461 (89) (6.09)
Total Sharia Financing Value Position 372,807 312,713 60,094 19.22%
Sharia financing successfully disbursed up to 2025 amounted to 372.807 financing units, an increase of 19.22% or
60.094 financing units compared to 2024, which had 312.713 financing units. This increase in financing volume was
largely contributed by an increase in Consumer Financing of 60,180 financing units.
SHARIA CONSUMER FINANCING
Sharia Consumer Financing is distributed by Company c. BSN Non KPR disbursed through:
through the following products: - House Construction
1. Housing Financing, covering: - PUM-KB Jamsostek
a. BSN KPR Sejahtera disbursed through: 2. Non-Housing Financing includes:
- KPR BP2BT a. Motor Vehicles
- KPR Sejahtera Tapak b. Gold Pawning
- KPR Sejahtera Susun c. Multi-Services
- KPR SSM Tapak d. Multi-Benefits
- KPR SSM Susun e. Gold Installments
- KPR Tapera f. Multi-Benefits for Employee
b. BSN Non Subsidized Housing Loan disbursed
through:
- House Ownership
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Table of Sharia Consumer Financing Position
(in IDR million)
Increase/Decrease
Sharia Consumer Financing 2025 2024
Nominal Percentage
HOUSING FINANCING 50,857,322 40,866,065 9,991,257 24.45%
SUBSIDIZED HOUSING LOAN 33,883,248 26,521,953 7,361,295 27.76%
KPR BP2BT 513,826 551,863 (38,037) (6.89%)
KPR Sejahtera Tapak 26,781,550 18,549,858 8,231,692 44.38%
KPR Sejahtera Susun 1,285 1,363 (78) (5.70%)
KPR SSM Tapak 6,174,606 6,972,292 (797,686) 0.00%
KPR SSM Susun 38,348 43,519 (5,171) 0.00%
KPR Tapera 373,634 403,058 (29,424) (7.30%)
Non Subsidized Housing Loan 16,934,646 14,303,159 2,631,487 18.40%
House Ownership 10,438,214 9,040,139 1,398,075 15.47%
Indent House Ownership 6,496,432 5,263,020 1,233,412 23.44%
Non KPR 39,428 40,953 (1,525) (3.72%)
House Building 36,583 37,172 (589) (1.58%)
PUM-KB Jamsostek 2,845 3,781 (936) (24.76%)
NON-HOUSING FINANCING 495,313 198,266 297,047 149.82%
Vehicle 924 1,485 (561 (37.80%)
Mortgage - - - -
Multipurpose Services 25,165 20,904 4,261 20.38%
Multipurpose Goods 223,303 175,877 47,426 26.97%
Gold Installment 17,734 - 17,734 100.00%
Employees Multipurpose 228,188 91839 136,349 148.47%
Total Sharia Consumer Financing Position 51,352,636 41,064,331 10,288,305 25.05%
The total Consumer Sharia Financing position in 2025 was IDR51.35 trillion, an 25.05% increase from IDR41.06 trillion
in 2024. The increase in financing position was largely contributed by KPR Sejahtera Tapak financing which reached
IDR26.78 trillion.
Table of Sharia Consumer Financing Volume Position
(in financing unit)
Increase/Decrease
Sharia Consumer Financing 2025 2024
Nominal Percentage
HOUSING FINANCING 366,584 307,580 59,004 19.18%
SUBSIDIZED HOUSING LOAN 304,208 250,808 53,400 21.29%
KPR BP2BT 6,014 6,144 (130) (2.12%)
KPR Sejahtera Tapak 212,898 156,941 55,957 35.65%
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04 Management Discussion and Analysis on Bank Performance
Increase/Decrease
Sharia Consumer Financing 2025 2024
Nominal Percentage
KPR Sejahtera Susun 10 10 - 0.00%
KPR SSM Tapak 82,118 84,533 (2,415) (2.86%)
KPR SSM Susun 297 305 (8) (2.62%)
KPR Tapera 2,871 2,875 (4) (0.14%)
Non Subsidized Housing Loan 61,581 55,899 5,682 10.16%
House Ownership 43,343 40,404 2,939 7.27%
Indent House Ownership 18,238 15,495 2,743 17.70%
Non KPR 795 873 (78) (8.93%)
House Building 271 310 (39) (12.58%)
PUM-KB Jamsostek 524 563 (39) (6.93%)
NON-HOUSING FINANCING 4,851 3,672 1,179 32.11%
Vehicle 10 11 (1) (9.09%)
Gold Pawn - - - -
Multipurpose Services 292 296 (4) (1.35%)
Multipurpose Goods 3,713 3,141 572 18.21%
Gold Installment 336 - 336 100.00%
Employees Multipurpose 500 224 276 123.21%
Total Sharia Consumer Financing Position 371,435 311,252 60,183 19.34%
The volume of Consumer Sharia Financing in 2025 SHARIA COMMERCIAL FINANCING
totaled 371.435 financing units, an increase of 19.34% Sharia Commercial Financing is distributed by the
or 60.183 units compared to 311.252 units in 2024. The Company through several products as follows:
increase in Consumer Financing volume was due to 1. Housing Financing
the growth in the contribution of KPR Sejahtera Tapak a. Yasa Griya
financing volume of 55,957 financing units. 2. Non- Housing Financing
a. Sharia MSMEs
b. Working Capital
c. Investment
Table of Sharia Commercial Financing Value Position
(in IDR million)
Increase/Decrease
Sharia Commercial Financing 2025 2024
Nominal Percentage
Housing Financing 2,045,644 2,351,310 (305,666) (13.00%)
Yasa Griya 2,045,644 2,351,310 (305,666) (13.00%)
NON-HOUSING FINANCING 1,474,883 385,346 1,089,537 282.74%
MSMEs Sharia - - - -
Working Capital 764,830 312,871 451,959 144.46%
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Increase/Decrease
Sharia Commercial Financing 2025 2024
Nominal Percentage
Investment 710,054 72,475 637,579 879.72%
Total Position of Sharia Commercial Financing
3,520,527 2,736,656 783,871 28.64%
Volume
The Sharia Commercial Financing position in 2025 reached IDR3.52 trillion, an increase of IDR783.87 billion or 28.64%
compared to 2024. The increase in financing position was due to an increase in Investment financing of IDR637.58
billion.
Table of Sharia Commercial Financing Volume Position
(in financing unit)
Increase/Decrease
Sharia Commercial Financing 2025 2024
Nominal Percentage
Housing Financing 1,237 1,334 (97) (7.27%)
Yasa Griya 1,237 1,334 (97) (7.27%)
NON-HOUSING FINANCING 135 127 8 6.30%
Sharia MSMEs - - - -
Working Capital 97 78 19 24.36%
Investment 38 49 (11) (22.45%)
Total Position of Sharia Commercial Financing
1,372 1,461 (89) (6.09%)
Volume
The total Commercial Financing volume in 2025 was 1,372 units, a decrease of 6.09%, or 89 units, compared to 1,461 units
in 2024. The decrease in Commercial Financing volume was driven by a decrease of 97 units through the Construction
Financing product.
Sharia Savings Product
The Company also collects third-party funds through the Sharia Business Unit through Current Account, Savings and
Sharia Time Deposits products.
Table of Funds Position Sharia Savings
(in IDR million)
Increase/Decrease
Sharia Savings 2025 2024
Nominal Percentage
Berkah Current Account 26,944,158 19,824,690 7,119,468 35.91%
Berkah Savings 8,678,923 7,809,712 869,211 11.13%
Berkah Deposits 23,108,054 21,987,804 1,120,250 5.09%
Total Funds Position Sharia Savings 58,731,135 49,622,206 9,108,929 18.36%
The total Sharia Savings Funds in 2025 reached IDR58.73 trillion, an 18.36% increase compared to IDR49.62 trillion in
2024. This increase was largely driven by an increase in Sharia Demand Deposits of IDR7.12 trillion or 35.91%,. Sharia
Savings and Sharia Time Deposits also increased by 11.13% and 5.09%, respectively.
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04 Management Discussion and Analysis on Bank Performance
Table of Sharia Savings Account Volume Position
(in account)
Increase/Decrease
Sharia Savings 2025 2024
Nominal Percentage
Berkah Current Account 92,188 76,270 15,918 20.87%
Berkah Savings 1,503,011 1,334,915 168,096 12.59%
Berkah Deposits 11,896 10,820 1,076 9.94%
Total Funds Position Sharia Savings 1,607,095 1,422,005 185,090 13.02%
The total volume of Sharia Savings Accounts in 2025 grew by 13.02%, from 1.422.005 accounts in 2024 to 1.607.095
accounts in 2025. Sharia demand deposits (GIRO) products, with 20.87% volume growth, were the largest contributor
to the increase in Sharia savings volume. Sharia Savings accounts also saw an increase in account volume, reaching
168,096 accounts, a 12.59% increase compared to 2024.
SHARIA CURRENT ACCOUNT
Sharia Savings in the form of Current Account is provided through 2 (two) products, namely Berkah Wadiah Demand
Deposit and Berkah Mudharabah Demand Deposit.
Table of Sharia Current Account Funds Position
(in IDR million)
Increase/Decrease
Sharia Current Account 2025 2024
Nominal Percentage
Berkah Wadiah Demand Deposit 25,147,603 18,882,765 6,264,838 33.18%
Berkah Mudharabah Demand Deposit 1,796,554 941,925 854,629 90.73%
Total Berkah Current Account Position 26,944,157 19,824,690 7,119,467 35.91%
The total Berkah Current Account position in 2025 increased by 39.91% to IDR26.94 trillion, compared to IDR19.82 trillion
in 2024. Both Berkah products experienced increases compared to 2024, with details of Berkah Mudharabah demand
deposit increasing 90.73% to IDR1.8 trillion and Berkah Wadiah demand deposit increasing 33.18% to IDR25.14 billion.
Table of Sharia Current Account Account Volume Position
(in account)
Increase/Decrease
Sharia Current Account 2025 2024
Nominal Percentage
Wadiah Berkah Current Account 89,887 74,056 15,831 21.38%
Mudharabah Berkah Current Account 2,301 2,214 87 3.93%
Total Position of Berkah Current Account Volume 92,188 76,270 15,918 20.87%
The total number of Sharia Demand Deposit accounts in 2025 was 92.188, an increase of 15.831 accounts or 21.38%
compared to 2024. This increase was mainly contributed by the increase in Berkah demand deposit with an increase
of 20.87% compared to 2024. Berkah Wadiah is a demand deposit product that has contributed quite significantly to
the increase.
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SHARIA SAVINGS
Sharia savings are provided through several products, namely Wadiah Berkah Savings, Mudharabah Berkah Savings,
Haji dan Umrah Savings, TabunganKu, Qurban Savings, Simpel Savings, Emas Savings.
Table of Sharia Savings Funds Position
(in IDR million)
Increase/Decrease
Sharia Savings 2025 2024
Nominal Percentage
Wadiah Berkah Savings 1,702,986 1,499,161 203,825 13.60%
Mudharabah Berkah Savings 6,681,558 6,007,489 674,069 11.22%
Haji dan Umroh Savings 250,468 262,504 (12,036) (4.59%)
TabunganKu 15,731 15,039 692 4.60%
Qurban Savings 8,701 7,334 1,367 18.64%
Simpel Savings 8,358 7,732 626 8.10%
Emas Savings 11,121 10,454 667 6.38%
Total Sharia Savings Funds Position 8,678,923 7,809,713 869,210 11.13%
The total Sharia Savings position in 2025 increased by 11.13% to IDR8.68 trillion, compared to IDR7.81 trillion in 2024. The
largest contributor to the increase in Sharia Savings funds was the Mudharabah Berkah Savings, which increased by
IDR674.01 billion. Mudharabah Berkah Savings is a savings account based on a mudharabah (investment) contract
that provides profitable profit sharing to customers. The increase in Mudharabah Berkah Savings also indicates that
the Company’s Sharia Business Unit performance in 2025 improved and provided optimal profit sharing to customers,
thus encouraging customers to entrust more of their funds to the Company’s Sharia Business Unit.
Table of Sharia Savings Account Volume Position
(in account)
Increase/Decrease
Sharia Savings 2025 2024
Nominal Percentage
Wadiah Berkah Savings 891.443 786.936 104.507 13,28%
Mudharabah Berkah Savings 160.812 157.409 3.403 2,16%
Haji dan Umroh Savings 265.530 224.705 40.825 18,17%
TabunganKu 39.221 32.810 6.411 19,54%
Qurban Savings 39.283 30.927 8.356 27,02%
Simpel Savings 93.819 90.489 3.330 3,68%
Emas Savings 12.903 11.639 1.264 10,86%
Total Sharia Savings Funds Position 1.503.011 1.334.915 168.096 12,59%
The total volume of Sharia Savings Accounts in 2025 reached 1.50 million accounts, a 12.59% increase compared
to 1.33 million accounts in 2024. The largest contributor to the increase in the number of Sharia Savings accounts
was the Berkah Wadiah Savings which increased by 104,507 accounts This increase was partly due to the effective
implementation of the CASA and retail DPK programs.
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04 Management Discussion and Analysis on Bank Performance
SHARIA TIME DEPOSITS
Sharia savings in the form of deposits are provided through 3 (three) products, namely Individual Berkah Deposits ,
Institutional Berkah Deposits, Berkah Deposits On Call.
Table of Sharia Time Deposits Funds Position
(in IDR million)
Increase/Decrease
Sharia Time Deposits 2025 2024
Nominal Percentage
Berkah Deposits (Individual) 1,682,879 1,472,223 210,656 14.31%
Berkah Deposits (Institution) 20,317,598 19,236,272 1,081,326 5.62%
Berkah On Call Deposits 1,107,577 1,279,309 (171,732) (13.42%)
Total Sharia Time Deposits Funds Position 23,108,054 21,987,804 1,120,250 5.09%
The total Sharia Deposit position in 2025 amounted to IDR23.11 trillion, an increase of 5.09% compared to IDR21.99 trillion
in 2024. The number of positions in Individual Berkah Deposits and Institutional Berkah Deposits increased by 14.31% and
5.62%, respectively. This increase in deposit value was contributed by, among other things, special programs offered
to depositors, such as special ratios.
Table of Sharia Time Deposits Account Volume Position
(in account)
Increase/Decrease
Sharia Time Deposits 2025 2024
Nominal Percentage
Berkah Deposits (Individual) 10,081 9,007 1,074 11.92%
Berkah Deposits (Institution) 1,753 1,689 64 3.79%
Berkah On Call Deposits 62 124 (62) (50.00%)
Total Sharia Time Deposits Funds Position 11,896 10,820 1,076 9.94%
The total volume of Sharia Deposit accounts in 2025 reached 11,896, a 9.94% increase compared to 10,820 in 2024. This
increase was primarily due to the 11.92% growth in Institutional Berkah Deposits, which was in line with the growth in
Sharia Deposit funds in 2025.
Sharia Segment Innovations and 4. Transformation initiatives (Financing Origination
Competitive Advantages System/FOS Collection, collaboration between
Tapera and Army Housing Compulsory Savings (TWP
Some of the competitive advantages and innovations AD), digital onboarding, and core banking system
carried out by the Sharia Segment could be described upgrade).
as follows: 5. Development of sharia rent to own products
1. Opportunities for captive customers with KPR, Kredit
Yasa Griya (KYG) and Institutional Funds have the Sharia Segment Strategy in 2025
potential to be developed.
2. Become a partner of the Government in the National The sharia segment strategy for 2025 included financing
Housing Program. business development strategy, funding development
3. The excess reserve condition relatively high. strategy, capital strategy, financing quality improvement
strategy, fee based income strategy, Information
Technology (IT) infrastructure strategy which is
described as follows:
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PT Bank Tabungan Negara (Persero) Tbk
a. Financing Business Development Strategy
Strategy Theme Initiative
1. Monetize housing ecosystem at- a. Optimizing relationships with top developers and partners.
scale. b. Strengthening acquisition channels, including the agent network.
c. Improving business processes in consumer and commercial financing.
d. Optimizing the existing partnerships through integration and synergy with the
Funding Unit and expanding collaboration with agencies (payroll/collectives) to
expand the pipeline.
e. Opening and optimizing the use of BTN Property as a mortgage financing
distribution channel.
f. Developing integration between the BTN e-loan/sharia business unit system and
BP Tapera through Tapera’s digital services.
g. Optimizing the Company’s share of the 2025 FLPP and TAPERA mortgage quotas,
targeting the fixed income and state civil apparatus (ASN) segments.
h. Developing H2H FLPP (Sikasep, Sikumbang, etc.), H2H PUPR (SBUM and SSM), and
H2H Tapera.
i. Developing H2H with Insurance Partners to automate the closing of Subsidized
Mortgage iB Insurance.
j. Strategic programs with all business units related to achieving realization and
increasing market share of subsidized mortgages.
k. Strengthening the monitoring and evaluation of subsidized mortgage business
processes.
l. Socialization and education of FLPP mortgages and Tapera financing (mortgages,
PRR, PBR) to associations and developers through webinars, developer gatherings,
expos, and other media.
2. Transition from mono-bank to a. Expanding the non-housing business financing market by enhancing the BTN iB
full-banking offerings Multijasa portfolio.
b. Improving payroll collaboration and non-mortgage financing distribution, as well
as promoting non-mortgage products.
c. Penetrating the gold pawn and installment market.
3. Expanding credit/financing/ Expanding commercial financing to SME sectors with high growth and lower NPF,
financing for Micro, Small and launching innovative and sharia-compliant propositions targeting both residential
Medium Enterprise Cooperatives and non-residential sectors.
(KUMK) to leading SME sectors
b. Funding Development Strategy
Strategy Theme Initiative
1. Reengineering of effective TPF a. Developing effective and integrated marketing communications and rebranding
marketing models and product through an umbrella campaign.
rebranding. b. Merchant and partnership promotions that can reach all of Indonesia.
a. Organizing events that directly impact business achievements through integrated
activities.
2. Strengthening the fundamentals a. Increasing Hajj and Umrah savings through collaboration with affiliated third
of low-cost funding and parties
focusing on cost-of-funds (CoF) b. Increasing non-FLPP Demand deposits deposits from transactional cooperation
improvements. and cash management of government institutions (Ministries/ Agencies/BLU).
c. Recomposition of core customer ratio and optimization of cost of funds by
diversifying core customers.
d. Increasing retail savings composition through intensified collaboration with
individual customers in affiliated institutions.
e. Collaborating with Islamic Institutions and Philanthropy
f. Implementation of the Serbu program to Hospitals, Health Institutions, Schools,
Madrasas, Islamic Boarding Schools, SOEs, Universities and Colleges.
3. Enhancing low-cost a. Developing a Spider Web Business Ecosystem with a focus on Islamic related,
transactional savings products property related, healthcare and education segments.
b. Increasing the acquisition and transaction of e-channel services (mobile
banking, CMS, QRIS, EDC and virtual accounts) through effective promotions and
campaigns.
c. Completing the development of digital products (new BTN Sharia mobile banking,
new virtual accounts, and opening of E-KYC online accounts) according to the
timeline.
d. Product collaboration with financing
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04 Management Discussion and Analysis on Bank Performance
Strategy Theme Initiative
4. Strategy to increase CASA fund a. Increasing CASA with the development of digital banking and e-banking features.
b. Increasing transactions with existing captive customers (Non-Subsidized
Mortgage, SME, Commercial, and Corporate customers).
c. Utilizing e-channels (New Mobile Banking, online account opening with eKYC,
and New Virtual Accounts) to encourage transactional checking and savings
accounts.
d. Optimizing digital banking services through online customer account opening
without the need for customers to visit the outlet.
e. Increasing CASA funds through marketing activities such as investor gatherings,
property expos, and individual engagement.
5. Expanding wealth proposition a. Improving service to certain customers by providing special attention and
penetration by launching needs- exclusive facilities to priority Sharia customer segments.
based propositions for priority b. Adding products and establishing bancassurance provisions.
sharia customers. c. Establishing infrastructure for a Wealth Management Transaction System.
d. Establishing priority service outlets.
c. Capital Strategy
To support the distribution of business development strategies. sufficient capital was required by taking into
account meeting the minimum capital requirements according to Basel III. In line with these provisions, UUS BTN
plans to have a capital position of IDR3.81 trillion in 2025. So that the spin-off could be implemented in 2025. Efforts
to strengthen capital in 2025 were focused on increasing profits/profitability.
d. Financing Quality Improvement Strategy
Strategy Theme Initiative
1. Strengthen the collection a. Strengthening the Collection Management System - Consumer Segment.
management system. b. Strengthening the Collection Management System - Commercial Segment
c. Aligning KCS organizational structure with SHAD organizational structure.
d. Acceleration of completion of main documents and monitoring to accelerate
litigation.
e. Improving the quality of customer data.
f. Optimization of collection business processes at Branch Offices (improving desk
call functions).
g. Implementation of FOS Collection - Consumer Segment
2. Improve Outsourcing (TAD) a. Evaluation of TAD collection performance (engagement, workload, and others)
management. a. Monitoring productivity of TAD collection, icoll usage and contact rating
3. Accelerate the sale of Non- a. Bulk sale of non-performing financing assets through investor cooperation.
Performing Loans assets. b. Expanding non-performing financing sales channels through the affordable
housing portal and e-commerce partnerships in the property sector.
c. Project assets sales to accelerate the recovery of non-performing loan.
4. Massive Improvement in Quality 5. Updating data on NPF and passive commercial financing profiling.
of Sharia Commercial Financing. 6. Coaching and mentoring for RM in KCS regarding commercial collection.
5. Expanding the network to third Approach the State Property and Auction Services office (KPKNL) and the Religious
parties in an effort to resolve Courts as well as expand cooperation with property agents, BLS, advocates, developer
financing problems. associations and contractors.
6. Expand policy relaxation and Providing policies to expedite the financing settlement process as well as providing
reward provision. rewards and operational assistance.
e. Fee Based Income Strategy
Strategy Theme Initiative
1. Increase in Bank administration a. Increasing the contribution of financing administration costs.
income. a. Optimizing the imposition of administration fees for Third Party Funds.
2. Increase in fee/ujroh income for a. Optimization of fees/ujroh on bancassurance.
Bank services. b. Bancassurance product development
c. Increase fees/ujroh for payroll transactions.
d. Optimization of fees/ujroh for other banking services
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PT Bank Tabungan Negara (Persero) Tbk
Strategy Theme Initiative
3. Increase transaction-based fees. a. Increase in e-channel users (Mobile Banking, CMS, VA, SMS Notification, ATM).
b. Increase in e-channel transaction (Mobile Banking, CMS, VA, SMS Notification,
ATM).
c. Development and improvement of e-channel features.
a. Increase Virtual Account (VA) based partnership collaboration.
f. Information Technology (IT) Infrastructure Strategy
IT development at UUS Bank BTN in 2025 was carried out by Company Headquarter in order to support corporate
plans and the aspirations of the Directors’ General Policy for 2025 in the areas of loans/financing and loans/financing
quality, funding and office networks, fee-based income, and expenses overheads. The 2024 IT development plan is
broadly in line with the main RSTI 2025-2029 Initiative, as follows:
Strategy Theme Initiative
1. Enhancement of sharia business a. KCS access to GL mutations by request
process support applications. b. Special ratio approval
c. Automatic closing of dormant accounts
d. Chart of account
e. Deposit advice
f. Transaction details on individual customer checking accounts
g. Financial Nostro
h. Hajj customer flagging
i. Inventory Information
j. FOS integration with the collection dashboard for real-time collectibility and
available balances
k. Loan transaction correction menu
l. Automation of non-ARO deposits
m. Separating large and medium-sized customer flagging in the system for
performance monitoring
n. CDC development related to notary performance
o. E-loan development to display guarantee fund reports
p. E-loan development to display LPA and appraisal track reports
q. E-loan development to display OTS income and collateral visit track reports
r. FOS-related developments
s. Removal of stamp duty flags on demand deposit products
t. Enhancement of Change Data Capture (CDC) related to Latency (LAT)/Data
Accuracy (DAT) based on developer segmentation.
u. Murabahah installment data improvements
v. Deposit data improvements
w. Deposit and loan data improvements
x. TPF Retail data improvements
y. Write-off data improvements
z. Customer write-off account statement improvements
aa. Write-off transaction improvements
bb. NPF shifts on the collection dashboard can move in real time, such as from Column
2 to Current (Column 1).
cc. Data remapping and changes to the regulatory reporting architecture
2. Digital banking strategy a. Cloning OLOB system
b. Customer Relationship Management (CRM)
c. Point and reward
d. Spekta points and cashback system
e. QRIS merchant
f. Soft token for cash management system
g. Digital gold savings
3. Automating front-end and a. Performance dashboard application (performance management review)
back-end processes to improve b. Sharia policy management application
operational efficiency c. H2H life insurance closing
d. H2H guarantee insurance closing
e. H2H SSM mortgage billing and settlement reports
f. Host-to-host Sharia i-loans with the insurance broker portal
g. Host-to-host Sharia i-loans with the insurance broker portal PT Proteksi Jaya
Mandiri
h. Host-to-host Sharia i-loans with PT Binasentra Purna and PT AA Pialang Asuransi
i. Integration of BTN Properti with FOS and Sharia i-loans
j. Implementation of PSAK 413: Impairment
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04 Management Discussion and Analysis on Bank Performance
Strategy Theme Initiative
k. Development of an application to centralize collateral documents (monitoring the
completion of PPJB documents and the progress of indent mortgage construction)
l. Development of a non-mortgage financing business process through Sharia
i-loans
m. Development of a Financing Originating System (FOS) for monitoring commercial
financing
n. Use of the OTS (CLAPS) application (as in conventional BTN) for on-site verification
o. Simplification of CIF
p. Systemization of the 3 Pillars KK and KK Monitoring
q. Treasury System
r. AIDP and Istisna Term Report
s. CS End-of-Day Report
t. Outlet OPH End-of-Day Report
u. Outlet Own Transaction End-of-Day Report
v. TB Anomaly Report
w. GL Anomaly Balance Data Report
x. Daily Accounting Report
y. Deposit Reconciliation Report
z. Reconciliation Report of TPF Savings and Demand Deposit
aa. SDB Occupancy Report
bb. Financing Write-Off Report
cc. Report stock inventory
dd. Systemization of RBH/PBH
ee. Tapera digital service phase 2
ff. KLS Users
4. Infrastructure and License App a. Hardware Security Module (HSM)
b. Pentaho Enterprise Procurement
c. Repository server to centralize collateral documents
d. API Management application server
e. Sharia Business Unit internal portal application server
f. Banking Integration System (BIS) development physical server
g. Banking Integration System (BIS) production physical server
In addition to IT development, Company will conduct Design to enhance the security of the Company’s
evaluations and updates of IT policies in accordance systems and applications, including improvements
with regulatory requirements, internal bank policies, in cybersecurity, implementation of identity and
and best practices. To enhance the capacity and access management, and enhancement of
capability of the IT team, Company will provide infrastructure security. In line with these initiatives,
training and certification tailored to the specific the planned activities include compliance with Law
needs of each team member. No. 27 of 2022 concerning Personal Data Protection,
infrastructure security availability, technology
IT Security Strategy refreshment, fulfillment of regulatory compliance,
IT development related to security has been outlined governance of data and user access, as well as
in the Information Technology Strategic Plan (RSTI) mitigation of fraud and transaction misuse (money
2025–2029, which adopts the theme Security by laundering and gambling activities).
g. Risk and Compliance Implementation Strategy
UUS risk and compliance implementation strategy will be executed in 2025 through BTN Induk, focusing on the
following key areas:
Strategy Theme Initiative
1. Improving the quality of risk a. Developing digital risk and IT management capabilities through fraud detection
management implementation. and cybersecurity.
b. Optimizing IT risk management by strengthening the three lines of defense in IT
and digital areas.
c. Risk awareness fraud.
d. Implementing risk monitoring through standardization, digitalization, guideline
and tool development, and improvement of risk culture.
2. Enhancing corporate a. Improving the bank’s governance rating.
governance standards. b. Increasing employee awareness regarding corporate governance.
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PT Bank Tabungan Negara (Persero) Tbk
Strategy Theme Initiative
3. Strengthening the role of a. Anti-Money Laundering (AML) Creative Campaign.
AML, APU, and PPT based on b. Workshops and training on Anti-Money Laundering (AML) Program,
compliance with mandatory CounterTerrorism Financing (CFT), and Prevention of Financing of Proliferation of
regulations. Weapons Of Mass Destruction (PFWMD).
c. Branch visit regarding AML, CFT, and PFWMD
d. Enhancing the Bank’s Anti-Bribery Management System.
e. Increasing employee awareness regarding gratuities and Good Corporate
Governance (GCG).
4. Enhancing the capability and a. Conducting ISO 9001:2015 Quality Management System surveillance audits.
quality of audit implementation. b. Updating the General Audit Policy in accordance with regulations and standards.
c. Developing a Quality Assurance Policy in accordance with regulations and standards.
a. Optimizing the implementation of ISO 9001:2015/Standard Operating Procedure
(SOP)/Implementation Guidelines (Juklak) workshops.
5. Compliance with regulatory a. Fulfilling regulatory requirements related to the Annual Report, Sustainability
requirements Report, Sustainable Finance Action Plan (RAKB), and Environmental, Social, and
Governance (ESG).
a. Implementing Corporate Social and Environmental Responsibility (TJSL) in
accordance with the four pillars of sustainable development: social, economic,
environmental, and legal governance.
h. Human Resource (HR) Development Strategy 4. Establishing a risk register for all Divisions at Head
In 2024, BTN’s parent company established a division Office and conducting periodic risk control self-
focused on managing digital and operational risks, assessments.
namely the Digital & Operational Risk Management 5. Diagnostic assessment internal control over
Division (DORD), which previously managed digital financial reporting (ICoFR).
and operational risks under the Enterprise & ESG Risk 6. Improvements to the Business Continuity
Management Division. The establishment of DORD Management (BCM) framework and the
is one of the Company’s strategies to balance the establishment of a Business Impact Analysis
speed of the Company’s digital product development (BIA).
with managing digital and operational risks so that 7. Strengthening IT project delivery through the
the Company can achieve its business objectives. implementation of IT project assurance.
DORD consists of 8 (eight) departments: the Digital 8. Developing the existing third-party risk
Risk Management Department, the Operational management framework in the areas of
Risk Management Department, the Fraud Risk information security and data privacy.
Management Department, the Regional Operational 9. Strengthening the IT, digital, and cyber risk profile
Risk Control Department, and 4 Operational Risk components to align with OJK Circular Letter 29
Control Departments that oversee the Company’s of 2022 concerning Cyber Resilience
and Security
Directorates. This division also participates in for Commercial Banks.
managing the Company’s sharia business unit risks. 10. Strengthening risk awareness through the
implementation of periodic risk control self-
Throughout 2024, DORD focused on strengthening assessments.
its position as a new division and accelerating its
stabilization process to ensure optimal contribution i. Current Digital and Operational Risk Management
to achieving the Company’s goals. This initiative Implementation Strategy
was based on three key pillars: People, Process, and For 2025, DORD focused on strengthening the risk
Technology, including: management foundation for sustainable funding
1. Developing a framework and operating model through the implementation of the following
for digital and operational risk management strategic initiatives:
governance, particularly through the addition 1. Strengthening the capacity and capabilities of
of risk controller and fraud risk management the Digital and Operational Risk Management
functions. Division to effectively respond to the increasing
2. Developing the necessary human resources (HR) complexity of digital and operational risks.
capacity based on workload analysis and HR 2. Strengthening internal control governance,
capacity development. particularly related to financial reporting (ICOFR).
3. Developing a Fraud Detection System (FDS) 3. Strengthening data privacy risk management in
solution to enhance fraud detection and collaboration with the Compliance Business Unit.
prevention capabilities across customer 4. Strengthening the business continuity
onboarding applications (both manual and management (BCM) framework and strategy.
digital) and transactions.
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04 Management Discussion and Analysis on Bank Performance
5. Strengthening end-to-end third-party risk k. Human Resource (HR) Development Strategy
management to ensure proper oversight and risk Considering that UUS BTN is still classified as a
mitigation from external entities. Sharia Business Unit, its role as a liaison means
6. Strengthening zero-trust architecture that the human resource development strategy of
governance and cybersecurity for AI-based, UUS BTN follows the Human Resource Development
mobile, and cloud computing applications. strategy formulated by Company Induk. The Human
7. Strengthening the risk framework to support Resources Development Strategy aims to support
payroll transactions and bundled propositions. business development and realize the aspiration to
8. Real-time fraud detection system for retail, SME, “Become a home for the best Indonesian talent.” The
and wholesale fraud applications. HR development strategy’s direction is “Developing
the 3Ps (Productive, Prominent, and Prosperous) of
j. Medium-Term Digital and Operational Risk Globally Oriented Talent, namely developing human
Management Strategy (2025-2027) resources to achieve high productivity (productive),
The DORD’s medium-term (2025-2027) strategic superior and competitive capabilities (prominent),
initiative focuses on strengthening the risk competitive well-being (prosperous), and broad
management foundation for sustainable funding and global insight (globally oriented).
and optimizing risk management for housing
ecosystem monetization, product expansion, and In 2025, the Human Capital theme was “Build a
cross-selling through the implementation of the Strong HC Learning and Development Engine and
following initiatives: Optimize the HC Advisory Function to Support
1. Strengthening the capacity and capabilities of Business Strategy and Sustainable Funding.” In 2025,
the Digital and Operational Risk Management Human Capital development focused on developing
Division to effectively respond to the increasing sales capabilities, particularly funding, through the
complexity of digital and operational risks. development of the learning and development pillar
2. Strengthening internal control governance, and the HC Business Partner function. The human
particularly related to financial reporting (ICOFR). resources development strategy for 2025 was as
3. Strengthening data privacy risk management in follows: strategi pengembangan sumber daya
collaboration with the Compliance Business Unit. manusia pada tahun 2025 adalah sebagai berikut:
4. Strengthening the business continuity 1. Optimizing the role of Human Capital Business
management (BCM) framework and strategy. Partner as a strategic business partner.
5. Strengthening end-to-end third-party risk 1. Re-inventing BTN DNA (for all BTN employees and
management to ensure proper oversight and risk leadership roles).
mitigation from external entities. 2. Refining sales KPIs to make them more focused.
6. Strengthening zero-trust architecture 3. Developing sales productivity measurement.
governance and cybersecurity for AI-based, 4. Implementing personal cost planning, phase 1:
mobile, and cloud computing applications. HC cost as a baseline productivity measurement
7. Strengthening the risk framework to support and CIR components in self-funded incentives.
payroll transactions and bundled propositions.
8. A real-time fraud detection system for retail, SME, Business Prospects and Conventional
and wholesale fraud applications. Segment Strategies for 2025
9. Improving data sharing protocol governance
and utilizing Data Loss Prevention (DLP) using AI- Short Term Prospect
based analytics.
10. Strengthening the risk framework to support the Credit/financing growth in the housing sector is
acquisition of secondary homes and construction predicted to continue to grow in line with credit/
products. financing growth. In the short term, there are two main
11. Implementing AI-based transaction fraud factors that will drive credit growth in the housing sector:
monitoring and collaborating with external 1. The first factor is the potential increase in Home
agencies. Ownership Credit (KPR) for the Low-Income
12. Implementing agile risk management to support Community (MBR) segment, contributed by the
the speed of digital development. increased allocation of Government-Subsidized
13. Integrating all risk domains, including digital, KPR. In 2025, the Government allocated a Housing
operational, and fraud risks, into a single, effective Ownership Liquidity Facility (FLPP) mortgage loan
platform to provide comprehensive visibility. with a potential of 400,000 units.
14. Integrating anti-fraud into the merchant
platform.
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PT Bank Tabungan Negara (Persero) Tbk
2. The second factor is Bank Indonesia’s policy to due to a slowdown in price growth across all housing
extend the Loan to Value (LTV)/Financing to Value types, particularly large-scale housing, which grew
(FTV) regulation up to 100%, which will remain in 0.72% (yoy), compared to the 0.70% (yoy) growth in
effect until the end of 2025. The Residential Property the second quarter of 2025. The price index for small
Price Index (IHPR) growth in the third quarter of 2025 and medium-sized housing types fell to 0.71% (yoy)
was recorded at 0.84% (yoy), lower than the 1.46% and 1.18% (yoy), respectively, down from 1.04% (yoy)
(yoy) growth in the third quarter of 2024. This was and 1.25% (yoy) in the previous quarter.
Medium and Long Term Prospect
The low ratio of Home Ownership Credit (KPR) to Gross Domestic Product (GDP) also presents an opportunity for
Company to expand its housing business in the future. In the fourth quarter of 2024, Indonesia’s mortgage to GDP
ratio was 3.00%, which was still smaller compared to other Southeast Asian countries, such as: the Philippines (3.80%),
Thailand (22.23%), Malaysia (38.40%), and the highest was Singapore (44.80%).
Picture of Housing Loan (KPR) Business Development Prospect
3.1
3.0
34% 28%
3.1
3.8 38%
7.7
Direct Buyer
Non-Subsidized KPR Subsidized KPR
Non-Subsidized KPR
10.1
22.2
Direct-to-consumer Developer Subsidized segment
27.9 (BTN Percentage: 12%) (Porsi BTN pada 2019: 24%) (BTN portion: 77%)
• Attractive pricing for • Completion of stalled The Government’s One
second-hand houses construction projects Million Houses Program
compared to new by large and medium to reduce the housing
38.4 houses post-COVID developers backlog in Indonesia
• Increase in income
• Extensive sales levels post-recovery,
channels through particularly in the
15 national property top 20 cities, with a
44.8 agents and 30 shift toward the mass
thousand individual affluent segment
agents
Source: Bank BTN Corporate Plan 2021-2025
With the commitment to sustainability of the The demographic bonus and growth of the middle class
Government’s Three Million Houses Program and the population dominated by the millennial generation
increasing middle income population dominated by the are also driving the housing finance business in the
millennial generation and emerging affluent segment, future, where based on data from the Central Statistics
Company taken into consideration for expanding its Agency (BPS), currently the number of generation Z
focus in developing the housing business in the future, and millennial generations dominates the productive
especially in increasing market share in the millennial age population with generation Z (aged 8-23 years)
and emerging affluent segments. To capture this reaching 27.94% and the millennial generation (aged
growth potential, next year Company will increase sales 24-39 years) as much as 25.87%, where this portion is
of Non-Subsidized KPR by targeting top developers and predicted to continue to grow for the next 10 (ten) years,
direct selling KPR to consumers (direct to consumer) which is an opportunity to develop the housing business
through collaboration with national property agents and in the first home buyer segment which is BTN’s captive
individuals. market.
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04 Management Discussion and Analysis on Bank Performance
Graph of Indonesia Population Projection
(in Million People)
239 271 296 313 319
126 96
151
186
194
223
187
145
85
45
2010 2020 2030 2040 2045
Middle Class Other Segment
Source: National Development Planning Agency (Bappenas)
Furthermore, as a sector with a multiplier effect on 174 industrial sub-sectors, developing the value chain of the housing
business is also one of the business development strategies that Company will pursue. To seize this opportunity,
Company will develop financial products and services targeting the expansion of the construction business value
chain, including land acquisition, building materials, land and property development, construction services, and
financing for developers.
Picture of Housing Business Value Chain Expansion
Land and Property Construction
Land Acquisition Basic materials Developer
Development services
Business
players
Distributors
Significant potential to tap into
ecosystem play can by boosted bu
providing anchor with incentives
(eg lead sharing, referral fees)
~20 ~15 ~130rb ~5-6rb ~5-6rb
Number of
• 20 corporations • The 2 largest business • 20 thousand business • 20% large companies
Entrepreneurs operating across players account for players in the mid- • 45% medium-sized
• The top 10 largest
companies account for
and Indonesia the majority of market sized to large enterprise companies the majority of market
competitive • A large number of share, supported by segment • 35% small companies share
individual landowners SME-class distributors • 85% are SME- • The remaining
landscape outside the 10 major class construction 80–90% are SME-class
2019 cities in Indonesia companies developers
Source: The Company Long-Term Plan 2025-2029
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PT Bank Tabungan Negara (Persero) Tbk
As a company that prioritizes housing finance as its d. Improving the customer experience through
core business, BSN contributes to the success of the BSN’s digital transformation by introducing
government’s Three Million Homes Program, contributing features that make digital interactions more
more than 17% annually. Furthermore, to accelerate the personalized, informative, and easily controlled
resolution of the housing backlog, BSN is expanding its by customers.
role beyond its role as a financing institution to include a 2. Provincial Strategy
partner for all housing stakeholders, both on the supply a. Establishing BSN’s position as a Sharia Bank
and demand sides, to expand affordable housing with a strong foundation in the premium retail
financing for the Low-Income Community (MBR) segment, focusing on three main products: Non-
segment. Subsidized Sharia Mortgages, Wadiah Savings,
and Gold Ownership Solutions.
To increase its contribution to the housing sector b. Entering potential markets through low-
and support the Ministry of State-Owned Enterprises’ capex channels and O2O models with local
transformation roadmap, BSN established a vision to institutions. BSN focuses on areas with high
become a Blessed and Trustworthy Family Finance Muslim populations, providing Sharia-compliant
Partner by 2025. BSN aspires to become the #2 True banking products and services in mini markets
Indonesian Sharia Bank. To achieve this aspiration, six and modern retail outlets, and conducting
strategic themes have been established in BSN’s 2025- Sharia financial literacy programs in educational
2029 Long-Term Plan: institutions.
1. Preferred Islamic Proposition to provide wealth c. Optimizing the main branch network in strategic
management services and business solutions areas, which also serve as integrated Sharia
based on Sharia principles for emerging affluent and service centers in the regions.
underserved affluent segments. 3. B2B2C (Ecosystem Play)
2. Provincial Strategy to accelerate growth in provinces a. Establishing acquisition points through
with a large conformist base through Islamic partnerships with Sharia businesses. Acquiring
financial solutions. business through dedicated B2B RMs to
3. B2B2C to connect Islamic institutions, SMEs, and foster strong relationships and open new
non-housing corporations/communities with Sharia business opportunities, and expanding reach
financial services. through strategic ecosystem partnerships by
4. Dominant in Housing to strengthen BUS’s dominant collaborating with government agencies and
position in housing finance through the BSN national programs, Muslim communities, and
ecosystem. business associations.
5. Digital Acquisition to accelerate funding (CASA) b. Optimizing B2C acquisition with payroll offers and
through fast, personalized, and easily accessible attractive deals through third-party merchants.
banking services. 4. Dominant in Housing
6. Sharia-specific hooks to encourage the adoption of a. Developing Sharia-compliant transaction-linked
Sharia products. CASA (Cash Asset Management) programs, such
as integrated rewards into every non-subsidized
In alignment with the six strategic themes of the BSN mortgage financing transaction.
long-term plan for 2025-2029, the following strategic b. Cross-selling personal financing products to
steps will be taken: existing financing customers to increase product
1. Preferred Islamic Proposition holdings.
a. Encouraging the acquisition of priority customers c. Optimizing penetration of the housing ecosystem
through a relationship manager (RM) approach. through financing and funding businesses. BSN
RMs will actively participate in networking events, will expand its reach not only to buyers (retailers)
particularly Islamic-related forums. but also to developers, contractors, and related
b. Developing the BSN Prospera and Wealth businesses.
value proposition by providing Islamic lifestyle d. Transforming the customer experience from
privileges for priority customers. retail to corporate. This will be achieved by
c. Enhancing capabilities and develop partnerships digitizing the financing application and approval
to support Prospera and Wealth products by process and integrating mortgage platforms into
offering premium Sharia investment products, the BSN Sharia mortgage ecosystem.
collaborating with financial institutions and
premium Sharia brands, and developing internal
capacity through Sharia product consultancy
services.
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04 Management Discussion and Analysis on Bank Performance
5. Digital Acquisition f.Developing omni-channel customer service
a. Developing a digital funding journey, starting capabilities by adapting to each customer’s
with account opening, OLOB, and digital account interaction preferences, such as through mobile
management. apps and internet banking, contact centers and
b. Developing a digital financing journey by live chat, OLOB and offline outlets, and chatbots.
digitizing the end-to-end process for housing 6. Sharia-Specific Hooks
financing, CCPL, and SME financing. a. Repackaging Sharia-compliant products
c. Developing digital transactions and payments with exclusive differentiation compared to
by enhancing capabilities such as QRIS, BI-Fast, conventional products.
multi-currency, and bill payment. b. Providing gold ownership solutions to become
d. Transforming existing mobile banking into a a “Bullion Bank” by offering comprehensive
super app, envisioned as a one-stop solution for offerings ranging from savings and financing to
digital Sharia services. gold investments.
e. Developing hyper-personalization capabilities c. Acquiring customers through financial platforms,
by leveraging data analytics to deliver highly offering exclusive rewards, and referrals. This
personalized product and service offerings. multi-channel strategy is also implemented in
conjunction with community-based awards.
Subsidiary Segment
Bank Syariah Negara (BSN)
Overview and Productivity
The subsidiary segment constitutes part of the Company’s business activities conducted through its subsidiary, Bank
Syariah Negara (BSN). Through this entity, the Company develops and operates banking services based on Islamic
sharia principles.
Table of Productivity – BSN
(in million of Rupiah)
Increase/Decrease
Description 2025 2024
Nominal Percentage
Loans 54,873,163 43,892,827 10,980,336 25.02%
KPR 50,820,739 40,828,893 9,991,846 24.48%
Non KPR 531,896 327,277 204,619 62.52%
Commercial 3,520,527 2,736,656 783,871 28.65%
Deposits 58,731,134 49,132,750 9,598,384 19.53%
Savings 8,678,923 7,809,712 869,211 11.13%
Current Accounts 26,944,158 19,824,690 7,119,468 35.91%
Time Deposits 23,108,054 21,498,347 1,609,707 7.49%
As part of transparency and accountability in portfolio IDR43.89 trillion in 2024. This growth reflects strong
management, the following outlines the performance acceleration in financing expansion, in line with the
developments of each BSN product, reflecting growth strategy to reinforce core business and monetize the
and strengthening business positioning across each housing ecosystem.
business line • KPR
• Loans Mortgage Loans (KPR) increased from IDR40.83
In 2025, total loans amounted to IDR54.87 trillion, an trillion in 2024 to IDR50.82 trillion in 2025, representing
increase of IDR10.98 trillion or 25.02% compared to a growth of 24.48%. KPR remained the primary
340 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
contributor to loan growth, accounting for the largest (KPR) market, an established developer network, and a
share of the total portfolio. This increase indicates well-segmented existing customer base. This synergy
sustained demand for housing financing as well as enables BSN to build a more targeted financing portfolio
the effectiveness of market penetration strategies with measurable risk.
and collaboration with developers.
• Non KPR From a business model perspective, BSN adopts an
The Non-KPR segment recorded significant growth ecosystem-based financing approach, delivering
of 62.52%, increasing from IDR327.28 billion in 2024 integrated financing solutions from developers and
to IDR531.90 billion in 2025. Although still relatively contractors to end-users through Sharia schemes. This
small in nominal terms, this growth reflects efforts creates a closed-loop value chain that strengthens asset
to diversify the financing portfolio and strengthen quality while increasing cross-selling opportunities.
income sources beyond the core KPR business.
• Commercial In terms of innovation, BSN develops more flexible,
Commercial Loans grew by 28.65%, from IDR2.74 competitive Sharia-compliant products, including
trillion to IDR3.52 trillion in 2025. This growth indicates Murabahah and Musyarakah Mutanaqisah (MMQ)
increased financing to productive sectors and schemes, alongside digital onboarding initiatives to
business players, particularly those linked to the accelerate financing processes. The digitalization of
housing value chain, thereby indirectly supporting underwriting processes and integration with the parent
KPR growth through an ecosystem-based approach. company’s data systems serve as key differentiators
• Deposits in enhancing operational efficiency and customer
Total deposits increased by 19.53% to IDR58.73 trillion, experience. In addition, BSN leverages the spin-
compared to IDR49.13 trillion in the previous year. This off momentum to establish a more optimal capital
increase reflects sustained customer confidence structure, independent governance, and greater agility
and the Company’s ability to mobilize funds to in business decision-making, enabling it to compete
support credit expansion. effectively with other national Sharia banks.
• Savings
Savings grew by 11.13%, from IDR7.81 trillion to IDR8.68 Strategy in 2025
trillion. This growth demonstrates stability in retail
funding and contributes to strengthening low-cost In 2025, BSN’s primary focus was operational stabilization
funds (CASA). following the spin-off and strengthening its business
• Current Accounts foundation. The key strategies included:
Current Accounts recorded the highest growth at 1. Consolidating the organizational structure and
35.91%, increasing from IDR19.82 trillion to IDR26.94 strengthening Sharia governance.
trillion. This increase strengthens the Company’s 2. Optimizing the housing financing portfolio based on
low-cost funding structure and has the potential to Sharia contracts.
reduce the overall cost of funds. 3. Strengthening funding through the growth of low-
• Time Deposits cost funds (Sharia CASA).
Time Deposits grew by 7.49%, from IDR21.50 trillion 4. Enhancing synergy with the parent company in
to IDR23.11 trillion. Although the growth was more customer acquisition and developer ecosystem
moderate compared to current accounts and financing.
savings, time deposits remain a stable source of 5. Improving asset quality through prudent underwriting
funding in maintaining the liquidity balance. and risk-based pricing.
Competitive Advantages and Innovation The year 2025 marked a transition and foundation-
building phase, with objectives to establish a healthy
BSN’s competitive advantage is anchored in its balance sheet structure, maintain financing quality,
positioning as a Sharia bank focused on ecosystem- and reinforce brand positioning as a Housing Specialist
based housing financing. Support from the parent Sharia Bank.
company provides access to a captive mortgage
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04 Management Discussion and Analysis on Bank Performance
Business Prospects and Strategy in 2026
Entering 2026, BSN moves into an accelerated growth phase. Its business prospects are increasingly promising,
supported by:
1. Growing demand for Sharia-based housing financing.
2. Rising public preference for products based on Sharia principles.
3. Potential expansion of MSME financing within the housing ecosystem.
BSN’s strategy in 2026 is directed toward:
1. Selective and sustainable expansion of Sharia housing financing.
2. Product diversification, including renovation financing, Sharia refinancing, and construction financing.
3. Enhancement of digital channels for retail customer acquisition.
4. Strengthening capital structure to support the expansion of productive assets.
5. Development of strategic partnerships with developers, educational institutions, and Sharia communities.
With the foundation established in 2025, BSN is expected to grow more aggressively yet prudently, while making a
significant contribution to the Group’s overall performance consolidation.
Income and Profitability Per Business Segment
A description of the income and profitability of the business segments is presented as follows:
Table of Business Segments Income and Profitability
2025
Description
Conventional Sharia Total Subsidiary Entity
Segment Income 31,879,842 4,132,105 36,011,947 2,727,499
Segment Expense (15,910,603) (2,118,945) (18,029,548) (1,304,727)
Segment Income-Net 15,969,239 2,013,160 17,982,399 1,422,772
Other Operating Income 3,925,205 172,358 4,097,563 108,161
Provision for impairment losses on
(5,731,988) (423,538) (6,155,526) (203,128)
financial assets and non-financial assets
Reversal for allowance for estimated
losses from commitment & 2,947 - 2,947 -
contingencies
Other operating expenses (10,613,068) (1,053,953) (11,667,021) (794,964)
Income from Operational 3,552,335 708,027 4,260,362 532,841
Non-operating income (expenses) - net 28,126 (218) 27,908 (141)
Tax benefit/(expense) (863,379) - (863,379) (26,483)
Income for the year 2,717,082 707,809 3,424,891 506,217
Total Asset 462,462,651 - 462,462,651 73,069,148
Total Liabilities and Temporary Syirkah
426,096,737 - 426,096,737 66,564,463
Fund
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PT Bank Tabungan Negara (Persero) Tbk
(in IDR million)
2024
Adjustment and
Consolidation Conventional Sharia Elimination Total
Elimination
(2,398,578) 36,340,868 25,472,625 4,068,967 - 29,541,592
1,211,956 (18,122,319) (16,113,935) (1,935,005) - (18,048,940)
(1,186,622) 18,218,549 9,358,690 2,133,962 - 11,492,652
(97,752) 4,107,972 4,760,640 151,115 (335,836) 4,575,919
179,985 (6,178,669) (1,853,801) (127,694) - (1,981,495)
- 2,947 195 - - 195
667,223 (11,794,762) (9,313,293) (1,285,101) 335,836 (10,262,558)
(437,166) 4,356,037 2,952,431 872,282 - 3,824,713
(1,840) 25,927 (51,993) 121 - (51,872)
9,052 (880,810) (765,513) - - (765,513)
(429,954) 3,501,154 2,134,925 872,403 - 3,007,328
(7,738,379) 527,793,420 416,184,631 60,560,957 (7,131,086) 469,614,502
(1,078,073) 491,583,127 384,480,961 59,692,738 (7,131,086) 437,042,613
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04 Management Discussion and Analysis on Bank Performance
Table of Business Segments Growth 2024-2025
Nominal Growth 2024-2025 Percentage Growth 2024-2025
Description
Subsidiary Subsidiary
Induk xxx Total Induk xxx Total
Entity Entity
Segment Income 6,470,355 328,921 6,799,276 21.90% 100.00% 18.71%
Segment Expense 19,392 (92,771) (73,379) (0.11%) 100.00% 0.40%
Segment Income-Net 6,489,747 236,150 6,725,897 56.47% 100.00% 36.92%
Other Operating Income (478,356) 10,409 (467,947) (10.45%) 100.00% (11.39%)
Provision for impairment
losses on financial assets and (4,174,031) (23,143) (4,197,174) 210.65% 100.00% 67.93%
non-financial assets
Reversal for allowance
for estimated losses from 2,752 - 2,752 1.411.28% 0.00% 93.38%
commitment & contingencies
Other operating expenses (1,404,463) (127,741) (1,532,204) 13.69% 100.00% 12.99%
Income from Operational 435,649 95,675 531,324 11.39% 100.00% 12.20%
Non-operating income
79,780 (1,981) 77,799 (153.80%) 100.00% 300.07%
(expenses) - net
Tax benefit/(expense) (97,866) (17,431) (115,297) 12.78% 100.00% 13.09%
Income for the year 417,563 76,263 493,826 13.88% 100.00% 14.10%
Total Asset (7,151,851) 65,330,769 58,178,918 (1.52%) 100.00% 11.02%
Total Liabilities and
(10,945,876) 65,486,390 54,540,514 (2.50%) 100.00% 11.09%
Temporary Syirkah Fund
Segment Revenue Segment Profitability
The Company recorded total net segment revenue of IDR Profitability remained resilient in 2025, with total
18.22 trillion in 2025, representing an increase of 36.92% segment profit growing by 14.10% from IDR 3.01 trillion in
compared to IDR 11.49 trillion in 2024. This achievement 2024 to IDR 3.50 trillion in 2025, reflecting the Company’s
was attributable to the Company’s net interest income ability to sustain business expansion and its customer
of IDR 18.22 trillion, which increased by 58.52% year- base. Continued revenue growth and improving
on-year. This was in line with the Company’s loan efficiency provided a solid foundation to drive recovery
disbursement, which grew by double digits at 10.07% and sustainable profitability improvement going
year-on-year to IDR 345.70 trillion, while industry growth forward, in line with the stabilization of asset quality and
reached 9.6% in 2025. normalization of the cost of risk.
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National Strategic Project (PSN) or Other Assignments
Information regarding other assignments mandated by the Government to the Company is as follows:
Table of Other Assignment
Government
Program Total of Distribution/
No. Assignment Basis/Rules Program Explanation Mandated Quota
Name Realization
Amount
1. Letter from the Coordinating Ministry People’s KUR is a working capital and/or Rp3,3 triliun Rp1,07 triliun.
for Economic Affairs of the Republic Business investment credit provided by
of Indonesia, Deputy for Coordination Loan (KUR) the Bank to debtors engaged in Company developed IT
of Management and Development business sectors that according for the KUR digitalization
of State-Owned Enterprises No. to their scale have the status process via smartphones
PK.KUR/240/D.I.M.EKON/12/2024 on of Micro, Small and Medium and the availability
December 31, 2024 regarding the 2025 Enterprises (MSMEs) in productive of a decision engine
BTN KUR Distribution Target. and feasible business sectors and credit scoring to
but do not yet have additional accelerate the KUR.
collateral or the additional
collateral is not sufficient
2. Letter from the Coordinating Ministry Mortgage Investment loans and/or working Rp9.5 trillion Rp2,65 triliun
for Economic Affairs of the Republic Program capital loans provided to micro,
of Indonesia, Deputy for Coordination (KPP) small and medium enterprises,
of Management and Development such as individuals or business
of State-Owned Enterprises No. entities, were conducted to
PK.KUR/183/D.I.M.EKON/10/2025 support the achievement of
dated October 8, 2025 regarding priority programs in the housing
the Stipulation of the 2025 Mortgage sector.
Program (KPP) Limit of PT Bank
Tabungan Negara (Persero) Tbk.
3. Cooperation Agreement between the KPR FLPP KPR FLPP is a support for housing • Conventional: • Conventional: 132.744
Public Housing Savings Management Distribution financing liquidity facilities landed 122,834 Units Units
Agency and PT Bank Tabungan Negara by BTN houses or flats for Low Income • Sharia: 35,467 Units • Sharia: 59.469 Units
(Persero) Tbk regarding the Distribution Communities (MBR).
of Housing Financing Liquidity Facility
Funds Through Prosperous Home This provision
Ownership Credit for Low-Income was subsequently
Communities. amended on June 18,
a. Cooperation Agreement No. 11/PKS/ 2025, as follows:
BP/TPR/IV/12/2024 • Conventional:
b. Cooperation Agreement No. 54/PKS/ 160,000 Units
DIR/2024 • Shariah: 60,000
Memorandum of Understanding Units
between the Ministry of Housing and
Settlement Areas with the Public
Housing Savings Management Agency
(BP TAPERA) and PT Bank Tabungan
Negara.
a. No : 094/HK0201/M/VI/2025
b. No : 18/MOU/BPT-TPR/6/2025
c. No : 10/MOU/DIR/2025
2025 Annual Report 345
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04 Management Discussion and Analysis on Bank Performance
Government
Program Total of Distribution/
No. Assignment Basis/Rules Program Explanation Mandated Quota
Name Realization
Amount
4. Cooperation Agreement between the KPR Tapera KPR Tapera is a loan provided - 71 Unit
Public Housing Savings Management Distribution for the purchase of a first home
Agency and PT Bank Tabungan by BTN specifically for civil servants (PNS)
Negara (Persero) Tbk concerning participating in Tapera.
the Distribution of Housing Financing
Liquidity Facility Funds through the
Prosperous Home Ownership Credit
Program for Low-Income Communities.
a. Cooperation Agreement No. 49/PKS/
BP-TPR/IV/2024
b. Cooperation Agreement No. 56/PKS/
DIR/2024
5. Cooperation Agreement between the Down- SBUM is a housing financing • Conventional: • Konvensional: 132.744
Business Unit of the Directorate General Payment facility provided by the 160,000 Units Unit
of Governance and Risk Control and Assistance government for lowincome • Sharia: 60,000 • Syariah: 59.469 Unit
Public Housing and PT Bank Tabungan Subsidies by people. The assistance provided Units
Negara (Persero) Tbk regarding the BTN is in the form of fulfilling part or
Distribution of Housing Down Payment all of the down payment for the
Assistance Subsidies at PT Bank purchase of a house.
Tabungan Negara (Persero) Tbk in 2023.
a. Cooperation Agreement 01/PKS-
SBUM/SATKER DJTKPR/2025
b. Cooperation Agreement 28/PKS/DIR/
2025
Note: *) The quota for distributing Tapera mortgages is not specifically determined
346 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
FINANCIAL
REVIEW
The financial review outlined herein refers to the Financial of PT Bank Tabungan Negara (Persero) Tbk (the Bank)
Statements for the year ended on December 31, 2025 as and its subsidiaries (hereinafter collectively referred
presented in this Annual Report. The Financial Statements to as the Group) as of December 31, 2025, and their
have been audited by the Public Accounting Firm consolidated financial performance and cash flows
Purwanto, Susanti & Surja, and received A Fair Opinion in for the year ended on such date, in accordance with
All Material Respects, the consolidated financial position Indonesian Financial Accounting Standards.
Financial Performance
Company’s financial performance consisted of the performance of the Statement of Financial Position, the Statement
of Profit and Loss and Other Comprehensive Income as well as the Cash Flow Statement which was presented as
followed:
Statement of Financial Position
Table of Statement of Financial Position
(in IDR million)
Growth
Description 2025 2024
Rp %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
ASSET
Cash 2,154,839 2,105,620 49,219 2.34%
CURRENT ACCOUNTS WITH BANK INDONESIA 33,797,873 22,739,920 11,057,953 48.63%
CURRENT ACCOUNTS WITH OTHER BANKS
Third parties 1,355,738 886,415 469,323 52.95%
Related parties 1,160,233 5,065,331 (3,905,098) (77.09%)
2,515,971 5,951,746 (3,435,775) (57.73%)
Allowance for impairment losses (2,050) (2,571) 521 (20.26%)
2,513,921 5,949,175 (3,435,254) (57.74%)
PLACEMENTS WITH BANK INDONESIA AND OTHER
BANKS
Third parties 12,929,938 4,661,043 8,268,895 177.40%
Related parties - 61 (61) (100.00%)
12,929,938 4,661,104 8,268,834 177.40%
SECURITIES
Third parties 16,588,868 19,874,205 (3,285,337) (16.53%)
Related parties 5,464,153 5,489,205 (25,052) (0.46%)
22,053,021 25,363,410 (3,310,389) (13.05%)
Allowance for impairment losses (52) (787) 735 (93.39%)
22,052,969 25,362,623 (3,309,654) (13.05%)
GOVERNMENT BONDS
Related parties 38,106,638 35,475,529 2,631,109 7.42%
2025 Annual Report 347
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04 Management Discussion and Analysis on Bank Performance
Growth
Description 2025 2024
Rp %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
SECURITIES PURCHASED UNDER AGREEMENT TO
RESELL
Third parties 1,412,460 175,625 1,236,835 704.25%
Related parties 271,380 - 271,380 100.00%
1,683,840 175,625 1,508,215 858.77%
LOANS AND SHARIA FINANCING/RECEIVABLES
Loans
Third parties 312,576,503 286,144,106 26,432,397 9.24%
Related parties 33,126,421 27,935,999 5,190,422 18.58%
345,702,924 314,080,105 31,622,819 10.07%
Allowance for impairment losses (13,959,557) (11,727,934) (2,231,623) 19.03%
331,743,367 302,352,171 29,391,196 9.72%
Sharia financing/receivables
Third parties 53,552,470 43,681,345 9,871,125 22.60%
Related parties 1,320,693 211,482 1,109,211 524.49%
54,873,163 43,892,827 10,980,336 25.02%
Allowance for impairment losses (1,354,679) (1,329,253) (25,426) 1.91%
53,518,484 42,563,574 10,954,910 25.74%
385,261,851 344,915,745 40,346,106 11.70%
DERIVATIVE RECEIVABLES
Third parties - 102,843 (102,843) (100.00%)
ACCEPTANCES RECEIVABLES
Third parties 420,439 508,190 (87,751) (17.27%)
Related parties 154,462 433,708 (279,246) (64.39%)
Allowance for impairment losses (124) (1,987) 1,863 (93.76%)
574,777 939,911 (365,134) (38.85%)
PREMISES AND EQUIPMENT
Cost/revaluation value 15,950,513 14,059,957 1,890,556 13.45%
Accumulated depreciation (5,441,785) (4,883,826) (557,959) 11.42%
10,508,728 9,176,131 1,332,597 14.52%
INTANGIBLE ASSETS
Cost/revaluation value 792,084 137,531 654,553 475.93%
Accumulated depreciation (66,521) (15,522) (50,999) 328.56%
725,563 122,009 603,554 494.68%
INTEREST RECEIVABLES 12,222,824 11,518,574 704,250 6.11%
DEFERRED TAX ASSETS - NET 1,323,347 2,286,038 (962,691) (42.11%)
PREPAID EXPENSES 1,232,769 985,821 246,948 25.05%
PREPAID TAXES 981,970 754,095 227,875 30.22%
OTHER ASSETS 1,721,573 2,343,739 (622,166) (26.55%)
TOTAL ASSETS 527,793,420 469,614,502 58,178,918 12.39%
348 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Growth
Description 2025 2024
Rp %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
LIABILITIES, TEMPORARY SYIRKAH FUNDS AND EQUITY
LIABILITIES
LIABILITIES DUE IMMEDIATELY 1,887,329 2,275,949 (388,620) (17.08%)
DEPOSITS FROM CUSTOMERS
Demand deposits
Third parties 113,480,993 89,112,534 24,368,459 27.35%
Related parties 28,817,269 51,910,728 (23,093,459) (44.49%)
142,298,262 141,023,262 1,275,000 0.90%
Wadiah Demand deposits
Third parties 23,285,531 15,853,349 7,432,182 46.88%
Related parties 1,862,072 3,029,417 (1,167,345) (38.53%)
25,147,603 18,882,766 6,264,837 33.18%
167,445,865 159,906,028 7,539,837 4.72%
Saving deposits
Third parties 34,562,225 36,825,185 (2,262,960) (6.15%)
Related parties 643,032 874,964 (231,932) (26.51%)
35,205,257 37,700,149 (2,494,892) (6.62%)
Wadiah Savings Deposit
Third parties 1,726,107 1,520,491 205,616 13.52%
Related parties 969 1,441 (472) (32.76%)
1,727,076 1,521,932 205,144 13.48%
36,932,333 39,222,081 (2,289,748) (5.84%)
Time Deposit
Third parties 139,829,959 92,959,773 46,870,186 50.42%
Related parties 61,291,574 60,349,598 941,976 1.56%
201,121,533 153,309,371 47,812,162 31.19%
Total deposits from customers 405,499,731 352,437,480 53,062,251 15.06%
DEPOSITS FROM OTHER BANKS
Third parties 96,481 70,035 26,446 37.76%
SECURITIES SOLD WITH A PROMISE TO
REPURCHASE
Third parties 349,076 2,446,384 (2,097,308) (85.73%)
Related parties - 963,042 (963,042) (100.00%)
349,076 3,409,426 (3,060,350) (89.76%)
ACCEPTANCES PAYABLE
Third parties 168,480 251,423 (82,943) (32.99%)
Related parties 406,421 690,475 (284,054) (41.14%)
574,901 941,898 (366,997) (38.96%)
2025 Annual Report 349
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04 Management Discussion and Analysis on Bank Performance
Growth
Description 2025 2024
Rp %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
TAX PAYABLE 140,082 368,473 (228,391) (61.98%)
SECURITIES ISSUED
Third parties 2,476,014 2,880,741 (404,727) (14.05%)
Related parties 1,509,069 2,563,783 (1,054,714) (41.14%)
3,985,083 5,444,524 (1,459,441) (26.81%)
FUND BORROWINGS
Third parties 10,240,697 10,132,859 107,838 1.06%
Related parties 27,751,154 23,352,225 4,398,929 18.84%
37,991,851 33,485,084 4,506,767 13.46%
INTEREST PAYABLE 497,893 658,070 (160,177) (24.34%)
ESTIMATED LOSSES ON COMMITMENTS AND
438 3,385 (2,947) (87.06%)
CONTINGENCIES
EMPLOYEE BENEFITS AND OTHER LIABILITIES 2,552,651 1,745,282 807,369 46.26%
SUBORDINATED LOANS AND SECURITIES
Third parties 1,795,858 4,828,105 (3,032,247) (62.80%)
Related parties 3,696,275 1,500,000 2,196,275 146.42%
5,492,133 6,328,105 (835,972) (13.21%)
OTHER LIABILITIES 633,000 626,886 6,114 0.98%
TOTAL LIABILITIES 459,700,649 407,794,597 51,906,052 12.73%
TEMPORARY SYIRKAH FUNDS
DEPOSITS FROM CUSTOMERS
Mudharabah current accounts
Third parties 1,046,837 929,940 116,897 12.57%
Related parties 749,717 11,985 737,732 6.155.46%
1,796,554 941,925 854,629 90.73%
Mudharabah saving deposits
Third parties 5,645,501 6,161,887 (516,386) (8.38%)
Related parties 1,306,347 125,893 1,180,454 937.66%
6,951,848 6,287,780 664,068 10.56%
Mudharabah time deposits
Third parties 18,113,035 15,129,659 2,983,376 19.72%
Related parties 4,994,605 6,857,408 (1,862,803) (27.16%)
23,107,640 21,987,067 1,120,573 5.10%
Total deposits from customers 31,856,042 29,216,772 2,639,270 9.03%
DEPOSITS FROM OTHER BANKS
Mudharabah current accounts
Third parties 6,145 9,214 (3,069) (33.31%)
Mudharabah saving deposits
Third parties 19,991 21,730 (1,739) (8.00%)
350 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Growth
Description 2025 2024
Rp %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Mudharabah time deposits
Third parties 300 300 - 0.00%
Total deposits from other banks 26,436 31,244 (4,808) (15.39%)
TOTAL TEMPORARY SYIRKAH FUNDS 31,882,478 29,248,016 2,634,462 9.01%
EQUITY
Issued and fully paid capital 7,017,222 7,017,222 - 0.00%
Additonal paid-in capital 4,418,900 4,418,900 - 0.00%
Unrealized net gains and allowance for
impairment losses on securities and government
(530,198) (1,107,982) 577,784 (52.15%)
bonds are measured at fair value through other
comprehensive income after deferred tax.
Remeasurement of Defined Benefit Plan - net of
(579,201) (424,015) (155,186) 36.60%
deferred tax
Effective portion of the cash flow Hedge - (44,082) 44,082 (100.00%)
Revaluation surplus of premises and equipment 3,988,158 3,565,773 422,385 11.85%
Retained earnings *
Appropriated 18,237,500 15,982,004 2,255,496 14.11%
Unappropriated 3,657,894 3,164,069 493,825 15.61%
Total Retained earnings 21,895,394 19,146,073 2,749,321 14.36%
Total equity attributable to owners of
36,210,275 32,571,889 3,638,386 11.17%
the parent entity
Non-controlling interests 18 - 18 100.00%
TOTAL EQUITY 36,210,293 32,571,889 3,638,404 11.17%
TOTAL LIABILITIES, TEMPORARY SYIRKAH FUNDS
527,793,420 469,614,502 58,178,918 12.39%
AND EQUITY
*) Deficit balance as of IDR14.226.290 had been eliminated due to reorganization quasi on May 31, 2007.
Chart of the Statement of Consolidated Financial Position
(in trillion Rupiah)
469.61 527.79 407.79 459.70 29.25 31.88 32.57 36.21
Asset Liabilities Temporary Syirkah Funds Equity
2024 2025
2025 Annual Report 351
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04 Management Discussion and Analysis on Bank Performance
Total Asset DERIVATIVE RECEIVABLES
In 2025, the Company did not record derivative
Total assets in 2025 were IDR527.79 trillion, an increase receivables balance, compared to IDR102.84 billion
of 12.39% compared to IDR469.61 trillion in 2024. The in 2024. This was in line with the Company’s reduced
total assets increase was primarily driven by growth derivative transaction exposure.
in loan and financing distribution, an increase in
demand deposit with Bank Indonesia, and an increase ACCEPTANCES RECEIVABLES
in placements with Bank Indonesia and other banks The 2025 acceptance receivables were recorded at
in line with the strategy of liquidity management and IDR574.78 billion, a decrease of 38.85% compared to
measured business expansion. IDR939.91 billion in 2024. This decrease was in line with
the reduced volume of domestic SKBDN transactions
Current Asset during the current period.
CASH Non-Current Asset
The Company’s 2025 cash balance was IDR2.15 trillion,
an increase of 2.34% compared to 2024 as of IDR2.11 SECURITIES
trillion. The increase reflected the Company’s sufficient The securities value in 2025 was recorded at IDR22.05
operational cash to support daily transaction activities, trillion, a decrease of 13.05% compared to IDR 25.36
consisting of cash in the treasury and ATM cash in both trillion in 2024. This decrease was primarily due to the
Rupiah and foreign currencies. realization of securities sales and adjustments to the
Company’s investment portfolio.
CURRENT ACCOUNTS WITH BANK INDONESIA
Bank Indonesia’s 2025 demand deposit significantly GOVERNMENT BONDS
improved to IDR33,80 trillion, or growing 48,64% The 2025 government bond ownership increased by
compared to 2024 as of IDR22,74 trillion. The increase 7.42% to IDR38.11 trillion compared to IDR 35.48 trillion in
was in line with the Company’s strategy to maintain 2024. It was in line with the strategy of funds placements
liquidity and satisfaction of the provisions of Statutory in low-risk and liquid instruments.
Reserve (GWM) in accordance with Bank Indonesia
regulation. LOAN AND SHARIA FINANCING/RECEIVABLES
The Company’s 2025 loan and financing distribution
CURRENT ACCOUNTS WITH OTHER BANKS grew solidly to IDR385.26 trillion, an increase of 11.70%
The 2025 demand deposits in other banks was recorded compared to IDR344.92 trillion in 2024. This growth was
at IDR2.51 trillion, a decrease of 57.74% compared to primarily driven by an increase in mortgage, particularly
IDR5.95 trillion in 2024. This decrease was primarily due subsidized mortgages, and the continuous growth of
to the normalization of fund placements in other banks, sharia-compliant financing.
in accordance with the optimization of the Company’s
internal liquidity management. PREMISES AND EQUIPMENT
In 2025, net fixed assets increased to IDR10.51 trillion, or
PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS growing 14.52% compared to IDR9.18 trillion in 2024. This
The Company’s 2025 placements with Bank Indonesia increase was in line with the Company’s investments
and other banks recorded IDR12.93 trillion, a sharp in the development of its office network, information
increase of 177.40% compared to IDR4.66 trillion in 2024. technology infrastructure, and operational facilities.
This increase reflected more optimal short-term liquidity
placement to maintain funding flexibility and mitigate INTANGIBLE ASSETS
liquidity risk. The 2025 intangible assets increased to IDR725.56 billion,
representing an increase of 494.68% compared to
SECURITIES PURCHASED WITH A COMMITMENT TO IDR122.01 billion in 2024. This increase was primarily driven
RESALE by the accelerated development and enhancement of
In 2025, securities purchased under agreements to resell the Company’s applications/digital platforms, including
increased by 858.77% to IDR1.68 trillion from IDR175.63 feature additions, system upgrades, service integrations,
billion in 2024, reflecting the utilization of money market and strengthening technological capabilities, which were
instruments in short-term liquidity management. capitalized as intangible assets. The more applications
to be built and upgraded, the more increasing value of
IT investments that met capitalization criteria, so it drove
a surge in intangible assets.
352 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
INTEREST RECEIVABLES short-term liabilities to third parties and optimization of
The 2025 interest receivables were recorded at IDR12.22 operational liability management. This movement also
trillion, an increase of 6.11% compared to 2024 of IDR 11.52 demonstrated more efficient liquidity management in
trillion. It was in line with the increase in loan distribution satisfying maturing obligations.
and productive asset portfolio.
DEPOSITS FROM CUSTOMERS
DEFERRED TAX ASSETS-NET The 2025 total deposits from customers (Third Party
In 2025, deferred tax assets decreased by 42.11% to Funds/TPF) reached IDR405.50 trillion, an increase of
IDR1.32 trillion compared to IDR2.29 trillion in 2024, in line 15.06% compared to IDR352.44 trillion in 2024. This growth
with temporary differences between commercial and was primarily driven by a significant increase in time
fiscal financial statements. deposits, increasing by 31.19% to IDR201.12 trillion, and
an increase of 33.18% in wadiah demand deposits. The
PREPAID EXPENSES composition of CASA (demand deposits and savings,
The 2025 prepaid expenses were recorded at IDR1.23 including wadiah) remained a focus for strengthening
trillion, an increase of 25.05% compared to 2024, which the funding structure. Despite a decline in conventional
was IDR985.82 billion. This was influenced by an increase savings, the increase in demand deposits and wadiah
in advance payments for operational expenses and demand deposits demonstrated the Company’s
short-term service contracts, including rent, system strategy to maintain funding stability and liquidity.
maintenance, as well as technology and administrative
costs paid at the beginning of the period to support DEPOSITS FROM OTHER BANKS
more expansive operational activities. In 2025, deposits from other banks were recorded at
IDR96.48 billion, an increase of 37.76% compared to
PREPAID TAX IDR70.04 billion in 2024. This increase reflected the
In 2025, prepaid taxes were recorded at IDR981.97 billion, optimization of interbank relationships and the flexibility
an increase of 30.22% compared to 2024 of IDR754.09 of short-term funding, though its contribution to total
billion. This was influenced by increased operational liabilities remained relatively small.
activities, which led to higher advance tax payments,
adjustments to estimated tax liabilities, and the timing ACCEPTANCES PAYABLE
of fiscal payments in accordance with prevailing tax The Company’s 2025 acceptance liabilities recorded
regulations. IDR574.90 billion, a decrease of 38.96% compared to
IDR941.90 billion in 2024. This decrease was in line with
OTHER ASSETS reduced exposure to Domestic Letters of Credit (SKBDN)
Other assets in 2025 were recorded at IDR1.72 trillion, a and related party trade finance transactions.
decrease of 26.55% compared to IDR2.34 trillion in 2024,
primarily derived from prepaid tax and other operational SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE
assets. The 2025 repo liabilities were recorded at IDR349.08
billion, a significant decrease of 89.76% compared
Total Liabilities to IDR3.41 trillion in 2024. This decrease reflected the
Company’s reduced reliance on short-term money
Total liabilities in 2025 amounted to IDR459.70 trillion, an market-based funding and a shift in its funding strategy
increase of 12.73% compared to 2024 which amounted to more stable sources, such as deposits and bilateral
to IDR407.79 trillion. The increase in liabilities was mainly loans.
due to the growth of third-party funds and optimization
of long-term funding. TAX PAYABLE
Tax payable in 2025 was IDR140.08 billion, a decrease
Short-Term Liabilities of 61.98% compared to IDR 368.47 billion in 2024. This
decline was attributable to higher tax payments
LIABILITIES DUE IMMEDIATELY during the current period, tax planning optimization,
Company recorded immediate liabilities in 2025 of and adjustments to tax liability calculations based on
IDR1.89 trillion, down 17.08% compared to IDR2.28 trillion realized profits and fiscal reconciliation at the end of the
in 2024. This decrease reflected a deduction in very reporting period.
2025 Annual Report 353
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04 Management Discussion and Analysis on Bank Performance
Long Term Liabilities Temporary Syirkah Funds
SECURITIES ISSUED The 2025 temporary syirkah funds increased to IDR31.88
The amount of Securities Issued in 2025 is IDR3.99 trillion, trillion, representing an increase of 9.01% compared to
down 26.81% compared to 2024 which was IDR5.44 IDR29.25 trillion in 2024. This growth was primarily driven
trillion. The decline was mainly due to the existence by increases in mudharabah demand deposits and
of instruments that had matured and the strategy of mudharabah deposits from customers.
reducing outstanding capital market instruments.
Deposits from Customers
FUND BORROWINGS
The Company’s 2025 fund borrowings increased to The Company’s 2025 deposits from customers of
IDR37.99 trillion, an increase of 13.46% compared to temporary syirkah funds, consisting of mudharabah
IDR33.49 trillion in 2024. This increase was primarily due demand deposits, mudharabah savings, and
to increased related party loans, which supported loan mudharabah time deposits, were recorded at IDR31.86
expansion and strengthened the medium-term funding trillion, an increase of 9.03% compared to IDR29.22 trillion
structure. in 2024. This increase was primarily driven by the growth
of mudharabah demand deposits by 90.73% to IDR1.80
INTEREST PAYABLE trillion, as well as an increase in mudharabah time
Interest payable in 2025 was recorded at IDR497.89 deposits by 5.10% to IDR23.11 trillion. On the other hand,
billion, a decrease of 24.34% compared to IDR658.07 mudharabah savings also grew by 10.56% to IDR6.95
billion in 2024. This decrease was in line with the trillion. This growth reflects increasing customer trust in
management of interest-bearing liabilities and changes sharia-based products and the Company’s strategy to
in the composition of funding sources. strengthen sharia fundraising as part of its sustainable
sharia business development.
ESTIMATION OF COMMITMENT AND CONTINGENCY
LOSSES Deposits from Other Banks
The 2025 estimated losses on commitments and
contingencies were IDR438 million, a decrease of The 2025 total temporary syirkah deposits from other
87.06% from IDR3.39 billion in 2024. This decrease banks were recorded at IDR26.44 billion, a decrease of
reflected improvements in the quality of administrative 15.39% compared to IDR31.24 billion in 2024. This decrease
commitment exposures and firmed risk management. was primarily due to a deduction in the placements of
demand deposits and mudharabah savings deposits
EMPLOYEE BENEFITS AND OTHER LIABILITIES from other banks. Despite the decrease, the portion of
In 2025, employee benefits and other liabilities increased deposits from other banks in total temporary syirkah
to IDR2.55 trillion, representing an increase of 46.26% funds remained relatively small and did not have a
compared to IDR1.75 trillion in 2024. This increase was material impact on the Company’s overall sharia
primarily driven by the establishment of reserves for funding structure.
employee benefits and other operational liabilities.
Total Equity
SUBORDINATED LOAN AND SECURITIES
The amount of Company Subordinated Loans and The Company’s equity in 2025 was recorded at IDR36.21
Subordinated Securities in 2025 amounted to IDR5.49 trillion, an increase of 11.17% compared to IDR32.57
trillion, down 13.21% compared to 2024 which amounted trillion in 2024. The increase in equity was primarily
to IDR6.33 trillion. The decline was mainly influenced by driven by an increase in net profit for the current year
the maturity of some subordinated instruments, though and a strengthening of retained earnings, reflecting
they remained a significant part of the Company’s the Company’s solid and sustainable operational
capital structure. performance.
OTHER LIABILITIES Issued and Fully Paid Capital
Other liabilities in 2025 were IDR633.00 billion, relatively
stable compared to IDR626.89 billion in 2024. This item The Company recorded issued and fully paid capital stock
reflected other routine operational obligations and had in 2025 of IDR7,02 triliun, tidak mengalami perubahan
not experienced significant changes. dibandingkan tahun 2024. Hal ini menunjukkan bahwa
sepanjang tahun 2025 tidak terdapat aksi korporasi
berupa penerbitan saham baru maupun perubahan
struktur permodalan inti Perseroan.
354 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Additonal Paid-In Capital 2024. This change was primarily influenced by actuarial
assumptions and the recalculation of employee benefit
The 2025 additional paid-in capital was recorded at obligations in accordance with PSAK 24, which impacted
IDR4.42 trillion, the same as the 2024 position. This other comprehensive income components.
stability reflected the absence of transactions affecting
share premium or other additional capital during the Effective Portion of Cash Flow Hedge
current period.
The Company did not record an effective portion of its
Unrealized Net Gain (Loss) and Allowance cash flow hedges balance in 2025, compared to IDR44.08
for Impairment Losses on Securities and billion in 2024. This change reflected the termination
Government Bonds After Deferred Tax of Fair or settlement of hedging transactions that previously
Value Through Other Comprehensive Incomes affected other comprehensive income.
After Deferred Tax
Revaluation Surplus of Premises and Equipment
In 2025, the unrealized net gain (loss) and allowance for
impairment losses on securities and government bonds, In 2025, the revaluation surplus on premises and
measured at fair value through other comprehensive equipment was recorded at IDR3.99 trillion, an increase of
income (after deferred tax), was recorded at IDR530.20 11.85% compared to IDR3.57 trillion in 2024. This increase
billion, up from IDR1.11 trillion in 2024. This improvement reflected fair value adjustments to the Company’s fixed
was primarily driven by an increase in the fair value of assets, which added to the equity component.
the securities portfolio in line with market conditions and
more optimal investment portfolio management. Retained Earnings
Remeasurement of Defined Benefit Plan - Net or The 2025 retained earnings were IDR21.90 trillion, an
Deferred Tax increase of 14.36% compared to IDR19.15 trillion in 2024.
This increase was in line with the current year’s profit
In 2025, the Company did not record a remeasurement of growth and the profit retention policy to strengthen
defined benefit programs after deferred tax of IDR579.20 the capital structure and support sustainable business
billion, an increase compared to IDR424.02 billion in expansion.
Statement of Profit or Loss and Other Comprehensive Income
Table of Consolidated Statement of Profit or Loss and Other Comprehensive Income
(in IDR million)
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
INCOME AND EXPENSES FROM OPERATIONS
Interest Income and Income from Profit Sharing
Interest 31,879,842 25,472,625 6,407,217 25.15%
Profit sharing and margin from sharia unit 4,461,026 4,068,967 392,059 9.64%
Total Interest Income and Income from Profit
36,340,868 29,541,592 6,799,276 23.02%
Sharing
Interest, Profit Sharing and Bonus Expenses
Interest (15,702,025) (15,913,459) 211,434 (1.33%)
Other financing expenses (208,578) (200,476) (8,102) 4.04%
Wadiah Bonus (263,760) (153,446) (110,314) 71.89%
2025 Annual Report 355
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04 Management Discussion and Analysis on Bank Performance
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Third parties’ share on return of Mudharabah (1,947,956) (1,781,559) (166,397) 9.34%
Total Interest, Profit Sharing and Bonus
(18,122,319) (18,048,940) (73,379) 0.41%
Expenses
Interest Income and Income from Profit
18,218,549 11,492,652 6,725,897 58.52%
Sharing-Net
Other Operating Income
Administration fees and penalties in deposits
1,080,319 1,072,304 8,015 0.75%
and loans
Income from recovery of loans written-off 1,024,936 1,338,753 (313,817) (23.44%)
Gain on sale of securities-Net 1,118,772 932,900 185,872 19.92%
Gain on sale of government bonds-Net 178,444 49,049 129,395 263.81%
Unrealized gain on changes in fair value of
46,906 30,175 16,731 55.45%
securities - net
Others 658,595 1,152,738 (494,143) (42.87%)
Total Other Operating Income 4,107,972 4,575,919 (467,947) (10.23%)
Provision for impairment losses on financial and
(6,178,669) (1,981,495) (4,197,174) 211.82%
non-financial assets
Reversal of estimated losses on Commitment
2,947 195 2,752 1411.28%
and Contingencies
Other operating expenses
General and administrative (5,263,420) (4,456,861) (806,559) 18.10%
Salaries employee (5,004,271) (4,445,575) (558,696) 12.57%
Premium on government’s guarantee program (846,272) (729,685) (116,587) 15.98%
Unrealized losses on changes in fair value of
(6,893) (40,444) 33,551 (82.96%)
government bonds - net
Others (673,906) (589,993) (83,913) 14.22%
Total Other operating expenses (11,794,762) (10,262,558) (1,532,204) 14.93%
INCOME FROM OPERATIONAL 4,356,037 3,824,713 531,324 13.89%
Non-operating income (Expenses) - net 25,927 (51,872) 77,799 (149.98%)
INCOME BEFORE TAX EXPENSE 4,381,964 3,772,841 609,123 16.14%
TAX EXPENSE (880,810) (765,513) (115,297) 15.06%
INCOME FOR THE YEAR 3,501,154 3,007,328 493,826 16.42%
Other Comprehensive Income:
Items that will not be reclassified to profit or
loss
Fixed Asset Revaluation 422,385 - - 100.00%
Remeasurement of defined benefit plan (191,589) 168,301 (359,890) (213.84%)
Income tax related to items that will not be
36,403 (31,977) 68,380 (213.84%)
reclassified to profit or loss
356 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Items that may be reclassified to profit or loss
Efffective part of hedging-cash flow 54,423 (14,490) 68,913 (475.59%)
Net unrealized gain (loss) on changes in
value and allowance for impairment losses of
securities and government bonds classified 708,453 (421,538) 1,129,991 (268.06%)
as fair value through other comprehensive
income
Income tax related to Items that may be
(141,010) 85,311 (226,321) (265.29%)
reclassified to profit or loss
Total Comprehensive Incomes (loss) for the
4,390,219 2,792,935 1,597,284 57.19%
year
INCOME FOR THE YEAR ATTRIBUTABLE TO:
Holding entity owner 3,501,154 3,007,328 493,826 16.42%
Non-controlling interest - - - -
3,501,154 3,007,328 493,826 16.42%
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
ATTRIBUTABLE TO:
Holding entity owner 4,390,219 2,792,935 1,597,284 57.19%
Non-controlling interest - - - -
4,390,219 2,792,935 1,597,284 57.19%
Basic Earnings Per Share (full amount) 249 214 35 16.36%
Graph of Consolidated Statement of Profit or Loss and Other Comprehensive Income
(in IDR trillion)
11.49 18.22 4.58 4.11 3.82 4.36 3.01 3.50 2.79 4.39
Interest Income and Comprehensive
Other Operating Income From Income For The
Income from Profit Incomes for the
Income Operations Year
Sharing Year
2024 2025
2025 Annual Report 357
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04 Management Discussion and Analysis on Bank Performance
Income and Expenses from Operations Other Operating Income
Interest Income and Income from Profit Sharing Total other operating income in 2025 was recorded at
IDR4.11 trillion, a decrease of 10.23% compared to IDR4.58
The 2025 interest income and income from profit trillion in 2024. This decrease was primarily due to a
sharing interest was recorded at IDR36.34 trillion, reduction in written-off loan proceeds and a decrease in
an increase of 23.02% compared to IDR29.54 trillion other income. However, there was a significant increase
in 2024. This increase was primarily due to a 25.15% in the gain on the sale of government bonds, increasing
growth in interest income to IDR31.88 trillion, in line with by 263.81% and the gain on the sale of securities,
loan expansion and optimization of the composition of increasing by 19.92%. It demonstrated the Company’s
productive assets. Furthermore, profit sharing income ability to capitalize on opportunities in the securities
and margins from the sharia unit also increased by market. Overall, the composition of other operating
9.64% to IDR 4.46 trillion, reflecting the continued solid income remained stable in contributing to total revenue.
growth of sharia financing. Overall, the growth in
interest income and profit sharing demonstrated the Provision for Impairment Losses on Financial
Company’s ability to maintain intermediation growth Assets and Non-Financial Assets
momentum and effectively manage asset yields
amidst interest rate dynamics. In 2025, provisions for impairment losses on financial
and non-financial assets were recorded at IDR6.18
Interest, Profit Sharing and Bonus Expenses trillion, a significant increase of 211.82% compared
to IDR1.98 trillion in 2024. This increase in provisions
Total interest, profit sharing, and bonus expenses in reflected the Company’s prudential approach to
2025 were recorded at IDR18.12 trillion, relatively stable strengthening loan risk buffers amidst the growth of
with a limited increase of 0.41% compared to IDR18.05 its financing portfolio. This strategy demonstrated
trillion in 2024. This stability reflected the effectiveness management’s commitment to maintaining asset
of cost of funds management despite growth in third- quality and strengthening the balance sheet’s
party funds. Interest expense decreased by 1.33% to resilience to potential future economic risks.
IDR15.70 trillion, indicating an improvement in the
funding structure. However, there was an increase of Reversal of Estimated Losses on Comitement
71.89% in wadiah deposit bonuses and 9.34% in third- and Contingies
party rights to mudharabah profit sharing, in line with
the growth in sharia-compliant funds. Overall, cost The 2025 estimated reversal of impairment losses
of funds remained manageable, supporting margin on commitments and contingencies was recorded
improvement. at IDR2.95 billion, a significant increase compared
to IDR195 million in 2024. This increase in reversals
Interest Income and Income from Profit indicated an improvement in the quality of exposures
Sharing-Net to commitments and contingencies, including
unwithdrawn loan/financing facilities and outstanding
In 2025, net interest and profit sharing income increased LC/SKBDN. This reflected improved risk management
significantly to IDR18.22 trillion, an increase of 58.52% and a reduced need for reserves for potential risks
compared to IDR11.49 trillion in 2024. This substantial from the Company’s administrative commitments.
increase was driven by strong interest income growth
and stable interest expenses. This performance Other Operating Expenses
reflected an improved Net Interest Margin (NIM) and
a more optimal asset and liability management Other operating expenses in 2025 were recorded at
strategy. With continued expansive loan growth and IDR11.79 trillion, an increase of 14.93% compared to
controlled cost of funds, the Company could generate IDR10.26 trillion in 2024. This increase was primarily due
margin increases that directly impacted profitability. to an increase of 18.10% in general and administrative
358 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
expenses and 12.57% in employee salaries and 2024. The increase in the tax expenses was in line
benefits, which was in line with business expansion and with the growth in pre-tax profit for the year. This also
operational infrastructure strengthening. Furthermore, reflected an improved profitability structure and a
the premium of the government guarantee program greater contribution to state tax revenue.
also increased and was in line with the growth of
the loan portfolio. Despite the increase in operating Income for the Year
expenses, the Company maintained operational
efficiency through measurable cost controls. The Company recorded income for the year of IDR3.50
trillion in 2025, an increase of 16.42% compared
Income From Operational to IDR3.01 trillion in 2024. This increase reflected
improvements in operational fundamentals and
The Company recorded an income from operations of the Company’s ability to manage margins and cost
IDR4.36 trillion in 2025, an increase of 13.89% compared efficiency.
to Rp3.82 trillion in 2024. This increase was driven by
significant growth in interest income and net profit Other Comprehensive Income
sharing, which offset increases in operating expenses
and increased risk reserves. This performance Other comprehensive income in 2025 showed a
demonstrated that the Company’s growth strategy significant increase from (IDR214.39) billion in 2024
continues to generate added value despite dynamic to IDR889.07 billion in 2025, primarily driven by net
market conditions. unrealized gains on changes in the value of securities
and government bonds as measured through other
Non-Operating Income (Expenses) - Net comprehensive income of IDR708.45 billion, and a
fixed asset revaluation surplus of IDR422.39 billion. This
The Company’s 2025 net non-operating income change reflected improvements in the fair value of
(expenses) recorded IDR25.93 billion, a reversal the securities portfolio and optimization of fixed asset
from net non-operating expenses of IDR51.87 billion management.
in 2024. This improvement was primarily driven by
gains on foreign exchange and other non-operating Comprehensive Income for the Year
transactions. This position also contributed positively
to income before tax. The 2025 total comprehensive income for the year
was recorded at IDR4.39 trillion, a significant increase
Income Before Tax Expense of 57.19% compared to IDR2.79 trillion in 2024. This
increase was driven not only by the increase in income
The 2025 income before tax was IDR4.38 trillion, an for the year but also by significant improvements in
increase of 16.14% compared to IDR3.77 trillion in other comprehensive income components. All of this
2024. This increase reflected solid operating income comprehensive income was attributable to owners of
growth and positive contributions from non-operating the holding entity.
components. This performance demonstrated
the Company’s ability to maintain income growth Earnings Per Share
momentum despite increased risk provisions and
operating expenses. In 2025, the basic earnings per share was IDR249, an
increase of 16.36% compared to IDR214 in 2024. This
Tax Expense increase in earnings was in line with the increase of
earnings for the year in 2025.
The 2025 tax expenses were IDR880.81 billion, an
increase of 15.06% compared to IDR765.51 billion in
2025 Annual Report 359
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04 Management Discussion and Analysis on Bank Performance
Consolidated Statement of Cash Flows
Table of Consolidated Statement of Cash Flow
(in IDR million)
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
CASH FLOWS FROM OPERATING ACTIVITIES
Interest, profit sharing, and margin 31,416,682 29,689,639 1,727,043 5.82%
Recoveries from loan debts written-off 1,024,936 1,421,221 (396,285) (27.88%)
Interest and bonus, fees and commissions paid (18,234,167) (17,973,763) (260,404) 1.45%
Corporate income tax paid (393,150) (912,208) 519,058 (56.90%)
Other operating income 3,153,456 3,213,023 (59,567) (1.85%)
Other operating expenses - net (11,151,094) (9,585,564) (1,565,530) 16.33%
Other non-operating (expenses) income-net 25,951 (63,538) 89,489 (140.84%)
Cash receipts before changes in operating
5,842,614 5,788,810 53,804 0.93%
assets and liabilities
Changes in operating assets and liabilities:
Decrease (increase) in operating assets:
Fair value through profit or loss securities 3,763,859 (18,286,677) 22,050,536 (120.58%)
Fair value through profit or loss government
174,072 490,445 (316,373) (64.51%)
bonds
Acceptance receivable 366,997 (397,331) 764,328 (192.37%)
Derivatives receivable 146,925 (70,666) 217,591 (307.91%)
Loans and sharia financing/receivables (42,240,730) (27,739,554) (14,501,176) 52.28%
Other assets 594,910 (136,021) 730,931 (537.37%)
Increase (Decrease) in operating liabilities:
Liabilites due immediately (485,935) (441,930) (44,005) 9.96%
Deposits from customer
Demand Deposits 1,275,000 11,653,971 (10,378,971) (89.06%)
Wadiah Demand deposits 6,264,837 5,443,299 821,538 15.09%
Savings deposits (2,494,892) (22,012) (2,472,880) 1.1234.24%
Wadiah Savings 205,144 245,340 (40,196) (16.38%)
Time Deposit 47,812,161 12,615,733 35,196,428 278.99%
Deposit from other banks 26,445 (21,277) 47,722 (224.29%)
Acceptance payables (366,997) 397,331 (764,328) (192.37%)
Other liabilities 806,055 (416,997) 1,223,052 (293.30%)
Temporary syirkah funds 2,634,462 2,141,920 492,542 23.00%
Net Cash Provided by Operating Activities 24,324,927 (8,755,616) 33,080,543 (377.82%)
360 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
CASH FLOW FROM INVESTING ACTIVITIES
Subsidiaries Entity Acquisition with Cash (1,540,067) - (1,540,067) 100.00%
Acquisitions of premises and equipment (1,874,406) (1,634,521) (239,885) 14.68%
(Purchase) receipt in fair value through other
(579,617) (31,199) (548,418) 1.757.81%
comprehensive income securities
Purchase in fair value through other
(9,161,824) (1,163,910) (7,997,914) 687.16%
comprehensive income government bonds
Receipt of amortized cost government bonds 7,821,715 562,232 7,259,483 1.291.19%
Receipt (purchase) from matured amortized cost
189,716 (2,878,561) 3,068,277 (106.59%)
securities
Placement of securities purchased under
51,039,138 20,704,263 30,334,875 146.52%
agreement to resell
Placement of securities purchased under
(52,522,635) (20,867,689) (31,654,946) 151.69%
agreement to resell
Sales of premises and equipment 1,155 3,045 (1,890) (62.07%)
Net Cash gained (used for) from Investing
(6,626,825) (5,306,340) (1,320,485) 24.89%
Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of securities issued 300,000 680,913 (380,913) (55.94%)
Payment of matured securities issued (1,754,979) (3,572,500) 1,817,521 (50.88%)
Receipt of securities sold under agreement to
51,431,824 143,153,604 (91,721,780) (64.07%)
repurchase
Payment of matured securities sold under
(54,544,966) (139,744,766) 85,199,800 (60.97%)
repurchase agreement
Dividend payments (751,833) (700,198) (51,635) 7.37%
Proceeds from fund borrowings 7,499,533 11,144,193 (3,644,660) (32.70%)
Payment of fund borrowings (3,020,603) (11,385,262) 8,364,659 (73.47%)
Proceeds from subordinated securities 4,000,000 - 4,000,000 100.00%
Payment of lease liabilities (88,347) (93,408) 5,061 (5.42%)
Payment of matured borrowings and
(4,828,500) (3,000,000) (1,828,500) 60.95%
subordinated securities
Net Cash used for Financing Activities (1,757,871) (3,517,424) 1,759,553 (50.02%)
NET (DECREASE)/INCREASE CASH AND CASH
15,940,231 (17,579,380) 33,519,611 (190.68%)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF
35,458,390 53,037,770 (17,579,380) (33.15%)
YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR 51,398,621 35,458,390 15,940,231 44.95%
The details of cash and cash equivalents at end
of year are as follows:
Cash 2,154,839 2,105,620 49,219 2.34%
Demand deposit with Bank Indonesia 33,797,873 22,739,920 11,057,953 48.63%
2025 Annual Report 361
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04 Management Discussion and Analysis on Bank Performance
Growth
Description 2025 2024
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Demand deposit with other banks 2,515,971 5,951,746 (3,435,775) (57.73%)
Placements with Bank Indonesia and other
banks maturing within three months or less 12,929,938 4,661,104 8,268,834 177.40%
since the acquisition date
Total 51,398,621 35,458,390 15,940,231 44.95%
Graph of Consolidated Statement of Cash Flow
(in IDR trillion)
(8.76) 24.32 (5.31) (6.63) (3.52) (1.76)
Net Cash (used in) provided by Net Cash (used in) provided by
Net Cash used in Investing Activities
Operating Activities Financing Activities
2024 2025
Cash Flows from Operating Activities Cash Flow from Investing Activities
In 2025, the Company recorded net cash earned from The Company’s 2025 net cash booking for investment
operating activities of IDR24.32 trillion, a significant activity was (IDR6.63 trillion), increased compared
turnaround compared to 2024, which recorded the to 2024 as of (IDR5.31 trillion). The increase in cash
utilized net cash of IDR8.76 trillion. This improvement was utilization was influenced by the government bonds
primarily driven by a significant increase in fundraising, purchasing, measured at fair value through other
particularly time deposits, which grew by IDR35.20 trillion comprehensive revenues (FVOCI), fixed assets earnings,
and positive changes in securities measured at fair subsidiary entity acquisition with cash of IDR1.54 trillion.
value through profit or loss. In contrast, the increased In addition, the securities placement activity with
loan disbursement of IDR14.50 trillion remained a factor reselling undertakings also contributed to investment
in cash utilization. Overall, improvements in funding cash flow. It was reflected from the Company’s strategy
structure and liquidity management drove operating in optimizing investment portfolio and conducting a
cash flow, returning to a positive position in 2025. selectively anorganic expansion.
362 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Cash Flows from Financing Activities 34/POJK.03/2016 on September 22, 2016, regarding the
Amendment to POJK No. 11/POJK.03/2016 concerning the
In 2025, the Company’s net cash recording for funding Minimum Capital Adequacy Ratio for Commercial Banks,
activity was (IDR1.76 trillion), lower than in 2024 of as most recently amended by POJK No. 27 of 2022 on
(IDR3.52 trillion). The improvement was influenced by the December 16, 2022, regarding the Second Amendment to
subordinated securities issuance of IDR4.00 trillion and POJK No. 11/POJK.03/2016 concerning the Minimum
the declining of the received lending payment, though Capital Adequacy Ratio for Commercial Banks. Meanwhile,
the payment for lending and the mature securities bilateral loans are loans granted on a clean basis, or
remained available. The 2025 funding structure without collateral.
displayed the Company’s efforts in maintaining
equilibrium of capital affirmation and a structured Nonetheless, the Company continuously endeavors to
obligations management. ensure the protection of creditor rights by establishing
policies on disclosure and transparency obligations,
enabling external parties (including creditors and
Ability to Pay Debt and Collectability investors) to assess the bank’s condition and policies
of Accounts Receivable regarding capital management (objectives, policies,
and processes), a summary of quantitative capital data,
Ability To Pay Debt compliance with capital requirements, and the Capital
Adequacy Ratio (CAR). Furthermore, the Company
Bank BTN’s ability to pay its liabilities or debt can be maintains policies to prevent liquidity stress by adhering
measured by using the liquidity ratio, solvency and to the Liquidity Coverage Ratio (LCR) maintenance
profitability ratios. These ratios become the parameters requirement of ≥100%, including mechanisms for liquidity
in calculating the Bank BTN’s ability to allocate liquidity condition analysis, coordination, and reporting to the
reserves. With regard to issued bonds, the company’s regulator in the event of potential non-compliance.
ability to meet its debt obligations is reflected in the
timely payment of interest and the credit rating of the The Company continuously ensures the protection of
issued securities. creditor rights transparently, including:
1. The right to obtain information regarding products
Creditor Rights Protection and their characteristics via the Bank’s official
website, annual report, brochures, etc.
The objective of the said policy is to ensure the fulfillment 2. The right to receive information concerning changes
of rights and to maintain creditor confidence in the to the Bank’s product terms and conditions through
Company. This policy covers considerations in entering the Bank’s official website or other social media
into agreements, as well as follow-up actions for the platforms.
fulfillment of the Company’s obligations to creditors. The 3. The right to receive timely repayment of principal
policy on the basic rights of creditors includes the receipt of and interest in accordance with the agreement and
principal repayment and interest payments at the agreed prevailing laws and regulations.
time; the right to late payment penalties on principal and 4. The right to obtain all relevant banking information
interest; and the right to request clarification, information, as stipulated in the agreement and prevailing laws
and documents, as well as to inspect the Company’s and regulations.
books of accounts. In 2025, the Company’s creditors 5. The right to access banking services, both at
consisted of bilateral loan providers and investors in debt branch offices and through e-banking services, in
securities and/or sukuk (EBUS). accordance with the agreement and prevailing laws
and regulations.
The Company is subject to Articles 1131 and 1132 of the 6. The right to obtain settlement solutions for all
Indonesian Civil Code, which stipulate that Social Bonds customer complaints at branch offices or through
are not secured by specific collateral, but are secured e-banking services in accordance with the
by the Company’s entire assets, both movable and agreement and prevailing laws and regulations.
immovable, existing or future, which serve as a guarantee 7. The right to be informed of changes in the composition
for the Social Bondholders. The Company does not of the Board of Directors/Commissioners and/or
provide any guarantee or protection for Subordinated Shareholders through the Bank’s official website,
Debt in accordance with Article 19, Section (1) Point F annual report, or circulating newspapers, as per the
of the Financial Services Authority Regulation Number agreement and prevailing laws and regulations.
2025 Annual Report 363
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04 Management Discussion and Analysis on Bank Performance
8. The right to the protection of confidential creditor Macroprudential Liquidity Buffer Ratio (PLM)
information in accordance with the agreement and and Minimum Reserve Requirements (GWM)
prevailing laws and regulations.
The Statutory Reserves (Demand Giro Wajib Minimum -
Ability To Pay Short-Term Debt GWM) serve as a key indicator for maintaining liquidity
(Bank Liquidity) ratios. Company ensures that its GWM requirements,
both in Rupiah and foreign currency (Valas), comply
One way to know the ability to pay short-term debt with the regulations set by the authorities. In addition
is through the liquidity ratio. Company used several to meeting the GWM requirements, Company also
liquidity parameters, namely the Macroprudential maintains the Macroprudential Liquidity Buffer Ratio
Liquidity Buffer Ratio (PLM) and Minimum Statutory (Penyangga Likuiditas Makroprudensial - PLM). This ratio
Reserves (GWM), Loan to Deposit Ratio (LDR) and represents the minimum liquidity reserves in Rupiah that
Macroprudential Intermediation Ratio (RIM). Commercial Banks (Bank Umum Conventional - BUK)
must maintain in the form of eligible securities as per
regulatory requirements.
Table of PLM and GWM Ratio
(in %)
Category Currency 2025 2024 Increase/Decrease
Conventional IDR:
Primary (GWM) 9.39 5.38 4.01
PLM 12.93 12.73 0.2
US Dollar 4.02 4.18 (0.16)
Sharia IDR 2.60 4.70 (2.10)
The Statutory Reserve (GWM) threshold that Commercial the ownership of securities which is included in the
Bank (BUK) must maintain in accordance with regulatory securities category which is taken into account in the
provisions is 9%. In 2025, BTN Conventional maintained PLM provisions. The Company consistently maintains
Rupiah GWM at 9.39%, an increase of 4.01% compared the position of these securities at an optimal level.
to 2024 which was recorded at 5.38%. This increase Fulfillment of PLM refers to Regulation of Members of
occurred because large amounts of funds were coming the Board of Governors Regulation Number 23 of 2025
in and these funds were saved as GWM to anticipate concerning Macroprudential Intermediation Ratios
customer fund withdrawals and credit realization needs. and Macroprudential Liquidity Buffers for Conventional
Commercial Banks, Sharia Commercial Banks and
At the end of 2025, BTN Conventional received a GWM Sharia Business Units (PADG RIM PLM).
incentive from Bank Indonesia of 3,2%, a decrease
compared to the end of 2024, which was 4%. Overall, The statutory reserve for BSN based on the provisions
in December 2025 the Company was able to maintain is 7.5%, the Company received a GWM incentive from
optional levels of Rupiah liquidity and GWM in Bank Indonesia of 4.90%, so the obligation to fulfill the
accordance with regulatory provisions, while supporting minimum Sharia GWM is 2.60%.
smooth operations and customer transactions during
the Christmas and New Year 2025 period. Macroprudential Intermediation Ratio (RIM)
In 2025, the foreign currency GWM was maintained at RIM was a form of strengthening of the Loan to Funding
4.02%, which is kept lower than in 2024 at 4.18%. This Ratio (LFR). RIM was the ratio of loans extended to third
policy was implemented to optimize excess foreign parties in Rupiah and foreign currencies, excluding loans
currencies liquidity in order to increase income, while to other banks plus securities owned, to:
still meeting the provisions set by the regulator. 1. Third party funds which included current accounts,
savings and time deposits in Rupiah and foreign
The Macroprudential Liquidity Buffer (PLM) ratio in currencies, did not include interbank funds.
2024 was 12.73% and would increase to 12.93% in 2. Securities in Rupiah and foreign currencies that met
2025. This increase is influenced by the increase in certain requirements issued by Company.
364 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
In accordance with Bank Indonesia Regulation Ability To Pay Long-Term Debt
(PBI) Number 20/4/ PBI/2018 dated March 29, 2018, (Bank Solvability)
concerning “Macroprudential Intermediation Ratio
and Macroprudential Liquidity Buffer for Conventional The capital ratio was one of the parameters used in
Commercial Banks, Sharia Commercial Banks measuring the solvency ratio. In accordance with
and Sharia Business Units” as amended by PBI its commitment to run the banking business with
Number 21 /12/PBI/2019 dated November 25, 2019, PBI prudent principles and in accordance with applicable
Number 22/17/PBI/2020 dated September 30, 2020, and regulations, Company ensured that the Capital
PBI Number 24/16/PBI/2022 dated November 1, 2022. Adequacy Ratio (CAR) was able to meet credit risk,
Banks had to maintain a Macroprudential Intermediation market risk and operational risk.
Ratio (RIM) ratio of 84% to 94%. In 2025, the Company’s
RIM was 85.93%, a decrease compared to 2024, which In accordance with Bank Indonesia (BI) regulations,
was 90.40%. the Minimum Capital Requirement (KPMM)/CAR set for
banks with a risk profile of “2” is 9.25%. The amount of
Company also manages liquidity reserves in the form capital for credit risk consists of Core Capital (Tier I) and
of High Quality Liquid Assets (HQLA) which was also Supplementary Capital (Tier II). The Company’s total
a liquidity component, which was determined at an capital in 2025 reached Rp32.85 trillion, consisting of
optimal amount in the range above the minimum HQLA core and supplementary capital amounting to Rp28.77
limit every day to support the Company’s liquidity needs trillion and Rp4.08 trillion, respectively. The Company’s
and maintenance of GWM and PLM as determined by total Risk-Weighted Assets (RWA) in 2025 amounted to
Bank Indonesia . The Company’s secondary reserve Rp173.37 trillion, and the CAR ratio in 2025 was 18.95%.
position is always maintained above the minimum
secondary reserve limit throughout 2025. Ability to Pay Debt of Securities Issued
Loan To Deposit Ratio (LDR) The ability to pay debt could also be reflected based on
the rating of the securities issued by the Bank, namely
The Loan-to-Deposit Ratio (LDR) is a key parameter for bonds. Securities issued regularly were assessed by a
measuring a bank’s liquidity health. It represents the rating agency to support the eligibility of securities. The
proportion of loans disbursed to third parties compared quality of securities was largely determined by the ability
to third-party funds (customer deposits). In 2025, of the securities issuing company to pay its securities at
Company’s LDR stood at 91.28%, a decrease from 95.79% maturity and its ability to pay interest or coupons during
in 2024. This decline reflects BTN’s strategy of balancing the term of the securities issuance.
credit disbursement with third-party fund collection to
maintain bank liquidity.
Table of Ability to Pay Debt from Securities Issued
Rating
Information
2025 2024
Sustainable BBTN II Phase I 2015 Series D* AA+(idn) AA+(idn)
Sustainable BBTN III Phase I 2017 series D AAA(idn) AA+(idn)
Junior Global Bond Bank BTN (USD)* Ba3 Ba3
Sustainable BBTN IV Phase I 2020 series C* AA+(idn) AA+(idn)
Sustainable BBTN IV Phase II 2022 series A* AA+(idn) AA+(idn)
Sustainable BBTN IV Phase II 2022 series B AAA(idn) AA+(idn)
BBTN with a Sustainable Social Insight I Phase I in 2025 id
AAA -
BBTN Continuous Subordination I Phase I 2025 id
AA -
Note:
• Rating for domestic securities issued outstanding in 2025 used rating from Pefindo.
• The rating of outstanding domestic securities in 2025 uses a rating from Fitch.
• The rating for Bank BTN’s Junior Global Bond (USD), which will be paid off in 2025, uses a rating from Moody’s
* Securities that are fully paid (mature) in 2025
2025 Annual Report 365
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04 Management Discussion and Analysis on Bank Performance
Table of Security Rank Meaning
Rating Agency Rating Rating meaning
Pefindo id
AAA The ' idAAA National Rating is the highest rating on PEFINDO's national scale. This rating
reflects the very strong ability of the issuer or debt instrument to meet its long-term financial
obligations compared to all other issuers or instruments in the territory of the Republic of
Indonesia.
The inherent default risk is rated very low and is at the safest level on the national rating scale.
There are no other level categories above this level.
The 'AAA' rating indicates that the issuer's financial, business and management factors are at
their strongest and most stable, thereby providing the highest level of protection for investors
in the domestic context. This rating also does not use the modifier "+" or "–", because it reflects
the highest position in the PEFINDO rating system.
Pefindo id
AA The ' idAA' National Rating reflects the very strong ability of the issuer or debt instrument to
meet its long-term financial obligations compared to most issuers or other instruments
within the territory of the Republic of Indonesia.
The inherent default risk is assessed as very low, although slightly higher compared to the
highest rating (idAAA). However, this ranking still indicates a very high level of security on the
national rating scale.
The 'AA' rating indicates that the issuer's financial, business and management factors are
in a very strong and stable condition, with excellent capacity to face adverse changes in
economic and business conditions. Differences with the highest ratings are very small and are
generally associated with slightly higher sensitivity to changes in the business environment.
This rating is 2 notches lower than the corporate rating because this bond is subordinated.
Fitch Ratings AAA(idn) The National Rating 'AAA(idn)' is the highest rating on Fitch's national scale. This rating reflects
Indonesia a very low expected default risk, and indicates that the issuer or bond has the strongest credit
quality compared to all other issuers or instruments in the same country or monetary union.
The inherent risk of default is very small and is at the safest level on the national rating rating.
No other category is above this ranking.
In contrast to other rating categories, the 'AAA(idn)' rating does not use the modifier "+" or "–",
because this rating already represents the highest position in Fitch's rating class.
Moodys Ba3 Issuers rated Ba have speculative, or independent, intrinsic financial strength and are subject
to substantial credit risk in the absence of possible support from affiliates or the Government.
Receivable Collectibility
Bank collectibility is reflected from the Non-Performing Loan (NPL) ratio. NPL ratio is a benchmark to assess the amount
of problem loans or loss out of all loans distributed to customers. The smaller the NPL ratio, the better the collectibility
and loan quality.
Table of Collectability
(in IDR million)
2025 2024
Description
Minus Sharia Plus Sharia Minus Sharia Plus Sharia
Segment Segment Segment Segment
Total Loans/Financing 345,702,924 54,873,163 314,080,105 43,892,827
Performing Loan (PL) 334,760,539 53,458,241 304,022,694 42,632,236
Current 300,755,197 49,918,935 273,060,967 39,536,826
Special Mention 34,005,342 3,539,306 30,961,727 3,095,410
Non Performing Loan (NPL) 10,942,385 1,414,922 10,057,411 1,260,591
Substandard 334,251 280,091 605,276 266,796
366 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
2025 2024
Description
Minus Sharia Plus Sharia Minus Sharia Plus Sharia
Segment Segment Segment Segment
Doubtful 650,189 218,665 1,748,284 191,485
Loss 9,957,945 916,166 7,703,851 802,310
PL 96.83% 97.42% 96.80% 97.13%
NPL Gross 3.17% 2.58% 3.20% 2.87%
NPL Net 1.85% 0.70% 1.91% 1.71%
Gross NPL with the sharia segment in 2025 was 3.17%, a decrease compared to 2024 which was 3.20%. This condition is
due to the majority of financing credits having matured and repaid.
Table of Credit Written-Off
(in IDR million)
2025 2024
Description
Number of Write-off Value Number of Write-off Value
Debtors (in IDR milliions) Debtors (in IDR milliions)
Konvensional 12,916 3,253,317 16,761 3,200,092
Syariah 3,149 507,579 2,102 281,309
Jumlah 16,065 3,760,896 18,863 3,481,401
Several activities or programs that can encourage increased collectibility 2 performance in
2026 including
New Scheme Credit Implementation of New
01 Restructuring 02 Early Asset Sales Program 03 Monoline & Coll System
Implementation of the new The PL’s troubled asset sales The implementation of new
restructuring scheme program focuses on recurring monoline and collection
Tiered Installment Rescheduling debtors & handover of Corporate management system in stages
(PUAB) Plan (hybrid)
Implementation of QRIS New Incentive Scheme Implementation of Late
04 on the Smartcoll App 05 and OPD 06 Charges
The reward program for special The incentive scheme based on The implementation of fines for
debtors who pay installments amount collect & rollback/stay, late payment of installments
before the due date OPD by KM used
HC Collection Use of EDC/Installment AI Tools for Verifying
07 Development Program 08 Payment App 09 Telephone & Visit Results
Increasing Collection Human The use of EDC/App collector as a The use of AI tools to check input
Resource (SDM) through tool for receiving installments results for telephone & visit results
recruitment, capacity, capability &
talent-career path
2025 Annual Report 367
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04 Management Discussion and Analysis on Bank Performance
Activities or programs that can encourage increased NPL (Non-Performing Loan)
and passive performance in 2026 include the following:
Internal Appraisal for BTN Cheap House portal
01 Auctions 02 features 03 Development of iColl for RAS
The internal Appraisal to Cheap House Revamp Redesign & Development of the iColl
accelerate the auction of Non- Development of BTN application for RAS as an asset
Corporate problematic assets monitoring tool for
Host-to-Host with Restruct iLoan
04 Asuradur Kredit 05 Terms Cessie Review 06 Development
Host-to-host integration with Terms Cessie Review Restruk iLoan application
Asuradur Kredit to facilitate development to add new
insurance claims schemes & features
Development of the Asset
07 Buyback System
Development of a system for
monitoring debtor asset portfolios
carried out by the Buyback
Other Financial Ratio
To measure the profitability and efficiency of the Company’s performance, financial ratios used by banking were Profit
before tax to Assets or Return On Assets (ROA), Profit after tax to Equity or Return On Equity (ROE), Net Interest Margin
(NIM) and the ratio of Operating Expenses to Operating Income (BOPO).
Table of Other Financial Ratio
(parent entity, in %)
Increase/
Description 2025 2024
Decrease
Return On Assets (ROA) 0.89% 0.83% 7.23%
Return On Equity (ROE) 11.57% 10.76% 7.53%
Net Interest Margin (NIM) 4.20% 2.86% 46.85%
Operating Expenses to Operating Income (BOPO) 89.04% 88.70% 0.38%
In 2025, the ROA, ROE and NIM values are
0.89%, 11.57% and 4.20% respectively, indicating an increase compared to
2024. This is mainly due to a decrease in the percentage of the Company’s cost of funds or interest expense on third
party funds as a result of fund recomposition. The Operating Expenses to Operating Revenues (BOPO) value in 2025
can be maintained at 89.04%, an increase from 2024 of 88.70%. The increase in BOPO is in line with the increase in
operational expenses, but the increase is still maintained at 0.38%.
368 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Fund Interest Rate
Information on interest rates for bank deposits, savings and current accounts as of December 31, 2024 was as follows:
Table of Indonesia Rupiah Savings Interest Rates
Product Type Balance Strata Interest Rates
Tabungan Investa Up to IDR10 million 0.00%
> IDR10 million - IDR100 million 0.50%
> IDR100 million - IDR500 million 2.00%
> IDR500 million - IDR1 billion 2.25%
> IDR1 billion - IDR10 billion 2.64%
> IDR10 billion - IDR50 billion 3.48%
> IDR50 billion 3.75%
Tabungan Investa Plus ≥ 50 million - 500 million 2.15%
> 500 million - 1 billion 2.25%
> 1 - 5 billion 2.75%
> 5 billion 3.00%
Tabungan BTN Batara < IDR1 million 0.00%
IDR1 million - < IDR50 million 0.05%
IDR50 million - < IDR500 million 0.10%
IDR500 million - IDR1 billion 0.25%
> IDR1 billion 0.50%
Tabungan BTN Bisnis < IDR1 million 0.00%
≥ IDR1 million - < IDR50 million 0.25%
≥ IDR50 million - < IDR500 million 0.50%
≥ IDR500 million - < IDR1 billion 1.00%
≥ IDR1 billion 1.25%
Tabungan BTN Junior ≤ IDR50 thousand 0.00%
> IDR50 thousand 0.50%
TabunganKu ≤ IDR500 thousand 0.00%
> IDR500 thousand - IDR1 million 0.10%
> IDR1 million 0.25%
2025 Annual Report 369
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04 Management Discussion and Analysis on Bank Performance
Product Type Balance Strata Interest Rates
Tabungan SiMuda RumahKu ≤ IDR1 million - IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
Tabungan BTN Siap! < IDR1 million - IDR10 million 1.00%
> IDR10 million - IDR25 million 1.15%
> IDR25 million - IDR50 million 1.25%
> IDR50 million - IDR100 million 1.35%
> IDR100 million - IDR250 million 1.50%
> IDR250 million 2.00%
Tabungan BTN e’BataraPos < IDR1 million 0.00%
≥ IDR1 million - IDR50 million 0.05%
IDR50 million - < IDR500 million 0.10%
> IDR500 million - IDR1 billion 0.25%
> IDR1 billion 0.50%
Tabanas Batara Kantor Pos Across all tiers 0.00%
Table of Indonesia Rupiah Current Account Interest Rates
Product Type Balance Strata Interest Rates
Giro Rupiah ≤ IDR10 million 0.00%
> IDR10 million - IDR100 million 0.25%
> IDR100 million - IDR500 million 0.75%
> IDR500 million 1.00%
Table of Indonesia Rupiah Deposit Interest Rate
Tenor (months)
Product Type Balance Strata
1 2 3 4 6 12 24
Deposito BTN < IDR5 million 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Rupiah
≥IDR5 million - < IDR10 million 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
≥IDR10 million - < IDR100 million 2.25% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50%
≥IDR100 million - < IDR500 million 2.25% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50%
IDR500 million - IDR2 billion 2.25% 2.25% 2.75% 2.75% 2.75% 2.75% 2.75%
> IDR2 billion 2.25% 2.25% 2.75% 2.75% 3.00% 3.00% 3.00%
370 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Table of Indonesia Rupiah e-Deposito Interest Rates
Tenor (months)
Product Type Balance Strata
1 2 3 4 6 12 24
e-Deposito BTN IDR1 million - < IDR5 million 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Rupiah
IDR5 million - < IDR100 million 2.60% 2.75% 3.00% 3.00% 3.00% 3.00% 3.00%
IDR100 million - < IDR500 million 2.65% 2.75% 3.25% 3.25% 3.25% 3.25% 3.25%
IDR500 million - < IDR2 billion 3.50% 3.50% 3.50% 3.50% 3.50% 3.40% 3.40%
IDR2 billion - < IDR5 billion 3.75% 3.75% 3.75% 3.75% 3.75% 3.40% 3.40%
IDR5 billion - < IDR10 billion 3.75% 3.75% 3.75% 3.75% 3.75% 3.50% 3.50%
≥ IDR10 billion 3.75% 3.75% 3.75% 3.75% 3.75% 3.60% 3.60%
Table of Foreign Currency Savings Interest Rate
USD SGD AUD / CNY JPY
Interest Rate
Product
Type Balance Interest Balance Interest Balance Interest
Balance Strata
Offline Online Strata Rate Strata Rate Strata Rate
(via KC) (via Balé)
Tabungan < USD1,000 0.00% 0.00%
BTN Felas
USD1,000 - < USD10,000 0.15% 0.15%
All All All
0.10% 0.05% 0.00%
tiering tiering tiering
USD10,000 - < USD100,000 0.35% 0.35%
≥ USD100,000 0.50% 0.50%
Table of Foreign Currency Deposit Interest Rate (USD)
Tenor (months)
Product Type Balance Strata
1 3 6 12
BTN USD deposits All strata 4.00%
Table of Foreign Currency Deposit Interest Rate (SGD)
Tenor (months)
Product Type Balance Strata
1 3 4 6 12 24
Deposito BTN SGD All strata 0,10%
Table of Foreign Currency Deposit Interest Rate (AUD, CNY)
Tenor (months)
Product Type Balance Strata
1 3 6 12 24
AUD/CNY deposits All strata 0.10%
JPY deposits All strata 0.00%
2025 Annual Report 371
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04 Management Discussion and Analysis on Bank Performance
Table of Foreign Currency e-Deposit Interest Rate (USD)
Tenor (months)
Product Type Balance Strata
1 3 6 12
BTN USD e-deposits All strata 4.00%
Table of Foreign Currency Current Account Interest Rate (USD, EURO)
Product Type Balance Strata Interest rate
BTN USD Current Account Up to USD100,000 0.00%
> USD100,000 0.10%
BTN Euro Current Account All strata 0.00%
Prime Lending Rate
On a periodical basis, Company renews its Prime Lending premium which depends on Company’s assessment on
Rate (PLR/SBDK) in accordance with the benchmark each debtor or debtor group’s risk. Therefore, the lending
interest rate updates from Bank Indonesia. PLR becomes rate to be charged to debtors may not necessarily be
the basis for establishing the Bank’s lending rate to be the same as the PRL .
charged to Customer. PLR has not estimated the risk
Table of Prime Lending Rate Interest Rate
PRL per Business Segment
Description Non-MSME Loans MSME Loans
Non KPR/
KPR/KPA
KPA
Corporate Retail Medium Small Micro
Prime Lending Rate (PLR)
8.76% 8.90% 9.90% 10.48% 13.75% 8.04% 10.80%
2025
Prime Lending Rate (PLR)
8.76% 9.25% 10.17% 11.00% 14.03% 8.04% 11.80%
2024
Prime Lending Rate (PLR)
8.05% 8.30% n/a n/a n/a 7.30% 8.80%
2023
Prime Lending Rate (PLR)
8.00% 8.25% n/a n/a n/a 7.25% 8.75%
2022
Prime Lending Rate (PLR)
8.00% 8.25% n/a n/a n/a 7.25% 8.75%
2021
Productive Assets Quality Analysis
The assessment or provision of productive assets is such as credit and sharia financing, the aggregate
aimed at providing funds in order to obtain income, current position experienced adjustments in line with
whether in the form of credit, securities, interbank fund the dynamics of securities composition and interbank
placement, repo/reverse repo, or other equivalent placements. On the other hand, the total credit and
forms of providing funds. Based on asset quality data, financing provided in 2025 will reach IDR 404.80 trillion
the position of productive assets in the Current (L) with a current composition of IDR 326.65 trillion. Shifts
category in 2025 was recorded at IDR 417.45 trillion, between collectibility categories remain controlled, and
relatively stable compared to 2024 which was IDR 423.20 reserves (CKPN) are strengthened to maintain asset
trillion. Although there was growth in several portfolios quality.
372 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Overall, the Company continues to maintain the quality of its productive assets with the majority being in the current
category and supported by strengthening reserves for impairment losses. This shows that credit risk management
and productive asset portfolio management are carried out in a prudent and measurable manner.
Table of Productive Assets Quality
(in IDR million)
2025
Description Special
Substandard
Current (L) Mention Doubtful (D) Loss (M) Total
(KL)
(DPK)
Placement with other banks 2,513,736 - - - 2,043 2,515,779
Spot and Derivative Receivables/
- - - - - -
Forward
Securities Owned 53,229,660 32,929 2,869 4,543 50,576 53,320,577
Securities Sold under Repurchase
413,096 - - - - 413,096
Agreement (Repo)
Receivables from Securities
Purchased under Agreement to 1,683,840 - - - - 1,683,840
Resell (Reverse Repo)
Acceptance receivable 574,901 - - - - 574,901
Loans and Financing 326,645,842 60,281,511 526,398 877,723 16,468,813 404,800,287
Capital Investment 7,188,001 - - - - 7,188,001
Other Receivables - - - - - -
Commitments and
24,791,084 522,296 - 10,000 111,774 25,435,154
Contingencies
Foreclosed Collatera - - - - - -
(in IDR million)
2024
Description Special
Substandard
Current (L) Mention Doubtful (D) Loss (M) Total
(KL)
(DPK)
Placement with other banks 5,950,058 - - - 1,749 5,951,807
Spot and Derivative Receivables/
102,843 - - - - 102,843
Forward
Securities Owned 57,236,892 42,859 4,360 5,369 50,159 57,339,639
Securities Sold under Repurchase
3,499,300 - - - - 3,499,300
Agreement (Repo)
Receivables from Securities
Purchased under Agreement to 175,625 - - - - 175,625
Resell (Reverse Repo)
Acceptance receivable 941,898 - - - - 941,898
Loans and Financing 337,762,062 56,900,216 1,386,639 3,214,999 14,022,051 413,285,967
Capital Investment - - - - - -
2025 Annual Report 373
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04 Management Discussion and Analysis on Bank Performance
2024
Description Special
Substandard
Current (L) Mention Doubtful (D) Loss (M) Total
(KL)
(DPK)
Other Receivables - - - - - -
Commitments and
18,533,250 269,983 6,293 10,565 182,854 19,002,945
Contingencies
Foreclosed Collatera - - - - - -
Table of Allowance for Impairment Losses and Allowance for Asset Quality Assessment
(in IDR million)
2025
Pos-Pos
Stage 1 Stage 2 Stage 3 General Specific
Placement with other banks 4 - 2,043 25,137 2,043
Spot and Derivative Receivables/ Forward - - - - -
Securities Owned 52 - - 62,516 54,925
Securities Sold under Repurchase Agreement
- - - 3,282 -
(Repo)
Receivables from Securities Purchased under
- - - 16,830 -
Agreement to Resell (Reverse Repo)
Acceptance receivable 124 - - 5,732 -
Loans and Financing 1,604,155 4,387,132 7,968,270 2,847,340 4,803,646
Capital Investment - - - 72,661 -
Other Receivables - - - - -
Commitments and Contingencies 431 7 - 61,753 111,774
(in IDR million)
2024
Pos-Pos
Stage 1 Stage 2 Stage 3 General Specific
Placement with other banks 822 - 1,749 59,501 1,749
Spot and Derivative Receivables/ Forward - - 1,028 -
Securities Owned 787 - - 63,607 55,591
Securities Sold under Repurchase Agreement
- - - - -
(Repo)
Receivables from Securities Purchased under
- - - 1,756 -
Agreement to Resell (Reverse Repo)
Acceptance receivable 1,987 - - 9,419 -
Loans and Financing 2,965,797 3,564,534 6,526,856 3,073,878 9,135,653
Capital Investment - - - - -
Other Receivables - - - - -
Commitments and Contingencies 3,385 - - 57,249 13,500
374 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Fee Based Income Growth
Acceleration
To increase profitability, Company’s Business Plan was reaching IDR3.29 trillion. In addition, Company also
focused on increasing Other Operating Income (POL) expanded the BTN Properti application and portal as a
which was mostly generated from fee-based income, digital housing ecosystem.
especially from new sources based on transactions and
services. To achieve this target, the strategic initiatives In 2025, the Balé Properti portal and application will have
carried out in the short and medium term are as follows: 986 thousand members, 19,990 developers and 1 million
1. Increasing fees from treasury and forex transactions. housing stock ready for mortgages. The company
2. Increasing fee-based income from credit business carries out technological innovations, one of which is
(syndication, insurance kick-back, and credit the BTN Open API and Sandbox. By the end of 2025, the
administration outside of subsidized mortgages). number of partners who have integrated BTN Open API
3. Increasing fee-based income from digital will reach 35 partners with a total hit in 2025 of 4,975,384
transactions and wholesale banking by: hits.
a. Accelerating the implementation of online
acquiring features.
b. Accelerating the implementation of the Quick Bank Capital Structure
Response Code Indonesian Standard (QRIS)
Border and QRIS Customer Presented Mode. Management Policy on Capital
c. Developing Visa Paywave to increase retail Structure and Policy Determination
customer transactions and fee based. Basis
4. Developing fee based from new sources through:
a. Development of e-Guarantee to increase fee The Company’s Capital Plan is based on the latest
based in the wholesale Banking segment. economic developments, despite a review and
b. Increasing fee-based priority banking services assessment of the required capital adequacy
through product development, including National requirements. In terms of developing its Risk
Securities (SBN), insurance products, and mutual Management policies and strategies, the Board of
funds. Directors has established a Risk Appetite Statement
c. Increasing fees sourced from Bank Guarantees (RAS) and other risk limits. The RAS is reviewed annually
(BG), Domestic Letters of Loans (SKBDN), Supply or at any time, considering changes in the Company’s
Chain Financing (SCF), Cash Management business plans and objectives, as well as changes in
System (CMS) in the Corporate segment and the business environment. Furthermore, the Board of
wholesale. Directors and the Board of Commissioners conduct an
annual review to ensure that the Company’s capital
structure and liquidity remain aligned with its strategic
Digital Transaction Volume Growth objectives and risk appetite.
To develop new sources of growth, Company The purpose of management’s policy on capital is
accelerated the development of digital services, to ensure that Company’s capital is strong and able
especially those targeting retail transactions through to create a strong capital structure to support the
the Balé by BTN acquisition and utilization program. development strategy for current business expansion
With various programs run, the number of digital and maintain the continuity of development going
banking transactions increased rapidly to 2.36 billion forward. In addition, the determination of the capital
transactions, or an increase of 77% yoy. In line with the policy is intended to meet the capital adequacy
increase in the number of transactions, the volume of provisions set by the regulator and ensure that
digital service transactions also increased to IDR176 Company’s capital structure has been efficient.
trillion, or grew 12% yoy. To support the development
of digital transactions, Company carried out various Based on OJK Regulation Number 11/POJK.03/2016 as
digital innovations including the rebranding of the Bale amended by OJK Regulation No. 27 of 2022 concerning
by BTN Superapp and intensifying the acquisition of BTN the Second Amendment to OJK Regulation Number
merchants. In 2024, the number of BTN QRIS merchants 11/POJK.03/2016 concerning the Minimum Capital
increased rapidly to 250.371 QRIS merchants or an Adequacy Requirement for Commercial Banks, BTN’s
increase of 100% YoY with a total merchant balance capital consists of:
2025 Annual Report 375
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04 Management Discussion and Analysis on Bank Performance
1. Core Capital, which consists of Common Equity 2. Supplementary Capital (Maximum 100% of Core
Tier - CET1 and Additional Tier 1 (AT1). Core capital Capital) which consists of general reserves of PPA
includes paid-in capital and disclosed reserves. for productive assets that must be calculated with a
Disclosed reserves consists of additional factors maximum amount of 1.25% of RWA for Credit Risk and
(agio, general reserves, previous year’s profit, profit Reserves.
for the year and stock options) and the deducting
factors (other comprehensive losses and financial The total core capital (Tier I) of the Company (BTN
asset transactions classified as available for sale, and BSN) in 2025 was IDR 39.56 trillion, higher than in
difference of Allowance for Uncollectible Accounts 2024 of IDR 29.83 trillion. Meanwhile, the amount of the
(PPA) on earning assets with Allowance for Company’s supplementary capital (Tier II) in 2024 was
Impairment Losses and nonearning PPA). IDR 4.27 trillion, higher than the supplementary capital
in 2024 of IDR 2.43 trillion, this was because there was
additional Subordinated Securities.
Capital Structure Details
Company has strong capital capabilities to support business growth. Below is the details of Company’s capital
structure.
Table of Capital Structure Details
(in IDR million)
2025
Description 2024
(Consolidated)
I. CORE CAPITAL (TIER 1) 35.289.292 29.834.471
1. Common Equity Tier - CET 1 33.289.292 29.834.471
0.1 Paid-up Capital (minus Treasury Stock) 7.017.222 7.017.222
0.2 Disclosed Reserves 28.871.679 25.103.287
0.3 Calculable Non-Controlling Interest - -
0.4 Common Equity Tier 1 Regulatory Adjustment (2.599.610) (2.286.038)
2. Additional Tier - AT 1 2.000.000 -
2.1 Instruments meeting AT-1 requirements 2.000.000 -
2.2 Agio/Disagio - -
2.3 Additional Tier 1 Regulatory Adjustment - -
II. SUPPLEMENTARY CAPITAL (TIER 2) 4.276.886 2.438.559
1. Capital instruments in shares or others meeting Tier 2 2.216.667 549.605
requirements
2. Agio/Disagio - -
3. General reserves of mandatory productive asset Allowance for 2.060.219 1.888.954
Uncollectible Accounts (max. 1.25% of Credit Risk RWA)
4. Supplementary Capital Regulatory Adjustment - -
TOTAL CAPITAL 39.566.177 32.273.030
RISK-WEIGHTED ASSETS (RWA)
RWA for Credit Risk 163.844.282 149.287.750
RWA for Operational Risk 20.388.527 19.055.594
RWA for Market Risk 4.900.688 6.101.634
Total RWA 189.133.497 174.444.978
376 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
2025
Description 2024
(Consolidated)
Capital Adequacy Ratio (CAR) according to Risk Profile 9,25% 9,25%
Common Equity Tier 1 (CET 1) 17,60% 17,10%
Tier 1 Ratio 18,66% 17,10%
Tier 2 Ratio 2,26% 1,40%
Capital Adequacy Ratio (CAR) 20,92% 18,50%
Material Commitments for Capital Investment
In 2025 and 2024, Company made material commitments with related parties for capital investments. Some material
commitments with significant values are presented in the following table:
Table of Material Commitments for Capital Investment
Name of Parties under Commitment Value
Type of Commitment
Commitments (in IDR million)
2025
PT Usaha Gedung Mandiri Tangerang branch (KC) Renovation Contractor Services 7,395
Bank BTN branch (KC) Pondok Indah Building Construction Work
PT Binayasa Putrabatara 40,700
Contractor Services
Work Space Renovation Contractor Services (TRSD), Floor 25, Tower
PT Binayasa Putrabatara 10,495
2 BTN
Advanced Work Contractor Services for the Construction of the
PT Neocelindo Intibeton 9,198
Cibubur branch (KC) Building
Continued Work Contractor Services Renovation and Relayout Work
PT Neocelindo Intibeton 9,050
for All Floors of the Bekasi branch (KC) Building
Way Halim- branch (KC) Bandar Lampung Renovation Work
PT Binayasa Putrabatara 5,100
Contractor Services (KCP)
PT Mitra Niaga Madani Medan Records Center Renovation Work Contractor Services 9,919
PT Mitra Niaga Madani Tanah Abang Renovation Work Contractor Services (KCS) 6,150
Procurement of Roll O Pack for BTN Ecopark Gandul Records Center
PT Soludia 43,624
Building
PT Usaha Gedung Mandiri Jambi branch (KC) Renovation Work Contractor Services 9,395
Renovation of Sharia Commercial Bank (BUS) Work Space at BTN
PT Binayasa Putrabatara 13,975
Tower
PT Gunnebo Indonesia Distribution Procurement of Roll O Pack for Medan Records Center 8,691
BUS-Tanah Abang Work Space Renovation and Relayout Contractor
PT Binayasa Putrabatara 9,300
Services
Continued Work on Building a Learning Center on Ciburial Land,
PT Binayasa Putrabatara 33,500
Dago Pakar, Bandung (Phase 1)
Contractor Services for Renovation of the Directors’ Workspace on
PT Neocelindo Intibeton 10,380
the 22nd Floor of BTN Tower
PT Pawit Jaya Utama BTN Tower Relayout Work Contractor Services, 7-FAD Floor 5,300
PT Pembangunan Perumahan Contractor Services for Construction of Sports Facilities and
16,300
(Persero) Tbk Foodcourts in the BTN Eco Park Gandul Area
PT Binayasa Putrabatara BTN Tower Chiller Replacement Contractor Services 35,600
2025 Annual Report 377
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04 Management Discussion and Analysis on Bank Performance
Name of Parties under Commitment Value
Type of Commitment
Commitments (in IDR million)
PT Multipolar Technology Tbk. Modernization of Core Banking Servers and Supporting Devices 206,607
PT Logistik Teknologi Indonesia Network Detection and Response Solutions 11,850
PT NTT Indonesia Technology Privilege Access Management Solution for IT Devices 12,890
PT Neptus Teknologi Renewal Upgrade Maintenance MSDAP 31,322
PT NTT Indonesia Technology Bank BTN Replacement Switch Outlet 17,695
2024
Contractor Services for Renovation Work at Jakarta Kuningan
PT Binayasa Putrabatara 18,000
branch (KC) and Jakarta II Regional Office at BTN Tower 2.
Contractor Services for Renovation of Conventional Banking Hall,
PT Binayasa Putrabatara Private Banking, SDB Room, and Basic Document Room for the Use 22,700
of Jakarta Kuningan branch (KC) in BTN Tower 2.
BTN Branch (KC) Pematangsiantar Building Construction Work
PT Binayasa Putrabatara 42,300
Contractor Services.
Learning Center Construction Work Contractor Services on Ciburial
PT Brantas Abipraya 100,500
Land, Dago Pakar, Bandung (Phase 1).
PT Brantas Abipraya BTN Branch (KC) Kebon Jeruk Construction Contractor Services. 121,500
PT Casa Prima Indonesia KCS Lhokseumawe Renovation Work Contractor Services. 10,500
Banjarmasin branch (KC) Relayout Renovation Work Contractor
PT Casa Prima Indonesia 11,100
Services.
PT Casa Prima Indonesia Tanjungpinang branch (KC) Renovation Work Contractor Services. 13,280
PT Casa Prima Indonesia KCS Surabaya Renovation Work Contractor Services. 13,700
PT Casa Prima Indonesia Meruya Official Residence Construction Work Contractor Services. 20,300
Contractor Services for the Construction of the Record Center
PT Casa Prima Indonesia 41,150
Building, KCP and Official Homes on Soekarno Hatta Land, Bandung.
BTN Branch (KC) Kupang Building Construction Work Contractor
PT Casa Prima Indonesia 47,550
Services.
Jakarta Harmoni Non Banking Hall Branch (KC) Renovation Work
PT Grafindo Triutama 10,010
Area Contractor Services.
PT Integra Dayacipta Grahatama Regional Office Construction Work Contractor Services I. 53,500
BTN branch (KC) Cibubur Building Construction Work Contractor
PT Neocelindo Intibeton 47,280
Services.
PT Neocelindo Intibeton Office Construction Contractor Services in region 6. 61,500
BTN Branch (KC) Kelapa Gading Square Building Construction Work
PT Nindya Karya 132,001
Contractor Services.
BTN Eco Park Gandul Construction Work Contractor Services (Phase
PT Pembangunan Perumahan 322,899
1).
Contractor Services for Meeting Room Works on Floors 30 and 32 of
PT Usaha Gedung Mandiri 11,785
Tower 2 BTN.
BTN Tower 2 Division Workspace Renovation Work Contractor
PT Victory Utama Karya 26,930
Services.
Procurement of x86 Servers for Conventional and Sharia Internet
PT Metrocom Global Solusi 10,940
Banking and Cash Management System.
PT Multipolar Technology Tbk. Procurement of Desktop PC and Notebook Devices in 2024. 43,243
Procurement of a Security Intelligence Platform to detect potential
PT Praweda Ciptakarsa
cyber attacks, detect data and user credential breaches and 41,272
Informatika
response to security incidents.
378 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Name of Parties under Commitment Value
Type of Commitment
Commitments (in IDR million)
PT IDX Consulting Procurement of Fraud Detection System (FDS) applications. 30,878
Procurement of Web Application Firewall (WAF), DNS Security and
PT Mastersystem Infotama 13,470
Loan Balancer (HA Critical Appliccation Firewall) devices.
PT Metrocom Global Solusi Procurement of Database Server for Internet Banking and CMS. 19,980
PT Truslogic Mitra Teknologi Procurement of Security Tools in the DevSecOps Toolchain. 12,165
PT Multipolar Technology Tbk Data Lake Development Procurement. 11,751
PT Intikom Berlian Mustika Modernization of the Branch Delivery System. 89,995
Procurement of HA Authentication, Authorization, Auditrail and
PT Multipolar Technology Tbk Network Access Control (NAC) solutions for BTN Head Office and 28,600
Branch Offices.
Procurement of Modernization of Pinpad Machines equipped with
PT Indonesia Comnets Plus 30,000
IKD and eKTP Reader.
Company makes material commitments for investment in goods and capital with the aim of supporting Company’s
operational activities. The source of funds used by Bank Company in carrying out material commitments comes from
Company’s internal funds. Because the currency used as the denomination for capital goods investment is only IDR or
Rupiah and the procurement value stated in the cooperation agreement between the Company and the supplier is
also set in Rupiah, there is no need for planned steps to protect against risks from foreign currency positions.
Capital Investment
BTN invested in capital goods in the form of land, In 2025, the Company will invest in capital goods, mostly
buildings/office, other buildings, computer hardware, in the form of construction of buildings intended for the
machinery, vehicles, office equipment, fixed assets and Dago Pakar Bandung Learning Center, BTN Eco Park
other inventory. In 2025, the total investment in capital Gandul Depok, Regional Offices and Branch Offices. Apart
goods will be IDR 15.14 trillion. This number increased from that, renovation work was also carried out on office
compared to 2024 due to the revaluation of fixed assets, buildings, including renovations on the work space of the
the purchase of land for offices, construction and BTN Tower building, Sharia Center Tanah Abang, and BTN
renovation of office buildings, vehicles and various office Tower 2 BTN. For investment in capital goods in computer
equipment to support the Company’s operations. hardware, the Company centralizes the procurement of
personal computers (PCs) and notebooks/laptops using
the seat management method.
Table of Capital Goods Investment
(in IDR million)
Investment Value
Type Investment Purpose
2025 2024
Land Company Business Operations 5,896,312 5,367,787
Office Buildings/Rooms Company Business Operations 3,327,386 2,622,305
Other Buildings Company Business Operations 846,623 551,074
Computer Hardware Company Business Operations 3,740,366 3,471,025
Machineries Company Business Operations 526,425 473,383
Vehicles Company Business Operations 54,212 50,428
Office Supplies Company Business Operations 702,309 655,769
Fixed Assets and Other Inventories Company Business Operations 43,201 40,280
Total 15,136,834 13,232,051
2025 Annual Report 379
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04 Management Discussion and Analysis on Bank Performance
The value stated in the Capital Goods Investment Table b. BTN Ecopark Gandul Depok Building, consisting
is a combination of the value of the Conventional Bank of the Dormitory Building, Record Center Building,
(Company) and the Sharia Business Unit (UUS) which on and Sports Field along with supporting facilities
December 22 2025 officially became operational as PT therein in December 2025.
Bank Syariah Nasional (BSN). c. Kelapa Gading Square Branch Office Building in
December 2025.
Company through the Procurement and Fixed Asset d. Cikembar Sukabumi Sub-Branch Office Building
Management Division (PFAD) in 2025 procured and in July 2025.
managed fixed assets as follows: e. Kupang Branch Office Building in February 2025.
1. In collaboration with the Sharia Business Division f. Cibubur Branch Office Building in February 2025.
(SHAD), procurement was carried out in the form g. Pematangsiantar Branch Office Building in
of purchasing land on June 3 2025 worth IDR 38,101 February 2025.
million for the expansion of the Sharia Center Tanah 5. The Company carried out a revaluation of fixed
Abang located on Jalan KH Mas Mansyur No. 86 assets for land assets for a 3 (three) year period and
Tanah Abang, Central Jakarta. recorded an increase in the value of these assets
2. In collaboration with the Sales and Distribution amounting to IDR 412,555 million.
Division (SDD), procurement was carried out in the 6. For assets that have been included in the neglected
form of purchasing land on June 30 2025 worth category, the Company has optimized their use so
IDR 30,027 million for the construction of the Gresik that they can support the company’s operations,
Branch Office building. namely:
3. In collaboration with the Sales and Distribution a. Land assets located on Jalan Gandul Raya,
Division (SDD), procurement was carried out in the Cinere, Depok City, which was built as the BTN
form of purchasing land on September 19 2025 worth Ecopark area.
IDR 32,036 million for the construction of the Cikarang b. Land assets located on Soekarno Hatta street No.
Branch Office building. 443-445 Bandung which has been operational
4. The inauguration and start of operation of new as a Record Center Building and Official House
buildings which are fixed assets belonging to the for the West Java Regional Office.
Company, in the form of the BTN Ecopark Gandul 7. In managing fixed assets, Company implemented
Depok building, Regional Offices, Branch Office fixed asset write-offs for fixed assets that technically
buildings and Sub-Branch Office buildings, namely: and economically no longer had any benefits for
a. Central Java Regional Office Building and Company. With the implementation of the write-offs,
Yogyakarta Special Region (Central Java and DIY Company could optimize and be more efficient in
Regional Offices) in December 2025. the use of inventory storage/warehouse space, as
well as the reconciliation of fixed asset databases to
be cleaner and clearer.
Commitments and Contingencies
The balances of Commitments and Contingencies as of December 31, 2025 and 2024 were as follows:
Table of Commitments and Contingencies
(in IDR million)
Description 2025 2024
COMMITMENTS
Commitments Payable
Unused loan facility commitments 17,990,697 15,614,895
Irrevocable L/C on progres 211,017 249,694
Commitments – Net 18,201,714 15,864,589
CONTINGENCIES
Contingent receivables
Interest income on non-performing assets 6,664,026 3,550,319
380 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Description 2025 2024
Contingent payables
Guarantees issued (5,742,151) (3,124,003)
Contingencies - Net 921,875 426,316
Significant Agreements
Throughout 2025 and 2024, Company made significant 10. On November 26 2025, the Company entered into an
agreements including: agreement with PT Casa Prima Indonesia regarding
1. On December 31, 2025, the Company entered into KCP Mendalo Renovation Work Contractor Services
an agreement with PT Mitra Niaga Madani regarding with a contract value of IDR 2,331 million.
KCPS Kelapa Gading Renovation Work Contractor 11. On November 26 2025, the Company entered into an
Services with a contract value of IDR 3,520 million. agreement with PT Casa Prima Indonesia regarding
2. On December 23 2025, the Company entered into KCP Selincah Renovation Work Contractor Services
an agreement with PT Metro Alam Selaras regarding with a contract value of IDR 2,690 million.
the KCP Leuwiliangi KCP Renovation and Relocation 12. On November 24 2025, the Company entered into
Work Contractor Services with a contract value of IDR an agreement with PT Taruna Bangun Bersama
2,590 million. regarding KCP Karangayu Renovation Work
3. On December 19 2025, the Company entered into an Contractor Services with a contract value of IDR
agreement with PT Jasun Putra Pandawa regarding 2,700 million.
the Renovation Work Contractor Services for KCP 13. On November 14 2025, the Company entered into
Unnes and Digital Branch KC Semarang with a an agreement with PT Pembangunan Perumahan
contract value of IDR 2,475 million. (Persero) Tbk regarding Contractor Services for the
4. On December 15 2025, the Company entered into an Construction of Sports Facilities and Foodcourts in
agreement with PT Bank Syariah Nasional regarding the BTN Eco Park Gandul Area with a contract value
Banking Synergy in the SDI Sector (Human Capital) of IDR 16,300 million.
with a contract value of IDR Nil. 14. On November 21 2025, the Company entered into an
5. On December 15, 2025, the Company entered into an agreement with PT Casa Prima Indonesia regarding
agreement with PT Bank Syariah Nasional regarding the KCS Tangerang Relocation Renovation Work
Commercial Bank Sharia Service Synergy with a Contractor Services with a contract value of IDR
contract value of IDR Nil. 8,340 million.
6. On December 15 2025, the Company entered into an 15. On October 24 2025, the Company entered into
agreement with PT Bank Syariah Nasional regarding an agreement with PT Binayasa Putrabatara
the Synergy of Activities in the BTN Group Business regarding the Continued Work on the Construction
Ecosystem with a contract value of IDR Nil. of the Learning Center on Ciburial Land, Dago Pakar,
7. On December 15 2025, the Company entered into an Bandung with a contract value of IDR 33,500 million.
agreement with PT Bank Syariah Nasional regarding 16. On October 20 2025, the Company entered into an
Synergy of Operational Activities with a contract agreement with PT Bank Syariah Nasional regarding
value of IDR Nil. Banking Synergy for Office Building Utilization.
8. On November 28 2025, the Company entered into 17. On October 15 2025, the Company entered into an
an agreement with PT Mitra Niaga Madani regarding agreement with PT Bank Syariah Nasional regarding
the DBSD Workspace Renovation Contractor Services Synergy for the Provision of Information Technology
on Floor 28, Tower 2 BTN with a contract value of IDR Services with a contract value of IDR 40,473 million.
2,730 million. 18. On October 8 2025, the Company entered into an
9. On November 28 2025, the Company entered into an agreement with PT Neocelindo Intibeton regarding
agreement with PT Metro Alam Selaras regarding the Contractor Services for the Renovation of the
Menteng Branch (KC) Renovation Work Contractor Directors’ Workspace on the 22nd Floor of the BTN
Services with a contract value of IDR 3,295 million. Tower with a contract value of IDR 10,380 million.
2025 Annual Report 381
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04 Management Discussion and Analysis on Bank Performance
19. On October 6 2025, the Company entered into an 30. On August 11, 2025, the Company entered into an
agreement with PT Binayasa Putrabatara regarding agreement with PT Usaha Gedung Mandiri regarding
the Renovation and Relayout Work Space Contractor KCPS Bungo Renovation Contractor Services with a
Services for Sharia Commercial Banks (BUS) in Tanah contract value of IDR 2,438 million.
Abang with a contract value of IDR 9,300 million. 31. On August 11 2025, the Company entered into
20. On October 1 2025, the Company entered into an an agreement with PT Soludia regarding the
agreement with PT Binayasa Putrabatara regarding procurement of Roll O Pack for the BTN Ecopark
the Continued Work on the Construction of the Gandul Records Center Building with a contract
Pematangsiantar KC Building with a contract value value of IDR 43,624 million.
of IDR 8,180 million. 32. On August 6 2025, the Company entered into an
21. On September 22 2025, the Company entered into an agreement with PT Binayasa Putrabatara regarding
agreement with PT Gunnebo Indonesia Distribution BTN Tower Chiller Replacement Contractor Services
regarding the procurement of a Roll O Pack for the with a contract value of IDR 35,600 million.
Medan Records Center with a contract value of IDR 33. On August 6 2025, the Company entered into an
8,961 million. agreement with PT Mitra Niaga Madani regarding
22. On September 8 2025, the Company entered into an KCS Tanah Abang Renovation Work Contractor
agreement with PT Kharismakreati Lugas regarding Services with a contract value of IDR 6,150 million.
KCP Alam Sutera Renovation Work Contractor 34. On July 31, 2025, the Company entered into an
Services with a contract value of IDR 2,540 million. agreement with PT Nuanza Karya Selaras regarding
23. On September 8 2025, the Company entered into an KCPS Batoh Renovation Contractor Services with a
agreement with PT Usaha Gedung Mandiri regarding contract value of IDR 2,254 million.
the Procurement of Continued Renovation and 35. On July 25 2025, the Company entered into an
Relayout Work for the Depok Branch (KC) with a agreement with PT Mitra Niaga Madani regarding
contract value of IDR 4,670 million. Medan Records Center Renovation Work Contractor
24. On September 8 2025, the Company entered into an Services with a contract value of IDR 9,918 million.
agreement with PT Binayasa Putrabatara regarding 36. On July 23 2025, the Company entered into an
the renovation of the Sharia Commercial Bank (BUS) agreement with PT Kanta Karya Utama regarding
Workspace at BTN Tower with a contract value of IDR Construction Management Consultant Services (MK)
13,975 million. for the construction of the Panakkukang Branch (KC)
25. On September 8 2025, the Company entered into an Building with a contract value of IDR 2,410 million.
agreement with PT Kharismabuat Lugas regarding 37. On July 11 2025, the Company entered into an
KCP Hang Tuah Renovation Work Contractor Services agreement with PT Primega Saniyya Lestari regarding
with a contract value of IDR 2,550 million. Construction Management Consultant Services (MK)
26. On September 2 2025, the Company entered into an for the construction of the Jababeka Branch (KC)
agreement with PT Ciriajasa Cipta Mandiri regarding Building with a contract value of IDR 2,050 million.
Construction Management Consultant Services (MK) 38. On July 7 2025, the Company entered into an
for the Kendari Branch (KC) and Parepare Branch agreement with PT Metro Alam Selaras regarding
(KC) Development Works with a contract value of IDR CBC Raya Jakarta Renovation Contractor Services
4,655 million. with a contract value of IDR 2,384 million.
27. Pada tanggal 29 Agustus 2025, Perseroan 39. On June 18 2025, the Company entered into
mengadakan perjanjian dengan PT Casa Prima an agreement with PT Bank Victoria Syariah in
Indonesia sehubungan dengan Jasa Kontraktor connection with Perbankan Sinergi.
Pekerjaan Renovasi KCPS Binjai dengan nilai kontrak 40. On June 17 2025, the Company entered into an
sebesar Rp2.325 juta. agreement with PT Binayasa Putrabatara regarding
28. On August 29 2025, the Company entered into an the KCP Way Halim KCP Renovation Contractor
agreement with PT Casa Prima Indonesia regarding Services with a contract value of IDR 5,100 million.
the Tenggarong KCPS Renovation Work Contractor 41. On May 19 2025, the Company entered into an
Services with a contract value of IDR 2,220 million. agreement with PT Neoceindo Intibeton regarding
29. On August 25 2025, the Company entered into an the Continuation of Renovation and Relayout
agreement with PT Usaha Gedung Mandiri regarding Contractor Services for All Floors of the Bekasi Branch
Jambi KC Renovation Work Contractor Services with (KC) Building with a contract value of IDR 9,050
a contract value of IDR 9,395 million. million.
382 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
42. On April 29 2025, the Company entered into an 53. On October 14 2024, the Company entered into an
agreement with PT Casa Prima Indonesia regarding agreement with PT Brantas Abipraya regarding
the KCP Rawalumbu Renovation Work Contractor the Bandung Learning Center Construction Work
Services with a contract value of IDR 7,200 million. Contractor Services (Phase 1) with a contract value
43. On April 21 2025, the Company entered into an of IDR 100,500 million.
agreement with PT Neoceindo Intibeton regarding 54. On October 2 2024, the Company entered into an
Advanced Work Contractor Services for the agreement with PT Casa Prima Indonesia regarding
Construction of the Cibubur Branch (KC) Building Surabaya Branch Office (KC) Renovation Contractor
with a contract value of IDR 9,198 million. Services with a contract value of IDR 13,700 million.
44. On February 19 2025, the Company entered into an 55. On September 24 2024, the Company entered into an
agreement with PT Binayasa Putrabatara regarding agreement with PT Neocelindo Intibeton regarding
TRSD Work Space Renovation Contractor Services Regional Office Construction Contractor Services 6
for Floor 25, Tower 2 BTN with a contract value of IDR with a contract value of IDR 61,500 million.
10,495 million. 56. Pada On July 26, 2024, the Bank signed an
45. On February 11 2025, the Company entered into agreement with PT Casa Prima Indonesia regarding
an agreement with PT Binayasa Putrabatara the Contractor Services for the Banjarmasin Branch
regarding the procurement of BTN Tower 2 Building Office Relayout Renovation Work with a contract
Management with a contract value of IDR 49,500 value of IDR11,100 million.
million. 57. On July 8, 2024, the Bank signed an agreement with
46. On January 22 2025, the Company entered into PT Patroon Arsindo regarding the Consultant Services
an agreement with PT Binayasa Putrabatara in for Planning Detail Engineering Design (DED), RAB, BQ
connection with Bank BTN Branch (KC) Pondok Indah and RKS for Phase 1 Development of BTN Eco Park
Building Construction Work Contractor Services with Gandul with a contract value of IDR17,700 million.
a contract value of IDR 40,700 million. 58. On June 24, 2024, the Bank signed an agreement with
47. On January 7 2025, the Company entered into an PT Victory Utama Karya regarding the Contractor
agreement with PT Usaha Gedung Mandiri regarding Services for the Renovation Work of BTN Tower 2
Tangerang Branch (KC) Renovation Contractor Division with a contract value of IDR26,930 million.
Services with a contract value of IDR 7,395 million. 59. On June 24, 2024, the Bank signed an agreement with
48. On December 12 2024, the Company entered into PT Binayasa Putrabatara regarding the Contractor
an agreement with PT Nindya Karya regarding Bank Services for the Renovation Work of the Jakarta
BTN Branch (KC) Kelapa Gading Square Building Kuningan Branch Office and Regional Office jakarta
Construction Contractor Services with a contract II at BTN Tower 2 with a contract value of IDR18,000
value of IDR 132,001 million. million.
49. On November 20, 2024, the Company entered into an 60. On May 31, 2024, the Bank signed an agreement with
agreement with PT Brantas Abipraya regarding the PT Casa Prima Indonesia regarding the Contractor
Kebon Jeruk Branch (KC) Construction Contractor Services for the Construction Work of the BTN Kupang
Services with a contract value of IDR 121,500 million. branch office Building with a contract value of
50. On November 5 2024, the Company entered into IDR47,550 million.
an agreement with PT Pembangunan Perumahan 61. On May 23, 2024, the Bank signed an agreement with
regarding BTN Eco Park Gandul Development Work PT Usaha Gedung Mandiri regarding the Contractor
Contractor Services (phase 1) with a contract value Services for Meeting Room Work on 30th and 32nd
of IDR 322,899 million. Floors of BTN Tower 2 with a contract value of IDR11,785
million.
51. On October 29 2024, the Company entered into an 62. On May 14, 2024, the Bank signed an agreement with
agreement with PT Binayasa Putrabatara regarding PT Casa Prima Indonesia regarding the Contractor
the BTN Kuningan Tower 2 Renovation Contractor Services for the Renovation Work of Lhokseumawe
Services with a contract value of IDR 22,700 million. branch office with a contract value of IDR10,500
52. On October 28, 2024, the Company entered into an million.
agreement with PT Casa Prima Indonesia regarding 63. On May 2, 2024, the Bank signed an agreement with
Tanjungpinang Branch Office (KC) Renovation PT Integra Dayacipta Grahatama regarding the
Contractor Services with a contract value of IDR Contractor Services for the Construction of Regional
13,280 million. Office I with a contract value of IDR53,500 million.
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04 Management Discussion and Analysis on Bank Performance
64. On February 20, 2024, the Bank signed an agreement 67. On January 10, 2024, the Bank signed an agreement
with PT Neocelindo Intibeton regarding Contractor with PT Binayasa Putrabatara regarding the
Services for the Construction Work of BTN Cibubur Centralization of Building Management Procurement
branch office Building with a contract value of for Regional Office VI with a contract value of
IDR47,280 million. IDR56,850 million.
65. On January 12, 2024, the Bank signed an agreement 68. On January 10, 2024, the Bank signed an agreement
with PT Casa Prima Indonesia regarding Contractor with PT Binayasa Putrabatara regarding the
Services for the Construction of the Record Center Centralization of Building Management Procurement
Building, KCP, and Official Residence on the Soekarno for Regional Office IV with a contract value of
Hatta Land in Bandung with a contract value of IDR91,500 million.
IDR41,150 million. 69. On January 10, 2024, the Bank signed an agreement
66. On January 11, 2024, the Bank signed an agreement with PT Binayasa Putrabatara regarding the
with PT Binayasa Putrabatara regarding the Centralization of Building Management Procurement
Contractor Services for the Construction of BTN for Regional Office I with a contract value of IDR176,246
Pematangsiantar branch office building with a million.
contract value of IDR42,300 million.
Material Information and Facts After Accounting Report Date
Until the end of the preparation of the Annual Report, there were no significant events after the accountant’s report
date, including their impact on future performance and business risks.
Business Prospects and Future Strategies
Taking recent developments into account, in January 2026, the IMF projected global economic growth for 2026 at
3.3%, before moderating to 3.2% in 2027. In 2026, the economies of emerging countries such as Indonesia are expected
to improve slightly compared to 2025. China’s economy is also projected to slow in 2026. Meanwhile, advanced
economies such as the United States are expected to record slightly higher growth compared to 2025.
Graph of Global Economic Growth Projections for 2025 and 2027
6.4% 6.4% 5.1% 5.1% 4.5% 4.0% 4.2% 4.1% 3.3% 3.2% 2.4% 2.0% 1.8% 1.7% 1.3% 1.4% 0.7% 0.6%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Emerging Amerika Advanced
India Indonesia China Global Uni Eropa Jepang
Market Serikat Economies
2026F 2027F
Source: World Economic Outlook, International Monetary Fund (IMF), January 2026
384 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
National economic growth remained positive in 2025 For 2026, the housing sector is predicted to strengthen
despite the global economic slowdown, driven by strong compared to previous years. The housing sector is
household consumption, incoming investment, and projected to continue growing positively and contribute
stable export performance. Bank Indonesia predicts to reducing the housing backlog, driven by several
that economic growth in 2026 will remain strong and factors, including:
positive, within a range of 4.9%-5.7%. 1. The Three Million Housing Program, which is one of
President Prabowo Subianto’s priorities.
The inflation in 2026 is expected to remain within Bank 2. The FLPP quota in 2026 is set at 350,000 units,
Indonesia’s target range of 2.5%+_ 1% year-on-year unchanged from 2025.
(yoy). To achieve this level of inflation, the government 3. The Government-Borne VAT Incentive (DTP)
and Bank Indonesia will implement a mix of fiscal, extended by the Government until December 2026.
monetary, and real sector policies. Meanwhile, the 4. The Loan-to-Value (LVT) policy for property is
average exchange rate of the Indonesian Rupiah against extended until the end of 2026.
the United States Dollar (USD) is projected to remain 5. The abolition of several housing-related taxes,
stable and trend toward appreciation in 2026, while including the Land and Building Rights Acquisition
still taking into account uncertainties in global financial Fee (BPHTB) and the Building Approval (PBG).
markets, including the Fed’s monetary policy, global
geopolitical dynamics, and the potential escalation of To achieve the Three Million Housing target, collaboration
trade wars. Bank Indonesia’s benchmark interest rate is among all stakeholders is essential, including the Central
expected to decline at a more gradual pace in 2026. and Regional Governments, Associations, Developers,
Banks, and the Community. This collaboration is needed
The financial services sector, particularly banking, is to address challenges such as land availability, licensing,
expected to maintain its performance and strengthen bureaucracy, and public purchasing power.
compared to 2025. Bank Indonesia projects that in 2026,
Source:
Third-Funds (DPK) will grow within a range of 8.0%- 10.0%, - World Economic Outlook, International Monetary Fund (IMF), October
while bank lending is expected to grow by 8.0%- 12.0%. 2025
- Annual Bank Indonesia Meeting (PTBI), November 2025
Considering developments in macroeconomic dynamics, the banking industry and the housing industry, Company
conducted a competitive analysis through Strength, Weakness, Opportunity, Threat (SWOT) analysis as follows:
STRENGTHS WEAKNESS
• As a Government partner in housing inclusion • Dependence on high-cost Third Party Funds
• Strong positioning in the housingn ecosystem • Has a high operating cost ratio compared
• Have a wide network (+/- 700 KC and KCP) to peers
• Strong positioning in the Sharia business • Most savings accounts are dormant or have
• BTN has brand awareness as a KPR low balances
distributing bank • Mobile banking users who are active
• BTN has comprehensive features related to customers are still not maximized
the housing ecosystem in BTN Mobile • Payroll account penetration is low
• Non-subsidized mortgage growth is lower
than competitors
• BTN’s credit disbursement SLA is slower than
competitor banks
• Potential growth in mortgage in line with the • Increase in the benchmark interest rate (BI
Government’s 3 million housing program Rate)
• Growth potential in the D2C (secondary • The development of fintech companies that
market) segment, which offers higher yields may become new competitors in financing
• Partnership opportunities in the multifinance • Intense competition in attracting mortgage
and insurance sectors debtors
• Inorganic growth in the multifinance sector • Margin pressure due to higher interest
• Increasing digital interaction within the expenses compared to KBMI 4 banks
banking system • Global or domestic economic uncertainty
• Growth of the Consumer and SME segments that may affect mortgage demand
in Indonesia
OPPORTUNITIES THREATS
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04 Management Discussion and Analysis on Bank Performance
Taking into account the SWOT analysis, the Threat Opportunity Weakness Strength (TOWS) matrix was prepared as
follows:
STRENGTH STRATEGY
STRENGTHS-OPPORTUNITIES (SO-STRATEGY) STRENGTHS-THREATS (ST-STRATEGY)
• Utilizing the increasing transaction frequency in • Leverage experience in annual short-term initiatives to
BTN Mobile to take advantage of digital interaction accelerate loan disbursement SLAs.
opportunities. • Maintain Subsidized Mortgage market share by
• Optimizing credit process improvements to capture improving the quality of existing loan portfolios. Increase
secondary market opportunities (D2C) with higher yields. CASA ratio to offset high interest expense and declining
• Expansion into the multifinance sector with the support of margins.
MAXIMIZE OPPORTUNITY
digital transformation that has been carried out.
• Potential for KPR Distribution to support the Government’s
3 million housing unit program.
MINIMIZE RISK
• Cross-selling to existing customers for funding, lending,
and banking transaction products.
WEAKNESSES-OPPORTUNITIES WEAKNESSES-THREATS
• Increase payroll account penetration to support low- • Reduce dependence on high-cost third-party funds by
cost DPK growth opportunities. increasing payroll account penetration.
• Increase active mobile banking customers to capture • Increase mobile banking and non-subsidized mortgage
opportunities for using digital interactions. customer penetration to avoid takeover by competitors.
• Optimize dormant accounts and low-balance accounts • Increase non-subsidized mortgage growth to prevent
to support new sales model opportunities. further loss of market shore. By using this TOWS matrix,
BTN can identify strategies that can help leverage
strengths and opportunities, while addressing
weaknesses and avoiding threats.
RECOVERY STRATEGY
Based on the matters outlined above, Company believes it has outstanding business prospects in the future. To enhance
its contribution to the housing sector and support the State-Owned Enterprise (BUMN) Ministry’s transformation
roadmap, Company has set a vision to become the Primary Partner in Empowering Indonesian families Financially by
2025. The aspirations to be achieved by 2029 are as follows:
Build a sustainable savings account engine to capture IDR120 Trillion
Capturing 3% of SA from top 20 largest provinces, launching innovative propositions for value-chain payroll, first-time home buyers
and cash-rich self- employed professionals, and becoming transactional bank for customers and businesses through enhanced
transaction banking capabilities
Empower Indonesia families in disbursement enabling their dream of home ownership with IDR450 Trillion
in disbursement
Supporting -1.2mn subsidized mortgage and ~290k non-subsidized mortgage customers; empowering ~27k housing related SMEs
through propositions across the life-cycle
Become a financial partner for consumers and businesses providing full suite of everyday banking
solutions
Increasing consumer product ownership through high-margin loans (targeting 8% of loan portfolio), investment and payment
solutions; expanding non-housing loan portion (targeting 20% of loan portfolio) and increasing FBI (~20% of revenue); and increasing
conversion of new mortgage customers to full banking service users (mostly as primary bank).
Building a high-quality portfolio with operational efficiency
Building digital and efficient operations (CIR <50%) and strengthened customer service culture across the bank; Maintaining low NPL
(<2.3%) rate across economic cycles powered by advanced-Al driven underwriting and collections process.
Expand offerings through 3 subsidiaries
Becoming true #2 Syariah banking contender in Indonesia; launching and scaling multi-finance (>2.5 Trillion loan disbursement) and
insurance subsidiaries (>2 Trillion GWP) to have full-suite of banking offerings.
386 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Referring to the 8 (eight) strategic themes of BTN’s 3. Deepening Penetration of Fee-Based Products
2025–2029 Long-Term Plan, the strategic initiatives to Encouraging registration and utilization of
be undertaken by the Company in 2026 are as follows: transaction banking products through a single
1. Developing Low-Cost Transactional Savings integrated platform, launching sector-specific
Product Innovations solutions for priority cash-heavy segments with a
a. Launching bundled payroll propositions to focus on trade, and activating dormant institutional
enhance penetration within existing BTN accounts.
ecosystem companies and New-to-Bank (NTB) 4. Achieving Full-Wallet Share for SME and Wholesale
segments, while expanding outreach to NTB a. Launching a deposit war room targeting existing
customers, including payroll employees and key SME value chain customers, newly acquired SME
decision-makers, by assigning dedicated payroll merchants, and wholesale customers to drive
specialists within the one-Client Service Team CASA penetration through campaigns leveraging
(CST) Relationship Manager (RM) coverage model. AA and segment-specific strategies, including
b. Intensifying the retail funding sales footprint targeted pricing, tailored rewards, and product
(through internal resources and outsourcing) bundling for cash-rich sectors. In this context,
in market areas with high savings account (SA) the deposit war room serves as BTN’s centralized
volumes and strong growth potential, targeting command center to monitor and manage Third-
mass and mass-affluent NTB customers to Party Funds performance in real time, including
increase savings market share from 1.3% to time deposits, current accounts, and savings.
2–3% through improved sales productivity (e.g., This facility enables rapid decision-making
training, KPIs, and sales productivity toolkits), on interest rate adjustments and marketing
branchless formats, and outsourcing. strategies, allowing BTN to compete effectively to
c. Becoming the primary/secondary bank for first- attract liquidity.
time homebuyers through bundled product b. Driving cross-selling of funding products
offerings focused on millennials, targeting both across the housing ecosystem end-to-end and
Existing to Bank (ETB) and New to Bank (NTB) acquiring value chain customers, for example,
customers to enhance engagement in savings in the cement sector, ranging from wholesalers,
accounts (SA) and debit/credit cards through distributors, and retailers to developers.
partnerships with lifestyle retail and housing 5. Growing Non-Subsidized Lending through
companies. Enhanced Partnerships
d. Driving acquisition of BTN Mobile customers a. Primary Housing: Deepening relationships with
and increasing the proportion of transacting the Top 50 developers by doubling digitalization
accounts from 30% to 45%, launching a retail in Turn Around Time (TAT), implementing digital
deposit war room with win-back initiatives for back-end processes for RMs, providing real-time
recently inactive customers and NTB acquisition, tracking portals for customers and developers,
implementing segment-based product bundling, intensifying sales activities, expanding sales
and expanding the balé by BTN proposition to centers in high-potential development areas,
strengthen customer loyalty, supported by cross- and offering higher incentives for bulk acquisition
selling campaigns and engagement driven by from key developers.
Advanced Analytics (AA). b. Secondary Housing: Strengthening acquisition
e. Expanding wealth proposition penetration channels through agent networks by establishing
among existing cash-rich customers and hidden a dual-reporting line from Direct-to-Consumer
affluent segments within the BTN ecosystem, (D2C) agents within sales centers and
including bundling wealth propositions with implementing loyalty programs for elite agents.
payroll products and cash-rich small and Enhancing the customer experience through
medium enterprise (SME) products.. instant indicative offers, achieving a “time-to-
2. Targeting Cash-Rich Entrepreneur Segments yes” within 1 week, and reducing overall TAT by
within the Housing Ecosystem 2x through fully digitized application processes.
a. Launching needs-based propositions targeting Increasing acquisition and lead generation
“cash-rich” self-employed professionals within the through digital partners, including seamless
housing ecosystem, with potential expansion into process integration with BTN Properties and an
the healthcare, legal, and consulting ecosystems. Online-to-Offline (O2O) fulfillment journey.
b. Launching merchant propositions targeting c. Building propositions to reduce churn and
MSMEs, food retail, and restaurants through repayments through a centralized counter-
merchant product bundling, strengthening the offering team aimed at lowering pre-payment
merchant platform, and offering value-added rates and conducting win-back campaigns
services (beyond banking) through partnerships targeting customers who have switched.
with merchant service/acquiring providers.
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04 Management Discussion and Analysis on Bank Performance
6. Enhancing Penetration within the Housing Value media channels. Launching new propositions
Chain and driving deeper penetration across credit
a. Increasing value-chain penetration of corporate product lines.
anchor clients from 1 anchor client to at least 15– b. Deepening penetration and activation of fee-
20 anchor clients by assigning dedicated value- based income products, including credit cards
chain specialists within the one-Client Service and wealth propositions, integrated with savings
Team (CST) model, supported by a centralized and lending propositions.
monitoring system for tracking performance. c. Increasing volume and profitability of Joint Finance
b. Launching sector-specific product bundles Schemes (B2B) and channeling partnerships.
for construction and real estate companies 8. Expanding KUMK into Priority SME Sectors
across the entire end-to-end lifecycle, including Expanding KUMK into high-growth SME sectors with
guarantees, financing, funding, and financial lower NPL levels by enhancing performance and best
management services; providing tiered practices among existing RMs, strengthening credit
programs and annual universal limits for spokes underwriting, and improving process efficiency.
(partners/agents). Launching innovative propositions to enter cash-
7. Enhancing High-Yield Products Across All Segments intensive sectors through bundled offerings of
a. Expanding higher-yield products by broadening cash management services and KUMK loans.
KAR/KRING to non-payroll and New to Bank For trade-oriented sectors, introducing export/
(NTB) customer bases through accelerated import transaction banking propositions integrated
deployment of digital application journeys, with KUMK offerings. Entering high-growth, low-
strengthened credit decision support systems, NPL sectors for KUR through strengthened credit
and highly personalized marketing across owned capabilities and further digitalization of processes.
Achievement of Targets and Future Targets
Target Achievement 2024
Comparison of Production/Operational Targets and Realization
Several indicators of operational target achievement may be demonstrated by the achievement of some targets,
namely lending and financing targets and Third Party Funds (DPK) collection targets.
Table of Comparison of Production/Operational Targets and Realization
(Consolidation, in IDR million)
Description 2025 Realization 2025 Target Achievement
1 2 3 4=2/3
LOANS AND FINANCING
Housing Loan 275,484 280,267 98.29%
Non Housing Loan 70,219 62,383 112.56%
Total Loans 345,703 342,650 100.89%
Total Financing 54,872 50,991 107.61%
Total Loans and Financing 400,576 393,641 101.76%
THIRD PARTY FUND
Current Account 169,242 181,284 93.36%
Savings 43,884 51,499 85.21%
Time Deposit 224,271 187,838 119.40%
Total Third Party Fund 437,398 420.621 103.99%
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PT Bank Tabungan Negara (Persero) Tbk
Housing loans in 2025 totaled IDR275.48 trillion, achieving From a funding perspective, Third-Party Funds (TPF) in
98.29% of the 2025 target of IDR280.26 trillion. The growth 2025 amounted to IDR437.40 trillion, achieving 103.99%
in housing loans reflects the Company’s consistent of the 2025 target of IDR420.62 trillion. This performance
focus on financing the housing sector, in line with its was primarily supported by an increase in Time Deposits,
business strategy to support national housing programs which reached IDR224.27 trillion or 119.40% of the target.
while maintaining sustainable credit quality growth.
Meanwhile, Savings in 2025 amounted to IDR43.88
Overall, total loans and financing disbursed in 2025 trillion, achieving 85.21% of the target. This aligns with
reached IDR400.58 trillion, achieving 101.76% of the 2025 the Company’s strategy to optimize its funding structure
target of IDR393.64 trillion. This achievement was driven through active management of fund composition to
by non-housing loans, which reached 112.56% of the maintain cost-of-funds efficiency amid tight banking
target, and by financing, which reached 107.61%. Credit liquidity conditions and relatively high interest rates.
growth continued to be managed prudently, taking into
account liquidity conditions, the direction of interest
rate policy, and the Company’s credit risk management
framework.
Comparison of Financial Targets and Realization
Financial achievement can be seen from the achievement of financial position, financial ratios, income and profit.
Table of Comparison of Financial Targets and Realization
(Consolidation, in IDR million)
Description 2025 Realization 2025 Target Achievement
1 2 3 4=2/3
FINANCIAL POSITION
Asset 527,793 510,095 103.47%
Liabilities 491,583 475,545 103.37%
Equity 36,210 33,971 106.59%
INCOME AND PROFIT
Interest Income 36,339 35,287 102,98%
Income from operations 4,499 4,499 99.99%
Net Income 3,501 3,504 99.92%
FINANCIAL RATIO (parent entity, %)
CAR 19.02% 18.19% 104.56%
NPL 3.17% 3.14% 100.96%
ROA 0.89% 0.90% 98.89%
ROE 11.57% 11.60% 99.74%
NIM 4.20% 4.01% 104.74%
In 2025, the Company recorded a sustained strengthening target. Meanwhile, net profit amounted to IDR3.50 trillion,
of its financial position. Total assets increased to IDR527.79 achieving 99.92%. This was primarily attributable to lower-
trillion, achieving 103.47% of the 2025 target of IDR510.09 than-assumed non-interest income (fee-based income)
trillion. In line with asset growth, liabilities were recorded at and other income in the RKAP, in line with non-recurring
IDR491.58 trillion, achieving 103.37%, while equity increased income as well as a decline in recovery/write-off income
to IDR36.21 trillion or 106.59% of the target, reflecting a solid contribution compared to the previous year. On the other
capital structure. hand, the Company continued to implement prudent cost
and risk management policies, thereby maintaining its
In terms of income and profitability, interest income in 2025 profitability performance.
reached IDR36.34 trillion, achieving 102.98% of the 2025
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04 Management Discussion and Analysis on Bank Performance
From a financial ratio perspective, the Company the target of 3.14%. In line with improved profitability,
successfully maintained its capital adequacy level, Return on Assets (ROA) increased to 0.89% and Return
with the Capital Adequacy Ratio (CAR) increasing on Equity (ROE) rose to 11.57%. In addition, the Net Interest
to 19.02%, higher than the 2025 target of 18.19%. Asset Margin (NIM) recorded a significant increase to 4.20%,
quality continued to improve, as reflected in the decline reflecting improvements in the funding structure and
in Non-Performing Loans (NPL) to 3.08%, compared to more optimal management of earning assets.
Comparison of Target and Realization of Capital Structure
Achievement of the capital structure in 2025 is described as follows:
Table of Comparison of Targets and Realization of Capital Structure
(Consolidation, In IDR million)
Description 2025 Realization 2025 Target Achievement
1 2 3 4=2/3
Core Capital (Tier 1) 35,290 22,976 153.59%
Main Core Capital (Common Equity Tier - CET 1) 33,290 22,976 144.89%
Additional Core Capital (Additional Tier - AT 1) 2,000 0 -
Supplementary Capital (Tier 2) 4,277 11,826 36.17%
Total Capital 39,567 34,802 113.69%
Risk Weighted Assets (RWA) 189,133 191,347 98.84%
Minimum Capital Adequeacy Requirement (KPMM) 20.92% 18.19% 115.01%
In 2025, the Company maintained a strong and adequate requirements under regulatory provisions, while
capital structure to support sustainable business growth. maintaining sufficient capital buffers to support loan
Core Capital (Tier 1) was recorded at IDR35.29 trillion, growth and preserve capital resilience amid evolving
reaching 153.59% of the 2025 target of IDR22.98 trillion, in economic dynamics.
line with capital management dynamics and the need
to optimize the Company’s capital structure. Meanwhile, Comparison of Marketing Target and
Supplementary Capital (Tier 2) a decrease significantly Realization
to IDR4.28 trillion, reaching 36.18% of the 2025 target of
IDR11.82 trillion. The public’s brand awareness (the level of bank
awareness) of the Company’s brand was an indicator
Overall, the Company’s total capital in 2025 amounted of marketing strategy achievement in 2025. The method
to IDR39.57 trillion, achieving 113.70% of the 2025 target. used to obtain the public perception index ranking of
Risk-Weighted Assets (RWA) were recorded at IDR189.13 the Company’s brand was through direct surveys of
trillion, relatively stable at 101.08% of the 2025 target, respondents in 9 (nine) large cities in Indonesia by
reflecting prudent risk profile management. With this an independent survey institution, with consideration
capital structure, the Company remained able to of the bank’s image bankwide, savings products and
meet the Minimum Capital Adequacy Ratio (KPMM) e-channels, resulted in the following:
Table of Bank Rapid Reaction Monitor (BRRM) – 9 (nine) Cities
2025 2024
Awareness Levels
Rating (Score)
Bankwide 6 (40) 6 (39)
Savings 6 (16) 5 (21)
E-Channel (balé by BTN) 5 (18) 6 (16)
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PT Bank Tabungan Negara (Persero) Tbk
Based on the results of the study, it can be concluded that the Company’s brand has experienced an increase in
awareness ranking both bankwide and for Savings products and e-channels (balé by BTN).
Comparison of Targets and Realization of HR Development
The achievements of human capital development are shown by the number of trainings and the costs spent
throughout the current year.
Table of Comparison of Human Resources Development Targets and Realization
Description 2025 Realization 2025 Target Achievement
1 2 3 4=2/3
Human Capital Development Cost (IDR million) 131,435 133,000 98.82%
Number of Trainings (trainings) 268 250 107.20%
Number of Training Participants (person) 432,959 325,000 133.22%
Throughout 2025, the Company has carried out human resource development through learning and development
programs for all employees using Classroom, Virtual Classroom and Self Learning methods. The achievement
percentage for the number of learning and development participants until December 2025 reached 133.22% or above
the predetermined target.
Future Targets (Projection)
Company has set future targets in accordance with the 2026 Company Work and Budget Plan document. This target
setting was based on several macro assumptions as follows:
Table of Assumptions in Preparing Projections
Assumptions 2026
Growth PDB (% yoy) 5.20
BI 7 Days Reverse Repo Rate (%) 4.00
Inflation (%) 3.10
Exchange Rate (IDR/USD) 16500
Loan Growth(%) 12.00
Third Party Fund Growth (%) 9.00
Source: BTN Chief Economist Analysis
Production/Operational Projection
Production/operational projections for 2026 are as follows:
Table of Production/Operational Projection
(in %)
Description 2026 Growth Projection
LOANS AND FINANCING
Housing Loan 4.42%
Non Housing Loan 28.17%
Total Loans 8.96%
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04 Management Discussion and Analysis on Bank Performance
Description 2026 Growth Projection
THIRD PARTY FUND
Current Accounts 15.58%
Savings 13.47%
Time Deposit (2.06%)
Total Third Party Fund 6.13%
Financial Projection
The financial projections for 2026 are as follows:
Table of Financial Projection
(in %)
Description 2026 Projection Growth
FINANCIAL POSITION
Asset 10.90%
Liabilities 11.06%
Equity 9.06%
INCOME AND PROFIT
Interest income 5.23%
Income from operations 18.14%
Net Income 20.28%
FINANCIAL RATIO
CAR 17.00% - 18.00%
NPL < 3.00%
ROA 0.90% - 1.00%
ROE 12.00% - 13.00%
NIM 3.50% - 4.00%
Capital Structure Projection
The projected capital structure for 2026 is as follows:
Table of Capital Structure Projection
Description 2026 Projection Growth
Core Capital (Tier 1) ±IDR31 trillion - IDR32 trillion
Supplementary Capital (Tier 2) ±IDR3.5 trillion - IDR3.8 trillion
Total Capital ±IDR34 trillion - IDR35 trillion
Risk Weighted Assets (RWA) IDR195 trillion - IDR198 trillion
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PT Bank Tabungan Negara (Persero) Tbk
Dividend Policy Projection
Dividend policy projection information is as follows:
Table of Dividend
Description 2026 Projection
Net Income IDR4,465 billion
Dividend Pay Out (DPO) ±IDR900 billion-IDR1,100 billion
DPO Ratio 20%-25%
The basis of the dividend distribution policy is based Marketing Projection
on the decision of the Annual General Meeting of In 2026, BTN’s campaign strategy will continue to focus
Shareholders (AGMS) or Extraordinary General Meeting on Balé by BTN as BTN’s SuperApp, serving as the Hero
of Shareholders (EGMS) based on Law No. 40 of 2007 Campaign for all BTN programs and promotions, such as
concerning Limited Liability Companies. Factors that Balé Be Free, Balé Ayu, Balé Ngopi, Balé Unlock Your World,
are taken into consideration in determining the amount and others. This strategy aims to increase activation
and payment of dividends include the level of financial and transaction activities on Balé by BTN, thereby driving
health, the level of capital adequacy, and the need for the growth of Third-Party Funds (TPF), particularly CASA
funds for further business expansion, without reducing (Current Account Savings Account), both in terms of
the rights of the Company GMS to determine otherwise increasing the Number of Accounts (NoA) and Volume
in accordance with the provisions of the articles of of Accounts (VoA), through the optimization of a 360°
association. The amount of Company dividend will be campaign strategy. As a result, this approach is also
determined at the General Meeting of Shareholders expected to reduce the cost of funds.
(GMS). Management plans to distribute dividends with
a payout ratio of 20%–25%, provided that there is a cash In addition, BTN Prospera, BTN Prioritas, BTN Private,
surplus from operating activities after allocations have the Plus by BTN Prioritas application, BTN Payroll, BTN
been made for reserves, financing activities, capital Paylater, as well as KPR BTN (Subsidized and Non-
expenditure plans, and the Company’s working capital Subsidized), are included in the 2026 campaign plan as
requirements. Company receives dividends from the part of efforts to increase the realization of Third-Party
distribution of net income. The amount of dividends Funds (both retail and institutional) and to drive growth
depends on the dividend policy implemented . in loans and financing.
CAMPAIGN Plan 2026
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Primary
Funding
Side
Lending
Side
Festive KPR BTN
BTN 76th Ramadan BTN 80th
50th
Campaign Anniversary Eid-Fitr Anniversary
Anniversary
• BTN eChannel Products & Promo (Balé by BTN, EDC dan ATM) • Balé Korpora • KUR and KUMK products & programs
• BTN Visa Debit Card Products & Promos • Balé Poin • KAR & KRING products & programs
• BTN Savings, BTN Siap! & e-Deposito, multi currency • Balé Agen • Corporate communication
Always On • BTN Business & Bale Business Saving • BTN Private Services and Programs • Festive
• KPR (subsidized and non-subsidized) & Balé Property • BTN Priority Services and Programs • Government communication
• BTN Payroll • Commercial Credit Financing • Institutional Current Accounts and Deposits
• BTN Paylater Products • Other BTN Products, Programs, and Services
2025 Annual Report 393
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04 Management Discussion and Analysis on Bank Performance
Campaign activation will also be carried out through the organization and sponsorship of events throughout 2026,
targeting activities that are closely aligned with people’s lifestyles, such as BTN Expo, BTN Festiversary, BTN Jakarta
International Marathon, BTN Jakarta International Criterium, BTN Indonesia Fashion Week, various concerts, and others.
These initiatives are expected to further position Balé by BTN as a comprehensive transaction and financial platform
for Indonesian families.
EVENT Plan 2026
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
BTN
BTN BTN
Run for Kick
Housingp Jakarta HUT RI and
Sumater Road to Public Start BTN Roadshow BTN
reneur Internatio Engagem
dalam RUPST BTN Jakim BTN Jakim Expose Housing- Housingpreneur
Awarding nal ent Day
rangka Live preneur
& Expo Criterium
HUT BTN
Economic
outlook (6 BTN
Kota) Festivers
Promo & Program BTN Jakim 2027
ary for Leadership
Mudik Business
RUPS LB Sumatera Forum
BUMN Review
Defile dalam
& Mini rangka
Olympic HUT BTN Bale Festival
HC Economic dalam
Summit & Risk rangka HUT
Outlook KPR BTN
BTNers Bukber Event
BTN X Deep
Excellenc e BTNers Idul adha Prospera
PosID Purple
Awards (tbc)
BTN
BOD Top Gun N
Tumpengan Halal bi Event Rakernas
dalam Halal & Pisah
Team Roses
rangka HUT Sambut Prospera IFW
BTN (tbc)
Event
Pasar Prospera JFW
Glamlocal
Dream
Medang (tbc)
Theater
Lebaran
Event Sponsorship Event
Human Resource Development Projection
The 2026 Human Resource Development (HRD) projection is as follows:
Table of Human Resource Development (HRD)
Description 2026 Projection
HRD Development Cost (IDR million) 124,159
Number of Trainings (sessions) 270
Number of Training Participants (people) 450,000
Evaluation of Long Term Plans (RJP)
The Company’s previous Long-Term Plan (RJPP), prepared in 2020, covered the period from 2021 to 2025. Company
has set a vision to become The Best Mortgage Bank in Southeast Asia by 2025. There are two key factors to achieving
this aspiration: growth and profitability. Company must become the fastest-growing and most sustainable company,
with a CAGR of 13% from 2019 to 2025, outperforming peer mortgage banks. BTN must have the highest ROE among
peer mortgage banks, with a target of 20%.
394 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Comparative Projection of BTN with Similar Banks
By 2025, BTN to be one of the fastest growing and most profitable mortgage banks globally
CAHR >13%
xx%
• Cut off USD 10 Miliar di Asia Tenggara, India, Cina, Brazil, Nigeria, AS, Inggris, Rusia ROF >16%
Mortgage Mortgage, CAGR, ROE, Mortgage Mortgage, CAGR, ROE,
% dari aset 2019 USD 17-19 2019 % dari aset 2019 USD 17-19 2019
pinjaman Miliar pinjaman Miliar
94 246 3.2% 5.0% 34 325 -0.1% 10.4%
90 12.2%
25 10.6% 15.9% 31 12.2%
596 15.3% 11.7%
85 35 8.4% 15.6% 31 756 12.5% 10.4%
81 216 3.4% 4.6% 31 22 1.6% 10.3%
73 91 10.4% 17.0% 31 573 14.2% 10.9%
68 403 0.6% 6.1% 29 26 8.9% 8.1%
67 12 13%1 20%1 27 40 9.9% 10.5%
67 84 3.7% 17.5% 26 51 2.5% 11.2%
44 431 -8.8% 14.1% 23 46 -1.9% 10.9%
37 29 8.3% 12.8% 21 74 17.0% 21.9%
35 760 12.2% 12.7% 20 55 0.2% 12.6%
35 25 11.1% 10.1% 20 65 15.6% 1.4%
1. Angka BTN sebagai bagian dari aspirasi 2025
The achievement of each Corporate Plan aspiration units, due to several factors, including the prolonged
indicator for Company up to December 2025 is mostly Covid-19 pandemic, which lasted for three years (2020-
on track. While some indicators have yet to reach the 2022), fluctuation in the allocation quota for subsidized
2025 aspiration targets, the majority have already mortgages (Subsidized Housing Loan), challenges
shown improvements compared to 2019 achievements. in housing supply and demand. From a profitability
perspective, the Return on Equity (REO) ratio has not
Targets and Realization of the 2025 Corporate Plan yet reached the 2024 Corporate Plan Target. This is due
As of December 2025, the cumulative mortgage to the rights issue and State Capital Injection (PMN) in
(KPR) disbursement reached 931,453 units, making a 2022, which significantly increased equity, impacting the
significant contribution to the Government’s One Million REO ratio.
Houses Program. However, there is still a gap of 250,569
Policy, Announcements and Payment of Dividend
Dividend Policy
The dividend distribution policy is internally regulated under PT.9-AD.2 concerning the Organization of the General
Meeting of Shareholders (RUPS). The dividend policy is evaluated annually, taking into account Company’s historical
performance as well as future business and economic potential.
2025 Annual Report 395
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04 Management Discussion and Analysis on Bank Performance
The policy includes the following provisions: b. All net profit, after deducting the reserve
1. Considerations for Dividend Distribution: allocation, was distributed to shareholders as
a. Dividend distribution considers Company’s dividends, unless otherwise determined by the
historical performance and future business and AGMS.
economic potential. c. Dividends can only be distributed if Company
b. The dividend payout ratio is determined based has a positive retained earnings balance.
on the fairness of profitability performance d. If the Annual General Meeting of Shareholders
from business activities and contributions to (RUPST) approves the distribution of cash
shareholders. The ratio is analyzed and proposed dividends, Company must disburse the dividends
by the Strategic Planning Division, taking into to eligible shareholders no later than 30 days
account reserve funds, funding activities, capital after the decision is made, following applicable
expenditure plans, and Company’s working regulations.
capital. e. Dividend payments were processed by the
c. The dividend distribution plan is based on Central Operation (CEOD) and Treasury (TRSD)
fulfilling shareholders’ rights, prioritizing the divisions under their respective authorities. The
Bank’s interests, and is incorporated into BTN’s Corporate Secretary Division provided details
business plan.. regarding the purpose and allocation of the
2. The dividend distribution approval mechanism dividend payments..
is through the GMS by complying with the Bank’s 6. The procedures for dividend distribution are as
Articles of Association and regulatory provisions. follows:
3. The proposed dividend distribution amount has a. Cash dividends were distributed to shareholders
been submitted to the Board of Directors and the whose names were recorded in Company’s
Board of Commissioners. Shareholder Register on the recording date
4. The dividend distribution schedule includes the and/ or shareholders with Company shares in
following key dates: subsecurities accounts at PT Kustodian Sentral
a. Publication of the dividend distribution plan, Efek Indonesia (KSEI) at the close of trading.
which is announced alongside the Summary of b. For shareholders whose shares were held
RUPS Minutes; in collective custody at KSEI, cash dividend
b. Cum Dividend in the Regular and Negotiated payments were processed through KSEI and
Markets, which occurs two trading days before distributed on the dividend payment date
the recording date; published by the Bank. The dividends were
c. Ex-Dividend in the Regular and Negotiated credited to the Customer Fund Account (RDN)
Markets, which takes place one trading day after at the securities company and/or custodian
Cum Dividend in the Regular and Negotiated bank where the shareholder had an investment
Markets; account. Meanwhile, for shareholders whose
d. Cum Dividend in the Cash Market, which shares were not held in KSEI’s collective custody,
coincides with the recording date; the cash dividends were transferred directly to
e. Ex-Dividend in the Cash Market, which takes their registered bank accounts.
place one trading day after Cum Dividend in the c. Cash dividends were subject to taxation under
Cash Market; applicable tax regulations
f. Recording Date of eligible shareholders, which d. Under Indonesian tax regulations, Corporate
occurs eight trading days after the RUPS; Taxpayers (WP Badan DN) were exempt from
g. Dividend Payment, which is made no later than tax on dividends, and Company did not withhold
30 days after the publication of the Summary of income tax on dividends paid to corporate
RUPS Minutes. taxpayers. Individual taxpayers (WPOP DN) were
5. The requirements for dividend distribution are as also exempt from tax, provided that the dividends
follows: were reinvested within Indonesia. If an individual
a. The use of net profit, including the determination taxpayer does not meet the reinvestment
of the amount allocated for reserves, was requirement, the received dividends will be
decided by the General Meeting of Shareholders subject to income tax (PPh). The individual must
(RUPS). self-report and pay the applicable tax according
to tax laws.
396 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Announcement and Payment of Dividends
Information regarding the announcement and payment of dividends for the 2023-2024 financial year is presented as
follows:
Table of Announcement And Payment Of Dividends For Fiscal Year 2023-2024
Description Fiscal Year 2024 Fiscal Year 2023
Net Income (IDR) 3,007,327,693,837,86 3,500,987,620,258,75
Cash Dividend 751,831,923,459,47 700,197,524,051,75
Non Cash Dividend *) - -
Number of Shares (qty) 14,034,444,413 14,034,444,413
Cash Dividend per Share (IDR) 53.57 49.90
Non Cash Dividend per Share * - -
Dividend Payout Ratio (%) 25% 20
Tanggal Keputusan RUPS March 26, 2025 March 6, 2024
Announcement Date March 27, 2025 March 7, 2024
Cash Dividend Payment Date April 25, 2025 April 5, 2024
Non Cash Dividend Payment Date* - -
Note: *) Company does not have Non-Cash dividends
Announcement and Payment of Dividends - Determine the schedule and procedures for
for Fiscal Year 2024 dividend distribution for Fiscal Year 2024 the
applicable regulations.
In 2025, Company distributed cash dividends for the 2024 - Deduct dividend taxes in compliance with
financial year in accordance with the results of the 2025 prevailing tax laws
Annual GMS decision on March 26, 2025. Based on the - Handle other technical matters related to
2025 Annual GMS, Shareholders decided to approve and dividend distribution as per the applicable
determine the use of Company’s net profit for the 2023 rules and regulations.
financial year amounting to IDR 3,007,327,693,837.86 2. 75% (seventy five percent) or a total of
(three trillion seven billion three hundred twenty seven IDR2,255,495,770,378.40 (two trillion two hundred
million six hundred ninety three thousand eight hundred fifty five billion four hundred ninety five million seven
thirty seven point eight six rupiah) as follows: hundred seventy thousand three hundred seventy
1. An amount of 25% (twenty-five percent), or eight point four zero rupiah) is used as retained
IDR751,831,923,459.47 (seven hundred fifty-one earnings balance.
billion eight hundred thirty-one million nine hundred
twenty-three thousand four hundred fifty-nine point The Company paid dividends on April 25, 2025, to
four seven Rupiah), or IDR53.57048 (fifty-three point shareholders (with or without banknotes) whose names
five seven zero four eight Rupiah) per share, was were recorded in the Company’s shareholder register or
determined as cash dividends. The payment was on the recording date of April 16, 2025. The company did
carried out under the following provisions: not share the interim dividends for the 2024 fiscal year.
a. The portion of dividends allocated to the
Government of the Republic of Indonesia Announcement and Payment of Dividends
amounting to IDR451,099,154,086.39 (four hundred for Fiscal Year 2023
fifty-one billion ninety-nine million one hundred
fifty-four thousand eighty-six point three nine In 2024, Company distributed cash dividends for the
Rupiah) was paid to an account designated by 2023 financial year in accordance with the results of the
the Minister of State-Owned Enterprises. 2024 Annual GMS decision on March 7, 2024. Based on the
b. The dividends for the fiscal year 2043 were 2024 Annual GMS, Shareholders decided to approve and
distributed proportionally to each shareholder determine the use of Company’s net profit for the 2023
whose name was recorded in the Shareholder financial year amounting to IDR3,500,987,620,258.75
Register on the recording date. (three trillion five hundred billion nine hundred eighty
c. The Board of Directors was granted the authority seven million six hundred twenty thousand two hundred
and power, with the right of substitution, to: fifty eight point seven five rupiah) as follows:
2025 Annual Report 397
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04 Management Discussion and Analysis on Bank Performance
1. 20% (twenty percent) or an amount of - Determination of the schedule and
IDR700,197,24,051.75 (seven hundred billion one procedures for distribution related to the
hundred ninety seven million five hundred twenty payment of Dividends for the 2023 Financial
four thousand fifty one point seven five in IDR) or Year in accordance with applicable
IDR49.89136 (forty nine point eight nine one three six provisions.
in IDR) per share is determined as Cash Dividend. The - Dividend tax deductions in accordance with
payment is carried out with the following provisions: applicable tax regulations.
a. Dividends of the Republic of Indonesia’s share - Other technical matters in accordance with
amounting to IDR420,118,514,441.03 (four hundred applicable provisions.
twenty billion one hundred eighteen million five 2. 80% (eighty percent) or an amount of
hundred fourteen thousand four hundred and IDR2,800,790,096,207.00 (two trillion eight hundred
forty one point zero three in IDR) were deposited billion seven hundred ninety million ninety-six
into the State General Cash Account. thousand two hundred and seven in IDR) is used as
b. Dividends for the 2023 Financial Year are paid retained earnings balance.
proportionally to each Shareholder whose name
is recorded in the Shareholder Register on the The Company paid dividends on April 5, 2024, to
recording date. shareholders (with or without banknotes) whose names
c. The Board of Directors is given authority and are recorded in the Company’s shareholder register or on
power with the right of substitution to carry out: the recording date of March 20, 2024. The company did not
share the interim dividends for the 2023 fiscal year.
Realization of the Use of Public Offering Funds
In 2025, the Company conducted a Public Offering under the Sustainable Public Offering (PUB) framework for
Sustainable Social Bonds I Phase I Year 2025 and Sustainable Subordinated Bonds I Phase I Year 2025.
Table of Public Offering Results Report
Realized Proceeds from Public Offering
No. Type of Public Offering Type of Bonds Effective Date
Total Proceeds
Public Offering
from Public
Expenses
Offering
1 2 3 4 5 6
Sustainable Subordinated
Public Offering of Debt
1 Bonds I Bank BTN Phase I December 04, 2025 2,000,000,000,000 7,909,075,000
Securities and/or Sukuk
Year 2025
Public Offering of Debt Sustainable Social Bonds I
2 December 04, 2025 300,000,000,000 5,195,362,000
Securities and/or Sukuk Bank BTN Phase I Year 2025
Total 2,300,000,000,000 13,104,437,000
Material Information Regarding Investment, Expansion, Divestment,
Business Merger/Merger, Acquisition, Debt and Capital Restructuring
Company has rules and procedures governing acquisitions, Investment
takeovers, and extraordinary transactions, such as mergers
and the sale of substantial corporate assets, as outlined in As one of the business activities in the banking industry,
BTN’s Articles of Association and General Policy Number KU.4 the Company invests in the form of debt securities, both
on the Management of Subsidiaries and Sharia Business issued by the Government and corporations. Below are
Units. These policies ensure that transactions are conducted details of investments in the form of debt securities
transparently, under fair conditions, and in a manner that made by Company as of December 31, 2025 and 2024.
protects the rights of all shareholders according to their
respective classes.
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PT Bank Tabungan Negara (Persero) Tbk
Planned Use of Proceeds as Stated Realization of Use of Proceeds as
in the Prospectus Stated in the Prospectus
Remaining
Proceeds from
Planned Credit Realized Credit Public Offering
Net Proceeds Total Total
Disbursement Disbursement
7 = 5-6 8 9=8 10 11 = 10 12 = 9-11
1,992,090,925,000 1,992,090,925,000 1,992,090,925,000 1,992,090,925,000 1,992,090,925,000 -
294,804,638,000 294,804,638,000 294,804,638,000 294,804,638,000 294,804,638,000 -
2,286,895,563,000 2,286,895,563,000 2,286,895,563,000 2,286,895,563,000 2,286,895,563,000 -
Table of Securities Investment
(in IDR million)
Nilai
Description
2025 2024
Fair value through profit or loss 18,726,497 21,207,876
Fair value through other comprehensive income 22,317,224 15,291,478
Amortized cost 12,276,856 20,825,986
Total Securities 53,320,577 57,325,340
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04 Management Discussion and Analysis on Bank Performance
The total securities held by the Company in 2025 trillion. In the same year, the Bank Indonesia Sukuk
experienced a slight decrease compared to 2024, due investment that matured or was liquidated amounted
to the following: to IDR 309.260 trillion.
- The enactment of PADG Number 11 of 2025 concerning
the Eighth Amendment to Board of Governors Member Expansion
Regulation Number 21/22/PADG/2019 regarding
the Macroprudential Intermediation Ratio and In 2025, the Company expanded its branch network by
Macroprudential Liquidity Buffer for Conventional opening 18 Conventional Sub-Branch Offices (KCP) and
Commercial Banks, Islamic Commercial Banks, and 8 Sharia Sub-Branch Offices (KCPS). In total, as of 2025,
Sharia Business Units, which stipulates a change in the the Company’s branch network comprised 4 Functional
fulfillment requirement of the Macroprudential Liquidity Offices (KF), 8 Regional Offices, 82 Conventional Branch
Buffer (PLM) from 5% to 4% effective June 1, 2025. Offices, 35 Sharia Branch Offices (KC Syariah), 548
- The maturity of securities portfolio (securities held) Conventional Sub-Branch Offices, and 83 Sharia Sub-
in 2025. Branch Offices (KCP Syariah).
- A decrease in the Bank Indonesia Securities portfolio
at the end of 2025. The Company also upgraded its branch network by
transforming conventional offices into digital stores to
On the other hand, throughout 2025, the Sharia Business support digitalization and facilitate customer access to
Unit (UUS), which conducted a spin-off on December 22, self-service banking solutions. In 2025, BTN upgraded 23
2025, made investments in the form of bonds with a total offices into digital stores, bringing the total number of
accumulated amount of IDR 837.169 billion and in the BTN digital store offices to 24.
form of Bank Indonesia Sukuk amounting to IDR 312.098
Table of Office Network Expansion
Office Network Addition of Office Network Operated Date
Conventional Sub-Branch Office KCP KIM December 30, 2025
(KCP)
KCP Sahid Sudirman Center May 23, 2025
KCP Tokyo Hub PIK 2 April 28, 2025
KCP DPR RI June 20, 2025
KCP Alam Sutera December 10, 2025
KCP Ancol December 29, 2025
KCP Central Park Mall December 31, 2025
KCP Supermal Karawaci December 29, 2025
KCP Telkom Landmark Tower June 10, 2025
KCP Bursa Efek Indonesia August 25, 2025
KCP Sequis Center May 2, 2025
KCP Wisma Mulia I April 28, 2025
KCP The East Tower May 19, 2025
KCP Pakuwon Tower August 11, 2025
KCP Lippo Mall Kemang December 31, 2025
KCP Pondok Indah Mall November 25, 2025
KCP Blok M December 31, 2025
KCP KIT Batang April 29, 2025
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PT Bank Tabungan Negara (Persero) Tbk
Office Network Addition of Office Network Operated Date
Sharia Sub-Branch Office (KCPS) KCPS Pamekasan July 28, 2025
KCPS Klaten November 3, 2025
KCPS Kisaran November 13, 2025
KCPS Batoh October 17, 2025
KCPS Bungo November 19, 2025
KCPS Binjai November 14, 2025
KCPS Tenggarong November 24, 2025
KCPS Pemalang October 27, 2025
Table of Digital Store Office Network Upgrade 2025
Office Network Office Name
Branch Office (KC) KC Agung Sedayu
KC Bumi Serpong Damai
KC Bintaro Jaya
KC Jakarta Cabang
KC Jakarta Kebon Jeruk
KC Kelapa Gading Square
KC Jakarta Melawai
Sub-Branch Office (KCP) KCP DPR RI
KCP Bursa Efek Indonesia
KCP ITB Bandung
KCP Unesa Lidah Wetan
KCP Pondok Indah Mall
KCP Karangayu
KCP Alam Sutera
KCP Unnes
KCP Supermal Karawaci
KCP Ancol
KCP Universitas Indonesia
KCP Central Park
KCP Lippo Mall Kemang
KCP Blok M
KCP Hos Cokroaminoto
KCP Pondok Indah *)
*) The Pondok Indah Sub-Branch Office (KCP) received OJK approval for a status upgrade and relocation in January 2026; however, the physical development
and operational readiness had been completed in 2025.
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04 Management Discussion and Analysis on Bank Performance
Divestment
Throughout 2025, Company did not carry out divestment activities.
Business Merger/Consolution
Throughout 2025, Company did not carry out business merger/ consolidation activities.
Acquisition
Table of Information on the Acquisition of Bank Victoria Syariah
Party conducting the : PT Bank Tabungan Negara (Persero) Tbk as Buyer
transaction
PT Bank Victoria International Tbk as Seller
Transaction Date : June 5, 2025
Transaction Value : IDR1,627,930,964,909
Transaction Object : 1,059,982,683 shares or 99.99% ownership in Bank Victoria Syariah
Rationale for the Transaction : Pursuant to Article 68 paragraph (1) of the Sharia Banking Law and Article 59 paragraph
(1) of POJK 12/2023, a Conventional Commercial Bank that has a Sharia Business Unit
(UUS) is required to separate into a Sharia Commercial Bank (BUS) if the UUS assets have
reached 50% of the parent’s assets and/or at least IDR50 trillion. The Company’s UUS has
met this requirement with assets amounting to IDR54.29 trillion as of December 2023 and
increased to IDR60.56 trillion as of December 2024. Accordingly, the Company is required
to carry out the UUS separation no later than February 12, 2026.
In accordance with POJK 12/2023, the separation may be conducted through the
establishment of a new BUS or the transfer of rights and obligations of the UUS to an
existing BUS. In order to fulfill this obligation more efficiently and accelerate operational
readiness, the Company selected the strategy of acquiring Bank Victoria Syariah (BVIS) as
the recipient BUS of the separation. This step is aligned with the Company’s Bank Business
Plan (RBB) and supports the strengthening of the Company’s position in the Sharia banking
industry, while also encouraging the consolidation of the national Sharia banking sector.
The Board of Directors and Board of Commissioners appointed an independent party to conduct a fairness assessment
of the planned acquisition of PT Bank Victoria Syariah in accordance with the provisions of applicable laws and
regulations.
Table of Information on the Asset Transfer Process of BTN Sharia Business Unit
Party conducting the : PT Bank Tabungan Negara (Persero) Tbk as UUS Owner
transaction
PT Bank Syariah Nasional as Recipient of UUS Assets
Transaction Date : December 22, 2025
Transaction Value : IDR5,560,070,000,000
Transaction Object : Assets and Liabilities of the Company’s UUS
Rationale for the Transaction : In line with the plan, following the completion of the acquisition of Bank Victoria Syariah
(BVIS) and the receipt of regulatory approval, the next stage is the implementation of the
spin-off of the Company’s Sharia Business Unit by transferring all rights and obligations
of the Company’s UUS to BVIS as the recipient Sharia Commercial Bank. This process
includes the transfer of financing portfolios, assets and liabilities, service networks, as well
as the integration of operational systems and human resources related to sharia business
activities.
Through this mechanism, BVIS will be transformed into a Sharia Commercial Bank entity
strengthened by the Company’s UUS business, enabling it to operate independently with
a larger business scale. The Company, as the parent entity, will continue to maintain
strategic control over the resulting entity while ensuring service continuity for customers
and more optimal development of the sharia business. Thus, this spin-off process is
not only intended to comply with regulatory requirements but also to strengthen the
Company’s position in developing the national Islamic banking ecosystem.
402 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
On June 5, 2025, the Company effectively completed • Balai Harta Peninggalan (BHP) Jakarta holds 17,317
the acquisition of Bank Victoria Syariah as an initial (seventeen thousand three hundred seventeen)
step in implementing the spin-off of its Sharia shares with a total nominal value of IDR17,317,000
Business Unit (SBU). This corporate action was carried (seventeen million three hundred seventeen
out in accordance with POJK No. 12/POJK.03/2020 thousand Rupiah), representing 0.001% of the
concerning Commercial Bank Consolidation and POJK Company’s total issued and paid-up capital.
No. 23/POJK.03/2023 concerning Sharia Business Units,
which regulate the mandatory spin-off of an SBU upon Accordingly, the total number of shares amounted
meeting certain criteria related to asset thresholds, to 6,620,070,000 (six billion six hundred twenty million
capital requirements, and the implementation timeline seventy thousand) shares, with a total nominal value
in line with the regulator’s roadmap. of IDR6,620,070,000,000 (six trillion six hundred twenty
billion seventy million rupiah).
On December 9, 2025, based on OJK Letter
No. SR-511/PB.02/2025, the Company and BSN obtained The acquisition forms part of the Company’s
OJK approval for the spin-off of the Company’s SBU, transformation strategy to establish an independent
which became effective on December 22, 2025, following Sharia Commercial Bank entity with adequate capital,
the approval of the Minister of Law on the amendment independent governance, and greater flexibility and
to BSN’s Articles of Association, as stated in the focus in its expansion capacity. With a separate
Ministry of Law Letter No. AHU-AH.01-446 of 2025 dated institutional structure, the Company will be able to
December 15, 2025. enhance its focus on Sharia business development,
strengthen risk management, and drive product and
The spin-off process was completed on December 22, 2025, service innovation in accordance with Sharia principles
resulting in the following: in a more agile and competitive manner.
1. All assets and liabilities of the Company’s Sharia
Business Unit (SBU) were legally transferred to the Strategically, this initiative is also intended to strengthen
Subsidiary as the receiving entity, thereby becoming the national housing ecosystem through Sharia-
the Subsidiary’s rights, liabilities, and obligations. based financing. The spin-off entity will focus on
2. All operations, businesses, and activities of housing financing based on Sharia contracts, such
the Company’s SBU were legally transferred as Murabahah, Musyarakah Mutanaqisah (MMQ),
to be conducted under the benefits, risks, and and Ijarah Muntahiyah Bittamlik (IMBT), to support
responsibilities of the Subsidiary. both subsidized and non-subsidized home financing,
3. All rights, claims, authorizations, and liabilities of developer construction financing, and home ownership
the Company’s SBU arising from any agreements, schemes for fixed-income earners and informal sector
actions, or matters made, undertaken, or occurring workers.
on or prior to the effective date of the spin-off,
including but not limited to the designated list of SBU The strengthening of Sharia financing within the housing
assets and liabilities as well as all legal relationships ecosystem is expected to enhance financial inclusion,
between the Company’s SBU and third parties, expand access to affordable housing for younger
were legally transferred to be carried out under the generations and first-time homebuyers, and support
benefits, risks, and responsibilities of the Subsidiary. government programs in providing national housing.
In addition to complying with regulatory requirements,
The composition of shareholders based on Deed No. 21 this corporate action further reinforces the Company’s
dated November 20, 2025, concerning the Statement positioning as a financial institution that actively
of Resolutions of the Extraordinary General Meeting of contributes to the development of an integrated and
Shareholders of PT Bank Syariah Nasional is as follows: sustainable housing ecosystem grounded in Sharia
• The Company holds 6,620,052,683 (six billion six principles.
hundred twenty million fifty-two thousand six
hundred eighty-three) shares with a total nominal Debt and Capital Restructuring
value of IDR6,620,052,683,000 (six trillion six hundred
twenty billion fifty-two million six hundred eighty- Throughout 2025, Company did not carry out debt and
three thousand Rupiah), representing 99.999%. capital restructuring activities.
2025 Annual Report 403
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04 Management Discussion and Analysis on Bank Performance
Information on Material
Transactions Containing Conflicts of
Interest, Affiliated Transactions, and
Related Transactions
Material Transactions were any transactions made by Transactions and Transactions with Conflicts of Interest
public companies or controlled companies that met the and OJK Circular Letter Number 13/SEOJK. 03/2017
transaction value limit equal to 20% (twenty percent) or concerning Implementation of Governance for
more of the Public Company’s equity (OJK Regulation Commercial Banks. From an internal standpoint, BTN
Number 17/POJK.04/2020 Concerning Material had a Transaction Policy Containing Conflicts of Interest
Transactions and Changes in Business Activities. as stipulated in the Guidelines and Work Procedures for
the Board of Directors and the Board of Commissioners.
Transactions Containing Conflicts of The policy of providing funds to related parties that
Interest contained conflicts of interest was contained in a
separate Directors Regulation which stipulated that
In accordance with the provisions of the OJK Regulation Company was prohibited from providing funds to
Number 42/POJK.04/2020 Concerning Affiliated related parties without the approval of the Board of
Transactions and Conflicts of Interest Transactions, Commissioners.
a conflict of interest was the difference between the
economic interests of a public company and the In the event of a conflict of interest between
personal economic interests of members of the board Company and shareholders, members of the Board
of directors, members of the board of commissioners, of Commissioners, members of the Board of Directors,
major shareholders or controllers who can be Executive Officers and/ or other parties related to
detrimental to the said public company. Company, members of the Board of Commissioners,
members of the Board of Directors and Executive
Company’s business activities are inseparable from Officers were prohibited from taking actions that might
the relationships and interactions between individuals harm or reduce profits of Company and had todisclose
within Company and with other parties, there is a the conflict of interest in every decision. Company also
potential conflict of interest that may be unavoidable properly documented every disclosure in accordance
between one party and another, so that it can affect with applicable regulations. Disclosure of conflict of
the decision-making process and the performance of interest was set forth in the minutes of meeting at least
the decision. which can be detrimental to Company. including the name of the party having the conflict of
Company realizes the importance of a firm attitude interest, the main issue of the conflict of interest and the
towards controlling and handling conflicts of interest basis for consideration for making the decision.
that occur within Company, so that effective business
management can be created in achieving Company’s In principle, every Company employee avoided making
goals, free from all forms of corruption, collusion and decisions that had situations and conditions where
nepotism (KKN) and harmonious relationships with all there was a conflict of interest. Lending to the Directors,
stakeholders. Board of Commissioners and employees of Company
was carried out based on reasonable limits and in
Company’s always complied with the applicable accordance with applicable Company regulations
provisions in terms of transactions that contained without differentiating it from other customers (arm’s
conflicts of interest, as stated in the OJK Regulation length basis).
Number 42/POJK.04/2020 Concerning Affiliated
Throughout 2025, there were no transactions containing conflicts of interest.
Table of Transactions Containing Conflicts of Interest
Transaction
Name Position Decision Maker Transaction Type Information
Value
Nil Nil Nil Nil Nil Nil
404 2025 Annual Report
Page 405
PT Bank Tabungan Negara (Persero) Tbk
Affiliated Transactions
Based on the provisions of the OJK Regulation Number 6. Relationship between the Company and Major
42/ POJK.04/2020 Concerning Affiliated Transactions Shareholders.
and Transactions with Conflicts of Interest, Affiliates are:
1. Family relations by marriage and descent to the Furthermore, Affiliate transactions are any activities
second degree, both horizontally and vertically; and/ or transactions carried out by public companies
2. The relationship between the party and the or controlled companies with Affiliates of public
employee, director or commissioner of the party; companies or Affiliates of Members of the Board of
3. Relationship between 2 (two) companies where Directors, Members of the Board of Commissioners, Major
there is 1 (one) or more members of the same Board Shareholders, or Controlling, including any activities
of Directors or Board of Commissioners; and/or transactions carried out by Public Company
4. The relationship between the Company and the or Controlled Company for the benefit of Affiliates of
Party, either directly or indirectly, controls or is Public Companies or Affiliates of members of the Board
controlled by the company; of Directors, Members of the Board of Commissioners,
5. Relationship between 2 (two) companies that are Major Shareholders, or Controllers.
controlled, either directly or indirectly, by the same
party; or
Disclosure of Affiliated Transactions
The disclosure of affiliated transactions that comply with Article 4 of OJK Regulation 42/2020 is as follows:
Table of Disclosure of Affiliated Transaction
Transaction
Transaction Object Transaction Value Parties Involved Affiliated Relationship
Date
March 21, 2025 The construction of the Dago IDR100,500,000,000 PT Bank Tabungan BTN and PT BA are
Learning Center located at (One Hundred Billion Negara (Persero) affiliated parties as both
Jalan Bukit Pakar Timur RT Five Hundred Million Tbk dan PT Brantas are directly controlled by
004 RW 012, Cibural Village, Rupiah). Abipraya (Persero) the same party, namely
Cimenyan District, Bandung the Government of the
Regency, West Java Province, Republic of Indonesia.
was carried out by PT BA
April 9, 2025 A parcel of land located at Jl. IDR322,899,000,000 PT Bank Tabungan BTN and PT PP are
Raya Gandul RT 007/RW 008, (Three Hundred Negara (Persero) Tbk affiliated parties as both
Cinere District, Depok City, West Twenty-Two Billion dan PT Pembangunan are directly controlled by
Java, constructed by PT PP. Eight Hundred Ninety- Perumahan (Persero) the same party, namely
Nine Million Rupiah). Tbk. the Government of the
Republic of Indonesia.
July 21, 2025 A parcel of land located at Jl. IDR121,500,000,000 PT Bank Tabungan BTN and PT BA are
Panjang Arteri Kelapa Dua RT (One Hundred Negara (Persero) affiliated parties as both
002/013, Kebon Jeruk, West Twenty-One Billion Tbk dan PT Brantas are directly controlled by
Jakarta, constructed by PT BA. Five Hundred Million Abipraya (Persero) the same party, namely
Rupiah). the Government of the
Republic of Indonesia.
July 21, 2025 The construction of the BTN IDR132,001,000,000 PT Bank Tabungan BTN and PT NK are affiliated
Kelapa Gading Square Branch (One Hundred Thirty- Negara (Persero) Tbk parties due to the common
Office Building, located at Jl. Two Billion One Million dan PT Nindya Karya ownership of Series A
Boulevard Raya Block XC No. 1-A, Rupiah). (Persero). Dwiwarna shares by
Kelapa Gading District, North the Government of the
Jakarta, constructed by PT NK. Republic of Indonesia.
December 22, 2025 The Spin-Off of the Company’s IDR5,560,070,000,000 PT Bank Tabungan BTN and BSN are affiliated
Sharia Business Unit. (Five Trillion Five Negara (Persero) Tbk parties as BTN is the
Hundred Sixty Billion dan PT Bank Syariah Controlling Shareholder
Seventy Million Rupiah). Nasional of BSN.
2025 Annual Report 405
Page 406
04 Management Discussion and Analysis on Bank Performance
Transaction
Transaction Object Transaction Value Parties Involved Affiliated Relationship
Date
December 23, 2025 Shareholder Loan from PT IDR2,000,000,000,000 PT Bank Tabungan BTN and PT Danantara Asset
DAM to BTN, categorized as (Two Trillion Rupiah). Negara (Persero) Tbk Management (Persero)
Additional Tier 1 (AT1) capital dan PT Danantara are affiliated parties, as
of BTN. Asset Management both are directly controlled
(Persero) by the same party: the
Government of the Republic
of Indonesia.
In 2025, there were no affiliated transactions requiring approval from the GMS.
Affiliated Transactions Report conducted in line with general business practices,
comply with the arm’s length principle, and adhere to
BTN has submitted the Affiliated Transactions Report prevailing laws and regulations. This Board of Directors‘
in compliance with Article 6 of OJK Regulation 42/2020 Statement is also included in every disclosure of
to the Financial Services Authority (OJK) within the information regarding affiliate transactions.
deadline, which is by the end of the second business day
following the transaction date. Role of The Board of Commissioners and
Audit Committee In Affiliated Transactions
Affiliated Transactions as Business
Activities Conducted in the Framework of The Board of Commissioners, together with the Audit
Generating Business Income and Executed Committee and/or other committees under the Board
Routinely, Repeatedly, and/or Continuously of Commissioners, plays a strategic role in ensuring
that affiliated transactions are carried out according to
In accordance with Article 8 and Article 9 OJK general business practices. The Board is responsible for
Regulation 42/2020, there were Affiliated Transactions ensuring adequate procedures to assess and oversee
which became business activities carried out in order these transactions to ensure compliance with the arm‘s
to generate business income and were carried out length principle. This includes reviewing transaction
routinely, repeatedly and/or continuously. BTN has value fairness, completeness of requirements, and
recorded these transactions, which are disclosed in compliance with regulations to prevent conflicts of
Note 46 of the Financial Statements. interest that may harm BTN and its stakeholders. Thus,
the Board actively upholds transparency, integrity,
Transaction Fairness and accountability in implementing Good Corporate
Governance.
Transactions with affiliated parties are conducted
in accordance with general business practices, Related Parties Transaction
adhering to the arm’s length principle. The Company
complies with the provisions of OJK Regulation In conducting its business activities, the Company
No. 42/POJK.04/2020 concerning Affiliated Transactions engages in transactions with related parties as defined
and Conflict of Interest Transactions that for transactions under PSAK No. 224 on “Related Party Disclosures.” A
above IDR5 billion, the Company appoints an Appraisal party is considered related to the Company if:
Service Office (KJPP) to ensure that the transactions are a. A party that directly, or indirectly through one or more
carried out fairly and at market prices intermediaries, a party (i) controls, or is controlled
by, or is under common control with, the Group; (ii)
Compliance With Related Regulations has significant influence over the Group; or (iii) has
joint control over the Group;
BTN has ensured that its transactions comply with OJK b. A party that is in the same business group as the
Regulation No. 42/POJK.04/2020 concerning Affiliated Bank;
Transactions and Conflict of Interest Transactions at the c. A party that is a joint venture where the Bank is the
time these transactions were carried out. venturer;
Board of Directors’ Statement on Affiliated
Transactions
The Board of Directors declares that affiliated
transactions have undergone proper procedures, are
406 2025 Annual Report
Page 407
PT Bank Tabungan Negara (Persero) Tbk
Name of the Transacting Parties and Nature of Relations
Related parties conducting transactions with BTN are listed in the following table:
Table of Related Parties
Related Parties Relationship Type Related Party Transaction Elements
Government of the Republic of The majority shareholder is through the Government Bonds, Loans and Sharia
Indonesia (RI) Indonesian Ministry of Finance Financing/Receivables, and Capital stock
PT Danantara Asset Management
Majority Shareholder. Capital stock
(Persero)
Current Accounts with Other Banks,
Under the same control through the Central Placements with Bank Indonesia and Other
PT Bank Mandiri (Persero) Tbk
Government of the Republic of Indonesia Banks, Securities, Acceptance Liabilities,
Borrowings, and Securities Issued.
Current Accounts with Other Banks,
Under the same control through the Central Placements with Bank Indonesia and Other
PT Bank Negara Indonesia (Persero) Tbk
Government of the Republic of Indonesia Banks, Securities, Securities Issued, and
Acceptance Liabilities.
Current Accounts with Other Banks,
Under the same control through the Central
PT Bank Rakyat Indonesia (Persero) Tbk Placements with Bank Indonesia and Other
Government of the Republic of Indonesia
Banks, Securities, and Securities Issued.
Current Accounts with Other Banks and
Under the same control through the Central
PT Bank Syariah Indonesia Tbk Placements with Bank Indonesia and Other
Government of the Republic of Indonesia
Banks.
Subsidiaries of State-Owned Enterprises
PT Bank Mandiri Taspen Deposits from Other Banks and Securities.
(BUMN)
Placements with Bank Indonesia and Other
PT Bank Raya Tbk (dahulu PT Bank Subsidiaries of State-Owned Enterprises
Banks, Deposits from Other Banks, and
Rakyat Indonesia Agroniaga Tbk) (BUMN)
Securities Issued.
Lembaga Pembiayaan Ekspor Under the same control through the Central Placements with Bank Indonesia and Other
Indonesia Government of the Republic of Indonesia Banks and Securities.
Under the same control through the Central Loans and Sharia Financing/Receivables
PT Hutama Karya (Persero)
Government of the Republic of Indonesia and Acceptance Receivables.
Under the same control through the Central Securities and Loans and Sharia Financing/
Perum Perumnas
Government of the Republic of Indonesia Receivables.
Subsidiaries of State-Owned Enterprises
PT PP Properti Tbk Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Wijaya Karya Bangunan Gedung Tbk Guarantees Issued.
(BUMN)
Perum Percetakan Negara Republik Under the same control through the Central
Loans and Sharia Financing/Receivables.
Indonesia (Perum PNRI) Government of the Republic of Indonesia
PT Danareksa Investment Subsidiaries of State-Owned Enterprises
Securities and Securities Issued.
Management (BUMN)
Under the same control through the Central
PT Adhi Karya (Persero) Tbk Loans and Sharia Financing/Receivables.
Government of the Republic of Indonesia
Under the same control through the Central
PT Angkasa Pura II (Persero) Loans and Sharia Financing/Receivables.
Government of the Republic of Indonesia
PT Dok Dan Perkapalan Surabaya Under the same control through the Central
Loans and Sharia Financing/Receivables.
(Persero) Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT HK Realtindo Loans and Sharia Financing/Receivables.
(BUMN)
Under the same control through the Central
PT Indah Karya (Persero) Loans and Sharia Financing/Receivables.
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Jasamarga Bali Tol Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Mandiri Manajemen Investasi Securities and securities issued.
(BUMN)
2025 Annual Report 407
Page 408
04 Management Discussion and Analysis on Bank Performance
Related Parties Relationship Type Related Party Transaction Elements
Subsidiaries of State-Owned Enterprises
PT Patra Jasa Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises Securities, Loans and sharia financing/
PT Permodalan Nasional Madani
(BUMN) receivables
Under the same control through the Central Kredit yang diberikan dan pembiayaan/
PT Amarta Karya (Persero)
Government of the Republic of Indonesia piutang syariah.
PT Perusahaan Pengelola Aset Under the same control through the Central
Loans and sharia financing/receivables
(Persero) Government of the Republic of Indonesia
Under the same control through the Central
PT Taspen (Persero) Securities issued.
Government of the Republic of Indonesia
Under the same control through the Central Loans and Sharia Financing/Receivables
PT Virama Karya (Persero)
Government of the Republic of Indonesia and Guarantees Issued.
Subsidiaries of State-Owned Enterprises
PT Waskita Bumi Wira Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Waskita Karya Realty Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT PPA Finance Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Waskita FIM Perkasa Realti Loans and Sharia Financing/Receivables.
(BUMN)
Under the same control through the Central Loans and Sharia Financing/Receivables
PT Pertamina (persero)
Government of the Republic of Indonesia and Securities.
Under the same control through the Central Loans and Sharia Financing/Receivables
PT Yodya Karya (Persero)
Government of the Republic of Indonesia and Guarantees Issued.
Subsidiaries of State-Owned Enterprises
PT Adhi Persada Properti Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas Jakabaring Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas Sentraland Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Perumnas TOD Tanjung Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises Loans and Sharia Financing/Receivables
PT Adhi Commuter Properti
(BUMN) and Other Receivables.
Under the same control through the Central Loans and Sharia Financing/Receivables
PT Angkasa Pura I (Persero)
Government of the Republic of Indonesia and Securities.
Subsidiaries of State-Owned Enterprises
PT Reasuransi Nasional Indonesia Securities issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Tugu Reasuransi Indonesia Securities issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Kredit Indonesia Securities Issued and Guarantees Issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Jasa Indonesia Securities issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Asuransi Jasa Raharja Securities issued.
(BUMN)
PT Perusahaan Listrik Negara Under the same control through the Central
Loans and Securities.
(Persero) Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Nindya Karya (Persero) Loans and Guarantees Issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Centurion Perkasa Iman Loans and Guarantees Issued.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Energi Pelabuhan Indonesia Guarantees issued.
(BUMN)
408 2025 Annual Report
Page 409
PT Bank Tabungan Negara (Persero) Tbk
Related Parties Relationship Type Related Party Transaction Elements
Under the same control through the Central
Perum Jaminan Kredit Indonesia Securities issued.
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Daya Mitra Telekomunikasi Securities.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT Industri Kereta Api Loans and Sharia Financing/Receivables.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT AXA Mandiri Financial Services Securities issued.
(BUMN)
PT Penjaminan Infrastruktur Indonesia Under the same control through the Central
Securities issued.
(Persero) Government of the Republic of Indonesia
PT Reasuransi Indonesia Utama Under the same control through the Central
Securities issued.
(Persero) Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Tugu Pratama Indonesia Securities issued.
(BUMN)
PT Sarana Multigriya Finance Under the same control through the Central Securities, Borrowings, Subordinated Loans
(Persero) Government of the Republic of Indonesia and Subordinated Securities.
Subsidiaries of State-Owned Enterprises
PT PP Properti Jababeka Residence Loans and Sharia Financing/Receivables.
(BUMN)
PT Bahana Pembinaan Usaha Under the same control through the Central Securities and Income from Recovery of
Indonesia (Persero) Government of the Republic of Indonesia Written-Off Loans.
Subsidiaries of State-Owned Enterprises
PT Pegadaian Securities.
(BUMN)
Subsidiaries of State-Owned Enterprises
PT BNI Asset Management Securities issued and securities.
(BUMN)
Under the same control through the Central
PT Waskita Karya (Persero) Tbk Securities.
Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises Loans and sharia financing/receivables
Peruri Properti
(BUMN) and Guarantees issued .
PT BRI Manajemen Investasi Subsidiaries of State-Owned Enterprises (BUMN) Securities.
PT Pos Indonesia (Persero) Subsidiaries of State-Owned Enterprises (BUMN) Guarantees issued
Subsidiaries of State-Owned Enterprises
PT Telkom Satelit Indonesia Guarantees issued
(BUMN)
Badan Pengelola Tabungan Under the same control through the Central
Subordinated Loans and Securities.
Perumahan Rakyat Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises Guarantees Issued, Other Receivables,
PT PP Urban
(BUMN) Loans, and Sharia Financing/Receivables.
PT Aviasi Pariwisata Indonesia Under the same control through the Central
Loans and sharia financing/receivables.
(Persero) Government of the Republic of Indonesia
Under the same control through the Central Loans and sharia financing/receivables
PT PAL Indonesia (Persero)
Government of the Republic of Indonesia and Guarantees issued.
PT Pengembangan Pariwisata Under the same control through the Central
Loans and sharia financing/receivables.
Indonesia (Persero) Government of the Republic of Indonesia
Subsidiaries of State-Owned Enterprises
PT Wika Realty Loans and sharia financing/receivables.
(BUMN)
PT Bahana TCW Investment Subsidiaries of State-Owned Enterprises
Securities.
Management (BUMN)
2025 Annual Report 409
Page 410
04 Management Discussion and Analysis on Bank Performance
Fairness of Transactions and Reasons for Conducting Transactions
Related party transactions occur due to the Company‘s business needs. All transactions were carried out normally
and fairly (arm‘s length transaction) as transactions with other parties. BTN guarantees that all transactions are free
from conflicts of interest and have complied with applicable laws and regulations. The Company appoints the Public
Appraisal Service Office (KJPP) to ensure that transactions are carried out fairly and at market prices.
Realization of Related Party Transactions
The following are details of the realization of related party transactions due to ownership relationships with the
Government of the Republic of Indonesia and related party transactions with Key Management.
Table of Related Party Transactions Due to Ownership Relationships with the Government
of the Republic of Indonesia
(in IDR million)
Description Desember 31, 2025 Desember 31, 2024
ASSET
Current accounts in other banks - Net 1,160,233 5,065,331
Placements with Bank Indonesia and other banks - 61
Securities 5,464,153 5,489,205
Government Bonds 38,106,638 35,475,529
Securities purchased under agreement to resell 271,380 -
Loans and sharia financing/receivables 34,348,775 28,063,700
Acceptance receivable 154,462 433,708
Other bills 269,797 418,004
Total assets for related parties 79,775,438 74,945,538
Allowance for impairment losses from related parties (1,517,864) (835,954)
Total assets for related parties - net 78,257,574 74,109,584
LIABILITIES
Deposits from customers 92,499,557 129,719,962
Acceptance payables 406,421 690,475
Securities issued 1,509,069 2,536,783
Loans received 27,751,154 23,352,225
Securities sold under repurchase agreements - 963,042
Subordinated loans and subordinated securities 3,696,275 1,500,000
Total Liabilities for related parties 125,862,476 158,762,487
Percentage of total related party liabilities to total liabilities 27.38% 38.93%
TEMPORARY SYIRKAH SUNDS
Mudharabah current accounts 749,717 11,985
Mudharabah saving deposits 1,302,511 118,667
Deposito Mudharabah 4,984,916 6,845,866
Total of Temporary Syirkah Funds For Related Parties 7,037,144 6,976,518
Percentage of Temporary Syirkah Sunds for related parties 22.07% 23.85%
410 2025 Annual Report
Page 411
PT Bank Tabungan Negara (Persero) Tbk
Description Desember 31, 2025 Desember 31, 2024
INTEREST INCOME AND INCOME FROM PROFIT SHARING
Placements with Bank Indonesia and other banks 202,062 191,171
Securities 170,007 431,876
Government Bonds 1,233,239 1,187,847
Loans and sharia financing/receivablessyariah 547,450 1,875,653
Other receivables 21,400 -
Total interest income and profit sharing from related parties 2,174,158 3,686,547
INTEREST, PROFIT SHARING AND BONUS EXPENSES
Deposits from customer 2,150,670 3,431,600
Deposit from other banks 3,173 4,142
Securities issued 173,496 321,755
Loans received 1,027,223 754,484
Securities sold under repurchase agreements 6,449 19,314
Subordinated loan and securities 122,139 286,327
Mudharabah current accounts 3,389 133
Mudharabah saving deposits 37,817 973
Deposito Mudharabah 136,167 240,631
Total interest expenses and bonuses from related parties 3,660,523 5,059,359
Percentage of total interest expense, profit sharing and bonuses 20.20% 28.03%
COMMITMENTS AND CONTINGENCIES ON ADMINISTRATIVE ACCOUNTS
Warranty provided 1,995,473 1,072,600
On-going Irrevocable L/C 187,436 52,513
Total commitments and contingencies in off-balance sheet accounts from
2,182,909 1,125,113
related parties
Percentage of total commitments and contingencies in off-balance sheet
33.39% 35.52%
accounts
Table of Related Party Transactions with Key Management
(in IDR million)
Uraian 31 Desember 2025 31 Desember 2024
ASSET
Loan and Sharia receivables/financing 98,339 83,781
Allowance for impairment losses from related parties (13,290) (350)
Total assets for related parties-net 85,049 83,431
Percentage of total assets of related parties to total assets 0.01% 0.02%
LIABILITIES
Deposits from customers 115,359 44,387
Employee benefits liabilities 282,437 271,959
Total Liabilities from key management 397,796 316,346
Percentage of total Liabilities 0.08% 0.08%
2025 Annual Report 411
Page 412
04 Management Discussion and Analysis on Bank Performance
Uraian 31 Desember 2025 31 Desember 2024
TEMPORARY SYIRKAH FUNDS
Mudharabah current accounts 0 0
Mudharabah saving deposits 3,836 7,226
Deposito Mudharabah 9,689 11,575
Total syirkah funds for related parties 13,525 18,801
Percentage of syirkah fund for related parties 0.04% 0.06%
INTEREST INCOME AND INCOME FROM PROFIT SHARING
Loans and Sharia Financing/receivables 22,910 5,149
Percentage of total interest income and profit sharing 0.12% 0.02%
INTEREST, PROFIT SHARING AND BONUS EXPENSES
Customer savings 2,546 1,010
Syirkah Funds 863 336
Total interest expense, profit sharing and bonuses 3,409 1,346
Percentage of total interest expense, profit sharing and bonuses 0.02% 0.01%
SHORT-TERM EMPLOYEE BENEFITS:
Director 84,434 199,832
Board of Commissioner 26,284 76,260
Other Key Employen 218,150 265,859
POST-EMPLOYMENT BENEFITS
Other Key Employen 202,609 196,004
OTHER LONG-TERM REWARDS
Other Key Employen 79,828 75,955
Total 611,305 813,910
Percentage of total employee salary and benefits expenses 12.21% 18.31%
Disclosure References in Financial out by the transaction-executing work unit, the risk
Statements management work unit, and other relevant work units in
accordance with their respective duties, functions, and
Details of the names of parties related to the realization authorities. Through this mechanism, all transactions
(value) of related party transactions are presented in were conducted on an arm’s length basis and in the
the notes to Financial Report No. 44 attached to this best interest of the Company.
Annual Report. These related transactions are business
activities carried out in order to generate business Approval Mechanism Policy for Related
income and are carried out routinely, repeatedly and/ Party Transactions
or continuously.
In terms of related party transactions, such as loan, the
Transaction Review Mechanism Policy loan approval mechanism is performed in accordance
with the loan approval threshold involving the Business
All transactions have undergone a review mechanism in Unit and Risk Unit as regulated in KK.1-Q concerning the
accordance with their respective transaction types. Each Credit Approval Limit (BWMK) for Corporate, Commercial
transaction was subject to feasibility analysis, including and Small Medium Enterprise (SME) Credit or Financing
credit analysis for lending transactions to related and KK.1-W concerning the Implementation of the Four
parties. Likewise, investment transactions were also Eyes Principle in Credit or Financing Management, as
subject to investment feasibility analysis. Similarly, other well as for related parties as regulated in POJK 32 of
related party transactions, such as issued guarantees 2018 concerning the Legal Lending Limit (BMPK) must
and placements with other banks, have undergone obtain permission from the Board of Commissioners
the appropriate review process. The review process in accordance with KK.6-H concerning Guidelines for
was conducted from the planning stage through to the Conflict of Interest Management.
realization of the transaction. Such reviews were carried
412 2025 Annual Report
Page 413
PT Bank Tabungan Negara (Persero) Tbk
Board of Directors’ Statement on Related Loan Policy for Board of
Party Transactions Commissioners/Directors
The Board of Directors stated that the related party Loans granted to Directors and Commissioners are
transaction has gone through adequate procedures to categorized as fund provisions to related parties in
ensure that the transaction is carried out in accordance accordance with OJK Regulation No. 38/POJK.03/2019,
with generally accepted business practices, including by amending OJK Regulation No. 32/POJK.03/2018 regarding
fulfilling the arm’s length principle. The Board of Directors Legal Lending Limit (BMPK) and Large Fund Provision
is required to report the results of the Credit Committee for Commercial Banks. Such loans are provided under
Meeting Decision for certain debtor threshold values to market rates and on an arm’s length basis, adhering to
the Board of Commissioners on a monthly basis. The prudent banking principles.
provisions for debtor threshold values are as follows:
- Single debtor ≥ IDR350 billion
- Group debtor ≥ IDR500 billion Maximum Limit on Credit Provision
and Large Funding
In 2025, there were no related-party transactions
requiring approval from the General Meeting of Limitations on the provisions of funds to related parties
Shareholders (GMS). were implemented in accordance with Financial Services
Authority of the Republic of Indonesia Regulation Number
Role of The Board of Commissioners 32 /POJK.03/2018 concerning the Maximum Limit on
and Audit Committee in Related Party Credit Provision and Large Funding for Commercial
Transactions Banks and POJK Number 38 /POJK.03/2019 concerning
Amendments to POJK Number 32/POJK.03/2018 on
The Board of Commissioners, together with the Audit the Maximum Limit on Credit and large Funding for
Committee and/or other committees under the Commercial Banks.
Board of Commissioners, ensures that related party
transactions are conducted in line with general business The Company provides funds to related parties and
practices. The Board guarantees adequate procedures large exposures which are made with the approval of
to evaluate and supervise such transactions, ensuring the Company’s Board of Commissioners. The Company
they comply with the arm’s length principle, transaction has never violated the Legal Lending Limit (BMPK) during
value fairness, and all legal requirements, while avoiding 2025. The Compliance Director through the Compliance
potential conflicts of interest. This ensures transparency, Unit constantly monitors the Company’s compliance
integrity, and accountability within Good Corporate with the BMPK provisions and reports it to the Financial
Governance. Services Authority every semester. The implementation
of the provision of funds by the Company to related
Compliance with Related Regulations and parties and/or the provision of large exposure always
Conditions takes into account the precautionary principle as well as
the applicable laws and regulations and has complied
The Company is always committed to running a with Bank Indonesia regulations regarding BMPK.
prudent business. All transactions have complied with
applicable rules and regulations. There were no cases of
non-compliance with laws, regulations, and provisions
related to material transactions with related parties in
the last three years.
Table of BMPK Violations and Exceedances
Unrelated Non-Related Parties
BMPK Related Parties SOEs
Parties (Borrower Group)
BMPK Violations Nil Nil Nil Nil
BMPK Exceedances Nil Nil Nil Nil
2025 Annual Report 413
Page 414
04 Management Discussion and Analysis on Bank Performance
Table of Provision of Funds to Related Parties and Provision of Large Funds
Amount in 2025 Amount in 2024
No Fund Provider
Amount Amount
Debtor Debtor
(IDR million) (IDR million)
1 To Related Parties 48 8.911 21 5.247
2 To Core Debtors:
a. Individual 28 10,848,459 34 11,567,988
b. Group 113 40,867,676 86 23,372,916
Changes in Legislation and Regulations and Their Impact on the Company
Description of changes to statutory regulations in 2024 and their impact on the Company are explained as follows:
Table of Changes in Legal Regulations
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
1 Law No. 1 of 2025 Third Amendment 1. Addition of new regulators and controlling shareholders of the No impact on
to Law No. 19 of 2003 Bank as an SOE, namely the Daya Anagata Nusantara Investment the Financaial
concerning SOEs management Agency and the Operational Holding. Statements
2. Members of the Board of Directors, Board of Commissioners,
Supervisory Board, and employees of SOEs are no longer classified
as state officials.
3. Provisions governing the Bank’s acquisition, spin-off, and
restructuring.
4. Amendments to the Articles of Association, including:
a. Change in the majority hooker of Series B shares from the Ministry
of SOEs to the Operational Holding.
b. Adjustment of the special rights attached to Series A Dwiwarna
shares.
c. Adjustment to multiple directorship provisions for the Board of
Directors and Board of Commissioners.
d. Adjustment of the approval of the Corporate Work Plan and Budget
(RKAP) to be subject to the General Meeting of Shareholders (GMS).
e. Addition of supervisory duties of the Board of Commissioners.
f. Adjustment to the implementation of loan write-offs subject to
approval by BPI Danantara.
2 Law No. 16 of 2025 Fourth Amendment 1. Adjustment to the Threshold for actions of the Board of Directors No impact on
to Law No. 19 og 2003 requiring approval. the Financaial
concerning SOEs 2. Revocation of the provisions stating that members of the Board Statements
of Directors, Board of Commissioners, Supervisory Board, and
employees of SOEs are not classified as state officials.
3. Amendments to the Articles of Association, including:
a. Changes in the ownership composition of Series A Dwiwarna
shares and the majority Series B shares.
b. Adjustment of the special rights attached to Series A Dwiwarna
shares.
c. Adjustment of the eligibility requirements for members of the
Board of Directors and the Board of Commissioners.
d. Adjustment of the terms of office of the Board of Directors and
Board of Commissioners.
e. Adjustment of the provisions regarding concurrent positions of the
Board of Commissioners.
f. Adjustment of the provisions concerning termination of the term
of office of the Board of Directors and Board of Commissioners.
g. Adjustment of the authority of the Board of Directors.
3 Government Addition of the Republic Transfer of the majority holder of Series B shares from the Ministry of No impact on
Regulation No. 15 of Indonesia’s State SOEs to PT Biro Klasifikasi Indonesia (Persero) (currently renamed PT the Financaial
of 2025 Capital Injection into Danantara Asset Management (Persero)) as the Operational Holding Statements
Share Capital of PT Biro
Klasifikasi Indonesia
(Persero) for the
Establishment of an
Operational Holding
414 2025 Annual Report
Page 415
PT Bank Tabungan Negara (Persero) Tbk
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
4 POJK No. 18 of Transparency and This regulation revokes and replaces POJK No. 37/POJK.03/2019, which No impact on
2025 Pub,ication of Bank is deemed no longer aligned with international standards and legal the Financaial
Reports developments. In essence, the Bank is required to prepare, publish, Statements
and submit Disclosure reports, including:
• Financial Statements and Financial Performance Reports
(Monthly, Quarterly, Semi-Annual, Annual).
• Risk Exposure and Capital Reports (Quarterly and Annual).
• Material Information or Facts Reports (Incidental, in the event of
significant occurrences).
• Prime Lending Rate Reports (applicable to conventional banks).
• Sustainability Reports, Integrated Governance Reports, and
Annual Reports (where applicable).
However, this regulation will be effective six months after its
promulgation in February 2026.
5 POJK No. 24 of Account Management Adjustment of the classification and criteria for Active Accounts, No impact on
2025 at Commercial Banks Inactive Accounts, and Dormant Accounts at the Bank, including the Financaial
corresponding adjustments to management mechanism, Statements
procedures, and policies.
6 Board of Rupiah Monetary Introduction of a new securities and new transaction type for the No impact on
Governor Operation Bank in the form of BI Floating Rate Note (BI FRN), which is rupiah- the Financaial
Regulation denominated securities issued by Bank Indonesia as short-term Statements
Number 20 of debt instruments with floating interest rates.
2025
7 Board of Amendment to the As a Participant, the Bank is encouraged to enhance risk management No impact on
Governor Board of Governors and transaction security, not withstanding additional administrative the Financaial
Regulation Regulation Number and operational burdens. The Bank is at least required to: Statements
Number 1 of 2025 17 of 2023 concerning a. Follow up on alerts, which may include delaying subsequent
the Implementation of transactions by the Sending Bank or delaying the forwarding of
Bank Indonesia-Fast funds by the Receiving bank to customers;
Payment b. Submit reports on the implementation of the proactive risk
manager feature to the Operator in accordance with BI’s
prescribed reporting format;
c. Maintain a fraud management system that includes fraud
detection technology at both account and transaction levels.
8 Board of Amendment to This amendment focuses on technical arrangements for foreign No impact on
Governors Board of Governors currency current accounts to facilitate transaction settlement the Financaial
Regulation Regulation Number and minimize liquidity risk through the elimination of end-of-day Statements
Number 10 of 24/21/Padg/2022 balances. The key amendment is the addition of paragraph (2a) to
2025 concerning Article 9:
Implementing Bank holding foreign currency current accounts for “other purposes”
Provisions for Current (e.g., settlement of BI foreign currency securities or BI foreign currency
account at Bank sukuk) are required to zero out the balance of such accounts at the
Indonesia end of each day.
*Other purposes include activities such as settlement of SVBI (Bank
Indonesia Foreign Currency Securities) and SUVBI (Bank Indonesia
Foreign Currency Sukuk).
9 PADG Number 14 Second Amendment This amendment focuses on changes to the Bank’s primary obligations No impact on
of 2025 to Board of Governors as a BI-FAST Participant, as stipulated under Article 18, covering the Financaial
Regulation Number 17 Internal policy and Audit, System and Technology Security, Incident Statements
of 2023 concerning the and Fraud handling, and Operations and Compliance. There is also
Implementation of BI- a specific provision regarding the implementation of information
FAST Payment technology infrastructure protection (Article 26C paragraph (1) letter
a), which must be fulfilled no later than January 1, 2026.
10 PADG Number 16 Amendment to the This amendment introduces the development of money No impact on
of 2025 Board of Governors market transaction types through a Money market Transaction the Financaial
Regulation Number matchmaking mechanism, which matches buy and sell offers from Statements
13 of 2024 concerning money market participant using a method determined by BI. In this
Money Market context, the Bank participates in the matchmaking process and acts
Transactions as a submitting party of transaction offers, which cannot be revoked
once submitted.
11 PADG Number 18 Criteria, Requirements, This amendment establishes standards for securities used in No impact on
of 2025 and Utilization of Bank Indonesia’s Monetary Operations; enhances transparency, the Financaial
Securities in Monetary prudence, and accountability in the implementation of monetary Statements
Operations policy; mitigates market risk through regulations on pricing, haircuts,
and maturities of securities; and supports the deepening of the
money market and foreign exchange market as stipulated in Articles
9 to 32 of this regulation.
12 PADG Number 22 Amendment to Amendment to the implementation of Short-Term Liquidity Loans No impact on
of 2025 Board of Governors (PLJP) for Conventional Commercial Banks (BUK), expanding the the Financaial
Regulation Number types of eligible collateral, including BI-FRN and other highly rated Statements
21 of 2023 concerning securities, to provide flexibility for banks experiencing short-term
Implementing liquidity difficulties.
Provisions for Short-
Term Liquidity Loans
for Conventional
Commercial Banks
2025 Annual Report 415
Page 416
04 Management Discussion and Analysis on Bank Performance
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
13 PADG Number 23 Macroprudential 1. Obligation for Conventional Commercial Banks (BUK) to fulfill the No impact on
of 2025 Intermediation Ratio RIM Current Account requirement if the RIM falls outside the range the Financaial
and Macroprudential of 84%-94% Statements
Liquidity Buffer 2. Obligation for Sharia Commercial Banks Kewajiban (BUS) and
for Conventional Sharia Business Unit (UUS) to place a Sharia RIM Current Account if
Commercial Banks, the Sharia RIM falls outside the range of 84%-94%
Sharia Commercial 3. Obligation for BUK to meet the Macroprudential Liquidity Buffer
banks, and Sharia (PLM) requirement by holding securities equivalent to 4% of Rupiah
Business Units Third-Party Funds (DPK)
4. Obligation for BUS to meet the Sharia Macroprudential Buffer (PLM
Sharia) requirement by holding securities equivalent to 2.5% of
Rupiah Third-Party Funds (DPK)
5. Obligation for the Bank to appoint a reporting officer to Bank
Indonesia
14 PADG Number 24 Implementation of This regulation governs governance, operations, reporting, and No impact on
of 2025 Immediate Funds supervision of immediate funds settlement through the BI–RTGS the Financaial
Settlement through the System. Key provisions requiring the Bank’s attention include the Statements
Bank Indonesia -Real obligation to report the use of the BI-RTGS (Articles 86 and 88) and
Time Gross Settlement the obligation to conduct aninformation system audit annually
(Article 15 paragraph (2)) January 1, 2026
15 PADG Number 26 Financial Derivative This regulation governs the Bank’s governance framework in tis No impact on
of 2025 with Underlying assets capacity as a custodian in Money Market and Foreign Exchange the Financaial
in the Form of Money Derivative (PUVA) transactions, including, among others, the Statements
Market and Foreign obligation to open segregated accounts (Article 72)
Exchange Market
Products
16 PADG Number 27 Implementing This regulates the mechanism for granting liquidity incentives to No impact on
of 2025 Regulation on banks through reductions in the Statutory Reserve Requirement the Financaial
Macroprudential (GMW), including related reporting obligations. Statements
Liquidity Incentive
Policy
17 PADG Number 31 Fourth Amendment to 1. Change the GWM calculation from focusing solely on current No impact on
of 2025 Board of GOvernors balances at BI to also include BI-FAST funds and other funds as the Financaial
Regulation Number determined by BI. Statements
24/8/Padg/2022 2. BI may determine components of Third-Party Funds (DPK) that are
concerning excluded.
Implementing 3. Introduction of provisions regarding remuneration on Excess
Provisions for the Reserves for Banks.
fulfillment of Statutory 4. Adjustment of sanctions for BUS/UU PUAS rate of return.
Reserves in Rupiah
and Foreign Currency
for Conventional
Commercial banks,
Sharia Commercial
Banks, and Sharia
Business Units
18 PADG Number 30 Seventh Amendment The principal amendment extends the relaxation period for LTV, FTV, No impact on
of 2025 to Board of Governors and down payment ratios, previously set to expire on 31 December the Financaial
Regulation Number 2025, to 31 December 2026. This macroprudential policy aims to Statements
21/25/PADG/2019 encourage credit growth in the property and automotive sectors.
concerning Loan-to-
Value Ratios for Property
Loans, Financing-
to-Value Ratios for
Property Financing, and
Down Payments for
Motor Vehicle Loans or
Financing
19 Peraturan Menteri Revocation of Four The revoked Ministerial Regulations are as follows: No impact on
Perdagangan Regulations of the 1. Number 36/M-DAG/PER/9/2007 concerning the Issuance of Trade the Financaial
Republik Minister of Trade in the Business Licenses (including its amendments). Statements
Indonesia Nomor Field of Domestic Trade 2. Number 22/M-DAG/PER/3/2016 concerning General Provisions on
26 Tahun 2025 Goods Distribution (including its amendments).
3. Number 25 of 2020 concerning Annual Corporate Financial
Reports.
4. Number 4 of 2023 concerning the Procurement and Distribution of
Subsidized Fertilizers of the Agricultural Sector.
20 Government Financial Reporting 1. Establishment of a Standards Committee to formulate and set No impact on
Regulation of Financial Reporting Standards. the Financaial
the Republic 2. Implementation of a Shared Financial Reporting Platform (PBPK) Statements
of Indonesia for the submission of financial reports through a single platform.
Number 43 of 3. Financial statements for general purposes must be submitted
2025 through the PBPK.
4. Submission of reports through the PBPK by issuers and public
companies must be completed no later than 2027, with the first
submission covering the 2026 financial year.
21 Presidential State-Owned 1. Establishment of the SOE Regulatory Agency (BP BUMN) to replace No impact on
Regulation of Enterprises Regulatory the Ministry of SOEs in its regulatory function to formulate policies, the Financaial
the Republic Agency regulate, guide, coordinate, and supervise the management of Statements
of Indonesia SOEs, reporting directly to the President.
Number 105 of 2. Management of dividends from Series A Dwiwarna shares to be
2025 carried out by BP BUMN subject to the President’s approval.
416 2025 Annual Report
Page 417
PT Bank Tabungan Negara (Persero) Tbk
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
22 POJK Number 14 Implementation of 1. Conduct of RUPS, RUPO, and RUPSu electronically in accordance No impact on
of 2025 General Meetings with POJK provisions to enhance efficiency and effectiveness the Financaial
of Shareholders, while safeguarding the rights of shareholders, bondholders, and Statements
Bondholders Meetings, sukukholders.
and Sukukholders 2. Electronic implementation through e-RUPS, e-RUPO, and e-RUPsu
Meetings through systems provided by a System Provider (Central Securities
Electronic Means. Depository or other Indonesian legal entity appointed by OJK)
and/or the Issuer or Public Company.
3. Preparation of electronic GMS minutes in the form of a notarial
deed and submission of its summary to OJK and the public.
4. Electronic announcement and convening of the GMS.
5. Obligation of issuers to ensure confidentiality of electronic voting
and validity of meeting attendance.
23 POJK Number 19 Facilitation of Access This regulation implements the mandate of the Financial Sector No impact on
of 2025 to Financing for Micro, Development and strengthening Law UU P2SK (Article 249 paragraph the Financaial
Small, and Medium (3)), requiring Banks and Non-Bank Financial Institutions (LKNB) Statements
Enterprises to provide easier access to financing for MSMEs while maintaining
prudential principles. Key provisions for the Bank include reporting
obligations (Article 9), acceleration of business processes (Article
14), and procedures for loan write-off/write-off recovery (Article 24).
24 POJK Number 2 Procedures for the Provides technical arrangements regarding OJK’s function as a No impact on
of 2025 Collection of Levies in partner of the non-tax state revenue management authority in the Financaial
the Financial Services administering levies and other revenues in the financial services Statements
Sector and Other sector, including types of levies, payment procedures, administrative
Revenues sanctions, and settlement of outstanding receivables.
The types of levies regulated include:
a. Fees for licensing, approval, registration, ratification, and review of
corporate action plans.
b. Annual fees for regulation, supervision, inspection, and research
conducted by OJK.
25 POJK Number 20 Obligation to Fulfill the This regulation impacts the Bank’s operations, particularly with No impact on
of 2025 Liquidity Coverage respect to: the Financaial
Ratio (LCR) and Net • Liquidity Management: Requirement to maintain HQLA and stable Statements
Stable Funding Ratio funding in accordance with Basel III standards.
(NSFR) for Sharia • Reporting: Adjustments to OJK reporting systems (daily, monthly,
Commercial Banks and quarterly).
Sharia Business Units • Internal Policies: Updates to liquidity policies, ILAAP, and NSFR
compliance action plans.
• IT and Data: Integration of LCR/NSFR calculations into treasury and
risk management systems.
The implementation deadlines generally fall no later than 2026 and
2028
26 POJK Number 32 Implementation of Buy Regulates the implementation of the BNPL financing business model No impact on
of 2025 Now Pay Later for Commercial Banks and other financing companies. the Financaial
1. Banks implementing BNPL may cooperate with other parties, Statements
subject to compliance with consumer information disclosure
requirements.
2. Obligation to report BNPL implementation to OJK
27 POJK Number 40 Utilization of proceeds This regulation principally governs the following matters where the No impact on
of 2025 from Public Offering Bank conducts a Public Offering: the Financaial
• Preparation and periodic disclosure of the Report on teh Statements
Realization of the Use of Proceeds (LRPD) until the proceeds are
fully utilized (Article 2 paragraph (1); Article 3 paragraph (1); Article
5; Article 25).
• Limitation of fund utilization to a maximum of four tires of fund
flow (Issuer subsidiary sub-subsidiary lower-tier/other
affiliated entities) (Article 9).
• Obligation to disclose the target timeframe for utilization of
proceeds in the Prospectus and to provide disclosure in the event
of changes to such target (Article 12).
28 SEOJK Number 10/ Electronic Submission Provide technical arrangements for the electronic reporting of share No impact on
SEOJK.04/2025 of Reports on Share ownership or any changes in share ownership of Public Companies, the Financaial
Ownership or Changes as well as share pledging activities, in accordance with POJK 4/2024 Statements
in Share Ownership Parties required to submit reports:
of Public Companies a. Directors or Commissioners holding shares with voting rights.
and reports on Share b. Parties holding ≥5% of shares with voting rights
Pledging Activities of c. Controlling shareholders holding shares with voting rights.
Public Companies d. Shareholders whose ownership decreases to <5%
e. Shareholders pledging their shares
29 PADG Number 7 Third Amendment to This regulation primarily impacts the Bank through the granting No impact on
of 2025 Board of Governors of incentives for credit disbursement to specific sectors, thereby the Financaial
Regulation Number enhancing the Bank’s liquidity and lending capacity. Statements
11 of 2023 concerning
Implementing
Provisions for the
Macroprudential
Liquidity Incentive
Policy
2025 Annual Report 417
Page 418
04 Management Discussion and Analysis on Bank Performance
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
30 PBI Number 10 of Payment System Regulates aspects of the payment system industry, including No impact on
2025 Industry Regulation industry structure, infrastructure, governance and risk management, the Financaial
business conduct, consumer protection, data and/or information Statements
management, supervision, termination, and coordination and
cooperation. This regulation also imposes reporting obligations on
the Bank in its capacity as a Payment System Provider (PSP/PJP).
31 PADG Number 8 Third Amendment to The principal amendment relates to the regulation of Statutory No impact on
of 2025 Board of Governors Reserve Requirement as stipulated under Article 7 and 23. the Financaial
Regulations Number Statements
24/8/PADG/2022
concerning
Implementing
Provisions for the
Fulfillment of Statutory
Reserves in Rupiah
and Foreign Currency
for Conventional
Commercial Banks,
Sharia Commercial
Banks, and Sharia
Business Units
32 PBI Number 9 of Macroprudential Re-establishes provisions concerning liquidity incentive policies No impact on
2025 Liquidity Incentive for banks through reduction in the Statutory Reserve Requirement the Financaial
Policy (GWM) to enhance lending capacity. The Macroprudential Liquidity Statements
Incentive (KLM) is granted to banks that extend credit/financing and
undertake supporting activities, subject to the obligation to report
credit/financing disbursement plans to BI, LBUT, and other reports as
required by BI.
This regulation may affect GWM obligations, RIM Current Accounts,
and related incentives/remuneration.
33 Regulation of Provision and Adjustment of the criteria and procedures for the provision and No impact on
the OJK Board of Disclosure of disclosure of marketing information relating to financial products the Financaial
Commissioners Information for the and services. Statements
Number 37/ Marketing of Financial
PADK.08/2025 Products and Services
34 Regulation of the Verification and This regulation aims to enhance compliance in reporting and the No impact on
Minister of Law Supervision of accuracy of corporate beneficial ownership data to support the the Financaial
of the Republic Corporate Beneficial prevention of money laundering (AML) and terrorism financing (CTF), Statements
of Indonesia Owners and to impose effective sanctions on corporations. Accordingly,
Number 2 of 2025 the Bank must understand the stages of corporate verification to
determine the ultimate beneficial owner.
This regulation revokes Minister of Law and Human Rights Regulation
No. 21 of 2019, and has been effective since February 4, 2025
35 Regulation of Amendment to Adjustment of participant eligibility criteria, provision of benefits No impact on
the Minister of Minister of manpower for work accidents and occupational diseses, and reporting the Financaial
Manpower of Regulation Number requirements in the administration of the social programs. Statements
the Republic 5 of 2021 concerning
of Indonesia Procedures for the
Number 1 of 2025 Implementation of
the Work Accident
Insurance, Death
Benefit, and Old-Age
Security Program
36 Regulation of Second Amendment This amendment aims to facilitate home ownership for workers No impact on
the Minister of to Minister of through additional service benefits under the Old-Age Security (JHT) the Financaial
Manpower of Manpower Regulation Program, as stipulated under Articles 9 and 11. Accordingly, the Bank Statements
the Republic Number 35 of 2016 must understand the new manpower provisions to be complied with
of Indonesia concerning Procedures by corporations, particularly those relating to interest subsidies. This
Number 12 of for Granting, regulation has been effective since November 10, 2025.
2025 Requirements, and
Types of Additional
Service benefits under
the Old-Age Security
Program
37 Regulation of Amendment to Adjustment of procedures for granting JKP benefits, particularly No impact on
the Minister of Minister of Manpower regarding cash benefits, eligibility requirements for pension the Financaial
Manpower of Regulation No. 15 of 2021 benefits, reporting of termination of employment, BPJS Employment Statements
the Republic concerning Procedures verification, disbursement of cash benefits, contribution arrears
of Indonesia for Granting Job Loss for employers/banks, job training, and criteria for loss of benefit
Number 2 of 2025 Benefit (JKP). entitlement.
418 2025 Annual Report
Page 419
PT Bank Tabungan Negara (Persero) Tbk
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
38 Regulation of Amendment to Adjustments in line with Government Regulation No. 6 of 2025 and No impact on
the Minister of Minister of Manpower Government Regulation No. 37 of 2021. Key amendments include: the Financaial
Manpower of Regulation No. 7 of 2021 1. JKP participant criteria Statements
the Republic concerning Participant 2. JKP contribution rates
of Indonesia Registration Procedures 3. Changes to JKK contribution rates
Number 3 of 2025 and Contribution 4. Contribution recomposition
Recomposition in the 5. Contribution payment processing
Job Loss Benefit (JKP) 6. recomposition processing
Program. Banks must comply with the updated contribution rates. This
regulation is effective since February 7, 2025.
39 Minister of Tax Audit This is issued to align with Government Regulation No. 50 of 2022 No impact on
Finance on Taxation. It regulates the implementation of tax audit activities the Financaial
Regulation of conducted by the Director General of Taxes on taxpayers. Banks, as Statements
the Republic of taxpayers, must understand their rights and obligations in the event
Indonesia No. 15 of a tax audit. This has been effective since February 10, 2025.
of 2025
40 Minister of Procedures for This regulation affects banks distributing subsidized mortgages No impact on
Finance Implementing Interest (KPR), including planning and fulfillment of distribution targets, the Financial
Regulation of Subsidy/Margin cooperation and credit guarantees, accuracy of subsidy claims, Statements
the Republic Subsidy Activities refund of overpayments, and compliance with subsidy billing limits.
of Indonesia for Housing Credit
Number 65 of Programs
2025
41 SEOJK Number 14/ Implementation This regulation establishes governance assessment and reporting No impact on
SEOJK.03/2025 of Governance for mechanisms as the technical implementation of POJK No. 17 of 2023 the Financial
Commercial Banks and POJK No. 2 of 2024. It serves as the basis for banks’ governance Statements
self-assessment. This has been effective June 24, 2025.
42 SEOJK Number Publication of This regulation provides guidance to PUJK regarding the publication No impact on
20/SEOJK.08/2025 Complaint Handling of brief complaint service procedures and complaint handling, the Financial
and Complaint Service as well as the reporting format and procedures for completing Statements
Reports complaint service reports.
1. Banks are required to publish a brief complaint service procedure
to consumers through the bank’s official media.
2. Banks are required to public information on complaint handling
received by the bank in the annual report and/or through the
bank’s official media
3. Banks must appoint a responsible Director.
4. Banks are required to prepare and submit complaint service
reports to the OJK.
43 SEOJK Number Internal Liquidity This regulation aims to govern the implementation of the Internal No impact on
26/SEOJK.03/2025 Adequacy Assessment Liquidity Adequacy Assessment Process (ILAAP) in accordance the Financial
Process (ILAAP) for with POJK provisions on LCR and (NSFR), and to ensure that banks Statements
Commercial Banks have internal processes to assess liquidity adequacy under various
normal and stress scenarios. However, the implementation deadline
is December 2026 for banks classified as KBMI 3.
44 SEOJK Number Transparency and Adjustment of the types of reports that must be prepared by banks No impact on
29/SEOJK.03/2025 Publication of Reports and the reporting timelines, effective starting February 9, 2026. the Financial
of Conventional Statements
Commercial Banks
45 SEOJK Number 31/ Reporting of Adjustment of the periodic reporting system (daily, monthly, No impact on
SEOJK.03/2025 Conventional quarterly, semi-annual, annual) and incidental reporting by BUK to the Financial
Commercial Banks the OJK through the OJK Reporting System (APOLO). Statements
through the Financial
Services Authority
Reporting System
46 SEOJK Number Transparency and Adjustment of the submission of publication reports by BUS and UUS No impact on
32/SEOJK.03/2025 Publication of Reports to the public and/or OJK,effective starting February 9, 2026. the Financial
of Sharia Commercial Statements
Banks and Sharia
Business Units
47 SEOJK Number Reporting of Sharia Adjustment of the periodic reporting system (daily, monthly, No impact on
33/SEOJK.03/2025 Commercial Banks and quarterly, semi-annual, annual) and incidental reporting by BUS and the Financial
Sharia Business Units UUS to OJK through the OJK Reporting System (APOLO). Statements
through the Financial
Services Authority
Reporting System
2025 Annual Report 419
Page 420
04 Management Discussion and Analysis on Bank Performance
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
48 SEOJK Number 5/ Guidelines for Regulates reporting guidelines for Mutual Fund Selling Agents No impact on
SEOJK.04/2025 Reporting by Mutual (APERD) and Custodian Banks, consisting of Periodic Reports and the Financial
Fund Selling Agents Incidental Reports. With the enactment of this Circular Letter, the Statements
and Commercial Banks previous circular letters are revoked: SEOJK No. 7/SEOJK.04/2017,
as Custodians SEOJK No. 4/SEOJK.03/2017, SEOJK No. 26/SEOJK.03/2020, SEOJK No.
27/SEOJK.03/2020. This regulation becomes effective 9 months after
promulgation (May 9, 2025).
49 SEOJK Number 6/ Guidelines for Adjustment of reporting standards for borrowing and lending No impact on
SEOJK.04/2025 Reporting and activities of mutual funds by Investment Managers. Relevant to the Financial
Contracts for Borrowing banks if the bank acts as Custodian Bank or Lender. Statements
and Lending of Mutual
Funds
50 Circulation Letter Provision of Tantiem, Regulates the granting of tantiem and incentives for Directors No impact on
of the Danantara Incentives, and/or and Commissioners of State-Owned Enterprises (SOEs) and their the Financaial
Investment Other Income to the subsidiaries as follows: Statements
Management Board of Directors • Board of Directors of SOEs and Their Subsidiaries:
Agency Number and Board of a. The granting of tantiem, incentives (performance-based,
S-063/DI-BP/ Commissioners of SOEs special, long-term), or other income must be based on
VII/2025 and Their Subsidiaries accurate financial statements.
b. It must not originate from accounting manipulation (for
example, premature revenue recognition or failure to record
expenses).
c. “One-off” gains (such as asset revaluation, asset sales, or
quasi-reorganization) or windfall profits must be excluded from
the calculation.
• Board of Commissioners of SOEs and Their Subsidiaries:
They are prohibited from receiving tantiem, incentives, or other
income linked to company performance
Accordingly, the Bank needs to pay attention to the provisions
regarding the granting of tantiem and incentives to the Board of
Directors and Board of Commissioners, considering the differences
from previous regulations. This provision is effective starting from the
2025 financial year
51 Circular Letter Guidelines, Format Technical provisions regarding the format for submitting customer- No impact on
of the Indonesia Preparation, and based deposit insurance data reports to LPS. With the issuance the Financial
Deposit Procedures for of this LPS Circular Letter, banks are required to maintain and be Statements
Insurance Submission of responsible for the accuracy of SCV data, and to submit reports
Corporation Customer-Based covering:
Number SE-1/ Deposit Insurance Data a. Customer-based deposit data
ADK1/2025 Reports for Commercial b. Deposit insurance participation reports
Banks c. Data change reports
d. Additional reports if requested by LPS for evaluation and
supervisory purposes
52 POJK Number 22 Reporting by This POJK regulates the obligation for Commercial Banks to submit No impact on
of 2025 Commercial Banks reports online through the OJK reporting system, covering both the Financial
through the Financial periodic reports and incidental reports. In addition, it governs the Statements
Services Authority appointment of reporting officers, reporting periodicity, reporting
Reporting System procedures, the consolidation of several pieces of information/
reports into a master report, and the elimination of certain reports
as part of reporting simplification for Commercial Banks. It also
stipulates that banks are required to submit published financial
reports and annual financial performance information accompanied
by a management letter.
53 POJK Number 7 Reports of Commercial This POJK was issued to improve service quality and reporting No impact on
of 2025 Banks Acting as efficiency for Commercial Banks acting as Custodians. Its objective the Financial
Custodians is to simplify the number and format of reports and to integrate the Statements
online reporting system with the Financial Services Authority (OJK).
The required reports consist of Periodic Reports and Incidental
Reports.
54 Circular Letter Indicators of Suspicious Adjustment of suspicious transaction indicators, particularly No impact on
of the Financial Financial Transactions concerning potential irregularities in the implementation of the the Financial
Transaction Related to Misuse Free Nutritious Meal (MBG) program. With the issuance of this PPATK Statements
Reports and of Funds in the Free Circular Letter, banks are required to:
Analysis Center Nutritious Meal a. Conduct customer profiling and understand the MBG program
Number 7 of 2025 Program mechanism
b. Establish robust AML (Anti-Money Laundering / APU) policies and
procedures
c. Monitor transaction activities, particularly those conducted
through VA and joint SPPG accounts
d. Implement the indicators outlined in the Circular Letter into the
Bank’s monitoring system
e. Conduct further examination if unusual transactions are identified
f. Observe the maximum limitation of 10 SPPG per foundation, except
for the 15 foundations specifically specified.
420 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Impact on
Laws and
No Key Provision Impact on the Bank the Financial
Regulations
Statements
55 Letter of PT Request for Submission This letter is addressed to all State-Owned Enterprises (SOEs). No impact on
Danantara Asset of Important In essence, Danantara Asset Management (DAM) requests the the Financial
Management Information Regarding submission of important financial statement information to support Statements
(Persero) Number SOE Financial monthly financial management and reporting. The required reports
S-063/DI-HO.CS/ Statements are:
VI/2025 1. Monthly Financial Statements:
• Statement of profit or loss
• Statement of financial position
• Statement of cash flows
• Statement of changes in equity
• Notes to the financial statements
2. Quarterly Financial Statements:
• Same components as the monthly financial statements
• Related party transaction reporting package
• Year-end financial statement projections
3. Management Report
The reporting deadline is the 20th of each month following the
closing of the respective month/quarter.
Changes In Accounting Policies
Description of information on changes to accounting policies as follows:
Table of Changes in Accounting Policies
Quantitative Impact
of Changes in Explanation of
Changes in Accounting Reasons for Changes in
No Accounting Policies Consequences and
Policies Accounting Policies
on the Financial Adjustments Made
Statements
1. Amendment to PSAK No. 211 “The The amendment to PSAK The amendment to Updating the
Effects of Changes in Foreign 211 resulted from the PSAK No. 211 did not Company’s internal
Exchange Rates” implementation of the result in any substantive accounting policies in
Statement of Financial changes to the accordance with the
The amendment became Accounting Standards (PSAK) Company’s accounting requirements set forth
effective on January 1, 2025, in as part of the adoption of the policies and did not in the amendment.
accordance with the effective International Financial Reporting have a material impact
date stipulated in Amendment Standards (IFRS), which was on the consolidated
to PSAK No. 211 concerning approved by the Financial financial statements for
“The Effects of Changes in Accounting Standards Board the current or prior year.
Foreign Exchange Rates.” The of the Indonesian Institute of
amendment provides additional Accountants (DSAK-IAI) and
guidance on determining became effective on January 1,
exchange rates when currency 2025.
exchange restrictions occur,
requiring entities to adjust their The amendment was prompted
accounting policies in line with by conditions in certain countries
the provisions effective as of that experiencing currency exchange
date. restrictions or the unavailability
of freely accessible exchange
rates. Such circumstances create
uncertainty in determining the
appropriate exchange rate for
measuring foreign currency
transactions and balances,
potentially leading to differences
in accounting policy application
across entities. Therefore, clearer
guidance was required to
ensure that financial statements
remain consistent, relevant,
and reflective of the underlying
economic conditions.
2025 Annual Report 421
Page 422
04 Management Discussion and Analysis on Bank Performance
Bank Soundness Level
The level of bank soundness reflects the results of an Level of Commercial Banks and OJK Circular Letter
assessment of the company’s condition regarding No. 14/SEOJK.03/2017 Dated March 17, 2017 Concerning
the bank’s risks and performance which can be Assessment of the Soundness Level of Commercial Banks
seen from the final ranking of the assessment results Using a Risk Approach (Risk-Based Bank Rating) which
based on OJK Regulation No. 04/POJK.03/2016 Dated includes 4 (four) factors, namely Risk Profile, Governance,
January 26, 2017 concerning Assessment of the Soundness Profitability (Earnings) and Capital (Capital).
Table of Company Soundness Level Position December 31, 2025 and December 31, 2024 Individually
(Self Assessment)
Rating as of Rating as of
December 31, 2025 December 31, 2024
Rating Factors
Rating Rating
Risk Profile 2 2
Governance 2 2
Profitability (Earnings) 2 2
Capital (Capital) 2 2
Bank Soundness Level Rating Based on Risk 2 2
Table of Consolidated Bank Soundness Level as of December 31, 2025 and December 31, 2024
(Self Assessment)
Rating as of Rating as of
December 31, 2025 December 31, 2024
Rating Factors
Rating Rating
Risk Profile 2 -
Governance 2 -
Profitability (Earnings) 2 -
Capital (Capital) 2 -
Bank Soundness Level Rating Based on Risk 2 -
The Bank Soundness Level as of December 31,2025 (Self as “Very Healthy”. Detailed information regarding the
Assessment) for both individuals and consolidated Soundness Rating Report is provided in the Appendix of
was at a Composite Rating of 2 (PK2), reflecting the this Annual Report.
Bank’s generally healthy condition, which is assessed
as capable of facing significant negative influences
from changes in business conditions and other external Business Continuity Information
factors.
Details of Issues Arising During the
Apart from that, assessing the level of soundness using Financial Year that Affect Business
rankings is also regulated in the Regulation of the Minister Activities
of State-Owned Enterprises of the Republic of Indonesia
Number PER-2/MBU/03/2023 concerning Guidelines In 2025, the Indonesian economy demonstrated resilience
for Governance and Significant Corporate Activities of and sustained growth amidst ongoing global dynamic
State Owned Enterprises. The State Owned Enterprise uncertainties. National economic growth remained
Soundness rating as assessed by the National Rating stable at approximately 5%, supported by improving
Agency as of December 31, 2025 was AAA, classified domestic demand, solid household consumption, and
422 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
relatively positive export performance. The recovery of In response to global uncertainty and the high interest
economic activity was also reflected in increased public rate period throughout 2024, the Company entered
mobility and sustainability of investment, particularly in 2025 with a more adaptive and measured strategy.
strategic sectors. Throughout 2024, the BI7DRRR was at the 6.00% level,
which placed pressure on the Company’s interest
At the global level, emerging economies, including expense and cost of funds. Nevertheless, such pressure
Indonesia and India, continued to record relatively better remained relatively contained, and in 2025, performance
growth compared to developing countries. Nonetheless, is expected to improve in line with the decrease in
external risks still need to be monitored, including global the benchmark interest rate and improving liquidity
inflationary pressures, the direction of United States conditions.
monetary pressures, the directions of United States
monetary policy, as well as international financial On the liquidity side, tight banking conditions in 2024
market volatility. In its projection, the International due to the implementation of Bank Indonesia’s new
Monetary Fund estimates Indonesia’s economic growth open market operation instruments, such as SRBI, SVBI,
at approximately 5.1% in 2025, reflecting strong economic dan SUVBI, drove an increase in the cost of funds and
fundamentals. pressured the Net Interest Margin. Entering 2025, the
Company continues to adjust its funding strategy to
In 2025, the national banking sector demonstrated an maintain cost of funds efficiency and margin stability.
improvement in performance, in line with the increase
in economic activities. Growth in loans and Third In facing these challenges, the Company was still able
Party Funds strengthened once again, reflecting the to maintain positive and sustainable performance.
increasing financing needs and public confidence in Growth in loans and financing significantly increased
the banking system. Specifically in the housing sector, again in 2025, driven by the acceleration of housing
demand for Mortgage Loans remained high, supported sector loan disbursements and loans with more optimal
by the continuity of government stimulus, including yields. Additionally, fee-based income continues to be
housing sector policies that encourage access to home strengthened as an alternative income source to reduce
ownership for the public. dependency as an alternative income. On the efficiency
side, the Company continued its efforts to control
From the monetary policy perspective, Bank Indonesia operating expenses and optimize the funding structure
began making more accommodative interest rate by shifting the fund composition toward retail funds and
adjustments in early 2025, with a reduction of the operational current accounts, thereby supporting the
BI7DRRR to 5.75%, in response to inflation stability and the sustainable improvement of the cost of funds structure.
Rupiah exchange rate. Going forward, the direction of
monetary policy will remain data dependent, focusing Potentially Influential Significant to
on maintaining macroeconomic and financial system Business Continuity
stability. The Rupiah exchange rate against the US
Dollar also remained relatively stable, reflecting the In 2025, the Indonesian economy continued to
effectiveness of Bank Indonesia’s policies in maintaining demonstrate resilience and sustained growth amidst
external stability. global dynamic uncertainties, including geopolitical
tensions and international financial market volatility.
The Company’s business in 2025 remained focused on National economic growth remained stable at
the housing related sectors, considering this sector still approximately 5%, supported by strong domestic
possesses significant growth potential in line with the demand, stable household consumption, as well as the
high national housing needs. Based on the 2024 BPS performance of the MSME and manufacturing sectors
National Socioeconomic Survey (Susenas) data, the which remained in an expansionary phase. These
housing ownership backlog reached approximately 9.9 conditions were reflected in the Consumer Confidence
million units, representing a significant market potential Index at an optimistic level and the Purchasing
for the banking industry. Furthermore, Indonesia’s Managers’ Index which consistently remained above the
mortgage to GDP ratio, which remains at around 3%, 50 level through 2025.
indicates that the housing financing penetration level
is still relatively low compared to other countries in the In line with these macroeconomic conditions, national
ASEAN region, thus leaving ample room for growth in the banking intermediation in 2025 continued to show
housing sector. improvement with adequate resilience levels. National
loan growth remained maintained in line with increasing
2025 Annual Report 423
Page 424
04 Management Discussion and Analysis on Bank Performance
economic activities and support from Government and Company continuously carried out product innovation,
regulatory policies. The housing sector, particularly strengthening operational efficiency, and optimizing the
Mortgage Loans, remained one of the main drivers of the funding structure to maintain profitability and liquidity.
loan growth, supported by the continuity of subsidized
housing programs and various housing sector stimulus Based on the evaluation of the Company’s external and
policies. This sector also continued to receive support internal conditions, there are no material uncertainties
through the Macroprudential Liquidity Incentive Policy, that may cast significant doubt on the Company’s
which contributed positively to the availability of banking ability to maintain its going concern. Accordingly, the
liquidity. Company’s business continuity is believed to remain
maintained on a sustainable basis.
From the policy perspective, the Government continued
to implement coordinated fiscal and monetary policy Assessment Management of Items
mixes to maintain national economic stability. Fiscal that Have a Significant Influence on
policy was directed at strengthening social and Business Continuity
economic resilience, including through the continuity of
social assistance programs and controlling the impact The assessment is conducted by considering various
of global commodity price volatility. On the monetary factors, both financial and non-financial, including
side, Bank Indonesia adopted a more accommodative an analysis of the strength of financial conditions,
policy in 2025 by lowering the BI 7-Day Reverse Repo performance achievements, and the Company’s
Rate to 5.75%, in line with inflation rate to be within the business products. Furthermore, the Company also
range of 2.5% – 3.5%, while continuing to maintain Rupiah performs a Strengths, Weaknesses, Opportunities, and
exchange rate stability amidst the global dynamics. Threats (SWOT) analysis as part of a comprehensive
evaluation process of business sustainability. Based
The Company responded to these dynamics by on the result of the SWOT analysis, the Company
maintaining strong financial fundamentals, prudent subsequently develops a Threats, Opportunities,
risk management, and the execution of adaptive and Weaknesses, and Strengths (TOWS) matrix to formulate
sustainable business strategies. The Company’s capital appropriate strategies in responding to internal and
level remained at an adequate level to support business external environmental dynamics, as well as maximizing
growth and absorb potential risks. Furthermore, the opportunities and mitigating potential risks faced.
STRENGTHS WEAKNESS
• As a Government partner in housing inclusion • Dependence on high-cost Third Party Funds
• Strong positioning in the housing ecosystem • Has a high operating cost ratio compared
• Have a wide network (+/- 700 KC and KCP) to peers
• Strong positioning in the Sharia business • Most savings accounts are dormant or have
• BTN has brand awareness as a KPR low balances
distributing bank • Mobile banking users who are active
• BTN has comprehensive features related to customers are still not maximized
the housing ecosystem in BTN Mobile • Payroll account penetration is low
• Non-subsidized mortgage growth is lower
than competitors
• BTN’s credit disbursement SLA is slower than
competitor banks
• Potential growth in mortgage in line with the • Increase in the benchmark interest rate (BI
Government’s 3 million housing program Rate)
• Growth potential in the D2C (secondary • The development of fintech companies that
market) segment, which offers higher yields may become new competitors in financing
• Partnership opportunities in the multifinance • Intense competition in attracting mortgage
and insurance sectors debtors
• Inorganic growth in the multifinance sector • Margin pressure due to higher interest
• Increasing digital interaction within the expenses compared to KBMI 4 banks
banking system • Global or domestic economic uncertainty
• Growth of the Consumer and SME segments that may affect mortgage demand
in Indonesia
OPPORTUNITIES THREATS
424 2025 Annual Report
Page 425
PT Bank Tabungan Negara (Persero) Tbk
In the view of the SWOT analysis, the Threats, Opportunities, Weaknesses, and Strengths (TOWS) matrix is developed
as follows:
STRENGTH STRATEGY
STRENGTHS-OPPORTUNITIES (SO-STRATEGY) STRENGTHS-THREATS (ST-STRATEGY)
• Utilizing the increasing transaction frequency in • Leverage experience in annual short-term initiatives to
BTN Mobile to take advantage of digital interaction accelerate loan disbursement SLAs.
opportunities. • Maintain Subsidized Mortgage market share by
• Optimizing credit process improvements to capture improving the quality of existing loan portfolios. Increase
secondary market opportunities (D2C) with higher yields. CASA ratio to offset high interest expense and declining
• Expansion into the multifinance sector with the support of margins.
MAXIMIZE OPPORTUNITY
digital transformation that has been carried out.
• Potential for KPR Distribution to support the Government’s
3 million housing unit program.
MINIMIZE RISK
• Cross-selling to existing customers for funding, lending,
and banking transaction products.
WEAKNESSES-OPPORTUNITIES WEAKNESSES-THREATS
• Increase payroll account penetration to support low- • Reduce dependence on high-cost third-party funds by
cost DPK growth opportunities. increasing payroll account penetration.
• Increase active mobile banking customers to capture • Increase mobile banking and non-subsidized mortgage
opportunities for using digital interactions. customer penetration to avoid takeover by competitors.
• Optimize dormant accounts and low-balance accounts • Increase non-subsidized mortgage growth to prevent
to support new sales model opportunities. further loss of market shore. By using this TOWS matrix,
BTN can identify strategies that can help leverage
strengths and opportunities, while addressing
weaknesses and avoiding threats.
RECOVERY STRATEGY
Based on the overall assessment results, the Company’s b. The benchmark interest rate, BI 7-Day Reverse
Management has evaluated the Bank’s ability to Repo Rate, stood at 5.75%, in line with Bank
maintain its business continuity and is confident that Indonesia’s more accommodative monetary
the Company has adequate resources to continues policy while maintaining macroeconomic
its business in the future. Furthermore, the Company’s stability.
Management has not identifies any material c. The inflation rate was within the range of 2.5%
uncertainties that may cast significant doubt on the - 3.5%, reflecting maintained price stability in
Company’s ability to maintain its business continuity. accordance with Bank Indonesia’s target.
d. The Rupiah exchange rate against the US Dollar
Assumptions Used by Management in was in the range of Rp15.700-Rp16.200 per USD,
Conducting the Assessment reflecting Bank Indonesia’s efforts to maintain
exchange rate stability amidst global dynamics.
The assumptions used by the management in e. Banking loan growth was in the range of 10.0% -
conducting the assessment include, among others, the 12.0% (yoy), in line with the increase in economic
2025 macroeconomic conditions, Government Program activities and financing demand.
Support, the Strengthening of the Company’s Business f. Third Party Funds (DPK) growth was in the range
Focus, as well as the Company’s Fundamentals and of 8.0% - 10.0% (yoy), reflecting maintained public
Financial Performance. confidence in the banking system.
1. Macroeconomic Conditions of 2025 2. Government Program Support
At the end of 2025, macroeconomic conditions The Government continues to carry out various
demonstrated the following: strategic programs, particularly in the housing
a. Indonesia’s Gross Domestic Product (GDP) growth sector, as part of its efforts to drive economic growth
was in the range of approximately 5.0% - 5.1% and maintain public purchasing power. These
(yoy), supported by consistently strong domestic programs encompass business incentive policies,
demand and stable household consumption. health programs, the strengthening of corporate
and MSME businesses, and social protection.
2025 Annual Report 425
Page 426
04 Management Discussion and Analysis on Bank Performance
3. Strengthening the Company’s Business Focus Tax payments are a manifestation of BTN obligations
The Company is strengthening its positioning as a and role in participating in supporting the rate of
housing-focused bank and developing potential national growth. BTN’s approach to taxes is based on
across the entire housing ecosystem to capture the compliance with all applicable tax regulations. BTN
substantial growth opportunities remaining in the has developed tax policies and strategies which are
sector. approved and reviewed by the Director of Finance in
4. The Company’s Fundamentals and Financial reporting the Annual Corporate Income Tax SPT. This tax
Performance strategy is reviewed annually by the Director of Finance.
The Company is supported by solid and sustainable In implementing tax governance, BTN has established a
financial performance over the last five years, as comprehensive and structured process, such as:
reflected in asset growth, maintained credit quality, 1. The official responsible for determining the tax
adequate capital, and the ability to generate strategy is the Finance Director.
consistent profits. These conditions serve as the 2. Compliance with tax provisions is outlined through
primary foundation for the Company in executing its Bank BTN’s tax policy accompanied by the
business strategies on a sustainable basis. development of tax applications as well as regular
training and outreach.
3. The process of managing, monitoring and reviewing
Disclosure of the Governance the implementation of tax obligations is carried out
Framework, Management and by the Taxation Department and regularly monitored
Control of Taxation Aspects by the Compliance, Internal Audit and External Audit
Divisions (Public Accounting Firm).
BTN committed to making its contribution to the country
while fulfilling its obligations related to taxation. As a In its operational activities, BTN has implemented Good
domestic corporate taxpayer, the Company is entitled to Corporate Governance (GCG) which is carried out
receive incentives from the Government in the form of tax transparently and accountably in accordance with
relief. This is in accordance with the provisions of Article applicable regulations. The most important stakeholder
17 paragraph (2b) of Law Number 7 of 1983 concerning in tax matters is the government through the tax office.
Income Tax as amended several times, most recently by For this reason, BTN always maintains good relations
Law Number 7 of 2021 concerning Harmonization of Tax with the tax authorities and never delays payment of
Regulations which states that domestic taxpayers: tax obligations, which is one of BTN manifestations of
1. Formed as a Public Company; maintaining harmony and obligations and complying
2. With the total number of paid-up shares traded on with all applicable tax regulations. The company only
the stock exchange in Indonesia at most slightly 40%; operates in Indonesia, therefore tax reporting is only
And done for Indonesia. BTN has never made changes to its
3. Meet certain requirements. fiscal year. The following is BTN contribution through tax
payments in 2024-2025.
Based on the above provisions, Bank Tabungan Negara
is eligible for a 3% lower rate than the 22% rate applied
in the 2022 tax year, resulting in a corporate income tax
rate of 19% used in the tax calculation.
Table of Contributions to the State
(in IDR millions)
Type of Tax Tahun 2025 Tahun 2024
A TAX
1. Income Tax (PPh 3,584,869 3,715,115
2. Value Added Tax (VAT) and Luxury Goods Sales Tax (PPnBM) 16,172 25,904
3. Import/Export Duties, Customs, and Stamp Duty 3,946 9,353
426 2025 Annual Report
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PT Bank Tabungan Negara (Persero) Tbk
Type of Tax Tahun 2025 Tahun 2024
4. Land and Building Tax for Plantations, Forestry, Mining (PBB P3) 14,831 13,434
5. Other Central Government Taxes (e.g., Carbon Tax - -
6. Regional Taxes and Levies (PDRD), including PBB P2 (Urban and Rural) - -
Total Tax Contribution (Total A) 3,619,818 3,763,806
B NON-TAX STATE REVENUE (PNBP)
1. Dividends 451,099 420,119
2. Other Non-Tax State Revenue - -
Total PNBP Contribution (Total B) 451,099 420,119
Total Contribution to the State (Total A and B) 4,070,917 4,183,925
Response to Changes in Monetary
Policy Direction
Throughout 2025, global economic developments were In the foreign exchange market, this was reflected in the
influenced by the disinflation process in the United movement of the US Dollar Index (DXY), which historically
States, which brought inflation closer to the target declined from above 103 at the beginning of the year
level of approximately ±2%. This condition prompted and moved within the range of Rp16.200 - Rp16.480 per
The Federal Reserve to continue its monetary policy USD at the beginning of the year, although in the second
easing, proceeding with the interest rate cut cycle that half of 2025, its movement experienced a weakening to
commenced in late 2024. Throughout 2025. The Fed the level of Rp16.200 - Rp16.780 per USD.
Funds Rate decreased by 100 bps to 3.75% through four
interest rate cuts. In response to the changes in monetary policy
direction throughout 2025, the Company optimized its
On the domestic side, the Indonesian economy remained performance with the following strategies:
stable. Inflation in 2025 was recorded at an increase 1. Reinvesting in securities that have matured and will
to 2.92% from 1.57% in 2024, yet it remained within the mature to maintain the Company’s liquidity ratio and
Government’s inflation target of 2±1%. Economic growth capitalize on the momentum of declining securities
was also maintained at 5.04% in the third quarter of yields.
2025, with a 2025 growth outlook of 5.20%. 2. Investing in monetary operation instruments with
placements at optimal yields.
In line with the direction of global policies and considering 3. Increasing the volume and frequency of transactions
domestic conditions and exchange rate stability, Bank with customers for both securities and foreign
Indonesia lowered the benchmark interest rate (BI-Rate) exchange (forex) products.
five times with a total reduction of 125 bps. At the end 4. Managing foreign exchange positions prudently,
of 2025, the BI 7-Day Reserve Repo Rate stood at 4.75%. by maintaining the net open position at a level of
The reduction in benchmark interest rates, by both the ≤9% of core capital, in accordance with internal risk
Federal Reserve and Bank Indonesia, had a positive appetite and regulatory requirements.
impact on the securities market. The 10 year Indonesian
Government Bond (SBN) yield decreased from 7.02% at
the beginning of the year to 6.07% at the end of 2025.
2025 Annual Report 427
Page 428
04 Management Discussion and Analysis on Bank Performance
Spot Transactions and Derivative Transactions
Spot transactions and derivative transactions for the period 2024 - 2025 are as follows:
Table of Spot Transaction and DerivativeTransaction Report
(dalam jutaan Rupiah)
BANK
2025
No Transaction
Receivables and Derivative
Tujuan
Notional Liabilities
Value
Trading Hedging Bill Obligation
A. RELATED TO EXCHANGE RATES
1. Spot - - - - -
2. Forward - - - - -
3. Option - - - - -
a. Selll
b. Buy
4. Future - - - - -
5. Swap - - - - -
6. Others (CCS) - - - - -
B. RELATED TO INTEREST RATE
1. Forward - - - - -
2. Option - - - - -
a. Selll
b. Buy
3. Future - - - - -
4. Swap - - - - -
5. Others - - - - -
C. OTHERS
Total - - - - -
428 2025 Annual Report
Page 429
PT Bank Tabungan Negara (Persero) Tbk
BANK
2024
No Transaction
Receivables and Derivative
Tujuan
Notional Liabilities
Value
Trading Hedging Bill Obligation
A. RELATED TO EXCHANGE RATES
1. Spot - - - - -
2. Forward - - - - -
3. Option - - - - -
a. Sell
b. Buy
4. Future - - - - -
5. Swap - - - - -
6. Others (CCS) 1,963,590 - - 102,843 -
B. RELATED TO INTEREST RATE
1. Forward - - - - -
2. Option - - - - -
a. Sell
b. Buy
3. Future - - - - -
4. Swap - - - - -
5. Others - - - - -
C. OTHERS
Total 1,963,590 - - 102,843 -
2025 Annual Report 429
Page 430
04 Management Discussion and Analysis on Bank Performance
Report On Additional Use of State of an average of 21.32% per year (2021-2025), the
Capital Inclusion (PMN) realization of which will have an impact on the increase
in Risk Weighted Assets (RWA) and BTN’s capital
Based on the Regulation of the Minister of State- requirements. By paying attention to the provisions
Owned Enterprises of the Republic of Indonesia regarding capital adequacy, it is necessary to increase
Number PER-2/ MBU/03/2023 concerning Guidelines State Capital Participation (PMN) to improve the capital
for Governance and Significant Corporate Activities structure while increasing business capacity through
of State-Owned Enterprises Additional State Capital increasing core capital (Tier 1) so that the CAR ratio
Participation (PMN) was the separation of state assets can be maintained in accordance with the provisions.
from the state revenue and expenditure budget used Considering the things above, it is hoped that additional
as capital of SOEs and/or Limited Liability Company and capital will amount to IDR4.13 trillion through a rights
managed corporately. In accordance with the provisions issue/privatization mechanism with PMN of IDR2.48
in Article 110 PER-2/MBU/03/2023:: trillion and a public portion of IDR1.65 trillion. With this
(1) Additional State Capital Participation was carried rights issue/privatization, BTN will be able to maintain
out with the aim o: capital requirements above 16% until 2025 (above the
a. Improving the capital structure of BUMN or Minimum Capital Requirement (KPMM) required by OJK,
Limited Liability Company; and/o was 15.40%) and prevent delusions of State ownership in
b. Increasing the business capacity of SOEs or below 60%.
Limited Liability Companies.
(2) Additional State Capital Participation to SOEs as Total Additional PMN Allocated
intended in paragraph (1) is used in the context of:
a. Carrying out Government assignments to SOEs; Based on Government Regulation (PP) Number 48 of
b. Carry out restructuring and/or rescue of SOEs; 2022 concerning Addition of State Capital of the Republic
and/or of Indonesia to the Share Capital of the Company
c. Carry out SOEs business development (Persero) PT Bank Tabungan Negara Tbk. The total PMN
given to Bank BTN is a maximum of IDR2,480,000,000,000
Basis For Use Of Pmn Funds (two trillion four hundred and eighty billion rupiah). In
implementing the rights issue/privatization in 2022,
All additional PMN funds amounting to taking into account that the Government’s share
IDR2,479,999,977,600 (two trillion four hundred ownership remains at 60%, the number of shares
seventynine billion nine hundred ninety-nine million nine and the implementation price of the rights issue, the
hundred seventy-seven thousand six hundred Rupiah) amount of PMN disbursed was IDR2,479,999,977,600,-
plus the public portion of the rights issue proceeds used (two trillion four hundred seventy nine billion nine
to strengthen the capital structure The Company in hundred ninetynine million nine hundred seventy-seven
increasing the distribution of credit and/or loans. thousand six hundred Rupiah).
Strengthening the Company’s Capital Explanation of the Use Progress of the Funds
In order to support increasing business capacity and Additional PMN funds through a rights issue/
strengthening Bank BTN’s role in the housing ecosystem, privatization mechanism with PMN amounting to
there are several regulations being considered, one IDR2,479,999,977,600,- (two trillion four hundred
of which is capital regulations, where under normal seventy-nine billion nine hundred ninety-nine million
conditions Bank BTN needs to maintain a Capital nine hundred seventy-seven thousand six hundred
Adequacy Ratio (CAR) of 15.40%. Rupiah) plus funds from the public amounting to
IDR1,653,333,318,000 (one trillion six hundred fiftythree
Total Investment Required billion three hundred thirty-three million three hundred
eighteen thousand Rupiah) was all deposited into BTN
Bank BTN projects the realization of housing unit Bank Capital after deducting the emission costs. So that
financing (KPR) of 1.3 million units in 2021 to 2025, with a there is a change in the capital structure to be as follows:
projected increase in credit disbursement (distribution)
430 2025 Annual Report
Page 431
PT Bank Tabungan Negara (Persero) Tbk
Before Rights Issue After Rights Issue
Nominal Value IDR500,- per share Nominal Value IDR500,- per share
Number of Total Nominal Number of Total Nominal
Shares Value (IDR) Shares Value (IDR)
Authorized Capital 20,478,432,000 10,239,216,000,000 20,478,432,000 10,239,216,000,000
Total of Issued and Paid-up Capital
- Government of
the Republic of 6,354,000,000 3,177,000,000,000 60.00% 8,420,666,648 4,210,333,324,000 60.00%
Indonesia
- Public 4,236,000,000 2,118,000,000,000 40.00% 5,613,777,765 2,806,888,882,500 40.00%
10,590,000,000 5,295,000,000,000 100.00% 14,034,444,413 7,017,222,206,500 100.00%
Remaining shares in 6,443,987,587 3,221,993,793,500
9,888,432,000 4,944,216,000,000
portfolio
*) Based on Amendment to Articles of Association Number 08, dated April 8 2021
The shares to be issued are the remaining shares in the portfolio, where The results of the implementation of the BBTN Rights Issue which were fully
there are 9,888,432,000 billion shares. absorbed brought the remaining shares in the portfolio to 6,443,987,587
shares
PLANNING AND FOLLOW-UP CONSTRAINTS
Several obstacles to the implementation of the rights However, this can be resolved with several follow-up
issue/ privatization are as follows: actions from the privatization team, namely:
- The implementation process is quite strict for - Carry out strict monitoring of the implementation of
approximately 3 (three) months, since the kick off the rights issue/privatization progress on a weekly
meeting of supporting institutions and/or professions basis and ensure that the implementation is carried
on October 3 2022. Considering that PMN uses the out on time.
2022 APBN Budget, the rights issue process must be - Intense coordination with the securities sales team
carried out in 2022. regarding the interest of foreign investors who will
- The trading period runs from December 28, 2023 to exercise BBTN’s rights issue from the start.
January 5, 2023. The trading period process which
runs at the end of 2022, causes BBTN rights issue
transactions to be quite quiet on the first 3 (three)
trading days. This is because many foreign investors
and several fund managers have completed all
transactions for trading corporate actions in 2022.
2025 Annual Report 431
Names mentioned 150 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank BTN’s
p.4 ×2
unresolved
org
Financial Services Authority
p.7 ×11
unresolved
org
Bank Capital Structure Qualitative Disclosure
p.7
unresolved
org
Bank NUMBER OF OFFICES
p.9
unresolved
org
Ministry of Transportation
p.10
unresolved
org
Ministry of Central Bank
p.10
unresolved
org
Bank Indonesia
p.10 ×12
unresolved
org
Bank Koperasi Tani
p.10
unresolved
org
Bank Dagang Negara.
p.10
unresolved
org
Bank Taboengan
p.11 ×3
unresolved
org
Bank Tabungan Pos RI
p.11
unresolved
org
Ministry of Negara
p.11
unresolved
org
Indonesia Stock Exchange
p.11 ×5
unresolved
org
Bank BTN Phase I
p.34 ×3
unresolved
org
Bank BTN Phase II
p.34 ×2
unresolved
org
Bank Mega Principal Amount
p.35
unresolved
org
Bank BRI Principal Amount
p.35 ×2
unresolved
org
PT Indo Premier Securities
p.39
unresolved
org
PT Ciptadana Sekuritas
p.39
unresolved
org
PT Ina Sekuritas Indonesia
p.39
unresolved
org
PT Phintraco Sekuritas
p.39
unresolved
org
PT Verdhana Sekuritas
p.40
unresolved
org
PT BRI Danareksa Sekuritas
p.40
unresolved
org
PT Sinarmas Sekuritas
p.40
unresolved
org
PT Valbury Asia Securities
p.40
unresolved
org
Ministry of PKP
p.42 ×2
unresolved
org
Bank BTN Syariah
p.42
unresolved
org
Minister of PKP
p.43
unresolved
org
Bank At
p.45
unresolved
org
Bank Victoria Syariah
p.46
unresolved
org
PT Bank Syariah
p.46
unresolved
org
Ministry of Public Works
p.57
unresolved
org
Bank Indonesia’s
p.63
unresolved
org
Bank Amid
p.63
unresolved
—
Appoint I Nyoman Sugiriyasa
· Director
p.66 ×2
unresolved
person
Nugroho
· President Director
p.67 ×2
unresolved
person
Yasa
· President Director
p.67 ×2
unresolved
org
Ministry of State-Owned
p.76
unresolved
org
Minister of State-Owned Enterprises
p.79
unresolved
—
Hadiyanto
· Commissioner
p.80
unresolved
—
Zuna
· Commissioner
p.80
unresolved
—
Appoint Suryo Utomo
· President Commissioner
p.80 ×8
unresolved
—
Independent Commissioner Ida Nuryanti
· Independent Commissioner
p.80 ×6
unresolved
—
Independent Commissioner Hamzah
· Commissioner
p.80
unresolved
—
Paloh
· Independent Commissioner
p.80
unresolved
—
Independent Commissioner Simanungkalit Simanungkalit
· Independent Commissioner
p.80
unresolved
org
PT Asuransi Kerugian Jasa Raharja.
p.83 ×2
unresolved
person
Vice
· President Director
p.84 ×2
unresolved
org
PT Danantara Asset Management Issued
p.88
unresolved
org
Bank Tabungan Negara’s Legal Form
p.89
unresolved
person
H. R. Rasuna Said
p.94
unresolved
person
H. M. Yusuf Singadikane
p.94
unresolved
person
H.M Daud Beureuh
p.97
unresolved
person
Ir. H. Juanda
p.97
unresolved
org
PT Mapclub Digital Asia
p.99
unresolved
org
PT Indomarco Prismatama
p.99
unresolved
org
PT Pertamina Retail
p.99
unresolved
org
PT Dompet Anak Bangsa
p.99
unresolved
org
PT Espay Debit Indonesia Koe
p.100
unresolved
org
PT Finnet Indonesia
p.100
unresolved
org
PT Cazh Teknologi Inovasi
p.100
unresolved
org
Ministry of Religion
p.100
unresolved
org
PT Pelindo Daya Sejahtera
p.100
unresolved
org
Mahkamah Agung
p.100
unresolved
org
PT Yobelindo Graha Mandiri Ownership
p.100
unresolved
org
PT Sagotra Usaha Ownership
p.100
unresolved
org
PT Era Graha Realty Ownership
p.100
unresolved
org
PT Ray Propertindo Ownership
p.100
unresolved
org
PT Xavier Marks Indonesia Ownership
p.100
unresolved
org
PT Fidac Inovasi Teknologi
p.100
unresolved
org
Koperasi Simpan Pinjam Nusantara
p.100
unresolved
org
PT Mitra Bina Artha Raharja
p.100
unresolved
org
PT Dana Perkasa Nusantara
p.100
unresolved
org
Koperasi Jasa Amanah Mandiri Swakarya
p.100
unresolved
org
PT Aura Sinergi Sejahtera
p.100
unresolved
org
Life Insurance Indonesia Tbk
p.100
unresolved
org
PT Bahana TCW Investment Management
p.100 ×2
unresolved
org
PT Trimegah Asset Management
p.100 ×2
unresolved
org
PT Manulife Aset Manajemen Indonesia
p.100 ×2
unresolved
org
PT Schroder Investment Management
p.100
unresolved
org
PT Batavia Prosperindo Aset Manajemen
p.100 ×2
unresolved
org
PT Mandiri Manajemen Investasi
p.100 ×2
unresolved
org
PT Sucorinvest Asset Management
p.100 ×2
unresolved
org
Government of the Republic of Indonesia
p.102 ×2
unresolved
org
Bank Savings Post
p.102 ×2
unresolved
person
Notary Muhani Salim
· Notaris
p.102 ×2
unresolved
org
Minister of Justice
p.102
unresolved
org
Bank Tabungan Po.
p.103
unresolved
org
Ministry of Public Works and Public Housing
p.110
unresolved
org
PT Schroder Investment Management Indonesia Accounts
p.112
unresolved
org
PT Insight Investments Management
p.112
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