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20250916_BJBR_Laporan Hasil Pemeringkatan_31950355_lamp3.pdf
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Rating Summary
September 12, 2025
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk
Bank bjb rated idAA with stable outlook
Credit Ratings
General Obligation (GO) idAA/Stable PEFINDO has affirmed its idAA rating with stable outlook to PT Bank Pembangunan Daerah Jawa
SR Bond I/2017 idAA Barat dan Banten Tbk’s (Bank bjb). PEFINDO has also affirmed its idAA rating for Bank bjb’s Shelf
SR Subdebt I/2017 idA+ Registered Bond I/2017 and its Shelf Registered Sustainability Bond I/2024, its idA+ rating for the
SR Subdebt II/2019 idA+ Bank’s Shelf Registered Subordinated Bond I – IV, as well as its idA rating for the Bank’s Perpetual
SR Subdebt III/2021 idA+ Bond I/2024. The subordinated bonds’ ratings are two notches below Bank bjb’s corporate
SR Subdebt IV/2024 idA+
rating to incorporate the risk of the debt instruments being written down in the event of non-
SR Sustainability Bond I/2024 viability. The perpetual bond’s rating is one notch below the subordinated debt rating, given the
idAA
perpetual bond’s junior status to the subordinated debt. The perpetual bond is classified as
Perpetual Bond I/2024 idA
additional tier 1 capital and has the characteristic of complete discretion in coupon deferral.
The corporate rating reflects Bank bjb’s very strong captive market in West Java and Banten
Rating Period provinces, very strong capitalization, and very strong liquidity profile. The rating is constrained
September 10, 2025 – September 1, 2026 by the tight competition outside the captive market and the high NPL (non-performing loan)
ratio in the productive loan segment.
The rating may be raised if Bank bjb strengthens its business profile substantially and
consistently, which must be accompanied by a significant improvement in its financial profile.
Published Rating History
Conversely, the rating may be lowered if Bank bjb’s business profile suffers a substantial and
SEP 2024 idAA/Stable consistent deterioration from a loss of market presence or weakening quality in its captive
APR 2024 idAA/Stable market. The downward rating pressure may also come from a significant deterioration of its
JUL 2023 idAA/Stable financial profile, particularly asset quality and profitability profile.
APR 2023 idAA/Stable
APR 2022 idAA/Stable Bank bjb was established in 1961 as a regional development Bank (BPD) focusing on West Java
and Banten provinces. At the end of June 2025 (1H2025), the Bank was 75.55% owned by the
provincial and municipal governments in West Java and Banten, and 24.45% by the public.
Rating Definition Financial Highlights
A debt security rated idAA differs from the highest- As of/for the year ended Jun-2025 Dec-2024 Dec-2023 Dec-2022
rated debt only to a small degree. The issuer’s
Consolidated Figure (Unaudited) (Audited) (Audited) (Audited)
capacity to meet its long-term financial commitments
Total assets [IDR bn] 215,920.3 219,960.7 188,295.5 181,241.3
on the debt security, relative to those of other
Indonesian issuers, is very strong. Total equity [IDR bn] 19,984.1 19,638.7 15,449.0 14,746.0
Total gross loans [IDR bn] 144,177.3 146,405.7 125,078.2 115,755.6
A debt security rated idA indicates that the issuer’s Total deposit + ST funding [IDR bn] 156,651.4 153,855.0 136,634.0 131,138.9
capacity to meet its long-term financial commitments Net interest revenue [IDR bn] 3,614.5 6,626.7 7,063.6 8,408.0
on the debt security, relative to those of other Net income (loss) [IDR bn] 712.1 1,455.2 1,681.2 2,245.3
Indonesian issuers, is strong. However, the issuer’s NIR/average earning assets [%] 3.6 3.5 4.1 5.3
capacity is somewhat more susceptible to adverse
Operating expense/op. income [%] 90.7 89.8 86.0 80.0
effects of changes in circumstances and economic
ROAA [%] *0.7 0.7 0.9 1.3
conditions than higher-rated issuers. The plus (+) sign
indicates that the rating is relatively strong within its NPL (3-5)/gross loans [%] 2.6 2.2 1.6 1.4
category. Loan loss reserves/NPL (3-5) [%] 82.8 84.4 106.2 114.4
Risk-weighted CAR [%] 18.6 18.9 20.2 19.4
Gross loans/total deposits (LDR) [%] 92.0 95.2 91.5 88.3
Contact Analysts: USD exchange rate [USD/IDR] 16,233 16,162 15,416 15,731
danan.dito@pefindo.co.id *annualized
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
rivkyanantyo@pefindo.co.id been reclassified according to PEFINDO’s definitions.
hanif.pradipta@pefindo.co.id
http://www.pefindo.com September 2025
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Rating Summary
September 12, 2025
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions made
at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt securities
based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity assigned a
rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered reliable in
conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits, due diligence,
or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility for the truth,
completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the responsibility of
the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not responsible to any party
for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication, either directly or indirectly.
PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to the rating assignment.
PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process. PEFINDO also has a “Code
of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated at the time they were first
assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated company does not fulfill
its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the ratings and analysis in its
reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are material facts or important events
that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval from PEFINDO. PEFINDO is not
responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com September 2025
Names mentioned 5 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Bank Pembangunan Daerah Jawa Barat
p.1
unresolved
org
Banten Tbk
p.1 ×2
unresolved
org
PT Bank Pembangunan Daerah Jawa SR Bond I
p.1
unresolved
org
PT Pemeringkat Efek Indonesia
p.2
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