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20250409_BSIM_Laporan Hasil Pemeringkatan_31873802_lamp2.pdf
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Press Release
KREDIT RATING INDONESIA March 27, 2025
PT BANK SINARMAS Tbk
Company Rating irA+/Stable “Debt Securities with irA rating has a high
level of certainty to honor its financial
obligations, but it can be affected by adverse
Rated Issue changes in business and economic
Obligasi Subordinasi Berkelanjutan I conditions, relative to debt securities with a
Bank Sinarmas irA
higher rating.”
The plus sign (+) indicates that the rating
Rating Period given is closer to the rating scale above it.
March 27, 2025 – April 1, 2026
Rating History
March, 2024 irA+/Stable
March, 2023 irA+/Stable
April, 2022 irA+/Stable
October, 2021 irA/Stable
October, 2020 irA/Stable
Kredit Rating Indonesia has affirmed its ‘irA+’ rating for PT Bank Sinarmas Tbk with “Stable”
Outlook
Kredit Rating Indonesia (KRI) has affirmed its ‘irA+’ rating for PT Bank Sinarmas Tbk (BSIM) with
“Stable” Outlook. At the same time, KRI has affirmed ‘ irA’ rating to Obligasi Subordinasi Berkelanjutan
I Bank Sinarmas totaling IDR3 trillion. The ratings reflect BSIM’s strong capitalization and improving
asset quality. However, BSIM’s profitability level is also considered in the ratings assigned.
BSIM was established in 1989 and later acquired by PT Sinar Mas Multiartha Tbk (SMMA/ irAA) in 2005,
operating under the name Bank Shinta at the time. As of 9M2024, SMMA holds a 60.0% stake in BSIM,
followed by PT Shinta Utama with 2.0%, and the public with 38.0%.
As of 9M2024, BSIM owned 378 offices and outlets across Indonesia to support their business activities.
BSIM has also gradually improved its IT infrastructure and human resources to deliver better quality of
services with digitalization.
BSIM’s Capital Adequacy Ratio (CAR) has strengthened since FY2020, rising from 17.3% to 25.3% in
2023, driven by additional capital from warrant conversions and a decline in loan size over the period.
As of 9M2024, the ratio further increased to 28.1%, positioning BSIM above the industry average.
BSIM’s Return on Assets (ROA) dropped from 0.5% in FY2022 to 0.1% in FY2023, weighed down by
rising impairment losses. By 9M2024, the ratio recovered to 0.6%, driven by an improvement in asset
quality.
Downward rating pressure may arise from a significant decline in capitalization or further deterioration
in asset quality, which could weaken BSIM’s profitability.
PT Bank Sinarmas Tbk Page 1
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Press Release
KREDIT RATING INDONESIA March 27, 2025
BSIM Financial Result Highlights
Sep 2024 Dec 2023 Dec 2022 Dec 2021 Dec 2020
As of/For the years ended
(Unaudited) (Audited) (Audited) (Audited) (Audited)
Total Asset (IDR, Bn) 52,659.7 52,635.0 47,350.6 52,672.0 44,612.0
Total Gross Loans (IDR, Bn) 17,027.6 17,255.8 15,898.6 18,328.2 20,940.4
Total Equity (IDR, Bn) 8,672.4 7,826.8 7,285.0 7,359.4 6,056.8
Total Cust. Deposit (IDR, Bn) 42,487.7 42,146.1 38,714.0 44,468.9 36,756.6
Net Interest Income (IDR, Bn) 1,964.6 2,623.3 2,532.6 2,415.8 2,188.2
Net Income (IDR, Bn) 291.5 75.8 221.2 127.7 118.5
ROA (%) 0.6 0.2 0.5 0.3 0.3
NPL Gross (%) 0.8 1.5 8.0 4.6 4.7
Loan Loss Reserve/NPL (%) 733.1 649.1 167.7 190.8 154.4
CAR (%) 28.1 25.3 29.5 29.1 17.3
LDR (%) 38.4 40.9 41.1 41.2 57.0
Analysts : Gromy Pilipi Pranata Purba (gromy.purba@kreditratingindonesia.com)
Rizky Fajri Nursahadi (rizky.nursahadi@kreditratingindonesia.com)
DISCLAIMER
PT Kredit Rating Indonesia (KRI) does not represent or warrant or guarantee the accuracy, completeness, timeliness or
availability of the contents of this report or publication. KRI does not perform an audit and does not undertake due diligence or
independent verification of any information used as the basis of and presented in this report or publication. Although the
information upon which KRI rating report are based, and any other contents provide in this rating report is obtained by KRI from
sources which KRI believers to be reliable.
KRI will be held harmless against any responsibility arising from its use, its partial use, or its lack of use, in combination with other
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financial decision making on which this report or publication is based. The issuance of a solicited or unsolicited rating report does
not supply financial, legal, tax or investment consultancy. The rating report is not an opinion as to the value of securities, therefore
KRI is not responsible for any credit, loan or investment decision, damages or other losses resulting from the reliance upon or
use of this report.
In no event shall KRI be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential
damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with
any use of the contents of this rating report or publication.
Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are
expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment
decision. Therefore, this report may not reflect any event or circumstances which occur after the date of this report.
KRI also assumes no obligation to update the content following publication in any form. KRI does not act as fiduciary or an
investment advisor. KRI keeps the activities of its analytical units separate from its business units to preserve independence and
objectivity of its analytical process and products. As a result, certain units of KRI may have information that is not available to
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available on its website, http://www.kreditratingindonesia.com (free of charge) and through other subscription based services,
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approval from KRI.
PT Bank Sinarmas Tbk Page 2
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PT Shinta Utama
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