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20241104_BMTP_Laporan Hasil Pemeringkatan_31752614_lamp3.pdf
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Exclusively for the use of Tisha Velita Mamuaya at Fitch Group, Inc.. Downloaded: 01-Nov-2024
Banks
Universal Commercial Banks
Indonesia
Ratings
National Rating
PT Bank Mandiri Taspen National Long-Term Rating
Sovereign Risk
AA(idn)
Long-Term Foreign-Currency BBB
IDR
Long-Term Local-Currency IDR BBB
Country Ceiling BBB
Outlooks
Key Rating Drivers National Long-Term Rating Stable
Support-Driven Ratings: PT Bank Mandiri Taspen’s (Bank Mantap) National Long-Term Rating Sovereign Long-Term Foreign- Stable
is driven by Fitch's expectation of extraordinary support from its parent, PT Bank Mandiri Currency IDR
(Persero) Tbk (Mandiri, BBB/AAA(idn)/Stable/bbb-), which has a 51% controlling stake. State- Sovereign Long-Term Local- Stable
owned Mandiri is Indonesia's largest bank in terms of total assets. PT Taspen, a state-owned Currency IDR
company that manages pension funds for Indonesia's civil servants, holds around 48% of Bank
Mantap's shares.
Applicable Criteria
Anchored to Parent's Viability Rating: Bank Mantap's rating is linked to its parent's Viability National Scale Rating Criteria
Rating (VR), as we believe any extraordinary support would come from Mandiri's internal (December 2020)
financial resources. Details on Mandiri's VR and sensitivities can be found in the rating action Bank Rating Criteria (March 2024)
commentary published on 7 May 2024.
Parental Ability to Support: We believe Mandiri's support for its banking subsidiaries will be Related Research
viewed favourably by the regulator and Bank Mantap's small size relative to its parent, with Global Economic Outlook (September 2024)
assets constituting only 2.8% of the group's total at end-1H24, does not constrain Mandiri's Steady Performance for Indonesian Banks
ability to provide support. amid Improved Operating Environment
(June 2024)
Moderate Support Propensity: We view Bank Mantap as a strategically important subsidiary Major Indonesian Banks – Peer Review 2024
for Mandiri due to its role in servicing the lucrative pension loan business. This loan segment is (June 2024)
a sizeable and attractive business for Mandiri because of its high risk-adjusted returns and we Fitch Affirms Indonesia at 'BBB'; Outlook
expect it to remain so for the medium term. Stable (March 2024)
Analysts
Tisha Mamuaya
+62 21 4000 0544
tisha.mamuaya1@fitchratings.com
Roy Purnomo
+62 21 4000 0982
roy.purnomo@fitchratings.com
Rating Report │ 31 October 2024 fitchratings.com 1
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Banks
Universal Commercial Banks
Indonesia
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade of Bank Mantap's National Long-Term Rating could arise from a weakening in its overall credit profile
relative to the universe of entities rated on our Indonesian National Rating scale. This could happen if we downgrade
Mandiri's VR.
A perceived decline in the parent's propensity to provide support could also result in negative rating action, which
may be caused by a reduction in Mandiri's ownership such that it ceases to be the controlling shareholder; or a
significantly diminished role for Bank Mantap in the parent's strategy.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of Bank Mantap's National Long-Term Rating could arise from a strengthening in its overall credit profile
relative to the universe of entities rated on our Indonesian National Rating scale. This could happen if Mandiri's VR is
upgraded, or if we believe that Bank Mantap has become more integral and strategically important to Mandiri's overall
business. This may be reflected in a substantial increase in Mandiri's ownership of Mantap or a much larger
contribution to the parent's earnings. However, we believe these are unlikely to materialise in the near term.
Other Debt and Issuer Ratings
Rating Level Rating Outlook
Senior Unsecured AA(idn) n.a.
Source: Fitch Ratings
Debt Programme: Bank Mantap's debt programme and bonds issued under the programme are rated at the same level
as its National Long-Term Rating under Fitch's criteria. This is because the instruments represent direct, senior
obligations of the bank and rank equally with all its senior obligations. Indonesia does not have a sophisticated
resolution framework, and we believe these obligations have average recovery prospects.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:
An upgrade in Bank Mantap's National Long-Term Rating would lead to a corresponding upgrade of its issue ratings.
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:
Any downgrade of Bank Mantap's National Long-Term Rating would lead to a corresponding downgrade of its issue
ratings.
PT Bank Mandiri Taspen
Rating Report │ 31 October 2024 fitchratings.com 2
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Banks
Universal Commercial Banks
Indonesia
Financials
Summary Financials
30 Jun 24 31 Dec 23 31 Dec 22 31 Dec 21
6 months - interim 6 months - interim Year end Year end Year end
(USDm) (IDRm) (IDRm) (IDRm) (IDRm)
Audited - Audited - Audited -
Unaudited Unaudited unqualified unqualified unqualified
Summary income statement
Net interest and dividend income 100 1,635,615.0 3,305,385.0 3,221,705.0 2,624,156.0
Net fees and commissions 6 97,661.0 179,070.0 80,973.0 112,036.0
Other operating income 2 29,906.0 88,727.0 97,465.0 66,237.0
Total operating income 107 1,763,182.0 3,573,182.0 3,400,143.0 2,802,429.0
Operating costs 46 756,095.0 1,566,210.0 1,555,145.0 1,244,169.0
Pre-impairment operating profit 61 1,007,087.0 2,006,972.0 1,844,998.0 1,558,260.0
Loan and other impairment charges -5 -85,260.0 177,059.0 274,863.0 718,372.0
Operating profit 67 1,092,347.0 1,829,913.0 1,570,135.0 839,888.0
Other non-operating items (net) 0 -2,027.0 -4,738.0 -2,900.0 1,343.0
Tax 14 230,177.0 415,772.0 361,123.0 195,554.0
Net income 52 860,143.0 1,409,403.0 1,206,112.0 645,677.0
Other comprehensive income -5 -83,584.0 44,424.0 -70,034.0 -23,661.7
Fitch comprehensive income 47 776,559.0 1,453,827.0 1,136,078.0 622,015.3
Summary balance sheet
Assets
Gross loans 2,655 43,595,704.0 41,350,787.0 36,910,969.0 31,351,083.0
- Of which impaired 10 158,641.0 181,590.0 277,107.0 235,287.0
Loan loss allowances 61 995,959.0 1,094,942.0 1,156,328.0 722,751.0
Net loans 2,594 42,599,745.0 40,255,845.0 35,754,641.0 30,628,332.0
Interbank 204 3,348,903.0 703,220.0 4,021,788.0 795,541.0
Other securities and earning assets 795 13,051,356.0 15,061,646.0 12,082,377.0 12,162,613.0
Total earning assets 3,593 59,000,004.0 56,020,711.0 51,858,806.0 43,586,486.0
Cash and due from banks 114 1,869,952.0 3,189,313.0 755,721.0 777,283.0
Other assets 84 1,377,839.0 1,332,391.0 1,300,528.0 1,178,095.0
Total assets 3,791 62,247,795.0 60,542,415.0 53,915,055.0 45,541,864.0
Liabilities
Customer deposits 2,764 45,382,957.0 44,976,616.0 40,664,296.0 34,127,887.0
Interbank and other short-term funding 3 56,047.0 357,862.0 270,791.0 116,951.0
Other long-term funding 441 7,248,493.0 6,547,565.0 5,795,395.0 5,741,637.0
Total funding and derivatives 3,209 52,687,497.0 51,882,043.0 46,730,482.0 39,986,475.0
Other liabilities 144 2,367,015.0 2,243,648.0 2,101,065.0 1,527,249.0
Total equity 438 7,193,283.0 6,416,724.0 5,083,508.0 4,028,140.0
Total liabilities and equity 3,791 62,247,795.0 60,542,415.0 53,915,055.0 45,541,864.0
Exchange rate USD1 = IDR16421 USD1 = IDR15416 USD1 = IDR15731 USD1 = IDR14269
Source: Fitch Ratings, Fitch Solutions, Bank Mantap
PT Bank Mandiri Taspen
Rating Report │ 31 October 2024 fitchratings.com 3
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Banks
Universal Commercial Banks
Indonesia
Key Ratios
30 Jun 24 31 Dec 23 31 Dec 22 31 Dec 21
Ratios (%, annualised as appropriate)
Profitability
Operating profit/risk-weighted assets 8.1 7.1 6.3 4.0
Net interest income/average earning assets 5.6 6.1 6.8 6.7
Non-interest expense/gross revenue 42.9 43.8 45.7 44.4
Net income/average equity 25.3 24.4 26.6 17.2
Asset quality
Impaired loans ratio 0.4 0.4 0.8 0.8
Growth in gross loans 5.4 12.0 17.7 22.2
Loan loss allowances/impaired loans 627.8 603.0 417.3 307.2
Loan impairment charges/average gross loans -0.4 0.5 0.8 2.2
Capitalisation
Common equity Tier 1 ratio 25.2 23.7 19.1 18.3
Tangible common equity/tangible assets 11.0 10.1 8.9 8.5
Basel leverage ratio 11.1 10.2 8.9 8.5
Net impaired loans/common equity Tier 1 -12.2 -14.9 -18.4 -12.7
Funding and liquidity
Gross loans/customer deposits 96.1 91.9 90.8 91.9
Liquidity coverage ratio 202.5 n.a. n.a. n.a.
Customer deposits/total non-equity funding 86.1 86.7 87.0 85.4
Net stable funding ratio 112.7 n.a. n.a. n.a.
Source: Fitch Ratings, Fitch Solutions, Bank Mantap
PT Bank Mandiri Taspen
Rating Report │ 31 October 2024 fitchratings.com 4
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Banks
Universal Commercial Banks
Indonesia
SOLICITATION & PARTICIPATION STATUS
For information on the solicitation status of the ratings included within this report, please refer to the solicitation status shown in the relevant
entity’s summary page of the Fitch Ratings website.
For information on the participation status in the rating process of an issuer listed in this report, please refer to the most recent rating action
commentary for the relevant issuer, available on the Fitch Ratings website.
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PT Bank Mandiri Taspen
Rating Report │ 31 October 2024 fitchratings.com 5
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