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PT Bank Rakyat Indonesia (Persero) Tbk and its Subsidiaries Interim consolidated financial statements as of June 30, 2024 and for the six-month period then ended
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PT BANK RAKYAT INDONESIA (PERSERO) Tbk
AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2024
AND FOR THE SIX-MONTH PERIOD THEN ENDED
Table of Contents
Page
Interim Consolidated Statement of Financial Position ................................................................. 1-4
Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income................ 5-7
Interim Consolidated Statement of Changes in Equity ................................................................ 8-9
Interim Consolidated Statement of Cash Flows .......................................................................... 10 - 11
Note to the Interim Consolidated Financial Statements .............................................................. 12 - 363
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
ASSETS
Cash 2a,2c,3 22,865,685 31,603,784
Current accounts with Bank Indonesia 2a,2c,2f,4 79,136,277 101,909,121
Current accounts with Other Banks 2a,2c,2d, 23,844,159 22,331,919
2e,2f,5,44
Allowance for impairment losses (10,203) (9,984)
23,833,956 22,321,935
Placement with Bank Indonesia 2a,2c,2d,
and Other Financial Institutions 2e,2g,6,44 23,220,934 65,225,260
Allowance for impairment losses (1,501) (1,860)
23,219,433 65,223,400
Securities 2a,2c,2d,
2e,2h,7,44 347,071,883 331,091,304
Allowance for impairment losses (46,788) (81,510)
347,025,095 331,009,794
Export Bills and Other Receivables 2c,2d,2e,
2i,8,44 76,393,270 53,895,404
Allowance for impairment losses (935,390) (2,323,916)
75,457,880 51,571,488
Securities Purchased Under 2c,2u,
Agreement to Resell 9 2,418,016 33,595,231
Derivative Receivables 2c,2aj,10 780,325 911,683
Loans 2c,2d,2e,
2j,11,44 1,264,779,010 1,197,752,706
Allowance for impairment losses (80,783,074) (79,924,211)
1,183,995,936 1,117,828,495
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
ASSETS (continued)
Sharia Loans 2c,2e,2k,
12 15,275,682 13,668,220
Allowance for impairment losses (1,267,689) (1,093,762)
14,007,993 12,574,458
Finance Receivables 2c,2d,2e,
2l,13,44 56,724,843 55,008,321
Allowance for impairment losses (4,363,880) (4,483,915)
52,360,963 50,524,406
Acceptance Receivables 2c,2d,2e,
2m,14,44 10,304,573 10,217,408
Allowance for impairment losses (334,605) (249,698)
9,969,968 9,967,710
Investment in Associated Entities 2c,2d,2e,
2n,15,44 7,392,864 7,308,167
Allowance for impairment losses - (2,676)
7,392,864 7,305,491
Premises and Equipment 2d,2o,2p,
16
Cost 83,879,574 81,463,777
Accumulated Depreciation (24,102,968) (21,785,658)
Book value - net 59,776,606 59,678,119
Deferred Tax Assets - net 2ak,38c 14,306,814 15,605,462
Other Assets - net 2c,2e,2p,
2q,2r,17 60,823,654 53,376,453
TOTAL ASSETS 1,977,371,465 1,965,007,030
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
LIABILITIES AND EQUITY
LIABILITIES
Liabilities Due Immediately 2c,2s,18 18,554,257 30,651,807
Deposits from Customers 2c,2d,2t,44
Demand Deposits 19 356,854,620 346,124,372
Saving Deposits 20 521,040,540 527,945,550
Time Deposits 21 511,766,683 484,258,839
Total Deposits from Customers 1,389,661,843 1,358,328,761
Deposits from Other Banks and 2c,2d,2t,
Financial Institutions 22,44 8,921,965 11,958,319
Securities Sold Under Agreement 2c,2d,2u,
to Repurchase 23,44 23,625,490 19,079,458
Derivative Payables 2c,2aj,10 2,133,391 925,210
Acceptance Payables 2c,2d,2m,
14,44 10,304,573 10,217,408
Taxes Payable 2ak,38a 3,129,714 2,546,839
Marketable Securities Issued 2c,2v,24 39,925,002 49,637,581
Fund Borrowings 2c,2d,2w,
25,44 113,602,883 98,850,813
Estimated Losses on Commitments 2d,2e,
and Contingencies 26,44 3,269,671 6,117,768
Liabilities for Employee Benefits 2d,2ae,
27,42,44 17,871,098 23,059,624
Other Liabilities 2c,2y,2ad,
28,45b 34,149,637 36,664,617
Subordinated Loans
and Marketable Securities 2c,2x,29 491,399 496,683
TOTAL LIABILITIES 1,665,640,923 1,648,534,888
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Notes June 30, 2024 December 31, 2023
LIABILITIES AND EQUITY (continued)
EQUITY
Capital stock - par value Rp50
(full amount) per share
Authorized capital - 300,000,000,000
shares (consisting of 1
Series A Dwiwarna Share
and 299,999,999,999
Series B shares)
Issued and fully paid capital
- 151,559,001,604 shares
(consisting of 1 Series A
Dwiwarna share and
151,559,001,603 Series B shares) 1,31a 7,577,950 7,577,950
Additional paid-in-capital 31b 75,878,793 75,853,127
Revaluation surplus arising from premises
and equipment - net of tax 2o,16 20,213,042 20,216,505
Differences arising from the translation of
foreign currency financial statements 2ai,31c (277,439) (253,744)
Unrealized loss on fair value through
other comprehensive income securities -
net of deferred tax 2h (2,756,861) (2,221,745)
Allowance for impairment losses on fair value
through other comprehensive
income securities 2h,7 70,991 128,230
Loss on remeasurement of defined
benefit plan - net of deferred tax 2ae (1,289,901) (2,134,699)
Treasury stock 1d (3,727,464) (3,614,321)
Stock option 2af,30 184,085 54,769
Provision for bonus shares compensation 31f 287,482 287,482
Impact of transaction with non-controlling interest 31g 1,758,580 1,758,580
Retained earnings 31d,31e
Appropriated 3,022,685 3,022,685
Unappropriated 204,954,739 210,688,737
Total Retained Earnings 207,977,424 213,711,422
Total Equity Attributable to Equity Holders
of the Parent Entity 305,896,682 311,363,556
Non-controlling Interest 31h 5,833,860 5,108,586
TOTAL EQUITY 311,730,542 316,472,142
TOTAL LIABILITIES AND EQUITY 1,977,371,465 1,965,007,030
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For the Six-Month Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period ended
June 30,
Note 2024 2023
INCOME AND EXPENSES FROM OPERATIONS
Interest and Sharia Income 32
Interest income 2z 91,969,543 79,625,124
Sharia income 2k,2ab 6,677,767 5,965,661
Total Interest and Sharia Income 98,647,310 85,590,785
Interest and Sharia Expenses 33
Interest expenses 2z (28,350,650) (19,474,943)
Sharia expenses 2ab (367,827) (575,540)
Total Interest and Sharia Expenses (28,718,477) (20,050,483)
Interest and Sharia income - net 69,928,833 65,540,302
Premium income 2ac 3,976,610 4,660,908
Claim expense 2ac (2,518,317) (3,773,606)
Premium income - net 1,458,293 887,302
Revenue from gold sold 2am 6,338,467 3,954,283
Cost of revenue from gold sold 2am (6,095,871) (3,795,494)
Revenue from gold sold - net 242,596 158,789
Other Operating Income
Other fees and commissions 2aa 11,260,130 10,222,819
Recovery of written-off assets 10,082,409 6,697,966
Gain on sale of securities - net 2h,7 931,222 979,602
Gain on foreign exchange - net 2ah,2ai 454,626 236,221
Unrealized gain on changes in
fair value of securities 2h,7 - 291,398
Others 2,319,127 2,700,980
Total Other Operating Income 25,047,514 21,128,986
Provision for allowance for impairment
losses on financial assets - net 2e,34 (21,346,301) (14,017,597)
Reversal of allowance for estimated
losses on commitments and contingencies - net 26d 2,847,964 196,508
Provision for allowance for impairment
losses non-financial assets - net 2p 891 (305)
Other Operating Expenses
Salaries and employee benefits 2d,2ae,35,
42,44 (20,632,739) (18,861,253)
General and administrative 36,16 (14,274,559) (13,533,357)
Unrealized loss on changes in
fair value of securities 2h,7 (40,178) -
Others (4,687,259) (4,262,538)
Total Other Operating Expenses (39,634,735) (36,657,148)
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For the Six-Month Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period ended
June 30,
Note 2024 2023
OPERATING INCOME 38,545,055 37,236,837
NON-OPERATING (EXPENSES)
INCOME - NET 37 (95,523) (36,706)
INCOME BEFORE TAX EXPENSE 38,449,532 37,200,131
TAX EXPENSE 2ak,38b (8,553,421) (7,638,770)
NET INCOME 29,896,111 29,561,361
Items not to be reclassified to profit or loss
Remeasurement of liabilities for
employee benefits 2ae 1,038,500 (1,865,218)
Income taxes related to items not to
be reclassified to profit or loss (195,765) 366,477
Revaluation surplus arising from premises
and equipment 16 (3,766) (82,876)
Items to be reclassified to profit or loss
Differences arising from the translation of
foreign currency financial statements 2ai (23,695) (113,529)
Unrealized gain (loss) on fair value through
other comprehensive income securities 2h (820,891) 2,643,012
Allowance for impairment losses on fair
value through other comprehensive
income securities 2h (57,075) 21,202
Income taxes related to items to be
reclassified to profit or loss 166,035 (410,481)
Other comprehensive income
for the period - after tax 103,343 558,587
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 29,999,454 30,119,948
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For the Six-Month Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period ended
June 30,
Note 2024 2023
INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Equity holders of the parent entity 29,701,853 29,421,509
Non-controlling Interest 194,258 139,852
TOTAL 29,896,111 29,561,361
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD ATTRIBUTABLE TO:
Equity holders of the parent entity 29,927,138 29,909,911
Non-controlling Interest 72,316 210,037
TOTAL 29,999,454 30,119,948
EARNINGS PER SHARE ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT
ENTITY (full Rupiah) 2ag,49
Basic 197 195
Diluted 197 195
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Unrealized
gain (loss) on
Allowance for Differences fair value
impairment arising from through other Gain (loss) on Revaluation
losses on the translation comprehensive remeasurement surplus Total equity
Issued fair value of foreign income of defined Share option and arising from Impact of attributable
and through other currency securities benefit plan - Provision for premises and transaction with Retained earnings to equity Non-
fully paid Additional comprehensive financial net of net of Treasury bonus shares equipment - non-controlling holders of the controlling Total
Notes capital paid-in capital income securities statements deferred tax deferred tax stock compensation net of tax interest Appropriated Unappropriated parent entity interest equity
Balance as of
December 31, 2022 7,577,950 75,637,083 139,978 (127,954) (4,464,483) (689,473) (2,202,178 ) 226,622 20,267,952 1,758,580 3,022,685 198,147,249 299,294,011 4,101,306 303,395,317
Income for the period - - - - - - - - - - - 29,421,509 29,421,509 139,852 29,561,361
Other comprehensive 2h,2ae,
Income 2ai - - 18,125 (113,529) 2,131,702 (1,496,449) - - (51,447) - - - 488,402 70,185 558,587
Total other comprehensive
income for the period - - 18,125 (113,529) 2,131,702 (1,496,449) - - (51,447) - - 29,421,509 29,909,911 210,037 30,119,948
Distribution of income
- dividend on net income in 2022 31d - - - - - - - - - - - (34,891,943) (34,891,943) (25,862) (34,917,805)
Bonus shares 31b - 210,266 - - - - - (186,693) - - - - 23,573 - 23,573
Stock option 30 - - - - - - - (59) - - - - (59) (9) (68)
Change of non-controlling
interest - - - - - - - - - - - - - 133,705 133,705
Treasury stock 1d - - - - - - (816,955) - - - - - (816,955) - (816,955)
Additional paid-in capital - - - - - - - - - - - - - 553,971 553,971
Balance as of
June 30, 2023 7,577,950 75,847,349 158,103 (241,483) (2,332,781) (2,185,922) (3,019,133) 39,870 20,216,505 1,758,580 3,022,685 192,676,815 293,518,538 4,973,148 298,491,686
The accompanying notes to the interim consolidated financial statements form an integral part of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Unrealized
gain (loss) on
Allowance for Differences fair value
impairment arising from through other Gain (loss) on Revaluation
losses on the translation comprehensive remeasurement surplus Total equity
Issued fair value of foreign income of defined Share option and arising from Impact of attributable
and through other currency securities benefit plan - Provision for premises and transaction with Retained earnings to equity Non-
fully paid Additional comprehensive financial net of net of Treasury bonus shares equipment - non-controlling holders of the controlling Total
Notes capital paid-in capital income securities statements deferred tax deferred tax stock compensation net of tax interest Appropriated Unappropriated parent entity interest equity
Balance as of
December 31, 2023 7,577,950 75,853,127 128,230 (253,744) (2,221,745) (2,134,699) (3,614,321 ) 342,251 20,216,505 1,758,580 3,022,685 210,688,737 311,363,556 5,108,586 316,472,142
Income for the period - - - - - - - - - - - 29,701,853 29,701,853 194,258 29,896,111
Other comprehensive 2h,2ae,
Income 2ai - - (57,239) (23,695) (535,116) 844,798 - - (3,463) - - - 225,285 (121,942) 103,343
Total other comprehensive
income for the period - - (57,239) (23,695) (535,116) 844,798 - - (3,463) - - 29,701,853 29,927,138 72,316 29,999,454
Distribution of income
- dividend on net income in 2023 31d - - - - - - - - - - - (35,435,851) (35,435,851) - (35,435,851)
Bonus shares 31b - 25,666 - - - - - 129,316 - - - - 154,982 - 154,982
Change of non-controlling
Interest 1f - - - - - - - - - - - - - (117,042) (117,042)
Stock option 1d - - - - - - (113,143) - - - - - (113,143) - (113,143)
Additional paid-in capital 1f - - - - - - - - - - - - - 770,000 770,000
Balance as of
June 30, 2023 7,577,950 75,878,793 70,991 (277,439) (2,756,861) (1,289,901) (3,727,464) 471,567 20,213,042 1,758,580 3,022,685 204,954,739 305,896,682 5,833,860 311,730,542
The accompanying notes to the interim consolidated financial statements form an integral part of these consolidated financial statements taken as a whole
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period ended
June 30,
Notes 2024 2023
CASH FLOWS FROM
OPERATING ACTIVITIES
Income received
Interest and investment income 86,419,351 78,189,032
Sharia income 6,677,767 5,944,967
Premium income 3,976,610 4,541,342
Revenue from gold sold 6,338,467 3,954,283
Expense paid
Interest expense (29,125,333) (19,656,825)
Sharia expense (376,155) (578,942)
Claim expense (2,150,451 (3,454,370)
Cost of revenue from gold sold (6,095,871) (3,795,494)
Recovery of written-off assets 10,082,409 6,697,966
Other operating income 14,837,825 14,985,261
Other operating expenses (37,442,929) (40,076,639)
Non-operating expense - net (103,113) (128,051)
Payment of corporate income tax (7,186,231) (7,482,282)
Cash flows before changes in operating
assets and liabilities 45,852,346 39,140,248
Changes in operating assets and liabilities:
Placement with Bank Indonesia
and Other Financial Institutions 341,411 586,030
Securities measured at fair value
through profit or loss (12,511,817) 1,340,743
Export bills and other receivables (22,497,866) 82,240
Securities purchased under
agreement to resell 31,177,215 28,191,059
Loans (86,429,689) (75,194,800)
Sharia loans (1,789,259) (1,293,120)
Finance receivables (1,716,522) (3,619,285)
Other assets 14,561,599 3,726,156
Increase (decrease) in operating liabilities:
Liabilities due immediately (12,097,550) (7,898,607)
Deposits:
Demand deposits 10,730,248 (51,445,983)
Saving deposits (6,905,010) (5,533,279)
Time deposits 27,507,844 (5,789,776)
Deposits from other banks and
other financial institutions (3,036,354) 3,349,662
Securities sold under agreement
to repurchase 4,546,032 14,618,983
Others liabilities (8,973,002) 4,011,378
Net cash (used in) provided by operating activities (21,240,374) (55,728,351)
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
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PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period ended
June 30,
Notes 2024 2023
CASH FLOWS FROM
INVESTING ACTIVITIES
Proceeds from sales of premises and equipments 7,590 91,345
Investment in associated entities - 55,059
Dividend Income 15 131,611 65,636
Acquisition of premises and equipments (3,692,144) (3,397,674)
Decrease in securities measured at
fair value through other comprehensive
income and amortized cost 1,573,402 23,305,515
Net cash (used in) provided by
investing activities (1,979,541) 20,119,881
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from fund borrowing 50 24,049,097 16,271,919
Payments of fund borrowing 50 (9,346,117) (13,606,379)
Treasury stock (113,143) (816,955)
Distribution of income for dividend (48,102,283) (43,494,766)
Payments of subordinated loans 50 - (500,000)
Proceeds from marketable securities issued 24,50 5,034,005 4,563,418
Payments of matured marketable securities issued 24,50 (14,389,954) (11,582,600)
Net cash used in financing activities (42,868,395) (49,165,363)
DECREASE IN CASH AND CASH EQUIVALENTS (66,088,310) (84,773,833)
EFFECT OF EXCHANGE RATE CHANGES
ON FOREIGN CURRENCIES 4,331 402
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE PERIOD 218,677,734 268,192,168
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD 152,593,755 183,418,737
Cash and cash equivalents at the end
of the period consist of: 2a
Cash 3 22,865,685 28,403,964
Current accounts with Bank Indonesia 4 79,136,277 89,051,800
Current accounts with other banks 5 23,844,159 31,786,074
Placement with Bank Indonesia and other
financial institutions - maturing within three
months or less since the acquisition date 6 21,016,384 32,690,339
Bank Indonesia Certificates - maturing within three
months or less since the acquisition date 5,731,250 1,486,560
Total Cash and Cash Equivalent 152,593,755 183,418,737
The accompanying notes to the interim consolidated financial statements form an integral part
of these consolidated financial statements taken as a whole
11
Page 15
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment
PT Bank Rakyat Indonesia (Persero) Tbk (hereinafter referred to as “BRI” or “Bank”) was established
on and started its commercial operations on December 18, 1968 based on Law No. 21 Year 1968.
On April 29, 1992, based on Government of the Republic of Indonesia (the “Government”) Regulation
No. 21 Year 1992, the legal status of BRI was changed to a limited liability company (Persero). The
change into a limited liability corporation was documented by Notarial Deed No. 133 dated July 31,
1992 of Notary Muhani Salim, S.H., approved by the Minister of Justice of the Republic of Indonesia
in its Decision Letter No. C2-6584.HT.01.01.TH.92 dated August 12, 1992 and published in
Supplement No. 3A of the Republic of Indonesia State Gazette No. 73 dated September 11, 1992.
BRI’s Articles of Association was then amended by Notarial Deed No. 7 dated September 4, 1998 of
Notary Imas Fatimah, S.H., pertaining to Article 2 on “Term of Corporate Establishment” and Article
3 on “Purpose, Objectives and Business Activities” to comply with the provisions of Law No. 1 Year
1995 on “Limited Liability Company”, approved by the Ministry of Justice of the Republic of Indonesia
in its Decision Letter No. C2- 24930.HT.01.04.TH.98 dated November 13, 1998 and published in
Supplement No. 7216 of the Republic of Indonesia State Gazette No. 86 dated October 26, 1999 and
notarial deed No. 7 dated October 3, 2003 of Notary Imas Fatimah, S.H., among others, regarding
BRI’s status and compliance with the Capital Market Laws approved by the Minister of Justice and
Human Rights of the Republic of Indonesia in its Decision Letter No. C-23726 HT.01.04.TH.2003
dated October 6, 2003 and published in Supplement No. 11053 of the Republic of Indonesia State
Gazette No. 88 dated November 4, 2003.
Based on Bank Indonesia’s Decision Letter No. 5/117/DPwB2/PWPwB24 dated October 15, 2003,
regarding "SK appointment of BRI as a foreign exchange commercial bank", BRI has been designated
as a foreign exchange bank through Letter of Monetary Board No. SEKR/BRI/328 dated September
25, 1956.
Based on Notarial Deed No. 51 dated May 26, 2008 of Notary Fathiah Helmi, S.H., BRI amended its
Articles of Association, among others, to comply with the provisions of Law No. 40 Year 2007 on
“Limited Liability Company” and Capital Market and Financial Institution Supervisory Agency’s
(“Bapepam-LK”) Regulation, whose function has been transferred to the Financial Services Authority
(“OJK”) since January 1, 2013, No. IX.J.I on “The Main Principles of the Articles of Association of a
Company that Conduct Public Offering of Shares and Public Company”, which was approved by the
Minister of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-
48353.AH.01.02 Year 2008, dated August 6, 2008 and was published in Supplement No. 23079 of
the Republic of Indonesia State Gazette No. 68 dated August 25, 2009.
Furthermore, BRI's Articles of Association are documented in Notarial Deed No. 3 dated March 9,
2021, of Notary Fathiah Helmi, S.H., in Jakarta regarding amendments to the Articles of Association
from the Minister of Law and Human Rights of the Republic of Indonesia
No. AHU-AH.01.03-0159493 dated March 12, 2021 which last amended in Notarial Deed No. 4 dated
October 06, 2021 of Notary Fathiah Helmi, S.H. in Jakarta regarding Amendment to the Articles of
Association from the Minister of Human Rights Law of the Republic of Indonesia
No. AHU-AH.01.03-0457763 dated October 7, 2021. The changes were made in the context of
compliance to the OJK Regulation ("POJK") No. 15/POJK.04/2020 regarding the Plan and Organizing
of Public Companies' General Meeting of Shareholders ("GMS") and POJK
No. 16/POJK.04/2020 regarding the Electronic Holding of Public Company GMS, as well as paid-in
capital.
According to Article 3 of the BRI’s Articles of Association, BRI's scope of business is to conduct
business in the banking sector and optimize the utilization of BRI’s resources to produce high quality
and highly competitive services to gain benefits in order to increase company value by implementing
the principles of limited liability company.
BRI is owned by the Government of the Republic of Indonesia as the majority shareholder.
12
Page 16
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. Recapitalization Program
As a realization of the Recapitalization Program for Commercial Banks, set forth in Government
Regulation No. 52 Year 1999, regarding the Addition of Capital Investment by the Republic of
Indonesia in State-Owned Banks, BRI has received in full the recapitalization with a nominal amount
of Rp29,149,000 in the form of Government Recapitalization Bonds issued in 2 (two) phases, that is
at the nominal amounts of Rp20,404,300 on July 25, 2000 and Rp8,744,700 on October 31, 2000.
Furthermore, as stated in the Management Contract dated February 28, 2001 between the Republic
of Indonesia represented by the Government through the Minister of Finance and BRI, the
Government determined that in order to achieve a Minimum Capital Adequacy Liability of 4%, BRI’s
recapitalization requirement is Rp29,063,531. Therefore, BRI has returned the excess recapitalization
of Rp85,469 in the form of Government Recapitalization Bonds to the Republic of Indonesia on
November 5, 2001.
On September 30, 2003, the Minister of Finance issued Decision Letter No. 427/KMK.02/2003 dated
September 30, 2003 regarding the final amount and implementation of Government’s rights, which
arose as a result of the addition in capital investment by Republic of Indonesia during the
Recapitalization Program for Commercial Banks. Based on the Decision Letter, the Minister of
Finance determined that the final amount of BRI’s recapitalization requirement is Rp29,063,531.
c. Initial Public Offering of Shares, Stock Split and Limited Public Offering
In relation to BRI’s Initial Public Offering (IPO), based on the registration statement dated
October 31, 2003, the Government, through the Minister of State-Owned Enterprises agreed to
conduct an IPO of 3,811,765,000 Series B common shares of BRI, consisting of 2,047,060,000 Series
B common shares owned by the Republic of Indonesia (divestment) and 1,764,705,000 new Series
B common shares, alongside over-subscription option and over-allotment option.
The IPO consists of the international public offering (under Rule 144A of the Securities Act and “S”
Regulation) and the Indonesian public offering. BRI submitted its registration to Bapepam-LK and the
registration statement became effective based on the Chairman of Bapepam-LK Letter
No. S-2646/PM/2003 dated October 31, 2003.
BRI’s IPO consists of 3,811,765,000 shares with a nominal value of Rp500 (full amount) per share
and a sale price of Rp875 (full amount) per share. Subsequently, over-subscription option of
381,176,000 shares and over-allotment option of 571,764,000 shares were exercised at Rp875 (full
amount) per share on November 10, 2003 and December 3, 2003, respectively. After BRI’s IPO and
the underwriters’ exercise of the over-subscription option and the over-allotment option, the Republic
of Indonesia owns 59.50% of BRI shares. On November 10, 2003, the offered shares started to be
traded on Jakarta and Surabaya Stock Exchanges (currently the Indonesia Stock Exchange). At the
same time, all BRI shares were also listed (Note 31b).
13
Page 17
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Initial Public Offering of Shares, Stock Split and Limited Public Offering (continued)
Based on Notarial Deed No. 38 dated November 24, 2010 of Notary Fathiah Helmi, S.H., stock split
was performed from a nominal value of Rp500 (full amount) per share to Rp250 (full amount) per
share. The deed had been received and recorded in the Legal Entity Administration System database
in accordance with the Ministry of Law and Human Rights of the Republic of Indonesia Letter No.
AHU.AH.01.10-33481 dated December 29, 2010. The stock split was performed in 2011 and BRI
scheduled the last day on which shares with a nominal value of Rp500 (full amount) would be traded
in Regular Market and Negotiated Market was January 10, 2011 and the date of commencement of
legitimate trade for shares with new nominal value of Rp250 (full amount) was January 11, 2011.
Based on Notarial Deed No. 54 dated October 27, 2017 of Notary Fathiah Helmi, S.H., stock split was
performed from a nominal value of Rp250 (full amount) per share to Rp50 (full amount) per share.
The deed had been received and recorded in the Legal Entity Administration System database in
accordance with the Ministry of Law and Human Rights of the Republic of Indonesia Letter No.
AHU.AH.01.03-0187521 dated November 3, 2017. The stock split was performed in 2017 and BRI
scheduled the last day on which shares with a nominal value of Rp250 (full amount) would be traded
in Regular Market and Negotiated Market was November 9, 2017 and the date of commencement of
legitimate trade for shares with new nominal value of Rp50 (full amount) was November 10, 2017.
Due to the establishment of Ultra Micro Holding, BRI increased additional paid-in capital through Right
Issue with Pre-Emptive Rights (”PMHMETD”) I. Related to PMHMETD I, BRI had obtained
shareholder approval in accordance with the results of the Extraordinary General Meeting of
Shareholder dated July 22, 2021 was documented in Notarial Deed No. 61 dated July 22, 2021
of Notary Fathiah Helmi, S.H. in Jakarta and had received an effective statement from the
Financial Services Authority (OJK) on August 30, 2021 through its letter No. S-152/D.04/2021 dated
August 30, 2021.
In PMHMETD I, BRI offered for as many as 28,213,191,604 new Series B shares with a nominal
value of Rp50 (full amount) per share in the form of Pre-Emptive Rights (”HMETD”) with exercised
price of Rp3,400 (full amount). HMETD would be traded and exercised was from September 13 to
September 22, 2021.
From this limited public offering, BRI has increased its share capital by 28,213,191,604 shares,
resulting the composition of BRI's share ownership become 56.82% owned by the Government of the
Republic of Indonesia and 43.18% owned by the public.
d. Treasury Stock
On February 5, 2021, there was the implementation of a bonus share program for BRI employees
sourced from treasury stock. This resulted to a reduction in treasury stocks of 84,600 shares with an
acquisition price per share of Rp2,182 (full amount) or equivalent to a total of Rp184,597,481 (full
amount), bonus share discretion program fair price of Rp3,240 (full amount) or equivalent to
Rp274,104,000 (full amount), the difference between the value of treasury stocks and the total of
implementation cost based on the fair price is recorded in additional paid-in capital amounting to
Rp89,506,518 (full amount).
14
Page 18
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Treasury Stock (continued)
On March 31, 2021, there was the implementation of a bonus share program for BRI employees (Note
31f) sourced from treasury stock. This resulted to a reduction in treasury stock of 2,096,400 shares
at an acquisition price of Rp2,182 (full amount) per share or equivalent to a total of Rp4,574,351,773
(full amount), where this implementation consisted of ESA 1 of 831,000 shares with fair price of
Rp3,630 (full amount) per share or equivalent to Rp3,016,530,000 (full amount) and ESA 2 of
1,265,400 shares with a fair price of Rp4,410 (full amount) per share or equivalent to
Rp5,580,414,000 (full amount). The difference between the value of the treasury stock and the total
of implementation costs based on the fair price is recorded in additional paid-in capital amounting to
Rp4,022,592,226 (full amount).
On October 7, 2021 up to December 17, 2021, there was the implementation of the stock option
program for BRI employees (Note 30) sourced from treasury stock. This has resulted in a reduction
in treasury stock of 11,613,900 shares with an acquisition price of Rp2,182 (full amount) per share or
equivalent to Rp25,341,568,431 (full amount), the ESOP 1 and 2 programs grant price of Rp2,240
(full amount) or equivalent to Rp26,015,136,000 (full amount). The difference between the value of
treasury stock and the total implementation costs based on the fair price was recorded in additional
paid-in capital amounted to Rp4,680,363,069 (full amount).
On October 25, 2021, there was the implementation of a bonus share program for BRI employees
(Note 31f) sourced from treasury stock. This has resulted in a reduction in treasury stock of 590,000
shares at an acquisition price of Rp2,182 (full amount) per share or equivalent to Rp1,287,381,963
(full amount), the fair price of the Discretionary Pool of Rp3,750 (full amount) per share or equivalent
to Rp2,212,500,000 (full amount). The difference between the value of treasury stock and the total of
implementation cost based on the fair price was recorded in additional paid-in capital amounted to
Rp925,118,037 (full amount).
On October 27, 2021, there was the implementation of a bonus share program for BRI employees
(Note 30) sourced from treasury stock. This has resulted in a reduction in treasury stock of
263,904,800 shares at an acquisition price of Rp2,182 (full amount) per share or equivalent to
Rp575,841,151,426 (full amount), the grant price of ESA 3 of Rp4,020 (full amount) or equivalent to
Rp1,060,897,296,000 (full amount), the difference between the value of treasury stock and the total
of implementation cost based on the fair price was recorded in additional paid-in capital amounted to
Rp485,056,144,574 (full amount).
On November 5, 2021 up to December 6, 2021, the stock option program was implemented on BRI
employees (Note 30) sourced from treasury stock. This resulted in a reduction in treasury stock of
124,565,200 shares at an acquisition price of Rp2,182 (full amount) per share or equivalent to
Rp271,801,680,741 (full amount), the ESOP 1 and 2 programs grant price of Rp2,240 (full amount)
or equivalent to Rp279,026,048,000 (full amount). The difference between the value of treasury stock
and the total of implementation cost based on the fair price was recorded in additional paid-in capital
amounted to Rp7,224,367,259 (full amount).
On December 17, 2021, there was the implementation of a bonus share program for BRI employees
(Note 31f) sourced from treasury stock. This has resulted in a reduction in treasury stock of
282,159,300 shares at an acquisition price of Rp2,182 (full amount) per share or equivalent to
Rp615,672,531,146 (full amount), the fair price of ESA 4 of Rp3,926 (full amount) or equivalent to
Rp1,107,757,411,800 (full amount), the difference between the value of treasury stock and the total
of implementation cost based on the fair price was recorded in additional paid-in capital amounted to
Rp492,084,880,654 (full amount).
15
Page 19
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Treasury Stock (continued)
On December 17, 2021, there was the implementation of the stock option program for BRI employees
(Note 30) sourced from treasury stock. This has resulted in a reduction in treasury stock of 11,004,400
shares at an acquisition price of of Rp2,182 (full amount) at an acquisition price of or equivalent to
Rp24,011,637,404 (full amount), ESOP 1 and 2 fair price of Rp2,240 (full amount) or the equivalent
of Rp24,649,856,000 (full amount). The difference between the value of treasury stock and the total
of implementation cost based on the fair price was recorded in additional paid-in capital amounted to
Rp4,660,603,096 (full amount).
On December 27, 2021, there was the implementation of a bonus share program for BRI employees
(Note 31f) sourced from treasury stock. This has resulted in a reduction in treasury stock of 6,049,800
shares consisting of 16,000 ESA 1 shares fair price of Rp3,630 (full amount) per share or equivalent
to Rp58,080,000 (full amount), ESA 2 of 266,400 shares fair price of Rp4,410 (full amount) per share
or equivalent to Rp1,174,824,000 (full amount), ESA 3 of 4,813,700 shares at fair price of Rp4,020
(full amount) per share or equivalent to Rp19,351,074,000 (full amount), and ESA 4 of 953,700 shares
at fair price of Rp3,926 (full amount) per share or equivalent to Rp3,744,226,200 (full amount). The
difference between the value of treasury stock and the total of implementation cost based on the fair
price was recorded in additional paid-in capital amounted to Rp11,127,520,477 (full amount).
On December 28, 2021, the stock option program was implemented for BRI employees (Note 30)
sourced from treasury stock. This has resulted in a reduction in treasury stock of 1,742,600 shares
with an acquisition price of Rp2,182 (full amount) per share or equivalent to Rp3,802,358,996 (full
amount), the implementation price of the ESOP 1 and 2 programs of Rp2,240 (full amount) or
equivalent to Rp3,903,424,000 (full amount). The difference between the value of treasury stock and
the total of implementation cost based on the fair price was recorded in additional paid-in capital
amounted to Rp732,402,204 (full amount).
As of December 30, 2021, there was the implementation of a bonus share program for BRI employees
(Note 31f) sourced from treasury stock. This has resulted in a reduction in treasury stock of
30,720,900 shares with details of 30,252,500 shares with an acquisition price per share of Rp2,182
(full amount) per share or equivalent to Rp66,011,055,629 (full amount) and 468,400 shares with an
acquisition price per share of Rp2,881 (full amount) per share or equivalent to Rp1,349,460,400 (full
amount), the fair price of Special ESA is Rp4,080 (full amount) or equivalent to Rp125,341,272,000
(full amount). The difference between the value of treasury stock and the total of implementation cost
based on the fair price was recorded in additional paid-in capital amounted to Rp57,980,755,971 (full
amount). For transactions that occurred in 2021, the total treasury stock owned by BRI were
15,931,900 shares.
BRI, through its letter No. R. 0034-DIR/ALM/01/2022 dated January 24, 2022, submitted a request
for OJK’s approval on BRI’s shares buyback for at most Rp3,000,000, and it was approved by OJK
through its letter No. S-29/PB.31/2022 dated February 21, 2022 and approved by Annual General
Meeting of Shareholders held on March 1, 2022. BRI conveyed its information disclosure to the
Financial Services Authority (OJK) in regards to the buyback plan for shares previously issued and
listed on the Stock Exchange for as many as Rp3,000,000 through its letter
No. B. 7-CSC/CSM/CGC/01/2022 dated January 21, 2022. The buyback is carried out within a period
between March 1, 2022 until August 31, 2023.
On April to July 2022, BRI has repurchased 184,245,400 shares (par value of Rp50 (full amount) per
share) at an acquisition price of Rp818,380 with an average purchase price of Rp4,442 (full amount)
per share.
16
Page 20
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Treasury Stock (continued)
On August 12, 2022, there was the implementation of BRI's bonus share program originating from
the treasury stocks repurchased in 2022. This has resulted in a reduction of treasury stock by
7,064,100 shares with an acquisition price per share of Rp4,440 (full amount), or equivalent to
Rp31,363. The program implementation price is Rp4,250 (full amount) per share, or the equivalent of
Rp30,022. The difference between the acquisition value of treasury stock and the program costs
based on fair prices recorded in additional paid-in capital amounted to Rp1,341 (Notes 31b).
On August to December 2022, BRI has repurchased 295,208,700 shares (par value of Rp50 (full
amount) per share) at an acquisition price of Rp1,365,888 with an average purchase price of Rp4,627
(full amount) per share.
On January 2023, BRI continued to repurchase 167,931,800 shares (par value Rp50 (full amount)
per share) at an acquisition price of Rp815,732 with an average purchase price of Rp4,858 (full
amount) per share.
On July 14, 2023, there was the implementation of a bonus share program for BRI employees sourced
from treasury stock repurchased in 2020. This has resulted in a reduction in treasury stock of 501,600
shares with an acquisition price per share of Rp2,881 (full amount) per share or equivalent to Rp1,445.
The implementation of this program consists of ESA 1 of 21,100 shares with fair price of Rp3,630 (full
amount), ESA 2 of 32,300 shares with a grant price of Rp4,410 (full amount), ESA 3 of 33,900 shares
with a grant price of Rp4,020 (full amount), and ESA 4 of 414,300 shares with fair price of Rp3,926
(full amount), where the total program implementation price is equivalent to Rp1,982. The difference
between the acquisition value of treasury stock and the program costs based on fair prices recorded
in additional paid-in capital amounted to Rp537 (Notes 31b).
On August 18, 2023, there was the implementation of a bonus share program for BRI employees
sourced from treasury stock repurchased in 2022. This has resulted in a reduction in treasury stock
of 6,440,500 shares at an acquisition price of of Rp4,636 (full amount) at an acquisition price of or
equivalent to Rp29,860. The implementation programs of Rp5,450 (full amount) or equivalent to
Rp35,101. The difference between the value of treasury stock and the total of implementation cost
based on the fair price was recorded in additional paid-in capital amounted to Rp5,241
(Notes 31b).
On September to December 2023, BRI has repurchased 118,833,600 shares (par value of Rp50 (full
amount) per share) at an acquisition price of Rp625,555 with an average purchase price of Rp5,264
(full amount) per share.
On April 3, 2024, there was the implementation of a bonus share program for BRI employees sourced
from treasury stock repurchased in 2020. This has resulted in a reduction in treasury stock of
7,346,500 shares at an acquisition price of of Rp2,881 (full amount) at an acquisition price of or
equivalent to Rp21,168. The implementation programs of Rp6,375 (full amount) or equivalent to
Rp46,833. The difference between the value of treasury stock and the total of implementation cost
based on the fair price was recorded in additional paid-in capital amounted to Rp25,666
(Notes 31b).
On April 2024, BRI has repurchased 28,900,000 shares (par value of Rp50 (full amount) per share)
at an acquisition price of Rp154,514 with an average purchase price of Rp5,346 (full amount) per
share.
On May 28, 2024, there was the implementation of a bonus share program for BRI employees
sourced from treasury stock repurchased in 2022. This has resulted in a reduction in treasury stock
of 25,606,600 shares at an acquisition price of of Rp4,636 (full amount) at an acquisition price of or
equivalent to Rp118,716.
17
Page 21
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Treasury Stock (continued)
On May 2024, BRI has repurchased 20,900,000 shares (par value of Rp50 (full amount) per share)
at an acquisition price of Rp98,133 with an average purchase price of Rp4,695 (full amount) per
share.
The acquisition price above is the acquisition price and does not include costs that can be directly
attributed to the purchase of treasury stock.
As of June 30, 2024, the total treasury stocks owned by BRI were 784,991,800 shares.
e. Structure and Management
As of June 30, 2024 and December 31, 2023, BRI has the following networks of work unit:
June 30, 2024 December 31, 2023
Regional Offices 18 18
Head Internal Audit Office 1 1
Regional Internal Audit Offices 18 18
Domestic Branch Offices 453 453
Overseas Branch/Representative Offices 6 6
Domestic Sub-branch Offices*) 7,147 7,155
Overseas Sub-branch Offices 3 3
Mobile Teras 74 115
Floating Teras 4 4
*) According to POJK No.12/POJK.03/2021 dated July 30, 2021 regarding Commercial Banks, Presentation of Cash Office,
BRI Units and Teras Offices are listed as Domestic Sub-Branch Offices (KCP)
As of June 30, 2024 and December 31, 2023 BRI has 5 (five) overseas branch offices located in New
York, Cayman Islands, Singapore, Timor-Leste, Taipei and 1 (one) overseas representative office
located in Hong Kong.
As of June 30, 2024 and December 31, 2023 BRI has 10 (ten) subsidiaries, which are
PT Bank Raya Indonesia Tbk, BRI Global Financial Services Co. Ltd (formerly BRI Remittance Co.
Ltd.) Hong Kong, PT Asuransi BRI Life, PT BRI Multifinance Indonesia, PT BRI Danareksa Sekuritas,
PT BRI Ventura Investama, PT BRI Asuransi Indonesia, PT Pegadaian, PT Permodalan Nasional
Madani and PT BRI Manajemen Investasi (formerly PT Danareksa Investment Management).
Based on the accounting policies of BRI, the coverage of BRI’s key management are members of
boards of commissioners, directors, senior executive vice president, audit committee, remuneration
committee, head of divisions, head of internal audit work unit and head of regional internal audits,
head of regional officer, head of special branch and head of branches.
The number of BRI and subsidiaries’s employees as of June 30, 2024 and December 31, 2023 are:
June 30, 2024 December 31, 2023
PT Bank Rakyat Indonesia (Persero) Tbk 59,908 60,084
Subsidiaries 20,349 20,081
80,257 80,165
18
Page 22
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Structure and Management (continued)
The composition of BRI's Board of Commissioners as of June 30, 2024 was appointed based on
Annual General Meeting of Shareholders (AGMS) of BRI, each of which was stated in the Notarial
Deed of Fathiah Helmi, S.H., No. 31 dated April 22, 2024. The composition of the Board of
Commissioners of BRI as of December 31, 2023 was appointed based on the Extraordinary and
Annual GMS of BRI stated in the Notarial Deed of Fathiah Helmi, S.H., No. 1 dated May 2, 2023:
June 30, 2024 December 31, 2023
President Commissioner/Commissioner : Kartika Wirjoatmodjo Kartika Wirjoatmodjo
Vice President/Independent Commisioner : Rofikoh Rokhim Rofikoh Rokhim
Independent Commisioner : Haryo Baskoro Hendrikus Ivo
Wicaksono*
Independent Commisioner : Agus Riswanto Agus Riswanto
Independent Commisioner : Dwi Ria Latifa Dwi Ria Latifa
Independent Commisioner : Nurmaria Sarosa Nurmaria Sarosa
Independent Commisioner : Heri Sunaryadi Heri Sunaryadi
Independent Commisioner : Paripurna Poerwoko Paripurna Poerwoko
Sugarda Sugarda
Commisioner : Rabin Indrajad Rabin Indrajad
Hattari Hattari
Commisioner : Awan Nurmawan Nuh Hadiyanto
*)
The duties and functions can be carried out officially if the approval from the Financial Services Authority (OJK) in regards to
Fit & Proper Test has been received and provisions of the applicable laws and regulations has been fulfilled.
The composition of BRI's Directors as of June 30, 2024 was appointed based on Annual General
Meeting of Shareholders (AGMS) of BRI, each of which was stated in the Notarial Deed of Fathiah
Helmi, S.H., No. 31 dated April 22, 2024. The composition of BRI's Directors as of December 31,
2023 was appointed based on the Extraordinary and Annual GMS of BRI stated in the Notarial Deed
of Fathiah Helmi, S.H., No. 1 dated May 2, 2023:
June 30, 2024 December 31, 2023
President Director : Sunarso Sunarso
Vice President Director : Catur Budi Harto Catur Budi Harto
Director : Viviana Dyah Ayu R.K Viviana Dyah Ayu R.K
Director : Amam Sukriyanto Amam Sukriyanto
Director : Andrijanto Andrijanto
Director : Handayani Handayani
Director : Supari Supari
Director : Arga Mahanana Arga Mahanana
Nugraha Nugraha
Director : Agus Sudiarto Agus Sudiarto
Director : Agus Noorsanto Agus Noorsanto
Director : Agus Winardono Agus Winardono
Director : Ahmad Solichin Ahmad Solichin
Lutfiyanto Lutfiyanto
19
Page 23
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Structure and Management (continued)
The composition of BRI’s Audit Committee as of June 30, 2024 determined based on Directors’
Decision Letter No. Kep 437-DIR/HCB/03/2024 dated March 19, 2024 and
December 31, 2023 was appointed based on Directors’ Decision Letter No. Kep. 2351-
DIR/HCB/10/2023 dated October 3, 2023:
June 30, 2024 December 31, 2023
Chairman : Rofikoh Rokhim Hendrikus Ivo
Member : Heri Sunaryadi Rofikoh Rokhim
Member : Agus Riswanto Heri Sunaryadi
Member : Paripurna P Sugarda Agus Riswanto
Member : Bintoro Nurcahyo Sahat Pardede
Member : Irwanto Irwanto
Member : Duma Riana Hutapea Bardiyono Wiyatmojo
As of June 30, 2024 and December 31, 2023, the position of BRI Corporate Secretary was Agustya
Hendy Bernadi based on Directors’ Decision Letter No. Kep 1616 DIR/HCB/08/2023 dated August 1,
2023.
As of June 30, 2024, the Acting Head of the BRI Internal Audit Unit was Donny Permana in
accordance with the Decree of the Directors of BRI No. Kep 1877-DIR/HCB/06/2024 dated
June 3, 2024 and December 31, 2023, the Head of the BRI Internal Audit Unit was Triswahju Herlina
in accordance with the Decree of the Directors of BRI No. Kep 339-DIR/HCB/03/2022 dated
March 7, 2022.
f. Subsidiaries
PT Bank Raya Indonesia Tbk (Bank Raya)
On August 19, 2010, BRI entered into a Conditional Sale and Purchase of Shares Agreement (PPJB)
with Dana Pensiun Perkebunan (Dapenbun), which holds 95.96% of PT Bank Agroniaga Tbk (“Bank
Agro”) shares, to acquire Bank Agro’s shares at a total nominal value of Rp330,296 for 3,030,239,023
shares, with a price of Rp109 (full amount) per share.
According to BRI’s Extraordinary General Meeting of Shareholders, in accordance with the Notarial
Deed No. 37 dated November 24, 2010 of Notary Fathiah Helmi, S.H., the shareholders have
approved the acquisition of Bank Agro. Furthermore, Bank Indonesia, in its Letter
No. 13/19/GBI/DPIP/Rahasia dated February 16, 2011, also granted its approval for the acquisition
of Bank Agro. The acquisition was completed on March 3, 2011 based on the Notarial Deed No. 14
of Notary Fathiah Helmi, S.H., where BRI owned 88.65% of Bank Agro’s total issued and fully paid
shares, as stated in the Notarial Deed No. 68 dated December 29, 2009, of Notary Rusnaldy, S.H.
The above mentioned matter has also considered the effects of Warrants Series I which are
exercisable up to May 25, 2011.
20
Page 24
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Bank Raya Indonesia Tbk (Bank Raya) (continued)
In compliance with Bapepam-LK’s Regulation No. IX.H.1, Appendix to the Decision Letter of Chairman
of Bapepam-LK No. Kep-259/BL/2008 dated June 30, 2008 regarding the “Takeover of Public
Company”, BRI, as the new controlling shareholder of Bank Agro, obliged to execute Tender Offer on
the remaining Bank Agro’s shares which are owned by the public. The Tender Offer statement has
become effective on May 4, 2011 based on the Chairman of Bapepam-LK’s Letter No. S-
4985/BL/2011 and was announced on May 5, 2011, in two daily newspapers, Bisnis Indonesia and
Investor Daily. The Tender Offer period commenced on May 5, 2011 and concluded on May 24, 2011.
At the end of the Tender Offer period, BRI purchased 113,326,500 shares (3.15% of the total shares
of Bank Agro). The tender offer price is Rp182 (full amount) per share.
On July 1, 2011, Dapenbun exercised its option to buy 256,375,502 shares at a price of Rp109 (full
amount) per share. Based on Bapepam-LK’s Regulation No. IX.H.1, the payback period of Tender
Offer is within 2 (two) years. However, specifically for Bank Agro, BRI had the obligation
to meet minimum public shareholding of 10% at no later than May 24, 2013. This is to comply
with the Letter from the Indonesia Stock Exchange No. S-06472/BEI.PPJ/09-2011 dated
September 23, 2011. As of December 31, 2011, 500,000 of Bank Agro shares have been successfully
sold back to the public resulting in BRI’s ownership of 79.78% and Dapenbun’s of 14%. While there
was no sale of shares during the year 2012 and 2013, 130,000 shares were sold in 2014. Thus, as of
December 31, 2014, BRI was unable to meet the requirement of Indonesia Stock Exchange stated
on its letter No. S-06472/BEI.PPJ/09-2011 dated September 23, 2011, to have a minimum public
shareholding of 10% by May 24, 2013 due to the inactivity of Bank Agro’s share price in the capital
market.
Based on the Notarial Deed of Meeting Decision Statement No. 30 dated May 16, 2012 of Notary
Rusnaldy, S.H., the name PT Bank Agroniaga Tbk was changed into PT Bank Rakyat Indonesia
Agroniaga Tbk ("BRI Agro"). This change has been approved by Bank Indonesia in its Governor's
Decision Letter No. 14/72/KEP.GBI/2012 dated October 10, 2012.
On May 10, 2013, BRI Agro submitted Registration Statement of Limited Public Offering IV
(“PUT IV”) to the Board of Commissioners of OJK in connection with the issuance of Preemptive
Rights of 3,846,035,599 Common Shares with nominal value of Rp100 (full amount) per share. On
June 26, 2013, the Board of Commissioners of OJK through its letter No. S-186/D.04/2013, approved
the Registration Statement of Limited Public Offering IV, thus increasing the number of its issued
capital stock by 3,832,685,599 shares.
As a result of PUT IV, BRI Agro’s Articles of Association was amended as stated in Deed of Meeting
Decision Statement No. 107 dated July 30, 2013, of Notary M. Nova Faisal, S.H., M.Kn., regarding
the increase in issued and fully paid capital, increasing BRI’s ownership to 80.43%, Dapenbun’s to
14.02% and public’s to 5.55%. This amendment was approved by the Minister of Law and Human
Rights of the Republic of Indonesia in its Decision Letter No. AHU-0074249.AH.01.09 Year 2013
dated August 1, 2013.
21
Page 25
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Bank Raya Indonesia Tbk (Bank Raya) (continued)
On May 11, 2015, BRI Agro submitted Registration Statement of Limited Public Offering V (“PUT V”)
to the Board of Commissioners of OJK in connection with the issuance of Preemptive Rights of
5,588,085,883 Common Shares with nominal value of Rp100 (full amount) per share. On June 17,
2015, the Board of Commissioners of OJK through its letter No. S-259/D.04/2015 notified BRI Agro
that its Registration Statement of Limited Public Offering V has become effective, thus increasing the
number of its issued capital stock by 4,028,934,521 shares.
As a result of PUT V, BRI Agro’s Articles of Association was amended as stated in Notarial Deed of
Decision Meeting Statement and Amendment of Articles of Association No. 68 dated July 14, 2015 of
Notary M. Nova Faisal, S.H., M.Kn., regarding the increase in issued and fully paid capital, increasing
BRI’s ownership in BRI Agro to 87.23%, Dapenbun’s to 9.10% and public’s to 3.67%. This amendment
was accepted and recorded in the Legal Entity Administration System by the Minister of Law and
Human Rights of the Republic of Indonesia in its Acceptance Letter of
PT Bank Rakyat Indonesia Agroniaga Tbk Articles of Association Amendment Notice
No. AHU-AH.01.03-0951264 dated July 14, 2015.
On October 17, 2016, BRI Agro submitted Registration Statement of Limited Public Offering VI (“PUT
VI”) to the Board of Commissioners of OJK in connection with the issuance of Additional Capital with
Preemptive Rights of 3,845,996,122 Common Shares at most with nominal value of Rp100 (full
amount) per share and the issuance of Warrants Series II of 616,908,103. On November 25, 2016,
the Board of Commissioners of OJK through its letter No. S-695/D.04/2016 notified BRI Agro that its
Registration Statement of Limited Public Offering VI has become effective, thus increasing the number
of its issued capital stock by 3,845,996,122 shares. The period to convert Warrants Series II into BRI
Agro shares at Rp130 (full amount) per share is from June 9, 2017 until June 11, 2018.
As a result of PUT VI, BRI Agro’s Articles of Association was amended as stated in Notarial Deed of
Decision Meeting Statement No. 58 dated December 27, 2016, of Notary M. Nova Faisal, S.H., M.Kn.,
regarding the increase in issued and fully paid capital, resulting in BRI’s ownership di BRI Agro to be
at 87.23%, Dapenbun’s to be at 7.08% and public’s to be at 5.69%. This amendment was accepted
and recorded in the Legal Entity Administration System by the Minister of Law and Human Rights of
the Republic of Indonesia in its Acceptance Letter of PT Bank Rakyat Indonesia Agroniaga Tbk
Articles of Association Amendment Notice No. AHU-AH.01.03-0112637 dated December 27, 2016.
Up to June 11, 2018 (the ending period of warrants conversion), total warrants converted into shares
are 612,937,654 shares, thereby increasing BRI Agro’s capital stock by Rp61,294.
On May 2, 2017, BRI Agro submitted Registration Statement of Limited Public Offering VII
(“PUT VII”) to the Board of Commissioners of OJK in connection with the issuance of Additional
Capital with Preemptive Rights of 2,515,555,707 common shares at most with nominal value of
Rp100 (full amount) per share. On June 12, 2017, the Board of Commissioners of OJK through its
letter No. S-293/D.04/2017 notified BRI Agro that its Registration Statement of Limited Public Offering
VII has become effective, thus increasing the number of its issued capital stock by 2,515,555,707
shares.
22
Page 26
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Bank Raya Indonesia Tbk (Bank Raya) (continued)
As a result of PUT VII, BRI Agro’s Articles of Association was amended as stated in Notarial Deed of
Decision Meeting Statement No. 19 dated July 21, 2017, of Notary M. Nova Faisal, S.H., M.Kn.,
regarding the increase in issued and fully paid capital, therefore the ownership of BRI in BRI Agro to
be at 87.16%, Dapenbun’s to be at 6.44% and the public’s to be at 6.39%. This amendment was
accepted and recorded in the Legal Entity Administration System by the Minister of Law and Human
Rights of the Republic of Indonesia in its Acceptance Letter of PT Bank Rakyat Indonesia Agroniaga
Tbk Articles of Association Amendment Notice No. AHU-AH.01.03-0154825 dated July 21, 2017.
In the Deed of the Extraordinary GMS of PT Bank Rakyat Indonesia Agroniaga Tbk No. 51 dated
June 26, 2018 has given approval for Additional Capital without Preemptive Rights (PMTHMETD) as
regulated in POJK NO. 38/POJK.04/2014 dated December 29, 2014 in the context of the
Management and Employee Stock Options Plan (MESOP) Program, a maximum of 350,000,000
shares with a nominal value of Rp100 (full amount) per share thereby increasing the number of its
issued capital stock by 249,376,451 shares.
On July 16, 2018, BRI Agro submitted Registration Statement of Limited Public Offering VIII
(“PUT VIII”) to the Board of Commissioners of OJK in connection with the issuance of Additional
Capital with Preemptive Rights of 5,001,089,604 common shares at most with nominal value of Rp100
(full amount) per share. On August 30, 2018, the Board of Commissioners of OJK through its letter
No. S-113/D.04/2018 notified BRI Agro that its Registration Statement of Limited Public Offering VIII
has become effective, thus increasing the number of its issued capital stock by 2,889,085,049 shares.
As a result of PUT VIII, BRI Agro’s Articles of Association was amended as stated in Notarial Deed of
Decision Meeting Statement No. 1 dated October 2, 2018, of Notary M. Nova Faisal, S.H., M.Kn.,
regarding the increase in issued and fully paid capital, Therefore the ownership of BRI in BRI Agro to
be at 87.10%, Dapenbun to be at 5.00% and the public to be at 7.90%. This amendment was accepted
and recorded in the Legal Entity Administration System by the Minister of Law and Human Rights of
the Republic of Indonesia in its Acceptance Letter of PT Bank Rakyat Indonesia Agroniaga Tbk
Articles of Association Amendment Notice No. AHU-AH.01.03-0249178 dated October 4, 2018.
As a result of MESOP 2021 that started since 30 trading days from August 1 to September 14, 2021,
Articles of Association of BRI Agro was amended as stated in Notarial Deed No. 26 dated September
27, 2021 of Notary M. Nova Faisal S.H., M.Kn., regarding the increase in issued and fully paid capital,
therefore the ownership of BRI in BRI Agro to be at 85.70% and the public’s to 14.30%. This
amendment was accepted and recorded in the Legal Entity Administration System by the Minister of
Law and Human Rights of the Republic of Indonesia in its Acceptance Letter of PT Bank Rakyat
Indonesia Agroniaga Tbk Articles of Association Amendment Notice No. AHU-AH.01.03-0453530
dated September 27, 2021.
Based on the Deed of Meeting Decision Statement No. 24 dated September 27, 2021, Notary
M. Nova Faisal S.H., M.Kn., the name was changed from PT Bank Rakyat Indonesia Agroniaga Tbk
to PT Bank Raya Indonesia Tbk (“Bank Raya”) which has obtained approval from the Minister of Law
and Human Rights People of the Republic of Indonesia in accordance with Letter
No. AHU0052731.AH.01.02 Year 2021, dated September 27, 2021 and has received approval from
the Financial Services Authority through Decree No. Kep-65/PB.1/2021 concerning Determination of
the Use of a Business License in the Name of PT Bank Rakyat Indonesia Agroniaga Tbk to become
a Business License in the Name of PT Bank Raya Indonesia Tbk on November 1, 2021. The capital
structure and composition of the Company's shareholders are issued based on Deed No. 22 dated
December 17, 2021.
23
Page 27
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Bank Raya Indonesia Tbk (Bank Raya) (continued)
In the Deed of the Extraordinary GMS of PT Bank Raya Indonesia Tbk No. 23 dated September 27,
2021 of Notary M. Nova Faisal, S.H., M.Kn., has given approval for the issuance of new shares
through Additional Capital with Preemptive Rights ("PMHMETD") to shareholders which will be
carried out through mechanism of Limited Public Offering IX (“PUT IX”).
On September 30, 2021 through letter Number B.562/DIR.01/SKP/09/2021, Bank Raya submitted
Registration Statement for a Limited Public Offering in connection with the PMHMETD IX to the Board
of Commissioners of OJK with of 2,150,000,000 common shares at most with nominal value of Rp100
(full amount) per share. On November 18, 2021, the Board of Commissioners of OJK through its letter
No.S-207/D.04/2021 notified that its Registration Statement of Limited Public Offering has become
effective, thus increasing the number of its issued capital stock 1,054,545,185 shares.
As a result of PMHMETD IX, Bank Raya's Articles of Association was amended as stated in Notarial
Deed of Decision Meeting Statement No. 22 dated December 17, 2021, of Notary M. Nova Faisal,
S.H., M.Kn., regarding the increase in issued and fully paid capital, therefore the ownership of BRI in
Bank Raya is 85.72% and the public is 14.28%. This amendment was accepted and recorded in the
Legal Entity Administration System by the Minister of Law and Human Rights of the Republic of
Indonesia in its Acceptance Letter of PT Bank Raya Indonesia Tbk Articles of Association Amendment
Notice No. AHU-AH.01.03-0487031 dated December 17, 2021.
Based on the Deed of Meeting Decision Statement No. 48 dated September 30, 2022, Notary
M. Nova Faisal S.H., M.Kn., changes were made to the Articles of Association of PT Bank Raya
Indonesia Tbk regarding changes to the address of Bank Raya's head office and changes to Article
3 of Bank Raya's Articles of Association to conform to the 2020 Indonesian Standard Industrial
Clasification (KLBI 2020) which has obtained approval from the Minister of Law and Human Rights of
the Republic of Indonesia in accordance with Letter No. AHU-0070827.AH.01.02 Year 2022,
September 30, 2022.
On October 5, 2022 through letter No. B.681/DIR.03/CSC/10/2022, Bank Raya submitted
Registration Statement for a Limited Public Offering in connection with the PMHMETD X to the Board
of Commissioners of OJK with of 2,320,000,000 common shares at most with nominal value of Rp100
(full amount) per share. On November 30, 2022, the Board of Commissioners of OJK through its letter
No. S-250/D.04/2022 notified that its Registration Statement of Limited Public Offering has become
effective, thus increasing the number of its issued capital stock 1,993,201,832 shares.
The results of PMHMETD X caused Bank Raya's Articles of Association was amended as stated in
Notarial Deed of Decision Meeting Statement No. 41 dated December 26, 2022, of Notary M. Nova
Faisal, S.H., M.Kn., regarding the increase in issued and fully paid capital in article 4 paragraph (2) of
Bank Raya's Articles of Association changed to 24,740,107,814 shares so that BRI's share ownership
in Bank Raya increased to 86.85% and the public's 13.15%.This amendment was accepted and
recorded in the Legal Entity Administration System by the Ministry of Law and Human Rights of the
Republic of Indonesia in its Acceptance Letter of PT Bank Raya Indonesia Tbk Articles of Association
Amendment Notice No. AHU-AH.01.03-0410365 dated December 26, 2022.
24
Page 28
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Bank Raya Indonesia Tbk (Bank Raya) (continued)
The latest amendment to Bank Raya's Articles of Association is based on the Deed of PT Bank Raya
Indonesia Tbk Meeting Decision Statement No. 14 dated May 23, 2023 has given approval for
PMTHMETD as regulated in POJK NO. 38/POJK.04/2014 dated December 29, 2014 in the framework
of the Management and Employee Stock Options Plan (MESOP) program, a maximum of
350,000,000 shares with a nominal value of Rp100 (full amount) per share. This change has been
received and recorded in the Legal Entity Administration System by the Ministry of Law and Human
Rights of the Republic of Indonesia in the Letter of Acceptance of Notice of Changes to the Articles
of Association of PT Bank Raya Indonesia Tbk No. AHU-AH.01.03-0066677 dated May 23, 2023. For
PMTHMETD for the MESOP program, the total issued and paid-up capital in article 4 paragraph (2)
of Bank Raya's Articles of Association changed to 24,740,494,294 shares so that BRI's share
ownership in Bank Raya is 86.85% and public's 13.15%.
Total assets of Bank Raya as of June 30, 2024 and December 31, 2023 amounted to Rp13,122,729
and Rp12,492,372 or 0.66% and 0.64% respectively, of the total consolidated assets. Total interest
income for the six-month period ended June 30, 2024 and 2023 amounted to Rp509,423 and
Rp446,276 or 0.47% and 0.49%, respectively, of the total consolidated interest, sharia, premium
income, and revenue from gold sold.
According to Article 3 of its Articles of Association, Bank Raya’s scope of business is to conduct
commercial banking activities. Bank Raya has obtained its license as a commercial bank based on
Bank Indonesia Letter No. 22/1037/UUps/Ps6D dated December 26, 1989, has obtained a business
license as a Commercial Bank.
Bank Raya's head office is located in BRILiaN Tower, Jl. Gatot Subroto No. 177A, Jakarta, and
the entity has 8 branch offices, 10 community branch, 8 sub-branch offices, and 2 cash offices.
BRI Global Financial Services Co. Ltd. Hong Kong (formerly BRI Remittance Co. Limited Hong
Kong (BRI Remittance))
On December 16, 2011, BRI signed the ‘Instrument of Transfer’ and the ‘Bought and Sold Notes’ to
acquire 100% or 1,600,000 of BRIngin Remittance Co. Ltd (BRC) Hong Kong’s shares at a purchase
price of HKD1,911,270 (full amount). This acquisition was legalized by the Hong Kong Inland
Revenue Department (IRD) with stamp duty dated December 28, 2011 and approved by Bank
Indonesia in its letter No. 13/32/DPB1/TPB1-3/Rahasia dated December 1, 2011.
According to the Annual General Meeting of BRIngin Remittance Company Limited dated
July 2, 2012, and the issuance of a Certificate of Change of Name No. 961091 dated
October 11, 2012 by the Registrar of Companies Hong Kong Special Administrative Region, the name
of BRIngin Remittance Company Limited was officially changed to BRI Remittance Company Limited
Hong Kong.
Based on the decision of the BRIngin Remittance Company Limited General Meeting of Shareholers
dated 14 November 2019, as well as the issuance of Certificate of Change of Name No. 961091
dated 31 October 2023 by the Registrar of Companies Hong Kong Special Administrative Region,
the name BRI Remittance Company Limited Hong Kong officially changed to BRI Global Financial
Services Company Limited Hong Kong (BRI Global Financial Services).
25
Page 29
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
BRI Global Financial Services Co. Ltd. Hong Kong (formerly BRI Remittance Co. Limited Hong
Kong (BRI Remittance)) (continued)
Total assets of BRI Global Financial Services as of June 30, 2024 and December 31, 2023 amounted
to Rp37,017 and Rp24,232 or 0.0019% and 0.0012% respectively, of the total consolidated asset
In accordance with the official business license from the Hong Kong Regulator as a Money Service
Operator (MSO) and Money Lender Business, BRI Global Financial Services scope of business is to
conduct remittance services, money exchange, and financing for Indonesian migrant workers and
other operational services related to BRI’s accounts owned by BRI customers domiciled in Hong Kong
in accordance with stipulations permitted by Hong Kong authorities.
BRI Global Financial Services’s Local Management Office (LMO) / head office is located in RM1202,
12/F, Park Avenue Tower, No. 5 Moreton Terrace, Causeway Bay, Hong Kong, and the entity has 4
(four) branch offices which are spread across the region of Causeway Bay, Mongkok, Yuen Long and
Tsuen Wan.
PT Asuransi BRI Life (BRI Life)
On October 6, 2015, BRI signed a Sale and Purchase of Shares Agreement with the shareholders of
PT Asuransi Jiwa Bringin Jiwa Sejahtera ("BRI Life") to acquire 91.001% shares of BRI Life at
a purchase price of Rp1,626,643. Based on BRI’s Extraordinary General Meeting of Shareholders in
accordance with Deed No. 14 dated December 14, 2015 of Notary Fathiah Helmi, S.H., the
shareholders have approved the acquisition of BRI Life and has also received approval from Financial
Services Authority (OJK) through its letter No. S-151/PB.31/2015 dated December 23, 2015. The
acquisition was completed on December 29, 2015 based on Acquisition of PT Asuransi Jiwa Bringin
Jiwa Sejahtera Shares Deed No. 41 of Notary Fathiah Helmi, S.H., where BRI has 91.001% of BRI
Life issued shares and 8.999% of it was granted to the BRI Employee Welfare Foundation.
Based on Notarial Deed No. 31 dated February 23, 2017, of Notary Dahlia, S.H., surrogate of Fathiah
Helmi, S.H., a notary in Jakarta, the name of PT Asuransi Jiwa Bringin Jiwa Sejahtera was changed
into PT Asuransi BRI Life and according to the Decision of the Board of Commissioners of OJK No.
KEP-140/NB.11/2017 dated March 20, 2017, BRI Life obtained the business license in life insurance
in relation to the change of company name.
Based on Deed No. 8 dated March 2, 2021, of Jose Dima Satria, S.H., M.Kn., Notary in Jakarta has
received approval from the Ministry of Law and Human Rights of the Republic of Indonesia in the
Decree of the Minister of Law and Human Rights of the Republic of Indonesia
No. AHU-0013073.AH.01.02 Year 2021 dated March 2, 2021, which is regulated regarding the
changes in nomenclature, composition of the Management, and changes of the Articles of
Association, one of which is related to an increase in capital and changes in the ownership structure
of BRI Life through the issuance of 936,458 new shares to be subscribed by FWD Financial Services
Pte. Ltd. As a result of the new share issuance, as of March 2, 2021, the composition of BRI Life's
share ownership become: BRI 63.83%, BRI Employee Welfare Foundation 6.31%, and FWD
Financial Services Pte. Ltd. 29.86%. The change in ownership structure was previously approved by
OJK through its letter No. S-12/NB.1/2021 dated February 4, 2021.
26
Page 30
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Asuransi BRI Life (BRI Life) (continued)
Based on Notarial Deed No. 59 dated October 13, 2021 regarding the Decision Meeting Statement of
PT Asuransi BRI Life. The amendment has obtained approval and notice of acceptance in the Legal
Entity Administration System in accordance with the Ministry of Law and Human Rights of the
Republic of Indonesia’s Letters No. AHU.AH.01.03-0460422 dated October 13, 2021, BRI Life
Shareholders approved the Transfer of Shares of FWD Financial Services Pte. Ltd. to FWD
Management Holding Limited. Thus, starting from October 13, 2021 BRI Life's shareholders
composition become: BRI 63.83%, BRI Employee Welfare Foundation 6.31%, and FWD Management
Holding Limited 29.86%. The change in ownership structure has previously been approved by Non-
Bank Financial Industry of Financial Services Authority (OJK IKNB) through its letter No.
S.93/NB.1/2021 dated September 29, 2021 regarding approval the change of BRI Life ownership.
Based on Notarial Deed No. 11 dated March 2, 2023 regarding the Decision Meeting Statement of
PT Asuransi BRI Life. The amendment has obtained approval and notice of acceptance in the Legal
Entity Administration System in accordance with the Ministry of Law and Human Rights of the
Republic of Indonesia’s Letters No. AHU.AH.01.03-0033868 dated March 2, 2023, the Shareholders
of BRI Life decided and agreed to increase the issued and paid-up capital from Rp339,200 to
Rp365,559, by issuing new shares of 263,580 shares or in the nominal value of Rp26,359 which was
taken entirely by FWD Management Holdings Limited. Thus, as of March 2, 2023, the composition of
BRI Life's shareholdings become: BRI 54.77%, BRI Employee Welfare Foundation 5.42%, and FWD
Management Holdings Limited 39.82%. The change in ownership structure has previously approved
by OJK IKNB through its letter No. S.315/NB.02/2023 dated February 26, 2023 regarding approval
the change of BRI Life ownership.
BRI Life's Ownership Structure was changed based on Notarial Deed No. 1 dated March 1, 2024
regarding the Decision Meeting Statement of PT Asuransi BRI Life. The amendment has obtained
approval and notice of acceptance in the Legal Entity Administration System in accordance with the
Ministry of Law and Human Rights of the Republic of Indonesia’s Letters No. AHU.AH.01.03-0051691
dated March 1, 2024, the Shareholders of BRI Life decided and agreed to increase the issued and
paid-up capital from Rp365,559 to Rp392,553, by issuing new shares of 269,946 shares or in the
nominal value of Rp26,994 which was taken entirely by FWD Management Holdings Limited. Thus,
as of March 1, 2024, the composition of BRI Life's shareholdings become: BRI 51.00%, BRI Employee
Welfare Foundation 5.04%, and FWD Management Holdings Limited 43.96%. The change in
ownership structure has previously approved by OJK IKNB through its letter No. S-2/PD.02/2024
dated January 22, 2024 regarding approval the change of BRI Life ownership.
Based on Deed No. 25 dated June 8, 2023 concerning the Statement of Meeting Resolutions on
Amendments to the Articles of Association of PT Asuransi BRI Life, made before notary Jose Dima
Satria, S.H., M.Kn. The amendments to the Articles of Association have been received and recorded
in the Legal Entity Administration System by the Ministry of Law and Human Rights of the Republic
of Indonesia in the Letter of Acceptance of Notification of Changes to the Articles of Association of
PT Asuransi BRI Life No. AHU-AH.01.03-9978922 dated June 16, 2023 and has received approval
for the Amendment to the Articles of Association based on the Decree of the Ministry of Law and
Human Rights of the Republic of Indonesia No. AHU-0033982.AH.01.02. 2023 dated June 16, 2023.
27
Page 31
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Asuransi BRI Life (BRI Life) (continued)
BRI Life's Articles of Association have undergone several changes and the latest amendment to the
Articles of Association is stated in Deed No. 1 dated March 1, 2024 concerning the Statement of
Meeting Resolutions on Amendments to the Articles of Association of PT Asuransi BRI Life, made
before notary Jose Dima Satria, S.H., M.Kn. The amendments to the Articles of Association have
been received and recorded in the Legal Entity Administration System by the Ministry of Law and
Human Rights of the Republic of Indonesia in the Letter of Acceptance of Notification of Changes to
the Articles of Association of PT Asuransi BRI Life No. AHU.AH.01.03-0051691 dated March 1, 2024.
Based on the Article 3 of BRI Life’s latest Articles of Association, the scope of BRI Life’s business is
to conduct business in the insurance sector in accordance with statutory provisions.
BRI Life started its operation on January 1, 1989 based on the Decision Letter of the Ministry of
Finance of the Republic of Indonesia No. KEP-181/KMK.13/1988 dated October 10, 1988.
BRI Life obtained its license to open its branches and sharia-principled units based on the Ministry of
Finance Decision Letter No. KEP-007/KM.6/2003 dated January 21, 2003.
Total assets of BRI Life as of June 30, 2024 and December 31, 2023 amounted to Rp25,148,243 and
Rp23,678,043 or 1.27% and 1.20%, respectively, of the total consolidated assets. Total interest and
premium income for the six-month period ended June 30, 2024 and 2023 amounted to Rp3,824,033
and Rp4,424,540 or 3.51% and 4,70% respectively, of the total consolidated interest, sharia, premium
income, and revenue from gold sold.
BRI Life’s head office is located in Graha Irama Building 15th floor, Jl. H.R Rasuna Said Blok X-1
Kav. 1 and 2, Jakarta, and it has 26 Customer Care offices.
PT BRI Multifinance Indonesia (BRI Finance)
On July 12, 2016, BRI signed a Conditional Shares Sale and Purchase Agreement (PPJB) with The
Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) to increase BRI’s share ownership in
PT BTMU-BRI Finance (“BBF”) from 45% to 99%. The transaction was executed with a purchase
price of Rp378,548. The agreement has been approved by OJK through its letter
No. S-102/PB.31/2016 dated September 21, 2016. This transfer of shares was completed on
September 30, 2016 as stated in Notarial Deed No. 75, of Fathiah Helmi, S.H., where BRI owned
99% of the total shares issued by PT BRI Multifinance Indonesia (BRI Finance) and BRI’s Employee
Welfare Foundation (Yayasan Kesejahteraan Pekerja BRI) owned the remaining 1%.
As a result of the acquisition of BRI Finance, BRI recorded goodwill amounting to Rp51,915 in “Other
Assets”.
Based on the Notarial Deed Statement of Decision Letter of the Annual General Meeting of
Shareholders No. 67, dated September 15, 2016, made before I Gede Buda Gunamanta, S.H.,
a notary in Jakarta, the name PT BTMU-BRI Finance was changed into PT BRI Multifinance
Indonesia, and in accordance with Board of Commissioners of OJK Decision
No. KEP-771/NB.11/2016 dated October 17, 2016, with regards to the change of name, BRI Finance
obtained the business license in financing industry for the Business License previously granted to PT
Sanwa-BRI Finance, which afterwards changed its name to PT UFJ-BRI Finance and PT BTMU-BRI
Finance.
28
Page 32
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Multifinance Indonesia (BRI Finance) (continued)
BRI Finance’s Articles of Association has been amended several times. The latest amendment as set
forth in the Deed of the Decision of the Meeting of PT BRI Multifinance Indonesia No. 237 dated April
23, 2019, made before I Gede Buda Gunamanta, S.H., a Notary domiciled in South Jakarta, was
approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-0023113.AH.01.02
Year 2019 dated April 29, 2019, and was received and recorded in the Legal Entity Administration
System Ministry of Law and Human Rights in its Decision Letter No. AHU-AH.01.03-0223685 dated
April 29, 2019, and has been announced in State Gazette of the Republic of Indonesia Number 81
dated October 8, 2019, Additional State Gazette Number 35668/2019, regarding changes in the
location of BRI Finance from Central Jakarta to South Jakarta, the provisions in the Company's
Articles of Association in order to comply with the provisions of Law No. 40 of 2007 concerning Limited
Liability Companies, Financial Services Authority Regulation No. 35/POJK.05/2018 concerning the
Operation of a Financing Company Business, and the follow up of the the directives of the Controlling
Shareholders for adjustments to the Company's Articles of Association in accordance with the
provisions of the prevailing laws and regulations.
The latest amendments to the articles of association are stated in the Deed of Statement of
Shareholder’s Resolutions No. 24 dated June 16, 2023, made before Arry Supratno, S.H., Notary in
Jakarta, which has been approved by the Minister of Law and Human Rights based on Decree
No. AHU-0034000.AH.01.02 Year 2023 dated June 16, 2023. The amendments to the Articles of
Association has a purpose to adjust article 3 of BRI Finance’s Articles of Association with the 2020
Indonesian Standard Industrial Classification.
According to Article 3 of its Articles of Association, BRI Finance’s scope of business is to conduct
financing activities.
Total assets of BRI Finance as of June 30, 2024 and December 31, 2023 amounted to Rp8,830,240
and Rp9,057,071 or 0.45% and 0.46% respectively, of the total consolidated assets. Total interest
income for the six-month period ended June 30, 2024 and 2023 amounted to Rp713,763 and
Rp539,579 or 0.66% and 0.59%, respectively, of the total consolidated interest, sharia, premium
income, and revenue from gold sold.
BRI Finance’s head office is located in BRILiaN Tower 22nd, 21st and 1st floor, Jl. Gatot Subroto No.
177A Kav. 64, South Jakarta, and has 26 branches.
PT BRI Ventura Investama (BRI Ventures)
On June 29, 2018, BRI signed the Conditional Sale and Purchase of Shares Agreement of
PT Sarana Nusa Tenggara Timur Ventura (“Sarana NTT Ventura”) with PT Bahana Artha Ventura
(“BAV”) to takeover all BAV’s share ownership of Sarana NTT Ventura resulting BRI’s share
ownership to become 97.61% with a purchase price of Rp3,090, and have obtained the approval of
the Board of Commisioners of BRI as the representative of the shareholders through its Letter No.
R.67-KOM/09/2018, dated September 26, 2018, as well as the approval from OJK through its Letter
No. S-112/PB.31/2018 dated September 25, 2018. The shares takeover was effective on December
20, 2018 as stated in the Deed Sale and Purchase of Shares No. 70, made before Ashoya Ratam,
S.H., M.Kn., Notary in South Jakarta, where BRI owned 97.61% of the total shares issued by PT BRI
Ventura Investama (formerly known as Sarana NTT Ventura).
29
Page 33
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Ventura Investama (BRI Ventures) (continued)
Based on the Deed of Declaration on the Extraordinary General Meeting of Shareholders Decision
No. 74, dated November 14, 2018, made before Zantje Mathilda Voss Tomasowa, S.H., M.Kn.,
Notary in Kupang, the name of PT Sarana Nusa Tenggara Timur Ventura was changed into
PT BRI Ventura Investama (“BRI Ventures”), along with the change of Company’s domicile from
Kupang to Jakarta, This amendment has been approved by the Ministry of Laws and Human Rights
of the Republic of Indonesia in its Decision Letter No. AHU-0030398.AH.01.02 Year 2018, dated
December 14, 2018. In accordance with Members of the Board of OJK Commissioners’ Decision No.
KEP-189/NB.11/2019 dated April 1, 2019, with regard to the change in the company name, BRI
Ventures obtained the enactment of business license in venture capital business previously granted
to PT Sarana Nusa Tenggara Timur Ventura.
BRI Ventures' Articles of Association amended and restated through Deed No. 65 dated April 25,
2022 by Notary Ashoya Ratam, S.H., M.Kn., among others, in order to adjust Article 3 Paragraph (1)
of the Articles of Association of BRI Ventures with the 2020 Indonesian Standard Industrial
Clasification and recorded in accordance with the Decree of the Minister of Law and Human Rights
of the Republic of Indonesia No. AHU-0030721.AH.01.02. Year 2022 dated April 27, 2022 (“Articles
of Association”).
BRI Ventures' Articles of Association have been amended several times, most recently related to the
increase in the Company's capital stock based on a Resolution Outside the General Meeting of
Shareholders dated March 31, 2023. This decision has been recorded in Notarial Deed No. 45 dated
March 31, 2023 by Notary Ashoya Ratam, S.H., M.Kn. This amendment deed has been received and
recorded in accordance with the Letter of Acceptance of Notification of Changes to the Articles of
Association by the Minister of Law and Human Rights of the Republic of Indonesia No. AHU-
AH.01.03.-0048199 dated March 31, 2023.
According to Article 3 of its Articles of Association, BRI Ventures’ scope of business is to conduct
venture capital activities including management of venture funds, fee-based service activities and
other business activities with OJK’s approval, and venture capital activities in the form of equity capital
in a business partner and/or debtor who has productive business and/or ideas for productive business
development.
Total assets of BRI Ventures as of June 30, 2024 and December 31, 2023 amounted to Rp2,445,796
and Rp2,672,050 or 0.12% and 0.14%, respectively, of the total consolidated assets.
BRI Ventures’ head office is located in District 8 Office SCBD, Prosperity Tower 16th floor Unit F,
Jenderal Sudirman Street No 52-53, Kebayoran Baru, South Jakarta.
PT BRI Danareksa Sekuritas (BRIDS)
On September 27, 2018, BRI signed a Conditional Sale and Purchase of Shares Agreement with PT
Danareksa (Persero) to takeover part of the shares ownership of PT Danareksa Sekuritas
(“Danareksa Sekuritas”) from PT Danareksa (Persero) and to gain 67% ownership, with
a purchase price of Rp446,888, and has obtained the approval from OJK based on its Letter
No. S-1496/PM.21/2018 dated December 21, 2018. The takeover was effective on
December 21, 2018, as stated in the Deed of Shares Takeover No. 53, of Masjuki, S.H., surrogate of
M. Nova Faisal, S.H., M.Kn., Notary in Jakarta, where BRI owned 67% and PT Danareksa (Persero)
owned 33% of Danareksa Sekuritas’ total shares.
30
Page 34
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Danareksa Sekuritas (BRIDS) (continued)
BRIDS’ Articles of Association has been amended several times. The amendment adjusting its
Articles of Association with Law No. 40 year 2007 regarding the Limited Liability Company and the
increase in authorized capital and issued and paid-up capital of Danareksa Sekuritas, was stated in
the Notarial Deed No. 91 dated August 12, 2008, of Notary Imas Fatimah, S.H. This amendment has
been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its
Decision Letter No. AHU-83282.AH.01.02 Year 2008, dated November 10, 2008 and has been
published in Supplement No. 9870 of the Republic of Indonesia State Gazette No. 28, dated
April 7, 2009.
In 2017, there were amendments to the purposes and objectives of BRIDS in accordance with Article
3 of the Articles of Association as stated in the Notarial Deed No. 1, dated July 5, 2017 of Fifidiana,
S.H., S.S., M.Kn. This amendment has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia in its Decision Letter No. AHU-0013998.AH.01.02 Year 2017 dated July 7,
2017.
In 2020, based on Deed No. 27 dated October 9, 2020, which was made before Jose Dima Satria,
S.H., Notary in Jakarta, the name of PT Danareksa Sekuritas was changed into PT BRI Danareksa
Sekuritas. This amendment has received approval for amendment to the Articles of Association from
the Minister of Law and Human Rights Republic of Indonesia No. AHU-0069706.AH.01.02
Year 2020. The amendment has been registered in the Financial Services Authority (OJK) based on
Letter No. S-1210/PM.212/2020 dated October 26, 2020.
Based on Deed No. 168 dated June 27, 2022, which was made before Jose Dima Satria, S.H., Notary
in Jakarta, there is additional issued and paid-up capital by BRI that has received approval from
Financial Services Authority (OJK) through its letter No. S-555/PM.21/2022 dated June 24, 2022. The
additional issued and paid-up capital has become effective on June 27, 2022 so that BRI's share
ownership to be at 71% of the total BRIDS shares and 29% was owned by PT Danareksa (Persero).
This has been announced through the amendment of Articles of Association in accordance with the
Decree of the Minister of Law and Human Rights of the Republic of Indonesia No. AHU-
AH.01.03.0256545 dated June 27, 2022.
The latest amendment to BRIDS' Articles of Association is stated in Deed No. 86 dated
April 17, 2023, which was made before Jose Dima Satria, S.H., Notary in Jakarta. The amendment
has received approval from the Minister of Law and Human Rights based on the Decree of the Minister
of Law and Human Rights of the Republic of Indonesia No. AHU-0024267.AH.01.02.
Year 2023, and announcement of changes has been received and recorded in the Legal Entity
Administration System of the Ministry of Law and Human Rights based on Letter
No. AHU-AH.01.03-0058587 dated May 2, 2023 regarding Receipt of Notification of Changes to PT
BRI Danareksa Sekuritas' Articles of Association.
In accordance with Article 3 of BRIDS' Articles of Association, the scope of its activities comprises
underwriting, securities brokerage, and other supporting business activities determined and/or
approved by OJK.
BRIDS obtained its business license as a securities broker and an underwriter
from the Chairman of the Capital Market Supervisory Agency in accordance with its Decision Letters
No. KEP-291/PM/1992 dated October 16, 1992 and No. KEP-292/PM/1992 dated
October 16, 1992.
As part of its licensing, BRIDS has obtained approval of supporting business activities as Arranger of
Medium Term Notes (MTN), Negotiable Certificates of Deposit (NCD), Hybrid Product
as Perpetuity Notes, syndicated loans, Global Medium Term Notes (GMTN), Global Bonds
and Financial Advisory from Financial Services Authority (OJK) based on its Letter
No. S-143/PM.21/2017 dated March 16, 2017.
31
Page 35
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Danareksa Sekuritas (BRIDS) (continued)
Total assets of BRIDS as of June 30, 2024 and December 31, 2023 amounted to Rp1,026,722 and
Rp1,059,172 or 0.05% and 0.05%, respectively, of the total consolidated assets. Total interest income
for the six-month period ended June 30, 2024 and 2023 amounted to Rp17,673 and Rp19,082 or
0.02% and 0.02%, respectively, of the total consolidated interest, sharia, premium income, and
revenue from gold sold.
BRIDS’ head office is located in BRI Tower II 23th floor, Jenderal Sudirman Street Kav 44-46, Jakarta
and has 10 branches, 24 booths and 3 partnerships.
PT BRI Asuransi Indonesia (BRI Insurance)
On June 20, 2019, BRI signed a Conditional Share Sale and Purchase Agreement ("PPJBSB") with
Dana Pensiun BRI in order to acquire 90% shares of Dana Pensiun BRI in PT BRI Asuransi Indonesia
(BRI Insurance) (formerly PT Asuransi Bringin Sejahtera Artamakmur), at a purchase price of
Rp1,041,000 and has received approval from OJK through letter No. S-135/NB.1/2019 dated
September 16, 2019. This transfer of shares was completed on September 26, 2019, as stated in the
Deed of Shares Takeover No. 31 made before Dina Chozie, S.H., a replacement notary from Fathiah
Helmi, S.H., Notary in Jakarta, where BRI owns 90% of the total shares of BRI Insurance and 10% is
owned by the Yayasan Kesejahteraan Pekerja (YKP) BRI.
Based on Deed No. 3 dated January 31, 2020, made by Tri Wahyuwidayati, S.H., M.Kn., Notary in
Jakarta, the name in article 1 paragraph 1 which was originally PT Asuransi Bringin Sejahtera
Artamakmur became PT BRI Asuransi Indonesia (BRI Insurance). This amendment has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decision
Letter No. AHU-0011603.AH.01.02 dated February 10, 2020.
BRI Insurance's Articles of Association has undergone several changes and the latest amendment to
the Articles of Association is contained in Deed No. 26 dated June 26, 2023 made before Hj. Zun Nur
Ain Fauzia, S.H., M.Kn., Notary in Jakarta. The amendment to the Articles of Association has received
approval from the Minister of Law and Human Rights based on the Decree of the Minister of Law and
Human Rights No. AHU-00388682. AH.01.02.Year 2023 dated July 10, 2023, and announcement of
the amendment has been received and recorded in the Legal Entity Administration System of the
Ministry of Law and Human Rights based on Letter No. AHU-AH.01.03-0089063 dated July 6, 2023
regarding Receipt of Notification of Changes to PT BRI Asuransi Indonesia's Articles of Association.
In accordance with the provisions of article 3 of the Articles of Association, the scope of activities of
PT BRI Asuransi Indonesia (BRI Insurance) business is to conduct business in the general insurance
sector, make and close agreements of general insurance, non-conventional loss insurance, including
agreements, reinsurance, except life insurance.
BRI Insurance obtained its license to do general insurance business on August 26, 1989 through the
Decree of the Ministry of Finance of the Republic of Indonesia No. Kep-128/KM.13/1989. In
accordance with the Decree of Board of Commissioners of OJK No. KEP-105/NB.11/2020 dated
March 6, 2020, BRI Insurance obtained the enforcement of business license in general insurance on
the basis of business that had previously been given to PT Asuransi Bringin Sejahtera Artamakmur
which changed its name to PT BRI Asuransi Indonesia.
32
Page 36
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Asuransi Indonesia (BRI Insurance) (continued)
BRI Insurance obtained permission to open a branch office with Sharia principles in accordance with
the Decree of the Minister of Finance No. KEP-006/KM.6/2003 dated January 21, 2003.
Total assets of BRI Insurance as of June 30, 2024 and December 31, 2023 amounted to Rp6,937,812
and Rp6,465,609 or 0.35% and 0.33% of the total consolidated assets, respectively. Total interest,
sharia and premium income for the six-month period ended June 30, 2024 and 2023 amounted to
Rp830.184 and Rp730,850 or 0.76% and 0.68%, respectively, of the total consolidated interest,
sharia, premium income, and revenue from gold sold.
BRI Insurance’s head office is located in Graha BRI Insurance, Jl. Mampang Prapatan Raya No. 18,
South Jakarta, and it has 21 branches, 2 sharia branches, 19 marketing representative offices,
2 sharia marketing representative offices, 50 marketing channels and 21 sharia marketing offices.
PT Pegadaian (Pegadaian)
On September 13, 2021, The Government of Indonesia, as represented by the Minister of SOEs,
signed the Sale and Purchase of Shares Agreement with BRI to transfer its shares in
PT Pegadaian (Pegadaian) to increase the ownership in BRI, it was documented in Notarial Deed
No. 13 dated September 13, 2021. Through the agreement, The Government of Indonesia transferred
its right of all Series B shares in Pegadaian to BRI amounting to 6,249,999 series B shares with
nominal value of Rp48,670,528. Thus, starting September 13, 2021, BRI owned Pegadaian’ shares
and has the right as the owner of the transferred shares.
Pegadaian’ Articles of Association has been amended several times. The latest amendment was
documented in the Deed of Declaration No. 15 dated September 23, 2021, of Nanda Fauz Iwan, S.H.,
M.Kn., a Notary in Jakarta. The amendment to the articles of association has been approved by the
Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-0053287.AH.01.02 dated
September 29, 2021 and has received a Letter of Acceptance of Notification of Amendment to the
Articles of Association of PT Pegadaian No. AHU-AH.01.03-0454524, September 29, 2021.
According to Article 3 of its Articles of Association, Pegadaian’s scope of business is to conduct loan
disbursement businesses in the form of pawnshops, both conventional and sharia, based on
information technology/digital platforms (IT) and non-IT, optimize the utilization of Pegadaian’s
resources to produce high quality and highly competitive services to gain benefits in order to increase
Pegadaian’s value by implementing the principles of limited liability company.
Total assets of Pegadaian as of June 30, 2024 and December 31, 2023 amounted to Rp93,171,693
and Rp82,151,803 or 4.71% and 4.18% respectively, of the total consolidated assets. Total interest,
sharia income, and revenue from gold sold for the six-month period ended June 30, 2024 and 2023
amounted to Rp15,278,644 and Rp11,098,356 or 14.02% and 11.78%, respectively, of the total
consolidated interest, sharia, premium income, and revenue from gold sold.
Pegadaian’s head office is located in Jl. Kramat Raya No.162 Central Jakarta 10430 and has
12 regional offices, 61 area offices, 642 branches, and 3,450 branch service unit offices.
33
Page 37
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT Permodalan Nasional Madani (PNM)
On September 13, 2021, BRI signed the Sale and Purchase of Shares Agreement to receive The
Government of Indonesia shares in PT Permodalan Nasional Madani (PNM) to increase the
ownership of Government of Indonesia in BRI. The Government of Indonesia, as represented by the
Minister of SOEs, transferred its Series B shares in PNM to BRI amounting to 3,799,999 series B
shares with nominal value of Rp6,100,068. Thus, starting September 13, 2021, BRI owned PNM’s
shares of the transferred shares and has the right as the owner of the transferred shares.
The company was established based on Republic of Indonesia Government Regulation No. 38 of
1999 dated May 25, 1999 concerning State Capital Inclusion of the Republic of Indonesia for the
Establishment of Companies (Persero) in the Context of the Development of Cooperatives, Small and
Medium Enterprises, the establishment of which is stated in the Deed of Establishment Number: 1
dated June 1, 1999, made before Ida Sofia, S.H., Notary in Jakarta, which has received approval
from the Minister of Law and Human Rights (“Menkumham”) based on Decree
Number: C-11.609.HT.01.01.TH.99 dated June 23, 1999, and has been registered at the Central
Jakarta Kodya Company Registration Office under Number: 4758/BH.09.05/VIII/99 dated August 27,
1999, and has been published in the State Gazette of the Republic of Indonesia under Number: 73
dated September 10, 1999, Supplement No. 5681 (“Deed No. 1”).
Based on Deed No. 1 has been amended several times, with the latest amendment contained in the
Deed of Shareholder Decision Statement Number: 18 dated June 7, 2023, made before Hadijah,
S.H., M.Kn., Notary in Jakarta, which has obtained the approval of the Minister of Law and Human
Rights as stated in Decree Number: AHU-0037792.AH.01.02. 2023 dated July 5, 2023. Notification
of the changes has been recorded in the Legal Entity Administration System database of the Ministry
of Law and Human Rights regarding Approval of Changes to the Articles of Association of PT
Permodalan Nasional Madani Number: AHU-AH.01.09-0134474 dated July 5, 2023.
According to Article 3 of its Articles of Association, PNM’s scope of business is financing services but
not limited to program loan and/or joint responsibility financing, participation in Lembaga Keuangan
Mikro/Syariah (LKM/S) and Bank Perkreditan Rakyat (BPR/S) alongride with management and
partnership services.
Total assets of PNM as of June 30, 2024 and December 31, 2023 amounted to Rp55,688,782 and
Rp51,106,905 or 2.82% and 2.60%, respectively, of the total consolidated assets. Total interest and
sharia income for the six-month period ended June 30, 2024 and 2023 amounted to Rp7.262.171
and Rp6,716,093 or 6,66% and 7.13%, respectively, of the total consolidated interest, sharia,
premium income, and revenue from gold sold.
PNM’s head office is located in PNM Tower, Jl. Kuningan Mulia, Menteng Atas, Setiabudi, South
Jakarta, DKI Jakarta and has 62 branches PNM, 3,963 unit offices Mekaar, and 641 unit offices
ULaMM (include of 20 representative unit offices).
34
Page 38
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Manajemen Investasi (BRI-MI) (formerly PT Danareksa Investment Management (DIM))
On September 27, 2018, BRI signed a Conditional Sale and Purchase of Shares Agreement (“PJBS”)
with PT Danareksa (Persero) to acquire PT Danareksa Investment Management (“DIM”) shares from
PT Danareksa (Persero) to BRI in the amount of 10,500,000 shares or equivalent to 35% of all DIM
shares, with a purchase price of Rp371,959 which has granted its approval from OJK through letter
No. S-1453/PM.21/2018 dated December 14, 2018. This share sale and purchase transaction was
carried out on December 20, 2018, installed in the Deed of Sale and Purchase of Shares No. 47
dated December 20, 2018 made before Masjuki, S.H., Substitute Notary of M. Nova Faisal, S.H.,
M.Kn.
Furthermore, on November 30, 2022 BRI has signed another PJBS with PT Danareksa (Persero) to
acquire DIM's share ownership from PT Danareksa (Persero) to BRI with 9,000,000 shares or
equivalent to 30% of DIM's total outstanding shares, with a purchase price of Rp360,000 which has
granted its approval from OJK through letter No. S-889/PM.21/2022 dated October 5, 2022 regarding
Approval of the Planned Change in the Ownership Composition of PT Danareksa Investment
Management Shareholders. This share sale and purchase transaction was carried out on November
30, 2022, as stated in the Deed of Sale and Purchase of Shares No. 32 dated November 30, 2022
made before Fathiah Helmi, S.H., Notary in Jakarta, thereby BRI owns 19,500,000 shares or
equivalent to 65% of the total outstanding shares of DIM.
DIM's Articles of Association have been amended several times. The overall changes to the articles
of association have been contained in the deed dated February 1, 2019 No. 01 made before M. Nova
Faisal S.H., M,Kn., Notary in South Jakarta and has received approval from the Minister of Law and
Human Rights of the Republic of Indonesia with a Decree dated February 11, 2019 No. AHU-
0006825.AH.01.02 Year 2019 and notification of Amendments to its Articles of Association have been
received and recorded by the Minister of Law and Human Rights of the Republic of Indonesia in a
letter dated February 11, 2019 No. AHU-AH.01.03-0079597 and has been announced in the State
Gazette of the Republic of Indonesia dated March 29, 2019 No. 26, Supplement No. 10084.
Based on Deed No. 2 dated October 16, 2019, made before Notary Fifidiana, S.H., S.S., M.Kn. The
amendment to the articles of association has been approved by the Ministry of Law and Human Rights
of the Republic of Indonesia No. AHU-0083200.AH.01.02. Year 2019 dated October 16, 2019.
DIM's Articles of Association have been amended several times. Latest changes based on the Deed
of Statement regarding Shareholder Decisions Outside the General Meeting of Shareholders of PT
Danareksa Investment Management Limited Liability Company No. 4 dated July 4, 2023, made before
Notary Fifidiana, S.H., S.S., M.Kn., in Central Jakarta, include changes to the company's Articles of
Association, including change of the company's name from formerly named PT Danareksa
investment management to PT BRI investment management ("BRI-MI"), change of location of the
Company, which was originally domiciled and headquartered in South Jakarta and had its address at
Plaza BP Jamsostek Floor 11, Jl. HR. Rasuna Said Kav. 112 Blok B Jakarta 12910, changed to
having its domicile and head office in Central Jakarta, which is located at BRI II Building, 22nd Floor,
Jl. Jend. Sudirman Kav. 44-46 Central Jakarta 10210, and amendments to Article 3 of the Company's
Articles of Association concerning Aims and Objectives and Business Activities in the context of
adjustments based on the 2020 Standard Classification of Indonesian Business Fields (KLBI).
35
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
f. Subsidiaries (continued)
PT BRI Manajemen Investasi (BRI-MI) (formerly PT Danareksa Investment Management (DIM))
(continued)
Based on the Deed of Articles of Association, the purposes and objectives of BRI-MI are to carry out
investment portfolio management business activities for customers or manage collective investment
portfolios for a group of customers (investment managers) including but not limited to mutual funds,
conduct activities to provide advice to other parties regarding sales or purchases investing assets,
conducting business activities to initiate or seeking to obtain a business license for a mutual fund
(mutual fund promoter), conducting investment activities in private equity and carrying out other
activities related to the activities mentioned above based on laws and regulations.
BRI-MI's total assets as of June 30, 2024 and December 31, 2023 amounted to Rp296,161 and
Rp288,820 or 0.01% and 0.01%, respectively, of the total consolidated assets. Total interest income
for the six-month period ended June 30, 2024 and 2023 amounted to Rp110 and Rp377 or 0.0001%
and 0.0004%, of the total consolidated interest, sharia, premium income, and revenue from gold sold.
BRI-MI is located in Central Jakarta at BRI Tower II, 22nd Floor, Jl. Jend Sudirman Kav. 44-46,
Central Jakarta 12910.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
Statement of Compliance
The consolidated financial statements as of June 30, 2024, and for the six-month period ended, are
prepared and presented in accordance with Indonesian Financial Accounting Standards, which include
the Statements and Interpretations issued by the Financial Accounting Standards Board of the Indonesian
Institute of Accountants and Bapepam-LK’s Regulation No. VIII.G.7, Appendix of the Decision of the
Chairman of Bapepam-LK No. KEP-347/BL/2012 dated June 25, 2012 regarding the “Guidelines on
Financial Statements Presentations and Disclosures for Issuers or Public Companies”.
a. Basis of preparation of the consolidated financial statement
The consolidated financial statements have been prepared in accordance with SFAS No. 201,
“Presentation of Financial Statements”.
The consolidated financial statements have been presented on a historical cost basis, except for
some accounts that were assessed using another measurement basis as explained in the accounting
policies of the account. The consolidated financial statements have been prepared on accrual basis,
except the consolidated statement of cash flows.
The consolidated statement of cash flows has been prepared using the direct method by classifying
cash flows into operating, investing and financing activities. For the purposes of the consolidated
statement of cash flows, cash and cash equivalents consists of cash, current accounts with Bank
Indonesia and current accounts with other banks, placements with Bank Indonesia and other financial
institutions, Bank Indonesia Certificates and Bank Indonesia Deposit Certificates maturing within 3
(three) months from the date of acquisition, provided they are neither pledged as collateral for fund
borrowings nor restricted.
36
Page 40
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
a. Basis of preparation of the consolidated financial statement (continued)
The presentation currency used in the consolidated financial statement is the Indonesian Rupiah (Rp)
which is also the functional currency of every entity in the group except the entity certain subsidiaries
and branch office that have a functional currency of the United States Dollar, Singaporean Dollar,
Hong Kong Dollar and New Taiwan Dollar. Unless otherwise stated, all figures presented in the
consolidated financial statement are rounded off to millions of Rupiah.
b. Principles of consolidation
The consolidated financial statement includes the financial statements of BRI and its subsidiaries
whose majority of shares are owned or controlled by BRI.
When control over a subsidiary began or ceased during the period, the results of operations of
a subsidiary are included in the consolidated financial statement limited only to the results from the
date that control was acquired or up to the date that control has ceased.
Control is acquired when BRI is exposed, or has the rights of variable returns from its involvement in
a subsidiary and has the ability to affect those returns through its power over the subsidiary.
BRI controls a subsidiary if, and only if, BRI has the following:
a) Power over a subsidiary (existing rights that provide the current ability to direct the relevant
activities that significantly affect the returns of a subsidiary).
b) Exposure or right of variable returns from its involvement in a subsidiary.
c) The ability to use its power over the subsidiary to affect BRI’s returns.
Business combination transactions between entities under common control are recorded based on
SFAS No. 338 ”Business Combination of Entities Under Common Control”, where the difference
between the acquisition cost and the carrying value of net assets acquired is recorded in additional
paid-in capital in equity.
All significant intercompany balances and transactions, including unrealized gain or loss, are
eliminated to reflect the financial position and results of BRI and subsidiaries’ operations as
a single entity.
The consolidated financial statements are prepared using accounting policies for similar events and
transactions in identical circumstances. If the subsidiaries’ financial statements use accounting
policies that are different from those adopted in the consolidated financial statements, then
appropriate adjustments are made to the subsidiaries’ financial statements.
The non-controlling interest are stated at the non-controlling shareholders’ proportionate share in the
net income and equity of the subsidiaries based on the percentage of ownership of the non-controlling
shareholders in the subsidiaries.
Changes in the parent entity's share of ownership in subsidiaries that do not result in loss of control
are recorded as equity transactions.
37
Page 41
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities
Financial assets consist of cash, current accounts with Bank Indonesia, current accounts with other
banks, placements with Bank Indonesia and other financial institutions, securities, export bills and
other receivables, securities purchased under agreement to resell, derivative receivables, loans,
sharia loans, finance receivables, acceptance receivables, investment in associated entities, and
other assets.
Financial liabilities consist of liabilities due immediately, deposits from customers, deposits from other
banks and financial institutions, securities sold under agreement to repurchase, derivative payables,
acceptance payables, marketable securities issued, fund borrowings, other liabilities, and
subordinated loans and marketable securities.
(i) Classification
To determine categories and classifications, BRI and its subsidiaries assess all financial assets,
except equity and derivative instruments, based on a combination of asset management
business models and the characteristics of contractual cash flow related instruments. These are
the classification of financial assets at the time of initial recognition:
• Financial assets measured at amortized cost;
• Financial assets, in this case debt instruments, as measured at fair value through other
comprehensive income, with gains/losses recognized at the time of derecognition;
• Financial assets, in this case equity instruments, as measured at fair value through other
comprehensive income, with an unrecognized profit/loss on profit or loss at the time of
derecognition;
• Financial assets measured at fair value through profit or loss.
BRI and its subsidiaries classify and measure derivative instruments and trading portfolios on
financial assets recognized at fair value through profit or loss.
Financial assets are measured at amortized cost if they meet the following conditions:
• Financial assets are managed in a business model that aims to have financial assets in
order to obtain contractual cash flow; and
• The contractual terms of the financial asset provide rights on a certain date for cash flow
obtained solely from payment of principal and interest on the principal amount owed.
Financial assets are measured at fair value through other comprehensive income if they meet the
following conditions:
• Financial assets are managed in a business model that aims to obtain contractual cash
flow and sell financial assets; and
• The contractual terms of the financial asset provide rights on a certain date for cash flow
obtained solely from payment of principal and interest on the principal amount owed.
Other financial assets that do not meet the requirements to be classified as financial assets
measured at amortized cost or fair value through other comprehensive income, are classified as
measured at fair value through profit or loss.
At initial recognition, BRI and subsidiaries can make an irrevocable determination to measure
assets that meet the requirements to be measured at amortized cost or fair value through other
comprehensive income at fair value through profit or loss, if the determination eliminates or
significantly reduces the measurement or recognition inconsistencies (sometimes referred to as
"accounting mismatch").
38
Page 42
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(i) Classification (continued)
At initial recognition, BRI and subsidiaries may make an irrevocable choice to present equity
instruments that are not held for trading at fair value through other comprehensive income.
Valuation of business models
The business model is determined at a level that reflects how groups of financial assets are
managed together to achieve certain business objectives.
The evaluation of the business model is carried out by considering, but not limited to, the
following:
a. How the performance of the business model and financial assets held in the business model
are evaluated and reported to the BRI and subsidiaries key management personnel;
b. What risks affect the performance of the business model (including financial assets held in
the business model) and specifically how the financial assets are managed; and
c. How to evaluate the performance of financial asset manager (for example, whether
performance appraisals are based on the fair value of the managed assets or the contractual
cash flows obtained).
Financial assets held for trading and performance appraisals based on fair value are measured
at fair value through profit or loss.
Evaluation of contractual cash flows obtained solely from payment of principal and interest
For the purpose of this valuation, principal is defined as the fair value of financial assets at initial
recognition. Interest is defined as compensation for the time value of money and credit risk in
relation to the principal amount owed over a certain period of time and also the risk and standard
borrowing costs, as well as profit margins.
An assessment of contractual cash flows obtained solely from principal and interest payments is
made by considering contractual terms, including whether financial assets contain contractual
terms that can change the timing or amount of contractual cash flows. In conducting the
assessment, BRI and subsidiaries consider:
a. Contingency events that will change the time or amount of contractual cash flow;
b. Leverage feature;
c. Terms of advance payment and contractual extension;
d. Requirements regarding limited claims for cash flows from specific assets; and
e. Features that can change the time value of money.
BRI and its subsidiaries classify financial liabilities in the following categories:
a. Financial liabilities measured at fair value through profit or loss; and
b. Financial liabilities measured at amortized acquisition costs.
Financial liabilities measured at fair value through profit or loss consist of two sub-categories:
a. Financial liabilities classified as traded.
b. Financial liabilities that at the time of initial recognition have been determined by BRI and its
subsidiaries to be measured at fair value through profit or loss.
39
Page 43
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(i) Classification (continued)
Evaluation of contractual cash flows obtained solely from payment of principal and interest
(continued)
Financial liabilities are classified as traded if acquired primarily for the purpose of being sold or
repurchased in the near future or if they are part of a portfolio of certain financial instruments that
are jointly managed and there is evidence of current short-term profit-taking patterns. Derivatives
are classified as traded liabilities unless determined and effective as hedging instruments.
BRI and subsidiaries classify all financial liabilities after initial recognition is measured at
amortized acquisition costs, except:
• Financial liabilities measured at fair value through profit or loss;
• Financial liabilities arising when the transfer of financial assets do not qualify for termination
of recognition or when an ongoing engagement approach is implemented;
• Financial guarantee contracts;
• Commitment to provide loans with below-market interest rates; or
• Contingency rewards recognized by the acquirer in a combination of businesses.
(ii) Initial recognition
a. Purchase or sale of financial assets that requires transfer of assets within a time frame
specified by regulations and normal course of business is recognized on the settlement date.
b. Financial assets and financial liabilities are initially recognized at fair value. For those financial
assets or financial liabilities not measured at fair value through profit or loss, the fair value
includes directly attributable transaction costs. The subsequent measurement of financial
assets and financial liabilities depends on their classification.
Transaction costs only include costs that are directly attributable to the acquisition of
a financial asset or issuance of a financial liability and are additional costs that would not occur if
the financial instrument is not acquired or issued. For financial assets, transaction costs are
added to the amount recognized in the initial recognition of the asset, while for financial liabilities,
transaction costs are deducted from the amount of debt recognized in the initial recognition of a
liability. These transaction costs are amortized over the life of the instrument based on the
effective interest rate method and recorded as part of interest income for transaction costs related
to the financial asset or as part of interest expense for transaction costs related to financial
liabilities.
(iii) Subsequent measurement
Financial assets held at fair value through other comprehensive income are measured at fair
value and changes in fair value are recorded in other comprehensive income. Financial assets
and liabilities held at fair value through profit or loss are measured at fair value and changes are
recognized in profit or loss.
Financial assets and liabilities measured at amortized cost are measured using the effective
interest rate method.
40
Page 44
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(iv) Derecognition
a. Financial assets are derecognized when:
1) The contractual rights to receive cash flows arising from the financial assets have
expired; or
2) BRI and subsidiaries have transferred their rights to receive cash flows arising from the
financial assets or has assumed an obligation to pay the cash flows received in full
without significant delay to third parties under a pass-through arrangement; and either
(a) BRI and subsidiaries have substantially transferred all the risks and rewards of the
assets, or (b) BRI and subsidiaries have neither transferred nor retained substantially all
the risks and rewards of the assets, but have transferred control of the assets.
When BRI and subsidiaries have transferred its rights to receive cash flows from an asset or
has entered into a pass-through arrangement and has neither transferred nor retained
substantially all the risks and rewards of the asset or has not transferred the control of the
asset, the asset is recognized to the extent of BRI and subsidiaries implication of the asset.
BRI and subsidiaries derecognize financial assets, such as loans, when the terms and
conditions have been renegotiated substantially, so that the granted loan becomes new, with
the difference being recorded as a profit or loss from the derecognition, if the impairment loss
has not been recorded. Such loan will be classified as Stage 1 for Expected Credit Losses
(ECL) assessment, unless the granted loan is considered a purchased or derived financial
asset (Purchased or Originated Credit-Impaired Financial Assets - "POCI”).
If the modification will not result in a cash flow that is substantially different, then the
modification will not result in the derecognition of the asset. Based on the difference in cash
flow discounted at the initial Effective Interest Rate (EIR), BRI will record gains or losses
resulting from modifications, up to the amount of impairment losses that have not been
recognized.
Loans are written off when there is no longer a realistic prospect of loan repayment or the
normal relationship between BRI and subsidiaries and the debtors have ended. These
uncollectible loans, are written off against allowance for impairment losses.
When a financial asset is derecognized or an impairment occurs, the cumulative gain or loss
previously recognized both in equity must be reclassified to the consolidated statement of
profit or loss and other comprehensive income.
b. Financial liabilities are derecognized when they end, that is when the liabilities under the
contract is discharged, cancelled or has expired.
When an existing financial liability is replaced by another from the same creditor on
a substantially different terms, or the terms of an existing liability are substantially modified,
then the exchange or modification is treated as derecognition of the initial liability amount and
the recognition of a new liability and the difference in the respective carrying amounts is
recognized in the consolidated statement of profit or loss and other comprehensive income.
41
Page 45
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(v) Income and expense recognition
a. Interest income and expense on financial assets measured at fair value through other
comprehensive income as well as financial assets and financial liabilities recorded at
amortized cost are recognized in the consolidated statement of profit or loss and other
comprehensive income using the effective interest method.
b. Gains and losses arising from changes in the fair value of the financial assets and liabilities
measured at fair value through profit or loss are included in the consolidated statement of
profit or loss and other comprehensive income.
c. Gains and losses arising from changes in the fair value of financial assets classified as at fair
value through other comprehensive income are recognized directly in equity, except for gains
or losses due to changes in the exchange rate of monetary items, derecognition or impairment
of the financial asset.
The gross carrying amount of a financial asset is the amortized cost of a financial asset before
adjusted by allowance for impairment.
In calculating interest income and expenses, the effective interest rate is applied to the gross
carrying amount of an asset (when the asset is not a deteriorated financial asset) or to the
amortized cost of a liability.
For financial assets that have deteriorated after initial recognition, interest income is calculated
by applying an effective interest rate to the amortized cost of the financial assets. If the asset no
longer deteriorates, the calculation of interest income will be calculated by applying an effective
interest rate to the gross carrying amount of the financial asset.
For financial assets that have deteriorated at initial recognition, interest income is calculated by
applying the effective interest rate to the amortized cost of the financial assets. If the asset no
longer deteriorates, the calculation of interest income will still be calculated by applying the
effective interest rate to the amortized cost of the financial asset.
(vi) Reclassification of financial assets
BRI and subsidiaries reclassifies financial assets if and only if, the business model for managing
financial assets changes. There is no reclassification for financial liabilities.
(vii) Offsetting
Financial assets and liabilities are offset and the net amount is presented in the consolidated
statement of financial position if and only if, BRI and its subsidiaries has a legal right to offset the
recognized amounts and intends either to settle on a net basis or to realize the asset and settle
the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be enforceable in
the normal course of business, event of default, or bankruptcy of the entity over all the
counterparties.
Income and expenses are presented on a net basis only when permitted by the Financial
Accounting Standards.
42
Page 46
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(viii) Amortized cost measurement
The amortized cost of a financial asset or financial liability is the amount of the financial asset or
financial liability measured at initial recognition, less principal repayments, plus or minus the
cumulative amortization using the effective interest rate method calculated from the difference
between the amount at initial recognition and the amount at maturity, less any impairment.
(ix) Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.
The fair value measurement is based on the assumption that the transaction to sell an asset or
to transfer a liability takes place either:
• In the principal market for the assets and liabilities; or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants
would use when determining the price of the asset and liability assuming that market participants
act in their own best economic interest.
BRI and its subsidiaries use valuation techniques that are appropriate in the circumstances and
for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial
statement are classified within a fair value hierarchy, based on the lowest input level significant
to the overall fair value measurement:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
accessible at the measurement date.
• Level 2: Inputs other than quoted prices included in level 1 for the assets and liabilities,
which is directly or indirectly observable.
• Level 3: Unobservable inputs for the assets and liabilities.
For assets and liabilities recognized in the consolidated financial statement on a recurring basis,
BRI and subsidiaries determine whether transfers have occurred between levels in the hierarchy
by re-assess the categories (based on the lowest input level significant to the fair value
measurement) at the end of each reporting period.
For the fair value disclosures purposes, BRI and subsidiaries have determined the classes of
assets and liabilities based on the nature, characteristics, risks of the asset and liability, and the
level of the fair value hierarchy (Note 40).
43
Page 47
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
c. Financial assets and financial liabilities (continued)
(x) Sukuk financial assets
Based on SFAS No. 410, BRI and subsidiaries determine the classification of investment in sukuk
as follows:
a. Measured at acquisition cost
• The investment is owned in a business model whose main purpose is to obtain
contractual cash flows and there are contractual requirements in determining a certain
date for the payment of principal and/or results.
• Sukuk acquisition costs include transaction costs, and the difference between acquisition
cost and par value is amortized in a straight line over the term of the sukuk and
recognized in profit and loss.
b. Measured at fair value through other comprehensive income
• The investment is owned in a business model whose main purpose is to obtain
contractual cash flow and make sukuk sales, there are contractual requirements in
determining a certain date for the payment of principal and/or proceeds.
• Sukuk acquisition costs include transaction costs, and the difference between acquisition
cost and par value is amortized in a straight line over the term of the sukuk and
recognized in profit and loss.
• The gain or loss from the change in fair value is recognized in other comprehensive
income after accounting for the balance of the difference between acquisition cost and
unamortized par value and the accumulated balance of the gain or loss of fair value that
has been recognized in other previous comprehensive income. When sukuk investments
derecognized, accumulated gains or losses previously recognized in other
comprehensive income are reclassified to profit and loss.
c. Measured at fair value through profit and loss
The cost of sukuk acquisition does not include transaction costs, and the difference between
fair value and carrying amount is recognized in profit and loss.
d. Transactions with related parties
BRI and subsidiaries engage in transactions with related parties as defined in SFAS No. 224 on
“Related Parties Disclosures”.
A party is considered related parties to BRI and subsidiaries if:
1) Directly or indirectly, through one or more intermediaries, a party (i) controls, or is controlled by,
or is under common control with BRI and subsidiaries; (ii) has an interest in BRI and subsidiaries
that provides significant influence on BRI and subsidiaries; or (iii) has joint control over BRI and
subsidiaries;
2) It is a related entity with BRI and subsidiaries;
3) It is a joint venture in which BRI and subsidiaries have ventured in;
44
Page 48
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
d. Transactions with related parties (continued)
BRI and subsidiaries engage in transactions with related parties as defined in SFAS No. 224 on
“Related Parties Disclosures”. (continued)
A party is considered related parties to BRI and subsidiaries if (continued):
4) It is a member of key management personnel in BRI and subsidiaries or the parent entity;
5) It is a close family member of the individual described in clause (1) or (4);
6) It is an entity that is controlled, jointly controlled or significantly influenced by or for whom has
significant voting rights in several entities, directly or indirectly, by the individual described in
clause (4) or (5); and
7) It is a post-employment benefit plan for the employees benefit of either BRI and subsidiaries or
entities related to BRI and subsidiaries.
Transactions with related parties are carried out based on terms agreed between both parties, which
may not be the same as other transactions carried out with unrelated parties.
All transactions done by BRI have complied with Capital Market and Financial Institution Supervisory
Agency Regulation No. IX.E.1 regarding “The Affiliate Transactions and Conflict of Interest of Certain
Transactions”, at the time the transactions were made. All material transactions and balances with
related parties are disclosed in the relevant notes to the consolidated financial statement and the
details have been presented in Note 44 of the consolidated financial statement. Furthermore, material
transactions and balances between BRI and subsidiaries and the Government of the Republic of
Indonesia and other entities related to the Government of the Republic of Indonesia are also disclosed
in Note 44.
e. Allowance for impairment losses on financial assets
BRI and subsidiaries recognize the allowance for expected credit losses on financial instruments that
are not measured at fair value through profit or loss.
BRI and subsidiaries measure the allowance for losses for the lifetime of an expected credit loss,
except for the following, which are measured according to 12 months expected credit loss:
a. debt instruments that have low credit risk at the reporting date; and
b. other financial instruments for which credit risk has not increased significantly since initial
recognition.
BRI and subsidiaries consider debt instruments to have low credit risk when the credit risk rating is at
par with the globally accepted definition of investment grade.
The 12 months expected credit loss is part of the expected credit loss throughout its lifetime that
represents an expected credit loss arising from a default on financial instruments that might occur 12
months after reporting date.
45
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
e. Allowance for impairment losses on financial assets (continued)
The loss that occurred is recognized in the consolidated statements of profit or loss and other
comprehensive income and recorded on the allowance account for impairment losses as
a deduction for financial assets recorded at amortized acquisition costs. If in the following period, the
amount of impairment losses decreases and the deduction can be objectively attributed to events that
occur after the impairment is recognized (such as the increase in the debtor or issuer's credit rating),
then the previously recognized impairment loss must be recovered, by adjusting the backup account.
The amount of recovery of financial assets is recognized in the consolidated statements of profit or
loss and other comprehensive income in the current period.
Expected credit losses for debt instruments measured at fair value through other comprehensive
income do not reduce the carrying value in financial assets in the consolidated statements of financial
position, i.e. fair value. Expected credit losses are recognized as an increase in other comprehensive
income in the statement of financial position.
Equity instruments measured at fair value are not assessed for impairment in accordance with SFAS
No. 109.
Recovery for financial assets that have been written-off, in the current year are credited with adjusting
the allowance for impairment losses account. Recovery for financial assets that have been written-off
in previous years are recorded as operating income other than interest.
Measurement of Expected Credit Losses
Expected Credit Loss is an estimate of the weighted probability of a credit loss measured as follows:
• Financial assets that do not deteriorate at the reporting date, the expected credit loss is measured
at the difference between the present value of all cash shortages (i.e. the difference between the
cash flows owed to the BRI and subsidiaries in accordance with the contract and the cash flows
expected to be received by the BRI and subsidiaries);
• Financial assets that deteriorate at the reporting date, the expected credit loss is measured at the
difference between the gross carrying amount and the present value of estimated future cash
flows;
• Undisbursed loan commitments, expected credit losses are measured at the difference between
the present value of the amount of cash flow if the commitments is withdrawn and the cash flow
expected to be received by the Bank;
• Financial guarantee contracts, expected credit losses are measured at the difference between
the estimated payments to replace the holder for the credit losses incurred less the amount
estimated to be recoverable.
Restructured Financial Assets
If the terms of the financial assets are renegotiated or modified or the existing financial assets are
replaced with new ones due to the borrower’s financial difficulties, an assessment is made whether
recognition of existing financial assets must be derecognized and expected credit losses measured
as follows:
• If the restructuring does not result in the termination of recognition of existing assets, then the
estimated cash flows arising from the modified financial assets are included in the calculation of
cash shortages of existing assets.
• If the restructuring will result in a derecognition of the existing assets, the fair value of the new
asset is treated as the final cash flow of the existing financial assets at the time of derecognition.
This amount is included in the calculation of cash shortages from existing financial assets which
are discounted from the date of derecognition to the reporting date using the original effective
interest rate of the existing financial assets.
46
Page 50
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
e. Allowance for impairment losses on financial assets (continued)
Deteriorated Financial Assets
At each reporting date, BRI and subsidiaries assess whether the financial assets recorded at
amortized cost and the financial assets of debt instruments which are recorded at fair value through
other comprehensive income are impaired (deteriorated) in credit value. Financial assets deteriorate
when one or more events that have an adverse effect on the estimated future cash flows of the
financial assets have occurred.
Evidence that financial assets are impaired (deteriorated) credit value including observable data
regarding the following events:
• Significant financial difficulties experienced by the issuer or the borrower;
• Breach of contract, such as a default or arrears;
• The lender, for economic or contractual reasons in relation to the financial difficulties experienced
by the borrower, has given concessions to the borrower which is not possible if the borrower does
not experience such difficulties;
• It is probable that the borrower will enter bankruptcy or other financial reorganization;
• Loss of an active market for financial assets due to financial difficulties;
• Purchase or issuance of financial assets at a very large discount reflecting credit losses incurred;
or
• It is difficult to identify a single discrete event, however, the combined impact of multiple events
can cause financial assets to experience a decrease in credit value.
Purchased or originated credit-impaired financial assets - POCI
Financial assets are categorized as POCI if there is objective evidence of impairment at initial
recognition. At initial recognition, no allowance for credit losses is recognized because the purchase
price or value has included estimated credit losses for the entire lifetime. Furthermore, changes in
credit losses over their lifetime, whether positive or negative, are recognized in the statement of profit
or loss as part of the allowance for credit losses.
Based on the above process, BRI and its subsidiaries classify financial assets on Stage 1,
Stage 2, Stage 3 and POCI, as follows:
• Stage 1: includes financial instruments that do not have a significant increase in credit risk since
initial recognition or have low credit risk as of the reporting date. For these financial
instruments, a 12 months ECL calculation will apply. Financial assets in Stage 1 include
facilities where credit risk has improved and financial assets can be reclassified from
Stage 2.
• Stage 2 : includes financial instruments that have experienced an increase in credit risk since the
initial recognition (unless BRI and its subsidiaries consider the credit risk is relatively
low as of the reporting date), but there has been no evidence of an objective
impairment. For these instruments, a lifetime ECL calculation will apply. Lifetime ECL
is the expected credit loss of all possible default events during the estimated life of the
financial instrument. Stage 2 also includes facilities where credit risk has improved and
financial assets have been reclassified from Stage 3.
47
Page 51
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
e. Allowance for impairment losses on financial assets (continued)
Purchased or originated credit-impaired financial assets – POCI (continued)
Based on the above process, BRI and its subsidiaries classify financial assets on Stage 1,
Stage 2, Stage 3 and POCI, as follows (continued):
• Stage 3 : includes financial instruments that have been objectively impaired as of the reporting
date. This classification usually consists of debtors who have defaulted. BRI and its
subsidiaries record lifetime ECL allowances.
POCI : POCI assets are financial assets that experience impairment based on credit risk
assessment at the time of initial recognition. The asset is recorded at fair value at the
time of initial recognition, and interest income will be further recognized based on the
adjusted effective interest rate method. ECL allowances are only recorded or reversed
if there are further changes to expected credit losses.
There are qualitative and quantitative criteria to ensure financial assets are covered in certain stages.
Individual impairment are calculated for significant financial assets that have experienced default or
restructuring. Aside from individual impairment, the impairment will be calculated collectively.
Individual Impairment
The calculation method of individual impairment will take into account 3 (three) possible return
scenarios, namely: (i) the base scenario, (ii) the bad scenario, and (iii) the worst-case scenario.
Scenario creation is done using discounted cash flow (DCF) method and considering confidence level
that describes the condition of the industry and related companies. ECL generated by each scenario
will later be weighted against the weight of the scenario that has been set.
Collective Impairment
The collective impairment evaluation is based on the concepts of Probability of Default (PD), Loss
Given Default (LGD), and Exposure at Default (EAD) that consider information from past, current,
and future events.
BRI and its subsidiaries use the (i) Skalar Bayesian model, (ii) Credit Index, and (iii) Vasicek and
other approaches in determining the PD value of each debtor.
BRI and its subsidiaries use the (i) Historical, (ii) Diminish Balance, and (iii) Value to Loan methods
in determining the LGD value of each debtor. LGD describes the nominal percentage of facilities that
the Bank will not be able to cover against defaulted debtors. LGD is usually calculated with a 1-
Recovery Rate. Recovery rate is calculated considering the Time Value of Money from the return of
the obligation that has defaulted. The interest rate used to calculate the Time Value of Money from
Recovery is the initial Effective Interest Rate (EIR).
48
Page 52
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
e. Allowance for impairment losses on financial assets (continued)
Purchased or originated credit-impaired financial assets – POCI (continued)
Exposure at Default (EAD) is an estimation of the book value at the time of default, which consider
the cash flow of relevant financial instruments, as well as the possibility of additional withdrawals from
the credit limit up to the date of default. EAD also considers payment schedules and amortization as
well as changes in the utilization of undrawn loan facilities ahead of the default. EAD modeling is
conducted based on the characteristics of related financial instruments, which are divided into several
categories: (i) installment credits, (ii) revolving credits, (iii) trade finance, and (iv) treasury.
ECL measurements based on SFAS No. 109 requires the Bank to model ECL according to existing
forward-looking scenarios, taking into account the possibilities of economic conditions. Therefore, the
ECL value generated by the Bank must be based on the probability results of three scenarios (normal
economic cases, good and bad). PD and LGD will be calculated according to three scenarios with
macro-economic values according to those scenarios. For secured loan segmentation, LGD will also
be calculated based on three scenarios when data is already sufficient. The weight of good, normal,
and bad scenarios can be adjusted in line with changes in economic conditions and the Bank and
subsidiaries’ discretion.
Presentation of Expected Credit Loss Allowance in statement of Financial Position
The allowance for expected credit loss is presented in the statement of financial position as follow:
• For financial assets measured at amortized cost, allowance for expected credit losses is
presented as a deduction from the gross carrying amount of the asset;
• For loan commitments and financial guarantee contracts, generally allowance for expected credit
losses is presented as a provision;
• For debt instruments measured at fair value through other comprehensive income, allowance for
expected loan losses are not recognized in the statement of financial position as a deduction in
carrying value because the carrying amounts of these assets are their fair values. However,
allowance for expected loan losses is disclosed and recognized in other comprehensive income
in consolidated statement of financial position.
Write-off
Loans and debt instruments are written off when there is no realistic prospect of recovering financial
assets in whole or in part. This generally occurs when the Bank determines that the borrower does
not have assets or sources of income that can generate sufficient cash flow to pay the amount written
off. However, the written off financial assets can still be carried out in accordance with the BRI’s
mitigation procedures in order to recover the amount due.
In compliance with Bank Indonesia and Financial Services Authority (OJK), BRI and subsidiaries
apply Financial Services Authority Regulation (POJK) No. 40/POJK.03/2019 dated December 19,
2019 regarding "The Quality Assessment of the Bank Assets”.
The assessment criteria of collateral value that can be reduced in the provision of allowance for
impairment losses is in accordance with Financial Services Authority Regulation (POJK).
49
Page 53
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
f. Current accounts with Bank Indonesia and other banks
Current accounts with Bank Indonesia and other banks are recognized at amortized cost using the
effective interest rate method minus the allowance for impairment losses. Current accounts with
Bank Indonesia and other banks are classified as amortized cost.
g. Placement with Bank Indonesia and other Financial Institutions
Placements with Bank Indonesia and other Financial Institutions are investment funds in Bank
Indonesia in the form of Deposit Facility and Term Deposits, while placement of funds to other
financial institutions are investment in the form of placement in the money market (Inter-bank call
money), time deposits, deposit on call, and banker’s acceptance.
Placements with Bank Indonesia and other Financial Institutions are stated at amortized cost using
the effective interest rate method minus the allowance for impairment losses. The placements with
Bank Indonesia and other Financial Institutions are classified respectively as amortized cost.
h. Securities
Securities consist of securities traded in the money and capital market such as Bank Indonesia
Certificates, Bank Indonesia Deposit Certificates, Sharia Bank Indonesia Certificates, Government
bonds, subordinated bonds, mutual fund units, Medium-Term Notes, U.S. Treasury Bonds,
U.S. Treasury Bills, Singapore Government Securities, Negotiable Certificates of Deposit, Monetary
Authority of Singapore (MAS) bills, Taiwan government Bonds, and other commercial bonds traded
in the stock exchange.
Securities include bonds issued by the Government that are not related with the recapitalization
program such as Government Debentures (Surat Utang Negara or SUN), Government Treasury Bills
(Surat Perbendaharaan Negara or SPN) and Government bonds in foreign currency obtained from
primary and secondary markets.
Securities are initially recorded at fair value. After initial recognition, the securities are recorded based
on its category at amortized cost, fair value through other comprehensive income, or fair value through
profit or loss.
Securities measurement are based on the following classification:
1) Held to maturity Securities are recorded at amortized acquisition cost using effective interest rate
method. Interest income is recognized in the consolidated statements profit or loss and other
comprehensive income using the effective interest rate method.
2) Securities classified as trading (fair value through profit or loss) are stated at fair value. Gains
and losses arising from changes in fair value of Securities are recognized in the consolidated
statements of profit or loss and other comprehensive income. Changes in fair value are
recognized on the consolidated statements of profit or loss. On the sale of a portfolio of securities
for fair value through profit and loss, the difference between the sale price and fair value is
recognized as the gain or loss of sale in the year in which the securities were sold.
3) Securities classified as fair value through other comprehensive income are stated at fair value.
Interest income is recognized in the consolidated statements of profit or loss and other
comprehensive income by using effective interest rate methods. The profit or loss from the
exchange rate for the Securities are recognized in the consolidated statements of profit or loss
and other comprehensive income. Other fair value changes are directly recognized in equity until
the Securities are sold or impaired, and cumulative gains and losses which previously recognized
in equity should be recognized in the consolidated statements of profit or loss and other
comprehensive income.
50
Page 54
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
i. Export bills and other receivables
Export bills and other receivables are export bills that are negotiated on a discounted basis and
guaranteed by other banks while notes receivable is a bill or billing document in the form of a bill of
exchange to the collectible party/drawee on the basis of a discount or a particular financing. Export
bills and other receivables are recorded at amortized costs after deducting allowance for impairment
losses.
j. Loans
Loans represent the granting of money or other similar form of receivables under agreements or
borrowing and lending commitments with debtors, whereby the debtors are required to repay their
debts after a specified period of time in return for interest.
Loans are initially measured at fair value plus transaction costs that are directly attributable and
incremental costs to obtain the financial assets and after the initial recognition measured at amortized
cost using the effective interest rate method less allowance for impairment losses.
Loans are classified as amortized cost.
Syndicated loans are stated at the loans’ principal amount to the extent of the risks borne by BRI and
subsidiaries.
Restructured loans are stated at the lower of the carrying amount on the date of restructuring or the
present value of future cash receipts after the restructuring. Losses resulting from the difference
between the carrying amount on the date of restructuring and the present value of future cash inflows
after the restructuring are recognized in the consolidated statement of profit or loss and other
comprehensive income. After the restructuring, all future cash inflows specified by the new terms are
recorded as a principal payment of loans and interest income in accordance with the terms of the
restructuring.
Loans are written-off when there is no realistic prospect of collections in the future and all collateral
have been sought to be realized or foreclosed. The uncollectible loans are written-off against the
allowance for impairment losses. Subsequent payment of loans that was written-off of previous years
are credited to allowance for impairment losses in the consolidation financial report. Subsequent
payment of loans that was written-off of previous years are credited to operating income other than
interest.
k. Sharia loans
These receivables consist of murabahah receivables, mudharabah financing and musyarakah
financing.
Murabahah is a sale and purchase contract between the customer and subsidiary, whereby the
subsidiary finance the consumption, investment and working capital needs of the customers that are
sold with a principal price plus a given margin that is mutually informed and agreed. Payments on this
financing is made in installments for a specified period of time.
Murabahah receivables are initially measured at fair value plus directly attributable transaction costs
and is the additional cost to obtain the financial assets. After the initial recognition, Murabahah
receivables are measured at amortized cost using the effective margin method less allowance for
impairment losses.
51
Page 55
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
k. Sharia loans (continued)
Mudharabah is a joint financing contract between subsidiaries as the owner of the funds (shahibul
maal) and the customer as a business executor (mudharib) for a certain period of time. The profit
sharing from the project or business is determined in accordance with the mutually agreed nisbah
(pre-determined ratio). On the statement of financial position date, mudharabah financing is stated at
the outstanding financing balance less allowance for impairment losses which is provided based on
the management’s review of the existing financing quality.
Musyarakah is a partnership contract among capital owners (musyarakah partners) to joint the capital
and conduct a business on a joint basis through partnership with an agreed profit-sharing nisbah,
while the losses are borne proportional to the capital contribution. On the statement of financial
position date, musyarakah financing is stated at the outstanding financing balance less allowance for
impairment losses which is provided based on the management’s review on the existing financing
quality.
l. Finance receivables
Finance lease receivables
Finance lease receivables represent lease receivables plus the residual value at the end of the lease
period and stated net of unearned lease income, security deposits and allowances for impairment
losses. The difference between the gross lease receivable and the present value of the lease
receivable is recognized as unearned lease income.
Unearned financing lease income is recognized as financing lease income using effective interest
rates method.
The lessee has the option to purchase the leased asset at the end of the lease period at a price
mutually agreed upon at the commencement of the agreement.
Early termination is treated as a cancellation of an existing contract and the resulting gain or loss is
credited or charged to the current year statement of profit or loss and other comprehensive income.
The subsidiary as a lessor
Under a finance lease, the Subsidiary, as a lessor, recognizes assets held under a finance lease in
its statement of financial position and present them as a receivable at an amount equal to the net
investment in direct financing leases.
Lease payment receivable is treated as repayment of principal and finance income. The recognition
of lease income is based on a pattern reflecting a constant periodic rate of return on the Subsidiaries’s
net investment in direct financing lease.
Under an operating lease, the Subsidiary presents assets subject to operating leases in its statement
of financial position according to the nature of the asset. Initial direct costs incurred in negotiating an
operating lease are added to the carrying amount of the leased asset and recognized over the lease
term on the same basis as rental income. Contingent rents, if any, are recognized as revenue in the
periods in which they are earned. Lease income from operating leases is recognized as income on a
straight-line method over the lease term.
52
Page 56
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
l. Finance receivables (continued)
The subsidiary as a lessor (continued)
Finance lease receivables are classified as financial assets measured at amortized cost.
Credit restructuring can be done by over contract, asset replacement, repay back, change in due
date, change in tenor and/or increase in down payment.
Losses on loan restructuring in respect of modification of the terms of the loans are recognized only
if the cash value of total future cash receipt specified in the new terms of the loans, including both
receipts designated as interest, and those designated as loan principal, are less than the recorded
amounts of loans before restructuring in financial statements.
Consumer financing receivables
Net consumer financing receivables are presented net of amounts financed, unearned consumer
financing income and allowance for impairment losses.
Consumer financing receivables are recognized initially at fair value, added with directly attributable
transactions costs and deducted by yield enhancing income, and subsequently measured at
amortized cost using the effective interest rate method. Consumer financing receivables are classified
as financial assets measured at amortized cost. Consumer financing receivables are classified as
loans and receivables.
Consumer financing receivables presented the difference between total installment payments to be
received from customer with total principal amount, recognized as an income over the contract term
based on the effective interest rate of consumer financing receivables.
The completion of the contract before its maturity is treated as a cancellation of an existing contract
and the resulting gain or loss is recognized in the current year statement of profit or loss and other
comprehensive income at the transaction date.
Credit restructuring can be done by over contract, asset replacement, repay back, change in due
date, change in tenor and/or increase in down payment.
Losses on loan restructuring in respect of modification of the terms of the loans are recognized only
if the cash value of total future cash receipt specified in the new terms of the loans, including both
receipts designated as interest, and those designated as loan principal, are less than the recorded
amounts of loans before restructuring in financial statements.
Factoring receivables
Factoring receivables are recognized as in SFAS and accounted for as a factoring receivable at the
amounts of receivables acquired and are presented at the realizable value, net of deferred income.
The difference between the factoring receivables and the amount of payments made to the client is
recognized as deferred factoring income and will be recognized as factoring income over the terms
of the respective factoring agreements using the effective interest rate.
Factoring receivables are classified as financial assets measured at amortized cost.
53
Page 57
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
m. Acceptances receivable and payable
Acceptances receivable and payable represent Letter of Credit (L/C) and Domestic Document Letter
of Credit transactions that are accepted by the accepting banks.
Acceptances receivable and payable are stated at amortized cost. Acceptances receivable are
presented net of allowance for impairment losses.
Acceptance receivables are classified as amortized cost although acceptance payables are classified
as financial liabilities measured at amortized cost.
n. Investment in associated entities
BRI’s investments in its associated entities are measured using the equity method. An associated
entity is an entity in which BRI has significant influence or share ownership more than 20% of the
voting rights. The initial recognition of investments in associated entities are recognized at acquisition
cost and the carrying amount is added or deducted to recognize BRI’s portion of profit or loss of the
associated entities after the acquisition date. BRI’s portion of profit or loss of the associated entities
is recognized in profit or loss of BRI. Receipt of distributions from associated entities reduces the
carrying amount of the investment.
The consolidated statement of profit or loss and other comprehensive income reflects the share of
the results of operations of the associated entities. If there is any change recognized directly in the
equity of the associated entities, BRI recognizes its share of these changes and discloses this, when
applicable, in the statement of changes in equity. Unrealized gains and losses resulting from
transactions between BRI and the associated entities are eliminated to the extent of BRI’s interest in
the associated entities.
After applying the equity method, BRI determines each reporting date whether it is necessary to
recognize additional impairment loss on BRI’s investment in its associated entities. BRI determines
at each reporting date whether there is any objective evidence indicating that the investment in the
associated entities is impaired. In this case, BRI calculates the amount of impairment as the difference
between the recoverable amount of the investment in the associated entities and its carrying value,
and recognizes it in the consolidated statement of profit or loss and other comprehensive income.
BRI’s investment in its associated entities with no significant influence or share ownership under 20%
is recorded at fair value in accordance with SFAS No. 109.
o. Premises and equipment
Premises and equipment are initially recognized at acquisition cost, which comprises its purchase
price and additional costs directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by the management. Subsequent
to initial recognition, premises and equipment, except lands, are stated at acquisition cost less
accumulated depreciation and impairment losses.
Premises and equipment acquired in exchange for a non-monetary asset or a combination of
monetary and non-monetary assets are measured at fair values, unless:
(i) the exchange transaction lacks commercial substance; or
(ii) the fair value of the assets received or the assets given up cannot be measured reliably.
54
Page 58
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
o. Premises and equipment (continued)
Depreciation of an asset begins when it is ready for its intended use and is calculated using the
straight-line method based on the estimated economic useful lives of use the assets as follows:
Years
Buildings 15
Motor vehicles 5
Vessels 15
Computers and machineries 3-8
Furniture and fixtures 3-8
E-Channel 3-5
Satellite 15
Main System 5
Non Main System 3
Premises and equipment valuation is carried out on the impairment and possible impairment of the
fair value of asset if an event or change in circumstances indicates that the carrying amount may not
be fully realized.
The carrying amount of an item of premises and equipment is derecognized upon disposal or when
no future economic benefits are expected from its use or disposal. Any gain or loss arising from the
derecognition is recognized in profit or loss in the year of the derecognition.
The residual values, useful lives and depreciation methods are evaluated at the end of each year and
adjusted prospectively, if necessary.
Land is initially stated at acquisition cost and not depreciated. Subsequent to initial recognition, land
is measured at fair value at the revaluation date less any accumulated impairment losses after the
revaluation date. Valuation of land is performed by appraisers with professional qualifications, and is
conducted periodically to ensure that the carrying amount does not differ materially from its fair value
at the end of the reporting period (Note 16).
If the fair value of the revalued asset experiences significant and fluctuating changes, it has to be
revalued annually, whereas if the fair value of the revalued asset does not experience significant and
fluctuating changes, it has to be revalued once every 3 (three) years.
Increase in the carrying amount arising from revaluation is recorded in “Revaluation Surplus arising
from Premises and Equipment” and presented in other comprehensive income. However, the
increase is recognized in profit or loss, to the extent of the amount of impairment of the same assets
due to revaluation previously recognized in profit or loss. A decrease in the carrying amount arising
from the revaluation is recognized in profit or loss.
Maintenance and repairment expenses are charged to profit or loss when incurred. Restoration and
addition expenses in significant amounts are capitalized to the carrying amount of the related
premises and equipment when it is probable that the future economic benefits exceeded the
predefined initial performance standard and are depreciated over the remaining useful life of the
related premises and equipment.
55
Page 59
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
o. Premises and equipment (continued)
Assets under construction are stated at cost, including capitalized borrowing costs and other costs
incurred regarding the financing of the assets under constructions. The accumulated costs will be
reclassified to the appropriate “Premises and Equipment” account when the construction is completed
and the assets are ready for their intended use. Assets under construction are not depreciated as
these are not yet available for use.
The legal cost of landrights in the form of Business Usage Rights (“Hak Guna Usaha” or “HGU”),
Building Usage Right (“Hak Guna Bangunan” or “HGB”) and Usage Rights (“Hak Pakai” or “HP”) when
the land was initially acquired are recognized as part of the acquisition cost of the land under the
“Premises and Equipment” account. The legal extension or renewal costs of landrights are recognized
as intangible assets and amortized over life of the legal rights or the economic life of the land,
whichever is shorter.
Lease
A lease is classified as a financing lease if the lease substantially diverts all the risks and benefits
associated with ownership of the asset. A lease is classified as an operating lease if the lease does
not divert substantially all the risks and benefits associated with ownership of the asset.
BRI and its subsidiaries apply SFAS No. 116: lease for all leases by recognizing right-of-use assets
and related liabilities. BRI applies leases which include SFAS No. 116 for class of asset for land
building and four-wheeled vehicles with underlying assets valued above Rp75,000,000 (full amount)
and has a lease period of more than 12 months.
On the date of the inception of a contract, BRI and subsidiaries assess whether a contract is, or
contains, a lease. A contract constitutes, or contains, a lease if the contract grants the right to control
the use of an asset for a certain period of time to gain compensation. To assess whether
a contract grants a right to control an identifying asset, BRI and Subsidiaries assess whether:
• The contracts involve the use of an identifying asset;
• BRI and subsidiaries have the right to substantially acquire all of the economic benefits of using
the asset during the period of use; and
• BRI and subsidiaries have the right to control identifying assets in the form of:
a. BRI and subsidiaries have the right to operate assets.
b. BRI and subsidiaries have the right to determine for what objectives will the asset be used.
On the date of the inception or at the time of reassessment of a contract that contains a lease
component, BRI and its subsidiaries allocated the reward in the contract to each component of the
lease based on its own relative price of the lease component. Lease payments included in the
measurement of lease liabilities include:
a. Upfront payment;
b. Fixed installment payment; and
c. The lease installment payment changed which relies on the fluctuations in the rental payments
that are determined by the counterpart.
BRI and subsidiaries recognize right-of-use assets and lease liabilities on the commencement date
of the lease. Right-of-use assets are initially measured at the cost of acquisition, consist of the initial
measurement amount of the lease liabilities adjusted to the rental payments made on or before the
commencement date, added with the initial direct cost incurred.
56
Page 60
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
o. Premises and equipment (continued)
Lease (continued)
After the initial date, the right-of-use assets is measured by the cost model. The right-of-use assets
is measured by the acquisition price substracted by accumulated depreciation and accumulated
impairment and adjusted to the remeasurement of lease liabilities. Lease liabilities are measured at
amortized cost using effective interest rate methods.
Short-term leases with a duration of less than 12 months and leases of low-value assets, as well as
elements of such leases, partially or entirely do not apply the recognition principles specified by SFAS
No. 116. BRI and its subsidiaries will recognize such lease payments on a straight-line basis during
the lease period in the consolidated statements of profit or loss and other comprehensive income.
This expense is indicated on general and administrative expenses in the income statement.
p. Impairment of Non-Financial Assets
BRI assesses, at the end of each reporting period, whether there is an indication that an asset may
be impaired. If any such indication exists, or when the testing at the reporting date, impairment is
required for a certain asset (i.e. an intangible asset with an indefinite useful life, an intangible asset
not yet available for use, or goodwill acquired in a business combination), then BRI and subsidiaries
will make an estimate of the asset’s recoverable amount.
The specified recoverable amount for an individual asset is the higher amount between an asset’s or
Cash Generating Unit’s (CGU) fair value less costs of disposal, and its value in use, unless the asset
does not generate cash inflows that are largely independent from other assets or groups of assets. If
the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired
and the asset’s carrying amount is reduced to its recoverable amount. Impairment losses from
continuing operations are recognized in the consolidated statement of profit or loss and other
comprehensive income as “impairment losses”. In assessing the value in use, the estimated net future
cash flows are discounted to their present value using a pre-tax discount rate that reflects the current
market assessments of the time value of money and the risks specific to the asset.
In determining the fair value less costs of disposal, refer to SFAS No. 113, "Fair Value Measurements"
(Note 2c).
Impairment losses from continuing operations, if any, are recognized in the consolidated statement
of profit or loss and other comprehensive income in accordance with expense categories that are
consistent with the functions of other impaired assets.
q. Foreclosed collaterals
Foreclosed collaterals in relation to the settlement of loans (presented in “Other Assets”) are
recognized at net realizable values or the carrying amount of the loans, whichever is lower. Net
realizable value is the fair value of the collateral after deducting the estimated costs of disposal. The
excess in loan balances, which has not been paid by debtors over the value of foreclosed collaterals,
is charged as provisions for allowance for possible losses on loans in the current year. The difference
between the value of the foreclosed collateral and the proceeds from the sale are recognized as a
gain or loss at the time of sale of the collateral.
BRI and subsidiaries evaluate the value of foreclosed collaterals periodically. The allowance for
losses on foreclosed collaterals is assessed based on the impairment of the foreclosed collaterals.
Reconditioning costs arising after the foreclosure of the collateral are capitalized in the accounts of
the foreclosed collaterals.
57
Page 61
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
r. Prepaid expenses
Prepaid expenses are amortized over the useful lives using the straight-line method.
s. Liabilities due immediately
Liabilities due immediately represent the liability of BRI and subsidiaries to external parties which by
nature should be paid immediately in accordance with the requirements in the agreement which have
been previously determined. Liabilities due immediately is classified as financial liabilities and
measured at amortized cost.
t. Deposits from customers and other banks and financial institutions
Demand deposits are funds deposited by customers whereby the withdrawal can be done at any time
using a cheque, or through transfer with a bank draft or other forms of payment order. Demand
deposits are stated at the amount due to the account holder.
Saving deposits are the funds deposited by customers which can only be withdrawn under certain
agreed conditions. Saving deposits are stated at the amount due to the account holders.
Time deposits are funds deposited by customers that may only be withdrawn after a certain time
based on agreement between the depositor and BRI and Bank Raya. Time deposits are stated at the
nominal amount stated in the certificates of deposit or at the amount stated in the agreement.
Deposits from other banks and financial institutions consist of liabilities to other banks, either domestic
or overseas, in the form of demand deposits, saving deposits, time deposits, deposit on call and inter-
bank call money with promissory notes with a term of up to 90 (ninety) days and stated at the amount
due to other banks and financial institutions.
Deposits from customers and other banks and financial institutions are classified as financial liabilities
measured at amortized cost using effective interest rate. Additional costs directly attributable to the
acquisition of deposits from customers are deducted from the amount of the deposits received.
u. Securities purchased under agreement to resell and securities sold under agreement to
repurchase
Securities purchased under agreement to resell
Securities purchase under agreements to resell are presented as the financial asset in the
consolidated statements of financial at the resale prices less unamortized interest income and
allowance for impairment losses. The difference between the purchase price and the agreed resale
price price is treated as a deferred interest income (unamortized) and recognized as income over the
period commencing from the acquisition date to the resale date using the effective interest rate.
Securities purchased under agreement to resell are classified as amortized costs.
58
Page 62
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
u. Securities purchased under agreement to resell and securities sold under agreement to
repurchase (continued)
Securities sold under agreement to repurchase
Securities sold under agreement to repurchase are presented as financial liabilities in the
consolidated statement of financial position at the repurchase prices less unamortized prepaid
interest. The difference between the selling and the repurchase price is treated as prepaid expense
and recognized as expense over the period commencing from the selling date to the repurchase
date using effective interest rate.
Securities sold under agreement to repurchase are classified as financial liabilities measured at
amortized cost.
v. Marketable securities issued
Securities issued by BRI, BRI Multifinance, Pegadaian and PNM are Bonds, Medium Term Notes
(MTN), Long Term Notes (LTN) and Sukuk Mudharabah. Securities issued were initially recognized
at fair value and subsequently measured at amortized cost using the Effective Interest Rate (EIR)
method. The amortized cost is calculated by taking into account any discount or premium related to
the initial recognition and transaction costs that are an integral part of the effective interest rate.
w. Fund borrowings
Fund borrowings represent funds received from other banks, Bank Indonesia or other parties with a
repayment obligation in accordance with the terms of the borrowing agreements.
Fund borrowings are recognized initially at fair value and subsequently measured at amortized cost
using the Effective Interest Rate (EIR) method. The amortized cost is calculated by taking into account
any discount or premium related to the initial recognition and transaction costs that are an integral
part of the effective interest rate.
x. Subordinated loans and marketable securities
Subordinated loans and marketable securities are recognized initially at fair value and subsequently
measured at amortized cost using the Effective Interest Rate (EIR) method. The amortized cost is
calculated by taking into account any discount or premium related to the initial recognition and
transaction costs that are an integral part of the effective interest rate.
y. Provisions
Provisions are recognized when BRI and subsidiaries have a current obligation (both legal or
constructive) that, as a result of past events, the settlement of these obligations will likely result in an
outflow of resources that contain economic benefits and a reliable estimation of the amount of the
obligation can be made.
Provisions are reviewed at each reporting date and adjusted to reflect the best estimate. If the outflow
of resources to settle the obligation is unlikely to occur, then the provision is reversed.
59
Page 63
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
z. Interest income and interest expense
Interest income and expense for all interest bearing financial instruments are recognized in the
consolidated statement of profit or loss and other comprehensive income using the effective interest
rate method. The effective interest rate is the interest rate that precisely discounts the estimated future
cash payments or inflows through the expected life of the financial asset or financial liability (or, if
more precise, a shorter period) to obtain the net carrying amount of the financial asset or financial
liability.
When calculating the effective interest rate, BRI and subsidiaries estimate the future cash flows by
considering all contractual terms in the financial instruments except the future credit losses. This
calculation includes all commissions, provisions and other fees received between parties of the
contract that are an integral part of the effective interest rate, transaction costs and all other premium
or discounts.
If a financial asset or group of similar financial assets have been impaired as a result of impairment
losses, then the interest income subsequently obtained is recognized based on the interest rate used
to discount the future cash flows in calculating the impairment losses.
aa. Fees and commissions income
Fees and commissions income directly related to lending activities, or fees and commissions income
related to a specific period of time, are amortized over the term of the contract using the effective
interest rate and classified as part of interest income in the consolidated statement of profit or loss
and other comprehensive income.
Fees and commissions income not related to the lending activities or a specific period of time and/or
related to provision of a service, are recognized as income at the time that the transaction occurred
and recorded in other operating income account.
ab. Sharia income and expense
Sharia income consists of income from transaction of Murabahah receivables, profit sharing from
Mudharabah and Musyarakah financing.
Income from Murabahah receivables is recognized using the effective margin method. Effective
margin is the margin that precisely discounts the estimated future cash payments or inflows through
the expected life of the Murabahah receivables. When calculating the effective margin, BRI’s
subsidiaries estimates the future cash flows by considering all contractual terms in the financial
instrument, except the future credit losses. This calculation includes all commissions, fees and other
forms received by the parties in the contract that are inseparable from the effective margin, transaction
costs and all other premiums or discounts.
Mudharabah and Musyarakah financing profit sharing income are recognized upon receipt or in a
period when the right of profit sharing occurred in accordance with the agreed profit-sharing portion
(nisbah).
60
Page 64
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ac. Premium income and claim expense
Premiums of short-term insurance contracts are recognized as income within the contract period in
accordance with the proportion of the amount of the insurance protection provided. Premiums of non
short-term insurance contracts are recognized as income when due from the policy holders.
Premiums received prior to the issuance of insurance policies or premium due date are recorded as
premium deposit.
Premiums related to investment contract and the amount of financial risk component of insurance
contract are recorded as deposit through the consolidated statement of financial position as an
adjustment to the investment contract liabilities accounts.
Gross reinsurance premiums are recognized as expenses when paid or on the date when the policy
becomes effective.
Insurance claims and benefits are approved claims. These claims and benefits are recognized as
expense when the liabilities to cover the claims are incurred. A portion of claims from the reinsurers
is recognized and recorded as reinsurance claim in the same period as the recognition of claim
expenses.
Insurance claims and benefits related to investment contract and the amount of financial risk
component of insurance contract are recorded as withdrawal through the consolidated statement of
financial position as an adjustment to the investment contract liabilities accounts.
ad. Insurance contract liabilities and reinsurance
Insurance contract liabilities
a. Liabilities for future policy benefits
Liabilities for future policy benefits represent the present value of estimated payments of all the
agreed benefits including all the available options, the estimated present value of all costs
incurred and also considering the future premium receipt. Liabilities for future policy benefits
represent liabilities of non short-term insurance contracts.
The increase in liability for future policy benefits is recognized as expense in the profit or loss for
the period, while the decrease in liability for future policy benefits is recognized as income in the
profit or loss for the year. The liabilities are derecognized when the contract has expired,
discharged or cancelled.
b. Estimated claim liabilities
Estimated claim liabilities represents claims in the settlement process which are determined
based on the estimated loss from claims that are still in settlement process at the consolidated
statement of financial position date, including claims that have incurred but not reported (“IBNR”).
The changes in estimated claim liabilities are recognized in the profit or loss for the period. The
liabilities are derecognized when the contract has expired, discharged or cancelled.
61
Page 65
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ad. Insurance contract liabilities and reinsurance (continued)
Insurance contract liabilities (continued)
c. Unearned premium
Unearned premium represents part of the premiums that were already received but not yet
earned, because the insurance coverage period were not yet due at the end of the year.
Unearned premium represents liabilities of short-term insurance contract.
Unearned premium is calculated individually from each coverage, where the amount determined
proportionally to the amount of protection provided during the coverage period or risk period,
consistent with the recognition of short-term insurance premium income.
The increase in unearned premium is recognized as expense in the profit or loss for the year,
while the decrease in unearned premium is recognized as income in the profit or loss for the
year. The liabilities are derecognized when the contract has expired, discharged or cancelled.
Reinsurance
BRI Life and BRI Insurance cedes insurance risk in the normal course of business for each of its
business line.
The benefits of BRI Life and BRI Insurance on reinsurance contracts owned are recognized as
reinsurance assets. These assets consist of receivables that depend on the expected claims and
benefits arising under the related reinsurance contracts. As required by SFAS No. 104, reinsurance
assets are not offset against the related insurance contract liabilities.
Reinsurance receivables are estimated consistently with approved claims related to the reinsurer’s
policies and in accordance with the related reinsurance contract.
BRI Life and BRI Insurance reinsure a portion of risk of the expectation of obtained coverage to other
insurance and reinsurance companies. The amount of the premium paid or the premium portion of
the prospective reinsurance transaction is recognized as reinsurance premium over the reinsurance
contract period proportional to the protection provided. Payment or obligation for retrospective
reinsurance transaction is recognized as reinsurance receivable in the equivalent amount to the
recorded liability related to the reinsurance contract.
Reinsurance assets include balances expected to be paid by the reinsurance companies for ceded
liability for future policy benefits, ceded estimated claim liabilities, and ceded unearned premium. The
amounts of benefits borne by the reinsurers are estimated consistently with the liability associated
with the reinsurance policy.
Reinsurance asset is impaired if there is objective evidence, as a result of an event that occurred
after initial recognition of the reinsurance asset, that BRI Life and BRI Insurance may not receive the
whole amount because it is under the terms of the contract, and the impact of the amount to be
received from the reinsurer can be measured reliably.
62
Page 66
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ad. Insurance contract liabilities and reinsurance (continued)
Reinsurance (continued)
If the reinsurance asset is impaired, BRI Life and BRI Insurance reduce the carrying amount and
recognizes the impairment loss in the profit or loss for the year.
Reinsurance assets or liabilities are derecognized when the contractual rights are extinguished or
expired or when the contract is transferred to other parties.
ae. Employee benefits
Short-term employee benefits
Short-term employee benefits such as salaries, social security contributions, short-term leaves,
bonuses, and other non-monetary benefits are recognized during the period when the services are
rendered. Short-term employee benefits are calculated using undiscounted amounts.
Defined contribution pension plan
Defined contribution pension plan is the contribution to pension fund at a certain percentage of
salaries of employees who are participants of BRI’s defined contribution pension plan. The
contribution is accrued and recognized as expense when services have been rendered by the
qualified employees and actual payments are deducted from the contribution payable. Contribution
payable is measured using undiscounted amounts.
Defined benefit plan and other long-term employee benefits
The post-employment benefits and other long-term employee benefits such as gratuity for services,
grand leaves and BPJS post-employment health program are accrued and recognized as expense
when services have been rendered by these employees. The benefits are determined based on BRI’s
policy and applicable regulations.
The post-employment benefits and other long-term employee benefits are determined using the
Projected Unit Credit method by an actuary.
Remeasurement of net defined benefit liabilities (assets), which is recognized as other
comprehensive income, consist of:
(i) Actuarial gains and losses.
(ii) Return on defined benefit plan assets, excluding amounts that are included in the net interest on
liabilities (assets).
(iii) Any change in the impact of the asset limit, excluding amounts that are included in the net interest
on the liabilities (assets).
Remeasurement of net defined benefit liabilities (assets) is recognized as other comprehensive
income which is not reclassified to profit or loss in the subsequent period.
For other long-term employee benefits, the current service cost, the net interest expense on net
defined benefit liabilities (assets), and the remeasurement of net defined benefit liabilities (assets) are
recognized immediately in the current period consolidated statement of profit or loss and other
comprehensive income.
Past service costs are recognized as expense at the earlier date between the occurrence of the
amendment or curtailment program and when the restructuring or severance costs are recognized,
therefore, unvested past service cost can no longer be deferred and recognized over the future
vesting period.
63
Page 67
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
af. Stock option
The stock compensation cost at the issuance date is calculated based on the fair value of the stock
options and recognized in “Salaries and Employee Benefits Expense” based on the cliff-vesting
scheme using the straight-line method over the vesting period. The accumulation of stock
compensation cost is recognized as “Stock Option” in equity. The fair values of the stock options are
assesed using the Black-Scholes option pricing model.
ag. Earnings per share
Basic earnings per share is calculated by dividing the income for the year attributable to the Parent
Entity (BRI) with the weighted average number of issued and fully paid shares during the related year.
Diluted earnings per share is calculated after making the necessary adjustments to the weighted
average number of ordinary shares outstanding.
ah. Foreign currency transactions and balances
BRI and its subsidiaries maintain their accounting records in Indonesian Rupiah. Transactions
involving foreign currency are recorded at the prevailing exchange rates at the time of the
transactions. As of June 30, 2024 and December 31, 2023, all foreign currency denominated
monetary assets and liabilities are translated into Rupiah using the Reuters spot rates at 4.00 p.m.
WIB (Western Indonesian Time). The resulting gains or losses are recognized in the consolidated
statement of profit or loss and other comprehensive income.
The exchange rates used in the translation of foreign currency amounts into Rupiah are as follows
(full amount):
June 30, 2024 December 31, 2023
1 United States Dollar 16,375.00 15,397.00
1 Great Britain Pound Sterling 20,705.37 19,626.56
1 Japanese Yen 101.75 108.88
1 European Euro 17,51634 17,038.32
1 Hong Kong Dollar 2,097.14 1,970.73
1 Saudi Arabian Riyal 4,364.50 4,106.00
1 Singaporean Dollar 12,066.62 11,676.34
1 Malaysian Ringgit 3,471.12 3,355.20
1 Australian Dollar 10,863.18 10,520.77
1 Renminbi 2,253.62 2,170.06
1 Thailand Baht 444.98 449.75
1 Swiss Franc 18,204.56 18,299.27
1 Canadian Dollar 11,943.41 11,629.59
1 Bruneian Dollar 12,066.62 11,581.05
1 Danish Krone 2,348.68 2,285.87
1 South Korean Won 11.88 11.88
1 New Zealand Dollar 9,936.35 9,765.55
1 Papua New Guinean Kina 4,259.18 4,131.03
1 United Arab Emirates Dirham 4,458.15 4,192.40
1 Swedish Krone 1,537.48 1,541.54
1 Norwegian Krone 1,532.76 1,509.55
1 Indian Rupee 196.23 185.18
1 Phillipine Peso 279.42 277.98
1 New Taiwanese Dollar 504.63 503.50
1 Vietnamese Dong 0.64 0.64
64
Page 68
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ai. Translation of the financial statements of Overseas Branch and Representative Office
BRI has 1 (one) Subsidiary in Hong Kong, 5 (five) Branch Offices in New York, Cayman Islands,
Singapore, Timor-Leste and Taipei and 1 (one) Representative Office in Hong Kong which are
considered as separate foreign entities.
For consolidated financial statement purposes, all accounts of subsidiary, overseas branch and
representative offices are translated into Rupiah with the following exchange rates:
a. Assets and liabilities, as well as commitments and contingencies - use Reuters spot rates at 4.00
p.m. WIB on the statement of financial position date.
b. Income, expenses, gains and losses - use the average middle rate prevailing in the related month.
The year-end balances is the sum of the monthly balances of income, expenses, gains and losses
during the year.
c. Equity - Capital Stock and Additional Paid-in Capital use historical rates.
d. Statement of cash flows - use the Reuters spot rates at 4.00 p.m. WIB on the statement of
financial position date, except for the profit and loss accounts which use middle rates and equity
accounts which use historical rates.
The difference arising from the translation process of the financial statements are presented in equity
as “Differences Arising from The Translation of Foreign Currency Financial Statements”.
aj. Derivatives Instruments
Derivatives financial instruments are assessed and recognized in the consolidated statement of
financial position at fair value. Each derivatives contract is recorded as asset when the fair value is
positive and as liability when the fair value is negative.
Derivatives receivable and payable are classified as financial assets and liabilities measured at fair
value through profit or loss.
Gains or losses resulting from fair value changes are recognized in the consolidated statement of profit
or loss and other comprehensive income.
The fair value of derivatives instruments are determined based on discounted cash flows and pricing
models or quoted prices from the brokers of other instruments with similar characteristics, which
refers to SFAS No. 113: "Fair Value Measurement" (Note 2c).
Embedded derivatives are no longer separated from major non-derivative contracts which are
financial assets/financial liabilities, the Bank and its subsidiaries classify financial assets/liabilities as
a whole based on its business model and contractual term as disclosed in Note 2c.
ak. Taxation
Current tax expense is determined based on the estimated taxable income for the current year.
Deferred tax assets and liabilities are recognized for temporary differences between the commercial
and the fiscal reporting of assets and liabilities at each reporting date.
Deferred tax assets are recognized for all deductible temporary differences and uncompensated tax
loss balance to the extent that it is probable that the temporary differences and uncompensated tax
loss balance will be utilized to deduct the future taxable profit.
65
Page 69
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ak. Taxation (continued)
The carrying value of deferred tax assets is reviewed at each financial position date and is reduced if
it is no longer probable that sufficient taxable profits will be available to compensate part or all of the
benefit of the deferred tax assets.
Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply on
the year when the asset is realized or the liability is settled based on the tax regulations that have
been enacted or substantively enacted at the statement of financial position date. The tax effect
related to the provisions for and/or reversals of all temporary differences during the year, including
the effect of change in tax rates, are recognized as “Income Tax Benefit (Expense), Deferred” and
included in the net income or loss for the year, except for transactions previously charged or credited
directly to equity.
Amendments to tax obligations are recorded when the tax assessment is received or, if the BRI and
subsidiaries submitted an appeal, when the decision on the appeal is determined.
For each of the consolidated entity, the tax effects on temporary differences and accumulated tax
loss, which can be either asset or liability, are presented in the net amounts for each of the entity.
Assets and liabilities on deferred tax and current tax can be offset if there is a legal enforceable right
to offset.
al. Segment information
Segment is a distinguishable component of the BRI and subsidiaries that engaged either in
providing certain products (operational segment), or in providing products within a particular
economic environment (geographical segment), which is subject to risks and rewards that are
different from those of other segments.
The segment income, expenses, results, assets and liabilities include items directly attributable to
a segment as well as those that can be allocated on an appropriate basis to that segment. The
segment items are determined before intercompany balances and transactions are eliminated as
part of consolidation process.
BRI and subsidiaries present operational segments based on the internal consolidated report that
is presented to the Board of Directors as the operational decision maker.
BRI has identified and disclosed financial information based on main business (operational
segments) classified into micro, retail, corporate and others as well as subsidiaries, and based on
geographical segments.
The geographical segment includes provision of products or services within a particular economic
environment with different risks and returns compared to other operating segments in other
economic environments. BRI’s geographical segments are Indonesia, United States of America,
Hong Kong, Singapore, Timor-Leste, and Taipei.
66
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
am. Gold Sales Revenue and Expenses
Revenue from the sale of gold is recognized when the performance obligation is satisfied by the
subsidiary at the point in time when the control of goods has been transferred to the customer.
Revenue on gold business is also recognized when the product delivered to customers or has met
the criteria of “bill and hold” scheme. BRI and its subsidiary adopted SFAS No. 115, “Revenue from
Contract with Customer”. Revenue is shown net of value added tax, returns, rebates and discounts.
Expenses are recognized as incurred on an accrual basis.
an. Treasury Stock
Reacquired BRI equity instruments (treasury stocks) are recognized at reacquisition price and
deducted from equity. No gain or loss is recognized in profit or loss on the acquisition, resale, issuance
or cancellation of BRI equity instruments. The difference between the carrying amount and receipts,
if reissued, is recognized as part of additional paid-in capital in equity.
ao. Use of significant accounting judgments, estimates and assumptions
The preparation of the consolidated financial statement for BRI and subsidiaries requires
management to make judgments, estimates and assumptions that affect the reported amounts of
income, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of
the reporting period. Uncertainty about these assumptions and estimates could result in material
adjustments to the carrying amounts of the assets and liabilities in the subsequent reporting
periods.
Judgments
The following judgments are made by management in applying BRI and subsidiaries’ accounting
policies that have the most significant effects on the amounts recognized in the consolidated
financial statement for BRI and subsidiaries, as follows:
Fair value of financial instruments
All assets and liabilities in which fair value is measured or disclosed in the consolidated financial
statement are classified within fair value hierarchy, based on the lowest level of input that is
significant to the overall fair value measurement:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities accessible
at the measurement date.
• Level 2: Inputs other than quoted prices included in level 1 for the assets and liabilities, which is
directly or indirectly observable.
• Level 3: Unobservable inputs for the assets and liabilities.
Contingencies
The management of BRI and subsidiaries are currently involved in legal proceedings. The
estimates of the probable cost for the settlement of claims have been developed through
consultation with the aid of the legal consultant of BRI and subsidiaries and are based on the
analysis of potential results. BRI and subsidiaries’ management does not believe that the outcome
of this matter will affect the results of operations. It is probable, however, that future results of
operations could be materially affected by changes in the estimates or effectiveness of the
strategies related to these proceedings.
67
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ao. Use of significant accounting judgments, estimates and assumptions (continued)
Estimates and Assumptions
The key assumptions concerning the future and other key sources for estimates uncertainty at the
reporting date that have a risk of causing a material adjustment to the carrying amounts of assets
and liabilities for the subsequent year are disclosed below. BRI and subsidiaries based its
assumptions and estimates used on the parameters available when the consolidated financial
statement were prepared.
Assumptions and circumstances regarding future developments may change due to market changes
or circumstances arising beyond the control of BRI and subsidiaries. These changes are reflected
in the assumptions used when they occur.
Allowance for impairment losses on loans, sharia loans and finance receivables
The management of BRI and subsidiaries review its loans, sharia loans and finance receivables
portfolio to assess impairment on an annual basis by updating the allowance for impairment losses
formed during the required period based on the continuing analysis and monitoring of individual
accounts by the loan officers.
In determining whether impairment loss should be formed in the consolidated statement of profit or
loss and other comprehensive income, BRI and subsidiaries assess for any observable data
indicating the existence of measurable decrease in the estimated future cash flows from loan
portfolio before the decrease could be individually identified in the portfolio.
This evidence may include observable data indicating that there has been adverse change in the
payment status of the borrower group, or national or local economic conditions that correlate with
the default on assets in the group. BRI and subsidiaries use estimates in determining the amount
and timing of future cash flows when determining the level of allowance for impairment losses
required. These estimations are based on assumptions of several factors and actual results may
differ resulting in changes in the amount of allowance for impairment losses in the future.
Impairment of securities
The management of BRI determines that securities are impaired based on the same criteria as for
financial assets recorded at amortized cost.
Impairment of non-financial assets
BRI and subsidiaries assess impairment of non-financial assets whenever events or changes in
circumstances indicate that the carrying amount of non-financial asset may not be recoverable. The
factors that considered important which may lead to impairment assessment are as follow:
a) Significant underperformance against historical expectation or projection of operating results in
the future;
b) Significant changes in the manner of use of the assets or the overall business strategy; and
c) Significant negative industry or economic trends.
68
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ao. Use of significant accounting judgments, estimates and assumptions (continued)
Estimates and Assumptions (continued)
Impairment of non-financial assets (continued)
The management of BRI and subsidiaries recognizes an impairment loss if the carrying amount of
an asset exceeds its recoverable amount. The recoverable amount is the higher amount between
the fair value less the costs of disposal and the use of asset value (or cash-generating unit). The
recoverable amounts are estimated for individual assets or, if not possible, for the cash-generating
unit to which the asset belongs to the unit.
Recognition of deferred tax assets
Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that the
taxable income will be available to be compensated against the losses that can be used. Significant
management judgment is required to determine the amount of deferred tax assets that can be
recognized, in accordance with the timing and amount of future taxable income in line with tax
planning strategies.
BRI reviews its deferred tax assets at each statement of financial position date and reduces the
carrying amount to the extent that it is no longer probable that sufficient taxable income will be
available to compensate part or all of the deferred tax assets.
Present value of employee benefits
The cost of defined pension plan and other post employment benefits is determined using actuarial
valuations. The actuarial valuation involves the use of assumptions regarding discount rates,
expected rates of return on assets, future salary increases, mortality rates and disability rates. Due
to the long-term nature of these plans, then the estimates are subject to significant uncertainty.
Estimated claim liability
Estimated claims liability is a liability set aside to provide for the incurred and still in the settlement
process claims liability arising from insurance policies in force. BRI’s management judgment is
required to determine the recognizable amount of estimated claims liability.
Liabilities for future policy benefits
BRI records long-term insurance contract liabilities using the present value method of estimated
payment for all agreed benefits including all the available options plus the present value of all
estimated expenses that will be incurred and considering the future receipt of premium. The main
assumption underlying this method is the past claim experience and discount rate.
69
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
ap. Changes in accounting policies and disclosures
BRI and its subsidiaries have implemented accounting standards on January 1, 2024, which is
considered relevant to the consolidated financial statements, namely:
a. Amendment to SFAS No. 201 “Presentation of Financial Statements on Non-Current Liabilities
with Covenants”. This amendment adopts amendments to IAS No. 1 “Presentation of Financial
Statements: Non-Current Liabilities with Covenants”. This amendment regulates that only
covenants that an entity must comply with on or before the reporting date will affect the
classification of current or non-current liabilities and its disclosures.
b. Amendment to SFAS No. 116 “Lease related to Lease Liability in a Sale and Leaseback”. This
amendment adopts amendments to IFRS No. 16 “Lease: Lease Liability in a Sale and
Leaseback”. This amendment regulates the subsequent measurement of right-of-use assets and
lease liabilities in a sale and leaseback transactions.
c. Amendment to SFAS No. 207 “Statement of Cash Flows” and Amendment to SFAS No. 107
“Financial Instruments: Disclosures about Supplier Financing Arrangements”. This amendment
adopts amendments to IAS No. 7 “Statement of Cash Flows” and IFRS No. 7 “Financial
Instruments: Disclosures - Supplier Finance Arrangements”. This amendment clarifies
disclosures related to supplier financing arrangements.
d. 2024 Annual Adjustment to SFAS No. 407 “Akuntansi Ijarah”. This adjustment harmonizes and
maintains consistency in the arrangements for revenue recognition and presentation of ijarah for
indirect services.
The implementation of SFAS above does not cause significant change to the financial reporting and
disclosure in the consolidated financial statements.
aq. Social and environmental responsibility
Based on PER-05/MBU/04/2021, the term PEDP (Partnership and Environmental Development
Program) is no longer used and changed to SER (Social & Environmental Responsibility). The
allocation of funds is not allocated from the balance of earnings based on the results of the General
Meeting of Shareholders (GMS) decision but is recognized and charged to the consolidated
statement of profit or loss and other comprehensive income for the current year.
70
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
3. CASH
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Rupiah 21,469,410 29,764,399
Foreign currency
United States Dollar 46,283,512 757,887 79,872,638 1,229,799
Saudi Arabian Riyal 34,289,455 149,656 45,839,472 188,217
European Euro 7,670,433 134,358 3,620,283 61,684
Singaporean Dollar 9,826,030 118,567 15,547,692 181,540
Malaysian Ringgit 21,050,275 73,068 12,365,562 41,489
Australian Dollar 4,238,000 46,038 6,439,502 67,749
Great Britain Pound Sterling 1,067,711 22,107 603,196 11,839
United Arab Emirates Dirham 4,629,880 20,641 2,817,265 11,811
Japanese Yen 151,053,794 15,370 83,669,794 9,110
Swiss Franc 701,930 12,778 581,040 10,633
Renminbi 5,438,229 12,256 2,797,142 6,070
Bruneian Dollar 738,704 8,914 455,095 5,270
New Zealand Dollar 859,803 8,543 207,298 2,024
Hong Kong Dollar 2,375,577 4,982 2,630,075 5,183
Canadian Dollar 356,761 4,261 273,691 3,183
New Taiwanese Dollar 5,876,964 2,966 1,725,199 869
Thailand Baht 3,186,040 1,418 1,864,080 838
Phillipine Peso 4,434,680 1,239 4,522,830 1,257
South Korean Won 60,648,387 720 27,524,387 327
Vietnamese Dong 385,300,500 248 415,104,461 266
Indian Rupee 765,975 150 729,257 135
Papua New Guinean Kina 25,323 108 22,277 92
1,396,275 1,839,385
Total 22,865,685 31,603,784
Cash balance includes cash in ATM (Automatic Teller Machines) amounting to Rp4,258,461 and
USD907,543 (full amount) as of June 30, 2024, and Rp4,208,492 and USD905,640 (full amount) as of
December 31, 2023.
As of June 30, 2024 and December 31, 2023, there was no unusable cash that was pledged as collateral
by BRI and its subsidiaries.
Restricted cash that will be used to pay obligations that will mature within 1 (one) year is presented as
part of Other Assets (Note 17).
4. CURRENT ACCOUNTS WITH BANK INDONESIA
Current accounts with Bank Indonesia consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Rupiah 70,457,646 93,630,203
United States Dollar 547,375,000 8,678,631 537,696,816 8,278,918
Total 79,136,277 101,909,121
71
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
4. CURRENT ACCOUNTS WITH BANK INDONESIA (continued)
Current account balances with Bank Indonesia are provided to meet the Minimum Statutory Reserves
(GWM) requirements from Bank Indonesia. As of June 30, 2024 and December 31, 2023, the GWM was
calculated in accordance with Bank Indonesia Regulation (PBI) No. 24/4/PBI/2022 dated February 25,
2022 which is explained by the Regulation of Members of the Board of Governors (PADG) No. 12 Year
2023 dated September 27, 2023.
In supporting sustainable economic growth, Bank Indonesia determines and implements macroprudential
policies through efforts to encourage balanced, quality and sustainable intermediation, mitigate and
manage systemic risks, and increase economic inclusion, financial inclusion and sustainable finance in
accordance with Bank Indonesia Regulation (PBI) No. 11 of 2023 dated September 18, 2023 concerning
Macroprudential Liquidity Incentive Policy, as further regulated through PADG No. 11 of 2023 dated
September 27, 2023 concerning Implementing Regulations for Implementing the Macropudential Liquidity
Incentive Policy (PADG KLM).
The Macroprudential Liquidity Buffer Ratio (PLM) is calculated through PBI No. 24/16/PBI/2022 dated
October 31, 2022 concerning Macroprudential Intermediation Ratio and Macroprudential Liquidity Buffer
for Conventional Commercial Banks, Islamic Commercial Banks, and Islamic Business Units Regulation
of Members of the Board of Governors (PADG) No. 18 Year 2023 dated November 29, 2023.
The calculation of GWM ratio is determined as follows:
June 30, 2024 December 31, 2023
Rupiah
Primary GWM 5.00% 6.05%
(i) GWM daily 0.00% 0.00%
(ii) GWM average*) 5.00% 6.05%
Macroprudential Liquidity Buffer Ratio (PLM) 5.00% 5.00%
Foreign currency 4.00% 4.00%
(i) GWM daily 2.00% 2.00%
(ii) GWM average 2.00% 2.00%
*) For Banks that provide funds for certain and inclusive economic activities, the Bank receives an incentive to loosen the obligation to meet the
reserve requirement in rupiah in June 2024 and December 2023 at 4.00% and 2.95%.
72
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
4. CURRENT ACCOUNTS WITH BANK INDONESIA (continued)
Based on PBI No. 20/4/PBI/2018 dated March 29, 2018, Loan to Funding Ratio (LFR) changed to
Macroprudential Intermediation Ratio (RIM), and RIM fulfillment obligations are applicable starting on July
16, 2018. RIM is the minimum deposit the Bank is obliged to maintain in the form of Current Account
balance at Bank Indonesia at a certain percentage of third-party funds which calculation is based on the
difference between the RIM held by the Bank and the Targeted RIM. RIM is charged if the Bank’s RIM is
below Bank Indonesia’s minimum targeted RIM (84%) or above Bank Indonesia’s maximum targeted RIM
(94%) with Bank's Minimum Capital Adequacy Ratio (CAR) smaller than Bank Indonesia's Incentive CAR
of 14%. The regulation has been amended 4 (four) times with the latest amandement
PBI No. 24/16/PBI/2022 dated October 31, 2022. The PBI is explained through PADG No. 18 Year 2023
dated November 29, 2023.
GWM ratios of BRI (parent entity) as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Rupiah
Primary GWM *) 5.60% 8.05%
(i) GWM daily 0.00% 0.00%
(ii) GWM average*) 5.60% 8.05%
PLM (Formerly Secondary GWM) 13.35% 14.24%
Foreign currency 4.05% 4.22%
(i) GWM daily 2.00% 2.00%
(ii) GWM average 2.23% 2.22%
*) After deducting incentives based on PADG No. 11 Year 2023.
As of June 30, 2024 and December 31, 2023, BRI has complied with Bank Indonesia’s regulations
regarding ratios mentioned above.
5. CURRENT ACCOUNTS WITH OTHER BANKS
a) By Currency:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah 348,537 269,629
Foreign currency
United States Dollar 1,003,499,664 16,432,307 1,080,512,301 16,636,648
Singaporean Dollar 118,704,719 1,432,364 123,042,799 1,436,690
European Euro 74,605,260 1,306,811 72,038,920 1,227,422
Japanese Yen 12,317,248,006 1,253,280 6,075,048,703 661,421
Renminbi 306,277,962 690,234 254,652,528 552,611
Great Britain Pound Sterling 20,911,412 432,979 14,631,778 287,171
New Zealand Dollar 38,228,449 379,851 13,356,004 130,429
Hong Kong Dollar 138,401,602 290,248 158,345,706 312,057
New Taiwanese Dollar 514,533,421 259,649 17,082,759 8,601
Australian Dollar 23,898,822 259,617 23,562,642 247,897
United Emirat Arab Dirham 23,137,729 103,151 2,490,560 10,441
Swiss Franc 4,059,206 73,896 1,412,688 25,851
73
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
5. CURRENT ACCOUNTS WITH OTHER BANKS (continued)
a) By Currency (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties (continued)
Foreign currency (continued)
Saudi Arabian Riyal 8,055,639 35,159 3,102,100 12,737
Malaysian Ringgit 5,438,922 18,879 5,199,682 17,446
Canadian Dollar 1.096.322 13.094 3,057,119 35,553
Thailand Baht 15,152,871 6,743 4,488,551 2,019
Norwegian Krone 2,508,778 3,845 3,498,713 5,281
Swedish Krone 2,456,093 3,776 2,436,698 3,756
22,995,883 21,614,031
23,344,420 21,883,660
Related parties (Note 44)
Rupiah 453,399 414,931
Foreign currency
Hong Kong Dollar 17,403,903 36,498 12,002,281 23,653
United States Dollar 601,032 9,842 628,351 9,675
46,340 33,328
499,739 448,259
Total 23,844,159 22,331,919
Allowance for impairment losses (10,203) (9,984)
Total - Net 23,833,956 22,321,935
b) By Bank:
June 30, 2024 December 31, 2023
Third parties
Rupiah
PT Bank Central Asia Tbk 110,172 56,298
Standard Chartered Bank 94,258 91,007
PT Bank Muamalat Indonesia Tbk 19,969 20,957
PT Bank Mega Tbk - Unit Usaha Syariah 18,396 522
PT Bank DKI 16,579 24,892
PT Bank Permata Tbk 13,092 2.741
PT CIMB Niaga Tbk 10,531 3,162
Others 65,540 70.050
348,537 269,629
74
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
5. CURRENT ACCOUNTS WITH OTHER BANKS (continued)
b) By Bank (continued):
June 30, 2024 December 31, 2023
Third parties (continued)
Foreign currency
J.P. Morgan Chase Bank, N.A. 13,020,961 10,505,921
Citibank N.A. 2,232,270 2,238,494
Standard Chartered Bank 1,601,057 2,265,496
Bank of America 1,354,276 1,953,570
Sumitomo Mitsui Banking Corporation 1,116,247 391,992
HSBC Holdings PLC 614,562 376,078
Bank of China, Ltd 542,271 628,607
OCBC Bank Singapore 321,941 579,359
Bank DBS Ltd Singapore 296,816 325,916
Commerzbank AG - Frankfurt 199,867 297,409
Others 1,695,615 2.674,514
22,995,883 21,614,031
23,344,420 21,883,660
Related parties (Note 44)
Rupiah
PT Bank Syariah Indonesia Tbk 172,273 113,847
PT Bank Negara Indonesia (Persero) Tbk 127,437 124,538
PT Bank Mandiri (Persero) Tbk 97,280 118,928
PT Bank Tabungan Negara (Persero) Tbk 56,407 57,615
PT Bank Hibank Indonesia
(formerly PT Bank Mayora) 2 3
453,399 414,931
Foreign currency
PT Bank Negara Indonesia (Persero) Tbk 42,798 30,155
PT Bank Mandiri (Persero) Tbk 3,542 3,173
46,340 33,328
499,739 448,259
Total 23,844,159 22,331,919
Allowance for impairment losses (10,203) (9,984)
Bersih 23,833,956 22,321,935
c) Collectibility:
As of June 30, 2024 and December 31, 2023, all current accounts with other banks are classified as
“Current”.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
5. CURRENT ACCOUNTS WITH OTHER BANKS (continued)
d) Average interest rate:
June 30, 2024 December 31, 2023
Rupiah 0.08% 0.08%
Foreign currency 3.72% 3.73%
e) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 1- Stage 2- Stage 3-
12- months Lifetime Lifetime
Expected Expected Expected
Credit Credit Loss - Credit Loss -
Loss Not Impaired Impaired Total
Current accounts with others banks
Carrying value beginning balance 22,331,919 - - 22,331,919
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value 642,380 - - 642,380
New financial assets issued or purchased 712,020 - - 712,020
Derecognized financial assets - - - -
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 157,840 - - 157,840
Carrying value ending balance 23,844,159 - - 23,844,159
December 31, 2023
Stage 1- Stage 2- Stage 3-
12- months Lifetime Lifetime
Expected Expected Expected
Credit Credit Loss - Credit Loss -
Loss Not Impaired Impaired Total
Current accounts with others banks
Carrying value beginning balance 21,488,434 - - 21,488,434
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value 710,407 - - 710,407
New financial assets issued or purchased 338,949 - - 338,949
Derecognized financial assets - - - -
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (205,871) - - (205,871)
Carrying value ending balance 22,331,919 - - 22,331,919
76
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
5. CURRENT ACCOUNTS WITH OTHER BANKS (continued)
e) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category: (continued)
June 30, 2024
Stage 1- Stage 2- Stage 3-
12- months Lifetime Lifetime
Expected Expected Expected
Credit Credit Loss - Credit Loss -
Loss Not Impaired Impaired Total
Current accounts with Others banks
Allowance for expected credit loss
beginning balance 9,984 - - 9,984
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (2,188) - - (2,188)
New financial assets issued or purchased 2,361 - - 2,361
Derecognized financial assets - - - -
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 45 - - 45
Allowance for expected credit loss
ending balance 10,203 - - 10,203
December 31, 2023
Stage 1- Stage 2- Stage 3-
12- months Lifetime Lifetime
Expected Expected Expected
Credit Credit Loss - Credit Loss -
Loss Not Impaired Impaired Total
Current accounts with Others banks
Allowance for expected credit loss
beginning balance 18,577 - - 18,577
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (13,558) - - (13,558)
New financial assets issued or purchased 5,016 - - 5,016
Derecognized financial assets - - - -
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (51) - - (51)
Allowance for expected credit loss
ending balance 9,984 - - 9,984
As of June 30, 2024 and December 31, 2023 there were no current accounts with other banks that
were restricted in use.
As of June 30, 2024 and December 31, 2023 current accounts with other banks are measured
collectively.
Management believes that the allowance for impairment losses is adequate as of June 30, 2024 and
December 31, 2023.
77
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS
a) By Currency and Type:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Bank Indonesia
Deposit Facility - 30,440,561
- 30,440,561
Inter-bank call money
PT Bank OCBC NISP Tbk, 150,000 -
PT BPD Sulawesi Selatan dan Barat 100,000 -
PT BPD Jawa Barat dan Banten Tbk 100,000 -
PT Bank Mayapada Internasional Tbk 75,000 -
PT Bank Mega Tbk 50,000 -
PT Bank Sahabat Sampoerna 50,000 -
PT Bank Ina Perdana Tbk 50,000 -
PT BPD Kalimantan Selatan 25,000 -
PT Bank Capital Indonesia Tbk 25,000 -
Standard Chartered Bank - 400,000
PT Bank DKI - 400,000
PT BPD Sumatera Utara - 250,000
PT Bank UOB Indonesia - 230,000
PT BPD Maluku dan Maluku Utara - 150,000
PT BPD Sumatera Selatan dan
Bangka Belitung - 150,000
PT BPD Sulawesi Tenggara - 150,000
PT BPD Sulawesi Tengah - 100,000
PT BPD Sulawesi Utara Gorontalo - 100,000
PT BPD Yogyakarta - 100,000
625,000 2,030,000
Time Deposits
PT Bank DKI 106,550 54,800
PT Bank CIMB Niaga Tbk 91,150 -
PT BPD Sulawesi Utara Gorontalo 29,400 25,900
PT Bank Victoria International Tbk 20,000 -
PT Bank KB Bukopin Syariah 18,500 28,500
PT Bank Mayapada Internasional Tbk 16,000 -
PT BTPN Syariah Tbk, 15,500 56,500
PT Bank Mega Tbk 13,500 -
PT Allo Bank Indonesia Tbk 13,500 -
PT Bank Muamalat Indonesia 11,050 22,050
PT Bank Jawa Barat dan Banten Syariah 11,000 11,000
PT Bank Jago Tbk 10,000 -
PT BPD Sumatera Selatan dan
Bangka Belitung - 79,700
PT BPD Jambi - 54,800
PT Bank Permata Tbk - 40,000
PT BPD Jawa Barat dan Banten Tbk - 19,500
PT Bank Danamon Indonesia Tbk - 16,000
Other Financial Institutions 154,220 167,270
510,370 576,020
1,135,370 33,046,581
78
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
a) By Currency and Type (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties (continued)
United States Dollar
Bank Indonesia
Term Deposit 300,000,000 4,912,500 1,200,000,000 18,476,400
4,912,500 18,476,400
Inter-bank call money
Federal Reserve Bank 348,296,361 5,703,353 246,470,482 3,794,906
The Bank of New York Mellon Corporation 56,700,000 928,463 43,100,000 663,611
Wells Fargo Bank, N,A 43,400,000 710,675 59,500,000 916,122
State Bank of India 40,000,000 655,000 10,000,000 153,970
Standard Chartered Bank 24,442,526 400,246 17,225,979 265,228
Cathay United Bank Taiwan 20,000,000 327,500 -
United Overseas Bank Limited 7,452,999 122,043 -
BNP Paribas 718,782 11,770 2,865 44
Bangkok Bank - 10,000,000 153,970
First Commercial Bank Co,, Ltd - 9,500,000 146,272
The Hongkong and Shanghai Banking Co., Ltd - 151,800,565 2,337,273
Other Financial Institutions 440,829 7,219 720,652 11,095
8,866,268 8,442,491
Time Deposits
U.S. Bankcorp 662,573 10,850 19,346,399 297,877
Other Financial Institutions 219,363 3,592 103,370 1,592
14,442 299,469
Other Placements
(Banker's Acceptance)
PT Bank Maybank Indonesia Tbk 116,000,000 1,899,500 14,000,000 215,558
PT Bank KEB Hana Indonesia 80,000,000 1,310,000 50,000,000 769,850
PT Bank Mega Tbk 50,000,000 818,750 30,000,000 461,910
PT Bank IBK Indonesia Tbk 30,000,000 491,250 30,000,000 461,910
(Margin Deposit)
JP Morgan Chase Bank, N,A 1,677,264 27,465 1,000,000 15,397
4,546,965 1,924,625
18,340,175 29,142,985
New Taiwanese Dollar
Inter-bank call money
Sinopac Financial Holdings Co, Ltd - 215,000,000 108,253
- 108,253
18,340,175 29,251,238
19,475,545 62,297,819
79
Page 83
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
a) By Currency and Type (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Related parties (Note 44)
Rupiah
Inter-bank call money
PT Bank Negara Indonesia (Persero) Tbk 500,000 -
PT Bank Tabungan
Negara (Persero) Tbk 200,000 -
PT Bank Syariah Indonesia Tbk 100,000 100,000
PT Bank Mandiri Taspen - 100,000
800,000 200,000
Time Deposits
PT Bank Tabungan
Negara (Persero) Tbk 850,846 589,084
PT Bank Syariah Indonesia Tbk 169,081 331,028
PT Bank Mandiri (Persero) Tbk 98,031 6,500
Other financial institutions 1,549 7,050
1,119,507 933,662
1,919,507 1,133,662
United States Dollar
Inter-bank call money
PT Bank Mandiri (Persero) Tbk 110,000,000 1,801,250 110,000,000 1,693,670
PT Bank Syariah Indonesia Tbk, - 5,000,000 76,985
1,801,250 1,770,655
Time Deposits
PT Bank Tabungan Negara (Persero) Tbk 1,504,214 24,632 1,501,851 23,124
24,632 23,124
1,825,882 1,793,779
3,745,389 2,927,441
Total 23,220,934 65,225,260
Less allowance for impairment losses (1,501) (1,860)
Net 23,219,433 65,223,400
80
Page 84
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
b) By Time Period:
The classifications of placements based on their remaining period to maturity are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 month 1,014,170 32,918,731
> 1 month - 3 months 45,400 73,600
> 3 months - 1 year 75,800 54,250
1,135,370 33,046,581
Foreign currency
≤ 1 month 14,148,175 27,418,995
> 1 month - 3 months 2,063,250 1,062,393
> 3 months - 1 year 2,128,750 769,850
18,340,175 29,251,238
19,475,545 62,297,819
Related parties (Note 44)
Rupiah
≤ 1 month 1,639,919 998,612
> 1 month - 3 months 279,588 106,500
> 3 months - 1 year - 28,550
1,919,507 1,133,662
Foreign currency
≤ 1 month 1,825,882 100,109
> 3 months - 1 year - 1,693,670
1,825,882 1,793,779
3,745,389 2,927,441
Total 23,220,934 65,225,260
Allowance for impairment losses (1,501) (1,860)
Net 23,219,433 65,223,400
c) Collectibility:
As of June 30, 2024 and December 31, 2023, all placements with Bank Indonesia and other financial
institutions are classified as “Current”.
81
Page 85
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
d) Average interest rate:
June 30, 2024 December 31, 2023
Rupiah
Placement with Bank Indonesia -% 5.25%
Placement with other financial institutions 6.16% 6.17%
Foreign Currency
Placement with Bank Indonesia 5.34% 5.34%
Placement with other financial institutions 5.36% 5.48%
e) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not Impaired Not Impaired Total
Placement with Bank Indonesia
and other financial institutions
Carrying value beginning balance 65,225,260 - - 65,225,260
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 22,543,883 - - 22,543,883
Derecognized financial assets (64,548,209) - - (64,548,209)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (7,051) - - (7,051)
Carrying value ending balance 23,220,934 - - 23,220,934
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not Impaired Not Impaired Total
Placement with Bank Indonesia
and other financial institutions
Carrying value beginning balance 70,401,901 - - 70,401,901
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 63,493,567 - - 63,493,567
Derecognized financial assets (68,654,629) - - (68,654,629)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (15,579) - - (15,579)
Carrying value ending balance 65,225,260 - - 65,225,260
82
Page 86
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
e) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not Impaired Not Impaired Total
Placement with Bank Indonesia
and other financial institutions
Allowance for expected credit loss
beginning balance 1,860 - - 1,860
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses - - - -
New financial assets issued or purchased 1,404 - - 1,404
Derecognized financial assets (1,787) - - (1,787)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 24 - - 24
Allowance for expected credit loss
ending balance 1,501 - - 1,501
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not Impaired Not Impaired Total
Placement with Bank Indonesia
and other financial institutions
Allowance for expected credit loss
beginning balance 1,981 - - 1,981
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses - - - -
New financial assets issued or purchased 994 - - 994
Derecognized financial assets (1,117) - - (1,117)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 2 - - 2
Allowance for expected credit loss
ending balance 1,860 - - 1,860
Management believes that the allowance for impairment losses is adequate as of
June 30, 2024 and December 31, 2023.
83
Page 87
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
6. PLACEMENTS WITH BANK INDONESIA AND OTHER FINANCIAL INSTITUTIONS (continued)
As of June 30, 2024 and December 31, 2023, placement with Bank Indonesia and other financial
institutions are measured collectively.
On June 30, 2024 and December 31, 2023, there are no blocked funds.
As of June 30, 2024 and December 31, 2023, there were no placements with Bank Indonesia and other
financial institutions that were impaired and whose use was restricted.
7. SECURITIES
a) By Purpose, Currency and Type:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Fair value through profit or loss
Third parties
Rupiah
Certificate of Bank Indonesia 13,809,438 1,240,835
Mutual Fund 573,531 820,109
Bonds 604,691 372,724
Subordinated Bonds - 15,783
Others 1,423,973 1,312,688
16,411,633 3,762,139
United States Dollar
U.S. Treasury Bonds 257,583,392 4,217,928 135,349,949 2,083,983
Mutual Fund 585,762 9,592 591,432 9,106
Certificate of Bank Indonesia - 14,891,839 229,290
Others 941,435 15,416 982,009 15,120
4,242,936 2,337,499
Related parties (Note 44)
Rupiah
Indonesian Government Bond 7,394,713 8,733,403
Mutual Fund 4,263,213 5,135,418
Bonds 224,016 159,351
Others 696,576 1,311,929
12,578,518 15,340,101
United States Dollar
Indonesian Government Bond 92,143,910 1,508,857 51,052,819 786,060
Bonds 9,956,875 163,044 10,870,450 167,372
1,671,901 953,432
34,904,988 22,393,171
84
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
a) By Purpose, Currency and Type (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Fair value through
other comprehensive income
Third parties
Rupiah
Certificate of Bank Indonesia 33,203,546 30,260,840
Mutual Fund 8,144,077 8,481,689
Bonds 2,765,804 2,874,965
Others 12,255 38,810
44,125,682 41,656,304
United States Dollar
Certificate of Bank Indonesia 349,478,534 5,722,711 9,983,699 153,719
U.S. Treasury Bonds 110,539,474 1,810,084 143,115,132 2,203,544
Mutual Fund 50,690,000 830,049 50,670,000 780,166
Bonds 56,728,978 928,937 46,767,998 720,087
U.S. Treasury Bills 39,314,616 643,777 2,989,945 46,036
9,935,558 3,903,552
Singaporean Dollar
Monetary Authority of Singapore
(MAS) Bills 120,361,113 1,452,351 132,290,443 1,544,668
Singapore Government
Securities (SIGB) 48,981,377 591,039 48,952,967 571,591
Bonds 969,015 11,693 979,338 11,435
2,055,083 2,127,694
New Taiwanese Dollar
Taiwan Government Bonds 200,240,500 101,047 252,349,250 127,058
Negotiable Certificate of Deposit 250,000,000 126,158 100,000,000 50,350
227,205 177,408
85
Page 89
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
a) By Purpose, Currency and Type (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Fair value through other
comprehensive income (continued)
Related parties (Note 44)
Rupiah
Indonesian Government Bonds 62,758,631 61,213,197
Bonds 5,979,553 6,472,903
Mutual Fund 4,231,319 4,699,264
Medium-Term Note 210,443 216,023
Negotiable Certificate of Deposit 88,170 85,250
Others 21,553 69,700
73,289,669 72,756,337
United States Dollar
Indonesian Government Bonds 2,302,918,757 37,710,295 2,492,886,098 38,382,967
Bonds 216,266,613 3,541,366 248,000,904 3,818,470
41,251,661 42,201,437
Japanese Yen
Indonesian Government Bonds 2,182,761,356 222,096 2,383,695,877 259,537
222,096 259,537
European Euro
Indonesian Government Bonds 15,076,745 264,089 15,077,525 256,896
264,089 256,896
171,371,043 163,339,165
Amortized costs
Third parties
Rupiah
Bonds 25,113 25,130
Certificate of Bank Indonesia 219,852 -
244,965 25,130
United States Dollar
Bonds 2,998,102 49,094 2,996,946 46,144
Indonesian Government Bonds - 9,000,000 138,573
Others 1,293,312,508 21,177,992 1,290,438,254 19,868,876
21,227,086 20,053,593
Singaporean Dollar
Bonds 9,499,897 114,632 9,508,394 111,023
114,632 111,023
86
Page 90
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
a) By Purpose, Currency and Type (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Amortized costs (continued)
Third parties (continued)
Great Britain Pound Sterling
Others - 20,211,422 396,681
- 396,681
Chinese Renminbi (RMB)
Others 88,635,075 199,750 -
199,750 -
Related parties (Note 44)
Rupiah
Indonesian Government Bonds 90,019,784 94,665,750
Bonds 296,016 531,824
Medium-Term Note 11,000 11,000
90,326,800 95,208,574
United States Dollar
Indonesian Government Bonds 1,633,397,281 26,746,880 1,820,018,749 28,022,829
Bonds 17,622,883 288,575 19,743,499 303,991
Others 62,380,000 1,021,473 40,670,455 626,203
28,056,928 28,953,023
European Euro
Indonesian Government Bonds 35,720,450 625,691 35,857,084 610,944
625,691 610,944
140,795,852 145,358,968
Total 347,071,883 331,091,304
Less Allowance for Impairment Losses (46,788) (81,510)
Net 347,025,095 331,009,794
87
Page 91
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
b) By Collectibility:
As of June 30, 2024 and December 31, 2023 all securities are classified as “Current”.
c) By Remaining Period to Maturity:
The classifications of securities based on their remaining period to maturity are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 month 60,557,270 45,418,442
> 3 months - 1 year 10,000 10,000
> 1 year 215,010 15,131
60,782,280 45,443,573
Foreign currency
≤ 1 month 21,016,052 14,690,430
> 1 month - 3 months 14,642,960 6,122,743
> 3 months - 1 year 2,228,606 8,044,730
> 1 year 114,632 249,547
38,002,250 29,107,450
98,784,530 74,551,023
Related parties (Note 44)
Rupiah
≤ 1 month 86,918,006 88,096,438
> 1 month - 3 months 25,272 2,500,656
> 3 months - 1 year 11,926,809 7,187,961
> 1 year 77,324,900 85,519,957
176,194,987 183,305,012
Foreign currency
≤ 1 month 43,786,372 46,360,125
> 1 month - 3 months 2,630,894 375,606
> 3 months - 1 year 4,845,252 2,928,198
> 1 year 20,829,848 23,571,340
72,092,366 73,235,269
248,287,353 256,540,281
Total 347,071,883 331,091,304
Less
Allowance for Impairment Losses (46,788) (81,510)
Net 347,025,095 331,009,794
88
Page 92
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer:
d.1. Government Bonds
Government bonds represent bonds issued by the government of a country in connection with the
management of Government debentures portfolio, such as Government Debentures (SUN),
Government Treasury Bills (SPN) and Government bonds issued in foreign currency which are
obtained from the primary and secondary markets, including U.S. Treasury Bonds, U.S. Treasury
Bills, Singapore Government Securities and Taiwan Government Bonds. The details of Government
bonds are as follows:
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Fair value through profit or loss
Rupiah
Fixed Rate Government Bonds 3,908,586 3,103,592
Government Treasury Bills 2,092,894 4,328,423
Sukuk Government Bonds 1,006,586 1,196,634
Republic of Indonesia Bonds 329,068 104,754
Sharia Government Treasury Bills 57,579 -
7,394,713 8,733,403
Foreign currency
U.S. Treasury Bonds 4,217,928 2,083,983
United States Dollar Fixed Rate
Government Bonds 1,024,630 417,469
Sukuk Government Bonds 484,227 368,591
5,726,785 2,870,043
13,121,498 11,603,446
Fair value through other comprehensive income
Rupiah
Fixed Rate Government Bonds 45,959,000 45,488,821
Sukuk Government Bonds 16,075,268 14,902,982
Republic of Indonesia Bonds 724,363 821,394
62,758,631 61,213,197
89
Page 93
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.1. Government Bonds (continued)
Government bonds represent bonds issued by the government of a country in connection with the
management of Government debentures portfolio, such as Government Debentures (SUN),
Government Treasury Bills (SPN) and Government bonds issued in foreign currency which are
obtained from the primary and secondary markets, including U.S. Treasury Bonds, U.S. Treasury
Bills, Singapore Government Securities and Taiwan Government Bonds. The details of Government
bonds are as follows (continued):
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Fair value through other comprehensive income
(continued)
Foreign currency
Sukuk Government Bonds 19,783,436 18,034,426
United States Dollar Fixed Rate
Government Bonds 17,926,859 20,348,541
U.S. Treasury Bonds 1,810,084 2,203,544
U.S. Treasury Bills 643,777 46,036
Singapore Government Securities (SIGB) 591,039 571,591
European Euro Government Bonds 264,089 256,896
Japanese Yen Government Bonds 222,096 259,537
Taiwanese Government Bonds 101,047 127,058
41,342,427 41,847,629
104,101,058 103,060,826
Amortized costs
Rupiah
Fixed Rate Government Bonds 76,442,121 81,493,975
Sukuk Government Bonds 13,577,663 13,151,748
Republic of Indonesia Bonds - 20,027
90,019,784 94,665,750
Foreign currency
United States Dollar Fixed Rate
Government Bonds 13,686,445 15,677,291
Sukuk Government Bonds 13,060,435 12,345,538
European Euro Government Bonds 625,691 610,944
U.S. Treasury Bonds - 138,573
27,372,571 28,772,346
117,392,355 123,438,096
Total 234,614,911 238,102,368
90
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.1. Government Bonds (continued)
Information regarding interest rates and maturity date as follows:
June 30, 2024 December 31, 2023
Annual Annual
Interest rate Interest rate
(%) Maturity Date (%) Maturity Date
Rupiah
Government Treasury Bills Various Various Various Various
Fixed Rate Government Bonds
FR0056 8.38 Sep 15, 2026 8.38 Sep 15, 2026
FR0064 6.13 May 15, 2028 6.13 May 15, 2028
FR0068 8.38 Mar 15, 2034 8.38 Mar 15, 2034
FR0081 6.50 Jun 15, 2025 6.50 Jun 15, 2025
FR0086 5.50 Apr 15, 2026 5.50 Apr 15, 2026
FR0087 6.50 Feb 15, 2031 6.50 Feb 15, 2031
FR0090 5.13 Apr 15, 2027 5.13 Apr 15, 2027
FR0091 6.38 Apr 15, 2032 6.38 Apr 15, 2032
FR0095 6.38 Aug 15, 2028 6.38 Aug 15, 2028
FR0100 6.63 Feb 15, 2034 6.63 Feb 15, 2034
Sukuk Government Bonds
PBS003 6.00 Jan 15, 2027 6.00 Jan 15, 2027
PBS004 6.10 Feb 15, 2037 6.10 Feb 15, 2037
PBS017 6.13 Oct 15, 2025 6.13 Oct 15, 2025
PBS026 6.63 Oct 15, 2024 6.63 Oct 15, 2024
PBS029 6.38 Mar 15, 2034 6.38 Mar 15, 2034
PBS030 5.88 Jul 15, 2028 5.88 Jul 15, 2028
PBS031 4.00 Jul 15, 2024 4.00 Jul 15, 2024
PBS032 4.88 Jul 15, 2026 4.88 Jul 15, 2026
PBS036 5.38 Aug 15, 2025 5.38 Aug 15, 2025
SR017 5.90 Sep 10, 2025 5.90 Sep 10, 2025
Republic of Indonesia Bonds
ORI020 4.95 Oct 15, 2024 4.95 Oct 15, 2024
ORI021 4.90 Feb15, 2025 4.90 Feb 15, 2025
ORI022 5.95 Oct 15, 2025 5.95 Oct 15, 2025
ORI023 5.90 Jul 15, 2026 5.90 Jul 15, 2026
ORI024 6.35 Oct 15, 2029 6.35 Oct 15, 2029
Foreign currency
Sukuk Government Bonds
INDOIS 24 4.35 Sep 10, 2024 4.35 Sep 10, 2024
INDOIS 24A 3.90 Aug 20, 2024 3.90 Aug 20, 2024
INDOIS 25 4.33 May 28, 2025 4.33 May 28, 2025
INDOIS 25A 2.30 Jun 23, 2025 2.30 Jun 23, 2025
INDOIS 26 4.55 Mar 29, 2026 4.55 Mar 29, 2026
INDOIS 27 4.15 Mar 29, 2027 4.15 Mar 29, 2027
INDOIS 28 4.40 Mar 1, 2028 4.40 Mar 1, 2028
INDOIS 29 4.45 Feb 20, 2029 4.45 Feb 20, 2029
INDOIS 30 2.80 Jun 23, 2030 2.80 Jun 23, 2030
91
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.1. Government Bonds (continued)
Information regarding interest rates and maturity date as follows (continued):
June 30, 2024 December 31, 2023
Annual Annual
Interest rate Interest rate
(%) Maturity Date (%) Maturity Date
Foreign currency (continued)
Fixed Rate Government Bonds
United States Dollar
RI0125 4.13 Jan 15, 2025 4.13 Jan 15, 2025
RI0126 4.75 Jan 8, 2026 4.75 Jan 8, 2026
RI0626 1.50 Jan 9, 2026 1.50 Jan 9, 2026
RI0727 3.85 Jul 18, 2027 3.85 Jul 18, 2027
RI0127 4.35 Jan 8, 2027 4.35 Jan 8, 2027
RI0128 3.50 Jan 11, 2028 3.50 Jan 11, 2028
RI0428 4.10 Apr 24, 2028 4.10 Apr 24, 2028
` RI0229 4.75 Feb 11, 2029 4.75 Feb 11, 2029
RI0133 4.85 Jan 11, 2033 4.85 Jan 11, 2033
RI0234 4.70 Feb 10, 2034 4.70 Feb 10, 2034
European Euro Government Bonds
RIEUR0725 3.38 Jul 30, 2025 3.38 Jul 30, 2025
RIEUR0227 0.90 Feb 14, 2027 0.90 Feb 14, 2027
RIEUR0729 1.00 Jul 28, 2029 1.00 Jul 28, 2029
RIEUR0334 - - 1.35 Mar 23, 2034
Japanese Yen Government Bonds
RIJPY0524 - - 0.33 May 27, 2024
RIJPY0624 - - 0.26 Jun 7, 2024
RIJPY0526 0.57 May 27, 2026 0.57 May 27, 2026
Taiwanese Government Bonds
A11106 1.00 Jun 23, 2027 1.00 Jun 23, 2027
A95107 2.13 Nov 10, 2026 2.13 Nov 10, 2026
U.S. Treasury Bonds Various Various Various Various
U.S. Treasury Bills Various Various Various Various
Singapore Government Securities
SIGB 0625 2.38 Jun 1, 2025 2.38 Jun 1, 2025
SIGB 1125 0.50 Nov 1, 2025 0.50 Nov 1, 2025
SIGB 0626 2.13 Jun 1, 2026 2.13 Jun 1, 2026
SIGB 0528 2.36 May 1, 2028 2.36 May 1, 2028
Market values of Government bonds classified as “Fair Value through Profit or Loss” and ”Fair Value
through Other Comprehensive Income” ranged from 95.73% to 123.18% and 95.89% to 133.01% as
of June 30, 2024 and December 31, 2023, respectively.
92
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Fair value through profit or loss
Third parties
Rupiah
PT Indomobil Finance Indonesia 241,273 -
PT Indah Kiat Pulp & Paper Tbk 122,803 52,820
PT Oki Pulp & Paper 52,303 53,803
PT Surya Artha Nusantara Finance 50,017 -
PT Astra Sedaya Finance 48,745 49,950
PT Merdeka Copper Gold Tbk 40,996 92,548
PT Federal International Finance 24,999 25,148
PT Medco Power Indonesia 13,456 13,490
PT Chandra Asri Petrochemical Tbk 10,099 10,051
PT Bumi Serpong Damai Tbk - 50,171
PT Indonesia Infrastructure Finance - 14,179
PT Indosat Tbk - 10,564
604,691 372,724
Related parties (Note 44)
Rupiah
PT Sarana Multigriya Finansial (Persero) 76,417 -
PT Bank Mandiri (Persero) Tbk 57,695 89,095
PT Sarana Multi Infrastruktur (Persero) 29,733 30,086
PT Waskita Beton Precast Tbk 26,633 15,900
PT Bank Syariah Indonesia Tbk 17,482 -
PT Perusahaan Listrik Negara (Persero) 9,059 9,259
PT Timah (Persero) Tbk 5,011 5,011
PT Bank Negara Indonesia (Persero) Tbk 1,986 -
PT Mandiri Tunas Finance - 10,000
224,016 159,351
United States Dollar
PT Bank Mandiri (Persero) Tbk 129,071 167,372
PT Bank Negara Indonesia (Persero) Tbk 33,973 -
163,044 167,372
991,751 699,447
93
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Fair value through other comprehensive income
Third parties
Rupiah
PT Adira Dinamika Multi Finance Tbk 524,726 617,968
PT Astra Sedaya Finance 471,034 779,564
PT Federal International Finance 324,811 375,964
PT Indomobil Finance Indonesia 314,871 14,751
PT Chandra Asri Petrochemical Tbk 293,296 298,707
PT Indosat Tbk 165,761 180,964
PT Surya Artha Nusantara Finance 150,000 -
PT Maybank Indonesia Finance 111,471 191,657
PT Indah Kiat Pulp & Paper Tbk 100,292 95,047
PT Bank CIMB Niaga Tbk 95,419 109,884
Others 214,123 210,459
2,765,804 2,874,965
United States Dollar
PT Freeport Indonesia 206,078 30,375
PT Indonesia Infrastructure Finance 189,970 174,963
PT Indofood Sukses Makmur Tbk 155,556 145,600
Toronto-Dominion Bank, N.A. 126,449 117,739
CIMB Bank Berhad 59,876 56,344
US Bank 48,312 44,926
Bank of America 9,614 8,825
JP Morgan Chase Bank, N.A. 6,337 5,796
Verizon Communications 5,112 5,280
Morgan Stanley 3,874 5,509
Others 117,759 124,729
928,937 720,087
Singaporean Dollar
House and Development Board Singapore 11,693 11,435
11,693 11,435
94
Page 98
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Fair value through other
comprehensive income (continued)
Related parties (Note 44)
Rupiah
PT Sarana Multigriya Finansial (Persero) 1,730,736 1,530,173
PT Sarana Multi Infrastruktur (Persero) 1,055,988 1,082,390
PT Pupuk Indonesia (Persero) 478,920 604,488
PT Perusahaan Listrik Negara (Persero) 422,014 599,069
PT Kereta Api Indonesia (Persero) 349,915 362,450
PT Mandiri Tunas Finance 343,146 334,683
PT Bank Tabungan Negara (Persero) Tbk 310,458 412,848
PT Bank Mandiri (Persero) Tbk 299,453 549,390
PT Bank Negara Indonesia (Persero) Tbk 278,600 130,234
PT Waskita Karya (Persero) Tbk 186,438 194,477
Others 523,885 672,701
5,979,553 6,472,903
United States Dollar
PT Indonesia Asahan Aluminium (Persero) 1,304,816 1,048,442
PT Perusahaan Listrik Negara (Persero) 696,948 685,304
PT Pertamina (Persero) 548,439 518,981
PT Bank Mandiri (Persero) Tbk 459,680 718,227
PT Pelabuhan Indonesia II (Persero) 211,678 197,534
PT Sarana Multi Infrastruktur (Persero) 197,414 182,835
PT Bank Negara Indonesia (Persero) Tbk 66,547 -
PT Pelabuhan Indonesia III (Persero) 40,861 38,204
PT Hutama Karya (Persero) 14,983 14,454
PT Perusahaan Gas Negara (Persero) Tbk - 414,489
3,541,366 3,818,470
13,227,353 13,897,860
95
Page 99
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Fair Value/Carrying Value
June 30, 2024 December 31, 2023
Amortized costs
Third parties
Rupiah
PT Indosat Tbk 15,113 15,130
PT Bank CIMB Niaga Tbk 10,000 10,000
25,113 25,130
United States Dollar
United Overseas Bank 49,094 46,144
49,094 46,144
Singaporean Dollar
House and Development Board Singapore 114,632 111,023
114,632 111,023
Related parties (Note 44)
Rupiah
Lembaga Pembiayaan Ekspor Indonesia 79,078 79,287
PT Sarana Multigriya Finansial (Persero) 75,000 75,000
PT Perusahaan Listrik Negara (Persero) 41,519 276,891
PT Kereta Api Indonesia (Persero) 35,000 35,000
PT Sarana Multi Infrastruktur (Persero) 30,000 30,000
PT Bank Mandiri Taspen 17,149 17,331
PT Industri Kereta Api (Persero) 10,000 10,000
PT Telekomunikasi Indonesia (Persero) Tbk 5,159 5,160
PT Perusahaan Pengelola Aset (Persero) 3,111 3,155
296,016 531,824
United States Dollar
PT Perusahaan Listrik Negara (Persero) 187,365 176,091
PT Pelabuhan Indonesia II (Persero) 44,673 41,813
PT Bank Mandiri (Persero) Tbk 30,958 -
PT Pelabuhan Indonesia III (Persero) 25,579 24,115
PT Perusahaan Gas Negara (Persero) Tbk - 61,972
288,575 303,991
773,430 1,018,112
Total 14,992,534 15,615,419
96
Page 100
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows:
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Third parties
Rupiah
PT Astra Sedaya Finance
Berkelanjutan IV Phase III Year 2019
Series C 7.95 October 23, 2024 idAAA idAAA
Berkelanjutan V Phase II Year 2021
Series B 6.35 April 15, 2024 - idAAA
Berkelanjutan V Phase III Year 2021
Series B 5.30 October 22, 2024 idAAA idAAA
Berkelanjutan V Phase IV Year 2022
Series B 5.70 March 22, 2025 idAAA idAAA
Berkelanjutan V Phase V Year 2022
Series B 6.35 August 26, 2025 idAAA idAAA
Berkelanjutan VI Phase I Year 2023
Series B 6.00 July 6, 2026 idAAA idAAA
Berkelanjutan VI Phase II Year 2023
Series B 6.40 October 26, 2026 idAAA idAAA
Berkelanjutan VI Phase III Year 2024
Series B 6.55 April 23, 2027 idAAA -
PT Adira Dinamika Multifinance Tbk
Berkelanjutan IV Phase V Year 2019
Series C 9.15 April 16, 2024 - idAAA
Berkelanjutan IV Phase VI Year 2019
Series C 8.10 October 4, 2024 idAAA idAAA
Berkelanjutan V Phase II Year 2021
Series B 5.50 July 23, 2024 idAAA idAAA
Berkelanjutan V Phase III Year 2022
Series B 5.60 March 22, 2025 idAAA idAAA
Series C 6.25 March 22, 2027 idAAA idAAA
Berkelanjutan VI Phase II Year 2023
Series B 6.50 November 9, 2026 idAAA idAAA
Berkelanjutan VI Phase I Year 2023
Series C 6.25 July 7, 2028 idAAA idAAA
Berkelanjutan VI Phase III Year 2023
Series C 6.40 May 13, 2025 idAAA -
PT Federal International Finance
Berkelanjutan V Phase I Year 2021
Series B 6.25 June 8, 2024 - idAAA
Berkelanjutan V Phase II Year 2021
Series B 5.30 October 27, 2024 idAAA idAAA
Berkelanjutan V Phase V Year 2023
Series B 6.80 February 24, 2026 idAAA idAAA
Berkelanjutan VI Phase I Year 2023
Series B 6.00 July 11, 2026 idAAA idAAA
Berkelanjutan VI Phase III Year 2024
Series B 6.55 April 2, 2027 idAAA -
PT Chandra Asri Petrochemical Tbk
Berkelanjutan III Phase III Year 2021
Series B 8.50 April 15, 2026 idAA- idAA-
Berkelanjutan III Phase V Year 2022
Series A 7.20 March 8, 2027 idAA- idAA-
Series B 8.10 March 8, 2029 idAA- idAA-
Berkelanjutan IV Phase I Year 2022
Series A 8.00 August 9, 2027 idAA- idAA-
Berkelanjutan IV Phase II Year 2023
Series A 8.40 February 28, 2028 idAA- idAAA-
Berkelanjutan IV Phase III Year 2023
Series A 7.00 September 27, 2026 idAA- idAAA-
Series B 7.50 September 27, 2028 idAA- idAAA-
Series C 8.00 September 27, 2030 idAA- idAAA-
Berkelanjutan IV Phase IV Year 2024
Series A 7.95 March 1, 2027 idAA- -
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
97
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows (continued):
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Third parties (continued)
Rupiah (continued)
PT Indomobil Finance Indonesia Tbk
Berkelanjutan IV Phase II Year 2021
Series B 6.50 November 19, 2024 idAA- idAA-
Berkelanjutan IV Phase III Year 2022
Series B 6.50 March 25, 2025 idAA- idAA-
Berkelanjutan IV Phase III Year 2024
Series A 6.85 July 1, 2025 idAA- -
Berkelanjutan V Phase III Year 2024
Series B 7.15 June 21, 2027 idAA- -
Series C 7.40 June 21, 2029 idAA- -
PT Indosat Tbk
Sukuk Ijarah Berkelanjutan I Phase III
Year 2015 Series B 11.20 December 8, 2025 idAAA idAAA
Berkelanjutan I Phase III Year 2015
Series D 11.20 December 8, 2025 idAAA idAAA
Berkelanjutan II Phase I Year 2017
Series E 9.25 May 31, 2027 idAAA idAAA
Berkelanjutan II Phase II Year 2017
Series E 8.65 November 9, 2027 idAAA idAAA
Berkelanjutan II Phase III Year 2018
Series E 8.70 May 3, 2028 idAAA idAAA
Berkelanjutan III Phase II Year 2019
Series D 10.00 July 23, 2029 idAAA idAAA
Berkelanjutan IV Phase I Year 2022
Series A 7.00 October 26, 2025 idAAA idAAA
Series B 7.70 October 26, 2027 idAAA idAA
PT Maybank Indonesia Finance
Berkelanjutan III Phase I Year 2021 6.30 June 23, 2024 - idAAA
Berkelanjutan III Phase II Year 2022 5.80 March 30, 2025 idAAA idAAA
PT Indah Kiat Pulp & Paper Tbk
Berkelanjutan III Phase I Year 2022
Series C 10.00 August 5, 2027 idA+ idA
Berkelanjutan II Phase III Year 2022
Series B 8.75 February 24, 2025 idA+ idA+
Berkelanjutan IV Phase III Year 2023
Series B 10.25 November 21, 2026 idA+ idA+
Berkelanjutan III Phase III Year 2022
Series B 10.50 December 16, 2025 idA+ -
Berkelanjutan IV Phase I Year 2023
Series B 10.25 July 11, 2026 idA+ idA+
Series C 10.75 July 11, 2028 idA+ -
Berkelanjutan IV Phase II Year 2023
Series B 10.25 August 25, 2026 idA+ idA+
Sukuk Mudharabah Berkelanjutan I Phase III
Year 2022 Series B 8.75 February 24, 2025 idA+(sy) idA+(sy)
Berkelanjutan IV Phase IV Year 2024
Series B 10.25 April 4, 2027 idA+ -
Berkelanjutan IV Phase V Year 2024
Series B 10.50 June 21, 2027 idA+ -
PT Bank CIMB Niaga Tbk
Sukuk Mudharabah Berkelanjutan I Phase II
Year 2019 Series C 8.25 August 21, 2024 idAAA(sy) idAAA(sy)
Berkelanjutan III Phase I Year 2019
Series C 7.80 December 19, 2024 idAAA idAAA
Sukuk Mudharabah Berkelanjutan I Phase III
Year 2020 Series C 7.25 March 27, 2025 idAAA idAAA
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
98
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows (continued):
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Third parties (continued)
United States Dollar
PT Freeport Indonesia
Year 2027 4.76 April 14, 2027 BBB***) BBB***)
Year 2032 5.32 April 14, 2032 BBB***) BBB***)
PT Indonesia Infrastructure Finance
Year 2026 1.50 January 27, 2026 BBB***) BBB***)
PT Indofood Sukses Makmur Tbk
Year 2031 3.40 June 9, 2031 BBB-***) BBB-***)
Toronto-Dominion Bank. N.A.
Year 2024 1.25 December 13, 2024 A1**) A1**)
Year 2027 2.80 March 10, 2027 A**) A**)
CIMB Bank Berhad
Year 2027 2.13 July 20, 2027 A3**) A3**)
United Overseas Bank
Year 2025 3.06 April 7, 2025 AA-***) AA-***)
Bank of America
Year 2026 1.32 June 19, 2026 A1**) A1**)
Year 2026 3.50 April 19, 2026 A1**) A1**)
Year 2031 2.50 February 13, 2031 A1**) A1**)
Year 2031 1.92 October 24, 2031 A1**) A1**)
JP Morgan Chase Bank. N.A
Year 2026 2.01 March 13, 2026 A1**) A1**)
Year 2029 4.45 December 5, 2029 A1**) A1**)
Verizon Communications
Year 2028 1.30 June 11, 2025 A-***) A-***)
Year 2032 2.36 March 15, 2025 A-***) A-***)
Singaporean Dollar
Housing and Development Board Singapore
Year 2025 2.63 September 17, 2025 AAA***) AAA***)
Year 2028 2.32 January 24, 2028 AAA***) AAA***)
Year 2028 1.54 October 12, 2028 AAA***) AAA***)
Year 2029 1.97 January 25, 2029 AAA***) AAA***)
Year 2029 3.95 January 29, 2029 AAA***) AAA***)
Year 2029 3.44 September 13, 2029 AAA***) AAA***)
Related parties (Note 44)
Rupiah
PT Sarana Multigriya Finansial (Persero)
Berkelanjutan V Phase II Year 2019
Series B 8.10 August 28, 2024 idAAA idAAA
Berkelanjutan V Phase III Year 2020
Series B 7.50 February 18, 2025 idAAA idAAA
Berkelanjutan V Phase IV Year 2020
Series B 8.10 July 14, 2025 idAAA idAAA
Berkelanjutan V Phase V Year 2021
Series B 6.40 July 8, 2026 idAAA idAAA
Berkelanjutan VII Phase I Year 2023
Series B 5.95 July 12, 2026 idAAA idAAA
Berkelanjutan VII Phase IV Year 2024
Series A 6.40 April 7, 2025 idAAA -
Series B ` 6.55 March 27, 2027 idAAA -
Berkelanjutan VII Phase II Year 2023
Series C 6.75 October 20, 2028 idAAA idAAA
Berkelanjutan VI Phase II Year 2021 6.00 November 17, 2026 idAAA idAAA
Berkelanjutan VI Phase III Year 2022 6.95 September 21, 2027 idAAA idAAA
Berkelanjutan I Phase I Year 2023 6.85 February 22, 2028 idAAA idAAA
Wawasan Sosial Berkelanjutan I Phase II Year 2024 6.75 March 27, 2029 idAAA -
Berkelanjutan VII Phase V Year 2024
Series A 6.70 July 6, 2025 idAAA -
Series B 6.80 June 26, 2027 idAAA -
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
**) Based on the rank published by Moody’s
***) Based on the rank published by Fitch Ratings
99
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows (continued):
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Related parties (Note 44) (continued)
Rupiah (continued)
PT Sarana Multigriya Finansial (Persero) (continued)
Sukuk Mudharabah Berkelanjutan II
Phase I Year 2021 5.60 July 8, 2024 idAAA idAAA
Berkelanjutan VI Phase IV Year 2023 6.90 December 22, 2028 idAAA idAAA
PT Sarana Multi Infrastruktur (Persero)
Berkelanjutan I Phase I Year 2016
Series C 8.65 November 18, 2026 idAAA idAAA
Berkelanjutan II Phase II Year 2019
Series D 8.50 August 28, 2026 idAAA idAAA
Berkelanjutan II Phase III Year 2019
Series C 7.95 October 30, 2024 idAAA idAAA
Series D 8.30 October 30, 2026 idAAA idAAA
Berkelanjutan V Phase II Year 2019
Series B 8.10 August 28, 2024 idAAA idAAA
Sukuk Mudharabah I Phase II Year 2019
Series D 8.55 August 28, 2026 idAAA idAAA
Berkelanjutan II Phase V Year 2020
Series B 6.70 December 11, 2025 idAAA idAAA
Berkelanjutan III Phase II Year 2022 6.98 November 8, 2025 idAAA idAAA
Berkelanjutan III Phase I Year 2022
Series B 5.75 August 5, 2025 idAAA idAAA
Berkelanjutan III Phase III Year 2023
Series B 6.70 May 17, 2026 idAAA idAAA
Series C 6.80 May 17, 2027 idAAA idAAA
Berkelanjutan III Phase IV Year 2023
Series B 6.70 December 14, 2026 idAAA idAAA
PT Perusahaan Listrik Negara (Persero)
Berkelanjutan II Phase I Year 2017
Series C 8.50 July 11, 2027 idAAA idAAA
Berkelanjutan II Phase II Year 2017
Series D 8.70 November 3, 2032 idAAA idAAA
Berkelanjutan II Phase III Year 2018
Series C 7.25 February 22, 2028 idAAA idAAA
Berkelanjutan III Phase II Year 2018
Series B 9.00 October 10, 2025 idAAA idAAA
Berkelanjutan III Phase III Year 2019
Series D 9.60 February 19, 2029 idAAA idAAA
Berkelanjutan III Phase IV Year 2019
Series A 8.00 August 1, 2024 idAAA idAAA
Series B 8.50 August 1, 2026 idAAA idAAA
Berkelanjutan III Phase V Year 2019
Series A 7.90 October 1, 2024 idAAA idAAA
Series B 8.40 October 1, 2026 idAAA idAAA
Berkelanjutan III Phase VI Year 2020
Series A 7.20 February 18, 2025 idAAA idAAA
Series B 7.70 February 18, 2027 idAAA idAAA
Series C 8.00 February 18, 2030 idAAA idAAA
Series D 8.70 February 18, 2035 idAAA idAAA
Berkelanjutan III Phase VII Year 2020
Series D 9.10 May 6, 2030 idAAA idAAA
Berkelanjutan IV Phase I Year 2020
Series A 6.70 September 8, 2025 idAAA -
Sukuk Ijarah Berkelanjutan II Phase I
Year 2017 Series B 8.50 July 11, 2027 idAAA idAAA
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
100
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows (continued):
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Related parties (Note 44) (continued)
Rupiah (continued)
PT Perusahaan Listrik Negara (Persero)
(continued)
Sukuk Ijarah Berkelanjutan II Phase II
Year 2017 Series C 8.70 November 3, 2032 idAAA idAAA
Sukuk Ijarah Berkelanjutan II Phase III
Year 2018 Series B 7.25 February 22, 2028 idAAA idAAA
Sukuk Ijarah Berkelanjutan III Phase II
Year 2018 Series B 9.00 October 10, 2025 idAAA idAAA
Sukuk Ijarah Berkelanjutan III Phase V
Year 2019 Series A 7.90 October 1, 2024 idAAA idAAA
Sukuk Ijarah Berkelanjutan III Phase IV
Year 2019 Series B 8.50 August 1, 2026 idAAA idAAA
Sukuk Ijarah Berkelanjutan III Phase VI
Year 2020 Series C 8.75 February 18, 2035 idAAA idAAA
PT Bank Mandiri (Persero) Tbk
Berkelanjutan I Phase I Year 2016
Series C 8.65 September 30, 2026 idAAA idAAA
Berkelanjutan I Phase II Year 2017
Series C 8.65 June 15, 2027 idAAA idAAA
Berkelanjutan II Phase I Year 2020
Series A 7.75 May 12, 2025 idAAA idAAA
Series B 8.30 May 12, 2027 idAAA idAAA
Berkelanjutan I Phase I Year 2023
Series A 5.80 July 4, 2026 idAAA idAAA
Series B 6.10 July 4, 2028 idAAA idAAA
PT Pupuk Indonesia (Persero)
Berkelanjutan I Phase I Year 2017
Series B 8.60 July 12, 2024 idAAA idAAA
Berkelanjutan II Phase I Year 2020
Series B 7.70 September 3, 2025 idAAA idAAA
Series C 8.30 September 3, 2027 idAAA idAAA
Berkelanjutan II Phase II Year 2021
Series B 6.20 March 10, 2026 idAAA idAAA
Series C 7.20 March 10, 2028 idAAA idAAA
PT Bank Tabungan Negara (Persero) Tbk
Berkelanjutan II Phase I Year 2015
Series D 10.50 July 8, 2025 AA+***) AA+***)
Berkelanjutan III Phase I Year 2017
Series C 8.70 July 13, 2024 AA+***) AA+***)
Series D 8.90 July 13, 2027 AA+***) AA+***)
Berkelanjutan IV Phase II Year 2022
Series A 5.50 May 24, 2025 AA+***) AA+***)
PT Kereta Api Indonesia (Persero)
Berkelanjutan II Year 2017
Series B 8.25 November 21, 2024 idAAA idAAA
Berkelanjutan II Year 2019
Series A 7.75 December 13, 2024 idAAA idAAA
Series B 8.20 December 13, 2026 idAAA idAAA
Berkelanjutan I Year 2022
Series A 7.10 August 5, 2027 idAAA idAAA
Series B 8.00 August 5, 2029 idAAA idAAA
PT Mandiri Tunas Finance
Berkelanjutan IV Phase II Year 2019
Series B 9.50 July 26, 2024 idAAA idAAA
Berkelanjutan V Phase III Year 2022
Series A 5.90 February 23, 2025 idAAA idAAA
Series B 6.75 February 23, 2027 idAAA idAAA
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
***) Based on the rank published by Fitch Ratings
101
Page 105
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.2. Bonds (continued)
Information regarding interest rates, maturity dates and ratings are as follows (continued):
Rating*)
Annual
Interest Rate (%) Maturity Date June 30, 2024 December 31, 2023
Related parties (Note 44) (continued)
Rupiah (continued)
PT Mandiri Tunas Finance (continued)
Berkelanjutan VI Phase II Year 2023
Series A 6.50 September 27, 2026 idAAA idAAA
Series B 6.75 September 27, 2028 idAAA idAAA
Berkelanjutan V Phase II Year 2021
Seried B 7.65 May 20, 2026 idAAA -
PT Bank Negara Indonesia (Persero) Tbk
Berwawasan Lingkungan (Green Bond) I Year 2022
Series A 6.35 June 21, 2025 idAAA idAAA
Series B 6.85 June 21, 2027 idAAA idAAA
PT Waskita Karya (Persero) Tbk
Bonds III Year 2022
Series A 6.10 September 24, 2026 idAAA idAAA
Foreign Currency
PT Indonesia Asahan Aluminium (Persero)
Year 2025 4.75 May 15, 2025 BBB-***) BBB-***)
Year 2028 3.02 November 15, 2028 BBB-***) BBB-***)
Year 2030 5.45 May 15, 2030 BBB-***) BBB-***)
PT Bank Mandiri (Persero) Tbk
Year 2025 4.75 May 13, 2025 BBB***) BBB***)
Year 2026 2.00 April 19, 2026 BBB***) BBB***)
Year 2029 3.88 July 17, 2029 BBB***) BBB***)
PT Perusahaan Listrik Negara (Persero)
Year 2027 4.13 May 15, 2027 BBB***) BBB***)
Year 2028 5.45 May 21, 2028 BBB***) BBB***)
Year 2029 5.38 January 25, 2029 BBB***) BBB***)
Year 2030 3.38 February 5, 2030 BBB***) BBB***)
PT Pertamina (Persero)
Year 2026 1.40 February 9, 2026 BBB***) BBB***)
Year 2029 3.65 July 30, 2029 BBB***) BBB***)
Year 2030 3.10 January 21, 2030 BBB***) BBB***)
Year 2031 2.30 February 9, 2031 BBB***) BBB***)
PT Bank Negara Indonesia (Persero) Tbk
Year 2029 5.28 April 5, 2029 AAA***) AAA***)
PT Pelabuhan Indonesia II (Persero)
Year 2025 4.25 May 5, 2025 BBB***) BBB***)
PT Sarana Multi Infrastruktur (Persero)
Year 2026 2.05 May 11, 2026 BBB***) BBB***)
PT Pelabuhan Indonesia III (Persero)
Year 2024 4.88 October 1, 2024 BBB***) BBB***)
PT Hutama Karya (Persero) Tbk
Year 2030 3.75 May 11, 2030 BBB-***) BBB-***)
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
***) Based on the rank published by Fitch Ratings
102
Page 106
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.3. Mutual Fund
June, 2024 December 31, 2023
Fair value through profit or loss
Third parties
Rupiah
PT Trimegah Asset Management 352,146 208,569
PT Syailendra Capital 213,353 -
PT BNP Paribas Investment Partners 8,032 8,480
PT Manulife Aset Manajemen Indonesia - 603,060
573,531 820,109
United States Dollar
PT Schroder Investment Management Indonesia 9,592 9,106
9,592 9,106
Related parties (Note 44)
Rupiah
PT PNM Investment Management 1,639,015 1,757,635
PT BRI Manajemen Investasi (formerly
PT Danareksa Investment Management) 1,631,330 2,413,552
PT Bahana TCW Investment Management 692,580 964,231
PT Mandiri Manajemen Investasi 300,288 -
4,263,213 5,135,418
4,846,336 5,964,633
Fair value through other comprehensive income
Third parties
Rupiah
PT Trimegah Asset Management 2,504,376 2,683,934
PT Manulife Aset Manajemen Indonesia 2,481,177 2,278,298
PT Syailendra Capital 2,175,346 2,369,004
PT Eastspring Investments Indonesia 304,578 -
PT BNP Paribas Investment Management 202,490 201,152
PT Batavia Prosperindo Aset Manajemen 200,452 -
PT Sinarmas Asset Management 173,996 165,927
PT Sucorinvest Asset Management 71,235 85,826
PT Bank Central Asia 30,427 100,217
PT Berdikari Manajemen Investasi - 577,171
PT Mega Asset Management - 20,160
8,114,077 8,481,689
United States Dollar
PT Manulife Aset Manajemen Indonesia 830,049 780,166
830,049 780,166
103
Page 107
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.3. Mutual Fund (continued)
June 30, 2024 December 31, 2023
Fair value through other
comprehensive income (continued)
Related parties (Note 44)
Rupiah
PT BRI Manajemen Investasi (formerly
PT Danareksa Investment Management) 2,075,238 2,458,668
PT Bahana TCW Investment Management 1,246,320 1,331,873
PT BNI Asset Management 760,206 759,176
PT PNM Investment Management 149,555 149,547
4,231,319 4,699,264
13,205,445 13,961,119
Total 18,051,781 19,925,752
d.4. Negotiable Certificate of Deposit (NCD)
Fair Value/Carrying Value
Annual
Nominal Interest Maturity June 30, December 31,
Value Rate (%) Date 2024 2023
Fair value through other
compehensive income
Third parties
Foreign Currency
Central Bank Of China
113061902811N 250 1.22 Jul 17, 2024 126,158 -
112121302811N 100 1.09 Jan 10, 2024 - 50,350
126,158 50,350
Related parties (Note 44)
Rupiah
PT Bank Negara Indonesia (Persero) Tbk
Year 2023 Phase I Series C 90,000 6.53 Oct 21, 2024 88,170 85,250
88,170 85,250
Total 214,328 135,600
104
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.5. Subordinated Bonds
Fair Value/ Carrying Value
June 30, 2024 December 31, 2023
Fair value through profit or loss
Third parties
Rupiah
PT Bank Central Asia Tbk
Berkelanjutan I Phase I Year 2018 Series B - 15,783
- 15,783
Information regarding interest rates, maturity dates and ratings are as follows:
Ratings*)
Annual
Interest Maturity June 30, December 31,
Rate (%) Date 2024 2023
Third parties
Rupiah
PT Bank Central Asia Tbk
Berkelanjutan I Phase I Year 2018
Series B 8.00 Jul 5, 2030 - idAA
*) Based on the rank published by PT Pemeringkat Efek Indonesia (Pefindo)
***) Based on Ratings issued by Fitch Ratings
d.6. Medium-Term Note (MTN)
Fair Value/Carrying Value
Annual
Nominal Interest Maturity June 30, December 31,
Value Rate (%) Date 2024 2024
Fair value through other
comprehensive income
Related parties (Note 44)
Rupiah
PT Bahana Pembinaan Usaha
Indonesia (Persero)
MTN I Year 2022*) 200,000 9.00 Nov 2, 2027 150,308 153,503
Perum Perumnas
Phase III Year 2018 Series B*) 65,000 11.85 Dec 10, 2026 60,135 62,520
210,443 216,023
105
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
d) By Type and Issuer (continued):
d.6. Medium-Term Note (MTN) (continued)
Fair Value/Carrying Value
Annual
Nominal Interest Maturity June 30, December 31,
Value Rate (%) Date 2024 2023
Amortized cost
Related parties (Note 44)
Rupiah
PT Perkebunan
Nusantara II (Persero)
VIII Series A*) 10.000 11,00 Jun 26, 2027 10,000 -
VIII Series B*) 1,000 11.00 Oct 31, 2024 1,000 1,000
VIII Series A*) 10,000 11.00 Jun 26, 2024 - 10,000
11,000 11,000
Total 221,443 227,023
*) Interest received every 3 (three) months
e) Average interest rate:
June 30, 2024 December 31, 2023
Rupiah 5.75% 6.61%
United States Dollar 4.01% 3.80%
European Euro 2.27% 2.31%
Singaporean Dollar 2.79% 2.67%
New Taiwanese Dollar 1.62% 1.39%
Japanese Yen 0.57% 0.61%
Chinese Renminbi (RMB) 3.55% -%
f) BRI recognized net unrealized gain/ (loss) resulting from the changes in fair values of securities
classified as “fair value through profit or loss” amounting to (Rp40,178) and Rp291,398 for the six-
month period ended June 30, 2024 and 2023, respectively which are presented in the “unrealized
gain on changes in fair value of securities” in the consolidated statement of profit or loss and other
comprehensive income.
g) BRI recognized net gain on sale of securities amounting to Rp931,222 dan Rp979,602 or the six-
month period ended June 30, 2024 and 2023, respectively which are presented in the “gain on sale
of securities - net” in the consolidated statement of profit or loss and other comprehensive income.
h) Securities with nominal Rp25,295,400 dan Rp20,563,516 as of June 30, 2024 and December 31,
2023, respectively were sold under agreement to repurchase (Note 23).
106
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
i) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at fair value
through other comprehensive income
Carrying value beginning balance 163,339,165 - - 163,339,165
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value 4,592,565 - - 4,592,565
New financial assets issued or purchased 30,241,573 - - 30,241,573
Derecognized financial assets (23,991,814) - - (23,991,814)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (2,810,446) - - (2,810,446)
Carrying value ending balance 171,371,043 - - 171,371,043
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at amortized cost
Carrying value beginning balance 145,358,968 - - 145,358,968
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value (3,490,509) - - (3,490,509)
New financial assets issued or purchased 1,609,161 - - 1,609,161
Derecognized financial assets (3,897,287) - - (3,897,287)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 1,215,519 - - 1,215,519
Carrying value ending balance 140,795,852 - - 140,795,852
107
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
i) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at fair value
through other comprehensive income
Carrying value beginning balance 150,802,567 - - 150,802,567
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value 15,393,453 - - 15,393,453
New financial assets issued or purchased 9,682,747 - - 9,682,747
Derecognized financial assets (12,201,857) - - (12,201,857 )
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (337,745) - - (337,745)
Carrying value ending balance 163,339,165 - - 163,339,165
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at amortized cost
Carrying value beginning balance 158,406,378 - - 158,406,378
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value (1,763,236) - - (1,763,236)
New financial assets issued or purchased 6,247,397 - - 6,247,397
Derecognized financial assets (9,664,875) - - (9,664,875)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (7,866,696) - - (7,866,696)
Carrying value ending balance 145,358,968 - - 145,358,968
108
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
i) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at fair value
through other comprehensive income
Allowance for expected credit loss
beginning balance 128,230 - - 128,230
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (53,956) - - (53,956)
New financial assets issued or purchased 4,559 - - 4,559
Derecognized financial assets (10,377) - - (10,377)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 2,535 - - 2,535
Allowance for expected credit loss
ending balance*) 70,991 - - 70,991
*) Allowance for expected credit losses on securities measured at fair value through other comprehensive income is recorded in other comprehensive income
therefore the carrying value is stated at fair value.
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at amortized cost
Allowance for expected credit loss
beginning balance 81,510 - - 81,510
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (24,231) - - (24,231)
New financial assets issued or purchased 2,748 - - 2,748
Derecognized financial assets 2,170 - - 2,170
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (15,409) - - (15,409)
Allowance for expected credit loss
ending balance 46,788 - - 46,788
109
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
7. SECURITIES (continued)
i) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at fair value
through other comprehensive income
Allowance for expected credit loss
beginning balance 141,559 - - 141,559
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (2,464) - - (2,464)
New financial assets issued or purchased 12,050 - - 12,050
Derecognized financial assets (18,764) - - (18,764)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (4,151) - - (4,151)
Allowance for expected credit loss
ending balance*) 128,230 - - 128,230
*) Allowance for expected credit losses on securities measured at fair value through other comprehensive income is recorded in other comprehensive income
therefore the carrying value is stated at fair value.
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Securities measured at amortized cost
Allowance for expected credit loss
beginning balance 82,835 - - 82,835
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses (5,757) - - (5,757)
New financial assets issued or purchased 3,365 - - 3,365
Derecognized financial assets (7,235) - - (7,235)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 8,302 - - 8,302
Allowance for expected credit loss
ending balance 81,510 - - 81,510
Management believes that the allowance for impairment losses as of June 30, 2024 and December
31, 2023 are adequate.
110
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
8. EXPORT BILLS AND OTHER RECEIVABLES
a) By Type and Currency:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Notes Receivables 7,012,863 6,366,822
Domestic Documentary
Letter of Credit (SKBDN) 5,670,892 5,225,499
Export Bills 2,466,785 948,474
Other Bills 250,175 355,533
15,400,715 12,896,328
Foreign currency
Domestic Documentary
Letter of Credit (SKBDN)
United States Dollar 613,944 10,053 1,920,785 29,574
Export Bills
United States Dollar 570,861,237 9,347,853 569,043,299 8,761,560
Renminbi 202,583,983 456,547 347,287,381 753,635
9,804,400 9,515,195
Notes Receivables
United States Dollar 704,500,079 11,536,189 1,671,338,459 25,733,598
European Euro 4,454,392 78,025 2,643,272 45,037
Renminbi 9,365,685 21,107 4,837,899 10,499
Japanese Yen 13,014,939 1,323 5,707,955 621
11,636,644 25,789,755
Other Bills
United States Dollar 46,445,063 760,538 38,072,991 586,210
Renminbi 10,427,700 23,500 14,353,420 31,148
Japanese Yen 41,060,860 4,178 64,121,200 6,981
European Euro 103,650 1,815 68,625 1,169
790,031 625,508
22,241,128 35,960,032
37,641,843 48,856,360
Related parties (Note 44)
Rupiah
Notes Receivables 5,371,235 2,909,367
Domestic Documentary
Letter of Credit (SKBDN) 97,450 359,966
Export Bills 3,075 38,666
Other Bills 190,651 340,411
5,662,411 3,648,410
Foreign currency
Notes Receivables
United States Dollar 1,978,479,614 32,397,603 69,242,781 1,066,131
Great Britain Pound Sterling - 4,541 89
Export Bills
United States Dollar 61,663 1,010 96,636 1,488
32,398,613 1,067,708
111
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
8. EXPORT BILLS AND OTHER RECEIVABLES (continued)
a) By Type and Currency (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Related parties (Note 44) (continued)
Foreign currency (continued)
Other Bills
Japanese Yen 4,875,533,646 496,086 62,880,000 6,846
European Euro 5,897,159 103,297 5,002,350 85,232
United States Dollar 5,547,917 90,847 14,993,050 230,848
Great Britain Pound Sterling 8,376 173 -
690,403 322,926
33,089,016 1,390,634
38,751,427 5,039,044
Total 76,393,270 53,895,404
Allowance for impairment losses (935,390) (2,323,916)
Net 75,457,880 51,571,488
b) By Collectibility:
As of June 30, 2024 and December 31, 2023 all export bills and other receivables are classified as
“Current”, except for Rp1,192 and RpNil with collectibility "Special Mention", and Rp15,966 and RpNil
with the collectibility of "Loss" respectively on June 30, 2024 and December 31, 2023.
c) By Period:
The classification of export bills and other receivables based on their remaining period to maturity are
as follows:
June 30, 2024 December 31, 2023
Third parties
≤ 1 month 11,827,591 26,851,284
> 1 month - 3 months 12,708,463 15,250,996
> 3 months - 1 year 13,105,789 6,754,080
37,641,843 48,856,360
Related parties (Note 44)
≤ 1 month 29,188,749 2,221,008
> 1 month - 3 months 6,793,417 798,625
> 3 months - 1 year 2,769,261 2,019,411
38,751,427 5,039,044
76,393,270 53,895,404
Allowance for impairment losses (935,390) (2,323,916)
Total - Net 75,457,880 51,571,488
112
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
8. EXPORT BILLS AND OTHER RECEIVABLES (continued)
d) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Export Bills and Other Receivables
Carrying value beginning balance 52,382,702 1,512,702 - 53,895,404
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 76,340,756 52,514 - 76,393,270
Derecognized financial assets (52,382,702) (1,512,702) - (53,895,404)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Carrying value ending balance 76,340,756 52,514 - 76,393,270
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Export Bills and Other Receivables
Carrying value beginning balance 38,376,387 690,988 - 39,067,375
Transition to
Stage 1 - - - -
Stage 2 (945,043) 945,043 - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 43,385,603 1,074,429 - 44,460,032
Derecognized financial assets (28,406,723) (1,197,707) - (29,604,430)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (27,522) (51) - (27,573)
Carrying value ending balance 52,382,702 1,512,702 - 53,895,404
113
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
8. EXPORT BILLS AND OTHER RECEIVABLES (continued)
d) The following table presentes the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Export Bills and Other Receivables
Allowance for expected credit loss
beginning balance 1,067,552 1,256,364 - 2,323,916
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses - - - -
New financial assets issued or purchased 900,473 32,458 - 932,931
Derecognized financial assets (1,067,552) (1,256,364) - (2,323,916)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 2,459 - - 2,459
Allowance for expected credit loss
ending balance 902,932 32,458 - 935,390
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 month Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Export Bills and Other Receivables
Allowance for expected credit loss
beginning balance 1,108,792 530,137 - 1,638,929
Transition to
Stage 1 - - - -
Stage 2 (58,346) 58,346 - -
Stage 3 - - - -
Net remeasurement of allowance for losses - 734,771 - 734,771
New financial assets issued or purchased 1,067,552 463,664 - 1,531,216
Derecognized financial assets (1,050,447) (530,546) - (1,580,993)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 1 (8) - (7)
Allowance for expected credit loss
ending balance 1,067,552 1,256,364 - 2,323,916
Management believes that the allowance for impairment losses on export bills and other receivables
as of June 30, 2024 and December 31, 2023 are adequate.
114
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
9. SECURITIES PURCHASED UNDER AGREEMENT TO RESELL
a) Securities purchased under agreement to resell as of June 30, 2024 and December 31, 2023 consist
of:
June 30, 2024
Interest Date of Date of Purchase Carrying
Rate (%) Purchase Resale*) Amount Value
Third parties
Rupiah
Bank Indonesia
Government Bonds
FR0096 6.85% Jun 07, 2024 Jul 05, 2024 477,041 479,219
FR0096 6.85% Jun 03, 2024 Jul 01, 2024 475,966 478,502
FR0096 6.85% Jun 05, 2024 Jul 03, 2024 286,376 287,792
FR0096 6.85% Jun 06, 2024 Jul 04, 2024 57,251 57,524
FR0096 6.85% Jun 04, 2024 Jul 02, 2024 47,659 47,904
PT BPD Jawa Barat dan Banten Tbk
Government Bonds
FR0059 6.50% Jun 25, 2024 Jul 02, 2024 48,204 48,256
PT Bank UOB Indonesia
Government Bonds
IDSR041224364S 6.95% Jun 13, 2024 Sep 13, 2024 967,462 970,824
FR0095 6.10% Jun 28, 2024 Jul 01, 2024 47,970 47,995
Total 2,407,929 2,418,016
December 31, 2023
Interest Date of Date of Purchase Carrying
Rate (%) Purchase Resale Amount Value
Third parties
Rupiah
Bank Indonesia
Government Bonds
VR0054 6.00% Dec 28, 2023 Jan 04, 2024 9,546,172 9,552,536
VR0036 6.16% Oct 04, 2023 Jan 03, 2024 2,876,476 2,920,281
VR0052 6.16% Oct 11, 2023 Jan 10, 2024 1,925,750 1,952,770
VR0064 6.43% Nov 15, 2023 Feb 15, 2024 1,920,082 1,936,200
VR0044 6.46% Nov 29, 2023 Feb 28, 2024 1,920,096 1,931,466
VR0056 6.16% Oct 18, 2023 Jan 17, 2024 480,157 486,319
VR0082 6.40% Aug 04, 2023 May 03, 2024 144,282 148,130
VR0094 6.67% Jan 13, 2023 Jan 12, 2024 92,694 98,757
VR0061 6.50% Apr 28, 2023 Jan 26, 2024 93,600 97,791
VR0049 6.45% Jun 09, 2023 Mar 08, 2024 93,476 96,926
VR0037 6.41% Jun 16, 2023 Jun 14, 2024 93,069 96,367
PT Bank OCBC NISP Tbk
Government Bonds
FR0070 5.85% Dec 29, 2023 Jan 02, 2024 2,016,348 2,017,331
FR0077 5.85% Dec 29, 2023 Jan 02, 2024 996,165 996,651
PT Bank UOB Indonesia
Government Bonds
IDSR041224364S 6.50% Dec 22, 2023 Jan 05, 2024 1,405,969 1,408,508
FR0095 6.70% Dec 20, 2023 Jan 19, 2024 483,251 484,330
IDSR131124364S 6.27% Dec 28, 2023 Jan 04, 2024 94,173 94,239
PT Bank Central Asia Tbk
Government Bonds
FR0095 5.85% Dec 29, 2023 Jan 02, 2024 972,060 972,534
PT BPD Jawa Barat dan Banten Tbk
Government Bonds
FR0086 6.20% Dec 28, 2023 Jan 03, 2024 942,176 942,825
FR0090 6.20% Dec 28, 2023 Jan 03, 2024 924,632 925,269
FR0065 6.20% Dec 28, 2023 Jan 03, 2024 467,930 468,252
FR0091 6.20% Dec 28, 2023 Jan 03, 2024 463,996 464,315
PT Bank Mega Tbk
Government Bonds
FR0086 6.20% Dec 28, 2023 Jan 02, 2024 942,176 942,825
115
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
9. SECURITIES PURCHASED UNDER AGREEMENT TO RESELL (continued)
a) Securities purchased under agreement to resell as of June 30, 2024 and December 31, 2023 consist
of:
December 31, 2023
Interest Date of Date of Purchase Carrying
Rate (%) Purchase Resale*) Amount Value
Third parties (continued)
Rupiah (continued)
PT BPD Jawa Timur
Government Bonds
FR0090 6.30% Dec 22, 2023 Jan 02, 2024 739,365 740,659
FR0081 6.50% Dec 21, 2023 Jan 04, 2024 570,879 572,013
FR0086 6.30% Dec 22, 2023 Jan 02, 2024 188,444 188,774
PT Bank Pan Indonesia Tbk
Government Bonds
FR0087 6.70% Dec 20, 2023 Jan 19, 2024 470,212 471,262
FR0086 6.67% Dec 13, 2023 Jan 12, 2024 469,383 471,035
PT Bank Permata Tbk
Government Bonds
FR0090 6.15% Dec 28, 2023 Jan 02, 2024 462,316 462,632
PT Bank DKI
Government Bonds
FR0095 6.15% Dec 28, 2023 Jan 02, 2024 291,517 291,716
FR0091 6.53% Dec 21, 2023 Jan 04, 2024 277,645 278,199
FR0088 6.20% Dec 28, 2023 Jan 03, 2024 272,478 272,666
FR0095 6.15% Dec 28, 2023 Jan 02, 2024 194,345 194,477
FR0091 6.53% Dec 21, 2023 Jan 04, 2024 92,548 92,733
FR0090 6.20% Dec 28, 2023 Jan 03, 2024 92,463 92,527
FR0088 6.20% Dec 28, 2023 Jan 03, 2024 90,826 90,889
PT BPD Sumatera Selatan dan
Bangka Belitung
Government Bonds
FR0096 6.27% Dec 28, 2023 Jan 04, 2024 246,560 246,732
PT Bank China Construction Bank
Indonesia Tbk
Government Bonds
IDSR081124364S 6.70% Dec 20, 2023 Jan 19, 2024 94,085 94,295
Total 33,447,796 33,595,231
As of June 30, 2024 and December 31, 2023, all the collectibility of securities purchased under
agreements to resell are classified as “Current
Management believes that the allowance for impairment losses is not necessary as of
June 30, 2024 and December 31 2023, because management believes that marketable securities
purchased under agreement to resell are collectible.
116
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
10. DERIVATIVE RECEIVABLES AND PAYABLES
The summary of the derivatives transactions are as follows:
June 30, 2024
Derivative Derivative
Transaction receivables payables
Interest rate swap 354,598 357,795
Foreign currency swap 284,016 903,101
Purchase and sale of foreign currency forward 111,602 740,633
Foreign currency and interest rate swap 22,746 126,441
Purchase and sale of foreign currency spot 5,585 5,384
Currency option 1,778 37
Total 780,325 2,133,391
December 31, 2023
Derivative Derivative
Transaction receivables payables
Interest rate swap 381,607 369,374
Purchase and sale of foreign currency forward 284,050 108,496
Foreign currency swap 223,308 403,003
Foreign currency and interest rate swap 18,045 37,444
Purchase and sale of foreign currency spot 4,673 6,893
Total 911,683 925,210
The notional amounts of derivatives transactions are as follows:
Notional amounts
(foreign currency full amount,
in millions of Rupiah)
June 30, 2024 December 31, 2023
Foreign currency and interest rate swap
United States Dollar 19,785,250 38,849,458
Rupiah 2,409,857 1,596,707
Interest rate swap
United States Dollar 836,544,325 836,544,325
Currency option
Sales contract
United States Dollar 80,435,058 70,337,283
Foreign currency spot
Purchase contract
United States Dollar 147,420,000 134,500,000
European Euro 37,000,000 23,500,000
Great Britain Pound Sterling 24,500,000 20,000,000
Australian Dollar 11,500,000 6,000,000
Sales contract
United States Dollar 120,050,000 103,000,000
European Euro 41,500,000 14,500,000
Great Britain Pound Sterling 25,000,000 16,000,000
Australian Dollar 11,000,000 2,000,000
Renminbi - 34,380,488
117
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
10. DERIVATIVE RECEIVABLES AND PAYABLES (continued)
The notional amounts of derivatives transactions are as follows (continued):
Notional amounts
(foreign currency full amount,
in millions of Rupiah)
June 30, 2024 December 31, 2023
Foreign currency forward
Purchase contract
Japanese Yen 765,487,979 2,157,313,167
United States Dollar 451,086,755 483,866,974
Renminbi 15,352,256 19,250,000
European Euro 2,226,907 15,268,092
Rupiah 160,320 -
Sales contract
United States Dollar 2,732,492,033 2,003,452,579
Japanese Yen 52,503,365 -
Australian Dollar 10,081,753 10,004,640
European Euro 5,000,000 1,683,154
Foreign currency swap
Purchase contract
United States Dollar 1,438,508,821 883,785,000
European Euro - 21,700,000
Sales contract
United States Dollar 2,910,886,106 1,666,985,952
European Euro 110,732,000 136,500,000
New Zealand Dollar 40,000,000 15,000,000
Great Britain Pound Sterling 19,000,000 30,400,000
Renminbi - 16,500,000
The parties entering into derivative contracts in the form of interest rate swaps or currency and interest
rate swaps with BRI are required to pay fixed rates or floating rates, including but not limited to
3 (three) monthly or 6 (six) monthly SOFR plus a certain margin.
11. LOANS
a) By Type and Currency:
The details of loans by type are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Working Capital 679,679,714 665,301,670
Consumer 304,853,956 291,855,160
Investment 91,318,461 84,839,826
Cash Collateral 246,073 120,980
1,076,098,204 1,042,117,636
118
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
a) By Type and Currency (continued):
The details of loans by type are as follows (continued):
June 30, 2024 December 31, 2023
Third parties (continued)
Foreign currency
Investment 74,845,147 60,649,004
Working Capital 38,729,834 32,456,813
Consumer 1,363,923 1,248,783
114,938,904 94,354,600
1,191,037,108 1,136,472,236
Related parties (Note 44)
Rupiah
Working Capital 33,712,065 22,570,722
Investment 24,593,101 25,328,993
Consumer 212,203 202,992
58,517,369 48,102,707
Foreign currency
Working Capital 7,982,035 8,246,770
Investment 7,242,498 4,930,993
15,224,533 13,177,763
73,741,902 61,280,470
Total 1,264,779,010 1,197,752,706
Less Allowance for impairment losses (80,783,074) (79,924,211)
Net 1,183,995,936 1,117,828,495
The details of loans by currency are as follows:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent `
Rupiah 1,134,615,573 1,090,220,343
Foreign currency
United States Dollar 7,948,870,926 130,162,761 6,983,904,314 107,531,174
European Euro 31,689 555 62,891 1,072
Singaporean Dollar 10,000 121 9,992 117
130,163,437 107,532,363
Total 1,264,779,010 1,197,752,706
Less Allowance for impairment losses (80,783,074) (79,924,211)
Net 1,183,995,936 1,117,828,495
119
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
a) By Economic Sector:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Trading, hotels and restaurants 389,212,885 380,541,641
Agriculture 191,955,381 170,821,987
Business services 74,480,777 62,285,323
Manufacturing 70,948,859 68,538,993
Transportation, warehousing and communications 19,620,443 19,005,972
Construction 16,057,501 13,822,884
Mining 10,686,286 12,039,085
Social services 6,716,057 6,492,786
Electricity, gas and water 3,647,798 3,515,414
Others 292,772,217 305,053,551
1,076,098,204 1,042,117,636
Foreign currency
Manufacturing 33,893,344 28,886,861
Electricity, gas and water 24,207,371 16,010,011
Mining 19,724,369 18,668,806
Agriculture 12,803,903 10,209,149
Trading, hotels and restaurant 10,101,658 7,101,727
Business services 6,953,985 5,777,586
Construction 4,882,388 5,144,603
Transportation, warehousing and communications 868,379 1,206,064
Social services 37,088 240
Others 1,466,419 1,349,553
114,938,904 94,354,600
1,191,037,108 1,136,472,236
Related parties (Note 44)
Rupiah
Trading, hotels and restaurant 18,296,174 8,660,446
Construction 16,951,887 15,844,765
Transportation, warehousing and communications 7,206,815 6,758,265
Electricity, gas and water 6,172,101 7,226,951
Manufacturing 4,069,583 3,375,970
Agriculture 3,347,982 3,432,207
Business services 1,695,176 1,792,749
Social services 400,000 500,000
Mining 163,000 306,903
Others 214,651 204,451
58,517,369 48,102,707
120
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
b) By Economic Sector (continued):
June 30, 2024 December 31, 2023
Related parties (Note 44) (continued)
Foreign currency
Electricity, gas and water 3,966,481 3,669,593
Manufacturing 3,707,093 3,462,758
Business services 2,842,086 2,690,443
Social services 2,671,573 1,207,001
Trading, hotels and restaurant 920,877 855,325
Mining 624,491 826,582
Agriculture 491,932 462,551
Constructions - 3,510
15,224,533 13,177,763
73,741,902 61,280,470
Total 1,264,779,010 1,197,752,706
Less Allowance for impairment losses (80,783,074) (79,924,211)
Net 1,183,995,936 1,117,828,495
c) By Period
The classification of loans based on the remaining period to maturity are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 month 38,058,723 26,794,841
> 1 month – 3 months 37,661,358 44,774,886
> 3 months – 1 year 230,002,053 220,564,802
> 1 year – 2 years 134,244,701 135,697,545
> 2 years – 5 years 384,257,501 371,132,518
> 5 years 251,873,868 243,153,044
1,076,098,204 1,042,117,636
Foreign currency
≤ 1 month 6,735,091 1,405,710
> 1 month – 3 months 6,612,674 2,596,463
> 3 months – 1 year 22,451,654 18,457,013
> 1 year – 2 years 10,416,788 14,169,802
> 2 years – 5 years 36,426,808 33,109,853
> 5 years 32,295,889 24,615,759
114,938,904 94,354,600
1,191,037,108 1,136,472,236
121
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
c) By Period (continued):
The classification of loans based on the remaining period to maturity are as follows (continued):
June 30, 2024 December 31, 2023
Related parties (Note 44)
Rupiah
≤ 1 month 1,708,400 1,172,046
> 1 month – 3 months 15,146,351 2,599,116
> 3 months – 1 year 8,153,575 11,375,557
> 1 year – 2 years 2,659,607 1,864,276
> 2 years – 5 years 11,610,154 10,933,850
> 5 years 19,239,282 20,157,862
58,517,369 48,102,707
Foreign currency
≤ 1 month 1,282,210 887,427
> 1 month – 3 months - 772,182
> 3 months – 1 year 496,325 -
> 1 year – 2 years - 462,551
> 2 years – 5 years 5,983,886 4,254,138
> 5 years 7,462,112 6,801,465
15,224,533 13,177,763
73,741,902 61,280,470
Total 1,264,779,010 1,197,752,706
Less Allowance for impairment losses (80,783,074) (79,924,211)
Net 1,183,995,936 1,117,828,495
d) By Collectibility:
Collectibility BRI, Bank Raya, and Pegadaian excluding loan granting under pawning business
activity:
June 30, 2024 December 31, 2023
Individual 32,554,630 33,829,500
Collective
Current 1,091,507,259 1,042,712,719
Special mention 55,988,384 46,754,108
Substandard 4,237,483 4,605,023
Doubtful 8,251,499 7,049,578
Loss 18,466,756 15,921,659
1,178,451,381 1,117,043,087
Total 1,211,006,011 1,150,872,587
122
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
d) By Collectibility (continued):
Collectibility BRI, Bank Raya, and Pegadaian excluding loan granting under pawning business activity
(continued):
June 30, 2024 December 31, 2023
Less Allowance for impairment losses:
Individual (24,965,314) (25,415,117)
Collective (54,304,000) (53,072,775)
(79,269,314) (78,487,892)
Net 1,131,736,697 1,072,384,695
Collectibility of loan granting under pawning business activity of PT Pegadaian (subsidiary):
June 30, 2024 December 31, 2023
Collective
Current 51,730,484 44,856,257
Special mention 1,803,917 1,827,385
Substandard 30,891 20,712
Doubtful 21,883 10,115
Loss 185,824 165,650
Total 53,772,999 46,880,119
Less Allowance for impairment losses:
Collective (1,513,760) (1,436,319)
Net 52,259,239 45,443,800
e) By Operating Segment:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Micro 557,080,475 549,916,200
Retail 461,684,264 445,562,299
Corporate 57,333,465 46,639,137
1,076,098,204 1,042,117,636
Foreign currency
Corporate 111,629,455 91,341,135
Retail 3,309,449 3,013,465
114,938,904 94,354,600
1,191,037,108 1,136,472,236
123
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
e) By Operating Segment (continued):
June 30, 2024 December 31, 2023
Related parties (Note 44)
Rupiah
Corporate 56,959,901 46,538,169
Retail 1,557,468 1,564,538
58,517,369 48,102,707
Foreign currency
Corporate 15,224,533 13,177,763
15,224,533 13,177,763
73,741,902 61,280,470
Total 1,264,779,010 1,197,752,706
Less allowance for impairment losses (80,783,074) (79,924,211)
Net 1,183,995,936 1,117,828,495
f) Other Significant Information:
1) Average interest rate:
June 30, 2024 December 31, 2023
Contractual Interest
Rupiah 10.96% 11.01%
Foreign currency 5.09 4.80
Effective Interest
Rupiah 11.56% 11.79%
Foreign currency 5.31 5.07
2) The loans are generally collateralized by registered mortgages, by powers of attorneys to sell,
demand deposits, saving deposits, time deposits or by other guarantees generally accepted by
banks (Notes 19, 20 and 21), as well as collateral in the form of gold (subsidiaries).
3) Working capital and investment loans are given to debtors for working capital requirements and
capital goods.
4) Consumption loans consist of loans to employees and retired employees, housing, motor vehicles
and other consumption loans.
5) Program loans represent loan facilities channeled by BRI based on the guidelines from the
Government in order to support the development in Indonesia especially the development of small
scale industry, middle scale industry and corporate
124
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
6) Kupedes loans represent loan facilities channeled by BRI through BRI’s Units. The target of these
loans is micro scale industry and fixed income employees that require additional funds, in
accordance with the maximum limit amount stated in the Kupedes regulation. The targeted
economic sectors are agriculture, manufacturing, trading and others.
7) Syndicated loans represent loans provided to debtors under syndication agreements with other
banks. The total BRI loan with the syndication scheme amounted to Rp72,910,582 and
Rp69,273,881 as of June 30, 2024 and December 31, 2023, respectively. BRI’s participation as
leader in the syndicated loans ranged from 3% to 70% and from 5% to 68% as of June 30, 2024
and December 31, 2023, respectively. BRI’s participation as a member in the syndicated loans
ranged from 1% to 77% and from 1% to 69% as of June 30, 2024 and December 31, 2023,
respectively.
8) Employee loans are loans given to employees with 4.5% to 5.5% annual interest rate that are
intended for the acquisition of vehicles, houses and other necessities with 4 (four) to
20 (twenty) years maturity. Loan principal and interest payments were collected through monthly
payroll deductions. The difference between employee loan’s interest rate and Base Lending Rate
(BLR) is deferred and recorded as deferred expense for employee loans as part of other assets.
The deferred expense for employee loans amounted to Rp4,998,885 and Rp5,190,672 as of June
30, 2024 and December 31, 2023, respectively (Note 17).
9) Loans granted by BRI to related parties, other than loans to key management (Note 44) are as
follows:
June 30, 2024 December 31, 2023
Perusahaan Umum BULOG 17,344,683 8,050,411
PT Perusahaan Listrik Negara (Persero) 6,166,096 7,223,106
PT Waskita Karya (Persero) Tbk 4,493,988 4,493,912
PT Kereta Api Indonesia (Persero) 3,834,069 3,176,593
PT Pertamina EP Cepu 2,266,045 2,263,613
PT Perkebunan Nusantara VII (Persero) 2,211,827 2,270,033
PT Dirgantara Indonesia (Persero) 2,178,825 2,033,162
PT Garuda Maintenance Facility Aero Asia Tbk 2,113,394 2,025,180
PT Krakatau Steel (Persero) Tbk 1,871,933 1,773,059
PT Kresna Kusuma Dyandra Marga 1,328,113 1,719,923
PT Garuda Indonesia (Persero) Tbk 1,086,403 1,008,656
Others 28,634,323 25,038,474
Total 73,529,699 61,076,122
125
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
10) Information regarding restructured loan by BRI and its subsidiaries
The following table provides informations of restructured loan (including restructured loan due to
Covid-19), as follows:
June 30, 2024 December 31, 2023
BRI (Parent Entity) 91,557,538 102,508,133
Bank Raya 2,218,026 2,688,077
Pegadaian 33,425 72,192
Total 93,808,989 105,268,402
The amounts of restructured loan by BRI and Bank Raya in accordance with POJK
No. 40/POJK.03/2019 dated December 19, 2020 regarding “Asset Quality Assessment for
Commercial Banks” as of June 30, 2024 and December 31, 2023 are Rp63,333,233 and
Rp53,498,210, respectively. Restructuring scheme generally consists of extention of the loan
period and rescheduling the overdue interest
The amount of loans that have been restructured (BRI Parent Entity, Bank Raya and Pegadaian)
due to Covid-19 based on POJK No. 11/POJK.03/2020 date March 16, 2020 concerning National
Economic Stimulus as a Countercyclical Policy on the Impact of the Spread of Corona Virus
Disease 2019 which has been amended 2 (two) times to POJK
No. 48/POJK.03/2020 dated December 1, 2020 concerPning Amendments to Financial Services
Authority Regulation No.11/POJK.03/2020 concerning National Economic Stimulus as
a Countercyclical Policy on the Impact of the Spread of Corona Virus Disease 2019 and POJK
No. 17/POJK.03/2021 dated September 10, 2021 concerning the Second Amendment to the
Financial Services Authority Regulation No 11/POJK.03/2020 Concerning National Economic
Stimulus as a Countercyclical Policy on the Impact of the Spread of Coronavirus Disease 2019,
as well as OJK press release No. SP 85/DHMS/OJK/XI/2022 dated November 28, 2022
concerning Extension of Credit Restructuring and Financing Policies on a Targeted and Sectoral
Basis to Address the After-Effect of the Covid-19 Pandemic, as of June 30, 2024 and December
31, 2023 amounted to Rp28,224,305 and Rp51,770,192 with a scheme of extension of the loan
period.
The following table presents information of restructured loan by BRI by type and collectibility, as
follows:
June 30, 2024
Special
Current Mention Substandard Doubtful Loss Total
Type
Working
Capital 31,280,959 26,655,738 1,448,617 3,156,426 6,280,178 68,821,917
Investment 8,745,062 4,818,004 138,661 2,336,204 2,864,753 18,902,684
Consumer 3,682,572 1,327,567 115,625 219,481 739,143 6,084,388
Total 43,708,593 32,801,309 1,702,903 5,712,111 9,884,074 93,808,989
126
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
10) Information regarding restructured loan by BRI and its subsidiaries (continued)
The following table presents information of restructured loan by BRI by type and collectibility, as
follows (continued):
December 31, 2023
Special
Current Mention Substandard Doubtful Loss Total
Type
Working
Capital 36,346,567 24,980,213 2,139,015 3,439,273 6,417,016 73,322,084
Investment 13,785,578 4,224,453 329,997 837,300 5,635,785 24,813,113
Consumer 4,586,499 1,498,244 186,617 275,195 586,650 7,133,205
Total 54,718,644 30,702,910 2,655,629 4,551,768 12,639,451 105,268,402
On June 27, 2022, the homologation decision related to the restructuring of loan granted to
PT Garuda Indonesia (Persero) Tbk ("Garuda") was mutually agreed upon with all creditors. The
homologation decision effective on December 28, 2022 after Garuda has complied with all the
homologation requirements. On December 31, 2022, the carrying value of the loan granted to
Garuda after taking into account the modification loss due to restructuring was amounted to
Rp945,183, this value will be recovered gradually in accordance with accounting concepts after
the restructuring date until the maturity date. A modification loss amounted to Rp3,258,079 was
recorded in the interest income account. BRI still has a receivable value for the loan granted to
Garuda amounted to Rp4,613,060 in accordance with the contractual value of the loan as stated
in the homologation decision by the Commercial Court at the Central Jakarta District Court, so
that there is no haircut on the amount of the principal and deferred interest receivables by BRI to
Garuda.
11) In BRI’s report on Legal Lending Limit to Bank Indonesia as of June 30, 2024 and December 31,
2023 to Bank Indonesia and Financial Services Authority (OJK), BRI has neither related parties
nor third party debtors, in accordance with Bank Indonesia regulation and Financial Services
Authority (OJK), that does not comply with or exceed the Legal Lending Limit, respectively
12) The details of non-performing collective loans with collectibility of substandard, doubtful and loss
and total individual loans, as well as the allowance for impairment losses by economic sector, are
as follows:
June 30, 2024 December 31, 2023
Trading, hotels & restaurants 18,879,777 18,396,123
Manufacturing 11,765,908 11,150,487
Agricultures 10,103,160 9,537,399
Construction 7,642,872 6,755,177
Business services 6,710,270 6,233,964
Mining 2,370,326 2,314,227
Transportation, warehousing & communication 816,399 2,027,334
127
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
12) The details of non-performing collective loans with collectibility of substandard, doubtful and loss
and total individual loans, as well as the allowance for impairment losses by economic sector are
as follows (continued):
June 30, 2024 December 31, 2023
Social services 376,496 408,163
Electricity, gas and water 235,784 143,026
Others 4,847,974 4,636,337
Total 63,748,966 61,602,237
Less allowance for impairment losses (45,657,032) (44,332,414)
Net 18,091,934 17,269,823
13) Ratios
a. The ratios of non-performing loans (NPL) BRI (parent entity) based on related regulation are
3.21% and 3.12% as of June 30, 2024 and December 31, 2023, respectively. While the ratios
of BRI’s (parent entity) non-performing loans (NPL) – net are 0.86% and 0.76% as of June
30, 2024 and December 31, 2023, respectively.
b. The ratio of small business loans to total loans provided by BRI was 56.16% and 58.55% as
of June 30, 2024 and December 31, 2023, respectively.
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Carrying value beginning balance 1,054,881,305 106,070,354 36,801,047 1,197,752,706
Transition to
Stage 1 4,985,648 (4,690,069) (295,579) -
Stage 2 (30,476,764) 31,414,419 (937,655) -
Stage 3 (7,895,731) (17,212,941) 25,108,672 -
Net remeasurement of carrying value (56,612,550) (7,272,868) (1,074,825) (64,960,243)
New financial assets issued or purchased 274,540,808 4,580,115 281,594 279,402,517
Derecognized financial assets (122,444,240) (9,278,391) (1,511,082) (133,233,713)
Written-off financial assets (38,715) (2,512,103) (17,008,152) (19,558,970)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes 4,734,963 485,451 156,300 5,376,714
Carrying value ending balance 1,121,674,723 101,583,967 41,520,320 1,264,779,010
128
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Carrying value beginning balance 886,345,387 163,185,724 29,743,708 1,079,274,819
Transition to
Stage 1 21,040,875 (20,820,091) (220,784 ) -
Stage 2 (34,436,838) 35,656,368 (1,219,530 ) -
Stage 3 (10,274,806) (16,090,208) 26,365,014 -
Net remeasurement of carrying value (97,260,723) (15,756,199) 306,176 (112,710,746)
New financial assets issued or purchased 519,987,258 9,842,164 2,180,123 532,009,545
Derecognized financial assets (225,427,993) (38,514,125) (2,296,006 ) (266,238,124)
Written-off financial assets (4,529,486) (11,339,217) (18,013,542 ) (33,882,245)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (562,369) (94,062) (44,112 ) (700,543)
Carrying value ending balance 1,054,881,305 106,070,354 36,801,047 1,197,752,706
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Allowance for expected credit loss
beginning balance 20,934,347 32,301,386 26,688,479 79,924,211
Transition to
Stage 1 926,601 (742,076) (184,525) -
Stage 2 (1,056,042) 1,519,170 (463,128) -
Stage 3 (381,785) (4,691,590) 5,073,375 -
Net remeasurement of allowance for losses (2,248,732) 5,076,096 16,243,293 19,070,656
New financial assets issued or purchased 5,071,037 1,357,914 150,824 6,579,775
Derecognized financial assets (1,497,917) (2,307,091) (855,183) (4,660,191)
Written-off financial assets (38,715) (2,512,103) (17,008,152) (19,558,970)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (196,405) (286,846) (89,156) (572,408)
Allowance for expected credit loss
ending balance 21,512,389 29,714,860 29,555,826 80,783,074
129
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
11. LOANS (continued)
f) Other Significant Information (continued):
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Allowance for expected credit loss 24,926,263 41,732,088 21,665,479 88,323,830
beginning balance
Transition to
Stage 1 2,457,102 (2,299,325) (157,777 ) -
Stage 2 (1,168,243) 2,187,739 (1,019,496 ) -
Stage 3 (403,480) (3,058,759) 3,462,239 -
Net remeasurement of allowance for losses (3,950,058) 12,992,963 20,819,240 29,862,145
New financial assets issued or purchased 9,871,230 2,237,589 1,409,324 13,518,143
Derecognized financial assets (5,690,458) (9,927,728) (1,519,801 ) (17,137,987)
Written-off financial assets (4,529,486) (11,339,217) (18,013,542 ) (33,882,245)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (578,523) (223,964) 42,812 (759,675)
Allowance for expected credit loss
ending balance 20,934,347 32,301,386 26,688,478 79,924,211
Included in the balance of allowance for impairment losses of BRI (parent entity) are reserves for losses
for areas that are still categorized as disaster-prone areas or that have experienced disasters amounted
Rp103,676 and Rp108,286 with the carrying value amounted to Rp1,106,814 and Rp1,130,368 as of
June 30, 2024 and December 31, 2023, respectively.
The minimum allowance for impairment losses on productive assets on loan provided by BRI (Parent
Entity), which must be established in accordance with Bank Indonesia and Financial Services Authority
(OJK) regulations (Note 2e) amounted to Rp44,183,759 and Rp43,526,965 as of June 30, 2024 and
December 31, 2023.
As of June 30, 2024 and December 31, 2023, there are loans from a subsidiary (PT Pegadaian) used as
collaterals for bank loans amounted to Rp52,830,000 and Rp29,600,000 (Notes 25).
Management believes that the allowance for impairment losses on loans as of June 30, 2024 and
December 31, 2023, respectively.
130
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
12. SHARIA LOANS
a) Sharia loans based on collectibility are as follows
June 30, 2024 December 31, 2023
Third parties
Current 13,913,446 12,454,636
Special mentions 1,011,125 966,673
Substandard 78,470 47,774
Doubtful 79,657 55,172
Loss 192,984 143,965
Total 15,275,682 13,668,220
Less allowance for impairment losses (1,267,689) (1,093,762)
Net 14,007,993 12,574,458
b) Sharia loans based on the remaining period to maturity and currency are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 month 9,303 17,091
> 1 month – 3 months 41,526 84,009
> 3 months – 1 year 9,219,683 8,227,108
> 1 year – 2 years 2,620,498 2,388,081
> 2 years – 5 years 3,248,601 2,799,958
> 5 years 136,071 151,973
Total 15,275,682 13,668,220
Less allowance for impairment losses (1,267,689) (1,093,762)
Net 14,007,993 12,574,458
Sharia loans consist of Hajj arrum, amanah, arrum, new arrum gold, and land rhan tasjily.
The amount of sharia loans that have been restructured due to Covid-19 is based on POJK
No.11/POJK.03/2020 dated March 16, 2020 concerning National Economic Stimulus as a
Countercyclical Policy on the Impact of the Spread of Corona Virus Disease 2019 which has been
amended 2 (two) times with POJK No. 48/POJK.03/2020 dated December 1, 2020 concerning
Amendment to Financial Services Authority Regulation No.11/POJK.03/2020 concerning National
Economic Stimulus as a Countercyclical Policy on the Impact of the Spread of Corona Virus Disease
2019 and POJK No. 17/POJK.03/2021 dated September 10, 2021 concerning the Second Amendment
to the Financial Services Authority Regulation No. 11/POJK.03/2020 Concerning National Economic
Stimulus as a Countercyclical Policy The Impact of the Spread of Coronavirus Disease 2019 as well as
OJK press release No. SP 85/DHMS/OJK/XI/2022 dated November 28, 2022 concerning Extension of
Credit Restructuring and Financing Policies on a Targeted and Sectoral Basis to Address the After-Effect
of the Covid-19 Pandemic as of June 30, 2024 and December 31, 2023 is Rp146,838 and Rp234,507,
respectively.
131
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
12. SHARIA LOANS (continued)
Movements in the allowance for impairment losses on sharia loans:
June 30, 2024 December 31, 2023
Beginning balance 1,093,762 1,286,203
Provision /(Reversal) of impairment losses (Note 34) 173,927 (192,441)
Ending balance 1,267,689 1,093,762
Management believes that the allowance for impairment losses on sharia loans as of June 30, 2024 and
December 31, 2023 is adequate.
The type of collateral submitted by the debtors for the sharia loans are gold, fiduciary, and other
non-gold collateral.
As of June 30, 2024 and December 31, 2023, all sharia loans were used as collateral for debts (Note 25).
13. FINANCE RECEIVABLES
a) Finance receivables based on the remaining period to maturity are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 year 42,297,077 31,552,191
> 1 year - 2 years 8,104,679 16,332,478
> 2 years - 5 years 6,203,365 7,037,409
> 5 years 59,409 22,257
56,664,530 54,944,335
United States Dollar
≤ 1 year 13,403 28,304
> 1 year - 2 years - 5,331
13,403 33,635
Related parties (Note 44)
Rupiah
≤ 1 year 10,503 5,872
> 1 year - 2 years 10,503 12,812
> 2 years - 5 years 25,904 11,667
46,910 30,351
Total 56,724,843 55,008,321
Less allowance for impairment losses (4,363,880) (4,483,915)
Net 52,360,963 50,524,406
132
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
13. FINANCE RECEIVABLES (continued)
a) Finance receivables based on collectibility are as follows:
June 30, 2024 December 31, 2023
Weekly Installment Financing
Collectibility
Current 42,619,857 40,351,215
Special mention 1,041,514 1,221,134
Substandard 291,596 168,592
Doubtful 140,330 60,028
Loss 191,156 100,932
44,284,453 41,901,901
Non-Weekly Installment Financing
Collectibility
Current 10,625,361 11,746,901
Special mention 1,391,218 1,013,319
Substandard 92,114 43,498
Doubtful 130,189 39,335
Loss 201,508 263,367
12,440,390 13,106,420
Total 56,724,843 55,008,321
Less allowance for impairment losses (4,363,880) (4,483,915)
Net 52,360,963 50,524,406
c) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Carrying value beginning balance 51,998,740 1,048,048 1,961,533 55,008,321
Transition to
Stage 1 54,301 (50,056) (4,245) -
Stage 2 (580,311) 803,807 (223,496) -
Stage 3 (54,940) (607,748) 662,688 -
Net remeasurement of carrying value (644,284) (185,699) 1,880,526 1,050,543
New financial assets issued or purchased 32,251,691 348,072 28,290 32,628,053
Derecognized financial assets (29,894,015) (133,462) (266,983) (30,294,460)
Written-off financial assets (3,776) (20,513) (1,642,462) (1,666,751)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (863) - - (863)
Carrying value ending balance 53,126,543 1,202,449 2,395,851 56,724,843
133
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
13. FINANCE RECEIVABLES (continued)
c. The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Finance Receivables
Carrying value beginning balance 47,142,455 367,725 1,777,737 49,287,917
Transition to
Stage 1 728,092 (721,325) (6,767 ) -
Stage 2 (1,960,800) 1,977,343 (16,543 ) -
Stage 3 (1,485,014) (1,002,216) 2,487,230 -
Net remeasurement of carrying value 5,347,188 70,962 5,633 5,423,783
New financial assets issued or purchased 71,899,653 522,836 50,369 72,472,858
Derecognized financial assets (69,613,543) (153,986) (746,273 ) (70,513,802)
Written-off financial assets (57,431) (13,291) (1,589,853 ) (1,660,575)
Recovery from written-off financial assets - - - -
Model or foreign exchange parameter
change and other change (1,860) - - (1,860)
Carrying value ending balance 51,998,740 1,048,048 1,961,533 55,008,321
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Allowance for expected credit loss
beginning balance 2,681,409 1,399,871 402,635 4,483,915
Transition to
Stage 1 22,714 (17,676) (5,038) -
Stage 2 (82,670) 388,368 (305,698) -
Stage 3 (542) (210,077) 210,619 -
Net remeasurement of allowance for losses (99,066) (881,972) 2,168,674 1,187,636
New financial assets issued or purchased 833,309 30,783 20,231 884,323
Derecognized financial assets (108,581) (27,371) (370,913) (506,865)
Written-off financial assets (3,776) (20,513) (1,642,462) (1,666,751)
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (18,378) - - (18,378)
Allowance for expected credit loss
ending balance 3,224,419 661,413 478,048 4,363,880
134
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
13. FINANCE RECEIVABLES (continued)
c) The following table presents the changes in the carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Finance Receivables
Allowance for expected credit loss
beginning balance 1,376,178 1,223,654 878,116 3,477,948
Transition to
Stage 1 167,035 (162,293) (4,742 ) -
Stage 2 (940,187) 951,545 (11,358 ) -
Stage 3 (551,475) (619,661) 1,171,136 -
Net remeasurement of allowance for losses 1,942,679 25,781 2,046 1,970,506
New financial assets issued or purchased 4,424,581 3,676 3,525 4,431,782
Derecognized financial assets (3,645,464) (9,540) (46,235 ) (3,701,239)
Written-off financial assets (57,431) (13,291) (1,589,853 ) (1,660,575)
Recovery from written-off financial assets - - - -
Model or foreign exchange parameter
change and other change (34,507) - - (34,507)
Allowance for expected credit loss
ending balance 2,681,409 1,399,871 402,635 4,483,915
d) Finance receivables include the information regarding finance lease receivables (BRI Finance) as of
June 30, 2024 and December 31, 2023, consisting of:
June 30, 2024 December 31, 2023
Third parties
Finance receivables - gross 9,289,757 9,855,031
Guaranteed residual values 836,440 1,582,769
Unearned finance leases income (1,783,313) (1,971,918)
Security deposit (836,440) (1,582,769)
7,506,444 7,883,113
Related parties (Note 44)
Finance receivables - gross 57,251 37,460
Guaranteed residual values 12,080 7,427
Unearned finance leases income (10,341) (7,109)
Security deposit (12,080) (7,427)
46,910 30,351
Total 7,553,354 7,913,464
Less allowance for impairment losses (191,996) (215,309)
Net 7,361,358 7,698,155
135
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
13. FINANCE RECEIVABLES (continued)
As of June 30, 2024 and December 31, 2023, there were financing receivables that were transferred
and/or used as collateral for BRI loans amounting Rp37,799,431 and Rp31,789,102, respectively.
As of June 30, 2024 and December 31, 2023, there were financing receivables using sharia principles
amounting to Rp33,850,376 and Rp31,668,616, respectively.
Management believes that the allowance for impairment losses for finance receivable as of June 30,
2024 and December 31, 2023 is adequate.
14. ACCEPTANCES RECEIVABLE AND PAYABLE
a) By Type and Currency:
June 30, 2024 31 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Import Letters of Credit and Domestic
Documentary L/C (SKBDN) 6,821,086 7.394.694
Foreign currency
Import L/C and SKBDN
United States Dollar 71,560,927 1,171,810 94.495.087 1.454.941
Singaporean Dollar 62,223,187 750,824 -
Renminbi 23,339,555 52,598 13.304.733 28.872
European Euro 1,798,800 31,508 2.447.950 41.709
Japanese Yen 38,132,000 3,880 762.730.478 83.046
Great Britain Pound Sterling - 29.751 584
2,010,620 1.609.152
8,831,706 9.003.846
Related parties (Note 44)
Rupiah
Import L/C and SKBDN 1,246,651 1.167.584
Foreign currency
Import L/C and SKBDN
United States Dollar 13,723,790 224,727 2.986.171 45.978
Renminbi 660,812 1,489 -
1,472,867 1.213.562
Total 10,304,573 10.217.408
Allowance for impairment losses (334,605) (249.698)
Net 9,969,968 9,967,710
b) By Collectibility:
As of June 30, 2024 and December 31, 2023, all acceptance receivables are classified as “Current”.
136
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
14. ACCEPTANCES RECEIVABLE AND PAYABLE (continued)
c) By Period:
The classification of acceptances receivable based on the remaining period until maturity are as
follows:
June 30, 2024 December 31, 2023
Third parties
≤ 1 month 2,977,401 2,419,023
> 1 month - 3 months 2,913,655 4,288,211
> 3 months - 1 year 2,940,650 2,296,612
8,831,706 9,003,846
Related parties (Note 44)
≤ 1 month 301,596 66,652
> 1 month - 3 months 357,905 444,464
> 3 months - 1 year 813,366 702,446
1,472,867 1,213,562
Total 10,304,573 10,217,408
Allowance for impairment losses (334,605) (249,698)
Net 9,969,968 9,967,710
d) The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Carrying value beginning balance 10,193,597 23,811 - 10,217,408
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 10,294,682 9,890 - 10,304,573
Derecognized financial assets (10,193,597) (23,811) - (10,217,408)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes - - - -
Carrying value ending balance 10,294,682 9,890 - 10,304,573
137
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
14. ACCEPTANCES RECEIVABLE AND PAYABLE (continued)
d) The following table presents the changes in the carrying value and allowance for expected losses by
\
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss - Credit Loss -
Credit Loss Not Impaired Impaired Total
Acceptances Receivable
Carrying value beginning balance 7,145,070 22,530 - 7,167,600
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - - - -
New financial assets issued or purchased 10,301,960 23,811 - 10,325,771
Derecognized financial assets (7,250,703) (22,530) - (7,273,233)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (2,730) - - (2,730)
Carrying value ending balance 10,193,597 23,811 - 10,217,408
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss Credit Loss
Credit Loss Not Impaired Impaired Total
Loans
Allowance for expected credit loss
beginning balance 244,117 5,581 - 249,698
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses - - - -
New financial assets issued or purchased 334,138 2,883 - 337,021
Derecognized financial assets (244,117) (5,581) - (249,698)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (2,416) - - (2,416)
Allowance for expected credit loss
ending balance 331,722 2,883 - 334,605
138
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
14. ACCEPTANCES RECEIVABLE AND PAYABLE (continued)
d) The following table presents the changes in the carrying value and allowance for expected losses by
financial instrument category (continued):
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 months Expected Expected
Expected Credit Loss - Credit Loss -
Credit Loss Not Impaired Impaired Total
Acceptances Receivables
Allowance for expected credit loss
beginning balance 123,052 13,484 - 136,536
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of allowance for losses - - - -
New financial assets issued or purchased 244,269 5,581 - 249,850
Derecognized financial assets (121,373) (13,484) - (134,857)
Written-off financial assets - - - -
Recovery from written-off financial assets - - - -
Foreign exchange model or parameter
changes and other changes (1,831) - - (1,831)
Allowance for expected credit loss
ending balance 244,117 5,581 - 249,698
Management believes that the allowance for impairment losses as of June 30, 2024 and December 31,
2023 is adequate.
15. INVESTMENT IN ASSOCIATED ENTITIES
The details of investment in associated entities are as follows:
June 30, 2024
Accumulated
Percentage net earning
Type of of Ownership Acquisition Associated
Company Name Business (%) Cost Entities Carrying Value
Equity Method
Related parties (Note 44)
(Investment in associated entities)
PT Bank Syariah Indonesia Tbk Banking 15.38 3,546,381 2,252,045 5,798,426
PT Bahana Artha Ventura Venture Capital 15.10 71,325 8,652 79,977
3,617,706 2,260,697 5,878,403
139
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
15. INVESTMENT IN ASSOCIATED ENTITIES (continued)
The details of investment in associated entities are as follows (continued):
June 30, 2024
Accumulated
Percentage net earning
Type of of Ownership Acquisition Associated
Company Name Business (%) Cost Entities Carrying Value
Cost Method
Third parties
Grab Holding Financial
Technology
Provider 0.07 124,949
PT Bukalapak.com Financial
Technology
Provider 0.18 25,166
PT Pefindo Biro Kredit Credit
Information
Company 13.88 20,657
PT Pemeringkat Efek Indonesia Credit Rating
Agency 7.94 26,717
PT Kustodian Sentral Efek Securities Depository
Indonesia Service 4.25 4,650
PT Penyelesaian Transaksi Institution
Elektronik Nasional Services
Finance 17.50 3,500
PT Kliring Berjangka Clearing
Indonesia (Persero) Institution 1.92 1,440
Other Invesments Various Various 717,122
Related parties (Note 44)
PT Fintek Karya Nusantara Banking System
Service Provider 12.74 590,260
Total 1,514,461
7,392,864
Allowance for impairment losses -
Net 7,392,864
140
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
15. INVESTMENT IN ASSOCIATED ENTITIES (continued)
The details of investment in associated entities are as follows (continued):
December 31, 2023
Accumulated
Percentage net earning
Type of of Ownership Acquisition Associated
Company Name Business (%) Cost Entities Carrying Value
Equity Method
Related parties (Note 44)
(Investment in associated entities)
PT Bank Syariah Indonesia Tbk Banking 15.38 3,546,381 1,933,244 5,479,625
PT Bahana Artha Ventura Venture Capital 15.10 71,325 8,115 79,440
3,617,706 1,941,359 5,559,065
Cost Method
Third parties
Grab Holding Financial
Technology
Provider 0.05 111,355
PT Bukalapak.com Financial
Technology
Provider 0.18 39,106
PT Pefindo Biro Kredit Credit
Information
Company 13.88 20,060
PT Pemeringkat Efek Indonesia Credit Rating
Agency 7.94 32,278
PT Kustodian Sentral Efek Securities Depository
Indonesia Service 4.25 4,650
PT Penyelesaian Transaksi
Elektronik Nasional Finance 17.50 3,500
PT Kliring Berjangka Clearing
Indonesia (Persero) Institution 1.92 1,340
Other Invesments Various Various 783,555
Related parties (Note 44)
PT Fintek Karya Nusantara Banking System
Service Provider 12.57 753,258
Total 1,749,102
7,308,167
Allowance for impairment losses (2,676)
Net 7,305,491
141
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
15. INVESTMENT IN ASSOCIATED ENTITIES (continued)
The details of investment in associated entities are as follows (continued):
As of June 30, 2024 and December 31, 2023, all investments are classified as “Current”.
Management believes that the allowance for impairment losses on investment in associated entities as
of June 30, 2024 and December 31, 2023 are adequate.
Total assets, liabilities, income and net income for the year of associated entities are as follows:
June 30, 2024 December 31, 2023
PT Bank Syariah Indonesia Tbk
Total assets 355,251,446 353,624,125
Total liabilities 90,715,622 87,222,910
Total temporary syirkah funds 223,724,104 227,662,092
PT Bahana Artha Ventura
Total assets 1,498,524 1,642,983
Total liabilities 693,323 838,813
For the six-month period ended
June 30,
2024 2023
PT Bank Syariah Indonesia Tbk
Total income 10,445,255 11,368,001
Total net income 2,928,159 2,850,687
PT Bahana Artha Ventura
Total income 55,874 69,967
Total net income 3,557 5,494
The details of dividend receipts are as follows:
For the six-month period ended
June 30,
2024 2023
BRI
PT Bank Syariah Indonesia Tbk 131,550 65,504
131,550 65,504
Subsidiaries
PT BRI Asuransi Indonesia 61 74
PT Permodalan Nasional Madani - 45
PT Bank Raya Indonesia Tbk - 13
61 65,636
Total 131,611 65,636
142
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
16. PREMISES AND EQUIPMENT
Premises and equipment consist of:
June 30, 2024
Beginning Reclassifi- Ending
Description Balance Revaluation Addition Disposal cation Balance
Cost
Landrights 33,317,427 - 36,071 36,487 (44) 33,316,967
Buildings 15,127,852 - 391,399 281,872 408,644 15,646,023
Motor vehicles 5,221,398 - 573,006 348,799 (23) 5,445,582
Computers and
machineries*) 16,863,879 - 551,339 510,015 1,628,727 18,533,930
Furnitures and fixtures 3,978,351 - 211,989 73,304 (2,963) 4,114,073
Museum assets 184 - - - - 184
Satellite 3,288,878 - 10 - - 3,288,888
Construction
in progres 3,665,808 - 1,928,330 25,870 (2,034,341) 3,533,927
81,463,777 - 3,692,144 1,276,347 - 83,879,574
Accumulated Depreciation
Buildings 5,225,792 - 911,700 111,270 (1,176) 6,025,046
Motor vehicles 1,928,834 - 268,420 86,943 - 2,110,311
Computers and
Machineries 10,594,732 - 1,104,938 77,781 2,237 11,624,126
Furnitures and fixtures 2,607,940 - 224,909 27,092 (1,061) 2,804,696
Satellite 1,428,360 - 110,429 - - 1,538,789
21,785,658 - 2,620,396 303,086 - 24,102,968
Book value - Net 59,678,119 59,776,606
*) Include software
December 31, 2023
Beginning Reclassifi- Ending
Description Balance Revaluation Addition Disposal cation Balance
Cost
Landrights 33,406.372 - 1,086,300 1,134,834 (40,411) 33,317,427
Buildings 12,219.677 - 1,522,462 699,119 2,084,832 15,127,852
Motor vehicles 3,900.285 - 2,015,071 706,759 12,801 5,221,398
Computers and
machineries*) 12,175.552 - 2,588,752 435,387 2,534,962 16,863,879
Furnitures and fixtures 3,357.863 - 677,264 102,384 45,608 3,978,351
Museum assets 184 - - - - 184
Satellite 3,284.668 - 25 - 4,185 3,288,878
Construction in progress 5,606.600 - 2,719,584 18,399 (4,641,977) 3,665,808
73,951,201 - 10,609,458 3,096,882 - 81,463,777
Accumulated Depreciation
Buildings 4,158,159 - 1,302,878 224,927 (10,318) 5,225,792
Motor vehicles 1,846,266 - 243,852 161,713 429 1,928,834
Computers and
machineries 9,276,125 - 1,514,294 194,805 (882) 10,594,732
Furnitures and fixtures 2,247,030 - 444,481 94,342 10,771 2,607,940
Satellite 1,207,574 - 220,786 - - 1,428,360
18,735,154 - 3,726,291 675,787 - 21,785,658
Book value - Net 55,216,047 59,678,119
*) Include software
143
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
16. PREMISES AND EQUIPMENT (continued)
The acquiring cost and accumulated depreciation of premises and equipment as of june 30, 2024 and
December 31, 2023, based on table above also includes the value of BRI and subsidiaries right-of-use
assets, with the following details:
Beginning balance Ending balance
January 1, 2024 Addition Disposal June 30, 2024
Acquistion cost of right-of-use assets
Buildings 2,466,176 337,725 134,377 2,669,524
Motor vehicles 640,898 68,353 99,457 609,794
Furnitures and fixtures 132,120 14,220 1,071 145,269
3,239,194 420,298 234,905 3,424,587
Accumulated depreciation of right-
of-use assets
Buildings 1,150,454 295,972 73,203 1,373,223
Motor vehicles 214,112 67,131 42,537 238,706
Furnitures and fixtures 20,778 11,844 1,071 31,551
1,385,344 374,947 116,811 1,643,480
Book value - Net 1,853,850 1,781,107
Beginning balance Ending balance
January 1, 2023 Addition Disposal December 31, 2023
Acquistion cost of right-of-use assets
Buildings 1,840,211 1,124,412 498,447 2,466,176
Motor vehicles 331,406 437,631 128,139 640,898
Furnitures and fixtures 13,246 119,100 226 132,120
2,184,863 1,681,143 626,812 3,239,194
Accumulated depreciation of right-
of-use assets
Buildings 794,664 752,694 396,904 1,150,454
Motor vehicles 169,110 169,784 124,782 214,112
Furnitures and fixtures 1,780 19,139 141 20,778
965,554 941,617 521,827 1,385,344
Book value - Net 1,219,309 1,853,850
The following table presents the right-of-use expenses reported in the consolidated statements of profit
or loss:
For the six-month period
ended June 30, 2024
Depreciation
expense of Interest expense
right-of-use of lease
assets liabilities
Buildings 295,972 5,045
Motor vehicles 67,131 6,610
Furnitures and fixtures 11,844 434
Total 374,947 12,089
144
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
16. PREMISES AND EQUIPMENT (continued)
The following table presents the right-of-use expenses reported in the consolidated statements of profit
or loss (continued):
For the six-month period
ended June 30, 2023
Depreciation
expense of Interest expense
right-of-use of lease
assets liabilities
Buildings 397,805 4,478
Motor vehicles 41,096 5,118
Furnitures and fixtures 14,419 263
Total 453,320 9,859
The average lease period based on the contract owned by BRI is more than 2 (two) years.
BRI and its subsidiaries has certain leases with a term of 12 months or less and low-value lease assets,
which are excluded from the recognition of leases under SFAS No. 116.
Depreciation expense of premises and equipment charged to the consolidated statement of profit or loss
and other comprehensive income amounted to Rp2,620,396 and Rp1,880,082 for the six-month period
ended June 30, 2024 and 2023 (Note 36).
BRI and its subsidiaries insured its premises and equipment (excluding landrights and satellite) from
losses due to risks of fire, theft, vandalism, force majeur, and others to PT. BRI Asuransi Indonesia (BRI
Insurance) (Subsidiary entity), PT Askrindo, PT Asuransi Tri Pakarta, PT Asuransi Wahana Tata, PT
Asuransi Sinar, PT Asuransi Sahabat Artha Proteksi (Related parties), and MS Amlin Marine MV with
coverage amount Rp22,776,751 and Rp22,124,061 for the period ended June 30, 2024 and December
2023.
BRI insured its satellites to PT BRI Asuransi Indonesia (BRI Insurance) (Subsidiary entity) on June 30,
2024 and December 2023 with full coverage amounted to USD106,639,782 and USD130,736,666 (full
amount), in which the insurance policies mature on June 19, 2024 and 2023 respectively.
As of June 30, 2024 and December 31, 2023 there are no premises and equipment owned by BRI which
are pledged as collateral.
The gross carrying value of premises and equipments that have been fully depreciated but still used by
BRI amounted to Rp10,984,602 and Rp9,986,999 as of June 30, 2024 and December 31, 2023.
145
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
16. PREMISES AND EQUIPMENT (continued)
On April 1, 2016, BRI changed its accounting policy for landrights measurement from cost method to
revaluation method.
Based on Chairman of Bapepam-LK’s Decision Letter No. KEP-347/BL/2012 dated June 25, 2012
regarding the “Guidelines on Financial Statements Presentations and Disclosures for Issuers or Public
Companies”, section 27 letter e, considering the book value of land that has been revalued in 2016. On
April 1, 2022, BRI and subsidiaries have revalued land to meet Bapepam-LK's provisions and not for
taxation purposes.
The valuation is performed based on POJK No. 28/POJK.04/2021 dated December 30, 2021 regarding
“Presentation of Property Appraisal Reports in the Capital Market” and Indonesian Appraisal Standards,
determined based on the current market transactions and carried out under customary conditions. The
valuation methods used are market data method and cost method.
The valuation of landrights is performed by external independent appraiser, as follows:
1. KJPP Sugianto Prasodjo and Partners, with report No. 01042/2.0131-00/PI/07/0375/1/IX/2022 dated
September 19, 2022 amounting to Rp1,679,046 signed by Budi Prasodjo.
2. KJPP Dino Farid and Partners, with report No. 00526/2.0164-00/PI/07/0447/1/IX/2022 dated
September 19, 2022 amounting to Rp2,006,196 signed by Dino Suharianto.
3. KJPP Sapto, Kasmodiard and Partners, with report No. 01957/2.0084-00/PI/07/0274/1/IX/2022 dated
September 19, 2022 amounting to Rp9,866,380 signed by Sapto Haji.
4. KJPP Nirboyo Adiputro, Dewi Apriyanti and Partners, with report No. 00522/2.0018-
00/PI/07/0496/1/IX/2022 dated September 19, 2022 amounting to Rp1,429,569 signed by Budi
Muhammad Haikal.
5. KJPP Susan Widjojo and Partners, with report No. 00400/2.0068-00/PI/07/0198/1/IX/2022 dated
September 19, 2022 amounting to Rp2,865,437 signed by Susan Widjojo.
6. KJPP Toha, Okky, Heru and Partners, with report No. 00121/2.0014-00/PI/07/0080/1/IX/2022 dated
September 19, 2022 amounting to Rp1,152,233 signed by Okky Danuza.
7. KJPP Abdullah Fitriantoro and Partners, with report No. 00282/2.0051-00/PI/07/0152/1/IX/2022 dated
September 1, 2022 amounting Rp1,056,302 and Rp654,858 signed by Abdullah Fitriantoro.
8. KJPP Muttaqin Bambang Purwanto Rozak Uswatun and Partners, with report No. 01155/2.0027-
00/PI/07/0196/1/IX/2022 dated September 19, 2022 amounting to Rp1,524,861 signed by
Muhammad A. Muttaqin.
9. KJPP Iwan Bachron and Partners, with report No. 00066/2.0047-00/PI/07/0108/1/IX/2022 dated
September 14, 2022 amounting to Rp730,970 signed by Iwan Bachron.
The increase in the carrying value arising from the revaluation of BRI’s (Parent entity) landrights on April
1, 2022 amounted to Rp2,963,485 was recognized as a "Revaluation Surplus arising from Premises and
Equipment" and presented in other comprehensive income amounted to Rp2,984,488 while the decrease
in carrying value arising from the revaluation amounted to Rp21,003 was recognized in the statement of
profit or loss for the period. The fair value of landrights is included in the level 2 fair value hierarchy.
As of June 30, 2024 and December 31, 2023 if the landrights were measured using the cost method, the
carrying values would be Rp14,525,306 and Rp14,489,235.
BRI and its subsidiaries do not have premises and equipment that are temporarily not being used, do not
have premises and equipment that are discontinued from active use and not classified as available for
sale as of June 30, 2024 and December 31, 2023.
146
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
16. PREMISES AND EQUIPMENT (continued)
Details of construction in progress are as follows:
June 30, 2024
Cost Completion Estimated Date of
Accumulation Percentage Completion
Building under construction:
Tabanan IT Facility 43,000 20.00% February 2025
Renovasi SkyLounge 33,155 95.00% September 2024
Revitalisasi Kawasan Semarang 50,929 10.00% July 2025
Branch Office BRI Demak 24,750 86.00% December 2024
Others 813,935 Various Various
965,769
Software under development:
Pengadaan Konsultan IT-Fase
Implementasi Product 340,860 95.00% December 2024
Switch DC Workload ODC Year 2022-2024 135,589 96.00% December 2024
ATDP EDC PAX A930 106,200 98.00% September 2024
Pengadaan Rubrik Security Cloud (RSC) 104,670 90.00% June 2027
Others 585,839 Various Various
1,273,158
Hardware under development 1,295,000 Various Various
1,295,000
Total 3,533,927
December 31, 2023
Cost Completion Estimated Date of
Accumulation Percentage Completion
Building under construction:
Tier 3 Uptime Institute DC GTI Building 89,930 85.00% March 2024
Renovation of Menara BRI Medan 44,017 85.00% March 2024
Contractor of Contact Center Kebayoran Baru 26,439 95.00% January 2024
Main Campus BRI Corporate University 28,738 95.00% January 2024
Others 1,525,702 Various Various
1,714,826
Software under development:
Procurement of IT Consultant
Product Implementation Phase 302,176 85.00% June 2024
Procurement of Secure Branch Phase II 161,441 95.00% March 2024
Switch DC Workload ODC Year 2022-2024 47,548 95.00% December 2024
Procurement of Implementation
New Finance System Integration 39,964 95.00% March 2024
Others 966,662 Various Various
1,517,791
Hardware under development 433,191 Various Various
433,191
Total 3,665,808
Management believes that there is no impairment of premises and equipments and the amount of
insurance coverage is adequate to cover the risk of loss that may arise on the premises and equipments
as of June 30, 2024 and December 31, 2023.
147
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
17. OTHER ASSETS
Other assets consist of:
June 30, 2024 December 31, 2023
Rupiah
Receivables from government related
to KUR disbursement 15,260,787 9,710,595
Prepaid expense 12,220,587 9,618,292
Deferred expense for employee loan (Note 11f) 4,994,885 5,190,672
Interest receivables:
Securities 2,525,264 2,579,374
Pawn business 2,416,352 2,099,520
Others 392,236 336,005
Receivables related to ATM
and credit card transaction 3,985,397 4,713,968
Reinsurance assets 2,671,757 2,697,126
Other receivables 2,437,384 1,764,184
Prepaid tax (Note 38) 1,327,967 2,089,356
Assets under operating lease - net 911,196 952,001
Gold inventories 778,537 508,699
Premium receivable 474,799 286,622
Premises and equipment not yet distributed 264,946 52,939
Investment property 199,635 199,635
Restricted bank 173,290 534,474
Foreclosed collaterals 52,115 52,230
Guarantee deposits 46,044 33,437
Internal advance 41,509 112,588
Others 6,165,664 3,679,857
57,340,351 47,211,574
Foreign currency
Foreign currency term deposit for foreign exchange
proceeds of export Bank Indonesia 1,334,563 5,839,312
Interest receivables:
Securities 1,446,914 1,280,545
Others 211,764 184,708
Others 2,203,673 542,340
5,196,914 7,846,905
Total 62,537,265 55,058,479
Less allowance for impairment losses (1,713,611) (1,682,026)
Net 60,823,654 53,376,453
148
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
18. LIABILITIES DUE IMMEDIATELY
June 30, 2024 December 31, 2023
Rupiah
Advance payment deposits 6,463,743 7,114,058
Third parties cooperation deposits 1,410,940 1,121,776
Third parties funding deposits 1,217,638 751,038
Tax payment deposits 820,066 792,368
ATM and credit card deposits 762,859 788,468
Claim insurance deposits - recovery 710,573 279,530
Electronic money deposits 536,962 518,049
Debt to customers 326,841 232,719
Insurance deposits 325,751 252,718
Loan deposits chanelling 291,374 289,945
Operating cost deposits 201,554 696,501
Clearing deposits 38,878 33,687
Money transfer deposits 20,703 30,767
Interim dividend payment deposits (Note 31d) - 12,666,432
Others 4,694,766 3,496,949
17,822,648 29,065,005
Foreign currency
Tax payment deposits 165,965 140,178
Advance payment deposits 39,484 36,911
Third parties funding deposits 33,352 139,955
Clearing deposits - 538,895
Others 492,808 730,863
731,609 1,586,802
Total 18,554,257 30,651,807
19. DEMAND DEPOSITS
Demand deposits consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah 133,686,791 116,731,749
Foreign currency
United States Dollar 3,887,735,618 63,661,671 3,455,537,572 53,204,912
Renminbi 181,797,999 409,704 165,406,408 358,942
European Euro 17,884,729 313,275 36,944,483 629,472
Japanese Yen 1,625,856,738 165,431 402,507,348 43,825
Singaporean Dollar 7,348,704 88,674 10,534,380 123,003
Australian Dollar 2,865,610 31,130 7,821,325 82,286
Hong Kong Dollar 13,464,547 28,237 10,897,029 21,475
New Taiwan Dollar 46,708,833 23,571 31,426,075 15,823
Great Britain Pound Sterling 470,841 9,749 484,595 9,511
Saudi Arabian Riyal 1,161,647 5,070 503,509 2,067
United Arab Emirates Dirham 596,038 2,657 1,537,723 6,447
Malaysian Ringgit 4,894 17 4,894 16
64,739,186 54,497,779
198,425,977 171,229,528
149
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
19. DEMAND DEPOSITS
Demand deposits consist of (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Related parties (Note 44)
Rupiah 58,880,475 80,392,091
Mata uang asing
United States Dollar 6,607,326,628 99,352,474 6,124,984,673 94,306,389
European Euro 10,132,961 177,492 10,413,081 177,421
Japanese Yen 169,294,284 17,226 168,148,421 18,308
Great Britain Pound Sterling 44,069 912 29,196 573
Singaporean Dollar 5,331 64 5,331 62
99,548,168 94,502,753
158,428,643 174,894,844
Total 356,854,620 346,124,372
The average interest rates are as follows:
June 30, 2024 December 31, 2023
Rupiah 4.60% 2.72%
Foreign currency 2.39% 2.62%
Demand deposits used as collateral for banking facilities granted by BRI and subsidiaries amounted to
Rp1,116,118 and Rp850,977 as of June 30, 2024 and December 31, 2023, respectively.
20. SAVING DEPOSITS
Saving deposits consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Simpedes 308,690,039 319,178,769
Britama 195,863,663 192,007,308
Others 9,773,618 10,278,739
514,327,320 521,464,816
Foreign currency
Britama
United States Dollar 225,911,986 3,699,309 225,570,890 3,473,115
Japanese Yen 18,003,762,289 1,831,883 19,294,792,433 2,100,817
European Euro 8,622,640 151,037 13,837,154 235,762
Singaporean Dollar 12,334,032 148,830 13,100,685 152,968
Australian Dollar 1,820,401 19,775 1,879,683 19,776
Renminbi 8,315,792 18,741 6,809,463 14,777
Great Britain Pound Sterling 706,485 14,628 1,350,486 26,505
New Taiwan Dollar 14,712,365 7,424 10,713,878 5,394
Saudi Arabian Riyal 1,306,623 5,703 1,078,598 4,429
United Arab Emirates Dirham 299,532 1,335 93,443 392
Hong Kong Dollar 41,838 88 139,868 276
South Korean Won 51,066 1 8,094,523 96
5,898,754 6,034,307
520,226,074 527,499,123
150
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
20. SAVING DEPOSITS (continued)
Saving deposits consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Related parties (Note 44)
Rupiah
Britama 513,676 348,734
Simpedes 11,704 10,421
Others 270,400 64,826
795,780 423,981
Foreign currency
Britama
United States Dollar 1,110,141 18,179 1,432,215 22,052
Great Britain Pound Sterling 7,432 154 7,255 142
European Euro 5,794 101 6,094 104
Japanese Yen 862,970 88 589,677 64
Singaporean Dollar 6,706 81 4,679 55
Saudi Arabian Riyal 17,911 78 6,880 28
Malaysian Ringgit 1,117 4 -
Renminbi 327 1 417 1
18,686 22,446
814,466 446,427
Total 521,040,540 527,945,550
The average interest rates are as follows:
June 30, 2024 December 31, 2023
Rupiah 0.28% 0.26%
Foreign currency 0.18% 0.19%
Saving deposits used as collateral for banking facilities granted by BRI and subsidiaries amounted to
Rp157,716 and Rp157,317 as of June 30, 2024 and December 31, 2023.
151
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
21. TIME DEPOSITS
Time deposits consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah 319,887,717 294,911,189
Foreign currency
United States Dollar 2,046,393,125 33,509,687 1,981,751,726 30,513,031
Japanese Yen 9,810,350,000 998,203 18,089,520,575 1,969,587
Renminbi 147,671,397 332,795 147,108,266 319,234
New Taiwan Dollar 349,100,103 176,166 6,056,320 3,049
Singaporean Dollar 9,706,858 117,129 12,215,745 142,635
Australian Dollar 7,560,222 82,128 7,264,028 76,423
Great Britain Pound Sterling 909,456 18,831 926,345 18,181
European Euro 837,678 14,673 424,354 7,230
Saudi Arabian Riyal 5,011 22 5,010 21
35,249,634 33,049,391
355,137,351 327,960,580
Related parties (Note 44)
Rupiah 134,026,254 132,688,743
Foreign currency
United States Dollar 1,379,591,874 22,590,817 1,532,609,511 23,597,589
European Euro 700,000 12,261 700,000 11,927
22,603,078 23,609,516
156,629,332 156,298,259
Total 511,766,683 484,258,839
Time deposits based on their contractual periods are as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Deposits on call 6,488,861 12,472,551
Deposits
1 month 56,879,953 59,222,509
3 months 191,446,370 130,209,788
6 months 48,455,180 73,085,816
12 months 15,737,972 18,908,368
More than 12 months 879,381 1,012,157
319,887,717 294,911,189
152
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
21. TIME DEPOSITS (continued)
Time deposits based on their contractual periods are as follows (continued):
June 30, 2024 December 31, 2023
Third parties (continued)
Foreign currency
Deposits on call 234,647 79,599
Deposits
1 month 9,412,357 11,626,617
3 months 17,332,381 9,093,651
6 months 2,241,270 6,322,343
12 months 5,608,776 5,487,363
More than 12 months 420,203 439,818
35,249,634 33,049,391
355,137,351 327,960,580
Related parties (Note 44)
Rupiah
Deposits on call 2,568,496 2,960,717
Deposits
1 month 17,195,436 19,903,738
3 months 72,561,931 39,290,928
6 months 23,367,945 49,502,287
12 months 18,331,547 21,030,281
More than 12 months 899 792
134,026,254 132,688,743
Foreign currency
Deposits on call 1,213,791 1,593,312
Deposits
1 month 7,554,369 8,637,377
3 months 10,468,005 10,618,440
6 months 2,806,469 2,195,315
12 months 560,444 565,072
More than 12 months - -
22,603,078 23,609,516
156,629,332 156,298,259
Total 511,766,683 484,258,839
The average interest rates are as follows:
June 30, 2024 December 31, 2023
Rupiah 5.72% 4.71%
Foreign currency 4.38% 3.18%
Time deposits used as collateral for banking facilities granted by BRI and subsidiaries amounted to
Rp226,209 and Rp261,350 as of June 30, 2024 and December 31, 2023.
153
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
22. DEPOSITS FROM OTHER BANKS AND FINANCIAL INSTITUTIONS
Deposits from other banks and financial institutions consist of:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Inter-bank call money 1,025,000 -
Demand deposits 915,958 1,263,075
Time deposits 205,604 302,655
Saving deposits 6,926 9,052
Deposits on call - 4,268,250
2,153,488 5,843,032
Foreign currency
United States Dollar
Time deposits 191,000,000 3,127,625 180,000,000 2,771,460
Inter-bank call money 162,408,358 2,659,437 56,671,033 872,564
Demand deposits 27,345,318 447,780 21,435,803 330,047
Deposito on call - 10,000,000 153,970
6,234,842 4,128,041
Singaporean Dollar
Inter-bank call money - 130,546,301 1,524,303
- 5,652,344
8,388,330 11,495,376
Related parties (Note 44)
Rupiah
Demand deposits 18,597 15,755
Time deposits 6,250 41
24,847 15,796
Foreign currency
United States Dollar
Inter-bank call money 31,000,000 507,625 29,000,000 446,513
Demand deposits 71,000 1,163 41,162 634
508,788 447,147
533,635 462,943
Total 8,921,965 11,958,319
The average interest rates are as follows:
Rupiah Foreign Currency
June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023
Inter-bank call money 6.55% -% 5.28% 5.07%
Time deposits 4.00 2.66% 1.50 1.50%
Demand deposits .1.60 1.22% 220.12 0.11%
Saving deposits 0.70 0.66% - -
Deposits on call -% 4.25% -% 4.07%
154
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
22. DEPOSITS FROM OTHER BANKS AND FINANCIAL INSTITUTIONS (continued)
The classification of deposits from other banks and financial institutions based on their remaining period
to maturity are as follows:
June 30, 2024
≤ 1 month > 1 - 3 months > 3 months - 1 year Total
Third parties
Rupiah
Inter-bank call money 1,025,000 - - 1,025,000
Demand deposits 915,958 - - 915,958
Time deposits 67,786 137,818 - 205,604
Savings deposits 6,926 - - 6,926
2,015,670 137,818 - 2,153,488
Foreign currency
United States Dollar
Inter-bank call money 1,437,725 643,674 578,038 2,659,437
Time deposits 540,375 1,031,625 1,555,625 3,127,625
Demand deposits 447,780 - - 447,780
2,425,880 1,675,299 2,133,663 6,234,842
4,441,550 1,813,117 2,133,663 8,388,330
Related parties (Note 44)
Rupiah
Demand deposits 18,597 - - 18,597
Time deposits 6,250 - - 6,250
24,847 - - 24,847
Foreign currency
United States Dollar
Inter-bank call money 507,625 - - 507,625
Demand deposits 1,163 - - 1,163
508,788 - - 508,788
533,635 - - 533,635
Total 4,975,185 1,813,117 2,133,663 8,921,965
December 31, 2023
≤ 1 month > 1 - 3 months > 3 months - 1 year Total
Third parties
Rupiah
Deposits on call 4,268,250 - - 4,268,250
Demand deposits 1,263,075 - - 1,263,075
Time deposits 80,455 218,200 4,000 302,655
Savings deposits 9,052 - - 9,052
5,620,832 218,200 4,000 5,843,032
155
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
22. DEPOSITS FROM OTHER BANKS AND FINANCIAL INSTITUTIONS (continued)
The classification of deposits from other banks and financial institutions based on their remaining period
to maturity are as follows (continued):
December 31, 2023
≤ 1 month > 1 - 3 months > 3 months - 1 year Total
Third parties (continued)
Foreign currency
United States Dollar
Time deposits 307,940 1,616,685 846,835 2,771,460
Inter-bank call money 195,096 - 677,468 872,564
Demand deposits 330,047 - - 330,047
Deposits on call 153,970 - - 153,970
987,053 1,616,685 1,524,303 4,128,041
Singaporean Dollar
Inter-bank call money 1,524,303 - - 1,524,303
8,132,188 1,834,885 1,528,303 11,495,376
Related parties (Note 44)
Rupiah
Demand deposits 15,755 - - 15,755
Time deposts 41 - - 41
15,796 - - 15,796
Foreign currency
United States Dollar
Inter-bank call money 446,513 - - 446,513
Demand deposits 634 - - 634
447,147 - - 447,147
462,943 - - 462,943
Total 8,595,131 1,834,885 1,528,303 11,958,319
156
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
23. SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE
Securities sold under agreement to repurchase consist of:
June 30, 2024
Date of Date of Nominal Sale Carrying
Sale Repurchase Amount Amount Amount
Third parties
Rupiah
Government Bonds
FR0090 Jun 27, 2024 Jul 04, 2024 2,500,000 2,273,493 2,275,162
2,500,000 2,273,493 2,275,162
Government Bonds
FR0090 Jun 25, 2024 Jul 09, 2024 1,500,000 1,374,692 1,376,227
FR0081 Jul 10, 2023 Jun 13, 2025 1,500,000 1,322,032 1,324,764
FR0086 Jul 18, 2023 Apr 15, 2026 1,150,000 1,001,549 1,014,764
FR0081 Jul 11, 2023 Jun 13, 2025 1,098,000 999,680 1,001,763
FR0091 Jan 23, 2024 Jul 23, 2024 1,000,000 931,418 959,568
FR0081 Apr 04, 2023 Jun 12, 2025 1,000,000 887,065 949,735
FR0090 Jun 26, 2024 Jul 03, 2024 1,000,000 916,802 917,630
FR0091 Mar 01, 2024 Sep 03, 2024 750,000 703,979 720,202
FR0081 Jul 12, 2023 Jun 13, 2025 600,000 547,677 581,431
FR0090 Feb 26, 2024 Aug 26, 2024 600,000 560,320 573,361
FR0081 Dec 14, 2023 Jun 13, 2025 500,000 491,298 492,412
FR0081 May 22, 2024 Jun 13, 2025 500,000 489,302 490,411
FR0096 Jun 03, 2024 Jul 01, 2024 500,000 475,966 478,483
FR0090 May 07, 2024 Aug 05, 2024 500,000 455,316 460,115
FR0081 May 29, 2024 Jun 13, 2025 500,000 447,112 448,126
FR0059 Jun 26, 2024 Jul 10, 2024 300,000 288,812 289,071
FR0096 Jun 07, 2024 Jul 05, 2024 300,000 286,224 287,522
FR0090 Jun 24, 2024 Jul 01, 2024 300,000 274,892 275,239
FR0059 Jun 28, 2024 Jul 12, 2024 200,000 192,789 192,891
FR0096 Jun 05, 2024 Jul 03, 2024 200,000 190,917 191,855
FR0096 Jun 07, 2024 Jul 05, 2024 200,000 190,816 191,681
FR0090 Jun 24, 2024 Jul 01, 2024 200,000 183,261 183,493
FR0071 Jun 24, 2024 Jul 01, 2024 150,000 158,343 158,343
FR0095 Jun 24, 2024 Jul 01, 2024 150,000 143,812 143,812
FR0085 Jun 24, 2024 Jul 01, 2024 100,000 97,778 97,776
FR0096 Jun 05, 2024 Jul 03, 2024 100,000 95,459 95,927
FR0090 Jun 26, 2024 Jul 03, 2024 100,000 91,680 91,763
FR0091 Jun 28, 2024 Jul 12, 2024 100,000 89,766 89,813
FR0096 Jun 06, 2024 Jul 04, 2024 60,000 57,251 57,522
FR0090 Jun 24, 2024 Jul 01, 2024 60,000 54,978 55,048
FR0090 Jan 22, 2024 Jul 22, 2024 50,000 46,547 47,952
FR0096 Jun 04, 2024 Jul 02, 2024 50,000 47,659 47,902
FR0090 Jun 10, 2024 Jul 10, 2024 50,000 45,940 46,122
FR0090 Jun 27, 2024 Jul 04, 2024 50,000 46,076 46,109
FR0073 Jun 24, 2024 Jul 01, 2024 25,000 25,591 25,622
15,443,000 14,212,797 14,404,455
157
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
23. SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE (continued)
Securities sold under agreement to repurchase consist of: (continued)
June 30, 2024
Date of Date of Nominal Sale Carrying
Sale Repurchase Amount Amount Amount
Related parties (Notes 44)
Rupiah
Government Bonds
PT Bank Mandiri (Persero) Tbk
FR0090 Jun 07, 2024 Jul 08, 2024 100,000 91,808 92,224
FR0090 Jun 11, 2024 Jul 11, 2024 50,000 46,042 46,216
PT Bank Negara Indonesia
(Persero) Tbk
FR0090 Jun 04, 2024 Jul 04, 2024 10,000 9,152 9,199
160,000 147,002 147,639
Third parties
Foreign currency
Others Banks
Government Bonds
FR0086 Jun 22, 2023 Apr 15, 2026 900,000 889,480 899,470
FR0086 Jun 21, 2023 Apr 15, 2026 900,000 861,975 871,656
FR0086 Dec 16, 2021 Apr 15, 2026 815,000 819,386 828,589
FR0081 Dec 16, 2021 Jun 13, 2025 791,500 818,335 819,663
RI0731 Jun 28, 2024 Jul 26, 2024 982,500 758,628 758,982
RI0929 Jun 28, 2024 Jul 26, 2024 655,000 566,933 567,197
RI0128 May 21, 2024 Aug 21, 2024 327,500 339,059 341,229
RI0127 May 22, 2024 Sep 23, 2024 327,500 308,014 309,941
RI0229 May 31, 2024 Jul 31, 2024 311,125 291,248 292,658
RI0234 Apr 08, 2024 Jul 08, 2024 163,750 158,222 160,286
RI0230 Jun 26, 2024 Sep 26, 2024 80,238 67,155 67,207
6,254,113 5,878,434 5,916,878
Sharia Government Treasury Bills
INDOIS 27 May 20, 2024 Sep 20, 2024 450,313 419,617 422,383
INDOIS 25 Jun 28, 2024 Sep 30, 2024 384,813 363,378 363,548
INDOIS 26 Jun 26, 2024 Sep 26, 2024 32,750 28,592 28,615
867,875 811,588 814,546
Corporate Bonds
PT Perusahaan Listrik
Negara (Persero)
Year 2029 Jun 26, 2024 Sep 26, 2024 70,413 66,758 66,810
70,413 66,758 66,810
Total 25,295,400 23,390,072 23,625,490
158
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
23. SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE (continued)
Securities sold under agreement to repurchase consist of (continued):
December 31, 2023
Date of Date of Nominal Sale Carrying
Sale Repurchase Amount Amount Amount
Third parties
Rupiah
Other Banks
Government Bonds
FR0081 Jul 10, 2023 Jun 13, 2025 1,500,000 1,322,032 1,325,902
FR0086 Jul 18, 2023 Apr 15, 2026 1,150,000 1,001,549 1,014,938
FR0081 Jul 11, 2023 Jun 13, 2025 1,098,000 999,680 1,002,630
FR0081 Apr 04, 2023 Jun 12, 2025 1,000,000 887,065 894,118
FR0081 Jul 12, 2023 Jun 13, 2025 600,000 547,677 549,293
FR0081 Dec 14, 2023 Jun 13, 2025 500,000 491,298 492,876
FR0086 Dec 06, 2023 Jan 05, 2024 100,000 93,789 94,235
5,948,000 5,343,090 5,373,992
Foreign Currency
Other Banks
Government Bonds
RI0126 Nov 09, 2023 May 09, 2024 1,539,700 1,473,269 1,486,066
RI0125 Dec 20, 2023 Jan 18, 2024 1,539,700 1,475,895 1,478,714
RI0126 Dec 06, 2023 Jun 04, 2024 1,539,700 1,433,947 1,439,840
RI1129 Dec 20, 2023 Jan 18, 2024 923,820 896,902 898,616
FR0086 Jun 22, 2023 Apr 15, 2026 900,000 836,356 845,855
FR0086 Jun 21, 2023 Apr 15, 2026 900,000 810,493 819,698
FR0086 Dec 16, 2021 Apr 15, 2026 815,000 770,448 779,199
FR0081 Dec 16, 2021 Jun 13, 2025 791,500 769,460 771,389
RI0731 Nov 29, 2023 May 29, 2024 846,835 643,612 646,993
RI0827 Nov 29, 2023 May 29, 2024 692,865 641,695 645,066
RI0929 Dec 20, 2023 Jan 18, 2024 615,880 551,706 552,760
RI0126 Jun 16, 2023 Mar 18, 2024 461,910 425,946 438,896
RI0124 Nov 02, 2023 Jan 02, 2024 292,543 297,651 300,454
RI0126 Nov 02, 2023 Feb 02, 2024 307,940 292,921 295,694
RI0229 Nov 30, 2023 Feb 29, 2024 292,543 276,355 277,765
RI0727 Oct 27, 2023 Jan 29, 2024 230,955 208,840 211,015
RI0125 Oct 27, 2023 Jan 29, 2024 200,161 189,761 191,737
RI0428 Nov 30, 2023 Feb 29, 2024 138,573 140,728 141,446
RI0727 Aug 30, 2023 Feb 26, 2024 76,985 67,957 69,331
RI0927 Aug 30, 2023 Feb 26, 2024 61,588 55,652 56,777
13,168,198 12,259,594 12,347,311
Sharia Government Treasury Bills
INDOIS 27 Aug 21, 2023 Feb 20, 2024 423,418 396,764 405,192
INDOIS 25 Nov 30, 2023 Feb 29, 2024 207,860 195,144 196,140
INDOIS 26 Nov 08, 2023 Feb 07, 2024 184,764 173,319 174,791
INDOIS 24 Nov 30, 2023 Feb 29, 2024 153,970 146,808 147,557
INDOIS 28 Nov 30, 2023 Feb 26, 2024 92,382 84,514 86,222
INDOIS 24 Nov 30, 2023 Feb 26, 2024 61,587 55,943 57,074
1,123,981 1,052,492 1,066,976
Corporate Bonds
PT Bank Mandiri (Persero) Tbk
Year 2024 Oct 23, 2023 Jan 23, 2024 107,779 96,032 97,097
Year 2025 Oct 23, 2023 Jan 23, 2024 76,985 69,363 70,134
PT Pertamina (Persero)
Year 2029 Oct 23, 2023 Jan 23, 2024 76,985 65,432 66,158
PT Perusahaan Listrik
Negara (Persero)
Year 2029 Oct 23, 2023 Jan 23, 2024 61,588 57,156 57,790
323,337 287,983 291,179
Total 20,563,516 18,943,159 19,079,458
159
Page 163
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED
BRI and Subsidiaries issued marketable securities with details as follows:
June 30, 2024 December 31, 2023
Rupiah
BRI Shelf Registration Bond II
Phase I Year 2016
net of unamortized bond issuance cost
amounting to Rp235 and Rp1,052 as of
June 30, 2024 and December 31, 2023
Third parties 952,100 896,601
Related parties (Note 44) 1,262,242 1,316,647
Phase II Year 2017
net of unamortized bond issuance cost
amounting to Rp318 and Rp372 as of
June 30, 2024 and December 31, 2023
Third parties 825,708 799,145
Related parties (Note 44) 433,486 459,835
Phase III Year 2017
net of unamortized bond issuance cost
amounting to Rp1,233 and Rp204 as of
June 30, 2024 and December 31, 2023
Third parties 1,443,307 1,452,730
Related parties (Note 44) 1,074,926 1,065,535
Phase IV Year 2018
net of unamortized bond issuance cost
amounting to Rp236 and Rp118 as of
June 30, 2024 and December 31, 2023
Third parties 290,115 285,333
Related parties (Note 44) 305,142 309,930
BRI Shelf Registration Bond III
Phase I Year 2019
net of unamortized bond issuance cost
amounting to Rp791 and Rp704 as of
June 30, 2024 and December 31, 2023
Third parties 1,604,093 1,616,903
Related parties (Note 44) 536,862 523,599
BRI Green Shelf Registration Bond I
Phase I Year 2022
net of unamortized bond issuance cost
amounting to Rp1.148 and Rp3,201 as of
June 30, 2024 and December 31, 2023
Third parties 2.134.003 2,031,414
Related parties (Note 44) 247.086 349,102
160
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
Rupiah (continued)
BRI Green Shelf Registration Bond I (continued)
Phase II Year 2023
net of unamortized bond issuance cost
amounting to Rp1,852 and Rp7,273 as of
June 30, 2024 and December 31, 2023
Third parties 5,748,250 5,506,549
Related parties (Note 44) 249,898 489,677
BRI Green Shelf Registration Bond I
Phase III Year 2024
net of unamortized bond issuance cost
amounting to Rp2,586 and RpNil as of
June 30, 2024 and December 31, 2023
Third parties 2,128,771 -
Related parties (Note 44) 348,622 -
BRI MTN Year 2022
net of unamortized bond issuance cost
amounting to RpNil and Rp2,531 as of
June 30, 2024 and December 31, 2023
Third parties 5,000,000 4,994,194
BRI LTN Year 2022
net of unamortized bond issuance cost
amounting to Rp5,644 and Rp3,852 as of
June 30, 2024 and December 31, 2023
Third parties 46,689 48,564
BRI LTN Year 2023
net of unamortized bond issuance cost
amounting to Rp2,264 and Rp203 as of
June 30, 2024 and December 31, 2023
Third parties 57,221 59,377
BRI LTN Year 2024
net of unamortized bond issuance cost
amounting to Rp1,226 and RpNil as of
June 30, 2024 and December 31, 2023
Third parties 54,694 -
BRI Finance MTN II Year 2021
net of unamortized bond issuance cost
amounting to Rp101 and Rp261 as of
June 30, 2024 and December 31, 2023
Third parties 287,411 186,644
Related parties (Note 44) 37,434 137,955
161
Page 165
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
Rupiah (continued)
BRI Finance Bond I Year 2022
net of unamortized bond issuance cost
amounting to Rp872 and Rp1,268 as of
June 30, 2024 and December 31, 2023
Third parties 540,646 338,969
Related parties (Note 44) 9,749 210,922
BRI Finance Bond II Year 2023
net of unamortized bond issuance cost
amounting to Rp1,148 and Rp1,889 as of
June 30, 2024 and December 31, 2023
Third parties 473,825 415,962
Related parties (Note 44) - 57,067
PNM Shelf Registration Bond III
Phase I Year 2019
net of unamortized bond issuance cost
amounting to RpNil and Rp152 as of
June 30, 2024 and December 31, 2023
Third parties - 598,848
Phase II Year 2019
net of unamortized bond issuance cost
amounting to Rp51 and Rp110 as of
June 30, 2024 and December 31, 2023
Third parties 763,449 705,399
Related parties (Note 44) - 57,991
Phase III Year 2020
net of unamortized bond issuance cost
amounting to Rp105 and Rp164 as of
June 30, 2024 and December 31, 2023
Third parties 194,795 179,749
Related parties (Note 44) - 14,987
Phase IV Year 2020
net of unamortized bond issuance cost
amounting to Rp70 and Rp91 as of
June 30, 2024 and December 31, 2023
Third parties 291,930 281,912
Related parties (Note 44) - 9,997
Phase V Year 2021
net of unamortized bond issuance cost
amounting to Rp194 and Rp279 as of
June 30, 2024 and December 31, 2023
Third parties 339,006 458,448
Related parties (Note 44) - 39,473
162
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
Rupiah (continued)
PNM Shelf Registration Bond IV
Phase I Year 2021
net of unamortized bond inssuance cost
amounting to Rp2,002 and Rp2,783 as of
June 30, 2024 and December 31, 2023
Third parties 1,997,998 1,979,241
Related parties (Note 44) - 17,976
PNM Shelf Registration Bond IV
Phase II Year 2022
net of unamortized bond inssuance cost
amounting to Rp612 and Rp966 as of
June 30, 2024 and December 31, 2023
Third parties 585,846 420,060
Related parties (Note 44) - 165,408
PNM Shelf Registration Bond V
Phase I Year 2022
net of unamortized bond inssuance cost
amounting to Rp190 and Rp267 as of
June 30, 2024 and December 31, 2023
Third parties 115,810 115,733
PNM Shelf Registration Bond V
Phase II Year 2024
Net of unamortized bond issuance cost
Amounting to Rp3,567 and RpNil as of
June 30, 2024 and December 31, 2023
Third parties 1,622,470 -
PNM MTN III Venture Capital
Third parties 350,000 339,900
PNM Sukuk Mudharabah III
Year 2019
Third parties - 300,000
PNM Sukuk Mudharabah IV
Year 2021
Third parties - 1,800,000
PNM Sukuk Mudharabah V
Year 2022
Third parties 216,000 466,000
PNM Shelf Registration Sukuk Mudharabah I Phase I
Year 2021
Third parties 842,000 801,000
Related parties (Note 44) - 41,000
163
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
Rupiah (continued)
PNM Shelf Registration Sukuk Mudharabah I Phase II
Year 2023
Third parties 1,095,900 1,441,274
Related parties (Note 44) - 280,626
Pegadaian Shelf Registration Bond IV
Phase II Year 2020
net of unamortized bond issuance cost
amounting to Rp38 and Rp50 as of
June 30, 2024 and December 31, 2023
Third parties 121,966 121,950
Related parties (Note 44) 19,995 19,992
Phase IV Year 2021
net of unamortized bond issuance cost
amounting to RpNil and Rp96
June 30, 2024 and December 31, 2023
Third parties - 735,439
Related parties (Note 44) - 204,005
Pegadaian Shelf Registration Bond V
Phase I Year 2022
net of unamortized bond issuance cost
amounting to Rp311 and Rp499 as of
June 30, 2024 and December 31, 2023
Third parties 400,784 349,580
Related parties (Note 44) 176,894 227,903
Phase II Year 2022
net of unamortized bond issuance cost
amounting to Rp150 and Rp217 as of
June 30, 2024 and December 31, 2023
Third parties 204,289 199,243
Related parties (Note 44) 71,561 76,540
Pegadaian Shelf Registration Bond V
Phase III Year 2023
net of unamortized bond issuance cost
amounting to Rp417 and Rp1,712 as of
June 30, 2024 and December 31, 2023
Third parties 399,583 1,622,766
Related parties (Note 44) - 315,803
164
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
Rupiah (continued)
Pegadaian Shelf Registration Bond V (continued)
Phase IV Year 2023
net of unamortized bond issuance cost
amounting to Rp787 and Rp2,364 as of
June 30, 2024 and December 31, 2023
Third parties 2,392,399 2,390,840
Related parties (Note 44) 39,974 39,956
Phase V Year 2023
net of unamortized bond issuance cost
amounting to Rp1,055 and RpNil as of
June 30, 2024 and December 31, 2023
Third parties 790,750 -
Related parties (Note 44) - -
Pegadaian Shelf Registration Sukuk Mudharabah I
Phase II Year 2020
Third parties 80,500 70,500
Related parties (Note 44) - 10,000
Phase IV Year 2021
Third parties - 127,800
Related parties (Note 44) - 38,000
Pegadaian Shelf Registration Sukuk Mudharabah II
Phase I Year 2022
Third parties 299,000 284,000
Related parties (Note 44) 21,000 36,000
Phase II Year 2022
Third parties 120,100 115,100
Related parties (Note 44) 43,682 49,288
Phase III Year 2023
Third parties - 533,000
Related parties (Note 44) - 72,000
Phase IV Year 2023
Third parties 215,040 215,040
Related parties (Note 44) 20,000 20,000
39,925,002 41,942,421
165
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
BRI and Subsidiaries issued marketable securities with details as follows (continued):
June 30, 2024 December 31, 2023
United States Dollar
Senior Unsecured Notes Due 2024
(Sustainability Bond BRI Year 2019)
net of unamortized bond issuance cost
amounting to RpNil and Rp2,670
June 30, 2024 and December 31, 2023
Third parties - 7,695,160
- 7,695,160
Total 39,925,002 49,637,581
The amortization of the issuance cost of marketable securities issued for the six-month period ended June
30, 2024 and December 31, 2023 amounted to Rp23,579 and Rp35,358.
The management of BRI and its subsidiaries consider that all the requirements/restrictions stipulated in
the issuance of securities above have been met on June 30, 2024 and December 31, 2023,
The following are other key information related to marketable securities issued:
a) BRI Shelf Registration Bond II
On November 22, 2016, BRI Shelf Registration Bond II with a principal amount of Rp20,000,000 has
been declared by the Financial Services Authority (OJK) based on a Decree S-678/D.04/2016 dated
November 22, 2016.
On December 2, 2016, BRI issued Shelf Registration Bond II Phase I Year 2016 with a principal value
of Rp4,600,000 in 5 (five) series, as follows:
• Series A: Principal value amounting to Rp616,000 with a fixed interest rate of 7.25% per annum,
for a period of 370 (three hundred and seventy) days and matured on December 6, 2017.
• Series B: Principal value amounting to Rp964,000 with a fixed interest rate of 8.00% per annum,
for a period of 3 (three) years and matured on December 1, 2019
• Series C: Principal value amounting to Rp193,000 with a fixed interest rate of 8.20% per annum,
for a period of 5 (five) years and matured on December 1, 2021.
• Series D: Principal value amounting to Rp477,000 with a fixed interest rate of 8.65% per annum,
for a period of 7 (seven) years and will mature on December 1, 2023.
• Series E: Principal value amounting to Rp2,350,000 with a fixed interest rate of 8.90% per annum,
for a period of 10 (ten) years and will mature on December 1, 2026.
166
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
a) BRI Shelf Registration Bond II (continued)
The interest of BRI Shelf Registration Bond II Phase I Year 2016 is paid every 3 (three) months,
starting from March 1, 2017. At the time of issuance, Pefindo gave this Shelf Registration Bond
an idAAA rating.
On June 30, 2024 and December 31, 2023, BRI Shelf Registration Bond II Phase I Year 2016
obtained an idAAA rating from Pefindo.
On April 12, 2017, BRI issued Shelf Registration Bond II Phase II Year 2017 with a principal value of
Rp5,100,000 in 4 (four) series, as follows:
• Series A: Principal value amounting to Rp1,131,000 with a fixed interest rate of 7.20% per annum,
for a period of 370 (three hundreds and seventy) days and matured on April 16, 2018.
• Series B: Principal value amounting to Rp1,743,500 with a fixed interest rate of 8.10% per annum,
for a period of 3 (three) years and matured on April 11, 2020.
• Series C: Principal value amounting to Rp925,000 with a fixed interest rate of 8.30% per annum,
for a period of 5 (five) years and matured on April 11, 2022.
• Series D: Principal value amounting to Rp1,300,500 with a fixed interest rate of 8.80% per annum,
for a period of 10 (ten) years and will mature on April 11, 2027.
The interest of BRI Shelf Registration Bond II Phase II Year 2017 is paid every 3 (three) months,
starting from July 11, 2017. At the time of issuance, Pefindo gave this Shelf Registration Bond
an idAAA rating.
On June 30, 2024 and December 31, 2023, Shelf Registration Bond II BRI Phase II Year 2017
obtained an idAAA rating from Pefindo.
On August 25, 2017, BRI issued Shelf Registration Bond II Phase III Year 2017 with a principal value
of Rp5,150,000 in 3 (three) series, as follows:
• Series A: Principal value amounting to Rp980,500 with a fixed interest rate of 7.60% per annum,
for a period of 3 (three) years and matured on August 24, 2020.
• Series B: Principal value amounting to Rp1,652,500 with a fixed interest rate of 8.00% per annum,
for a period of 5 (five) years and matured on August 24, 2022.
• Series C: Principal value amounting to Rp2,517,000 with a fixed interest rate of 8.25% per annum,
for a period of 7 (seven) years and will mature on August 24, 2024.
The interest of BRI Shelf Registration Bond II Phase III Year 2017 is paid every 3 (three) months,
starting from November 24, 2017. At the time of issuance, Pefindo gave this Shelf Registration Bond
an idAAA rating.
On February 22, 2018, BRI issued Shelf Registration Bond II Phase IV Year 2018 with a principal
value of Rp2,442,000 in 2 (two) series, as follows:
• Series A: Principal value amounting to Rp1,837,000 with a fixed interest rate of 6.65% per annum,
for a period of 5 (five) years and matured on February 21, 2023.
• Series B: Principal value amounting to Rp605,000 with a fixed interest rate of 6.90% per annum,
for a period of 7 (seven) years and will mature on February 21, 2025.
The interest of BRI Shelf Registration Bond II Phase IV Year 2018 is paid every 3 (three) months,
starting from May 21, 2018. At the time of issuance, Pefindo gave this Shelf Registration Bond
an idAAA rating
167
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
a) BRI Shelf Registration Bond II (continued)
On June 30, 2024 and December 31, 2023, BRI Shelf Registration Bond II Phase IV Year 2018
obtained an idAAA rating from Pefindo.
The net proceeds from the issuance of this Shelf Registration Bond are used for loan granting.
The covenant stated in the agreement of Shelf Registration Bond is that BRI shall not, without the
written approval from the trustee, reduce the authorized, issued and paid-up capital, as well as
perform merger, separation, consolidation and takeover of a company.
The trustee for the issuance of BRI Shelf Registration Bond II is PT Bank Negara Indonesia (Persero)
Tbk.
BRI Shelf Registration Bond II is not guaranteed by any guarantee. The important requirements
(covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
BRI Shelf Registration Bond II Phase I Series A, Shelf Registration Bond II Phase I Series B,
BRI Shelf Registration Bond II Phase I Series C, BRI Shelf Registration Bond II Phase I Series D, BRI
Shelf Registration Bond II Phase II Series A, BRI Shelf Registration Bond II Phase II Series B, Shelf
Registration Bond II Phase II Series C, BRI Shelf Registration Bond II Phase III Series A, BRI Shelf
Registration Bond II Phase III Series B, BRI Shelf Registration Bond II Phase IV Series A with nominal
values of Rp616,000, Rp964,000, Rp193,000, Rp477,000, Rp1,131,000, Rp1,743,500, Rp925,000,
Rp980,500, Rp1,652,500 and Rp1,837,000 respectively have been paid off by BRI on its maturity
date.
b) BRI Shelf Registration Bond III
On October 30, 2019, BRI Shelf Registration Bond III with a principal amount of Rp20,000,000 has
been declared by the Financial Services Authority (OJK) based on a Decree S-159/D.04/2019 dated
October 30, 2019.
On November 7, 2019, BRI issued Shelf Registration Bond III Phase I Year 2019 with a principal
value of Rp5,000,000 in 3 (three) series, as follows:
• Series A: Principal value amounting to Rp737,850 with a fixed interest rate of 6.50% per annum,
for a period of 370 (three hundreds and seventy) days and matured on November 17, 2020.
• Series B: Principal value amounting to Rp2,089,350 with a fixed interest rate of 7.60% per annum,
for a period of 3 (three) years and matured on November 7, 2022.
• Series C: Principal value amounting to Rp2,172,800 with a fixed interest rate of 7.85% per annum,
for a period of 5 (five) years and will mature on November 7, 2024.
168
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
b) BRI Shelf Registration Bond III (continued)
The interest of BRI Shelf Registration Bond III Phase I Year 2019 is paid every 3 (three) months,
starting from February 7, 2020. At the time of issuance, Pefindo gave this Shelf Registration Bond an
idAAA rating.
As of June 30, 2024 and December 31, 2023, BRI Shelf Registration Bond III obtained a idAAA rating
from Pefindo.
Net proceeds from the issuance of BRI Shelf Registration Bond III are used to develop the Bank's
business by channeling credit by applying the principles of prudential banking and good corporate
governance.
The covenant stated in the agreement of Shelf Registration Bond is that BRI shall not, without the
written approval from the trustee, reduce the authorized, issued and paid-up capital, as well as
perform merger, separation, consolidation and takeover of a company.
The trustee for the issuance of BRI Shelf Registration Bond III is PT Bank Negara Indonesia (Persero)
Tbk.
BRI Shelf-Registration Bond III is not guaranteed by any guarantee. The important requirements
(covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
BRI has settled its Shelf Registration Bond III Phase I Series A and Series B with a principal value of
Rp737,850 and Rp2,089,350 on the maturity date.
c) BRI Green Shelf Registration Bond I Phase I Year 2022
On July 12, 2022, Bank BRI Green Shelf Registration Bond I with a principal amount of Rp15,000,000
has been declared by the Financial Services Authority (OJK) based on Decree
S-122/D.04/2022 dated July 12, 2022.
On July 20, 2022, BRI issued Green Shelf Registration Bond I Phase I Year 2022 with a principal
value of Rp5,000,000 in 3 (three) series as follows:
• Series A: Principal value amounting to Rp2,500,000 with fixed interest rate of 3.70% per annum,
for a period of 370 (three hundred seventy) days and will mature on July 30, 2023.
• Series B: Principal value amounting to Rp2,000,000 with fixed interest rate of 5.75% per annum,
for a period of 3 (three) years and will mature on July 20, 2025.
• Series C: Principal value amounting to Rp500,000 with fixed interest rate of 6.45% per annum,
for a period of 5 (five) years and will mature on July 20, 2027.
The interest of BRI Green Shelf Registration Bond I Phase I Year 2022 is paid every 3 (three) months
starting from October 20, 2022. At the time of issuance, Pefindo rated this Shelf Registration Bond
with an idAAA rating.
169
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
c) BRI Green Shelf Registration Bond I Phase I Year 2022 (continued)
On June 30, 2024, BRI Green Shelf Registration Bond I Phase I obtained an idAAA rating from
Pefindo.
BRI has settled its BRI Green Shelf Registration Bond I Phase I Year 2022 Series A with a principal
value of Rp2,500,000 on the maturity date.
The covenant in the Green Shelf Registration Bond agreement is that BRI without written approval
from the Trustee will not reduce the authorized capital, issued and paid-up, as well as perform merge,
separate, merge and take over the company.
The trustee for the issuance of BRI Green Shelf Bond I Phase I Year 2022 is PT Bank Negara
Indonesia (Persero) Tbk.
BRI Green Shelf Registration Bond I Phase I Year 2022 is not guaranteed by any guarantee. The
important requirements (covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
The net proceeds from the issuance of BRI Green Shelf Registration Bond I Phase I Year 2022 will
be used by the Company to finance or refinance activities in the category of Environmentally Sound
Business Activities and for working capital.
d) BRI Green Shelf Registration Bond I Phase II Year 2023
On July 12, 2022, Bank BRI Green Shelf Registration Bond I with a principal amount of Rp15,000,000
has been declared by the Financial Services Authority (OJK) based on Decree
S-122/D.04/2022 dated July 12, 2022.
On October 17, 2023, BRI issued Green Shelf Registration Bond I Phase II Year 2023 with a principal
value of Rp6,000,000 in 3 (three) series as follows:
• Series A: Principal value amounting to Rp1,345,650 with fixed interest rate of 6.10% per annum,
for a period of 370 (three hundred seventy) days and will mature on October 27, 2024.
• Series B: Principal value amounting to Rp4,154,350 with fixed interest rate of 6.35% per annum,
for a period of 2 (two) years and will mature on October 17, 2025.
• Series C: Principal value amounting to Rp500,000 with fixed interest rate of 6.30% per annum,
for a period of 3 (three) years and will mature on October 17, 2026.
The interest of BRI Green Shelf Registration Bond I Phase II Year 2023 is paid every 3 (three) months
starting from January 17, 2023. At the time of issuance, Pefindo rated this Shelf Registration Bond
with an idAAA rating.
170
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
d) BRI Green Shelf Registration Bond I Phase II Year 2023 (continued)
On June 30, 2024, BRI Green Shelf Registration Bond I Phase II Year 2023 obtained an idAAA rating
from Pefindo.
The trustee for the issuance of BRI Green Shelf Bond I Phase II Year 2023 is PT Bank Tabungan
Negara (Persero) Tbk.
BRI Green Shelf Registration Bond I Phase II Year 2023 is not guaranteed by any guarantee. The
important requirements (covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
The net proceeds from the issuance of BRI Green Shelf Registration Bond I Phase II Year 2023 will
be used by the Company to finance or refinance activities in the category of Environmentally Sound
Business Activities and for working capital.
e) BRI Green Shelf Registration Bond I Phase III Year 2024
On July 12, 2022, Bank BRI Green Shelf Registration Bond I with a principal amount of Rp15,000,000
has been declared by the Financial Services Authority (OJK) based on Decree
S-122/D.04/2022 dated July 12, 2022.
On March 20, 2024, BRI issued Green Shelf Registration Bond I Phase III Year 2024 with a principal
value of Rp2,500,000 in 3 (three) series as follows:
• Series A: Principal value amounting to Rp1,237,665 with fixed interest rate of 6.15% per annum,
for a period of 370 (three hundred seventy) days and will mature on March 30, 2025.
• Series B: Principal value amounting to Rp879,430 with fixed interest rate of 6.25% per annum,
for a period of 2 (two) years and will mature on March 20, 2026.
• Series C: Principal value amounting to Rp382,905 with fixed interest rate of 6.25% per annum,
with fixed interest rate of March 20, 2027.
The interest of BRI Green Shelf Registration Bond I Phase III Year 2024 is paid every 3 (three) months
starting from June 20, 2024. At the time of issuance, Pefindo rated this Shelf Registration Bond with
an idAAA rating.
The trustee for the issuance of BRI Green Shelf Bond I Phase III Year 2024 is PT Bank Tabungan
Negara (Persero) Tbk.
171
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
e) BRI Green Shelf Registration Bond I Phase III Year 2024 (continued)
BRI Green Shelf Registration Bond I Phase III Year 2024 is not guaranteed by any guarantee. The
important requirements (covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
The net proceeds from the issuance of BRI Green Shelf Registration Bond I Phase III Year 2024 will
be used by the Company to finance or refinance activities in the category of Environmentally Sound
Business Activities and for working capital.
f) BRI Medium Term Note Year 2022
On November 24, 2022, BRI issued Medium Term Note Year 2022 with a principal value of
Rp5,000,000 in 2 (two) series as follows:
• Series A: The principal value is Rp2,000,000 with a fixed interest rate of 6.60% per annum, for a
period of 2 (two) years and will mature on November 24, 2024.
• Series B: The principal value is Rp3,000,000 with a fixed interest rate of 6.68% per annum, for a
period of 3 (three) years and will mature on November 24, 2025
Interest of BRI Medium Term Note Year 2022 is paid every 3 (three) months starting February 24,
2023. At the time of issuance, these Medium Term Notes were not ranked.
There are no covenant in the agreement for the issuance of Medium Term Note of PT Bank Rakyat
Indonesia (Persero) Tbk Year 2022.
The net revenue from the issuance of BRI Medium Term Note will be used to increase rupiah liquidity
needs.
g) Long Term Note Conducted Without Going Through Public Offering of PT Bank Rakyat Indonesia
(Persero) Tbk Year 2022
On December 27, 2022, BRI issued a Long Term Note of Bank BRI Year 2022 with a principal value
of Rp52,332.
Interest of 0.55% per annum and Principal of Long Term Note Conducted Without Going Through
Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk I Year 2022 are paid every 3 (three)
months starting on February 24, 2023 and will mature on June 27, 2036.
At the time of issuance, these Long Term Notes were not ranked and does not use the services of a
monitoring agent.
172
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
g) Long Term Note Conducted Without Going Through Public Offering of PT Bank Rakyat Indonesia
(Persero) Tbk Year 2022 (continued)
There are no covenant in the agreement for the issuance of Long Term Note Conducted Without
Going Through Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk Year 2022.
The net receipts from the issuance of BRI Long Term Note will be used to increase Rupiah liquidity
needs.
h) Long Term Note Conducted Without Going Through Public Offering of PT Bank Rakyat Indonesia
(Persero) Tbk II Year 2023
On October 25, 2023, BRI issued a Long Term Note of Bank BRI II Year 2023 with a principal value
of Rp59,485.
Interest of 0.55% per annum and Principal of Long Term Note Conducted Without Going Through
Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk II Year 2023 are paid every 3 (three)
months starting on January 25, 2024 and will mature on January 25, 2037.
At the time of issuance, these Long Term Notes were not ranked and does not use the services of a
monitoring agent.
There are no covenant in the agreement for the issuance of Long Term Note Conducted Without
Going Through Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk II Year 2023.
The net receipts from the issuance of BRI Long Term Note will be used to increase Rupiah liquidity
needs.
i) Long Term Note Conducted Without Going Through Public Offering of PT Bank Rakyat Indonesia
(Persero) Tbk III Year 2024
On March 26, 2024, BRI issued a Long Term Note of Bank BRI III Year 2024 with a principal value
Rp55,950.
Interest of 0.55% per annum and Principal of Long Term Note Conducted Without Going Through
Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk III Year 2024 are paid every 3 (three)
months starting June 26, 2024 and will mature on February 26, 2037.
At the time of issuance, these Long Term Notes were not ranked and does not use the services of a
monitoring agent.
There are no covenant in the agreement for the issuance of Long Term Note Conducted Without
Going Through Public Offering of PT Bank Rakyat Indonesia (Persero) Tbk III Year 2024.
Net revenue from the issuance of BRI Long-Term Notes is used entirely specifically for financing and
refinancing housing loans of Tapera participants, as referred to in Law No. 4 of 2016 concerning
Public Housing Savings, Government Regulation No. 25 of 2020 concerning the Implementation of
Public Housing Savings, Regulation of the Public Housing Savings Management Agency No. 6 of
2021, and the applicable Cooperation and Agreement Agreement between the Public Housing
Savings Management Agency and PT Bank Rakyat Indonesia (Persero) Tbk.
173
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
j) Senior Unsecured Notes Due 2023 (Global Bond BRI)
On July 16, 2018, BRI issued and listed BRI Global Bond Year 2018 with a nominal value of
USD500,000,000 (full amount) on Singapore Exchange Securities Trading Limited (SGX-ST), for a
period of 5 (five) years, and matured on July 20, 2023, with a fixed interest rate of 4.63% per annum.
This bond was issued at 99.696%, which was equivalent to USD498,480,000 (full amount) and the
interest of this bond is paid every 6 (six) months, starting from January 20, 2019. At the time of
issuance, the bond was rated Baa2 and BBB- by Moody’s and Fitch, respectively.
Senior Unsecured Notes Due 2023 is not guaranteed by any guarantee. The important requirements
(covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority
The net proceeds from the issuance of BRI Bond are used to strengthen BRI’s general funding
structure.
As of December 31, 2023, Senior Unsecured Notes Due 2023 (Global Bond BRI) Year 2018 obtained
a Baa2 and BBB- rating from Moody’s and Fitch, respectively.
Senior Unsecured Notes Due 2023 (Global Bond BRI) uses the Paying Agent and Trustee Services
of The Bank of New York Mellon.
BRI has settled its Senior Unsecured Notes Due 2023 (Global Bond BRI) with a principal value of
USD500,000 on the maturity date.
k) Senior Unsecured Notes Due 2024 (Sustainability Bond BRI Year 2019)
On March 28, 2019, BRI issued and listed BRI Sustainability Bond Year 2019 with a nominal value of
USD500,000,000 (full amount) on Singapore Exchange Securities Trading Limited (SGX-ST), for a
period of 5 (five) years, and will mature on March 28, 2024, with a fixed interest rate of 3.95% per
annum. This bond was issued at 99.713%, which was equivalent to USD498,565,000 (full amount)
and the interest of this bond is paid every 6 (six) months, starting from September 28, 2019.
Senior Unsecured Notes Due 2024 (Sustainability Bond BRI Year 2019) is not guaranteed by any
guarantee. The important requirements (covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merge and/or separate and/or merge and/or take over with a value of
more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction is
made based on a request and/or order from the Government of Indonesia or authority.
174
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
k) Senior Unsecured Notes Due 2024 (Sustainability Bond BRI Year 2019) (continued)
At the time of issuance, this bond was rated Baa2 and BBB- by Moody’s and Fitch, respectively. The
net proceeds from the issuance of BRI Bond are used to give funding to Eligible Project in accordance
with the Sustainability Framework.
As of December 31, 2023, Senior Unsecured Notes Due 2024 (Sustainability Bond BRI Year 2019)
obtained a BAA2 and BBB- rating from Moody’s and Fitch, respectively.
Senior Unsecured Notes Due 2024 (BRI Sustainability Bond Year 2019) uses the Paying Agent and
Trustee Services of The Bank of New York Mellon.
BRI has settled its Senior Unsecured Notes Due 2024 (BRI Sustainability Bond Year 2019) with a
principal value of USD500,000 on the maturity date.
l) MTN II BRI Finance Year 2021
On September 17, 2021, BRI Finance issued MTN II BRI Finance Year 2021 with a principal value of
Rp500,000, for a period of 3 (three) years, and will mature on September 17, 2024, with a fixed
interest rate of 6.40% per annum. Interest of MTN Phase II is paid every 3 (three) months, starting
from December 17, 2021. At the time of issuance, the MTN were rated idAA by Pefindo, respectively.
The issuance of MTN is not through a public offering.
The monitoring agent for MTN issuance is PT Bank Negara Indonesia (Persero) Tbk. BRI Finance
has fulfilled all required restrictions as well as the payment of interest and principal value of bonds
through The Indonesia Central Securities Depository (''KSEI'').
As of June 30, 2024 and December 31, 2023, MTN II BRI Finance Year 2021 obtained an idAA rating
from Pefindo.
The net proceeds from the issuance of MTN are used for short-term liabilities payment and strengthen
BRI Finance’s general funding structure. The important covenant stated in the agreement of MTN is
that BRI shall not, without the written approval from the trustee, reduce the authorized, issued and
paid-up capital, as well as perform merger, separation, consolidation and takeover of company.
BRI Finance is also required to fulfill financial covenants including gearing ratios of at least zero and
a maximum of 10 (ten) times, capital ratios of at least 10%, the ratio of net financing receivable
balances to total assets of at least 40%, the ratio of investment and capital financing receivable
balances at least 10% of the total financing receivable balance, the lowest equity to paid-in capital
ratio of 50%, the highest non-performing financing ratio of 5%, has an equity greater than Rp200,000,
maintains a minimum guarantee value of 50% of MTN principal value and meet the covenants of
financial soundness indicators with a minimum healthy condition.
175
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
m) BRI Finance Bond I Year 2022
On July 29, 2022, BRI Finance Bond I Year 2022 with a principal amount of Rp700,000
was declared effective by the Financial Services Authority (OJK) based on Decree
No. S-152/D.04/2022 dated July 29, 2022.
On August 9, 2022, BRI Finance issued BRI Finance Bond I Year 2022 with a principal value of
Rp700,000, for a period of 3 (three) years, and will mature on August 9, 2025 with a fixed interest
rate of 6.95% per annum. Interest of Bonds Phase I is paid every 3 (three) months, starting from
November 9, 2022. At the time of issuance, this Bond was rated idAA by Pefindo.
The trustee for the bond issuance is PT Bank Negara Indonesia (Persero) Tbk. BRI Finance has
fulfilled all the required restrictions as well as the payment of interest and principal value of the bond
through The Indonesia Central Securities Depository (“KSEI”).
On June 30, 2024 and December 31, 2023, BRI Finance Bond I Year 2022 obtained an AA rating
from Pefindo.
The net proceeds from the issuance of this Bond are utilized for BRI Finance's business expansion,
in this case, for disbursement payments.
BRI Finance is also required to fulfill financial covenants including gearing ratios of at least zero and
a maximum of 10 (ten) times, capital ratios of at least 10%, the ratio of net financing receivable
balances to total assets of at least 40%, the ratio of investment and capital financing receivable
balances at least 10% of the total financing receivable balance, the lowest equity to paid-in capital
ratio of 50%, the highest non-performing financing ratio of 5%, maintains a minimum guarantee value
of 50% of Bonds principal value and meet the covenants of financial soundness indicators with a
minimum healthy condition.
n) BRI Finance Bond II Year 2023
On June 27, 2022, BRI Finance Bond II Year 2023 with a principal amount of Rp500,000
was declared effective by the Financial Services Authority (OJK) based on Decree
No. S-152/D.04/2023 dated June 27, 2023.
On July 11, 2023, BRI Finance issued BRI Finance Bond II Year 2023 with a principal value of
Rp500,000 in 2 (two) series as follows:
• Series A: The principal value is Rp197,000 with a fixed interest rate of 5.85% per annum, for a
period of 1 (one) year and will mature on July 21, 2024.
• Series B: The principal value is Rp303,000 with a fixed interest rate of 6.40% per annum, for a
period of 3 (three) years and will mature on July 11, 2026.
The interest of BRI Finance Bond II Year 2023 is paid every 3 (three) months starting from
October 11, 2023. At the time of issuance, Pefindo rated this bond with an idAA rating.
The trustee for the bond issuance is PT Bank Negara Indonesia (Persero) Tbk. BRI Finance has
fulfilled all the required restrictions as well as the payment of interest and principal value of the bond
through The Indonesia Central Securities Depository (“KSEI”).
On June 30, 2024 and December 31, 2023, BRI Finance Bond II Year 2023 obtained an idAA rating
from Pefindo.
176
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
n) BRI Finance Bond II Year 2023 (continued)
The net proceeds from the issuance of this Bond are utilized for BRI Finance's business expansion,
in this case, related to consumer segment (multipurpose).
The trustee agreement also regulates several restrictions that must be fulfilled by the company,
including providing fiduciary guarantees in the form of consumer financing receivables and
maintaining financial ratios within the limits as regulated in OJK Regulation No. 35/2018.
o) PNM Shelf Registration Bond II Phase II Year 2018
On June 21, 2017, PNM issued Shelf Registration Bond II with a principal amount of Rp4,000,000.
This bond has been declared effective by the Financial Services Authority (OJK) based on Decree
Number S-345/D.04/2014 dated June 21, 2017. PNM Shelf Registration Bond II Phase II Year 2018
amounted to Rp2,500,000.
PNM issued and offered the PNM Shelf Registration Bond II Phase II Year 2018 which has been
listed on the Indonesia Stock Exchange on April 16, 2018 which consists of:
• Series A: Principal value amounting to Rp1,254,000, with a fixed interest rate of 8.00% per
annum, for a period of 3 (three) years and matured on April 13, 2021.
• Series B: Principal value amounting to Rp1,246,000, with a fixed interest rate of 8.50% per
annum, for a period of 5 (five) years and matured on April 13, 2023.
At the time of issuance, PNM Shelf Registration Bond II obtained an idA (Single A) rating from
PT Pemeringkat Efek Indonesia (Pefindo).
As of June 30, 2024, PNM Shelf Registration Bond II obtained a rating from PT Pemeringkat Efek
Indonesia (Pefindo) with an idAA (Double A) rating.
PNM Shelf Registration Bond II Phase II Year 2018 Series A and Series B with a nominal value of
Rp1,254,000 and Rp1,246,000 has been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through the Indonesian Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Hold a merger and/or consolidation with another company either directly or indirectly and take
action to liquidate the Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
177
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
p) PNM Shelf Registration Bond III Phase I Year 2019
On May 23, 2019, PNM issued Shelf Registration Bond III with a principal amount of Rp6,000,000.
This Bond has been declared effective by the Financial Services Authority (OJK) based on Decree
Number S-58/D.04/2019 dated May 23, 2019. PNM Shelf Registration Bond III Phase I Year 2019
amounted to Rp2,000,000.
PNM issued and offered the PNM Shelf Registered Bond III Phase I Year 2019 which has been listed
on the Indonesia Stock Exchange on May 29, 2019 which consists of:
• Series A: Principal value amounting to Rp1,401,000, with a fixed interest rate of 9.50% per
annum, for a period of 3 (three) years and matured on May 28, 2022.
• Series B: Principal value amounting to Rp599,000, with a fixed interest rate of 9.85% per annum,
for a period of 5 (five) years and will mature on May 28, 2024.
At the time of issuance, PNM Shelf Registration Bond III Phase I obtained an idA (Single A) rating
from PT Pemeringkat Efek Indonesia (Pefindo).
As of December 31, 2023, PNM Shelf Registration Bond III obtained a rating from PT Pemeringkat
Efek Indonesia (Pefindo) with an idAA+ (Double A plus) rating.
Bond interest payments are paid every 3 (three) months from August 28, 2019 to May 28, 2022 for
Series A Bond and May 28, 2024 for Series B Bond.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
PNM Shelf Registration Bond III Phase I Year 2019 Series A and Series B with a nominal values of
Rp1,401,000 and Rp599,000 has been paid off by PNM on its maturity date.
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
178
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
q) PNM Shelf Registration Bond III Phase II Year 2019
On May 23, 2019, PNM Shelf Registration Bond III with a principal amount of Rp6,000,000 has been
declared effective by the Financial Services Authority (OJK) based on Decree
No. S-58/D.04/2019 dated May 23, 2019. PNM Shelf Registration Bond III Phase II Year 2019
amounted to Rp1,350,000.
PNM issued and offered PNM Shelf Registration Bond III Phase II Year 2020 which have been listed
on the Indonesia Stock Exchange on May 4, 2020 which consists of:
• Series A: Principal value amounting to Rp586,500, with a fixed interest rate of 8.40% per annum,
for a period of 3 (three) years and matured on November 28, 2022.
• Series B: Principal value amounting to Rp763,500, with a fixed interest rate of 8.75% per annum,
for a period of 5 (five) years and will mature on November 28, 2024.
Bond interest payments are paid every 3 (three) months from February 28, 2020 to November 28,
2022 for Series A Bond and November 28, 2024 for Series B Bond.
At the time of issuance, PNM Shelf Registration Bond III obtained an idA+ rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registraton Bond III obtained idAA+ (Double
A plus) rating from Pefindo.
PNM Shelf Registration Bond III Phase II Year 2019 Series A with a nominal value of Rp586,500 has
been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminating company agreements that have a material negative impact;
179
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
r) PNM Shelf Registration Bond III Phase III Year 2020
On May 23, 2019, PNM issued PNM Shelf Registration Bond III with a principal amount of
Rp6,000,000. This bond has been declared effective by the Financial Services Authority (OJK) based
on Decree No. S-58/D.04/2019 dated May 23, 2019. PNM Shelf Registration Bond III Phase III Year
2020 has principle value amounting to Rp250,000.
PNM published and offered PNM Shelf Registration Bond III Phase III Year 2020 which has been
listed on the Indonesia Stock Exchange on May 4, 2020, consists of:
• Series A: Principal value amounting to Rp55,100, with a fixed interest rate of 8.40% per annum,
for a period of 3 (three) years and matured on April 30, 2023.
• Series B: Principal value amounting to Rp194,900, with a fixed interest rate of 9.00% per annum,
for a period of 5 (five) years and will mature on April 30, 2025.
Bond interest payments are paid every 3 (three) months from July 30, 2020 to April 30, 2023 for
Series A Bond and April 30, 2025 for Series B Bond.
At the time of issuance, PNM Shelf Registration Bond III obtained an idA+ rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023 PNM Shelf Registraton Bond III obtained idAA+ rating
from PT Pemeringkat Efek Indonesia (Pefindo).
PNM Shelf Registration Bond III Phase III Year 2020 with a nominal value of Rp55,100 has been
paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
180
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
s) PNM Shelf Registration Bond III Phase IV Year 2020
On May 23, 2019, PNM issued Shelf Registration Bond III PNM with a principal amount of
Rp6,000,000. This bond has been declared effective by the Financial Services Authority (OJK) based
on Decree No.S-58/D.04/2019 dated May 23, 2019. PNM Shelf Registration Bond III Phase IV Year
2020 amounted to Rp1,733,800.
PNM published and offered PNM Shelf Registration Bond III Phase IV Year 2020 which has been
listed on the Indonesia Stock Exchange on May 4, 2020, consists of:
• Series A: Principal value amounting to Rp904,800, with a fixed interest rate of 6.50% per annum,
for a period of 370 (three hundred and seventy) days and matured on December 4, 2021.
• Series B: Principal value amounting to Rp537,000, with a fixed interest rate of 7.75% per annum,
for a period of 3 (three) years and matured on December 4, 2023.
• Series C: Principal value amounting to Rp292,000, with a fixed interest rate of 8.75% per annum,
for a period of 5 (five) years and will mature on December 4, 2025.
Bond interest payments are paid every 3 (three) months from March 4, 2021 to December 14, 2021
for Series A Bond, December 4, 2023 for Series B Bond, and December 4, 2025 for Series C bond.
At the time of issuance, PNM Shelf Registration Bond III obtained an idA+ rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023 PNM Shelf Registraton Bond III Phase IV Year 2020
obtained idAA+ rating from PT Pemeringkat Efek Indonesia (Pefindo).
PNM Shelf Registration Bond III Phase IV Year 2020 Series A dan Series B with a nominal value of
Rp904,800 and Rp537,000 has been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
181
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
t) PNM Shelf Registration Bond III Phase V Year 2021
On May 23, 2019, PNM issued a PNM Shelf Registration Bond III with a principal amount of
Rp6,000,000. This Bond has been declared effective by the Financial Services Authority (OJK) based
on Decree Number S-58/D.04/2019 dated May 23, 2019. PNM Shelf Registration Bond III Phase V
Year 2021 amounted to Rp666,200.
PNM published and offered PNM Shelf Registration Bond III Phase V Year 2021 which has been
listed on the Indonesia Stock Exchange on March 18, 2021, consists of:
• Series A: Principal value amounting to Rp168,000, with a fixed interest rate of 6.25% per annum,
for a period of 370 (three hundred and seventy) days and matured on December 10, 2022.
• Series B: Principal value amounting to Rp159,000, with a fixed interest rate of 7.25% per annum,
for a period of 3 (three) years and will mature on March 17, 2024.
• Series C: Principal value amounting to Rp339,200, with a fixed interest rate of 8.25% per annum,
for a period of 5 (five) years and will mature on March 17, 2026.
Bond interest payments are paid every 3 (three) months from June 17, 2021 to March 17, 2022 for
Series A Bond, March 17, 2024 for Series B Bond, and March 17, 2026 for Series C Bond.
At the time of issuance, PNM Shelf Registration Bond III obtained an idA+ rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Bond III obtained idAA+ rating
from PT Pemeringkat Efek Indonesia (Pefindo).
PNM Shelf Registration Bond III Phase V Year 2021 Series A and Series B with a nominal value of
Rp168,000 and Rp159,000 has been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of fixed assets
in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except for a government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
182
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
u) PNM Shelf Registration Bond IV Phase I Year 2021
On November 30, 2021, PNM issued Shelf Registration Bond IV Phase I Year 2021 with a principal
amount of Rp6,000,000. This Bond has been declared effective by the Financial Services Authority
(OJK) based on Decree No. S-227/D.04/2021 dated November 30, 2021. PNM Shelf Registration
Bond IV Phase I Year 2021 amounted to Rp3,000,000.
PNM issued and offered Shelf Registration Bond IV Phase I Year 2021 which was listed on the
Indonesia Stock Exchange on December 10, 2021, consists of:
• Series A: Principal amount of Rp1,000,000, fixed interest rate of 3.75% per annum, has a term of
370 (three hundred and seventy) calendar days and matured on December 20, 2022.
• Series B: Principal amount of Rp1,000,000, fixed interest rate of 5.50% per annum, has term of
3 (three) years and will mature on December 10, 2024.
• Series C: Principal amount of Rp1,000,000, fixed interest rate of 6.25% per annum, has term of
5 (five) years and will mature on December 10, 2026.
Bond interest payments are paid every 3 (three) months from March 10, 2022 to
December 20, 2022 for Series A Bond, December 10, 2024 for Series B Bond, and December 10,
2026 for Series C Bond.
At the time of issuance, PNM Shelf Registration Bond IV obtained an idAA rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Bond IV obtained a rating from
PT Pemeringkat Efek Indonesia (Pefindo) with an idAA+ rating.
PNM Shelf Registration Bond IV Phase I Year 2021 Series A with a nominal value of Rp1,000,000
has been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
183
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
v) PNM Shelf Registration Bond IV Phase II Year 2022
On April 22, 2022, PNM issued Shelf Registration Bond IV Phase II Year 2022 with a principal amount
of Rp6,000,000. This bond has been declared effective by the Financial Services Authority (OJK).
PNM Shelf Registration Bond IV Phase II Year 2022 amounted to Rp3,000,000.
PNM issued and offered Shelf Registration Bond IV Phase II 2022 which was listed on the Indonesia
Stock Exchange on April 22, 2022. This bond consists of:
• Series A: The principal amount is Rp2,373,500, the interest rate is fixed at 3.75% per annum, the
term is 370 (three hundred and seventy) calendar days and matured on May 2, 2023.
• Series B: The principal amount is Rp626,500, the interest rate is fixed at 5.50% per annum, the
term is 3 (three) years and will mature on April 22, 2025.
Bond interest payments are paid every 3 (three) months from July 22, 2022 to May 2, 2023 for Series
A Bond and April 22, 2025 for Series B Bond.
At the time of issuance, PNM Shelf Registration Bond IV obtained an idAA rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Bond IV obtained a rating from
PT Pemeringkat Efek Indonesia (Pefindo) with an idAA+ rating.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
PNM Shelf Registration Bond IV Phase II Year 2022 Series A with a nominal value of Rp2,373,500
has been paid off by PNM on its maturity date.
184
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
w) PNM Shelf Registration Bond V Phase I Year 2022
On July 29, 2022, PNM issued Shelf Registration Bond V Phase I Year 2022 with a principal amount
of Rp1,000,000. This bond has been declared effective by the Financial Services Authority (OJK).
PNM issued and offered Shelf Registration Bond V Phase I 2022 which was listed on the Indonesia
Stock Exchange on August 12, 2022. This bond consists of:
• Series A: Principal amount of Rp884,000, fixed interest rate of 4.10% per annum, term of 370
(three hundred and seventy) calendar days and matured on August 21, 2023.
• Series B: Principal amount of Rp116,000, fixed interest rate of 5.85% per annum, term of 3 (three)
years and will mature on August 11, 2025.
Bond interest payments are paid every 3 (three) months from November 11, 2022 to August 21, 2023
for Series A Bond and August 11, 2025 for Series B Bond.
At the time of issuance, PNM Shelf Registration Bond IV obtained an idAA rating from PT Pemeringkat
Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Bond IV obtained a rating from
PT Pemeringkat Efek Indonesia (Pefindo) with an idAA+ rating.
PNM Shelf Registration Bond V Phase I Year 2022 Series A with a nominal value of Rp884,000 has
been paid off by PNM on its maturity date.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of the fixed
assets in the current year;
2. Merger and/or consolidation with another company either directly or indirectly and liquidate the
Company;
3. Acquisition of shares or assets;
4. Change the Company's line of business except by government decision;
5. Terminate company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital
185
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
x) PNM Shelf Registration Bond V Phase II Year 2024
On March 21, 2024, PNM issued Shelf Registration Bond V Phase II Year 2024 with a principal
amount Rp1,676,180. This bond has been declared effective by the Financial Services Authority
(OJK).
PNM issued and offered Shelf Registration Bond V Phase II 2024 which was listed on the Indonesia
Stock Exchange on March 21, 2024. This bond consists of:
• Series A: Principal amount of Rp1,335,150, fixed interest rate of 6.40% per annum, term of 1
(one) year and will mature on March 30, 2025.
• Series B: Principal amount of Rp341,030, fixed interest rate of 6.55% per annum, term of 3
(three) years and will mature on March 20, 2027.
Bond interest payments are paid every 3 (three) months from June 20, 2024 to March 30, 2025 for
Series A Bond and March 20, 2027 for Series B Bond.
At the time of issuance, PNM Shelf Registration Bond V Phase II Year 2024 obtained an idAA rating
from PT Pemeringkat Efek Indonesia (Pefindo).
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Bond IV obtained a rating from
PT Pemeringkat Efek Indonesia (Pefindo) with an idAA+ rating.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all required restrictions as
well as the payment of interest and the principal value of bonds by the Indonesian Central Securities
Depository ("KSEI").
Restrictions required by the Trustee for PNM Shelf-Registration Bond V Phase II Year 2024:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of fixed assets
in the current year;
2. Merge and/or merge with other companies, either directly or indirectly, and take action to liquidate
the company;
3. Acquire shares or assets;
4. Change the company's line of business except by government decision;
5. Terminating company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital, and paid-up capital.
186
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
y) PNM Shelf Registration Sukuk Mudharabah I Phase I Year 2021
On July 8, 2021, PNM issued the Shelf Registration Sukuk Mudharabah I PNM Phase I Year 2021
with a principal amount Rp6,000,000. PNM Shelf Registration Sukuk Mudharabah I Phase I Year
2021 is Rp2,000,000, which consists of:
• Series A: Principal value amounting to Rp1,158,000, with a nisbah of 37.740% per annum, for a
period of 370 (three hundred and seventy) days and matured on July 8, 2022.
• Series B: Principal value amounting to Rp515,000, with a nisbah of 18.025% per annum, for a
period of 3 (three) years and will mature on July 8, 2024.
• Series C: Principal value amounting to Rp327,000, with a nisbah of 13.080% per annum, for a
period of 5 (five) years and will mature on July 8, 2026.
The nisbah payment is paid every 3 (three) months starting from July 8, 2021.
At the time of issuance, PNM Shelf Registration Sukuk Mudharabah I Phase I Year 2021 obtained an
idAA(sy) rating from Pefindo.
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Sukuk Mudharabah I Phase I
Year 2021 obtained rating idAA+(sy) from Pefindo.
Sukuk profit sharing payments are paid every 3 (three) months from October 8, 2021 to October 8,
2022 for Sukuk Series A, October 8, 2024 for Sukuk Series B, and October 8, 2026 for Sukuk Series
C.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustee for PNM Shelf Registration Sukuk Mudharabah I Phase I Year
2021:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of fixed assets
in the current year;
2. Conducting mergers and/or consolidations with others companies either directly or indirectly and
taking actions to liquidate the company;
3. Acquire shares or assets;
4. Change the company’s line of business except follow government decision;
5. Terminating company agreements that have a material negative impact;
6. Reduce authorized capital, issued capital and paid-up capital.
PNM Shelf Registration Sukuk Mudharabah I Phase I Year 2021 Series A with a nominal value of
Rp1,158,000 has been paid off by PNM on the maturity date.
187
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
z) PNM Shelf Registration Sukuk Mudharabah I Phase II Year 2023
PNM issued PNM Shelf Registration Sukuk Mudharabah I Phase II Year 2023 on April 11, 2023 with
a principal amount of Rp6,000,000. This Sukuk has been declared effective by the Financial Services
Authority (OJK) on March 17, 2023. PNM Shelf Registration Sukuk Mudharabah I Phase II Year 2023
is Rp1,721,900 which consists of:
• Series A: Principal value amounting to Rp626,000, with a nisbah of 18.467% per annum, for a
period of 1 (one) year and will mature on April 21, 2024.
• Series B: Principal value amounting to Rp1,095,900, with a nisbah of 36.987% per annum, for a
period of 3 (three) years and will mature on April 11, 2026.
Sukuk profit sharing payments are paid every 3 (three) months from July 11, 2023 to April 11, 2024
for Sukuk Series A and July 1, 2023 to April 11, 2026 for Sukuk Series B.
At the time of issuance, PNM Shelf Registration Sukuk Mudharabah I Phase II Year 2023 obtained
an idAA(sy) rating from Pefindo.
On June 30, 2024 and December 31, 2023, PNM Shelf Registration Sukuk Mudharabah I Phase II
Year 2023 obtained an idAA+(sy) rating from Pefindo.
The trustee for the bond issuance is PT Bank Mega Tbk. PNM has fulfilled all the required restrictions
as well as the payment of interest and principal value of the bond through The Indonesia Central
Securities Depository (“KSEI”).
Restrictions required by the trustees for PNM Shelf Registration Sukuk Mudharabah I Phase II Year
2023:
1. Sell or transfer the company's fixed assets to any party exceeding 50% of the value of fixed assets
in the current year.
2. Conduct mergers and/or consolidations with others companies either directly or indirectly and
taking actions to liquidate the company.
3. Acquire shares or assets.
4. Change the company’s line of business except follow government decision.
5. Terminating company agreements that have a material negative impact.
6. Reduce authorized capital, issued capital and paid-up capital.
aa) PNM Sukuk Mudharabah III Year 2019
PNM issued Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) in some series, as
follows:
• Phase I: Principal value amounting to Rp300,000, with a nisbah of 19.00% per annum, for a period
of 5 (five) years and will mature on June 18, 2024.
• Year 2019 Series A: Principal value amounting to Rp435,000, with a nisbah of 25.48% per annum,
for a period of 2 (two) years and matured on September 24, 2021.
• Year 2019 Series B: Principal value amounting to Rp65,000 with a nisbah of 3.90% per annum,
for a period of 3 (three) years and matured on October 30, 2022.
• Year 2019 Series C: Principal value amounting to Rp322,000 with a nisbah of 17.94% per annum,
for a period of 3 (three) years and matured on February 20, 2023.
• Year 2019 Series D: Principal value amounting to Rp350,000 with a nisbah of 20.50% per annum,
for a period of 1 (one) year 10 (ten) months and 24 (twenty four) days, matured on September
24, 2021.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
aa) PNM Sukuk Mudharabah III Year 2019 (continued)
PNM issued Sukuk Mudharabah III PT Permodalan Nasional Madani (Persero) in some series, as
follows (continued):
• Year 2019 Series E: Principal value amounting to Rp100,000 with a nisbah of 6.00% per annum,
for a period of 2 (two) years 11 (eleven) months and 10 (ten) days, matured on October 30, 2022.
• Phase II Series E: Principal value amounting to Rp50,000 with a nisbah of 3.00% per annum, for
a period of 2 (two) years 10 (ten) months and 25 (twenty five) days, matured on October 30, 2022.
• Year 2019 Series F: Principal value amounting to Rp120,000 with a nisbah of 6.69% per annum,
for a period of 3 (three) years and matured on February 20, 2023.
• Year 2019 Series H: Principal value amounting to Rp50,000 with a nisbah of 3.00% per annum,
for a period of 3 (three) years and matured on December 15, 2023.
• Year 2021 Phase II Series F: Principal value amounting to Rp208,000 with a nisbah of 11.59%
per annum, for a period of 1 (one) year 9 (nine) months and 16 (sixteen) days, matured on
February 20, 2023.
There is no covenance in the issuance of Sukuk Mudharabah III. The trustee for the issuance of
Sukuk Mudharabah III is Bank Syariah Mandiri. The schedule for payment of nisbah is every 3
months. The purpose of this Sukuk’s issuance is to increase murabahah working capital through
Sharia Mekaar and Sharia UlaMM.
At the time of issuance, PNM Sukuk Mudharabah III Year 2019 obtained an idA(sy) rating from Pefindo.
On June 30, 2024 and December 31, 2023, PNM Sukuk Mudharabah III Year 2019 obtained an
idAA+(sy) rating from Pefindo.
PNM Sukuk Mudharabah III Year 2019 Phase I, PNM Sukuk Mudharabah III Year 2019 Series A, B,
C, D, and E with a nominal values of Rp300,000, Rp435,000, Rp65,000, Rp322,000, Rp350,000, and
Rp100,000 and Phase II Series E, F and H of Rp50,000, Rp120,000, and Rp50,000 and Phase II
Year 2021 Series F of Rp208,000 have been paid off by PNM on their maturity dates.
ab) PNM Sukuk Mudharabah IV
PNM issued Sukuk Mudharabah IV PT Permodalan Nasional Madani (Persero) in some series, as
follows:
• Year 2020 Phase I Series A: Principal value amounting to Rp200,000 with a nisbah of 9.75% per
annum, for a period of 3 (three) years and matured on October 27, 2023.
• Year 2021 Series A: Principal value amounting to Rp712,000 with a nisbah of 37.38% per annum,
for a period of 3 (three) years and will mature on January 19, 2024.
• Year 2021 Series B: Principal value amounting to Rp780,000 with a nisbah of 40.95% per annum,
for a period of 3 (three) years and will mature on March 10, 2024.
• Year 2021 Series C: Principal value amounting to Rp200,000 with a nisbah of 9.75% per annum,
for a period of 3 (three) years and matured on June 29, 2023.
• Year 2021 Series D: Principal value amounting to Rp308,000 with a nisbah of 16.17% per annum,
for a period of 3 (three) years and will mature on January 19, 2024.
At the time of issuance, PNM Sukuk Mudharabah IV obtained an idAA+(sy) rating from Pefindo.
189
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ab) PNM Sukuk Mudharabah IV (continued)
There is no covenance in the issuance of Sukuk Mudharabah IV. The trustee for the issuance of
Sukuk Mudharabah is Bank Syariah Indonesia with Pefindo as the rating agency which has given the
rating of an idAA+ (Double A Plus). The schedule for payment of nisbah is every 3 months. The
purpose of this Sukuk’s issuance is to increase murabahah working capital through Sharia Mekaar
and Sharia UlaMM. There is no relationship between the trustee and the issuer's business. The
issuance of PNM Sukuk is listed on the KSEI exchange.
SNM Sukuk Mudharabah IV Year 2020 Phase I Series A with a nominal value of Rp200,000 and PNM
Sukuk Mudharabah IV Year 2021 Series A, B, C, and D with a nominal value of Rp712,000,
Rp780,000, Rp200,000, and Rp308,000 has been paid off by PNM on its maturity date.
ac) PNM Sukuk Mudharabah V
PNM issued PT Permodalan Nasional Madani (Persero) Sukuk Mudharabah V in several series as
follows:
• Year 2022 Series A: Principal value amounting to Rp216,000 with a nisbah of 45% per annum,
for a period of 2 (two) years and will mature on July 22, 2024.
• Year 2022 Series B: Principal value amounting to Rp276,500 with a nisbah of 39.375% per
annum, for a period of 1 (one) year and will mature on September 25, 2023.
• Year 2022 Series C: Principal value amounting to Rp250,000 with a nisbah of 48.75% per annum,
for a period of 1 (one) year and will mature on June 5, 2024.
At the time of issuance, PNM Sukuk Mudharabah V obtained an idAA(sy) rating from Pefindo.
On June 30, 2024 and December 31, 2023 , PNM Sukuk Mudharabah V obtained an idAA+(sy) rating
from Pefindo.
PNM Sukuk Mudharabah V Year 2022 Series B and Series C with a nominal values of Rp276,500
and Rp250,000 has been paid off by PNM on its maturity date.
There is no collateral for the issuance of Sukuk Mudharabah V. The trustee for the issuance of the
Sukuk is Bank Syariah Mandiri with Pefindo as the rating agency which has given the rating of an
idAA+(sy).
ad) PNM MTN III Venture Capital
On November 16, 2022, PNM Venture Capital's Medium Term Notes III with a principal amount of
Rp339,900 have been declared effective by the Financial Services Authority (OJK) based on Decree
No. S-990/PM.21/2022.
PNM issued MTN III Venture Capital in several series as follows:
• Year 2023 Series A: Principal value amounting to Rp200,000 with a nisbah of 10.25% per annum,
for a period of 3 (three) years and will mature on January 25, 2026.
• Year 2023 Series B: Principal value amounting to Rp150,000 with a nisbah of 10.25% per annum,
for a period of 3 (three) years and will mature on January 25, 2026.
At the time of issuance, PNM Medium Term Note III Venture Capital obtained an idA- rating from
Pefindo.
On June 30, 2024 and December 31, 2023, PNM Medium Term Note III Venture Capital obtained an
idA- rating from Pefindo.
190
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ae) Pegadaian Shelf Registration Bond III
On March 16, 2018, Pegadaian Shelf Registration Bond III Phase II with a principal amount of
Rp3,500,000 was declared effective by the Financial Services Authority (OJK) based on Decree No.
S-415/D.04/2017 dated September 20, 2017.
On March 16, 2018, Pegadaian issued Shelf Registration Bond III Pegadaian Phase II Year 2018 with
nominal value of Rp3,500,000 in 3 (three) series, as follows:
• Series A: Principal value amounting to Rp450,000 with a fixed interest rate of 5.80% per annum,
for a period of 1 (one) year and matured on March 16, 2019.
• Series B: Principal value amounting to Rp1,050,000 with a fixed interest rate of 6.90% per annum,
for a period of 3 (three) years and matured on March 16, 2021.
• Series C: Principal value amounting to Rp2,000,000 with a fixed interest rate of 7.10% per annum,
for a period of 5 (five) years and matured on March 16, 2023.
The interest of Pegadaian Shelf Registration Bond III Phase II Year 2018 is paid every 3 (three)
months starting from June 16, 2018. At the time of issuance, Pefindo gave this Shelf Registration
Bond an idAAA rating.
Pegadaian Shelf Registration Bond III Phase II Year 2017 Series A, Series B and Series C with a
nominal value of Rp450,000, Rp1,050,000 and Rp2,000,000 have been paid by Pegadaian on their
maturity dates.
The trustee for the bond issuance is PT Bank Mega Tbk. Pegadaian has fulfilled all the required
restrictions as well as the payment of interest and principal value of the bond through The Indonesia
Central Securities Depository (“KSEI”).
af) Pegadaian Shelf Registration Bond IV
On May 13, 2020, Pegadaian Shelf Registration Bond IV Phase I with a principal amount of
Rp1,500,000 was declared effective by the Financial Services Authority (OJK) based on Decree No.
S-135/D.04/2020 dated May 4, 2020. Pegadaian Shelf Registration Bond IV Phase II Year 2020 is
amounting to Rp1,055,000. Pegadaian Shelf Registration Bond IV Phase III in 2020 is amounting to
Rp2,420,000. Pegadaian Shelf Registration Bond IV Phase IV in 2021 is amounting to Rp3,280,000.
On May 13, 2020, Pegadaian issued Shelf Registration Bond IV Pegadaian Phase I Year 2020 with
nominal value of Rp400,000 in 2 (two) series, as follows:
• Series A: Principal value amounting to Rp330,000 with a fixed interest rate of 6.90% per annum,
for a period of 370 (three hundred and seventy) days and matured on May 23, 2021.
• Series B: Principal value amounting to Rp70,000 with a fixed interest rate of 7.70% per annum,
for a period of 3 (three) years and matured on May 13, 2023.
The interest of Pegadaian Shelf Registration Bond IV Phase I Year 2020 is paid every 3 (three)
months starting from August 13, 2020. At the time of issuance, Pefindo gave this Shelf Registration
Bond an idAAA rating.
191
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
af) Pegadaian Shelf Registration Bond IV (continued)
Pegadaian Shelf Registration Bond IV Phase I Year 2020 Series A and Series B with a nominal value
of Rp330,000 and Rp70,000 have been paid off by Pegadaian on its maturity date.
On July 8, 2020 Pegadaian issued Shelf Registration Bond IV Phase II Year 2020 with nominal value
of Rp1,500,000 in 3 (three) series, as follows:
• Series A: Principal value amounting to Rp1,055,000 with a fixed interest rate of 6.75% per annum,
for a period of 1 (one) year and matured on July 18, 2021.
• Series B: Principal value amounting to Rp303,000 with a fixed interest rate of 7.60% per annum,
for a period of 3 (three) years and matured on July 8, 2023.
• Series C: Principal value amounting to Rp142,000 with a fixed interest rate of 7.95% per annum,
for a period of 5 (five) years and will mature on July 8, 2025.
The interest of Pegadaian Shelf Registration Bond IV Phase II Year 2020 is paid every 3 (three)
months starting from October 18, 2020. At the time of issuance, Pefindo gave this Shelf Registration
Bond an idAAA rating.
Pegadaian Shelf Registration Bond IV Phase II Year 2020 Series A and Series B with a nominal value
of Rp1,055,000 and Rp303,000 have been paid off by Pegadaian on the maturity date.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond IV Phase II Year
2020 obtained an idAAA rating from Pefindo.
On September 22, 2020, Pegadaian issued Shelf Registration Bond IV Pegadaian Phase III Year
2020 with nominal value of Rp2,420,000 in 2 (two) series, as follows:
• Series A: Principal value amounting to Rp1,295,000 with a fixed interest rate of 5.50% per annum,
for a period of 1 (one) year and matured on October 2, 2021.
• Series B: Principal value amounting to Rp1,125,000 with a fixed interest rate of 6.45% per annum,
for a period of 3 (three) years and matured on September 22, 2023.
The interest of Pegadaian Shelf Registration Bond IV Phase III Year 2020 is paid every 3 (three)
months starting from December 22, 2020. At the time of issuance, Pefindo gave this Shelf Registration
Bond an idAAA rating.
Pegadaian Shelf Registration Bond IV Phase III Year 2020 Series A and Series B with a nominal
value of Rp1,295,000 and Rp1,125,000 has been paid by Pegadaian on its maturity dates.
On April 6, 2021, Pegadaian issued Shelf Registration Bond IV Phase IV Year 2021 with nominal
value of Rp3,280,000 in 2 (two) series, as follows:
• Series A: Principal value amounting to Rp2,172,500 with a fixed interest rate of 4.85% per annum,
for a period of 1 (one) year and matured on April 16, 2022.
• Series B: Principal value amounting to Rp1,107,500 with a fixed interest rate of 6.20% per annum,
for a period of 3 (three) years and will mature on April 6, 2024.
The interest of Pegadaian Shelf Registration Bond IV Phase IV Year 2021 is paid every 3 (three)
months starting from July 6, 2021. At the time of issuance, Pefindo gave this Shelf Registration Bonds
an idAAA rating.
On December 31, 2023, Pegadaian Shelf Registration Bond IV Phase IV Year 2021 obtained an
idAAA rating from Pefindo.
192
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
af) Pegadaian Shelf Registration Bond IV (continued)
Pegadaian Shelf Registration Bond IV Phase IV Year 2021 Series A dan Series B with a nominal
values of Rp2,172,500 and Rp1,107,500 has been paid by Pegadaian on its maturity dates.
The trustee for the bond issuance is PT Bank Mega Tbk. Pegadaian has fulfilled all the required
restrictions as well as the payment of interest and principal value of the bond through The Indonesia
Central Securities Depository (“KSEI”).
ag) Pegadaian Shelf Registration Bond V
On April 26, 2022, Pegadaian Shelf Registration Bond V Phase I with a principal amount of
Rp3,029,000 was declared effective by the Financial Services Authority (OJK) based on Decree No.
S-67/D.04/2022 dated April 19, 2022. Pegadaian Shelf Registration Bond V Phase II in 2022
amounting to Rp1,877,000. Pegadaian Shelf Registration Bond V Phase III in 2023 is Rp1,995,000.
On April 26, 2022, Pegadaian issued Shelf Registration Bond V Phase I Year 2022 with a principal
value of Rp3,029,000 in 2 (two) series as follows:
• Series A: Principal value of Rp2,431,000 with a fixed interest rate of 3.60% per annum, for a
period of 1 (one) year and matured on May 6, 2023.
• Series B: Principal value of Rp598,000 with a fixed interest rate of 5.35% per annum, for a period
of 3 (three) years and will mature on April 26, 2025.
The interest of Pegadaian Shelf Registration Bond V Phase I Year 2022 is paid every 3 (three) months
starting from July 26, 2022. At the time of issuance, Pefindo rated this Shelf Registration Bonds with
an idAAA rating.
Pegadaian Shelf Registration Bond V Phase I Year 2022 with a nominal value of Rp2,431,000 has
been paid off by Pegadaian on its maturity date.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond V Phase I Year 2022
obtained an idAAA rating from Pefindo.
On August 16, 2022, Pegadaian issued Shelf Registration Bond V Phase II Year 2022 with a principal
value of Rp1,877,000 in 2 (two) series as follows:
• Series A: Principal value of Rp1,601,000 with a fixed interest rate of 3.95% per annum, for a
period of 1 (one) year and matured on August 26, 2023.
• Series B: Principal value of Rp276,000 with a fixed interest rate of 5.75% per annum, for a period
of 3 (three) years and will mature on August 16, 2025.
The interest of Pegadaian Shelf Registration Bond V Phase II Series A Year 2022 is paid every 3
(three) months starting from November 16, 2022. At the time of issuance, Pefindo rated this Shelf
Registration Bonds with an idAAA rating.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond V Phase II Year 2022
obtained an idAAA rating from Pefindo.
Pegadaian Shelf Registration Bond V Phase II Year 2022 Series A with a nominal value of
Rp1,601,000 has been paid off by Pegadaian on its maturity date.
193
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ag) Pegadaian Shelf Registration Bond V (continued)
On June 16, 2023, Pegadaian issued Shelf Registration Bond V Phase III Year 2023 with a principal
value of Rp1,995,000 in 2 (two) series as follows:
• Series A: Principal value amounting to Rp1,595,000, with a fixed interest rate of 5.80% per
annum, for a period of 1 (one) year and will mature on June 26, 2024.
• Series B: Principal value amounting to Rp400,000, with a fixed interest rate of 6.20% per annum,
for a period of 3 (three) years and will mature on June 16, 2026.
Pegadaian Shelf Registration Bond V Phase III Year 2023 interest is paid every 3 (three) months
starting September 16, 2023. At the time of issuance, this Shelf Registration Bond obtained an idAAA
rating from Pefindo.
Pegadaian Shelf Registration Bond V Phase III Year 2023 Series A with a nominal value of
Rp1,595,000 has been paid off by Pegadaian on its maturity date.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond V Phase III Year
2023 obtained an idAAA rating from Pefindo.
On August 24, 2023, Pegadaian issued Shelf Registration Bond V Phase IV Year 2023 with a principal
value of Rp2,433,160 in 2 (two) series as follows:
• Series A: Principal value amounting to Rp2,205,135, with a fixed interest rate of 5.90% per
annum, for a period of 1 (one) year and will mature on September 04, 2024.
• Series B: Principal value amounting to Rp228,025, with a fixed interest rate of 5.90% per annum,
for a period of 3 (three) years and will mature on August 24, 2026.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond V Phase IV Year
2023 obtained an idAAA rating from Pefindo.
Pegadaian Shelf Registration Bond V Phase IV Year 2023 interest is paid every 3 (three) months
starting November 24, 2023. At the time of issuance, this Shelf Registration Bond obtained an idAAA
rating from Pefindo.
On February 06, 2024, Pegadaian issued Shelf Registration Bond V Phase V Year 2024 with principal
value of Rp791,805 in 2 (two) series as follows:
• Series A: Principal value amounting to Rp590,615, with a fixed interest rate of 6.20% per annum,
for a period of 1 (one) year and will mature on February 16, 2025.
• Series B: Principal value amounting to Rp201,190 with a fixed interest rate of 6.20% per annum,
for a period of 3 (three) years and will mature on February 6, 2027.
Pegadaian Shelf Registration Bond V Phase V Year 2024 interest is paid every 3 (three) months
starting November 24, 2023. At the time of issuance, this Shelf Registration Bond obtained an idAAA
rating from Pefindo.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Bond V Phase V Year 2024
obtained an idAAA rating from Pefindo.
The trustee for the bond issuance is PT Bank Mega Tbk.
194
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ah) Pegadaian Shelf Registration Sukuk Mudharabah I
On July 8, 2020, Pegadaian Shelf Registration Sukuk Mudharabah I Phase I with a principal amount
of Rp100,000 has been declared effective by the Financial Services Authority (OJK) based on Decree
No. S-135/D.04/2020 dated May 4, 2020. Pegadaian Shelf Registration Sukuk Mudharabah I Phase
II in 2020 with a principal amount of Rp316,500. Pegadaian Shelf Registration Sukuk Mudharabah I
Phase III in 2020 with a principal amount of Rp835,000. Pegadaian Shelf Registration Sukuk
Mudharabah I Phase IV Year 2021 with a principal amount of Rp765,000.
On May 13, 2020, Pegadaian issued Shelf Registration Sukuk Mudharabah I Phase I Year 2020 with
a principal value of Rp100,000 in 2 (two) series as follows:
• Series A: Principal value of Rp51,000 with profit sharing of 6.90% per year, for a period of 1 (one)
year and matured on May 23, 2021.
• Series B: Principal value of Rp49,000 with profit sharing of 7.70% per year, for a period of 3
(three) years and matured on May 16, 2023
Profit sharing of Shelf Registration Sukuk Mudharabah I Phase I Year 2020 is paid every 3 (three)
months starting August 13, 2020. At the time of publication, this Sustainable Sukuk Mudharabah was
rated by Pefindo with an idAAA rating.
Pegadaian Shelf Registration Sukuk Mudharabah I Phase I Year 2020 Series A and Series B with a
nominal value of Rp51,000 and Rp49,000 has been paid by Pegadaian on its maturity date.
On July 8, 2020, Pegadaian issued Shelf Registration Sukuk Mudharabah I Phase II Year 2020 with
a principal value of Rp500,000 in 3 (three) series as follows:
• Series A: Principal value of Rp316,500 with a profit sharing of 6.75% per annum, for a period of
1 (one) year and matured on July 18, 2021.
• Series B: Principal value of Rp103,000 with a profit sharing of 7.70% per annum, for a period of
3 (three) years and matured on July 8, 2023.
• Series C: Principal value of Rp80,500 with a profit sharing of 7.95% per annum, for a period of 5
(five) years and will mature on July 8, 2025.
Pegadaian Shelf Registration Sukuk Mudharabah I Phase II Year 2020 Series A and Series B with a
nominal value of Rp316,500 and Rp103,000 has been paid by Pegadaian on its maturity date.
Profit sharing for the Shelf Registration Sukuk Mudharabah I Phase II Year 2020 is paid every 3
(three) months starting from October 8, 2020. At the time of issuance, this Shelf Registration Sukuk
Mudharabah was rated by Pefindo with an idAAA rating.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah I Phase
II Year 2020 obtained an idAAA rating from Pefindo.
On September 22, 2020, Pegadaian issued Shelf Registration Sukuk Mudharabah I Phase III Year
2020 with a principal value of Rp835,000 in 2 (two) series as follows:
• Series A: Principal value of Rp704,000 with a profit sharing of 5.50% per annum, for a period of
1 (one) year and matured on October 2, 2021.
• Series B: Principal value of Rp131,000 with a profit sharing of 6.45% per annum, for a period of
3 (three) years and matured on September 22, 2023.
195
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ah) Pegadaian Shelf Registration Sukuk Mudharabah I (continued)
Pegadaian Shelf Registration Sukuk Mudharabah I Phase III Year 2020 Series A and Series B with
a nominal value of Rp704,000 and Rp131,000 has been paid by Pegadaian on its maturity date..
Profit sharing for the Shelf Registration Sukuk Mudharabah I Phase III Year 2020 is paid every 3
(three) months starting from December 22, 2020. At the time of issuance, this Shelf Registration
Sukuk Mudharabah was rated by Pefindo with an idAAA rating.
On April 6, 2021, Pegadaian issued Shelf Registration Sukuk Mudharabah I Phase IV Year 2021 with
a principal value of Rp765,000 in 2 (two) series as follows:
• Series A: Principal value of Rp599,200 with a profit sharing of 4.85% per annum, for a period of
1 (one) year and matured on April 16, 2022.
• Series B: Principal value of Rp165,800 with a profit sharing of 6.20% per annum, for a period of
3 (three) years and will mature on April 6, 2024.
Pegadaian Shelf Registration Sukuk Mudharabah I Phase IV Year 2020 Series A and Series B with
a nominal value of Rp599,200 and Rp165,800 has been paid by Pegadaian on its maturity date.
The profit sharing for the Shelf Registration Sukuk Mudharabah I Phase IV Year 2020 is paid every
3 (three) months starting from July 6, 2021. At the time of issuance, this Shelf Registration Sukuk
Mudharabah was rated by Pefindo with an idAAA rating.
On December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah I Phase IV Year 2021
obtained an idAAA rating from Pefindo.
The trustee for the bond issuance is PT Bank Mega Tbk.
ai) Pegadaian Shelf Registration Sukuk Mudharabah II
On April 26, 2022, Pegadaian Shelf Registration Sukuk Mudharabah II Phase I with a principal amount
of Rp991,000 was declared effective by the Financial Services Authority (OJK) based on Decree No.
S-67/D.04/2022 dated April 19, 2022. Pegadaian Shelf Registration Sukuk Mudharabah II Phase II in
2022 with a principal amount of Rp1,123,000. Pegadaian Shelf Registration Sukuk Mudharabah II
Phase III in 2023 with a principal amount of Rp605,000.
On April 26, 2022, Pegadaian issued Shelf Registration Sukuk Mudharabah II Phase I Year 2022 with
a principal value of Rp991,000 in 2 (two) series as follows:
• Series A: Principal value of Rp671,000 with profit sharing of 3.60% per annum, for a period of 1
(one) year and matured on May 6, 2023.
• Series B: Principal value of Rp320,000 with profit sharing of 3.60% per annum, for a period of 3
(three) years and will mature on April 26, 2025.
The profit sharing for the Shelf Registration Sukuk Mudharabah II Phase I year 2022 is paid every 3
(three) months starting from July 26, 2022. At the time of issuance, Pefindo rated this Shelf
Registration Sukuk Mudharabah with an idAAA rating.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah II
Phase I Year 2022 obtained an idAAA rating from Pefindo.
196
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
24. MARKETABLE SECURITIES ISSUED (continued)
The following are other key information related to marketable securities issued (continued):
ai) Pegadaian Shelf Registration Sukuk Mudharabah II (continued)
Pegadaian Shelf Registration Sukuk Mudharabah II Phase I Year 2022 with a nominal value of
Rp671,000 has been paid off by Pegadaian on its maturity date.
On August 16, 2022, Pegadaian issued Shelf Registration Sukuk Mudharabah II Phase II Year 2022
with a principal value of Rp1,123,000 in 2 (two) series as follows:
• Series A: Principal value of Rp878,000 with profit sharing of 3.95% per annum, for a period of 1
(one) year and matured on August 26, 2023.
• Series B: Principal value of Rp245,000 with profit sharing of 5.75% per annum, for a period of 3
(three) years and will mature on August 16, 2025.
The profit sharing for the Shelf Registration Sukuk Mudharabah II Phase II Year 2022 will be paid
every 3 (three) months starting from November 16, 2022. At the time of issuance, this Shelf
Registration Sukuk Mudharabah was rated by Pefindo with an idAAA rating.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah II
Phase II Year 2022 obtained an idAAA rating from Pefindo.
Pegadaian Shelf Registration Sukuk Mudharabah II Phase II Year 2022 Series A with a nominal value
of Rp878,000 has been paid off by Pegadaian on its maturity date.
On June 16, 2023, Pegadaian issued Shelf Registration Sukuk Mudharabah II Phase III Year 2023
with a principal value of Rp605,000 as follows:
• Principal value of Rp605,000 with profit sharing of 3.95% per annum, for a period of 1 (one) year
and will mature on June 26, 2024.
Pegadaian Shelf Registration Sukuk Mudharabah II Phase III Year 2023 interest is paid every 3
(three) months starting September 16, 2023. At the time of issuance, this Shelf Registration Sukuk
obtained an idAAA rating from Pefindo.
On December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah II Phase III Year 2023
obtained an idAAA rating from Pefindo.
Pegadaian Shelf Registration Sukuk Mudharabah II Phase III Year 2023 with a nominal value of
605,000 has been paid off by Pegadaian on its maturity date.
On August 24, 2023, Pegadaian issued Shelf Registration Sukuk Mudharabah II Phase IV Year 2023
with a principal value of Rp235,040 as follows:
• Principal value of Rp235,040 with profit sharing of 5.90% per annum, for a period of 3 (three)
years and will mature on August 24, 2026.
The profit sharing for the Shelf Registration Sukuk Mudharabah II Phase IV Year 2023 will be paid
every 3 (three) months starting from November 24, 2023. At the time of issuance, this Shelf
Registration Sukuk Mudharabah was rated by Pefindo with an idAAA rating.
On June 30, 2024 and December 31, 2023, Pegadaian Shelf Registration Sukuk Mudharabah II
Phase IV Year 2023 obtained an idAAA rating from Pefindo.
The trustee for the bond issuance is PT Bank Mega Tbk.
197
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS
Fund borrowings consist of:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Bank Indonesia
Liquidity borrowing 15,594 15,589
Other borrowings 4,287 4,293
Other borrowings 41,253,770 30,494,075
41,273,651 30,513,957
Foreign currency
Sustainability linked loan borrowing
net of unamortized transaction cost 12,997,912 12,240,042
Syndicate Borrowing - Club loan
net of unamortized transaction cost 4,874,217 4,600,226
Borrowing from BNP Paribas
net of unamortized transaction cost 130,700 173,416
Other Borrowings 21,957,816 25,220,514
39,960,645 42,234,198
81,234,296 72,748,155
Related parties (Note 44)
Rupiah
Borrowing from
PT Bank Mandiri (Persero) Tbk 19,248,700 12,287,085
Government Investment Center 6,804,252 7,300,588
PT Bank Negara Indonesia (Persero) Tbk 5,158,402 4,518,885
PT Bank Syariah Indonesia Tbk 928,112 914,403
PT Bank Tabungan Negara (Persero) Tbk 137,557 718,026
PT Sarana Multigriya Finansial (Persero) 65,831 337,724
PT Danareksa Finance 25,000 25,000
PT Bank Hibank Indonesia
(formerly PT Bank Mayora) 733 947
32,368,587 26,102,658
Total 113,602,883 98,850,813
198
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The classification of fund borrowing based on their remaining periods until maturity is as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
≤ 1 month 30,385,465 20,340,495
> 1 month - 3 months 954,986 1,822,112
> 3 months - 1 year 5,888,768 5,877,585
> 1 year - 5 years 4,038,825 2,468,152
> 5 years 5,607 5,613
41,273,651 30,513,957
Foreign currency
≤ 1 month 2,292,500 5,551,192
> 1 month - 3 months 14,776,237 19,358,816
> 3 months - 1 year 4,607,858 -
> 1 year - 5 years 18,294,050 17,318,975
> 5 years - 5,215
39,960,645 42,234,198
81,234,296 72,748,155
Related parties (Note 44)
Rupiah
≤ 1 month 20,800,000 15,530,752
> 1 month - 3 months 2,863,493 420,371
> 3 months - 1 year 2,700,383 2,180,139
> 1 year - 5 years 5,990,576 7,956,760
> 5 years 14,135 14,636
32,368,587 26,102,658
Total 113,602,883 98,850,813
199
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings:
Other borrowings
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Bank Indonesia
Others 4,287 4,293
Others
PT Bank Central Asia Tbk 18,895,511 12,890,155
PT Bank Permata Tbk 3,333,332 1,504,000
PT Bank Maybank Indonesia Tbk 2,207,589 2,387,528
PT Bank HSBC Indonesia 1,748,189 1,299,992
PT Bank Danamon Indonesia Tbk 1,504,439 500,000
PT Bank BTPN Tbk 1,500,000 2,000,000
PT Bank DKI 1,291,865 1,228,127
PT Bank CIMB Niaga Tbk 1,261,814 506,028
PT Bank Pan Indonesia Tbk 1,203,505 203,969
PT Bank DKI - unit usaha syariah 1,100,000 750,000
PT Bank DBS 1,000,000 -
PT Bank Pembangunan Daerah
Jawa Barat dan Banten Tbk 937,495 720,508
PT Bank of India Indonesia Tbk 730,702 742,761
PT Bank Victoria International Tbk 658,889 662,222
PT Bank Pembangunan Daerah
Daerah Istimewa Yogyakarta 441,418 391,215
PT Bank ICBC Indonesia 400,000 200,000
PT Bank SBI Indonesia 399,824 399,670
PT Bank Pembangunan Daerah
Kalimantan Tengah 398,827 198,911
PT Bank China Construction Bank
Indonesia Tbk 357,958 374,115
PT Bank QNB Indonesia Tbk 350,000 100,000
Bank Mizuho 300,000 200,000
PT Bank Maspion Indonesia Tbk 275,000 -
PT Bank NationalNobu Tbk 250,000 150,000
PT Bank IBK Indonesia Tbk 200,022 274,659
PT Bank Oke Indonesia Tbk 172,874 257,399
PT Bank BCA Syariah 65,335 152,446
PT Bank Resona Perdania 62,464 162,328
PT Bank Pembangunan Daerah
Kalimantan Selatan 61,452 -
PT Bank Muamalat Indonesia Tbk 54,167 304,167
PT Bank Aladin Syariah Tbk 50,000 100,000
PT Bank Pembangunan Daerah
Sulawesi Selatan dan Sulawesi Barat 29,651 47,473
PT Bank Ina Perdana Tbk 8,411 13,662
Lembaga Pengelola Dana Bergulir 4,271 7,937
Citibank N.A. - 649,995
PT Bank Permata Tbk - unit usaha syariah - 350,000
PT Bank CIMB Niaga Tbk -
unit usaha syariah - 300,000
PT Bank of China - 200,000
PT Bank JTrust Indonesia Tbk - 110,541
PT Bank Panin Dubai Syariah Tbk - 74,596
PT Bank Danamon Indonesia -
unit usaha syariah - 4,800
41,255,004 30,494,075
41,259,291 30,498,368
200
Page 204
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings:
Other borrowings (continued)
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties (continued)
Foreign currency
United States Dollar
United Overseas Bank Limited 467,912,977 7,662,075 100,000,000 1,539,700
Standard Chartered Bank, Jakarta 410,000,000 6,713,750 392,186,984 6,038,503
MUFG Bank Ltd, 170,000,000 2,783,750 314,000,000 4,834,658
Citibank N,A 100,000,000 1,637,500 50,000,000 769,850
BNP Paribas 53,140,641 870,178 19,675,000 302,936
CTBC Bank Co, Ltd, 38,774,595 634,934 86,263,883 1,328,205
PT Bank HSBC Indonesia 30,000,000 491,250 -
PT Bank Danamon Indonesia Tbk 11,921,527 195,215 27,627,395 425,379
Asian Development Bank 312,305 5,114 338,702 5,215
JP Morgan Chase Bank N.A. 39,817 652 38,839 598
DBS Bank, Ltd, - 200,000,000 3,079,400
The Bank of New York Mellon Corporation - 150,000,000 2,309,550
OCBC Ltd, - 115,000,000 1,770,655
Emirates NBD - 86,284,991 1,328,530
Mashreq Bank - 50,000,000 769,850
Wells Fargo Bank, N.A. - 30,000,000 461,910
20,994,418 24,964,939
European Euro
Citibank N.A 35,000,000 613,071 -
PT Bank HSBC Indonesia 20,000,000 350,327 15,000,000 255,575
963,398 255,575
21,957,816 25,220,514
Total 63,217,107 55,718,882
a) Borrowing from Bank Indonesia
Liquidity borrowing
This borrowing represents loan facilities obtained from Bank Indonesia that are channeled back to
BRI’s debtors for the purposes of Investment Loans, Primary Cooperatives Loans for Sugar Cane
Farmer Members, BULOG and Village Cooperative Units Loans, Permanent Working Capital Loans,
Fertilizers and others.
The average interest rates are 0.02% for the six-month period ended June 30, 2024 and December
31, 2023.
b) Syndicated Borrowing - Club Loan
On October 14, 2020, a withdrawal has been made for the remaining syndicated loan facility in the
form of a club loan amounting to USD300,000,000 (full amount) facilitated by Citicorp International
Limited (agent), as follows:
Facility C amounted to USD300,000,000 (full amount), with an interest rate of three-month LIBOR,
plus a given margin per annum. The loan period is 60 (sixty) months since
October 14, 2020 and will mature on August 7, 2025. The participating banks for this loan are:
• China Development Bank, amounted to USD150,000,000 (full amount),
• CTBC Bank, Co. Ltd., amounted to USD25,000,000 (full amount),
• MUFG Bank, Ltd., Singapore branch, amounted to USD20,000,000 (full amount),
• Standard Chartered Bank (Singapore) Limited, amounted to USD50,000,000 (full amount),
• Sumitomo Mitsui Banking Corporation, Singapore branch, amounted to USD50,000,000 (full
amount),
• United Overseas Bank Limited, amounted to USD5,000,000 (full amount).
201
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
b) Syndicated Borrowing - Club Loan (continued)
The financial covenants in this borrowing agreement, among others, are maintaining the financial
ratios as follows:
• Minimum Capital Adequacy Ratio (CAR) of 9%,
• Maximum Non-Performing Loan (NPL) ratio of 5%.
c) Borrowing from BNP Paribas
On June 7, 2016, BRI signed a loan facility agreement with BNP Paribas under the Export Credit
Financing (ECF) scheme to finance the BRIsat components and launch services carried out by
Arianespace France. This borrowing consists of 2 facilities, which are:
• Banque Publique d'Investissement (BPI) Tranche facility amounted to USD49,961,501.23 (full
amount), with a given interest rate per annum. BRI conducted all borrowing drawdowns on August
31, 2017.
• Hermes Tranche facility amounted to USD9,901,308.77 (full amount), with an interest rate of
six-month LIBOR plus a given margin per annum. BRI conducted all borrowing drawdowns on
August 31, 2017.
This borrowing facility has a tenor of 7 (seven) years and 6 (six) months and will mature on February
3, 2025. The principal installments are paid every 6 (six) months along with interest payments. For
the BPI Tranche facility, the principal installments amounting to USD3,330,767 (full amount) are paid
starting from February 5, 2018 until maturity. For Hermes Tranche facility, the principal installments
amounting to USD660,087 (full amount) are paid starting from February 5, 2018 until maturity. BRI
does not provide any collateral for these borrowings.
The financial covenants in this borrowing agreement, among others, are maintaining the financial
ratios as follows:
• Minimum Capital Adequacy Ratio (CAR) of 9%,
• Maximum Non-Performing Loan (NPL) ratio of 5%.
d) Syndicated Borrowing – Sustainability Linked Loan
On August 30, 2022, BRI received a syndicated loan facility in the form of a Sustainability-Linked
Loan with a total loan of USD1,000,000,000 (full amount). This loan is facilitated by PT Bank HSBC
Indonesia (agent), the withdrawals that have been made are divided into:
a. Facility B amounted to USD300,000,000 (full amount), with interest at Compunded SOFR plus a
certain margin per year. The loan term is 36 (thirty six) months from September 15, 2022 and will
mature on September 15, 2025. The participating banks for this loan are:
• CTBC Bank, Co. Ltd., amounted to USD40,000,000 (full amount);
• DBS Bank Ltd, amounted to USD40,000,000 (full amount);
• The Hongkong and Shanghai Banking Co. Ltd., amounted to USD40,000,000 (full amount);
• The Korea Development Bank, Singapore branch, amounted to USD30,000,000 (full
amount);
• The Korea Development Bank, Tokyo Branch, amounted to USD10,000,000 (full amount);
• MUFG Bank Ltd, Jakarta Branch, amounted to USD40,000,000 (full amount);
• Oversea-Chinese Banking Co. Ltd., amounted to USD40,000,000 (full amount);
• Standard Chartered Bank (Singapore) Limited, amounted to USD20,000,000 (full amount);
and
• United Overseas Bank Limited, amounted to USD40,000,000 (full amount).
202
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
d) Syndicated Borrowing – Sustainability Linked Loan (continued):
b. Facility C amounted to USD500,000,000 (full amount), with interest at Compounded SOFR plus
a certain margin per year. The loan has a term of 48 (forty eight) months from December 30,
2022 and will mature on September 15, 2026. The participating banks for this loan are:
• BNP Paribas, Singapore Branch, amounted to USD90,000,000 (full amount),
• CTBC Bank, Co. Ltd., amounted to USD40,000,000 (full amount),
• DBS Bank Ltd., amounted to USD40,000,000 (full amount),
• The Hongkong and Shanghai Banking Co. Ltd., amounted to USD40,000,000 (full amount),
• The Korea Development Bank, Singapore Branch, amounted to USD30,000,000 (full
amount),
• The Korea Development Bank, Tokyo Branch, amounted to USD10,000,000 (full amount),
• PT Bank Mizuho Indonesia, amounted to USD80,000,000 (full amount),
• MUFG Bank Ltd, Jakarta Branch, amounted to USD40,000,000 (full amount),
• PT Bank OCBC NISP Tbk, amounted to USD40,000,000 (full amount),
• Standard Chartered Bank (Singapore) Limited, amounted to USD80,000,000 (full amount),
• United Overseas Bank Limited, amounted to USD10,000,000 (full amount).
The financial covenants in this borrowing agreement, among others, are maintaining the financial
ratios as follows:
• Minimum Capital Adequacy Ratio (CAR) of 9%,
• Maximum Non-Performing Loan (NPL) ratio of 5%.
As of June 30, 2024 and December 31, 2023, BRI has fulfilled important requirements outlined
in the received agreements.
Fund Borrowings - Pegadaian
Government Investment Center (Related Party)
On July 24, 2020, Pegadaian has obtained a loan facility – UMi facility IV phase I, II, and III (conventional)
from Government Investment Center (hereinafter referred to as “PIP”) with total plafond of Rp300,000
and an interest rate of 4.00% per annum. This facility has a tenor of 36 (thirty six) months and will be
mature on July 24, 2023.
On July 24, 2020, Pegadaian has obtained a loan facility – UMi facility IV phase I, II, and III (Sharia) from
PIP with total plafond of Rp100,000 and an interest rate of 4.00% per annum. This facility has a tenor of
36 (thirty six) months and will be mature on July 24, 2023.
On January 28, 2021, Pegadaian has obtained a loan facility – UMi facility V phase I, II, and III
(Conventional) from PIP with total plafond of Rp500,000 and an interest rate of 4.00% per annum. This
facility has a tenor of 36 (thirty six) months and will be mature on January 28, 2024.
On January 28, 2021, Pegadaian has obtained a loan facility – UMi facility V phase I, II, and III
(Conventional) from PIP with total plafond of Rp500,000 and an interest rate of 4.00% per annum. This
facility has a tenor of 36 (thirty six) months and will be mature on January 28, 2024.
On August 23, 2022, Pegadaian has obtained a loan facility – UMi facility VI phase I (Conventional) from
PIP with total plafond of Rp225,000 and an interest rate of 3.75% per annum. This facility has a tenor of
24 (twenty four) months and will be mature on August 15, 2024.
203
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings – Pegadaian (continued)
Government Investment Center (Related Party) (continued)
On August 23, 2022, Pegadaian has obtained a loan facility – UMi facility VI phase I (Sharia) from PIP
with total plafond of Rp50,000 and an interest rate of 3.75% per annum. This facility has a tenor of 24
(twenty four) months and will be mature on August 15, 2024.
On August 18, 2022, Pegadaian has obtained a loan facility – UMi of North Luwu Government from PIP
with total plafond of Rp1,000 and an interest rate of 2.00% per annum. This facility has a tenor of 29
(twenty nine) months and will be mature on January 10, 2025.
On December 8, 2022, Pegadaian has obtained a loan facility – UMi of PT SMI from PIP with total plafond
of Rp1,000 and an interest rate of 2.00% per annum. This facility has a tenor of 12 (twelve) months and
matured on December 8, 2023.
The trustee agreement provides several financial covenants to the Pegadaian, among others, Pegadaian
must disburse special loan or financing for Ultra Micro (UMi) sectors and must submitted a list of current
receivables that become fiduciary guarantees every 1 (one) month with a value of 100% of the outstanding
loan.
PT Bank Mandiri (Persero) Tbk (Related Party)
On May 11, 2022, Pegadaian has obtained 2 (two) working capital credit facilities from PT Bank Mandiri
(Persero) Tbk (hereinafter referred to as “Bank Mandiri”) with each plafond of Rp5,500,000 and
Rp6,500,000. These facilities have matured on May 13, 2023.
On May 14, 2023, Pegadaian has obtained 2 (two) Working Capital Credit facilities from Bank Mandiri
with each plafond of Rp1,250,000 and Rp250,000 and an interest rate of 6.50% per annum. These
facilities have a tenor of 36 (thirty six) months and will be mature on May 13, 2024.
On May 9, 2023, Pegadaian has obtained 2 (two) Working Capital Credit facilities from Bank Mandiri with
each plafond of Rp100,000 and Rp75,000 and an interest rate of 7.75% per annum. These facilities have
a tenor of 12 (twelve) months and will be mature on May 13, 2024.
On May 14, 2023, Pegadaian has obtained 4 (four) Short-Term Loan facilities from Bank Mandiri with
each plafond of Rp350,000, Rp350,000, Rp450,000 and Rp350,000 and an interest rate of 5.75% per
annum. These facilities have a tenor of 18 (eighteen) days and matured on July 11, 2023.
On May 14, 2023, Pegadaian has obtained 3 (three) Short-Term Loan facilities from Bank Mandiri with
each plafond of Rp500,000, Rp500,000, and Rp400,000 and an interest rate of 5.75% per annum. These
facilities have a tenor of 14 (fourteen) days and matured on July 4, 2023.
On May 14, 2023, Pegadaian has obtained 14 (fourteen) Short-Term Loan facilities from Bank Mandiri
with each plafond of Rp400,000, Rp400,000, Rp300,000, Rp600,000, Rp550,000, Rp500,000,
Rp450,000, Rp400,000, Rp400,000, Rp350,000, Rp400,000, Rp350,000, Rp300,000, and Rp300,000
and an interest rate of 5.75% per annum. These facilities have a tenor of 17 (seventeen) days and matured
on July 14, 2023.
204
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings – Pegadaian (continued)
PT Bank Mandiri (Persero) Tbk (Related Party) (continued)
On May 14, 2023, Pegadaian has obtained a Short-Term Loan facility from Bank Mandiri with a plafond
of Rp150,000 and an interest rate of 5.75% per annum. This facility has a tenor of 15 (fifteen) days and
matured on July 11, 2023.
On December 28, 2023, Bank Mandiri signed an additional short-term facility plafond in front of Notary
Nanette Cahyanie Handari Adi Warsito, S.H from the previous plafond. The previous plafond of
Rp10,500,000 was increased to Rp12,500,000, resulting in a total plafond from Bank Mandiri of
Rp14,000,000. The breakdown includes a KMK plafond of Rp1,500,000 and a short-term plafond of
Rp12,500,000, both with a fixed interest rate of 6.50%. The period extends from the signing date until
May 13, 2024.
On April 3 2024, Bank Mandiri signed an additional short-term facility plafond in front of Julius Purnawan,
SH from the previous plafond. The previous plafond of Rp12,500,000 was increased to Rp17,500,000,
resulting in a total plafond from Bank Mandiri of Rp19,000,000. The breakdown includes a KMK plafond
of Rp1,500,000 and a short-term plafond of Rp17,500,000, both with a fixed interest rate of 7.00%. The
period extends from the signing date until May 13, 2025.
As of June 30, 2024, the total utilization of Bank Mandiri’s short-term facilities is Rp16,500,000 with an
interest rate of 6.50%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Guarantee of receivables of Pegadaian from customers submitted to Bank amounting to 100% of
outstanding loan, with current or 1 (one) as the receivables’ collectability.
• The purpose of loan facilities is for additional working capital of Pegadaian.
• Submit receivables reports including sales report and operations every month no later than 30 (thirty)
days after the end of the reporting date to Bank.
• Maintain current ratio above 110%, total fund borrowing received maximum of 10 (ten) times of its
own capital, and total of pawn loan classified as loss and pawn non loan classified as substandard,
doubtful, loss (Non-Performing Loan) maximum 5% of all loans given.
• Submit quarterly financial statement no later than 60 (sixty) days after the end of the reporting date
to Bank and annual audited financial statement no later than 180 (one hundred eighty) days after the
end of the reporting date to Bank.
• Submit fiduciary guarantee reports (list of object fiduciary guarantee) each quarter.
• Inform to the Bank any changes in the articles of association, changes in company status, changes
in the composition of the management (Board of Directors and Commissioners), dividend distribution,
and transferring collateral.
PT Bank Negara Indonesia (Persero) Tbk (Related Party)
On April 13, 2022, Pegadaian has obtained 2 (two) Working Capital Credit facilities from PT Bank Negara
Indonesia (Persero) Tbk (hereinafter referred to as “Bank BNI”) with each plafond of Rp5,100,000 and
Rp1,000,000 and an interest rate of 5.50%. Both facilities have matured on April 14, 2023.
On April 13, 2023, Pegadaian has obtained 2 (two) Working Capital Credit facilities from Bank BNI with
each plafond of Rp750,000 and Rp250,000 and an interest rate of 7.00% per annum. Both facilities have
a tenor of 3 (three) months and matured on July 14, 2023.
On April 15, 2023, Pegadaian has obtained a Short-Term Loan facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 5.75% per annum. This facility has a tenor of 30 (thirty) days and
matured on July 13, 2023.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Negara Indonesia (Persero) Tbk (Related Party) (continued)
On April 15, 2023, Pegadaian has obtained a Short-Term Loan facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 5.75% per annum. This facility has a tenor of 28 (twenty eight) days
and matured on July 13, 2023.
On April 15, 2023, Pegadaian has obtained a Short-Term Loan facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 5.75% per annum. This facility has a tenor of 28 (twenty eight) days
and matured on July 13, 2023.
On July 12, 2023, Bank BNI signed facility agreements with a revised total plafond of Rp5,100,000,
reduced from the initial plafond of Rp6,100,000. This reduction specifically applies to the KMK Promissory
Note facility, decreasing from Rp5,100,000 to Rp4,100,000, while the fixed KMK plafond remains at
Rp1,000,000. The period extends from the signing date until January 14, 2024.
On January 10, 2024, Bank BNI signed facility agreements with a revised total plafond of Rp5,100,000.
The period extends from January 15, 2024 until January 14, 2025.
As of June 30, 2024, the total utilization of Bank BNI's KMK Promissory Note facility is Rp4,100,000 with
an interest rate of 6.15%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Guarantee of receivables of Pegadaian from customers submitted to Bank amounting to 100% of
outstanding loan, with current or 1 (one) as the receivables’ collectability.
• The purpose of loan facilities is for additional working capital of Pegadaian.
• Communicate to the Bank whenever there are recent changes to the following documents:
a. Deed of amendment of the Company’s articles of association.
b. Licenses that have been renewed.
• In order to monitor business activities, Bank BNI is allowed to review the business location at anytime
with prior notice.
• Submit quarterly financial statement no later than 3 (three) months after the end of the reporting date
to Bank.
• Submit audited financial statement prepared by public accountant no later than 6 (six) months after
the end of the reporting date to Bank.
PT Bank Syariah Indonesia Tbk (Related Party)
On February 9, 2022, Pegadaian has obtained 2 (two) loan facilities Musyarakah from PT Bank Syariah
Indonesia Tbk (hereinafter referred to as “Bank BSI”) with each plafond of Rp300,000 and Rp800,000
and an interest rate of 5.35% per annum. These facilities has matured on February 10, 2023.
On February 9, 2023, Pegadaian has obtained loan facilities working capital from Bank BSI with plafond
of Rp300,000 and an interest rate of 6.75% per annum. This facility has a tenor of 12 (twelve) months
and will be mature on February 10, 2024.
On February 9, 2023, Pegadaian has obtained a short term loan facility from Bank BSI with plafond of
Rp350,000 and an interest rate of 5.75% per annum. This facility has a tenor of 30 (thirty) days and
matured on July 28, 2023.
206
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Syariah Indonesia Tbk (Related Party) (continued)
On February 9, 2023, Pegadaian has obtained a short term loan facility from Bank BSI with plafond of
Rp350,000 and an interest rate of 5.75% per annum. This facility has a tenor of 30 (thirty) days and
matured on July 27, 2023.
On February 6, 2024, an extension was made to obtain a short-term loan facility from Bank BSI with a
total plafond of Rp700,000 and an interest rate as agreed. This loan facility has a tenor of 12 (twelve)
months and matures on February 10, 2024.
On February 6, 2024, Bank BSI facilities were signed with a total plafond of Rp1,000,000 with details,
current account financing facilities of Rp200,000, and line facilities of Rp800,000, with a period starting
from February 10, 2024, to February 10, 2025.
As of June 30, 2024, the total utilization of Bank BSI's Line Facility is Rp800,000 with an equivalent ratio
of 6,30%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Using financing facilities for interests or needs in accordance with the purpose of use stated in the
agreement.
• Allow officer and/or attorneys or representative of Bank BSI or other parties appointed by Bank BSI
to at anytime check the Pegadaian books and evidence directly related to the financing agreement,
by Bank BSI as long as it is relevant to the implementation of agreement, with written announcement
7 (seven) working days in advance from Bank BSI with all costs incurred paid by Bank BSI.
• Pegadaian and evidences directly related to agreement, by BSI as long as it is relevant to the
implementation of agreement, with written announcement 7 (seven) working days in advance from
Bank BSI with all costs incurred paid by Bank BSI.
• As long as the financing is still ongoing, Pegadaian must notify Bank BSI in writing no later than 30
(thirty) days in the event that it has been done as follows :
a. Changes to the company’s Article of Association include shareholders, company management,
capital and share value.
b. Obtained financing facilities or loans from other parties.
c. Committed itself as a guarantor of debt or pledge property for other parties.
d. Taking dividend or capital for interests outside business and personal interests.
e. Pay off the company’s debts to owners or shareholders.
• Update the list sharia receivables pledged :
a. Submit details of the list sharia receivable at the end of month submitted quarterly no later than
30 (thirty) calendar days after the end of the quarterly period, as a basis for updating the list of
sharia receivables not less than 100% of principal owed.
b. Submit a statement letter of sharia receivables list stating that :
1. Truly belongs to the Pegadaian and no other party owns or participates in owning.
2. Not being and will not be pledge to third parties.
3. Not in a state of dispute and not involved in a civil matter or circumstances that can give rise
to a dispute wtith a third party.
4. Not under bail condition.
c. Notarial renewal of the fiduciary guarantee certificate for receivable collateral is carried out a
maximum of once every 1 (one) year with a minimum Sharia current receivables value of the
financing limit.
• Customers should strive to use facilities above 80% of Bank BSI’s total financing facilities.
207
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Syariah Indonesia Tbk (Related Party) (continued)
The financial covenants in the credit agreements obtained by Pegadaian are as follows(continued):
• Submit financial statement unaudited 3 (three) months no later than 90 (ninety) calendar days after
the end of the reporting must received by Banks and audited financial statement no later than 180
(one hundred eighty) days after the end of the reporting must received by Banks.
• Submit consolidated Non-Performing Loan (NPL) and Sharia net Non-Performing Loan (NPL) reports
quarterly no later than 45 (forty five) calendar days after the end of the quarterly period.
PT Bank Central Asia Tbk
On April 13, 2022, Pegadaian has obtained Money Market (PBMM) loan facility from PT Bank Central
Asia Tbk (hereinafter referred to as “Bank BCA”) with a plafond of Rp9,400,000 and an interest rate of
5.79% per annum. The facility has matured on April 26, 2023.
On April 17, 2023, Pegadaian has obtained a working capital credit facility from Bank BCA with a plafond
of Rp300,000 and an interest rate of 6.50% per annum. This facility has a tenor of 12 (twelve) months
and will mature on January 26, 2024.
On April 17, 2023, Pegadaian has obtained 4 (four) short-term loan facilities from Bank BCA with each
plafond of Rp350,000, Rp1,500,000, Rp2,000,000 and Rp1,000,000 with an interest rate of 5.80% per
annum. These facilities has a tenor of 7 (seven) days and matured on July 3, 2023.
On April 17, 2023, Pegadaian has obtained 9 (nine) short-term loan facilities from Bank BCA with each
plafond of Rp450,000, Rp720,000, Rp200,000, Rp1,300,000, Rp300,000, Rp500,000, Rp480,000,
Rp1,200,000 and Rp1,100,000 with an interest rate of 5.80% per annum. These facilities have a tenor of
7 (seven) days and matured on July 4, 2023.
On April 19 2024, notification was made of a temporary extension of the Local Credit facility, Time Loan
Credit facility and Money Market Term Loan facility starting from April 26 2024 and ending on July 25
2024.
As of June 30, 2024, the total usage of Bank BCA's PBMM facility is Rp15,000,000 with an interest rate
of 6.55%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Collateral guaranteed is 100% of the plafond.
• The use of facilities is for additional financing working capital of Pegadaian.
• Comply with all applicable laws, government regulations, government policies, guidance or instruction
from the government.
• Communicate in written if there is any changes in status company, articles of association, composition
of Board of Directors and Board of Commissioners no later than 30 (thirty) working days the effective
date of the change accompanied by supporting documents for the changes.
• Submit the receivables list (AR) to the Bank every 6 (six) months at the latest 45 (forty five) calendar
days from the end of the 6 (six) month reporting period.
208
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank CIMB Niaga Tbk
On August 10, 2022, Pegadaian has obtained loan facilities special transaction loan conventional and
special transaction loan Musyarakah from PT Bank CIMB Niaga Tbk (hereinafter referred to as
“Bank CIMB Niaga”) with each plafond of Rp550,000 and Rp200,000. These facilities have matured on
May 16, 2023.
On June 6, 2023, Pegadaian has obtained a short term loan facility from Bank CIMB Niaga with plafond
of Rp300,000 with an interest rate of 5.75% per annum. This facility has a tenor of 7 (seven) days and
matured on July 4, 2023.
On June 6, 2023, a signing was signed underhand of the extension of the CIMBNiaga facility, with a
plafond of Rp750,000, with a period of May 16, 2023, until May 16, 2024.
On May 13, 2024, a signing was signed underhand of the extension of the CIMBNiaga facility, with a
plafond of Rp750,000, with a period of May 16, 2024, until May 16, 2025.
As of June 30, 2024, the total facility usage of Bank CIMB Niaga is Rp750,000 with an interest rate of
6.50%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Fiduciary on receivables with a minimum guarantee value of 60% of the total financing.
• The purpose of loan facilities is for working capital of Pegadaian.
• Provide information to the Bank no later than 30 (thirty) days after the action is taken, in the event of
changes in the composition of the Board of Directions, Board of Commissioners, and shareholders
or management or other equivalent parties and/or changes in the company’s capital structure,
including mergers, takeovers, and separation of the controller from the Pegadaian and/or Collateral
Provider.
• The detail of receivables must be signed by authorized person and must be updated every 3 (three)
months (the maximum deadline for submitting the receivables list is 45 (forty five) days at the end of
every 3 (three) months).
PT Bank DKI
On May 18, 2022, Pegadaian has obtained a Money Market Line facility from PT Bank DKI (hereinafter
referred to as “Bank DKI”) with a plafond of Rp200,000. This facility will mature on May 19, 2023.
On May 18, 2022, Pegadaian has obtained a Musyarakah financing facility from Bank DKI with a plafond
of Rp750,000. This facility will mature on May 19, 2023.
On May 9, 2023, Pegadaian has obtained a short term loan facility from Bank DKI with a plafond of
Rp200,000 with an interest rate of 5.75% per annum. These facilities has a tenor of 28 (twenty eight) days
and matured on July 21, 2023.
On May 9, 2023, Pegadaian has obtained a short term loan facility from Bank DKI sharia business unit
with a plafond of Rp750,000 with an interest rate of 5.75% per annum. These facilities has a tenor of 1
(one) month and matured on July 24, 2023.
209
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank DKI (continued)
On May 17, 2023, an extension of the working capital financing cooperation agreement for Bank DKI was
signed in front of Notary Ashoya Ratam, SH, in Jakarta. The credit facility plafond for the Money Market
Line is Rp200,000, and the plafond for the musharakah financing facility is Rp750,000, with a period from
May 19, 2023, to May 19, 2024.
As of June 30, 2024, the total usage of the Money Market Line credit facility is Rp200,000 with an interest
rate of 5.98% and the use of musyarakh financing facilities of Rp750,000 with a ratio equivalent to 5.98%.
As of June 30, 2024, there has been no utilization of facilities from Bank DKI.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Guarantee of receivables of Pegadaian from customers submitted to Bank amounting to 60% of
outstanding loan, with current or 1 (one) as the receivables’ collectability.
• The purpose of loan facilities is for working capital of Pegadaian.
• Communicate in written if there are any changes of the composition of Board of Directors and Board
of Commissioners, or articles of associaton, legal status, and scope of business as well as the
issuance of bonds/securities/loans/financing from the bank/other financial institution no later than 30
(thirty) working days from the effective date of the change.
• The list of receivables is tied with a notary fiduciary and registered with the fiduciary registration office
upon signing of the credit facility extension. The list of receivables is updated every 3 (three) months.
• Submit Non-Performing Loan (NPL) Report every quarter no later than 60 (sixty) days at the end of
period.
PT Bank DKI – Sharia Business Unit
On November 29, 2023, Pegadaian secured a short-term loan facility from PT Bank DKI – Sharia
Business Unit (hereinafter referred to as 'Bank DKI – Sharia Business Unit') with a plafond of Rp250,000
and an interest rate of 5.98%. This facility has a tenor of 1 (one) month and matures on January 2, 2024.
On November 30, 2023, Pegadaian secured a short-term loan facility from PT Bank DKI – Sharia
Business Unit (hereinafter referred to as 'Bank DKI – Sharia Business Unit') with a plafond of Rp150,000
and an interest rate of 5.98%. This facility has a tenor of 1 (one) month and matures on January 2, 2024.
On December 7, 2023, Pegadaian secured a short-term loan facility from Bank DKI – Sharia Business
Unit with a plafond of Rp350,000 and an interest rate of 5.98%. This facility has a tenor of 1 (one) month
and matures on January 7, 2024.
PT Bank Muamalat Indonesia Tbk
On October 11, 2022, Pegadaian has obtained a special transaction loan Musyarakah facility from PT
Bank Muamalat Indonesia Tbk (hereinafter referred to as “Bank Muamalat”) with a plafond of Rp200,000
with an interest rate of 5.20% per annum. The facility has matured on June 2, 2023.
210
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Muamalat Indonesia Tbk (continued)
On June 2, 2023, Pegadaian has obtained a short-term loan facility from Bank Muamalat with a plafond
of Rp200,000 with an interest rate of 5.75% per annum. This facility has a tenor of 3 (three) months and
matured on July 27, 2023.
On July 25, 2023, an extension of Bank Muamalat financing facility of Rp200,000 was signed with a period
from June 2, 2023 to June 2, 2024.
As of June 30, 2024, there has been no utilization of facilities from Bank Muamalat.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Channeling financing whose funds are sourced from Bank Muamalat with Sharia principles (financing
distribution is carried out by the Sharia Pegadaian Unit).
• Submit quarterly unaudited financial statements (March, June, September, and December) no later
than 60 (sixty) days after the end of the report, and annual audited financial statements no later than
180 (one hundred eighty) days after the end of the reporting period.
• Communicate in written of the following of :
i. Any changes of company article’s of association including changes composition of shareholders,
management (Board of Directors and Board of Commissioners), capital, and nominal value of
shares.
ii. Obtain financing facilities from banks/other financing institutions.
• Binding guarantees provided by end users to Pegadaian in accordance with applicable Pegadaian
regulation and well secured and cannot be collateralized to other parties.
• Allow Bank Muamalat or other appointed parties to inspect Pegadaian’s business and financial
activities, as well as check all guarantees after obtaining written approval from Pegadaian based on
notification from Bank Muamalat if within 14 (fourteen) calendar days there is no reply, then
Pegadaian is considered to have approved Bank Muamalat’s notification.
PT Bank Permata Tbk
On November 30, 2022, Pegadaian has obtained a short term loan facility from PT Bank Permata Tbk
(hereinafter referred to as “Bank Permata”) with a plafond of Rp450,000 with an interest rate of 5.75%
per annum. These facilities has a tenor of 3 (three) months and matured on September 8, 2023.
On November 30, 2022, Pegadaian has obtained a short-term loan facility from Bank Permata with a
plafond of Rp200,000 with an interest rate of 5.75% per annum. These facilities has a tenor of 3 (three)
months and matured on August 16, 2023.
On November 30, 2022, Pegadaian has obtained a short-term loan facility from Bank Permata with a
plafond of Rp200,000 with an interest rate of 7.75% per annum. These facilities has a tenor of 12 (twelve)
months and matured on October 25, 2023.
211
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Permata Tbk (continued)
On November 30, 2022, Pegadaian has obtained a short-term loan facility from Bank Permata sharia
business unit with a plafond of Rp400,000 with an interest rate of 5.75% per annum. These facilities has
a tenor of 3 (three) months and matured on August 18, 2023.
On October 20, 2023, changes and additions to the plafond were executed for Bank Permata's financing
facility before Notary Yumna Shabrina, SH, at Ashoya Ratam, SH, Notary Office in Jakarta. The total
plafond is Rp1,750,000, with the period starting from the signing date until October 25, 2024. The details
include:
1. Money Market Line facility, increased form a plafond of Rp650,000 to Rp1,150,000
2. Musyarakah Mutanaqisah (MMQ) facility with a plafond increased form Rp400,000 to Rp600,000
3. Musyarakah Financing Facility of Rp200,000 will be transferred to the MMQ facility
As of June 30, 2024, the facility utilization is from MMQ facilities with nominal details of Rp300,000 and a
ratio of 5.90% and Rp50,000 ratio of 6.00%.
The financial covenants in the credit agreements obtained by Pegadaian are as follows:
• Fiduciary of customer’s account receivable (A/R), with a minimum amount of 100% of the outstanding
facility.
• The purpose of loan facilities is for working capital of Pegadaian.
• Pegadaian shall communicate in written to the bank, in condition of receiving a money loan or leasing
facility from another party, amendments to the articles of association, no later than within 14 (fourteen)
calendar days.
• Account receivables reports every quarter, no later than 90 (ninety) days after the end of the reporting
period.
On June 30, 2024 and December 31, 2023, Pegadaian has fulfilled all the covenants as required by the
above trustee agreements.
PT Bank Maybank Indonesia Tbk
The plafond of this Musyarakah facility has decreased from Rp1,200,000 to Rp800,000 with the period
starting from August 20, 2022 to August 20, 2023.
On August 30, 2023, an amendment to the iB Musyarakah Financing Facility (Business Entity) Line
Agreement was signed between PT Bank Maybank Indonesia Tbk (“Bank Maybank”) and PT Pegadaian
(“Pegadaian”).
The plafond for this Musyarakah facility is Rp800,000 with a period starting from August 20, 2023 to
August 20, 2024.
As of December 31, 2023, the interest rate/nisbah obtained from Bank Maybank is 5.75% with a maximum
tenor of one week. The interest rate/nisbah, and tenor are determined at the time of withdrawal or
extension of the facility
212
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank Maybank Indonesia Tbk (continued)
As of June 30, 2024, Bank Maybank total facility utilization is Rp800,000, with an interest rate of 6.50%.
The financial covenants in the agreements as follows:
• Guarantee of receivables of Pegadaian from customers submitted to Bank amounting to 100% of
outstanding loan, with current or 1 (one) as the receivables’ collectability.
• The purpose of loan facilities is for working capital of Pegadaian.
• Submit quarterly in-house financial reports for the current financial year no later than 60 (sixty) days
from the end of the reporting period. This provision only applies to financial reports for the first quarter
to the third quarter.
• Submit a list of bank guarantees in the form of customer financing receivables with current status,
which is submitted every three-months or quarterly, no later than 45 (forty-five) days after the end of
the reporting period.
• Allowing the bank to carry out random sampling at least once a year on collateralized financing
receivables, with a minimum sampling of 100 end users with the largest nominal value The sampling
data must be different from the sampling data previously used and selected by the bank.
PT Bank BTPN Tbk
On September 22, 2023, working capital cooperation was signed privately under the First Amendment to
the Credit Facility Agreement between PT Pegadaian and PT Bank BTPN Tbk on August 26, 2022. With
an additional plafond given from Rp500,000 to Rp1,500,000 with a period from the effective date until
August 30, 2024.
As of September 30, 2023, the interest rate obtained from Bank BTPN is 5.65% with a tenor of one month.
The interest rate ratio/ nisbah, and tenor are determined at the time of withdrawal or extension of the
facility.
As of June 30, 2024, the total facility utilization from Bank BTPN is Rp1,500,000 comprising details of
Rp200,000 with an interest rates of 6,50% and Rp1,300,000 with an interest rate of 6,50%.
The financial covenants in the agreements as follows:
• As soon as available, but in any case within 180 (one hundred eighty) calendar days after the end of
each financial year, the borrower's audited consolidated financial statements for that financial year.
• Upon request by the lender and within 60 (sixty) calendar days after the end of the reporting period,
the borrower's consolidated financial report for the quarter of the financial year
• Copies of all documents submitted by the borrower to its creditors in general (or each class thereof)
at the same time as the documents are sent.
• Immediately upon becoming aware of details regarding any litigation, arbitration, or administrative
proceedings currently in existence, they threatened to be filed or pending against the borrower, which,
if adjudicated adversely, would have a significant negative impact.
• Immediately upon request, such other information regarding the financial condition, business, and
business activities of the borrower as may be reasonably requested by the lender.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Pegadaian (continued)
PT Bank ICBC Indonesia
On February 16 2024, a working capital collaboration between PT Pegadaian and PT Bank ICBC
Indonesia was signed with a ceiling of Rp200,000 before Notary Adi Triharso, SH for a period of 12
months from the date of this signing.
As of June 30, 2024, the total facility utilization from ICBC Bank facilities is Rp200,000,- with an interest
rate of 6.25%.
Standard obligations that must be implemented for this type of financing include but are not limited to:
1. Use facilities according to their purpose.
2. Pay all costs and obligations related to credit agreements and collateral obligations.
3. Allow the bank or other party appointed by the bank to examine its business activities, books and
records and other information required by the bank, by submitting a written letter first and having obtained
the debtor's approval.
4. Submit annual financial reports that have been audited by a registered Public Accountant that can be
accepted by the bank no later than 180 (one hundred and eighty) days of the reporting period and
quarterly in-house financial reports no later than 90 (ninety) days of the reporting period .
5. Inform the bank of changes to the articles of association, composition of the Board of Directors,
composition of the Board of Commissioners within 30 working days after the changes.
PT Bank Danamon Indonesia Tbk
On April 12 2021, the Amendment Agreement to Credit Agreement No. 280/PP/EB/0321 and Amendment
Agreement to the Musyarakah Financing Agreement No. 281/PP/EB/0421 between PT Bank Danamon
Indonesia, Tbk (“Bank Danamon”) and PT Pegadaian (Persero) (“Pegadaian”).
Amendment Agreement to Credit Agreement No. 225/PP/EB/0722 and Amendment Agreement to the
Musyarakah Financing Agreement No. 224/PP/EB-Syariah/0722 dated 06 July 2022, extending Bank
Danamon facilities totaling IDR 2,000,000 from 20 July 2022 to 20 March 2023.
On March 20, 2024, an Amendment Agreement to the Musyarakah Financing Agreement with a ceiling
of IDR 500,000 and an Amendment Agreement to the Credit Agreement with a total ceiling of IDR
1,000,000 were signed between PT Bank Danamon Indonesia, Tbk ("Bank Danamon") and PT Pegadaian
(“Pegadaian”) with a term of up to 21 December 2024.
As of June 30 2024, the use of Bank Danamom facilities is IDR 1,000,000 with the following details:
comprising details of Rp500,000 with an interest rates of 6.50% and Rp500,000 with an interest rate of
6.50%.h
The terms and conditions (covenants) in this agreement include the following:
• Fiduciary over Account Receivables (AR), with a value of 100% of the total loan.
• Use credit facilities solely for Pegadaian financing purposes.
• During the term of the Facility and the amount owed to the Bank, with written notification to the Bank (no
later than 30 days after the action is taken). The actions referred to are dissolving the company,
transferring rights or renting/giving over the use of all or part of the property/assets, making changes to
the nature and activities of the business, carrying out mergers, consolidations, spin-offs and acquisitions
( takeover), changing the articles of association (including changing the authority of the Board of Directors,
withdrawing paid-up capital, meeting quorum or business sector), making material investments outside
the business line.
• Provide an updated list of Account Receivables per quarter in the current category (for the list of Account
Receivables guaranteed at the Bank) a maximum of 45 days after the period ends.
214
Page 218
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM)
PT Bank Negara Indonesia (Persero) Tbk (Related Party)
On November 16, 2021, PT Permodalan Nasional Madani (hereinafter referred to as "PNM") has obtained
a Working Capital Credit facility from PT Bank Negara Indonesia (Persero) Tbk (hereinafter referred to as
"Bank BNI") with a plafond of Rp1,000,000. This loan facility will mature on
November 25, 2024.
On March 8, 2024, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and matured
on June 20, 2025.
On March 8, 2024, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and matured
on June 23, 2025.
On April 14, 2023, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp200,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and
matured on March 30, 2024.
On April 14, 2023, signed facility agreements with a revised total plafond Rp160.000 and an interest rate
of 6.15%. signed facility agreements with a revised total plafond 3 (three) months and will mature on July
18, 2024.
On April 14, 2023, PNM obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp200,000 and an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months and will
mature on December 14, 2024.
On April 14, 2023, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp250,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on December 7, 2024.
On April 14, 2023, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp300,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on March 3, 2025.
On April 14, 2023, PNM has obtained a Working Capital Credit facility from Bank BNI with a plafond of
Rp500,000 and an interest rate of 6.15%. This loan facility has a tenor of 3 (three) months and matured
on September 14, 2023.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of the Gearing Ratio at a maximum of 10 (ten) times.
• Subsidiary is required to maintain a maximum of 10 (ten) times of Debt to Equity Ratio (DER).
• Subsidiary is required to maintain Non-Performing Loan for Mekaar products of no more than 5%.
PT Bank Tabungan Negara (Persero) Tbk (Related Party)
On October 20, 2020, PNM has obtained a Working Capital Credit facility from PT Bank Tabungan Negara
(Persero) Tbk (hereinafter referred to as “BTN”) with a plafond of Rp750,000 and an interest rate of 7.50%.
This loan facility has a tenor of 35 (thirty five) months and matured on October 7, 2023.
215
Page 219
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Tabungan Negara (Persero) Tbk (Related Party) (continued)
On September 30, 2021, PNM has obtained a Working Capital Credit facility from BTN with a plafond of
Rp200,000 and an interest rate of 7.00%. This loan facility has a tenor of 35 (thirty five) months and will
mature on September 7, 2024.
On September 30, 2021, PNM has obtained a Working Capital Credit facility from BTN with a plafond of
Rp300,000 and an interest rate of 7.00%. This loan facility has a tenor of 34 (thirty four) months and will
mature on September 7, 2024.
On September 30, 2021, PNM has obtained a Working Capital Credit facility from BTN with a plafond of
Rp250,000 and an interest rate of 7.00%. This loan facility has a tenor of 32 (thirty two) months and will
mature on September 7, 2024.
On September 28, 2022, PNM has obtained a Working Capital Credit facility from BTN with a plafond of
Rp250,000 and an interest rate of 6.70%. This loan facility has a tenor of 12 (twelve) months and will
mature on March 7, 2024.
On September 28, 2022, PNM has obtained a Working Capital Credit facility from BTN with a plafond of
Rp750,000 and an interest rate of 6.70%. This loan facility has a tenor of 12 (twelve) months and will
mature on April 7, 2024.
On June 30, 2021, PNM has obtained a BTN iB Working Capital Financing facility from BTN with a plafond
of Rp500,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on June 30, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of the Gearing Ratio at a maximum of 10 (ten) times.
• Subsidiary is required to maintain a maximum of 10 (ten) times of Debt to Equity Ratio (DER).
• Subsidiary is required to maintain Non-Performing Loan for Mekaar products of no more than 5%.
PT Bank Mandiri (Persero) Tbk (Related Party)
On February 2, 2023, PNM has obtained a Working Capital Credit facility from Bank Mandiri with a plafond
of Rp1,000,000 and an interest rate of 6.70%. This loan facility has a tenor of 12 (twelve) months and
matured on January 23, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain the quality of Non-Performing Loans of no more than 5% of the
total product.
216
Page 220
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Sarana Multigriya Finansial (Persero) (Related Party)
On May 30, 2022, PNM has obtained 2 (two) Mudharabah Muqayyadah facilities from PT Sarana
Multigriya Finansial (Persero) (hereinafter referred to as "SMF") with a plafond of Rp69,475 and Rp67,604
respectively with an interest rate of 6.15%. Both loan facilities have a tenor of 36 (thirty six) months and
will mature on June 12, 2025.
On May 30, 2022, PNM has obtained 2 (two) Mudharabah Muqayyadah facilities from PT Sarana
Multigriya Finansial (Persero) (hereinafter referred to as "SMF") with a plafond of Rp25,671 and Rp24,372
respectively with an interest rate of 6.15%. Both loan facilities have a tenor of 36 (thirty six) months and
will mature on June 26, 2025.
On November 21, 2022, PNM has obtained an Uncommitted Facility Line facility from SMF with a plafond
of Rp139,884 with an interest rate of 6.00%. This loan facility has a tenor 24 (twenty four) months and will
mature on March 1, 2025.
On November 21, 2022, PNM has obtained a Mudharabah Muqayyadah facility from SMF with a plafond
Rp232,100 with an interest rate of 6.00%. This loan facility has a tenor of 24 (twenty four) months and will
mature on March 1, 2025.
On November 21, 2022, PNM has obtained an Uncommitted Facility Line facility from SMF with a plafond
of Rp69,475 with an interest rate of 6.55%. This loan facility has a tenor 12 (twelve) months and will
mature on June 12, 2024.
On November 21, 2022, PNM has obtained a Mudharabah Muqayyadah facility from SMF with a plafond
of Rp67,604 with an interest rate of 6.55%. This loan facility has a tenor of 12 (twelve) months and will
mature on June 12, 2024.
On February 8, 2023, PNM has obtained a Working Capital Credit facility from SMF with a plafond Rp930
and an interest rate of 7.76%. This loan facility has a tenor of 12 (twelve) months and will mature on
February 8, 2026.
On August 9, 2023, PNM has obtained a Working Capital Credit facility from SMF with a plafond Rp287
and an interest rate of 7.76%. This loan facility has a tenor of 12 (twelve) months and will mature on
August 9, 2026.
The financial covenants in the credit agreement obtained by PNM include, before obtaining written
approval, PNM is not permitted to:
• File a bankruptcy petition.
• Transfer and/or handover to other parties the rights and obligations arising from this agreement.
• Bind itself as guarantor or debt guarantor and make use of the Company’s assets as collateral.
• Make use of the loan facility not in accordance with its purpose
217
Page 221
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
Government Investment Unit of Indonesia (Related Party)
On April 20, 2021, PNM has obtained a Working Capital Credit facility from PIP with a plafond of
Rp400,000 and an interest rate of 4.00%. This loan facility has a tenor of 35 (thirty five) months and will
mature on April 10, 2024.
On April 20, 2021, PNM has obtained a Working Capital Credit facility from PIP with a plafond of
Rp600,000 and an interest rate of 4.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on April 28, 2024.
On April 20, 2021, PNM has obtained a Working Capital Credit facility from PIP with a plafond of
Rp600,000 and an interest rate of 4.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on June 11, 2024.
On April 20, 2021, PNM has obtained a Working Capital Credit facility from PIP with a plafond of
Rp400,000 and an interest rate of 4.00%. This loan facility has a tenor of 34 (thirty four) months and will
mature on April 10, 2024
On April 20, 2021, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond of
Rp300,000 and Rp200,000 and an interest rate of 4.00%. These two loan facilities have a tenor of 30
(thirty) months and will mature on April 10, 2024.
On April 28, 2022, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond of
Rp500,000 and Rp500,000 and an interest rate of 4.00%. These two loan facilities have a tenor of 36
(thirty six) months and will mature on June 10, 2025.
On April 28, 2022, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond of
Rp500,000 and Rp500,000 and an interest rate of 4.00%. These two loan facilities have a tenor of 34
(thirty four) months and will mature on June 10, 2025.
On April 28, 2022, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond of
Rp250,000 and Rp250,000 and an interest rate of 4.00%. These two loan facilities have a tenor of 33
(thirty three) months and will mature on June 10, 2025.
On November 2, 2022, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond
of Rp450,000 and Rp1,050,000 and an interest rate of 4.00%. These two loan facilities have a tenor of
36 (thirty six) months and will mature on December 10, 2025.
218
Page 222
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
Government Investment Unit of Indonesia (Related Party) (continued)
On November 2, 2022, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with a plafond
of Rp350,000 and Rp150,000 and an interest rate of 4.00%. These two loan facilities have a tenor of 34
(thirty four) months and will mature on December 10, 2025.
On July 31, 2023, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with plafonds of
Rp850,000 and Rp360,000 respectively with an interest rate of 4.00%. These two loan facilities have a
tenor of 36 (thirty-six) months and will mature on August 10, 2026.
On July 31, 2023, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with plafond of
Rp850,000 and Rp360,000 respectively with an interest rate of 4.00%. These two loan facilities have a
tenor of 34 (thirty four) months and will mature on August 10, 2026.
On December 22, 2023, PNM has obtained 2 (two) Working Capital Credit facilities from PIP with plafond
of Rp560,000 and Rp240,000 respectively with an interest rate of 4.00%. These two loan facilities have
a tenor of 36 (thirty six) months and will mature on December 20, 2026.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to distribute special loans/financing for Ultra Micro (UMi) business owners.
Subsidiary is required to submit a list of current accounts receivable which serves as fiduciary every
1 (one) month with a value of 100% of the outstanding loan.
Lembaga Pengelola Dana Bergulir
On March 12, 2021, PNM has obtained 3 (three) Working Capital Credit facilities from Lembaga Pengelola
Dana Bergulir with a plafond of Rp15,000, Rp4,000 and Rp4,000 and an interest rate of 6.75%. These
three loan facilities have a tenor of 47 (forty seven) months and matured on
February 7, 2024.
On March 12, 2021, PNM has obtained a Working Capital Credit facility from Lembaga Pengelola Dana
Bergulir with a plafond of Rp15,000 and an interest rate of 6.75%. This loan facility has a tenor of 47 (forty
seven) months and will mature on May 7, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to provide special Loans/Financing for the Mekaar Program.
• Subsidiary is required to submit a list of receivables which serve as fiduciary every 6 (six) months
with a minimum value of or equal to 100% of the outstanding loan.
219
Page 223
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
Asian Development Bank
On January 25, 2005, PNM obtained a micro-credit facility for environmental and settlement planning from
the Asian Development Bank with a plafond of USD364,782 (full amount) with an interest rate on foreign
loans plus 0.35% per annum. This loan facility has a tenor of 228 (two hundred twenty eight) months and
will mature on December 1, 2028.
PT Bank Central Asia Tbk
On July 11, 2022, PNM has obtained an Installment Loan 2 facility from BCA with a plafond of Rp300,000
and an interest rate of 6,30%. This loan facility has a tenor of 19 (nineteen) months and matured on June
19, 2024.
On July 11, 2022, PNM has obtained an Installment Loan 2 facility from BCA with a plafond Rp150,000
and an interest rate of 6,95%. This loan facility has a tenor of 17 (seventeen) months and matured on
June 15, 2024.
On August 23, 2022, PNM has obtained a Working Capital Credit facility from BCA with a plafond of
Rp30,000 and an interest rate of 9.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on December 23, 2025.
On October 3, 2023 Addendum, PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp200,000 with an interest rate of 6.20%. This loan facility has a tenor of 3 (three) months and will
mature on January 23, 2024.
On October 3, 2023 Addendum, PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp1,500,000 with an interest rate of 6.95%. This loan facility has a tenor of 3 (three) months and will
mature on July 15, 2024.
220
Page 224
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Central Asia Tbk (continued)
On October 3, 2023 Addendum, PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp200,000 with an interest rate of 6.20%. This loan facility has a tenor of 8 (eight) months and will
mature on June 21, 2024.
On October 3, 2023 Addendum, PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp1,000,000 with an interest rate of 6.20%. This loan facility has a tenor 2 (two) months and will mature
on July 1, 2024.
On October 3, 2023 Addendum, PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp487,000 with an interest rate of 6.40%. This loan facility has a tenor of 1 (one) month and will mature
on July 1, 2024.
On October 3, 2023 Addendum PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp1,500.000 with an interest rate of 6.20%. This loan facility has a tenor of 7 (seven) months and will
mature on June 14, 2024.
On October 3, 2023 Addendum PNM has obtained an Installment Loan 2 facility from BCA with a plafond
of Rp1,500,000 with an interest rate of 6.20%. This loan facility has a tenor of 5 (five) months and will
mature on June 14, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) ratio above 90 (ninety) days, a
maximum of 5%.
PT BCA Syariah
On March 24, 2021, PNM has obtained 2 (two) Mudharabah facilities from BCA Syariah with a plafond of
Rp9,100 and Rp60,000 and an interest rate of 7.00%. These two loan facilities have a tenor of 48 (forty
eight) months and will mature on March 24, 2025.
On October 25, 2022, PNM has obtained a Working Capital Credit facility from BCA Syariah with a plafond
of Rp5,000 and an interest rate of 10.25%. This loan facility has a tenor 45 (forty five) months and will
mature on August 25, 2025.
On October 25, 2022, PNM has obtained a Working Capital Credit facility from BCA Syariah with a plafond
of Rp10,900, and an interest rate of 10.25%. This loan facility has a tenor 47 (forty seven) months and
will mature on October 25, 2025.
221
Page 225
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT BCA Syariah (continued)
On October 25, 2022, PNM has obtained a Working Capital Credit facility from BCA Syariah with a plafond
of Rp14,100 and an interest rate of 10.25%. This loan facility has a tenor 57 (fifty seven) months and will
mature on October 25, 2027.
On September 9, 2023, PNM has obtained a Working Capital Credit facility from BCA Syariah with a
plafond Rp150,000 and an interest rate of 6.10%. This loan facility has a tenor of 12 (twelve) months and
will mature on September 25, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum of 10 (ten) times of Debt to Equity Ratio (DER).
• Subsidiary is required to maintain non-performing loan arrears of a maximum of 5%.
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk
On April 5, 2023, PNM has obtained a Working Capital Credit facility from Bank BJB with a plafond of
Rp1.000,000 and an interest rate of 6.55%. This loan facility has a tenor of 12 (twelve) months and will
mature on May 13, 2025.
On June 22, 2023, PNM has obtained a Working Capital Credit facility from Bank BJB with a plafond of
Rp750,000 and an interest rate of 6.40%. This loan facility has a tenor of 12 (twelve) months and will
mature on June 1, 2024.
On June 22, 2023, PNM has obtained a Working Capital Credit facility from Bank BJB with a plafond of
Rp250,000 and an interest rate of 6.40%. This loan facility has a tenor of 12 (twelve) months and will
mature on July 28, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to submit quarterly financial reports.
• Subsidiary is required to submit unaudited annual financial reports.
222
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Pembangunan Daerah Istimewa Yogyakarta (BPD DIY)
On April 2, 2021, PNM has obtained a Term Loan facility from BPD DIY with a plafond of Rp200,000 with
an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months and will mature on April 25,
2025.
On April 2, 2021, PNM has obtained a Term Loan facility from BPD DIY with a plafond of Rp100,000 with
an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months and will mature on June 4,
2025.
On September 16, 2021, PNM has obtained a Term Loan facility from BPD DIY with a plafond of
Rp100,000 with an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on September 16, 2024.
On November 21, 2023, PNM has obtained a Term Loan facility from BPD DIY with a plafond of
Rp400,000 with an interest rate of 6.10%. This loan facility has a tenor of 12 (twelve) months and will
mature on November 27, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a Financing to Asset ratio of 65%;
• Subsidiary is required to maintain a Current Ratio minimum of 120%;
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times;
• Subsidiary is required to maintain a net Non-Performing Loan (NPL) Ratio maximum of 5%.
PT Bank of China
On February 6, 2022, PNM has obtained a Money Market Line facility from the Bank of China with a
plafond of Rp200,000 and an interest rate of 6.13%. This loan facility has a tenor of 3 (three) months and
will mature on February 6, 2024.
On February 6, 2024, PNM has obtained a Money Market Line facility from the Bank of China with a
plafond of Rp200,000 and an interest rate of 6.13%. This loan facility has a tenor of 3 (three) months and
will mature on May 6, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain Total Consolidated Debt to Total Equity of a maximum of 10 (ten)
times.
• Subsidiary is required to maintain a maximum ratio of 5% for non-performing loans.
Citibank N.A.
On March 13, 2023, PNM has obtained a Money Market Line facility from Citibank N.A. with a plafond of
Rp150,000 with an interest rate of 6.70%. This loan facility has a tenor of 12 (twelve) months and will
mature on March 15, 2024. This facility has been paid off on its maturity date.
On March 13, 2023, PNM has obtained a Money Market Line facility from Citibank N.A. with a plafond of
Rp150,000 with an interest rate of 6.70%. This loan facility has a tenor of 12 (twelve) months and will
mature on September 16, 2024.
On March 13, 2023, PNM has obtained a Money Market Line facility from Citibank N.A. with a plafond of
Rp500,000 with an interest rate of 6.15%. This loan facility has a tenor of 2 (two) months and will mature
on January 3, 2024.
223
Page 227
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
Citibank N.A. (continued)
Financial covenants in the credit agreement obtained by PNM are that the subsidiary is required to report
DER, FAR, Micro financing ratio, net NPL, Current ratio, net ROA, net ROE and BOPO.
PT Bank Danamon Indonesia - sharia business unit
On December 21, 2022, PNM has obtained a Musyarakah facility from Danamon Sharia with a plafond
of Rp400,000 and an interest rate of 6.40%. This loan facility has a tenor of 15 (fifteen) months and will
mature on April 18, 2024.
On December 12, 2023, PNM has obtained a Musyarakah II facility from Danamon Sharia with a plafond
of Rp250,000 and an interest rate of 6.55%. This loan facility has a tenor of 3 (three) months and matured
on May 7, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a net Non-Performing Loan (NPL) Ratio maximum of 5.
• Subsidiary is required to maintain a Gearing Ratio maximum of 10 (ten) times
PT Bank DKI
On June 25, 2025, PNM has obtained a Working Capital Credit facility from Bank DKI with a plafond of
Rp1.100,000 and an interest rate of 6.90%. This loan facility has a tenor of 36 (thirty six) months and will
mature on June 25, 2026.
On May 10, 2021, PNM has obtained a Working Capital Credit facility from Bank DKI with a plafond of
Rp500,000 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on May 21, 2024.
On December 2, 2021, PNM has obtained a Syndicated facility from Bank DKI with a plafond of
Rp653,165 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on December 29, 2024.
On December 2, 2021, PNM has obtained a Syndicated facility from Bank DKI with a plafond of
Rp136,076 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on June 24, 2025.
224
Page 228
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank DKI (continued)
On December 2, 2021, PNM has obtained a Syndicated facility from Bank DKI with a plafond of
Rp136,076 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on July 3, 2025.
On June 12, 2023, PNM has obtained a Working Capital Credit facility from Bank DKI with a plafond of
Rp100,000 with an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and will
mature on June 14, 2024.
On June 12, 2023, PNM has obtained a Working Capital Credit facility from Bank DKI with a plafond of
Rp100,000 with an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and will
mature on July 16, 2024.
On June 12, 2023, PNM has obtained a Working Capital Credit facility from Bank DKI with a plafond of
Rp100,000 with an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months and will
mature on February 9, 2024.
On May 10, 2021, PNM has obtained a Mudharabah facility from Bank DKI with a plafond of Rp500,000
and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will mature on
May 21, 2024.
On December 2, 2021, PNM has obtained a Syndicated Mudharabah facility from Bank DKI with a plafond
of Rp546,835 and an interest rate of 7.75%. This loan facility has a tenor of 36 (thirty six) months and will
mature on December 29, 2024.
On December 2, 2021, PNM has obtained a Syndicated Mudharabah facility from Bank DKI with a plafond
of Rp113,924 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on June 24, 2025.
On December 2, 2021, PNM has obtained a Syndicated Mudharabah facility from Bank DKI with a plafond
of Rp113,924 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on July 13, 2025.
On June 12, 2023, PNM has obtained a Mudharabah facility from Bank DKI with a plafond of Rp100,000
and an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and will mature on June
12, 2024.
On June 12, 2023, PNM has obtained a Mudharabah facility from Bank DKI with a plafond of Rp100,000
with an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and will mature on July
11, 2024.
225
Page 229
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank DKI (continued)
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum non-performing loan gross of 5%.
PT Bank HSBC Indonesia
On April 6, 2023, PNM has obtained a Term Loan facility from PT Bank HSBC Indonesia with a plafond
of Rp1,000,000 and an interest rate of 6.35%. This loan facility has a tenor of 12 (twelve) months and
mature on July 17, 2024.
On January 16, 2023, PNM has obtained a Term Loan facility from PT Bank HSBC Indonesia with a
plafond of Rp540,000 and an interest rate of 6.35%. This loan facility has a tenor of 12 (twelve) months
and mature on January 28, 2024.
On April 6, 2023, PNM has obtained a Term Loan facility from PT Bank HSBC Indonesia with a plafond
of Rp1,000,000 and an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months and
mature on April 9, 2024.
The financial covenant in the credit agreement obtained by PNM is that the subsidiary is required to
maintain a maximum loan to capital ratio of 10 (ten) times.
PT Bank JTrust Indonesia Tbk
On March 10, 2022, PNM has obtained a Working Capital Credit facility from PT Bank JTrust Indonesia
Tbk (hereinafter referred to as “Bank JTrust”) with a plafond of Rp200,000 and an interest rate of 6.00%.
This loan facility matured on March 10, 2023.
On January 27, 2023, PNM has obtained a Money Market Line facility from Bank JTrust with a plafond of
Rp100,000 and an interest rate of 6.00%. This loan facility has a tenor of 12 (twelve) months and will
mature on January 30, 2024.
On April 10, 2023, PNM has obtained a Money Market Line facility from Bank JTrust with a plafond of
Rp300,000 and an interest rate of 6.25%. This loan facility has a tenor 12 (twelve) months and will mature
on April 11, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiary is required to maintain Non-Performing Loans at a maximum of 5%.
• Subsidiary is required to maintain a Financing to Asset Ratio of at least 65%.
• Subsidiary is required to maintain a Micro Financing Ratio of at least 50%.
226
Page 230
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Pembangunan Daerah Kalimantan Tengah
On December 19, 2023, PNM has obtained a Working Capital Credit facility from PT Bank Pembangunan
Daerah Kalimantan Tengah with a plafond of Rp200,000 and an interest rate of 5.70%. This loan facility
has a tenor of 12 (twelve) months and will mature on December 19, 2024.
On June 20, 2024, PNM has obtained a Working Capital Credit facility from PT Bank Pembangunan
Daerah Kalimantan Tengah with a plafond of Rp300,000 and an interest rate of 6.50%. This loan facility
has a tenor of 12 (twelve) months and will mature on june 21, 2026.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of Non-Performing Loans in their entire product at
maximum of 3%.
Subsidiary is required to maintain the quality of the Gearing Ratio at a maximum of 10 (ten) times.
PT Bank Maybank Indonesia Tbk
On November 30, 2021, PNM has obtained a Mudharabah line facility from PT Bank Maybank Indonesia
Tbk (hereinafter referred to as "Maybank") with a plafond of Rp390,000 with an interest rate of 7.00%.
This loan facility has a tenor of 36 (thirty six) months and will mature on December 1, 2024.
On June 29, 2022, PNM has obtained a Mudharabah line facility from Maybank with a plafond of
Rp110,000 and an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months and will
mature on March 3, 2024.
On August 1, 2023, PNM has obtained a Mudharabah line facility from Maybank with a plafond of
Rp500,000 with an interest rate of 6.10%. This loan facility has a tenor of 5 (five) months and will mature
on January 16, 2024.
On August 1, 2023, PNM has obtained a Mudharabah line facility from Maybank with a plafond of
Rp500,000 with an interest rate of 6.10%. This loan facility has a tenor of 4 (four) months and will mature
on January 20, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a minimum Current Ratio quality of 1.2 (one point two) times.
• Subsidiary is required to maintain a Debt to Equity Ratio of a maximum of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan Gross of 5%.
• Subsidiary is required to maintain Mekaar Non-Performing Loans at a maximum of 3%.
227
Page 231
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Muamalat Indonesia Tbk
On November 8, 2022, PNM has obtained a Musyarakah facility from PT Bank Muamalat Indonesia Tbk
(hereinafter referred to as "Bank Muamalat") with a plafond of Rp500,000 with an interest rate of 6.00%.
This loan facility has a tenor of 12 (twelve) months and matured on November 3, 2023.
On November 8, 2022, PNM has obtained a Musyarakah facility from Bank Muamalat with a plafond of
Rp350,000 with an interest rate of 6.50%. This loan facility has a tenor 12 (twelve) months and will mature
on March 20, 2024.
On March 20, 2023, PNM has obtained a Musyarakah facility from Bank Muamalat with a plafond of
Rp325,000 with an interest rate of 6.30%. This loan facility has a tenor 12 (twelve) months and will mature
on August 16, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 9 (nine) times.
• Subsidiary is required to maintain the quality of Non-Performance Financing for Mekaar products of
no more than 2%.
• Subsidiary is required to maintain a Current Ratio of at least 1.2 (one point two) times.
PT Bank National Nobu Tbk
On December 1, 2022, PNM has obtained a Money Market Line facility from PT Bank National Nobu Tbk
with a plafond of Rp150,000 with an interest rate of 6.10%. This loan facility has a tenor of 8 (eight)
months and mature on March 15, 2024. These facilities have been paid off on its maturity date.
On December 13, 2023, PNM has obtained a Money Market Line facility from PT Bank National Nobu
Tbk with a plafond of Rp150,000 with an interest rate of 6.55%. This loan facility has a tenor of 4 (four)
months and will mature on July 19, 2024.
On December 13, 2023, PNM has obtained a Money Market Line facility from PT Bank National Nobu
Tbk with a plafond of Rp100,000 with an interest rate of 6.55%. This loan facility has a tenor of 4 (four)
months and will mature on July 19, 2024.
On December 13, PNM has obtained a Money Market Line facility from PT Bank National Nobu Tbk with
a plafond of Rp150,000 with an interest rate of 6.10%. This loan facility has a tenor of 6 (six) months and
will mature on April 25, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of Non-Performing Loans of no more than 5% of the
total product.
• Subsidiary is required to maintain a maximum Gearing Ratio of 10%.
• Subsidiary is required to maintain a Current Ratio of at least 1.2 (one point two) times.
228
Page 232
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Pan Indonesia Tbk
On April 1, 2022, PNM has obtained a Term Loan facility from PT Bank Pan Indonesia Tbk (hereinafter
referred to as “Bank Panin”) with a plafond of Rp150,000 and an interest rate of 6.50%. This loan facility
has a tenor of 36 (thirty six) months and will mature on July 21, 2025.
On April 1, 2022, PNM has obtained a Term Loan facility from Bank Panin with a plafond of Rp300,000
and an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months and will mature on
February 22, 2024.
On April 1, 2022, PNM has obtained a Term Loan facility from Bank Panin with a plafond of Rp300,000
and an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months and will mature on
March 8, 2024.
On September 19, 2023, PNM has obtained a Term Loan facility from Bank Panin with a plafond of
Rp500,000 and an interest rate of 6.40%. This loan facility has a tenor of 11 (eleven) months and will
mature on December 30, 2024.
On March 15, 2024, PNM has obtained a Term Loan facility from Bank Panin with a plafond of
Rp1,000,000 and an interest rate of 6.40%. This loan facility has a tenor of 12 (twelve) months and will
mature on March 18, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of Debt to Equity Ratio for a maximum of 10 (ten) times.
• Subsidiary is required to maintain a maximum non-performing financing ratio of 5%.
PT Bank Panin Dubai Syariah Tbk
On April 1, 2022, PNM has obtained a Mudharabah facility from PT Bank Panin Dubai Syariah Tbk with
a plafond of Rp291,000 and an interest rate of 6.75%. This loan facility has a tenor of 12 months and will
mature on March 24, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of the Debt to Equity Ratio of a maximum of 10 (ten)
times.
• Subsidiary is required to maintain a maximum non-performing financing ratio of 5%.
229
Page 233
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Permata Tbk
On February 17, 2023, PNM has obtained a Musyarakah Mutanaqisah facility from Bank Permata with a
palfond of Rp800,000 and an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months
and will mature on March 20, 2024.
On February 17, 2023, PNM has obtained a Musyarakah Mutanaqisah facility from Bank Permata with a
plafond of Rp512,000 with an interest rate of 6.75%. This loan facility has a tenor of 12 (twelve) months
and will mature on April 14, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp200,000 with an interest rate of 6.20%. This loan facility has a tenor of 3 (three) months
and will mature on January 16, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp300,000 with an interest rate of 6.2%. This loan facility has a tenor of 3 (three) months
and will mature on January 3, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp300,000 with an interest rate of 6.4%. This loan facility has a tenor of 12 (twelve) months
and will mature on July 28, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp300,000 with an interest rate of 6.4%. This loan facility has a tenor of 12 (twelve) months
and will mature on July 21, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp100,000 with an interest rate of 6.1%. This loan facility has a tenor of 12 (twelve) months
and will mature on January 19, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp300,000 with an interest rate of 6.1%. This loan facility has a tenor of 12 (twelve) months
and will mature on January 22, 2024.
On February 17, 2023, PNM has obtained the Musyarakah Mutanaqisah facility from Bank Permata with
a plafond of Rp300,000 with an interest rate of 6.4%. This loan facility has a tenor of 12 (twelve) months
and will mature on July 21, 2024.
On March 1, 2024, PNM has obtained the Money Market Loan facility from Bank Permata with a plafond
of Rp1,000,000 with an interest rate of 6.4%. This loan facility has a tenor of 1 (one) months and will
mature on April 3, 2024.
On March 1, 2024, PNM has obtained the Money Market Loan facility from Bank Permata with a plafond
of Rp1,000,000 with an interest rate of 6.55%. This loan facility has a tenor of 3 (three) months and will
mature on July 2, 2024.
On March 1, 2024, PNM has obtained the Money Market Loan facility from Bank Permata with a plafond
of Rp1,000,000 with an interest rate of 6.55%. This loan facility has a tenor of 2 (two) months and will
mature on July 2, 2024.
230
Page 234
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Permata Tbk (continued)
On March 1, 2024, PNM has obtained the Money Market Loan facility from Bank Permata with a plafond
of Rp500,000 with an interest rate of 6.55%. This loan facility has a tenor of 3 (three) months and will
mature on July 2, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum net Non-Performing Loan of 5%.
PT Bank Resona Perdania
On March 9, 2023, PNM has obtained a Term Loan facility from PT Bank Resona Perdania with a plafond
of Rp100,000 with an interest rate of 6.00%. This loan facility has a tenor of 12 (twelve) months and
mature on March 10, 2024.
On October 10, 2023, PNM has obtained a Term Loan facility from PT Bank Resona Perdania with a
plafond of Rp100,000 with an interest rate of 6.30%. This loan facility has a tenor of 12 (twelve) months
and will mature on November 15, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum net Non-Performing Loan of 5%.
• Subsidiary is required to maintain a Current Ratio of at least 100%.
• Subsidiary is required to maintain a maximum Debt to Equity Ratio (DER) of 10%.
• Subsidiary is required to maintain a maximum Debt-Service Coverage Ratio (DSCR) of 100%.
PT Bank SBI Indonesia
On December 16, 2021, PNM has obtained an on demand PRK facility from PT Bank SBI Indonesia
(hereinafter referred to as “Bank SBI”) with a plafond of Rp100,000 and an interest rate of 6.00%. This
loan facility has a tenor of 36 (thirty six) months and will mature on December 28, 2024.
On December 16, 2021, PNM has obtained an on demand PRK facility from Bank SBI with a plafond of
Rp50,000 and an interest rate of 6.00%. This loan facility has a tenor 36 (thirty six) months and will mature
on March 28, 2025.
On August 7, 2023, PNM has obtained an on demand PRK facility from Bank SBI with a plafond of
Rp250,000 and an interest rate of 6.15%. This loan facility has a tenor 36 (thirty six) months and will
mature on September 28, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum net Non-Performing Loan of 5%.
• Subsidiary is required to maintain a Financing to Asset Ratio of at least 65%.
• Subsidiary is required to maintain Micro Financing Assets of at least 50%.
• Subsidiary is required to maintain an Interest Coverage Ratio of at least 1.1 (one point one) times.
231
Page 235
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Shinhan Indonesia
On December 21, 2022, PNM has obtained a Demand Loan facility from PT Bank Shinhan Indonesia with
a plafond of Rp100,000 with an interest rate of 6.00%. This loan facility has a tenor of 6 (six) months and
will mature on July 18, 2023.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain net Non-Performing Loans at a maximum of 5%.
• Subsidiary is required to maintain an Interest Coverage Ratio of 1.00.
PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat
On September 28, 2021, PNM obtained a Working Capital Credit facility from PT Bank Pembangunan
Daerah Sulawesi Selatan dan Sulawesi Barat (hereinafter referred to as "Bank Sulselbar") with a plafond
of Rp50,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months and will
mature on March 25, 2025.
On September 28, 2021, PNM has obtained a Working Capital Credit facility from Bank Sulselbar with a
plafond of Rp50,000 and an interest rate of 7.00%. This loan facility has a tenor of 36 (thirty six) months
and will mature on March 21, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Current Ratio of 100%.
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain maximizing Return on Assets (ROA).
• Subsidiary is required to maintain maximizing Return on Equity (ROE).
PT Bank Victoria International Tbk
On June 20, 2023, PNM has obtained a Money Market Line facility from Bank Victoria with a plafond of
Rp100,000 with an interest rate of 6.30%. This loan facility has a tenor 3 (three) months and mature on
September 16, 2023.
On June 20, 2023, PNM has obtained a Money Market Line facility from Bank Victoria with a plafond of
Rp100,000 with an interest rate of 6.30%. This loan facility has a tenor 3 (three) months and mature on
September 21, 2023.
On August 23, 2022, PNM has obtained a Working Capital Credit facility from Bank Victoria with a plafond
of Rp10,000 with an interest rate of 10.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on August 23, 2025.
On August 23, 2022, PNM has obtained a Working Capital Credit facility from Bank Victoria with a plafond
of Rp10,000 with an interest rate of 10.50%. This loan facility has a tenor of 36 (thirty six) months and will
mature on October 27, 2025.
The financial covenant in the credit agreement obtained by PNM is that the subsidiary is required to
maintain the quality of Non-Performing Loans of no more than 5%.
232
Page 236
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank China Construction Bank Indonesia Tbk
On June 30, 2022, PNM has obtained a Working Capital Credit facility from PT Bank China Construction
Bank Indonesia Tbk (hereinafter referred to as "Bank CCB Indonesia") with a plafond of Rp270,000. This
loan facility has matured on June 30, 2023.
On May 30, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a plafond
of Rp315,000 with an interest rate of 6.00%. This loan facility has a tenor of 12 (twelve) months and
mature on January 4, 2024.
On January 4, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a
plafond of Rp215,000 with an interest rate of 6.25%. This loan facility has a tenor of 12 (twelve) months
and will mature on July 20, 2024.
On November 23, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a
plafond of Rp195,000 with an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months
and will mature on November 23, 2024.
On November 23, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a
plafond of Rp45,000 with an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months
and will mature on November 23, 2024.
On January 4, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a
plafond of Rp315,000 with an interest rate of 6.00%. This loan facility has a tenor of 12 (twelve) months
and will mature on March 26, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain Collateral Coverage Ratio quality of at least 100%.
• Subsidiary is required to maintain a maximum Gearing Ratio of 8 (eight) times.
• Subsidiary is required to maintain Mekaar Non-Performing Loans at a maximum of 3%.
On January 4, 2023, PNM has obtained an Installment Loan facility from Bank CCB Indonesia with a
plafond of Rp215,000 with an interest rate of 6.25%. This loan facility has a tenor of 12 (twelve) months
and will mature on July 20, 2024.
233
Page 237
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank of India Indonesia Tbk
On June 22, 2024, PNM has secured a Demand Loan facility from the Bank of India with a plafond of
Rp150,000 with an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months months and
will mature on June 22, 2025.
On June 22, 2024, PNM has secured a Demand Loan facility from the Bank of India with a plafond of
Rp50,000 with an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve) months and will
mature on June 19, 2025.
On June 26, 2023, PNM has secured a Demand Loan facility from the Bank of India with a plafond of
Rp50,000 with an interest rate of 6.00%. This loan facility has a tenor of 6 (six) months and will mature
on June 22, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain the quality of Non-Performance Financing for Mekaar products of
no more than 2%.
• Subsidiary is required maintain a Current Ratio of at least 1.2 (one point two) times.
PT Bank IBK Indonesia Tbk
On May 30, 2022, PNM has obtained a Working Capital Executing facility from PT Bank IBK Indonesia
Tbk (hereinafter referred to as “Bank IBK”) with a plafond of Rp100,000 and an interest rate of 6.00%.
This loan facility has a tenor of 36 (thirty six) months and will mature on June 20, 2025.
On May 30, 2022, PNM has obtained a Working Capital Executing facility from Bank IBK with a plafond
of Rp100,000 with an interest rate of 6.00%. This loan facility has a tenor 36 (thirty six) months and will
mature on July 13, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality value of the minimum Asset Ratio of 65%.
• Subsidiary is required to maintain the quality value of the Micro Financing Ratio of 50%.
• Subsidiary is required to maintain a quality value of a minimum Current Ratio of 120%.
• Subsidiary is required to maintain Gearing Ratio value of a maximum of 10 (ten) times.
• Subsidiary is required to maintain Non-Performing Loan Ratio of a maximum of 5%.
234
Page 238
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Oke Indonesia Tbk
On April 1, 2022, PNM has obtained a Working Capital Loan facility from PT Bank Oke Indonesia Tbk
(hereinafter referred to as “Bank Oke”) with a plafond of Rp100,000 and an interest rate of 6.50%. This
loan facility has a tenor of 36 (thirty six) months and will mature on April 18, 2025.
On April 1, 2022, PNM has obtained a Working Capital Loan facility from Bank Oke with a plafond of
Rp150,000 and an interest rate of 6.50%. This loan facility has a tenor 36 (thirty six) months and will
mature on May 18, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain the quality of the financial ratio Capital Adequacy Ratio (CAR) of at
least 10%.
• Subsidiary is required to maintain the quality of their financial ratios, a maximum Gearing Ratio of 10
(ten) times.
• Subsidiary is required to maintain a quality ratio of receivables of more than 90 (ninety) days, a
maximum of 5% to gross receivables.
PT Bank QNB Indonesia Tbk
On December 19, 2022, PNM obtained a Term Loan facility from PT Bank QNB Indonesia Tbk (hereinafter
referred to as “Bank QNB”) with a plafond of Rp250,000 and an interest rate of 6.00%. This loan facility
has a tenor of 12 (twelve) months and will mature on the following date
December 20, 2023. It has been repaid according to its maturity.
On November 7, 2023, PNM has obtained a Revolving Credit Facility from QNB with a plafond of
Rp100,000 with an interest rate of 6.15%. This loan facility has a tenor of 2 (two) months and mature on
January 7, 2024.
On February 13, 2024, PNM has obtained a Revolving Credit Facility from QNB with a plafond of
Rp100,000 with an interest rate of 6.15%. This loan facility has a tenor of 6 (six) months and will mature
on May 3, 2024.
On February 13, 2024, PNM has obtained a Revolving Credit Facility from QNB with a plafond of
Rp250,000 with an interest rate of 6.20%. This loan facility has a tenor of 3 (three) months and mature
on May 15, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiary is required to maintain the quality of their financial ratios, a maximum Gearing Ratio of 10
(ten) times.
• Subsidiaries are required to maintain a quality Mekaar Product Non-Performing Financing ratio of no
more than 2% net.
235
Page 239
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank Pembangunan Daerah Kalimantan Selatan
On June 3, 2022, PNM has obtained a Working Capital Credit facility from PT Bank Pembangunan Daerah
Kalimantan Selatan (hereinafter referred to as “Bank Kalsel”) with a plafond of Rp50,000 with an interest
rate of 11.00%. This loan facility has a tenor of 60 (sixty) months and will mature on December 16, 2025.
On June 3, 2022, PNM has obtained a Working Capital Credit facility from Bank Kalsel with a plafond of
Rp10,000 and an interest rate of 10.00%. This loan facility has a tenor of 59 (fifty nine) months and will
mature on June 5, 2027.
On June 3, 2022, PNM has obtained a Working Capital Credit facility from Bank Kalsel with a plafond of
Rp40,000 and an interest rate of 10.00%. This loan facility has a tenor of 59 (fifty nine) months and will
mature on July 19, 2027.
On June 3, 2022, PNM has obtained a Working Capital Credit facility from Bank Kalsel with a plafond of
Rp14,000 and an interest rate of 10.00%. This loan facility has a tenor of 59 (fifty nine) months and will
mature on November 9, 2027.
On June 3, 2022, PNM has obtained a Working Capital Credit facility from Bank Kalsel with a plafond of
Rp10,770 and an interest rate of 10.00%. This loan facility has a tenor of 31 (thirty one) months and will
mature on October 27, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a Non-Performing Loan Ratio (NPL) above 90 (ninety) days, a
maximum of 5%.
• Subsidiary is required to maintain a Current Ratio of at least 150%.
• Subsidiary is required to maintain Solvency of at least 200%.
• Subsidiary is required to maintain a Profit Margin that is greater than the credit interest rate.
PT Bank Aladin Syariah Tbk
On December 13, 2023, PNM has obtained the Al Musyarakah facility from PT Bank Aladin Syariah
Indonesia with a plafond of Rp100,000 with an interest rate of 6.25%. This loan facility has a tenor of 12
(twelve) months and will mature on October 14, 2024.
The important requirements (financial covenants) in the credit agreement obtained by PNM include the
following:
• Subsidiaries are required to maintain a minimum current ratio quality of 120%.
• Subsidiaries are required to maintain a maximum Debt to equity ratio quality of 10 (ten) times.
• Subsidiaries are required to maintain a maximum Non-Performing Loan Ratio of 5%.
236
Page 240
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank ICBC Indonesia Tbk
On October 24, 2023, PNM has obtained a Working Capital Loan facility from PT Bank ICBC Indonesia
with a plafond of Rp200,000 with an interest rate of 6.25%. This loan facility has a tenor of 12 (twelve)
months and will mature on October 24, 2024.
The important requirements (financial covenants) in the credit agreement obtained by PNM include the
following:
• Subsidiaries are required to maintain a minimum of 40% of the quality of the Financing to Total Asset
financial ratio.
• Subsidiaries are required to maintain the quality of the Micro Financing Ratio of 50%.
• Subsidiaries are required to maintain the quality of Capital's financial ratio of at least 10%.
• Subsidiaries are required to maintain a maximum Non-Performing Loan Ratio of 5%.
PT Bank Mizuho Indonesia
On March 20, 2023, PNM has obtained a Working Capital Loan facility from Bank Mizuho Indonesia with
a plafond of Rp200,000 with an interest rate of 6.15%. This loan facility has a tenor of 12 (twelve) months
and will mature on March 20, 2024.
On March 20, 2023, PNM has obtained a Working Capital Loan facility from Bank Mizuho Indonesia with
a plafond of Rp200,000 with an interest rate of 6,25%. This loan facility has a tenor of 3 (three) months
and will mature on April 26, 2024.
The important requirements (financial covenants) in the credit agreement obtained by PNM include the
following:
• Subsidiary is required maintain a Current Ratio of at least 1.2 (one point two) times
• Subsidiaries are required to maintain a maximum Debt to equity ratio quality of 10 (ten) times.
PT Bank Hibank Indonesia (formerly PT Bank Mayora) (Related Party)
On December 11, 2015, PNM has obtained a Working Capital Credit facility from PT Bank Mayora with a
plafond of Rp3,000 with an interest rate of 13.00%. This loan facility has a tenor of 119 (one hundred
nineteen) months and will mature on November 17, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum net Non-Performing Loan Ratio (NPL) of 8%.
• Subsidiary is required to submit financial reports at the end of each year.
• Subsidiary is required to open an account with a bank.
• Subsidiary is required to maintain books and records regarding the bank's business.
• Subsidiary is required to allow bank employees or representatives to inspect the bank's business from
time to time.
• Subsidiary is required to insure the goods guaranteed by the bank.
237
Page 241
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Bank CIMB Niaga – Sharia Business Unit
On March 25, 2022, PNM has obtained a Working Capital Credit facility from PT Bank CIMB Niaga -
Sharia Business Unit with a plafond of Rp3,000 with an interest rate of 3.40%. This loan facility has a
tenor of 23 (twenty three) months and will mature on June 30, 2024.
On January 1, 2023, PNM has obtained a Working Capital Credit facility from PT Bank CIMB Niaga -
Sharia Business Unit with a plafond of Rp3,000 with an interest rate of 3.40%. This loan facility has a
tenor of 24 (twenty four) months and will mature on December 31, 2024.
On September 28, 2023, PNM has obtained a Working Capital Credit facility from PT Bank CIMB Niaga
- Sharia Business Unit with a plafond of Rp3,000 with an interest rate of 3.40%. This loan facility has a
tenor of 11 (eleven) months and will mature on August 28, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a maximum Non-Performing Financing Ratio (NPF) of 5%.
• Subsidiary is required to maintain the company's health level is at least a healthy level.
PT Bank Maspion Indonesia Tbk
On January 13, 2024, PNM has obtained a Time Loan Revolving Facility from PT Bank Maspion Indonesia
Tbk with a plafond of Rp100,000 with an interest rate of 6.40%. This loan facility has a tenor 1 (one)
month and will mature on April 26, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiaries are required to maintain a maximum Debt to equity ratio quality of 10 (ten) times.
PT Bank DBS Indonesia
March 18, 2024, PNM has obtained a Uncommited Revolving Credit Facility from PT Bank DBS Indonesia
with a plafond Rp700,000 with an interest rate of 6.40%. This loan facility has a tenor 12 (twelve) months
and will mature on March 19, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required maintain a Current Ratio of at least 1.2 (one point two) times.
• Subsidiaries are required to maintain a maximum Debt to equity ratio quality of 10 (ten) times.
238
Page 242
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - Permodalan Nasional Madani (PNM) (continued)
PT Danareksa Finance (Related Party)
On January 3, 2023, PNM has obtained a Working Capital Credit facility from PT Danareksa Finance
(hereinafter referred to as “Danareksa Finance”) with a plafond of Rp25,000 with an interest rate of 9.00%.
This loan facility has a tenor of 11 (eleven) months and will mature on January 12, 2024.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to maintain a total debt or equity ratio below 3.5 (three point five) times.
• Subsidiary is required to maintain EBITDA or Interest Expense Ratio above 2 (two) times.
• Subsidiary is required to maintain a maximum Non-Performing Financing Ratio (NPF) of 5%.
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
PT Bank Ina Perdana Tbk
On February 28, 2022, PNM has obtained a Working Capital Credit facility from PT Bank Ina Perdana
Tbk with a plafond of Rp30,000 with an interest rate of 10.50%. This loan facility has a tenor of 36 (thirty
six) months and will mature on February 25, 2025.
The financial covenants in the credit agreements obtained by PNM are as follows:
• Subsidiary is required to submit audited financial reports every year, no later than 6 (six) months after
the reporting period ends.
• Subsidiary is required to submit internal financial reports every 3 (three) months, no later than 30
(thirty) days after the end of the period.
• Subsidiary is required to maintain a sinking fund in 2 (two) installments.
On June 30, 2024 and December 31, 2023, Permodalan Nasional Madani (PNM) has fulfilled the
covenants required in the agreement received.
Fund Borrowings - Bank Raya
PT Sarana Multigriya Finansial (Persero) (Related Party)
On December 14, 2020, Bank Raya has obtained a loan facility from PT Sarana Multigriya Finansial
(Persero) for distributing KPR Sejahtera for people with low incomes with a plafond of Rp17,319 and an
interest rate of 4.45%. This loan facility has a tenor of 184 (one hundred and eighty four) months and will
mature on January 10, 2036.
The financial convenants in this agreement include, prior to obtaining written approval, Bank is not
permitted to:
• Apply for bankruptcy.
• Transferring and/or handing over to other parties the rights and obligations arising from this
agreement.
• Commit itself as guarantor or debt guarantor and guarantee the Bank's assets.
• Using the loan facility is not in accordance with its purpose.
239
Page 243
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance
PT Bank BTPN Tbk
On December 30, 2023, BRI Multifinance has obtained a Loan on Note facility from PT Bank BTPN Tbk
(hereinafter referred to as "Bank BTPN") with a plafond of Rp100,000,000,000 (full amount). This loan
facility matures on January 3, 2024.
On December 30, 2023, BRI Multifinance has obtained a Loan on Note facility from Bank BTPN with a
plafond of Rp100,000,000,000 (full amount). This loan facility will mature on January 5, 2024.
On December 30, 2023, BRI Multifinance has obtained a Loan on Note facility from Bank BTPN with a
plafond of Rp134,000,000,000 (full amount). This loan facility will mature on January 9, 2024.
On December 30, 2023, BRI Multifinance has obtained a Loan on Note facility from Bank BTPN with a
plafond of Rp70,000,000,000 (full amount). This loan facility will mature on January 9, 2024.
On December 30, 2023, BRI Multifinance has obtained a Loan on Note facility from Bank BTPN with a
plafond of Rp96,000,000,000 (full amount). This loan facility will mature on January 12, 2024.
On January 9, 2024, BRI Multifinance has obtained an extension of the Loan facility valid until December
31, 2024. The extension of this loan facility removes the provision for a Standby Letter of Credit (SBLC)
guarantee.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a Debt to Equity Ratio of not more than 8.5 (eight point five) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) Ratio above 90 (ninety) days, a
maximum of 5%.
MUFG Bank, Ltd
On August 8, 2022, BRI Multifinance has obtained loan facilities short-term loan from MUFG Bank, Ltd
with a plafond of USD60,000,000 (full amount) with an interest rate of 6.14%. This loan facility has a tenor
of 9 (nine) days and matured on July 5, 2023.
Based on the amendment to the credit agreement dated May 26, 2023, MUFG Jakarta agreed to change
the facility amount from the original USD60,000,000 (full amount) to Rp500,000.
Based on changes to the credit agreement dated July 26, 2023, BRI Multifinance received an extension
of the maturity of the financing facility to July 26, 2024.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a Debt to Equity Ratio of not exceeding10 (ten) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) Ratio above 90 (ninety) days with a
maximum of 7%.
240
Page 244
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank Central Asia Tbk
On October 11, 2022, BRI Multifinance has obtained an Uncommitted Credit Line facility from PT Bank
Central Asia Tbk (hereinafter referred to as “Bank BCA”) with a plafond of Rp200,000 and an interest rate
of 6.30%. This loan facility has a tenor of 31 (thirty one) days and matured on July 10, 2023.
On August 12, 2021, BRI Multifinance has obtained an Installment Loan facility from Bank BCA with a
plafond of Rp300,000 and an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months
and will mature on November 25, 2024.
On October 11, 2022, BRI Multifinance has obtained an Installment Loan facility from Bank BCA with a
plafond of Rp250,000 and an interest rate of 7.00%. This loan facility has a tenor of 24 (twenty four)
months and will mature on December 7, 2024.
On August 12, 2023, BRI Multifinance obtained an additional Uncommitted Credit Line loan facility in the
form of revolving Short Term Credit worth Rp250,000, bringing the total value of the facility to Rp450,000.
The company also obtained an extension of the facility until August 12, 2024. The interest rate for the
Uncommitted Credit Line loan facility during 2023 is 6.10% - 6.50%.
On September 5, 2023, BRI Multifinance also received an additional Installment Loan facility worth
Rp500,000. This loan facility will mature on February 13, 2027.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) Ratio above 90 (ninety) days with a
maximum of 5%.
PT Bank Victoria International Tbk
On August 6, 2022, BRI Multifinance has obtained an Uncommitted Credit Line facility from PT Bank
Victoria International Tbk with a plafond of Rp500,000 with an interest rate of 6.00% - 6.45%. This loan
facility has a tenor of 3 (three) months and matured on September 22, 2023.
On October 27, 2023, BRI Multifinance has obtained a Demand Loan facility from PT Bank Victoria
International Tbk with a plafond of Rp270,000 with an interest rate of 6.00%. This loan facility has a tenor
of 3 (three) months and will mature on January 26, 2024.
On December 6, 2023, BRI Multifinance has obtained a Demand Loan facility from PT Bank Victoria
International Tbk with a plafond of Rp90,000 with an interest rate of 6.00%. This loan facility has a tenor
of 3 (three) months and will mature on March 6, 2024.
On October 27, 2023, BRI Multifinance has obtained a Demand Loan facility from PT Bank Victoria
International Tbk with a plafond of Rp90,000 with an interest rate of 6.00%. This loan facility has a tenor
of 3 (three) months and will mature on March 7, 2024
On October 27, 2023, BRI Multifinance has obtained a Demand Loan facility from PT Bank Victoria
International Tbk with a plafond of Rp50,000 with an interest rate of 6.00%. This loan facility has a tenor
of 3 (three) months and will mature on March 28, 2024.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 8 (eight) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) Ratio above 90 (ninety) days, a
maximum of 5%.
241
Page 245
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank HSBC Indonesia
On April 12, 2023, BRI Multifinance has obtained a Corporate Facility Agreement facility from Bank HSBC
with a plafond of Rp300,000 and an interest rate of 6.50%. This loan facility has a tenor of 12 (twelve)
months and will mature on April 16, 2024.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) Ratio of 5%.
PT Bank UOB Indonesia
On December 26, 2022, BRI Multifinance has obtained a Revolving Credit Facility (RCF) from PT Bank
UOB Indonesia with a plafond of Rp250,000 with an interest rate of 4.20% - 6.50%. The facility has a
tenor of 6 (six) months and matured on January 20, 2024.
On December 26, 2022, BRI Multifinance has obtained a Revolving Credit Facility (RCF) from PT Bank
UOB Indonesia with a plafond of Rp250,000 with an interest rate of 6.50%. This loan facility has a tenor
of 6 (six) months and matured on January 20, 2025.
On January 8, 2024, BRI Multifinance has obtained a Revolving Credit Facility (RCF) from PT Bank UOB
Indonesia with a plafond of Rp250,000 and matured on January 20, 2025.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum Debt to Equity Ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) Ratio of 5%.
PT Bank CIMB Niaga Tbk
On January 27, 2021, BRI Multifinance has obtained a Committed Credit Line facility from PT Bank CIMB
Niaga Tbk with a plafond of Rp250,000 with an interest rate of 6.50% - 7.00%. This loan facility has a
tenor of 36 (thirty six) months and will mature on May 28, 2024.
On January 25, 2023, BRI Multifinance has obtained a Joint Financing facility of Rp300,000. This facility
is revolving and without recourse. The interest rate of 6.60% - 7.10%. The withdrawal period of the facility
is set at one year from the date of signing the credit.
On January 25, 2024, BRI Multifinance has obtained a Joint Financing facility of Rp300,000. This facility
is revolving and without recourse. The withdrawal period of the facility is set at 12 (twelve) months from
the date of signing the credit.
On February, 2024, BRI Multifinance has obtained a Committed Credit Line facility in the form of a non-
revolving long-term credit worth Rp300,000. The withdrawal period of the facility is set at 12 months from
the date of signing the credit.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum loan to capital ratio of 7 (seven) times.
• Subsidiary is required to maintain a maximum Non-Performing Financing (NPF) ratio of 5%.
242
Page 246
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank Maybank Indonesia Tbk
On December 15, 2021, BRI Multifinance has obtained an Uncommitted Credit Line facility from
PT Bank Maybank Indonesia Tbk (hereinafter referred to as "Bank Maybank") with a plafond of Rp400,000
with an interest rate of 6.25%. This loan facility has a tenor of 36 (thirty six) months and will mature on
January 31, 2025.
On September 1, 2022, BRI Multifinance This loan facility has a tenor Bank Maybank with a plafond of
Rp400,000 with an interest rate of 7.20%. This loan facility has a tenor of 36 (thirty six) months and will
mature on February 10, 2026.
This loan facility has a tenor of 36 (thirty six) months and will mature on
• Subsidiary is required to maintain a maximum Gearing Ratio of 10 (ten) times
• Subsidiary is required to maintain a Non-Performing Loan (NPL) ratio above 90 (ninety) days, a
maximum of 5%.
PT Bank Oke Indonesia Tbk
On June 22, 2022, BRI Multifinance has obtained a Working Capital Credit facility from PT Bank Oke
Indonesia Tbk with a plafond of Rp250,000 with an interest rate of 6.25%. This loan facility has a tenor of
36 (thirty six) months and will mature on July 25, 2025.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 8 (eight) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) ratio above 90 (ninety) days, a
maximum of 5%.
PT Bank IBK Indonesia Tbk
On November 16, 2022, BRI Multifinance has obtained a Working Capital Executing facility from PT Bank
IBK Indonesia Tbk with a plafond of Rp250,000 and an interest rate of 6.25%. This loan facility has a
tenor of 36 (thirty six) months and will mature on December 2, 2025.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) ratio of 5%.
PT Bank Danamon Indonesia Tbk
On December 21, 2022, BRI Multifinance has obtained a Term Credit facility from PT Bank Danamon
Indonesia Tbk (hereinafter referred to as "Bank Danamon") with a plafond of Rp100,000 and an interest
rate of 6.10%. This loan facility has a tenor of 30 days and matured on July 12, 2023.
On December 21, 2022, BRI Multifinance has obtained a Term Installment Credit facility from Bank
Danamon with a plafond of Rp900,000 with an interest rate of 6.65%. This loan facility has a tenor of 24
(twenty four) months and will mature on June 20, 2025.
On September 7, 2023, BRI Multifinance obtained a temporary transfer of the KAB loan facility worth
Rp200,000 and allocated it to the KB facility until December 21, 2023. So the Company's facility became
Rp700,000 for the KAB facility & Rp300,000 for the KB facility.
243
Page 247
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank Danamon Indonesia Tbk (continued)
On January 4, 2024, BRI Multifinance obtained a temporary extension of the Term Credit (KB) loan facility
worth Rp300,000 on a revolving basis and the Term Installment Credit (KAB) facility worth Rp700,000 on
a non-revolving basis until January 21 2024.
On January 18, 2024, BRI Multifinance obtained a temporary extension of the Term Credit (KB) loan
facility worth Rp300,000 on a revolving basis and the Term Installment Credit (KAB) facility worth
Rp700,000 on a non-revolving basis until February 21, 2024.
On February 16, 2024, BRI Multifinance obtained a temporary extension of the Term Credit (KB) loan
facility worth Rp300,000 on a revolving basis and the Term Installment Credit (KAB) facility worth
Rp700,000 on a non-revolving basis until March 21, 2024.
On March 20, 2024, BRI Multifinance obtained a temporary extension of the Term Credit (KB) loan facility
worth Rp300,000 on a revolving basis and the Term Installment Credit (KAB) facility worth Rp700,000 on
a non-revolving basis until December 21, 2024.
On April 16, 2024, BRI Multifinance obtained a change in the number of temporary facilities where the
Term Credit loan facility became Rp276,000 revolving and the Term Installment Credit facility worth
Rp700,000 was non-revolving, as well as obtaining a Term Credit facility 2 (KB 2), amounting to ASD
1,500,000 (full amount) which is equivalent to Rp24,000. This change is valid until December 21, 2024.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) ratio of 7%.
PT Sarana Multigriya Finansial (Persero) (Related Party)
On May 24, 2023, BRI Multifinance has obtained an Uncommitted Credit Line facility from
PT Sarana Multigriya Financial (Persero) with a plafond of Rp200,000 with an interest
6,40%-6,95%. As of June 30, 2024, BRI Multifinance loan facility is still available at Rp200,000. This loan
facility will mature on March 26, 2027.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) ratio of 5%.
CTBC Bank Co. Ltd.
On July 5 2022, BRI Multifinance has obtained an Uncommitted Credit Line facility from CTBC Bank Co.
Ltd. with a plafond of USD20,000,000 (full amount) with an interest rate SOFR three month + 1.21%
(USD). This loan facility has a tenor of 36 (thirty six) months and will mature on February 13, 2026.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 8.5 times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) ratio above 90 (ninety) days, a
maximum of 5%.
244
Page 248
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank of India Indonesia Tbk
On July 31, 2023, BRI Multifinance has obtained a Demand Loan facility of Rp400,000. This facility is
non-revolving. The interest rate of 6.30% per annum. This loan facility will mature on October 12, 2025.
On March 14, 2023, BRI Multifinance has obtained a Demand Loan facility of Rp100,000. This facility is
non-revolving. The interest rate of 6.50% per annum. This loan facility will mature on March 19, 2026.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) ratio of 5%.
PT Bank Pan Indonesia Tbk
On April 2, 2024, BRI Multifinace obtained a Fixed Loan Facility of IDR 500,000,000. This facility is non-
re-volving. The interest rate for the first semester of 2024 is 6.75%. The withdrawal period for this facility
is 12 months from the date of signing the credit agreement.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a maximum Non-Performing Loan (NPL) ratio of 3%.
PT Bank Mandiri (Persero) (Related party) Tbk
On July 10, 2021, BRI Multifinance has obtained an Uncommitted Credit Line facility from PT Bank Mandiri
(Persero) Tbk (hereinafter referred to as "Bank Mandiri") with a plafond of Rp500,000 with an interest rate
of 6.75%. On July 10, 2023, BRI Multifinance received an extension for the Short-Term Credit facility with
PT Bank Mandiri Tbk until July 9, 2024.
On November 23, 2020, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri
with a plafond of Rp250,000 with an interest rate of 8.00%. This loan facility has a tenor of 36 (thirty six)
months and will mature on February 4, 2024.
On July 7, 2021, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri with a
plafond of Rp250,000 with an interest rate of 6.50%. This loan facility has a tenor of 36 (thirty six) months
and will mature on November 12, 2024.
On March 16, 2022, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri
with a plafond of Rp500,000 with an interest rate of 6.25 - 6.35%. This loan facility has a tenor of 36 (thirty
six) months and will mature on June 20, 2025.
On August 2, 2022, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri
with a plafond of Rp500,000 with an interest rate of 6.50 - 6.90%. This loan facility has a tenor of 24
(twenty four) months and will mature on November 15, 2024.
245
Page 249
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
25. FUND BORROWINGS (continued)
The following are other key information related to fund borrowings (continued):
Fund Borrowings - BRI Multifinance (continued)
PT Bank Mandiri (Persero) Tbk (Related party) (continued)
On March 8, 2023, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri with
a plafond of Rp500,000 with an interest rate of 6.95%. This loan facility has a tenor of 24 (twenty four)
months and will mature on July 10, 2025.
On January 23, 2024, BRI Multifinance has obtained a Working Capital Credit facility from Bank Mandiri
with a plafond of Rp350,000 with an interest rate of 6.95%. This loan facility has a tenor of 12 (twelve)
months and will mature on January 22, 2025.
The financial covenants in the credit agreements obtained by BRI Multifinance are as follows:
• Subsidiary is required to maintain a maximum gearing ratio of 10 (ten) times.
• Subsidiary is required to maintain a Non-Performing Loan (NPL) ratio above 90 (ninety) days, a
maximum of 5%.
On June 30, 2024 and December 31, 2023, BRI Multifinance has fulfilled the covenants required in the
agreement received.
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
a) The details of Estimated Losses on Commitments and Contingencies which bear credit risk are as
follows:
June 23, 2024 December 31, 2023
Rupiah
Guarantees issued 1,182,146 2,990,195
Undrawn loan facilities 1,494,345 1,225,100
Irrevocable L/C 47,559 29,082
Mata uang asing
Guarantees issued 473,136 1,824,001
Irrevocable L/C 61,979 41,499
Undrawn loan facilities 10,506 7,891
Total 3,269,671 6,117,768
246
Page 250
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
b) The details of commitments and contingencies transactions (except undrawn loan facilities) are as
follows:
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Third parties
Rupiah
Guarantees issued 26,200,993 28,646,881
Irrevocable L/C 1,084,985 1,011,622
27,285,978 29,658,503
Foreign currency
Guarantees issued
United States Dollar 580,904,448 9,512,310 845,182,743 13,013,279
European Euro 46,108,831 807,658 52,468,464 893,974
Japanese Yen 319,135,194 32,472 78,741,216 8,573
Singaporean Dollar 170,000 2,051 2,120,000 24,754
Malaysian Ringgit - 41,319,804 138,636
10,354,491 14,079,216
Irrevocable L/C
United States Dollar 125,168,761 2,049,638 87,738,087 1,350,903
Renminbi 296,261,340 667,660 129,211,733 280,397
European Euro 35,319,378 618,666 33,329,859 567,885
Great Britain Pound Sterling 517,402 10,713 -
Japanese Yen 69,466,000 7,068 112,235,500 12,220
Singaporean Dollar 58,800 710 409,439 4,781
Malaysian Ringgit - 27,840 93
3,354,455 2,216,279
13,708,946 16,295,495
40,994,925 45,953,998
Related parties (Note 44)
Rupiah
Guarantees issued 12,404,710 13,065,353
Irrevocable L/C 1,410,834 1,216,989
13,815,544 14,282,342
Foreign currency
Guarantees issued
United States Dollar 756,787,864 12,392,401 630,194,774 9,703,109
Japanese Yen 2,784,479,164 283,321 2,846,332,038 309,909
Malaysian Ringgit 10,042,222 34,858 -
European Euro - 532,192 9,068
South Korean Won - 6,682,601,241 79,389
12,710,580 10,101,475
247
Page 251
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
b) The details of commitments and contingencies transactions (except undrawn loan facilities) are as
follows (continued):
June 30, 2024 December 31, 2023
Notional Notional
Amount Amount
Foreign Foreign
Currency Rupiah Currency Rupiah
(Full Amount) Equivalent (Full Amount) Equivalent
Related parties (Note 44) (continued)
Foreign currency
Irrevocable L/C
United States Dollar 186,702,337 3,057,251 439,602,923 6,768,566
European Euro 41,761,992 731,517 9,860,486 168,006
Japanese Yen 906,792,870 92,266 579,192,803 63,062
Renmibi - 361,481 784
Swiss Franc - 80,288 1,469
Great Britain Pound Sterling - 23,100 453
3,881,034 7,002,340
16,591,614 17,103,815
30,407,158 31,386,157
Total 71,402,082 77,340,155
Less allowance for impairment losses (1,764,820) (4,884,777)
Net 69,637,262 72,455,378
c) The details of commitments and contingencies transactions by collectibility:
June 30, 2024 December 31, 2023
Current 160,499,299 204,493,512
Special mention 779,001 1,293,884
Substandard 34,958 51,774
Doubtful 52,747 30,568
Loss 772,921 60,833
Total 162,138,926 205,930,571
Less allowance for impairment losses (3,269,671) (6,117,768)
Net 158,869,255 199,812,803
248
Page 252
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Irrevocable L/C
Carrying value beginning balance 11,303,479 141,660 2,091 11,447,230
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value (643,926) (4,715) - (648,640)
New commitments and contingencies
issued or purchased 7,310,935 358,945 - 7,669,880
Derecognized commitments and contingencie (8,682,523) (92,912) (2,094) (8,777,529)
Foreign exchange model or parameter
changes and other change 40,018 346 3 40,367
Carrying value ending balance 9,327,983 403,324 - 9,731,308
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Irrevocable L/C
Carrying value beginning balance 12,410,787 1,247,881 - 13,658,668
Transition to
Stage 1 618,137 (618,137) - -
Stage 2 (1,144) 1,144 - -
Stage 3 - - - -
Net remeasurement of carrying value (2,151,326) (480,440) - (2,631,766)
New commitments and contingencies
issued or purchased 10,146,607 554,295 2,091 10,702,993
Derecognized commitments and contingencies (9,665,885) (563,523) - (10,229,408)
Foreign exchange model or parameter
changes and other change (53,697) 440 - (53,257)
Carrying value ending balance 11,303,479 141,660 2,091 11,447,230
249
Page 253
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Irrevocable L/C
Carrying value beginning balance 25,760 42,730 2,091 70,581
Transition to
Stage 1 - - - -
Stage 2 - - - -
Stage 3 - - - -
Net remeasurement of carrying value - (587) - (587)
New commitments and contingencies
issued or purchased 59,874 15,477 11 75,362
Derecognized commitments and contingencie (25,761) (7,957) (2,101) (35,819)
Foreign exchange model or parameter
changes and other change 2 - - 2
Carrying value ending balance 59,875 49,663 - 109,538
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Irrevocable L/C
Carrying value beginning balance 53,122 490,010 - 543,132
Transition to
Stage 1 134,157 (134,157) - -
Stage 2 (1) 1 - -
Stage 3 - - - -
Net remeasurement of carrying value (20,120) (124,715) - (144,835)
New commitments and contingencies
issued or purchased 25,018 32,358 2,091 59,467
Derecognized commitments and contingencies (166,412) (220,768) - (387,180)
Foreign exchange model or parameter
changes and other change (4) 1 - (3)
Carrying value ending balance 25,760 42,730 2,091 70,581
250
Page 254
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies (continued)
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category:
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Guarantees issued
Carrying value beginning balance 60,722,391 5,148,984 21,550 65,892,925
Transition to
Stage 1 - - - -
Stage 2 (285) 285 - -
Stage 3 - - - -
Net remeasurement of carrying value 39,669 82,909 - 122,578
New commitments and contingencies
issued or purchased 26,553,037 3,658,284 - 30,211,321
Derecognized commitments and contingencies (29,346,563) (5,310,515) (21,550) (34,678,628)
Foreign exchange model or parameter
changes and other change 39,669 82,909 - 122,578
Carrying value ending balance 58,007,918 3,662,856 - 61,670,774
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Guarantees issued
Carrying value beginning balance 69,738,900 5,116,098 - 74,854,998
Transition to
Stage 1 76,231 (76,231) - -
Stage 2 (1,904,391) 1,904,391 - -
Stage 3 (9,968) (11,387) 21,355 -
Net remeasurement of carrying value 49,461 88,650 - 138,111
New commitments and contingencies
issued or purchased 43,995,410 2,191,578 195 46,187,183
Derecognized commitments and contingencies (51,304,879) (4,040,515) - (55,345,394)
Foreign exchange model or parameter
changes and other change 81,627 (23,600) - 58,027
Carrying value ending balance 60,722,391 5,148,984 21,550 65,892,925
251
Page 255
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies (continued)
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Guarantees issued
Allowance for expected credit loss
beginning balance 776,023 4,023,923 14,250 4,814,196
Transition to
Stage 1 - - - -
Stage 2 (4) 4 - -
Stage 3 - - - -
Net remeasurement of allowance for losses (182,852) (4) - (182,856)
New commitments and contingencies
issued or purchased 327,700 930,937 - 1,258,637
Derecognized commitments and contingencies (209,636) (4,010,675) (14,250) (4,234,561)
Foreign exchange model or parameter
changes and other change (133) - - (133)
Allowance for expected credit loss
ending balance 711,098 944,185 - 1,655,283
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Guarantees issued
Allowance for expected credit loss
beginning balance 1,272,632 3,190,301 - 4,462,933
Transition to
Stage 1 28,379 (28,379) - -
Stage 2 (2,317) 2,317 - -
Stage 3 (16) (2,762) 2,778 -
Net remeasurement of allowance for losses (270,692) 1,740,509 11,277 1,481,094
New commitments and contingencies
issued or purchased 556,886 1,552,582 195 2,109,663
Derecognized commitments and contingencies (808,854) (2,430,995) - (3,239,849)
Foreign exchange model or parameter
changes and other change 5 350 - 355
Allowance for expected credit loss
ending balance 776,023 4,023,923 14,250 4,814,196
252
Page 256
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies (continued)
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Undrawn loan facilities
Carrying value beginning balance 125,809,601 2,780,815 - 128,590,416
Transition to
Stage 1 273,333 (273,333) - -
Stage 2 (539,895) 539,895 - -
Stage 3 190,040 (190,040) - -
Net remeasurement of carrying value (6,937,805) 225,245 - (6,712,560)
New commitments and contingencies
issued or purchased 4,951,129 19,279 - 4,970,408
Derecognized commitments and contingencies (35,446,307) (488,385) - (35,934,692)
Written-off commitments and contingencies (4) (1,318) - (1,318)
Foreign exchange model or parameter
changes and other change (175,411) - - (175,411)
Carrying value ending balance 88,124,681 2,612,162 - 90,736,843
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Undrawn loan facilities
Carrying value beginning balance 85,704,365 476,350 109,348 86,290,063
Transition to
Stage 1 997,604 (981,421) (16,183 ) -
Stage 2 (456,310) 464,852 (8,542 ) -
Stage 3 (229,962) (137,843) 367,805 -
Net remeasurement of carrying value 5,084,318 530,277 (266,729 ) 5,347,866
New commitments and contingencies
issued or purchased 46,105,345 3,861,346 21,059 49,987,750
Derecognized commitments and contingencies (11,446,815) (1,423,817) (197,693 ) (13,068,325)
Written-off commitments and contingencies (3,714) (8,929) (9,065 ) (21,708)
Foreign exchange model or parameter
changes and other change 54,770 - - 54,770
Carrying value ending balance 125,809,601 2,780,815 - 128,590,416
253
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES (continued)
d) Movements in estimated losses on commitments and contingencies (continued)
The following table presents the changes in carrying value and allowance for expected losses by
financial instrument category (continued):
June 30, 2024
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Undrawn loan facilities
Allowance for expected credit loss 346,708 886,283 - 1,232,991
beginning balance
Transition to
Stage 1 28,400 (28,400) - -
Stage 2 (8,718) 8,718 - -
Stage 3 29,334 (29,334) - -
Net remeasurement of allowance for losses (7,594) 62,188 - 54,594
New commitments and contingencies
issued or purchased 83,168 248,418 - 331,586
Derecognized commitments and contingencies (39,348) (36,188) - (75,536)
Written-off commitments and contingencies (4) (1,314) - (1,318)
Foreign exchange model or parameter
changes and other change (37,466) - - (37,466)
Allowance for expected credit loss
ending balance 394,480 1,110,371 - 1.504.851
December 31, 2023
Stage 2- Stage 3-
Stage 1- Lifetime Lifetime
12 - months Expected Expected
Expected Credit Credit Loss - Credit Loss -
Loss Not impaired Not impaired Total
Undrawn loan facilities
Allowance for expected credit loss 302,788 1,135,992 13,498 1,452,278
beginning balance
Transition to
Stage 1 52,184 (52,141) (43 ) -
Stage 2 (2,678) 2,815 (137 ) -
Stage 3 (1,321) (10,985) 12,306 -
Net remeasurement of allowance for losses 59,497 51,087 (12,714 ) 97,870
New commitments and contingencies
issued or purchased 103,715 10,173 - 113,888
Derecognized commitments and contingencies (186,539) (241,729) (3,844 ) (432,112)
Written-off commitments and contingencies (3,714) (8,929) (9,066 ) (21,709)
Foreign exchange model or parameter
changes and other change 22,776 - - 22,776
Allowance for expected credit loss
ending balance 346,708 886,283 - 1,232,991
BRI assessed commitments and contingencies transactions which bear credit risk collectively and
individually based on whether objective evidence of impairment exists.
Management believes that the estimated amount of commitments and contingencies losses as of
June 30, 2024 and December 31, 2023, are adequate.
254
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
27. LIABILITIES FOR EMPLOYEE BENEFITS
Liabilities for employee benefits consist of
June 30, 2024 December 31, 2023
Provision for employee benefit
program (Note 42) 12,972,510 13,111,142
Provision for Bonuses and Incentives 3,889,717 8,496,353
Provision for contract worker 653,118 244,200
Provision for Religious Festify Allowance 355,753 1,207,929
Total 17,871,098 23,059,624
Provisions for employee benefit program include defined benefit pension program, post-employment
benefit program and other long-term benefit program (gratuity for services program, grand leave, post-
employment health BPJS and other benefit program of additional benefit fund) in accordance with BRI
and its subsidiaries policies calculated in accordance with the calculation of an independent actuary.
28. OTHER LIABILITIES
Other liabilities consist of::
June 30, 2024 December 31, 2023
Third parties
Rupiah
Future policy benefit liabilities 9,930,101 9,255,256
Unearned premium 3,138,367 2,634,906
Investment contract liabilities 3,104,979 3,286,965
Estimated claim liabilities 2,169,778 2,073,134
Accrued payable 1,476,680 1,141,169
Interest payables 1,440,676 1,479,174
Allowance for litigation liabilities (Note 45b) 778,653 1,361,894
Lease liabilities 411,774 542,630
Credit card liabilities 314,721 278,797
Utang reasuransi 239,903 317,014
Temporary syirkah funds 212,037 275,483
Unearned income 196,044 170,130
Allowance for timely interest payment 76,013 82,201
Guarantee deposits 12,578 12,345
Others 6,804,299 5,513,686
30,306,603 28,424,784
Third parties
Foreign currency
Time deposits in foreign exchange proceeds
from export with Bank Indonesia 1,667,114 5,839,397
Unearned income 489,911 416,639
Lease liabilities 99,785 108,611
Interest payable 40,181 398,793
Others 1,546,043 1,476,393
3,843,034 8,239,833
Total 34,149,637 36,664,617
255
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
29. SUBORDINATED LOANS AND MARKETABLE SECURITIES
BRI obtained subordinated loans and marketable securities with details as follows:
June 30, 2024 December 31, 2023
Third parties
Rupiah
Subordinated Bond IV 262,373 265,120
262,273 265,120
Related parties (Note 44)
Rupiah
Subordinated Bond IV 227,129 229,507
Two-step loan 1,897 2,056
229,026 231,563
Total 491,399 496,683
a. Two-step loan
Asian Development Bank (ADB), International Bank for Reconstruction and Development (IBRD),
International Fund for Agricultural Development (IFAD), United States Agency for International
Development (USAID), and Islamic Development Bank (IDB). The interest rates of this loan vary
according to the respective agreements with periods ranging from 15 (fifteen) to 40 (forty) years.
The average interest rates for this two-step loan are 2.48% and 2.28% for period ended June 30,
2024 and December 31, 2023. This loan will mature on various dates up to 2027.
b. Subordinated Bond IV Year 2023
On July 6, 2023, BRI issued Subordinated Bond IV Year 2023 with a nominal value of Rp500,000
with an interest of 6.45% per annum, for a period of 5 (five) years and will mature on July 6, 2028.
The interest of Subordinated Bond IV Year 2023 is paid every 3 (three) months, starting from July 6,
2023. At the time of issuance, the Subordinated Bond IV Year 2023 was rated AA by Pefindo.
256
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
29. SUBORDINATED LOANS AND MARKETABLE SECURITIES (continued)
b. Subordinated Bond IV Year 2023 (continued)
On June 30, 2024, Subordinated Bond IV Year 2023 obtained an AA rating from Pefindo.
Subordinated Bond IV Year 2023 is not guaranteed by any guarantee. The important requirements
(covenants) are as follows:
a. Entity are prohibited to reduce authorized capital stock, issued capital and paid-up capital except
in the event that such deduction is made based on a request and/or order from the Government
of Indonesia or authority.
b. Entity are prohibited to merger and/or split off and/or consolidation and/or acquisition with a value
of more than 50% (fifty percent) of the EMITEN's equity except in the event that such deduction.
Management believes that all covenants or restrictions stipulated in the trustee agreements have been
complied with.
The classification of subordinated loans and marketable securities based on their remaining period until
maturity are as follows:
June 30, 2024 December 31, 2023
Rupiah
> 1 year - 5 years 491,399 496,683
Total 491,399 496,683
30. STOCK OPTION
In order to increase productivity and motivation for the best talent, the BRI Board of Directors decided to
provide a share ownership program for workers in the form of an Employee Stock Option Plan (ESOP).
In accordance with the Board of Directors' letter no. B.0017-DIR/HCS/01/2023 dated January 2, 2023,
BRI issued an ESOP program on January 2, 2023 (grant date) in the amount of 131,357,200 shares
where the date of allocation of share rights or grant date is January 2, 2023, with the end of the vesting
period is December 31, 2025. The validity period of option exercise for the 2023 ESOP is from January
2, 2026 to June 30, 2026. After that date, all unused option rights will expire.
Calculation methods and assumptions regarding ESOP were obtained from the independent actuary's
report, Willis Towers Watson in November 2023.
The fair value of the ESOP is Rp122,030. The fair value of the ESOP is amortized over the vesting period
and recognized in consolidated profit or loss and other comprehensive income, while the accumulated
costs over the vesting period are recognized in equity.
ESOP costs recognized in consolidated profit or loss and other comprehensive income for period ended
June 30, 2024 and December 31, 2023 amounted to Rp20,338 and Rp40,454.
257
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
30. STOCK OPTION (continued)
The fair value of each option right is estimated on the date of granting the option rights by using the
"Black-scholes" model, assuming the following main assumptions:
Vesting period (month) 36
Share price on the date of option (full amount) 4,870
Option execution price (full amount) 4,870
Fair value options (full amount) 929
Share price volatility 32.419%
Risk-free interest rates 6.103%
Dividend rate 5.834%
31. EQUITY
a. Capital Stock
The details of authorized, issued and fully paid capital stock of BRI as of June 30, 2024 and December
31, 2023 are as follows:
June 30, 2024
Nominal Value Total Share Percentage
Number of per Share Value of
Shares (full amount) (full amount) ownership
Authorized capital stock
Series A Dwiwarna Share 1 50 50 0.00%
Series B Common Shares 299,999,999,999 50 14,999,999,999,950 100.00%
Total 300,000,000,000 15,000,000,000,000 100.00%
Issued and fully paid capital stock
Series A Dwiwarna Share 1 50 50 0.00%
Republic of Indonesia
Series B Common Shares B
Republic of Indonesia 80,610,976,875 50 4,030,548,843,750 53.19%
Commissioners:
- Kartika Wirjoatmodjo 1,678,000 50 83,900,000 0.00%
- Rabin Indrajad Hattari 1,510,100 50 75,505,000 0.00%
- Awan Nurmawan Nuh 712,500 50 35,625,000 0.00%
Directors:
- Sunarso 5,658,656 50 282,932,800 0.00%
- Catur Budi Harto 4,045,557 50 202,277,850 0.00%
- Handayani 5,741,900 50 287,095,000 0.00%
- Ahmad Solichin Lutfiyanto 5,454,170 50 272,708,500 0.00%
- Supari 4,970,914 50 248,545,700 0.00%
- Agus Noorsanto 3,938,641 50 196,932,050 0.00%
- Viviana Dyah Ayu R,K 3,819,500 50 190,975,000 0.00%
- Amam Sukriyanto 3,623,454 50 181,172,700 0.00%
- Agus Sudiarto 3,584,100 50 179,205,000 0.00%
- Agus Winardono 3,469,681 50 173,484,050 0.00%
- Arga Mahanana Nugraha 3,421,385 50 171,069,250 0.00%
- Andrijanto 2,989,700 50 149,485,000 0.00
Public 70,108,414,670 50 3,505,420,733,500 46.29%
150,774,009,804 7,538,700,490,200 99.48%
Treasury stock (Note 1d) 784,991,800 39,249,590,000 0.52%
Total 151,559,001,604 7,577,950,080,200 100.00%
258
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
a. Capital Stock (continued)
The details of authorized, issued and fully paid capital stock of BRI as of June 30, 2024 and December
31, 2023 are as follows (continued):
December 31, 2023
Nominal Value Total Share Percentage
Number of per Share Value of
Shares (full amount) (full amount) ownership
Authorized capital stock
Series A Dwiwarna Share 1 50 50 0.00%
Series B Common Shares 299,999,999,999 50 14,999,999,999,950 100.00%
Total 300,000,000,000 15,000,000,000,000 100.00%
Issued and fully paid capital stock
Series A Dwiwarna Share 1 50 50 0.00%
Republic of Indonesia
Series B Common Shares B
Republic of Indonesia 80,610,976,875 50 4,030,548,843,750 53.19%
Commissioners:
- Kartika Wirjoatmodjo 689,800 50 34,490,000 0.00%
- Rabin Indrajad Hattari 620,700 50 31,035,000 0.00%
%
Directors:
- Sunarso 3,234,856 50 161,742,800 0.00%
- Catur Budi Harto 1,839,057 50 91,952,850 0.00%
- Ahmad Solichin Lutfiyanto 3,587,470 50 179,373,500 0.00%
- Handayani 3,425,200 50 171,260,000 0.00%
- Supari 2,890,914 50 144,545,700 0.00%
- Agus Noorsanto 2,071,941 50 103,597,050 0.00%
- Agus Sudiarto 1,717,400 50 85,870,000 0.00%
- Andrijanto 1,123,000 50 56,150,000 0.00%
- Amam Sukriyanto 1,526,754 50 76,337,700 0.00%
- Agus Winardono 1,503,481 50 75,174,050 0.00%
- Viviana Dyah Ayu R,K 1,512,800 50 75,640,000 0.00%
- Arga Mahanana Nugraha 1,313,785 50 65,689,250 0.00%
Public 70,152,822,670 50 3,507,641,133,500 46.30%
150,790,856,704 7,539,542,835,200 99.49%
Treasury stock (Note 1d) 768,144,900 38,407,245,000 0.51%
Total 151,559,001,604 7,577,950,080,200 100.00%
Series A Dwiwarna share is the share that gives the shareholder preferential rights to approve the
appointment and dismissal of Board of Commissioners and Directors, amendments in the articles of
association, approval on BRI’s merger, dissolution, acquisition and separation, as well as submission
of BRI’s bankruptcy and liquidation declaration request.
Series B shares are common shares that can be owned by the public.
259
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
b. Additional Paid-in Capital
The details of additional paid-in capital are as follows:
June 30, 2024 December 31, 2023
Additional capital by the Government related to
recapitalization program 1,092,144 1,092,144
Remaining balance of paid-up capital by the Government 5 5
Additional paid-in capital from IPO 589,762 589,762
Exercise of stock options
Year 2004 49,514 49,514
Year 2005 184,859 184,859
Year 2006 619,376 619,376
Year 2007 140,960 140,960
Year 2008 29,013 29,013
Year 2009 14,367 14,367
Year 2010 43,062 43,062
Stock option MSOP Stage-I which is already expired 504 504
Stock option MSOP Stage-II which is already expired 1,845 1,845
Stock option MSOP Stage-III which is already expired 8,447 8,447
Acquisition of merging entities in 2018 (81,195) (81,195)
Bonus shares compensation in 2019 208,331 208,331
Bonus shares compensation in 2020 510,819 510,819
Bonus shares compensation in 2021 1,154,211 1,154,211
Stock option MSOP Stage-IV which is already expired 62,862 62,862
Loss of control over subsidiaries 565,209 565,209
Additional capital for PMHMETD transactions 94,419,142 94,419,142
Acquisition transaction under common control in 2021 (23,370,339) (23,370,339)
Bonus shares compensation in 2022 (1,341) (1,341)
Acquisition transaction under common control in 2022 (604,474) (604,474)
Provision for bonus share from the previous program that had matured 210,266 210,266
Compensation for bonus shares in 2023 5,778 5,778
Compensation for bonus shares in 2024 25,666 -
75,878,793 75,853,127
In line with the realization of the Recapitalization Program for Commercial Banks in accordance with
Government Regulation No. 52 Year 1999 regarding the “Increase in Investment by the Republic of
Indonesia in State-Owned Banks”, the Government determined that the recapitalization requirement
amount of BRI to achieve Capital Adequacy Ratio (CAR) of 4% was Rp29,063,531 as of June 30,
2003, the authorized and issued capital stock of BRI has not yet been increased by additional capital
from the above recapitalization program, therefore, the paid-up capital from the Government of
Rp29,063,531 was recorded temporarily in “Additional Paid-in Capital” account together with the
previous balance of paid-up capital of Rp5 from the Government.
Based on the Decision Letter of the Minister of Finance No. 427/KMK.02/2003 dated
September 30, 2003, the final recapitalization requirement of BRI amounted to Rp29,063,531. The
amount of Rp3,272,000 was converted to paid-up capital and the remaining balance of Rp25,791,531
was recorded as additional paid-in capital. Furthermore, with the implementation of the quasi-
reorganization by BRI, the accumulated losses before quasi-reorganization as of June 30, 2003
amounting to Rp24,699,387 was eliminated against additional paid-in capital, resulting in additional
paid-in capital amounting to Rp1,092,149 as of June 30, 2003.
260
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
b. Additional Paid-in Capital (continued
On November 10, 2003, BRI conducted an IPO by issuing 1.764.705.000 000 new Series B common
shares with a par value of Rp500 (full amount) per share at the offering price of Rp875 (full amount)
per share, resulting in additional paid-in capital as follows:
Total New Series B Common Shares Issued to the Public Under
the IPO (Shares) (Note 1c) 1,764,705,000
Additional paid-in capital per share (full amount) 375
Total additional paid-in capital Share (full amount) 661,764
Less
- 3% discount given to BRI customers (2,961)
- cost of IPO (69,041)
Additional paid-in capital from IPO 589,762
In accordance with the Extraordinary General Meeting of Shareholders on October 3, 2003, as
disclosed in the Deed No. 6 of Notary Imas Fatimah, S.H., the shareholders approved the issuance
of stock options to be implemented in 3 (three) phases. The stock options are granted to Directors
and employees in certain positions and appointments who have fulfilled the stipulated requirements
(Management Stock Option Plan (MSOP)).
The compensation cost of the MSOP is recognized as stock options which is part of equity.
BRI employees have exercised their stock options for MSOP I starting from November 10, 2004,
MSOP II starting from November 10, 2005 and MSOP III starting from November 15, 2006. MSOP I,
II and III stock options that have been exercised from 2004 to 2010 amounted to 569,876,000 shares
where there were 4,728,500 shares in 2010, 4,553,000 shares in 2009, 7,499,000 shares in 2008,
31,379,000 shares in 2007, 250,721,000 shares in 2006, 185,610,000 shares in 2005 and 85,385,500
shares in 2004. The additional paid-in capital arising from the exercise of stock options amounted to
Rp43,062 in 2010, Rp14,367 in 2009, Rp29,013 in 2008, Rp140,960 in 2007, Rp619,376 in 2006,
Rp184,859 in 2005 and Rp49,514 in 2004.
Entities under common control transaction
Based on the Deed Sale and Purchase of Shares No. 70 dated December 20, 2018, of Ashoya
Ratam, S.H., M.Kn., PT Bahana Artha Ventura transferred 15,874 shares of BRI Ventura to BRI (Note
1f) and based on the Deed of Shares Takeover No. 53 dated December 21, 2018, made before
Masjuki, S.H., a substitute notary of Notary M. Nova Faisal, S.H., M.Kn., PT Danareksa (Persero)
sold 335,000,000 shares of PT Danareksa Sekuritas (Danareksa Sekuritas) to BRI (Note 1f).
These sale and purchase transactions constitute a business combination of entities under common
control where the ultimate shareholder of BRI, PT Danareksa (Persero) and PT Bahana Artha Ventura
is the Government of the Republic of Indonesia. Therefore, the transactions are treated based on the
pooling of interests method in accordance with the SFAS No. 338, "Business Combination of Entities
Under Common Control".
261
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
b. Additional Paid-in Capital (continued)
Entities under common control transaction (continued)
The difference between the amount of the considerations transferred and the carrying amount of the
investment obtained from this transaction is recorded in the "additional paid-in capital" account in
equity, with details as follows:
Considerations Investment Additional Paid-
transferred Carrying amount in Capital
Danareksa Sekuritas 446,888 366,359 80,529
BRI Ventures 3,090 2,424 666
Total 449,978 368,783 81,195
Based on the Deed of Sale and Purchase of Shares No. 47 dated December 20, 2018 made before
Masjuki, S.H., Notary substitute for M. Nova Faisal, S.H., M.Kn., PT Danareksa (Persero) has
transferred the share ownership of PT Danareksa Investment Management ("DIM") amounting to
10,500,000 shares to BRI (Note 1f). For this transaction, BRI has significant influence on DIM so that
this transaction is recorded in accordance with SFAS No. 228 "Investment in Associated Entities",
where in the equity method initial recognition is recognized according to the acquisition price which
is then added or reduced to recognize BRI's share of DIM's profit or loss after date of acquisition.
Furthermore, based on the Deed of Sale and Purchase of Shares No. 32 dated
November 30, 2022 made before Fathiah Helmi, S.H., Notary in Jakarta PT Danareksa (Persero) has
transferred ownership of PT Danareksa Investment Management (“DIM”) shares totaling 9,000,000
shares to BRI (Note 1f), so that BRI owns 19,500,000 shares or equivalent to 65% of the total
outstanding shares of DIM. For this transaction, BRI obtained control over DIM so that this transaction
is a business combination of entities under common control and is recorded in accordance with SFAS
No. 338 "Business Combinations of Entities under Common Control".
The difference between the amount of consideration transferred and the carrying amount of the
investment obtained from this transaction is recorded in the "Additional Paid-in Capital" account in
the equity section. At the acquisition date in 2022, the difference between the amount of consideration
transferred and the carrying amount of the investment amounted to Rp604,474.
Loss of control over the subsidiary (BRIS)
On October 12, 2020, PT Bank Mandiri (Persero) Tbk (Mandiri), PT Bank Rakyat Indonesia (Persero)
Tbk (BRI), PT Bank Negara Indonesia (Persero) Tbk (BNI), PT Bank Syariah Mandiri (BSM), PT Bank
BRIsyariah Tbk (BRIS) and PT Bank BNI Syariah (BNIS) have signed a Conditional Merger
Agreement (CMA) for the purpose of merging BSM, BRIS and BNIS (Merger Participating Banks).
Based on the CMA, after the effective date of the merger, PT Bank BRIsyariah Tbk (BRIS) will become
the surviving entity and all shareholders of PT Bank BNI Syariah (BNIS) and PT Bank Syariah Mandiri
(BSM) will become shareholders of the entity that accept the merger based on the combined ratio.
Based on the combined ratio of BRI's ownership of BSI, it is 17.29% or 7,092,761,655 shares worth
Rp3,546,381.
262
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
b. Additional Paid-in Capital (continued)
Loss of control over the subsidiary (BRIS) (continued)
Since February 1, 2021, BRI has lost control of BRIS which has resulted in BRI having to derecognize
BRIS' net assets at their carrying amount of Rp909,707 and the carrying amount of any former non-
controlling interest in BRIS when control is lost (including any components of other comprehensive
income attributable to non-controlling interests) amounting to Rp1,452,824. After that BRI recognized
investment in BSI in accordance with the combined ratio where the difference between BRIS's net
assets and BSI's investment was recorded as additional paid-in capital of Rp565,209.
This merger transaction is a business combination transaction of entities under common control in
which the ultimate shareholder of BRI, BNI, Mandiri, BSM, BRIS and BNIS is the Government of the
Republic of Indonesia. Therefore, the transaction is treated based on the combined interest method
in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 338, “Business
Combination of Entities Under Common Control”.
The difference between the carrying amount of the previous investment and the carrying amount of
the investment obtained from this transaction is recorded in the “Additional Paid-in Capital” account
in the equity section, with details as follows:
Carrying amount Carrying amount
of previous of investment Additional
investment due to merger paid-in capital
BRI ownership of BSI 2,981,172 3,546,381 565,209
Additional Capital for PMHMETD transactions
In accordance with the Extraordinary General Meeting of Shareholders on July 22, 2021, as disclosed
in the Deed No. 61 of Notary Fathiah Helmi, S.H., the shareholders approved the company issues
new shares in connection with the issuance of Additional Capital with Preemptive Rights I (PMHMETD
I) mechanism.
Additional Capital with Preemptive Rights I has received an effective statement from the Financial
Services Authority ("OJK") on August 30, 2021. The Government of the Republic of Indonesia, as the
controlling shareholder of the Company, takes part to all Preemptive Rights to which it is entitled by
conducting Inbreng on shares owned by the Government's shares in Pegadaian and PNM to BRI as
follows:
a) 6,249,999 Series B shares or representing 99.99% of the issued and fully paid capital in
Pegadaian;
b) 3,799,999 Series B shares or representing 99.99% of the issued and fully paid capital in PNM.
The inbreng transaction is in accordance with the Deed of Transfer of Rights to Shares of the Republic
of Indonesia for the Company (Persero) PT Pegadaian, the Limited Liability Company (Persero) PT
Permodalan Nasional Madani for and in the context of Additional State Participation of the Republic
of Indonesia in the Company's Equity Participation Company (Persero) PT Bank Rakyat Indonesia
Tbk No. 13 dated September 13, 2021, Notary Fathiah Helmi, S.H., for the Inbreng Transaction is a
business combination transaction of entities under common control in which the ultimate shareholder
of BRI, PT Pegadaian (Persero) and PT Permodalan Nasional Madani is the Government of the
Republic of Indonesia. Therefore, the transaction is treated based on the pooling of interest method
in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 338, “Business
Combination of Entities Under Common Control”.
263
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
b. Additional Paid-in Capital (continued)
Additional Capital for PMHMETD transactions (continued)
The difference between the nominal of investment and carrying amount of investment from this
transaction is recorded in “Additional paid-in capital” in equity section as follows:
Nominal of Carrying amount Additional
Investment of investment paid-in capital
PNM 6,100,068 6,073,819 26,249
Pegadaian 48,670,528 25,326,438 23,344,090
Total 54,770,596 31,400,257 23,370,339
The nominal amount of investment transferred is in accordance with the fair value result from the
External Independent Appraisal (KJPP) Suwendho Rinaldy and Partners, in accordance with report
no. 00244/2.0059-02/BS/07/0242/1/VI/2021 dated June 30, 2021 and No. 00245/2.0059-
02/BS/07/0242/1/VI/202 dated June 30, 2021.
The PMHMETD I increased the issued and fully paid capital of 28,213,191,604 shares or
Rp1,410,659, consisting of the Government inbreng shares totaling 16,108,998,710 shares or
Rp805,450 and the public as many as 12,104,192,894 shares or Rp605,210, which resulted in an
increase in additional paid-in capital of Rp94,419,142 (after deducting emission costs).
c. Differences Arising from Translation of Foreign Currency Financial Statements
This account represents the exchange rate differences arising from the translation of the financial
statements of BRI overseas branches/representative office (Cayman Islands, New York, Hong Kong,
Singapore, Timor-Leste, and Taipei) and subsidiaries with functional currency of United States Dollar,
Hong Kong Dollar, Singaporean Dollar, and New Taiwanese Dollar into Rupiah
(Note 2aiAssets and liabilities as well as commitments and contingencies denominated in other
foreign currency were translated into Rupiah using the Reuters spot rates at 4.00 p.m. WIB (Western
Indonesian time) on the statements of financial position date. . The consolidated statements of profit
or loss and other comprehensive income for the six-month period ended June 30, 2024 and
December 31, 2023, is the sum of consolidated statements of profit or loss and other comprehensive
income which are translated into Rupiah using the average mid-rate of currency exchange for the
respective month.
d. Distribution of Net Income
In the Annual General Meetings of BRI’s Shareholders held on March 1, 2024 and March 13, 2023,
the Shareholders agreed to distribute dividend from net income for the years ended December 31,
2023 and 2022 are as follows:
Income for the year
Ended December 31,
2023 2022
Consolidated 48,108,283 43,494,766
Based on Letter from State Minister for State Owned Enterprises No. SR-602/MBU/11/2023 dated
November 28, 2023, the distribution of interim dividends for the 2023 financial year was determined,
which was then approved by the Board of Directors based on the Board of Directors Meeting on
December 11, 2023 in the amount of Rp12,666,432.
264
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
d. Distribution of Net Income (continued)
Based on Letter from State Minister for State Owned Enterprises No. S-820/MBU/12/2022 dated
December 19, 2022, the distribution of interim dividends for the 2022 financial year was determined,
which was then approved by the Board of Directors based on the Board of Directors Meeting on
December 20, 2022 in the amount of Rp8,602,823.
e. Reclassification of Appropriated Retained Earnings
In order to maintain its capital structure, BRI has reclassified its appropriated retained earnings into
unappropriated retained earnings amounting to Rp15,093,056. This is in accordance with the
implementation of the Financial Services Authority Regulation (POJK) No. 34/POJK.03/2016 dated
September 26, 2016 regarding ”Amendment to POJK No. 11/POJK.03/2016 regarding Minimum
Capital Adequacy Requirement for Commercial Banks”.
f. BRI Bonus Shares
In order to increase productivity and create a sense of belonging to the company and provide long-
term incentives for workers to achieve predetermined targets, BRI management decided to provide a
share ownership bonus program for workers in the form of Employee Stock Allocation (ESA) program.
Share allocation is given to each worker based on individual and company performance.
In accordance with the Board of Directors' letter no. B.0016-DIR/HCS/01/2023 dated January 2, 2023,
BRI is again implementing the ESA program where the share rights allocation date or grant date is
January 2, 2023, with the end of the vesting period on December 31, 2024.
The fair value of ESA at the time of grant on January 2, 2023 was Rp406,008. The fair value of ESA
is amortized over the vesting period and recognized in consolidated profit or loss and other
comprehensive income, while the accumulated costs over the vesting period are recognized in equity.
ESA costs recognized in consolidated profit or loss and other comprehensive income for period ended
June 30, 2024 and December 31, 2023 amounted to Rp108,979 and Rp216,763.
Bonus share reserves from the previous program that had matured amounted to Rp210,266 which
resulted in an additional increase in paid-in capital.
Apart from the ESA program for employees, there is also a Long Term Incentives program aimed at
BRI's non-independent directors and commissioners where the allocation date for share rights or
grant date is December 23, 2022, with the end of the vesting period on March 31, 2025.
The fair value of ESA at the time of grant on January 2, 2023 was Rp141,438. The fair value of ESA
is amortized over the vesting period and recognized in consolidated profit or loss and other
comprehensive income, while the accumulated costs over the vesting period are recognized in equity.
ESA costs recognized in consolidated profit or loss and other comprehensive income for the year
ended December 31, 2023 amounted to Rp134,349.
g. Changes in the proportion of ownership by non-controlling interests in PT Asuransi BRI Life (BRI Life)
Based on Deed No. 8 dated March 2, 2021, of Jose Dima Satria, S.H., M.Kn., Notary in South Jakarta,
where the shareholders agreed to issue new shares so that the authorized capital of BRI Life becomes
Rp400,000,000,000 (four hundred billion rupiah), divided into 4,000,000 (four million) shares with
each share having a nominal value of Rp100,000 (one hundred thousand rupiah) (Note 1f).
265
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
g. Changes in the proportion of ownership by non-controlling interests in PT Asuransi BRI Life (BRI Life)
(continued)
Based on the Shareholders Agreement dated March 2, 2021, FWD Financial Services Pte. Ltd. will
take over as much as 936,458 (nine hundred thirty-six thousand four hundred and fifty-eight) shares
in furtherance of the long-term strategic cooperation. In result the composition of BRI Life's share
ownership of BRI is at 63.83%, Yayasan Kesejahteraan Pekerja BRI at 6.31%, and FWD Financial
Services Pte. Ltd at 29.86% (Note 1f).
Based on Deed No. 11 dated March 2, 2023 concerning the Declaration of Shareholders Decision of
PT Asuransi BRI Life decided and approved the increase in issued and paid-up capital from
Rp339,200 to Rp365,559, by issuing new shares of 263,580 (two hundred sixty-three thousand five
hundred eighty) shares, or a nominal value of Rp26,358, which were taken entirely by FWD
Management Holdings Limited. Thereby as of March 2, 2023, the composition of BRI Life's share
ownership becomes BRI 54.77%, Yayasan Kesejahteraan Pekerja BRI 5.42%, and FWD
Management Holdings Limited 39.82% (Note 1f).
Based on Deed No. 1 dated March 1, 2024, concerning the Declaration of Shareholders Decision of
PT Asuransi BRI Life decided and approved the increase in issued and paid-up capital from
Rp365,559 to Rp392,553, by issuing new shares of 269,946 (two hundred sixty-nine thousand nine
hundred forty-six) shares, or a nominal value of Rp26,994, which were taken entirely by FWD
Management Holdings Limited. Thereby as of March 1, 2024, the composition of BRI Life's share
ownership becomes BRI 51.00%, Yayasan Kesejahteraan Pekerja BRI 5.04%, and FWD
Management Holdings Limited 43.96% (Note 1f).
As the proportion of equity held by non-controlling interests has changed, BRI adjusted the carrying
amount of controlling and non-controlling interests to reflect changes of ownership in BRI Life. The
difference between the adjusted carrying amount of the non-controlling interest and the fair value of
the benefits received by BRI is recognized directly in equity, namely in the “Impact of transactions
with non-controlling” account amounting to Rp1,758,580.
h. Non-controlling interest
Below are the details of non-controlling interests:
June 30, 2024 December 31, 2023
Non-controlling interests:
PT Asuransi BRI Life 4,874,119 4,162,054
PT Bank Raya Indonesia Tbk 454,929 454,832
PT BRI Asuransi Indonesia 220,591 201,041
PT BRI Danareksa Sekuritas 163,490 171,415
PT BRI Manajemen Investasi (formerly
PT Danareksa Investment Management) 77,795 79,261
Others 4,008 -
Subsidiaries 38,928 39,983
Total 5,833,860 5,108,586
i. Partially Transfer of Series B Shares owned by the Republic of Indonesia to the Indonesia Investment
Authority
Based on Government Regulation of the Republic of Indonesia No. 111 year 2021 regarding the
Addition of the State Equity Participation of the Republic of Indonesia into the Capital of the
Investment Management Institution, it has been stipulated of the addition of the state's equity
participation to the Investment Management Institution (in this case the Indonesia Investment
Authority). The additional capital participation comes from the transfer of BRI series B shares owned
by the Republic of Indonesia to BRI.
266
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
31. EQUITY (continued)
i. Partially Transfer of Series B Shares owned by the Republic of Indonesia to the Indonesia Investment
Authority (continued)
Subsequently, in accordance with the Notarial Deed No. 33 regarding the Agreement on the Transfer
of Rights to the Shares of the Republic of Indonesia in PT Bank Rakyat Indonesia (Persero) Tbk, to
and in the context of the addition of the State Equity Participation of the Republic of Indonesia into
the Capital of the Investment Management Institution made by Notary Fathiah Helmi, S.H. The partial
transfer of series B shares belonging to the Republic of Indonesia in BRI to the Indonesia Investment
Authority has been effective upon the signing of the Deed on December 23, 2021.
The transfer of part of the series B shares owned by the Republic of Indonesia in BRI to the Indonesia
Investment Authority amounted to 5,498,021,834 shares or 3.63%, so that the series B shares owned
by the Republic of Indonesia in BRI amounting to 80,610,976,875 shares or 53.19%.
32. INTEREST AND SHARIA INCOME
Interest income are derived from:
For the six-month period
ended as of June 30,
2024 2023
Rupiah
Loan
Micro 46,355,071 37,985,255
Retail 23,212,092 25,719,132
Corporate 4,141,098 722,417
Finance receivables 2,939,701 2,482,116
Securities
Fair value through profit or loss
Government Bonds 133,538 119,676
Bonds 24,019 19,602
Fair value through Other Comprehensive Income
Government Bonds 1,530,813 1,680,784
Bank Indonesia Certificate 1,294,962 -
Bonds 315,538 383,902
Medium-Term Note 17,865 13,975
Negotiable Certificate of Deposit 2,765 293
Amortized Costs
Government Bonds 2,917,971 3,188,798
Bonds 52,261 33,787
Medium-Term Note 602 2,750
Securities purchased under agreement to resell 609,373 1,211,977
Placement with Bank Indonesia
and other financial instruments
Deposit Facility/Term Deposit 156,711 154,559
Inter-bank call money 37,480 24,959
Others 603,757 486,330
Current accounts with Bank Indonesia - 3,950
Others 1,626,999 461,140
85,972,616 74,695,402
267
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
32. INTEREST AND SHARIA INCOME (continued)
Interest income are derived from:
For the six-month period
ended as of June 30,
2024 2023
Foreign currency
Loan
Corporate 3.523.139 2,548,556
Retail 163.145 103,753
Finance receivables 484 3,012
Securities
Fair value through profit or loss
Government Bonds 55,103 6,779
Bonds 704 718
Fair value through Other Comprehensive Income
Government Bonds 519,048 515,692
Bonds 178,653 127,080
Bank Indonesia Certificate 226,755 48,896
Negotiable Certificate of Deposit 525 6,115
Amortized Costs
Government Bonds 313,073 336,100
Bonds 7,967 9,988
Securities purchased under agreement to resell - 379
Placement with Bank Indonesia
and other financial instruments
Deposit Facility/Term Deposit 446,455 686,818
Inter-bank call money 167,207 235,783
Others 296,010 142,775
Current accounts with Bank Indonesia 17 19
Others 98,642 157,259
5,996,927 4,929,722
Total Interest Income 91,969,543 79,625,124
Sharia income are derived from:
Rupiah
Murabahah 5,033,098 4,748,189
Mudharabah 1,641,722 1,215,527
Ujrah 2,947 1,945
Total Sharia Income 6,677,767 5,965,661
Total 98,647,310 85,590,785
268
Page 272
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
33. INTEREST AND SHARIA EXPENSES
This account represents interest expense on:
For the six-month period
ended as of June 30,
2024 2023
Rupiah
Time Deposits 13,520,449 8,628,084
Demand Deposits 3,880,342 2,006,901
Fund borrowings 1,717,052 1,536,688
Marketable securities issued 1,365,809 1,048,545
Saving Deposits 727,073 646,256
Securities sold under agreement to repurchase 433,066 197,328
Deposits from other Banks and Financial Institutions 78,025 73,873
Subordinated Loans 16,638 19,091
Deposits Certificate - 3,845
Others 1,845,035 1,791,647
23,583,489 15,952,258
Mata uang asing
Demand Deposits 1,709,200 1,196,411
Time Deposits 1,275,503 732,087
Fund borrowings 1,000,320 744,664
Securities sold under agreement to repurchase 281,638 85,135
Deposits from other Banks and Financial Institutions 211,766 207,360
Marketable securities issued 95,202 331,544
Saving Deposits 4,930 4,429
Others 188,602 221,055
4,767,161 3,522,685
28,350,650 19,474,943
Sharia expense 367,827 575,540
Sharia Expense Total 367,827 575,540
Total 28,718,477 20,050,483
269
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
34. PROVISION FOR IMPAIRMENT LOSSES ON FINANCIAL ASSETS - NET
This account represents provision for (reversal of) impairment losses on financial assets as follows:
For the six-month period
ended as of June,
2024 2023
Loans (Note 11f) 20,990,240 12,477,049
Finance receivables (Note 13c) 1,565,094 736,104
Sharia loans (Note 12) 173,927 28,654
Acceptances Receivables (Note 14d) 87,323 120,081
Current accounts with Other Banks (Note 5e) 173 29,706
Placement with Bank Indonesia and
other financial institutions (Note 6e) (383) 502
Securities (Note 7i) (79,088) 24,032
Export Bills and Other Receivables (Note 8d) (1,390,985) 601,469
Total 21,346,301 14,017,597
35. SALARIES AND EMPLOYEE BENEFIT
The details of this account are as follows:
For the six-month period
ended as of June 30,
2024 2023
Salaries, wages and allowances 12,721,235 11,973,200
Bonuses, incentives and tantiem 3,277,508 2,887,094
Employees Program (Note 42) 1,613,633 1,715,600
Training and Developments 549,035 495,987
Jamsostek contribution 521,910 481,689
Medical allowances 377,633 313,959
Stock compensation cost 176,274 82
Others 1,395,511 993,642
Total 20,632,739 18,861,253
Total salaries and allowances of the Board of Directors amounted to Rp117,794 and Rp109.472 for the
six-month period ended June 30,2024 and 2023, respectively, and total salaries and allowances of the
Board of Commissioners amounted to Rp45,180 and Rp41,288 for the six-month period ended June 30,
2024 and 2023, respectively (Note 44).
Bonuses, incentives and tantiem of BRI’s Boards of Directors, Commissioners and key employees
amounting to Rp1,034,401 and Rp185,918 for the six-month period ended June 30, 2024 and 2023,
respectively (Note 44).
270
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
36. GENERAL AND ADMINISTRATIVE EXPENSES
The details of this account are as follows:
For the six-month period
ended as of june 30,
2024 2023
Depreciation of premises and equipments (Note 16) 2,620,396 1,880,082
Outsourcing service 2,578,520 2,254,741
Third party goods and services 2,071,835 2,003,537
Repairs and maintenance 1,217,001 1,233,251
E-Channel 1,108,252 1,056,824
Transportation 703,240 764,047
Rent 683,754 872,683
Professional fees 505,057 402,003
Electricity and water 359,076 359,702
Communications 211,634 214,346
Office supplies 183,763 207,206
Research and product development 106,950 145,909
Printing and postage 106,917 132,672
Computer installations 59,107 46,185
Others 1,759,057 1,960,169
Total 14,274,559 13,533,357
37. NON OPERATING (EXPENSES)/INCOME - NET
The details of this account are as follows:
For the six-month period
ended as of June 30,
2024 2023
Gain on sale of premises and equipments 7,590 28,368
Corporate Social Responsibility (12,573) (13,169)
Non-PUMK Social and Environmental Responsibility (40,311) (21,574)
Others - net (50,229) (30,331)
Total (95,523) (36,706)
271
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION
a) Taxes Payable
As of June 30, 2024 and December 31, 2023, the details of taxes payable are as follows:
June 30, 2024 December 31, 2023
BRI (parent entity)
Income tax
Article 25 1,553,330 1,461,224
Article 29 - 20,725
1,553,330 1,481,949
Subsidiaries
Income tax 1,508,177 959,642
Value-added tax 68,207 105,248
1,576,384 1,064,890
Total 3,129,714 2,546,839
b) Tax Expense
For the six-month period
ended as of June 30,
2024 2023
BRI (parent entity)
Current tax expense of:
Current year 5,413,468 4,585,857
Deferred income tax (benefit) expense 1,820,442 1,983,626
7,233,910 6,569,483
272
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION (continued)
b) Tax Expense (continued)
For the six-month period
ended as of June 30,
2024 2023
Subsidiaries
Current tax expense of:
Current year 1,720,248 907,585
Deferred income tax (benefit) expense (400,737) 161,702
1,319,511 1,069,287
Total 8,553,421 7,638,770
The reconciliation between income before tax expense as presented in the consolidated statement
of profit or loss and other comprehensive income and estimated taxable income are as follows:
For the six-month period
ended as of June 30,
2024 2023
Income before tax expense as
presented in the consolidated statement
profit or loss and other comprehensive income 38,449,532 37,200,131
Income of subsidiaries (2,968,297) (4,365,128)
Income before tax expense of BRI (parent entity) 35,481,235 32,835,003
Temporary differences:
Share-based employee benefits 129,317 (210,266)
Unrealized losses of securities
measured at fair value through profit or loss (80,701) (86,252)
Depreciation of premises and equipment (609,935) (86,040)
Allowance for impairment losses on productive assets (2,339,486) (6,600,235)
Provision for estimated losses on
commitments and contingencies (2,850,643) (194,218)
Provision for employee expense (3,564,675) (3,757,052)
(9,316,123) (10,934,063)
273
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION (continued)
b) Tax Expense (continued)
The reconciliation between income before tax expense as presented in the consolidated statement
of profit or loss and other comprehensive income and estimated taxable income are as follows
(continued):
For the six-month period
ended as of June 30,
2024 2023
Permanent differences:
Promotions 766,819 641,148
Public relations 171,992 136,377
Representations and donations 67,549 84,747
Travel and compensation 19,817 23,256
Income from overseas branch offices (310,846) (155,144)
Income of associated entities (450,888) (439,265)
Income that is not an object of income tax (720,490) (574,866)
Others 2,782,870 2,518,895
2,326,822 2,235,148
Estimated taxable Income 28,491,935 24,136,088
Parent entity
Income tax expense - current (5,413,468) (4,585,857)
Payment of income tax installments
during current year 6,741,435 6,238,629
Estimated income tax payable - Article 29 1,327,967 1,652,772
Payment of tax installments
recorded in current year (Note 17) 1,327,967 1,652,772
Subsidiaries
Income tax expense - current (1,720,248) (907,585)
Payment of income tax installments
during current year 767,569 682,307
Estimated income tax payable -
Article 29 - net (952,679) (225,278)
The calculation of Corporate Income Tax for the year period ended December 31, 2023 is in
accordance with the Company’s Annual Tax Return.
274
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION (continued)
b) Tax Expense (continued)
The reconciliation of income tax expense by multiplying the income before tax expense and the
applicable tax rate are as follows :
For the six-month period
ended as of June 30,
2024 2023
Income before tax expense as presented
in the consolidated statement of profit or loss
and other comprehensive income 38,449,532 37,200,131
Tax expense with applicable tax rates 7,999,128 7,212,158
Income that cannot be deductible for tax purposes
BRI 442,096 424,678
Subsidiaries 112,197 1,934
8,553,421 7,638,770
c) Deferred Tax Assets
The tax effects of significant temporary differences between commercial and tax reporting (recorded
under “Deferred Tax Assets” account) are as follows:
June 30, 2024
Credited/
Beginning (charged) Charged
balance to profit or loss to equity Ending balance
Parent Entity
Allowance for impairment losses on productive assets 6,888,170 (444,504) - 6,443,666
Provision for employee expense 3,105,687 (727,667) - 2,378,020
Allowance for estimated losses on commitments and
Contingencies 1,162,209 (541,623) - 620,586
Unrealized losses of securities measured fair value through
other comprehensive income 577,214 - 92,166 669,380
Remeasurement of liabilities for employee benefits 457,787 - (207,129) 250,658
Share-based employee benefits 65,028 24,570 - 89,598
Unrealized gain of securities measured fair value through
profit or loss (16,940) (15,332) - (32,272)
Depreciation of premises and equipment (99,193) (115,887) - (215,080)
Net deferred tax asset - parent entity 12,139,962 (1,820,443) (114,963) 10,204,556
Net deferred tax asset – subsidiaries 3,465,500 4,102,258
Total deferred tax asset consolidated - net 15,605,462 14,306,814
275
Page 279
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION (continued)
c) Deferred Tax Assets (continued)
The tax effects of significant temporary differences between commercial and tax reporting (recorded
under “Deferred Tax Assets” account) are as follows (continued):
December 31, 2023
Credited/
Beginning (charged) Charged
balance to profit or loss to equity Ending balance
Parent Entity
Allowance for impairment losses on productive assets 9,891,617 (3,003,447) - 6,888,170
Provision for employee expense 3,147,827 (42,140) - 3,105,687
Allowance for estimated losses on commitments and
Contingencies 1,226,755 (64,546) - 1,162,209
Unrealized losses of securities measured fair value through
other comprehensive income 1,046,955 - (469,741) 577,214
Remeasurement of liabilities for employee benefits 162,159 - 295,628 457,787
Share-based employee benefits 43,047 21,981 - 65,028
Unrealized gain of securities measured fair value through
profit or loss (9,456) (7,484) - (16,940)
Depreciation of premises and equipment (93,585) (5,608) - (99,193)
Net deferred tax asset - parent entity 15,415,319 (3,101,244) (174,113) 12,139,962
Net deferred tax asset - subsidiaries 3,297,675 3,465,500
Total deferred tax asset consolidated - net 18,712,994 15,605,462
BRI's management believes that the deferred tax assets can be recovered through taxable income in the
future.
On June 30, 2020, the Government issued Government Regulation in Lieu of Law (PERPU) of the
Republic of Indonesia No. 1 year 2020 which has become Law (UU) No. 2 year 2020, as well as stipulating
Government Regulation (PP) No. 30 year 2020 regarding Reduction Income Tax Rates for Domestic
Corporate Taxpayers in the Form of Public Companies and effective from the date of promulgation on
June 19, 2020. Furthermore, on October 29, 2021, the Government issued the Law of the Republic of
Indonesia No. 7 year 2021 regarding harmonization of tax regulations (UU HPP).
The regulation has stipulated reduction in income tax rates for domestic corporate taxpayers and
permanent establishments from 25% to 22% for fiscal year 2020, 2021, 2022 onwards and a further
reduction of the tax rate by 3% for corporate income taxpayers that fulfill certain criteria.
For the for the six-month period ended June 30, 2024, Based on the certificate No. DE/VII/2024-3257
dated July 2, 2024 and the monthly shareholding report from the Securities Administration Bureau,
Datindo Entrycom on BRI's share ownership during January until June 2024, all of the certain
requirements above to obtain the said tax rate reduction facility have been fulfilled.
For the year ended December 31, 2023, Based on the certificate No. DE/I/2024-0191 dated January 4,
2024 and the monthly shareholding report from the Securities Administration Bureau, Datindo Entrycom
on BRI's share ownership during January until December 2023, all of the certain requirements above to
obtain the said tax rate reduction facility have been fulfilled.
276
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
38. TAXATION (continued)
On December 20, 2022, the Government issued Government Regulation (PP) No. 55 Year 2022
concerning Adjustments to Regulations in the Income Tax Sector, then on June 27, 2023 the Government
issued Minister of Finance Regulation (PMK) No. 66 Year 2023 concerning Income Tax Treatment of
Reimbursement or Benefits in connection with Work or Services Received or Obtained in the Form of
Benefit in Kind and/or Enjoyment.
Management believes that there is no need to establish a tax allowance for the fiscal year which has not
been audited by the Directorate General of Tax.
39. RISK MANAGEMENT
BRI's business activities are always faced with risks related to its function as a financial intermediary
institution. Rapid development in the external and internal environments of banks also leads to
increasingly complex business risks. Therefore, in order to be able to adapt in the business environment,
BRI is required to manage risks in an integrated and systematic way, namely management of credit risk,
liquidity risk, operational risk, market risk, strategic risk, compliance risk, reputation risk, and legal risk.
The principles of integrated and systematic risk management by BRI are embedded into several policies
and procedures, which is the Risk Management General Policy (KMR). KMR serves as the highest guiding
policy for the implementation of risk management procedures in all BRI business operations, starting from
general policies, strategies, organisation, risk management in information system, process and the
implementation of risk management to internal control system. The implementation of risk management
differs according to the type of risks involved and is governed by policies which can be derived from other
policies.
Board of Commissioners (BOC) and Directors are responsible for the effectiveness of risk management
at BRI and have an important role in supporting and overseeing the implementation of risk management
in all business units.
BOC evaluates the risk management policies and implementation carried out by the Directors. The
evaluation is carried out in order to ensure that Directors manages BRI’s activities and risk effectively. In
carrying out its active supervision, BOC is assisted by the Risk Management Oversight Committee
(KPMR).
Directors sets the strategy, direction and implementation of risk management policy. Moreover, Directors
has the responsibility to ensure that all material risks and their impacts have been addressed, and that
corrective measures have been taken to remedy the problems and irregularities found in BRI’s business
activities. Directors appoints Director of Risk Management to implement the process of monitoring and
controlling the risks bank-wide.
277
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Directors is assisted by individual Risk Management Committee (RMC) and integrated RMC (consolidated
with the subsidiaries) as the committee in BRI’s risk management system which are assigned to provide
recommendations to the President Director in formulating policies, enhancing policy implementation, and
evaluating the development and conditions of risk profiles as well as providing advises corrective actions.
Credit Risk Management
Credit risk is the risk due to failure of the debtor and/or other parties to fulfill obligations to BRI, including
settlement failure. BRI identifies and measures the risk level of potential borrowers through the
development of an Internal Risk Rating. BRI monitors credit quality as part of early identification of credit
deterioration. Management Credit risk is carried out through comprehensive and integrated risk
management policies. BRI formulates credit Risk Management policies including governance, limit
management on acceptable risk exposure limits, limit management on geographic boundaries, and
concentration limit management per industry. Credit risk ratings are updated regularly periodically to
estimate potential loss as a risk due to credit expansion and determine follow-up improvements.
The application of credit risk management, in addition to aiming to comply with applicable regulations, is
also a must in the framework of implementing a credit risk management system at an optimum level of
risk and return and in accordance with banking practices. The implementation of credit risk management
is expected to be able to encourage BRI's business activities while still paying attention to the principle of
precaution.
Through the implementation of Early Warning System (EWS) to the debtor’s developments of the debtor's
business condition, the effective credit risk management can minimize the risk of losses and optimize the
use of capital to earn maximum income.
BRI’s credit risk management is intended to minimize the possible losses due to loans default and/or
default on other financial contracts, either at the individual level or overall level as credit portfolios. The
credit risk management is also carried out by BRI as an effort to fulfill the regulatory requirements.
BRI continues to improve its credit risk assessment methodology in order to improve the accuracy of
credit risk management, especially in the process of identifying, measuring, monitoring and controlling
risks.
1. Analysis of the maximum exposure to credit risks after considering the value of collaterals and other
mitigations of credit risks.
The carrying value of BRI’s financial assets, other than loans and securities purchased under
agreement to resell depicts the maximum amount of exposure to credit risk.
The tables below show the net maximum exposure to credit risk for securities purchased under the
under agreement to resell as of June 30, 2024 and December 31, 2023:
June 30, 2024
Maximum Net
Exposure Collateral Exposure
Securities purchased under agreement to resell 2,418,016 2,510,000 91,984
278
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
1. Analysis of the maximum exposure to credit risks after considering the value of collaterals and other
mitigations of credit risks(continued).
The tables below show the net maximum exposure to credit risk for securities purchased under the
under agreement to resell as of June 30, 2024 and December 31, 2023 (continued):
December 31, 2023
Maximum Net
Exposure Collateral Exposure
Securities purchased under agreement to resell 33,595,231 35,000,000 1,404,769
BRI uses collaterals to minimize the credit risks of credits issued. BRI credits or loans can be classified
into 2 (two) major categories:
1. Secured loans
2. Unsecured loans
For secured loans, BRI sets the type and collateral value guaranteed according to the credit scheme.
The types of collateral consist of:
a. Physical collateral, in the form of land and buildings, Certificate of Vehicles Ownership (BPKB)
and properties.
b. Financial collateral, in the form of deposits (time deposits, saving deposits and current accounts),
securities and gold.
c. Others, in the form of guarantees, government guarantees and guarantor institutions.
In the event of default, however, BRI uses collaterals as the last resort to fulfill counterparty’s credit
obligations.
Unsecured loans are comprised of fully unsecured loans such as credit cards and Mekaar financing
and partially secured loans such as loans for fixed income employees, loans for retirees, and other
consumer loans. The repayment of partially secured loans is generally made through automatic
payroll deduction.
Thus, although partially secured loans are considered to be unsecured loans, their risk level is lower
than their carrying value whereas the risk level of fully unsecured loan is equal to their carrying value.
Credit risk mitigation for partially secured loans consist of employee appointment decision letter and
certificate of retirement.
279
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
2. Risk Concentration Analysis
a. Geographical Sectors
Tables below details the credit risk exposure of consolidated BRI’s financial assets at carrying
value, categorized according to their geographical regions as of June 30, 2024 and December
31, 2023. Geographical area category based on the operational location of BRI’s business which
also describes the business potential of each area:
June 30, 2024
Central Central
West Java East and East
Jakarta Java and DIY Java Sumatera Indonesia Others Total
Assets
Current Account
With Bank Indonesia 79,071,068 3,669 512 9,301 4,202 8,941 38,584 79,136,277
Current Account with Other Banks 21,757,584 38,151 13,151 23,239 32,987 45,516 1,933,531 23.844.159
Placement with Other Bank
And Other Financial Institution 14,024,030 111,000 2,000 3,000 5,000 158,600 8,917,304 23,220,934
Securities
Fair Value Through Profit or Loss 34,775,917 - - - - - 129,071 34,904,988
Fair Value Through Other
comprehensive Income 153,927,875 - - - - - 17,443,168 171,371,043
Amortized cost 137,066,726 - - - - - 3,729,126 140,795,852
Export Bills and Other Receivables 57,818,838 680,954 111,931 2,973,816 3,415,444 903,968 10,488,319 76,393,270
Securities purchased under
agreement to resell 2,418,016 - - - - - - 2,418,016
Derivative receivables 780,325 - - - - - - 780,325
Loans
Micro 48,502,794 53,800,643 92,322,711 82,745,916 110,693,086 169,015,325 - 557,080,475
Retail 108,225,394 30,153,869 51,881,775 62,756,008 82,065,727 130,099,008 1,369,400 466,551,181
Corporate 223,053,331 - - 500,887 - - 17,593,136 241,147,354
Sharia loans 2,200,200 1,237,828 1,045,570 2,833,511 3,069,874 4,888,699 - 15,275,682
Finance receivables 2,969,688 12,990,395 6,700,806 9,172,154 15,894,540 8,922,385 74,875 56,724,843
Acceptance receivables 9,049,102 2,476 1,474 377,276 8,373 115,446 750,426 10,304,573
Other assets*) 33,418,577 328,203 355,009 436,985 612,393 1,303,260 406,605 36,861,032
Total 929,059,465 99,347,188 152,434,939 161,832,093 215,801,626 315,461,148 62,873,545 1.936.810.004
Less allowance for impairment
losses (87,743,130)
Net
Administrative Accounts
Irrevocable L/C 6,935,978 815,838 17,338 502,513 1,129,757 329,884 - 9,731,308
Guarantees issued 43,657,279 4,446,248 2,047,421 2,761,282 2,905,577 5,852,967 - 61,670,774
Total 50,593,257 5,262,086 2,064,759 3,263,795 4,035,334 6,182,851 - 71,402,082
Less allowance for impairment
losses (1,764,821)
Net 69,637,261
*) Other assets consist of interest receivables, other receivables, accrued income based on sharia principles and foreign currency term deposit for foreign
exchange proceeds of export Bank Indonesia
280
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
2. Risk Concentration Analysis (continued)
a. Geographical Sectors (continued)
b. Geographical Sectors (continued)
Tables below details the credit risk exposure of consolidated BRI’s financial assets at carrying
value, categorized according to their geographical regions as of June 30, 2024 and December
31, 2023. Geographical area category based on the operational location of BRI’s business which
also describes the business potential of each area (continued):
December 31, 2023
Central Central
West Java East and East
Jakarta Java and DIY Java Sumatera Indonesia Others Total
Assets
Current account
with Bank Indonesia 101,829,850 3,217 506 9,400 4,117 7,537 54,494 101,909,121
Current account with other banks 19,927,489 14,651 9,518 23,468 20,313 28,942 2,307,538 22,331,919
Placement with Other Bank
And Other Financial Institution 53,257,077 30,500 455,000 - 284,500 654,300 10,543,883 65,225,260
Securities
Fair value through profit or loss 22,241,263 - - - - - 151,908 22,393,171
Fair value through other
comprehensive Income 152,358,665 - - - - - 10,980,500 163,339,165
Amortized cost 144,234,988 - - - - - 1,123,980 145,358,968
Export bills and other receivables 36,130,139 479,057 237,311 2,480,045 3,174,169 2,225,356 9,169,327 53,895,404
Securities purchased under
agreement to resell 33,595,231 - - - - - - 33,595,231
Derivative receivables 911,683 - - - - - - 911,683
Loans
Micro 49,126,207 55,305,040 92,871,017 80,849,015 107,615,968 164,148,951 - 549,916,198
Retail 103,945,388 29,332,777 50,373,265 60,699,627 78,572,026 125,952,413 1,254,001 450,129,497
Corporate 160,688,906 8,266,139 2,163,276 185,601 5,740,485 5,401,406 15,261,198 197,707,011
Sharia loans 2,102,106 1,147,451 924,377 2,350,532 2,780,464 4,363,290 - 13,668,220
Finance receivables 3,484,098 12,817,167 6,408,672 8,951,008 14,544,931 8,791,558 10,887 55,008,321
Acceptance receivables 9,270,656 12,151 48,994 236,494 13,296 47,942 587,875 10,217,408
Other assets*) 28,371,173 279,981 311,488 433,251 606,988 1,205,464 324,927 31,533,272
Total 921,474,919 107,688,131 153,803,424 156,218,441 213,357,257 312,827,159 51,770,518 ,917,139,849
Less allowance for impairment
losses (88,168,856 )
Net 1,828,970,993
Administrative Accounts
Irrevocable L/C 8,865,216 633,214 44,272 566,310 902,962 435,256 - 11,447,230
Guarantees issued 46,379,671 5,000,214 2,588,992 2,877,476 3,209,606 5,836,966 - 65,892,925
Total 55,244,887 5,633,428 2,633,264 3,443,786 4,112,568 6,272,222 - 77,340,155
Less allowance for impairment
losses (4,884,777)
Net 72,455,378
*) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles
281
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
2. Risk Concentration Analysis (continued)
b. Industrial Sector
Tables below detail the credit risk exposure at carrying value, categorized according to their
industrial sector as of June 30, 2024 and December 31, 2023:
June 30, 2024
Banks and
Other Trading,
Goverment Financial hotels and Business
(Including BI) Institutions Agriculture Industry Restaurant Service Others Total
Assets
Current Account
With Bank Indonesia 79,136,277 - - - - - - 79,136,277
Current Account with Other Banks - 23,844,159 - - - - - 23,844,159
Placement with Other Bank
And Other Financial Institution 4,912,500 18,308,434 - - - - - 23,220,934
Securities
Fair Value Through Profit or Loss 13,121,498 20,094,504 8,855 574,698 - 1,048,391 57,042 34,904,988
Fair Value Through Other
comprehensive Income 104,227,216 61,581,330 24 3,255,417 1,828 2,301,277 3,951 171,371,043
Amortized cost 117,392,356 23,028,089 11,000 - - 364,407 - 140,795,852
Export Bills and Other Receivables 36,184,938 - 511,805 3,042,846 96,121 58,747 36,498,813 76,393,270
Securities purchased under
agreement to resell - 2,418,016 - - - - - 2,418,016
Derivative receivables - 780,325 - - - - - 780,325
Loans
Micro - 490,745 144,145,202 38,693,085 220,954,789 43,502,364 109,294,290 557,080,475
Retail - 144,617 32,684,646 21,762,202 168,067,436 18,862,862 225,029,418 466,551,181
Corporate - - 31,769,205 52,146,669 29,449,555 23,072,693 104,709,232 241,147,354
Sharia loans - - 1,000,082 345,832 6,115,995 1,062,500 6,751,273 15,275,682
Finance receivables 435,155 560,551 12,260,361 3,730,011 35,054,312 2,583,624 2,100,829 56,724,843
Acceptance receivables 877,626 - - 124,222 17,132 - 9,285,593 10,304,573
Other assets*) 19,747,675 8,242,879 1,337 35,902 1,526 869,957 7,961,756 36,861,032
Total 376,035,241 159,493,649 222,392,517 123,710,884 459,758,694 93,726,822 501,692,197 1,936,810,004
Less allowance for impairment
losses (87,743,130)
Net 1,849,066,874
Administrative Accounts
Irrevocable L/C - - 42,397 4,406,269 48,054 1,497,196 3,737,392 9,731,308
Guarantees issued - 3,107,669 589,500 54,059,918 559 1,163,384 2,749,744 61,670,774
Total - 3,107,669 631,897 58,466,187 48,613 2,660,580 6,487,136 71,402,082
Less allowance for impairment
losses (1,764,821)
Net 69,637,261
*) Other assets consist of interest receivables, other receivables, accrued income based on sharia principles and foreign currency term deposit for foreign
exchange proceeds of export Bank Indonesia
282
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
2. Risk Concentration Analysis (continued)
b. Industrial Sector (continued)
Tables below detail the credit risk exposure at carrying value, categorized according to their
industrial sector as of June 30, 2024 and December 31, 2023 (continued):
December 31, 2023
Banks and
Other Trading,
Goverment Financial hotels and Business
(Including BI) Institutions Agriculture Industry Restaurant Service Others Total
Assets
Current accounts
with Bank Indonesia 101,909,121 - - - - - - 101,909,121
Current accounts
with other banks - 22,331,919 - - - - - 22,331,919
Placements with Bank Indonesia
and other financial institutions 48,916,961 16,308,299 - - - - - 65,225,260
Securities
Fair value through profit or loss 11,603,446 9,057,989 8,651 873,111 2 573,417 276,555 22,393,171
Fair value through other
comprehensive income 131,245,386 26,253,605 27 4,591,790 1,716 1,240,605 6,036 163,339,165
Amortized cost 123,438,096 21,263,702 11,000 473,431 - 172,739 - 145,358,968
Export Bills and
other receivables 1,718,917 - - 1,266,396 106,919 1,489,692 49,313,480 53,895,404
Securities purchased under
agreement to resell 19,317,543 14,277,688 - - - - - 33,595,231
Derivative receivables - 911,683 - - - - - 911,683
Loan
Micro - 331,841 123,312,471 38,467,028 213,400,379 43,058,906 131,345,573 549,916,198
Retail - 136,429 31,347,663 20,418,613 166,628,272 18,148,895 213,449,625 450,129,497
Corporate - - 30,265,580 45,361,102 17,066,890 10,964,404 94,049,035 197,707,011
Sharia loans - - 887,084 299,970 5,319,974 808,641 6,352,551 13,668,220
Finance receivables - 579,021 10,797,567 3,592,020 33,679,628 4,008,258 2,351,827 55,008,321
Acceptance Receivables - - - 313,613 - 918,308 8,985,487 10,217,408
Other assets *) 18,675,355 6,525,822 751 42,255 434,940 327,108 5,527,041 31,533,272
Total 456,824,825 117,977,998 196,630,794 115,699,329 436,638,720 81,710,973 511,657,210 1,917,139,849
Less allowance for impairment
losses (88,168,856)
Net 1,828,970,993
Administrative Accounts
Irrevocable L/C - 30,889 3,853,331 2,566,169 40,770 626,549 4,329,522 11,447,230
Guarantees issued - 3,685,723 554,292 11,964,097 147,438 13,372,299 36,169,076 65,892,925
Total - 3,716,612 4,407,623 14,530,266 188,208 13,998,848 40,498,598 77,340,155
Less allowance for impairment
losses (4,884,777)
Net 72,455,378
*) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles
3. Impairment of financial assets as of June 30, 2024 and December 31, 2023.
a. Current accounts with other banks
As of June 30, 2024 and December 31, 2023, this financial asset is collectively impaired.
b. Placements with Bank Indonesia and other financial institutions
As of June 30, 2024 and December 31, 2023, this financial asset is collectively impaired.
283
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
3. Impairment of financial assets as of June 30, 2024 and December 31, 2023 (continued)
c. Securities
As of June 30, 2024 and December 31, 2023, all marketable securities were classified as
“Current”.
d. Finance receivables
As of June 30, 2024 and December 31, 2023, this financial asset is impaired as follows:
June 30, 2024 December 31, 2023
Impaired 1,046,893 675,752
Past due but not impaired 2,432,732 2,234,453
Neither past due nor impaired 53,245,218 52,098,116
56,724,843 55,008,321
Less allowance for impairment
losses (4,363,880) (4,483,915)
Total 52,360,963 50,524,406
e, Loan and sharia loans
As of June 30, 2024 and December 31, 2023, this financial asset is impaired individually or
collectively with the following details:
June 30, 2024
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired*) Total
Rupiah
Trading, hotels and restaurant 342,959,465 18,040,629 28,965,341 17,889,456 407,854,891
Agriculture 178,209,380 3,407,519 9,378,258 10,302,335 201,297,492
Manufacturing 62,457,400 1,992,888 4,715,667 6,852,569 76,018,524
Business services 65,731,417 2,010,053 4,567,814 3,868,464 76,177,748
Electricity, gas and water 10,323,832 87,754 217,710 253,103 10,882,399
Construction 24,278,147 553,181 674,943 7,503,117 33,009,388
Transportation, warehousing and
communication 24,383,492 626,292 1,001,075 816,399 26,827,258
Social Service 5,726,262 282,760 730,539 376,496 7,116,057
Mining 10,098,677 137,492 182,286 438,219 10,856,674
Others 283,176,656 3,727,949 8,001,015 4,945,204 299,850,824
1,007,344,728 30,866,517 58,434,648 53,245,362 1,149,891,255
*) Including all loans analyzed individually
284
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
3. Impairment of financial assets as of June 30, 2024 and December 31, 2023 (continued)
e. Loan and sharia loans (continued)
As of June 30, 2024 and December 31, 2023, this financial asset is impaired individually or
collectively with the following details (continued):
June 30, 2024
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired*) Total
Foreign currency
Manufacturing 32,433,517 513 234,061 4,932,346 37,600,437
Agriculture 13,295,835 - - - 13,295,835
Electricity, gas and water 28,153,804 - 20,048 - 28,173,852
Trading, hotels and restaurant 10,020,998 2,790 - 998,747 11,022,535
Transportation, warehousing and
communication 868,379 - - - 868,379
Mining 18,416,753 - - 1,932,107 20,348,860
Social Service 2,708,661 - - - 2,708,661
Business services 6,840,505 - 113,480 2,842,086 9,796,071
Construction 4,742,633 - - 139,755 4,882,388
Others 1,455,556 - 1,190 9,673 1,466,419
118,936,641 3,303 368,779 10,854,714 130,163,437
Total 1,126,281,369 30,869,820 58,803,427 64,100,076 1,280,054,692
Less allowance for
Impairment losses (82,050,763)
Net 1,198,003,929
December 31, 2023
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired*) Total
Rupiah
Trading, hotels and restaurant 324,845,469 23,235,384 24,040,612 17,380,592 389,502,057
Agriculture 159,291,356 4,158,707 6,945,516 9,178,589 179,574,168
Manufacturing 59,888,517 2,497,974 3,857,594 6,557,963 72,802,048
Business services 54,030,724 2,726,593 3,779,057 3,543,519 64,079,893
Electricity, gas and water 11,190,010 90,535 74,665 145,921 11,501,131
Construction 21,942,392 616,255 485,233 6,623,769 29,667,649
Transportation, warehousing and
communication 22,083,188 910,144 848,650 1,922,255 25,764,237
Social Service 5,902,571 399,620 332,307 408,163 7,042,661
Mining 11,582,453 179,354 93,206 500,152 12,355,165
Others 292,865,061 5,061,289 8,947,437 4,725,767 311,599,554
963,621,741 39,875,855 49,404,277 50,986,690 1,103,888,563
*) Including all loans analyzed individually
285
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
3. Impairment of financial assets as of June 30, 2024 and December 31, 2023 (continued)
e. Loan and sharia loans (continued)
As of June 30, 2024 and December 31, 2023, this financial asset is impaired individually or
collectively with the following details (continued):
December 31, 2023
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired*) Total
Foreign currency
Manufacturing 27,711,170 463 33,951 4,604,035 32,349,619
Agriculture 10,183,322 - - 488,378 10,671,700
Electricity, gas and water 19,679,604 - - - 19,679,604
Trading, hotels and restaurant 6,902,186 2,669 - 1,052,197 7,957,052
Transportation, warehousing and
communication 1,131,779 - - 74,285 1,206,064
Mining 17,681,313 - - 1,814,075 19,495,388
Social Service 1,207,241 - - - 1,207,241
Business services 5,670,372 - 107,213 2,690,444 8,468,029
Construction 5,016,705 - - 131,408 5,148,113
Others 1,339,192 - 2,725 7,636 1,349,553
96,522,884 3,132 143,889 10,862,458 107,532,363
Total 1,060,144,625 39,878,987 49,548,166 61,849,148 1,211,420,926
Less allowance for
Impairment losses (81,017,973)
Net 1,130,402,953
*) Including all loans analyzed individually
f. Export Bills and other receivables
As of June 30, 2024 and December 31, 2023 this financial asset was impaired both individually
and collectively.
g. Acceptance receivable
As of June 30, 2024 and December 31, 2023, this financial asset was impaired both individually
and collectively.
h. Securities purchased under agreement to resell
As of June 30, 2024 and December 31, 2023, this financial asset is neither individually nor
collectively impaired.
i. Other assets
As of June 30, 2024 and December 31, 2023, this financial asset is individually impaired.
286
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
3. Impairment of financial assets as of June 30, 2024 and December 31, 2023 (continued)
j. Administrative accounts
As of June 30, 2024 and December 31, 2023, these administrative accounts were impaired as
follows:
June 30, 2024 December 31, 2023
Rupiah
Guarantees issued 38,605,703 41,712,234
Irrevocable L/C 2,495,818 2,228,611
41,101,521 43,940,845
Foreign currency
Guarantees issued 23,065,071 24,180,691
Irrevocable L/C 7,235,490 9,218,619
30,300,561 33,399,310
71,402,082 77,340,155
Less allowance for impairment Losses (1,764,821) (4,884,777)
Total 69,637,261 72,455,378
4. Quality of financial assets
The following tables show the quality of financial assets by class for all financial assets with credit
risk, amounts presented at gross.
June 30, 2024
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired**) Total
Assets
Current Account with Bank Indonesia 79,136,277 - - - 79,136,277
Current Account with other bank 23,778,866 65,293 - - 23,844,159
Placement with Bank
Indonesia and other
financial institutions 23,220,934 - - - 23,220,934
Securities
Fair value through profit or loss 27,820,440 7,084,548 - - 34,904,988
Fair value through other
Comprehensive income 152,905,254 18,465,789 - - 171,371,043
Amortized cost 118,096,518 22,699,334 - - 140,795,852
Export Bills and Other Receivables 76,393,270 - - - 76,393,270
Securities under purchase
Agreement to resell 2,418,016 - - - 2,418,016
Derivative receivables 780,325 - - - 780,325
Loans
Micro 494,283,489 10,817,137 36,932,788 15,047,061 557,080,475
Retail 406,780,078 20,036,532 19,860,037 19,874,534 466,551,181
Corporate 211,320,507 - 999,476 28,827,371 241,147,354
Sharia loans 13,897,295 16,151 1,011,126 351,110 15,275,682
Finance receivables 49,342,114 3,903,104 2,432,732 1,046,893 56,724,843
Acceptance receivables 10,304,573 - - - 10,304,573
Others Assets *) 24,635,171 1,013,141 4,907,555 6,305,165 36,861,032
Total 1,715,113,127 84,101,029 66,143,714 71,452,134 1,936,810,004
*) Other assets consist of interest receivables, other receivables, accrued income based on sharia principles and foreign currency term deposit for foreign exchange
proceeds of export Bank Indonesia
**) Including all loans analyzed individually.
287
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
The following tables show the quality of financial assets by class for all financial assets with credit
risk, amounts presented at gross. (continued)
December 31, 2023
Neither Past due
not impaired Past due
but not
High Grade Standard Grade Impaired Impaired**) Total
Assets
Current Account with Bank Indonesia 101,909,121 - - - 101,909,121
Current Account with other bank 22,262,708 69,211 - - 22,331,919
Placement with Bank
Indonesia and other
financial institutions 65,225,260 - - - 65,225,260
Securities
Fair value through profit or loss 13,728,657 8,664,514 - - 22,393,171
Fair value through other
Comprehensive income 144,895,186 18,443,979 - - 163,339,165
Amortized cost 124,204,129 21,154,839 - - 145,358,968
Export Bills and Other Receivables 53,895,404 - - - 53,895,404
Securities under purchase
Agreement to resell 33,595,231 - - - 33,595,231
Derivative receivables 911,683 - - - 911,683
Loans
Micro 491,955,218 14,430,771 30,951,268 12,578,941 549,916,198
Retail 387,631,134 25,409,037 17,489,064 19,600,262 450,129,497
Corporate 168,142,816 - 141,163 29,423,032 197,707,011
Sharia loans 12,415,457 39,179 966,673 246,911 13,668,220
Finance receivables 47,716,681 4,381,435 2,234,453 675,752 55,008,321
Acceptance receivables 10,217,408 - - - 10,217,408
Others Assets *) 29,531,651 652,136 1,252,273 97,212 31,533,272
Total 1,708,237,744 93,245,101 53,034,894 62,622,110 1,917,139,849
*) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles
**) Including all loans analyzed individually.
Credit quality is defined as follows:
1. High Grade
a) Current accounts with Bank Indonesia, current accounts with other banks, placements with
Bank Indonesia and other financial institutions are current accounts or placements in
Government institutions and transactions with banks listed in the Stock Exchange.
b) Loan and sharia loan, are loans to third parties receivables that are neither past due nor
impaired, and have never been restructured.
c) Export bills and other receivables as well as acceptances receivable, are third party
receivables that are not past due, and have strong financial capacity in terms of repaying all
obligations in a timely manner.
d) Securities and Government bonds are securities issued by Government, investment grade
securities and bonds with a rating of at least idA- (Pefindo), A- (Fitch), or A3 (Moody’s).
e) Investment in associated entities, are investments in entities listed in Stock Exchange which
have an overall good performance level.
288
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
Credit quality is defined as follows (continued):
2. Standard Grade
a) Current accounts with other banks, placements with Bank Indonesia and other financial
institutions are current accounts or placements with banks not listed in Stock Exchange.
b) Loan and sharia loans, are loans to third parties that are neither past due nor impaired, but
have been restructured.
c) Export bills and other receivables as well as acceptances receivable, are third party
receivables that are not past due and have adequate financial capacity in terms of repaying
all obligations in a timely manner.
d) Securities and Government Bonds are securities and bonds with a rating between idBBB+
and idBBB- (Pefindo), BBB+ and BBB- (Fitch), or Baa1 and Baa3 (Moody’s).
e) Investment in associated entities, are investment in entities which are not listed in stock
exchange which have an overall good performance level.
Credit Quality Analysis
Measurement of Expected Credit Losses
a. Significant Increase on Credit Risk
When determining whether the risk of default on financial instruments has increased significantly
since initial recognition, the Bank considers reasonable and supportable, relevant information
that is available without excessive costs or efforts. This includes quantitative and qualitative
information and analysis, based on historical experience and credit expert judgment and
including forward-looking estimates.
The purpose of this assessment is to identify whether a significant increase in credit risk of
exposure has occurred by comparing:
1. Probability of default (PD) for the remaining age at the reporting date; with
2. Probability of default (PD) for the estimated remaining age at initial recognition of the
exposure (if relevant, adjusted for changes in expectations of prepayment).
The Bank also uses the following criteria in determining whether a significant increase in credit
risk over exposure has occurred:
1. Quantitative testing based on changes in the probability of default (PD)
2. Qualitative indicators.
3. Overdue for 30 days.
289
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
Credit Quality Analysis (continued)
Measurement of Expected Credit Losses (continued)
b. Credit Risk Grades
The Bank allocates each exposure to credit risk grades based on a variety of data that is
determined to predict the risk of default and apply credit experience. Credit risk grades are
determined using qualitative and quantitative factors that can indicate the risk of default. These
factors vary depending on the nature of the exposure and the type of borrower.
Credit risk grades are determined and calibrated in such a way that the risk of default is
increasing exponentially as credit risk decreases, for example, the difference between credit risk
rating grades 1 and 2 is smaller than the difference between credit rating grades 2 and 3.
Each exposure is allocated to credit risk grades at initial recognition based on available
information about the borrower. This exposure is monitored on an ongoing basis, and can result
in the exposure being transferred to different credit risk grades. The monitoring usually uses the
following data: financial statements, use of credit facilities, estimates of economic conditions.
c. Determination of Probability of Default Structure
Credit risk grades are the main input in determining the PD term structure of the exposure. The
Bank collects performance and default information about credit risk exposures, which are
analyzed by jurisdiction or region and by product and borrower type and credit risk assessment.
For some portfolios, information purchased from external credit assessors is also used.
The Bank uses a statistical model to analyze the data collected and produce an estimate of the
probability of default (PD) for the remaining life and how this is expected to change as a result of
the passage of time.
This analysis includes the identification and calibration of the relationship between changes in
default rates and changes in key macroeconomic factors as well as an in-depth analysis of the
impact of certain other factors (e.g. restructuring) on the risk of default. For most exposures, the
main macroeconomic indicators include: Gross Domestic Product (GDP) growth, benchmark
interest rates, and the unemployment rate. For exposures in certain industries and/or regions,
the analysis can include commodity prices and/or relevant property prices.
d. Determination of Significant Increase in Credit Risk
Criteria for determining whether credit risk has increased significantly varies for each portfolio
and includes quantitative changes in PD and qualitative factors, including determination based
on arrears day status.
Credit risk from certain exposures is considered to have increased significantly since initial
recognition if, based on the Bank's quantitative modeling, the probability of default (PD) for the
remaining life has increased significantly.
290
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
Credit Quality Analysis (continued)
Measurement of Expected Credit Losses (continued)
d. Determination of Significant Increase in Credit Risk (continued)
The Bank can also use the judgment of credit analysts and, if possible, relevant historical
experience, in determining that exposure may have experienced a significant increase in credit
risk based on certain qualitative indicators that are considered to indicate this and their effects
may not be fully reflected in quantitative analysis in a comprehensive manner on time.
The Bank determines that a significant increase in credit risk has not occurred if it is still less
than 30 days in arrears. Arrears days are determined by calculating the number of days from the
initial due date where full payment has not been received. The due date is determined without
considering the grace period that might be available to the borrower.
The Bank monitors the effectiveness of the criteria used in identifying significant increases in
credit risk by periodic review.
e. Modification of Financial Assets
The contractual terms of the loan can be modified for several reasons, including changes in
market conditions, customer retention and other factors not related to the current credit decline.
Loan with modified contractual terms can cause the initial loan to be derecognized and the loan
as a result of the modification is recognized as a new loan at fair value.
When the contractual terms of the loan are modified and do not result in termination of
recognition, determining the occurrence of a significant increase in credit risk is done by
comparing:
• Remaining PD for life at reporting date based on modified provisions; with
• Remaining PD throughout the estimated age based on data at initial recognition and initial
contractual provisions.
f. Definition of Default
The Group considers financial assets as default when:
• The debtor is unlikely to pay its credit obligations to the full, without recourse from the
business group; or
• The debtor has more than 90 (ninety) days past due for any material credit obligations to the
business group.
In assessing whether a debtor is in default, the Group considers the following indicators:
• Qualitative - such as violations of the terms of the covenants;
• Quantitative - such as arrears status; and
• Based on data developed internally and obtained from external sources.
291
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
Credit Quality Analysis (continued)
Inputs, Assumptions, and Techniques used in estimating impairment
a. Use of forward-looking information
The Bank uses forward-looking information in assessing whether there has been a significant
increase in credit risk and in measuring expected credit losses. Based on suggestions from the
Risk Management Committee, economic experts and consideration of various actual and
external forecast information, the Bank formulates a base case on the movement of relevant
economic variables in the future as well as estimates of other possible scenarios. This process
involves developing two or more additional economic scenarios and considering the relative
probability of the possible outputs. External information includes economic data and forecasts
published by, such as government agencies and selected private sector analysts and academics.
The base case reflects the output with the highest probability and is used in strategic planning
and budgeting. The other scenario reflects a more optimistic output and a more pessimistic
outcome.
The economic scenario is formulated using the following main indicator ranges:
2023 2024
GDP Growth baseline 5.37% baseline 4.49%
Ranges from 3.16 to 5.59% Ranges from 3.85 to 5.11%
Consumption Rate baseline 5.11% baseline 4.87%
Ranges from 2.70% to 5.32% Ranges from 3.70% to 5.04%
Investment rate baseline 6.79% baseline 5.57%
Ranges from 4.56 to 7.00% Ranges from 4.15 to 5.76%
b. Measurement of Expected Credit Losses
The main inputs in measuring expected credit losses are the following variables:
• Probability of Default (PD)
• Loss of Given Default (LGD)
• Exposure at Default (EAD)
These parameters generally come from internally developed statistical models and other
historical data. This parameter is adjusted to reflect forward-looking information.
PD estimation is an estimate at a specific date, which is calculated based on a statistical ranking
model, and is assessed using a rating adjusted for various categories of debtors and exposures.
This statistical model is based on internally compiled data consisting of quantitative, qualitative
factors, and forward-looking information.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Credit Risk Management (continued)
4. Quality of financial assets (continued)
Credit Quality Analysis (continued)
Inputs, Assumptions, and Techniques used in estimating impairment (continued)
b. Measurement of Expected Credit Losses (continued)
LGD is the amount of loss in the event of default. The LGD parameter is estimated historically
based on the rate of recovery of claims against defaulters. The LGD model takes into account
the structure, guarantees, seniority of claims, the debtor's industry, and the cost of recovery of
each guarantee that is an integral part of a financial asset.
EAD represents the estimated exposure in the event of default. The EAD of a financial asset is
the gross carrying amount. For loan commitments and financial guarantees, EAD includes the
amount that has been drawn, as well as the potential future amount to be withdrawn, which is
estimated based on historical observations.
When parameter modeling is carried out collectively, financial instruments are grouped based
on common risk characteristics which include:
• Type of instrument;
• Credit risk rating;
• Collateral type;
• Initial recognition date;
• Remaining time due.
5. Based on SFAS No. 107, past due financial assets are determined when a debtor fails to make
payments on schedule. The following table shows the aging analysis of loans, receivables and sharia
financing, and finance receivables that are past due but not impaired.
June 30, 2024
≤ 30 days > 30 - 60 days > 60 - 90 days Total
Loans
Micro 16,555,456 8,995,443 11,381,889 36,932,788
Retail 10,147,151 4,293,106 5,419,780 19,860,037
Corporate 837,541 40,355 121,580 999,476
Sharia loans 600,651 260,101 150,374 1,011,126
Finance receivables 467,183 1,706,968 258,581 2,432,732
Total 28,607,982 15,295,973 17,332,204 61,236,159
December 31, 2023
≤ 30 days > 30 - 60 days > 60 - 90 days Total
Loans
Micro 13,150,787 8,087,222 9,713,259 30,951,268
Retail 8,134,782 4,413,165 4,941,117 17,489,064
Corporate 141,163 - - 141,163
Sharia loans 620,753 345,920 - 966,673
Finance receivables 65,996 1,466,403 702,054 2,234,453
Total 22,113,481 14,312,710 15,356,430 51,782,621
293
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Liquidity Risk Management
Liquidity risk is a risk of BRI’s inability to meet the maturity obligations of cash flow fund sources and/or
of high quality liquid assets that can be mortgaged so as not to interfere with the activities and financial
condition of BRI.
BRI manages its liquidity risk in order to meet every financial liability that has been agreed upon in a
timely manner and to maintain adequate and optimal liquidity level. Monitoring liquidity risk is carried out
on a daily basis through parameters set out in the liquidity early warning indicators.
In order to support liquidity management, BRI establishes a Liquidity Risk Management Circular Letter,
which includes liquidity risk management governance policies, liquidity management limits, liquidity
adequacy ratios, funding ratios, net stability, early warning indicators, and contingency funding plans. The
purpose of this policy is to ensure that BRI has sufficient daily liquidity risk management in fulfilling its
obligations in normal or crisis conditions in a timely manner from various available sources to ensure the
availability of high quality liquid assets, and having a healthy and sustainable structure of deposits from
customer.
BRI also stimulates stress testing on a quarterly basis which is submitted to the Board of Commissioners
and Directors through Risk Management Committee (RMC). The purpose of stress testing is to measure
the resistance or ability to meet liquidity and capital adequacy during crisis (stress). Moreover, stress test
is also used as reference for developing or improving emergency funding plans (contingency plan) and
liquidity risk limits.
Analysis of Asset and Liability According to Remaining Contractual Maturity
Potential liquidity risks which BRI will encounter in the future are measured through Liquidity Gap
Analysis, which projects the mismatch of liquidity based on the maturity of assets and liabilities, after
taking into account the business expansion needs. This information is also considered when planning and
managing liquidity, including business expansion needs. With the implementation of effective liquidity risk
management, it is expected that liquidity risks can be minimized while simultaneously enhancing the
overall banking system’s stability.
The tables below represent information on the mapping of financial assets and liabilities within a certain
maturity buckets based on their remaining maturity as of June 30, 2024 and December 31, 2023:
June 30, 2024
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Assets
Cash 22,865,685 22,865,685 - - - -
Current accounts with Bank
Indonesia 79,136,277 79,136,277 - - - -
Current accounts with
Other Banks 23,844,159 23,844,159 - - - -
Allowance for
Impairment losses (10,203) - - - - (10,203)
Placement with Bank
Indonesia and Other
Financial Institutions 23,220,934 21,016,384 2,204,550 - - -
Allowance for
impairment losses (1,501) - - - - (1,501)
Securities 347,071,883 212,277,700 17,299,126 19,010,668 98,484,389 -
Allowance for
impairment losses (46,788) - - - - (46,788)
Export Bills
and Other Receivable 76,393,270 41,016,340 19,501,881 15,875,049 - -
Allowance for
impairment losses (935,390) - - - - (935,390)
Securities purchased under
agreement to resell 2,418,016 1,447,192 970,824 - - -
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Liquidity Risk Management (continued)
Analysis of Asset and Liability According to Remaining Contractual Maturity (continued)
The tables below represent information on the mapping of financial assets and liabilities within a certain
maturity buckets based on their remaining maturity as of June 30, 2024 and December 31, 2023
(continued):
June 30, 2024
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Assets (continued)
Derivative receivables 780,325 184,346 167,549 53,823 374,607 -
Loans
Micro 557,080,475 8,433,239 12,225,911 111,727,230 424,694,095 -
Retail 466,551,181 23,342,403 21,421,452 120,004,866 301,782,460 -
Corporate 241,147,354 16,008,782 25,773,020 29,371,511 169,994,041 -
Allowance for
impairment losses (80,783,074) - - - - (80,783,074)
Sharia loans 15,275,682 9,303 41,526 11,840,182 3,384,671 -
Allowance for
impairment losses (1,267,689) - - - - (1,267,689)
Finance receivables 56,724,843 315,119 990,736 38,613,496 16,805,492 -
Allowance for
impairment losses (4,363,880) - - - - (4,363,880)
Acceptance receivables 10,304,573 3,278,997 3,271,560 3,754,016 - -
Allowance for
impairment losses (334,605) - - - - (334,605)
Others assets *) 36,861,032 2,520,249 1,480,607 6,982,731 855,566 25,021,879
1,871,932,559 455,696,175 105,348,742 357,233,572 1,016,375,321 (62,721,251)
Liabilities
Liabili ty due immediately 18,554,257 - - - - 18,554,257
Deposits from customers
Demand deposits 356,854,620 - - - - 356,854,620
Saving deposits 521,040,540 - - - - 521,040,540
Time deposits 511,766,683 101,547,910 291,808,687 117,109,603 1,300,483 -
Deposits from other
Bank and other
financial institutions 8,921,965 4,975,184 1,813,118 2,133,663 - -
Securities sold under
agreement to
repurchase 23,625,490 10,256,637 3,282,521 6,471,853 3,614,479 -
Derivative payable 2,133,391 694,410 749,878 238,227 450,876 -
Acceptance payable 10,304,573 3,278,997 3,271,560 3,754,016 - -
Marketable securities issued 39,925,002 907,937 5,047,660 12,672,390 21,297,015 -
Fund borrowing 113,602,883 53,477,965 18,584,716 13,197,009 28,343,193 -
Subordinated loans and
marketable securities 491,399 - - - 491,399 -
Other liabilities **) 9,726,033 647,539 2,912,277 2,430,866 3,353,244 382,107
1,616,946,836 175,786,579 327,470,417 158,007,627 58,850,689 896,831,524
Maturity
Difference 254,985,723 279,909,596 (222,121,675) 199,225,945 957,524,632 (959,552,775)
*) Other assets consist of interest receivables, other receivables, accrued income based on sharia principles and foreign currency term deposit for foreign exchange
proceeds of export Bank Indonesia
**) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds, and foreign
currency term deposit for foreign exchange proceeds of export Bank Indonesia
295
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Liquidity Risk Management (continued)
Analysis of Asset and Liability According to Remaining Contractual Maturity (continued)
The tables below represent information on the mapping of financial assets and liabilities within a certain
maturity buckets based on their remaining maturity as of June 30, 2024 and December 31, 2023
(continued):
December 31, 2023
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Assets
Cash 31,603,784 31,603,784 - - - -
Current accounts with Bank
Indonesia 101,909,121 101,909,121 - - - -
Current accounts with
Other Banks 22,331,919 22,331,919 - - - -
Allowance for
impairment losses (9,984) - - - - (9,984)
Placement with Bank
Indonesia and Other
Financial Institutions 65,225,260 61,436,447 1,242,493 2,546,320 - -
Allowance for
impairment losses (1,860) - - - - (1,860)
Securities 331,091,304 194,565,435 8,999,005 18,170,889 109,355,975 -
Allowance for
impairment losses (81,510) - - - - (81,510)
Export Bills
and Other Receivables 53,895,404 29,072,292 16,049,621 8,773,491 - -
Allowance for
impairment losses (2,323,916) - - - - (2,323,916)
Securities purchased under
agreement to resell 33,595,231 23,830,224 - 9,569,883 195,124 -
Derivative receivables 911,683 143,622 156,256 227,894 383,911 -
Loans
Micro 549,916,198 6,593,219 11,076,752 108,206,680 424,039,547 -
Retail 450,129,497 18,000,231 29,102,809 113,598,219 289,428,238 -
Corporate 197,707,011 5,666,577 10,563,086 28,592,473 152,884,875 -
Allowance for
impairment losses (79,924,211) - - - - (79,924,211)
Sharia loans 13,668,220 17,091 84,009 8,227,108 5,340,012 -
Allowance for
impairment losses (1,093,762) - - - - (1,093,762)
Finance receivables 55,008,321 629,914 1,818,246 29,138,207 23,421,954 -
Allowance for
impairment losses (4,483,915) - - - - (4,483,915)
Acceptance receivables 10,217,408 2,485,675 4,732,675 2,999,058 - -
Allowance for
impairment losses (249,698) - - - - (249,698)
Others*) 31,533,272 2,427,759 6,876,823 9,212,645 1,331,761 11,684,284
1,860,574,777 500,713,310 90,701,775 339,262,867 1,006,381,397 (76,484,572)
Liabilities
Liabili ty due immediately 30,651,807 14,808,230 1,591,242 14,252,335 - -
Deposits from customers
Demand deposits 346,124,372 - - - - 346,124,372
Saving deposits 527,945,550 - - - - 527,945,550
Time deposits 484,258,839 116,496,420 189,212,807 177,096,845 1,452,767 -
Deposits from other
Bank and other
financial institutions 11,958,319 8,595,131 1,834,885 1,528,303 - -
Securities sold under
agreement to
repurchase 19,079,458 3,024,325 300,454 7,258,781 8,495,898 -
Derivative payable 925,210 274,872 200,232 66,126 383,980 -
*) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles
**) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds
296
Page 300
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Liquidity Risk Management (continued)
Analysis of Asset and Liability According to Remaining Contractual Maturity (continued)
The tables below represent information on the mapping of financial assets and liabilities within a certain
maturity buckets based on their remaining maturity as of June 30, 2024 and December 31, 2023
(continued):
December 31, 2023
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Liabilities (continued)
Acceptance payable 10,217,408 2,485,675 4,732,675 2,999,058 - -
Marketable securities issued 49,637,581 1,019,999 8,634,126 18,223,255 21,760,201 -
Fund borrowing 98,850,813 41,422,439 21,601,297 8,057,726 27,769,351 -
Subordinated loans and
marketable securities 496,683 - - - 496,683 -
Other liabilities **) 14,052,073 4,264,064 5,637,757 174,704 3,898,932 76,616
1,594,198,113 192,391,155 233,745,475 229,657,133 64,257,812 874,146,538
Temporary
Difference 266,376,664 308,322,155 (143,043,700) 109,605,734 942,123,585 (950,631,110)
*) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles
**) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds
The following maturity table presents information regarding the estimated maturity of financial liabilities
according to the contract based on undiscounted cash flows on June 30, 2024 and December 31, 2023,
as follows:
June 30, 2024
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Liabilities
Liability due immediately 18,554,257 - - - - 18,554,257
Deposits from customers
Demand deposits 356,854,620 - - - - 356,854,620
Saving deposits 521,040,540 - - - - 521,040,540
Time deposits 516,512,693 184,221,280 252,578,741 78,853,060 859,612 -
Deposits from other
Bank and other
financial institutions 9,169,287 6,873,268 1,712,806 583,213 - -
Securities sold under
agreement to
repurchase 24,720,010 10,226,630 3,273,062 7,018,915 4,201,403 -
Derivative payable 2,133,391 694,410 749,878 238,227 450,876 -
Acceptance payable 10,304,573 3,278,997 3,271,560 3,754,016 - -
Marketable securities
Issued 44,154,076 930,265 5,284,734 13,238,311 24,700,766 -
Fund borrowing 113,602,883 53,477,965 18,584,716 13,197,009 28,343,193 -
Subordinated loans and
marketable securities 633,449 - - - 633,449 -
Other liabilities ***) 9,726,033 647,539 2,912,277 2,430,866 3,353,244 382,107
1,627,405,812 260,350,354 288,367,774 119,313,617 62,542,543 896,831,524
***) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds, and foreign
currency term deposit for foreign exchange proceeds of export Bank Indonesia
297
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Liquidity Risk Management (continued)
Analysis of Asset and Liability According to Remaining Contractual Maturity (continued)
The following maturity table presents information regarding the estimated maturity of financial liabilities
according to the contract based on undiscounted cash flows on June 30, 2024 and December 31, 2023,
as follows (continued):
December 31, 2023
Others
> 1 month - > 3 months - without
Description Total < 1 month 3 months 1 year > 1 year maturity
Liabilities
Liability due immediately 30,651,807 14,808,230 1,591,242 14,252,335 - -
Deposits from customers
Demand deposit 346,124,372 - - - - 346,124,372
Saving deposits 527,945,550 - - - - 527,945,550
Time deposits 489,862,004 4,935,530 2,205,417 2,004,786 480,716,271 -
Deposits from other
Bank and other
financial institutions 12,007,709 9,498,503 1,348,574 1,160,632 - -
Securities sold under
agreement to
repurchase 20,054,639 391,556 5,954,035 4,289,283 9,419,765 -
Derivative payable 925,210 279,313 195,791 66,125 383,981 -
Acceptance payable 10,217,408 2,485,675 4,732,675 2,999,058 - -
Marketable securities
issued 44,260,590 106,809 7,865,719 15,218,800 21,069,262 -
Fund borrowing 98,850,813 36,495,657 22,874,547 9,674,121 29,806,488 -
Subordinated loans and
marketable securities 647,723 - - - 647,723 -
Other liabilities ***) 14,052,073 4,264,064 5,637,757 174,704 3,898,932 76,616
1,595,599,898 73,265,337 52,405,757 49,839,844 545,942,422 874,146,538
***) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds, and foreign
currency term deposit for foreign exchange proceeds of export Bank Indonesia
Market Risk Management
Market risk arises because of the movement of market factors which include interest rates and exchange
rates that are against BRI’s positions, both positions in the statements of financial position or in the
administrative accounts. These positions are those which exist in trading book and banking book.
BRI has implemented treasury and market risk application system, an integrated system used by the front,
middle, and back office functions. Middle offices can measure market risk using an internal model (Value-
at-Risk) that is integrated with the daily transaction process. Other than monitoring the instruments risk
exposures, middle offices also monitor market risk limit.
1. Value-at-Risk (VaR): Purpose and Limitation of the Method
BRI uses an internal model approach to measure VaR potential loss due to changes in market price
of trading portfolio based on historical data. VaR potential loss that arise from market risk is measured
using the assumptions that the change in risk factors follow normal distribution. BRI uses VaR to
measure exchange rate risk for trading and banking book positions and interest rate risk for trading
book positions.
298
Page 302
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
2. Value-at-Risk (VaR) Assumption
VaR potential loss is calculated based on the estimated value using 99% confidence level and market
risk position that is unchanged within 1 (one) day holding period. This is an indicator that the potential
loss which might exceed VaR value in normal market condition, on average, may occur once every
one hundred days. The method used in measuring VaR is the VaR historical method.
The following tables represent information on VaR value starting from January 1, 2024 until
June 30,2024 and January 1, 2023 until December 31, 2023
June 30, 2024
Exchange Rate*) Interest Rate
Daily Average 35,566.91 238,981.50
Highest 75,917.60 351,333.00
Lowest 15,979.31 175,535.00
December 31, 2023
Exchange Rate*) Interest Rate
Daily Average 32,180.53 226,723.86
Highest 67,411.01 333,276.04
Lowest 113.78 120,292.93
*) Include trading and banking book.
3. Back Testing
The purpose of implementing back testing is to ensure that the result of internal model calculation for
interest rate risk and exchange rate risk is appropriate. When performing back testing, BRI compares
estimations between daily VaR with actual change of price.
Based on the back testing procedures for exchange rate risk and interest rate risk, the actual loss
throughout the year is significantly consistent with VaR forecast model.
4. Market Risk Outside of Trading Book
a. Interest Rate Risk
Interest rate-based financial instruments have risks because there is a potential for interest rate
changes that will have an impact on cash flow in the future.
BRI has developed a methodology to measure the impact of interest rate movements in the
banking book through Interest Rate Risk in The Banking Book in accordance with SEOJK No.
12/SEOJK.03/2018 dated August 21, 2018. As of June 2024, individually BRI has a delta EVE
(Economic Value of Equity) amounting to 7.19% (comparison to Tier 1 capital). The BRI EVE
Delta is below the BRI RAS (7.43%) and below the regulator's limit (15.00%). On a consolidated
basis, BRI has a delta EVE Value (Economic Value of Equity) amounting to 7.20% (comparison
to Tier 1 capital).
Board of Directors and Management are responsible for determining, managing and controlling
interest rate by weighing the Bank’s risk appetite and financial performance target. The review of
interest rate determination is conducted at least once in a month in the Asset and Liability
Committee (ALCO) forum.
299
Page 303
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk outside of Trading Book (continued)
a. Interest Rate Risk (continued)
The following table presents information regarding the average interest rates for financial assets
and liabilities position for the six-month period ended June 30, 2024 and December 31, 2023:
Rupiah (%)
June 30, 2024 December 31, 2023
Assets
Placement with Bank Indonesia
and other financial institutions 6.16 5.45
Securities 5.75 6.61
Loans 11.56 11.79
Finance receivables 20.22 16.86
Liabilities
Deposits from customers
Demand deposits 4.60 2.72
Saving deposits 0.28 0.26
Time deposits 5.72 4.71
Deposits with other bank
and other financial institutions 2.57 1.76
Fund borrowings 0.02 0.02
Subordinated loans and marketable securities 6.43 4.37
Marketable securities issued 6.83 7.04
Foreign Currency (%)
June 30. 2024 December 31. 2023
Assets
Placement with Bank Indonesia
and other financial institutions 5.35 2.68
Securities 4.05 3.52
Loans 5.31 5.07
Finance receivables 8.24 6.53
Liabilities
Deposits from customers
Demand deposits 2.39 2.62
Saving deposits 0.18 0.19
Time deposits 4.38 3.18
Deposits from other bank
and other financial institutions 1.38 2.15
Fund borrowings 1.15 1.15
Marketable securities issued - 3.95
300
Page 304
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk Outside of Trading Book (continued)
a. Interest Rate Risk (continued)
The following table summarises the sensitivity of BRI's net interest income for the next one year
to movements in the interest rate of its portfolio of interest-bearing assets and liabilities as of
June 30, 2024 and December 31, 2023 (BRI only):
Increase of Decrease of
400 bps 400 bps
June 30, 2024 (16,823,095) 17,414,197
December 31, 2023 (15,434,868) 15,984,479
The following table presents the sensitivity of BRI’s statement of profit or loss and other
comprehensive income towards possible changes in the interest rate of banking book, with all
other variables held constant:
June 30, 2024
Impact on Statement
Changes in of Profit or Loss and other
Percentage Comprehensive Income
+/- 1 % +/- 326,151
December 31, 2023
Impact on Statement
Changes in of Profit or Loss and other
Percentage Comprehensive Income
+/- 1 % +/- 2,317,803
The tables below summarise the exposure of financial assets and liabilities to interest rate risks
(gross):
June 30, 2024
Floating interest rate
> 3 months - Fixed interest Non-interest
Description < 3 months 1 year > 1 year rate rate Total
Assets
Cash 22,865,685 - - - - 22,865,685
Current accounts with
Bank Indonesia 79,136,277 - - - - 79,136,277
Current accounts with
Other Banks 23,844,159 - - - - 23,844,159
Placement with Bank
Indonesia and
other financial
institutions 21,016,384 2,204,550 - - - 23,220,934
Securities
Fair value through
profit or loss - - - 34,904,988 - 34,904,988
Fair value through
other comprehensive - - - 171,371,043 - 171,371,043
Amortized cost - - - 140,795,852 - 140,795,852
Export bills and
other receivables 76,393,270 - - - - 76,393,270
301
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk Outside of Trading Book (continued)
a. Interest Rate Risk (continued)
The tables below summarise the exposure of financial assets and liabilities to interest rate risks
(gross) (continued):
June 30, 2024
Floating interest rate
> 3 months - Fixed interest Non-interest
Description < 3 months 1 year > 1 year rate rate Total
Assets (continued)
Securities purchased
under agreement
to resell 2,418,016 - - - - 2,418,016
Derivative receivables - - - - 780,325 780,325
Loans
Micro 533,489 46,906 78,789 556,421,291 - 557,080,475
Retail 44,416,199 116,541,219 175,722,901 129,870,862 - 466,551,181
Corporate 41,781,804 32,208,361 167,157,189 - - 241,147,354
Sharia loans - - - 15,275,682 - 15,275,682
Finance receivables 947 3,244 - 56,720,652 - 56,724,843
Acceptance receivables 10,304,573 - - - - 10,304,573
Other assets ** - - 2,192 22,496,983 14,361,857 36,861,032
322,710,803 151,004,280 342,961,071 1,127,857,353 15,142,182 1,959,675,689
Liabilities
Liabilities due immediately - - - - 18,554,257 18,554,257
Deposits from customers
Demand deposits - - - 356,854,620 - 356,854,620
Saving deposits - - - 521,040,540 - 521,040,540
Time deposits 101,547,910 291,808,687 118,410,086 - - 511,766,683
Deposits from
other banks
and financial institutions 4,975,184 1,813,118 2,133,663 - - 8,921,965
Securities sold under
agreement to
repurchased 13,539,158 6,471,853 3,614,479 - - 23,625,490
Derivative payables - - - - 2,133,391 2,133,391
Acceptance payable 10,304,573 - - - - 10,304,573
Marketable securities
Issued - - - 39,925,002 - 39,925,002
Fund borrowings 72,062,681 13,197,009 28,343,193 - - 113,602,883
Subordinated loans and
marketable securities - - - 491,399 - 491,399
Other liabilities ***) - - - 1,667,114 8,058,919 9,726,033
202,429,506 313,290,667 152,501,421 919,978,675 28,746,567 1,616,946,836
Difference (gap)
repricing interest
rate in financial
assets and 120,281,297 (162,286,387) 190,459,650 207,878,678 (13,604,385) 342,728,853
liabilities
*) Investment in associated entities with no significant influence.
**) Other assets consist of interest receivables, other receivables, accrued income based on sharia principles and foreign currency term deposit for foreign exchange
proceeds of export Bank Indonesia
***) Other liabilities consist of interest payables, security deposits, investment contract liabilities, coinsurance debts, reinsurance, lease liabilities, tabarru’ funds, and foreign
currency term deposit for foreign exchange proceeds of export Bank Indonesia
302
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk Outside of Trading Book (continued)
a. Interest Rate Risk (continued)
The tables below summarise the exposure of financial assets and liabilities to interest rate risks
(gross) (continued):
December 31, 2023
Floating interest rate
> 3 months - Fixed interest Non-interest
Description < 3 months 1 year > 1 year rate rate Total
Assets
Cash 31,603,784 - - - - 31,603,784
Current accounts with
Bank Indonesia 101,909,121 - - - - 101,909,121
Current accounts with
other banks 22,331,919 - - - - 22,331,919
Placement with Bank
Indonesia and
other financial
institutions 62,753,990 2,471,270 - - - 65,225,260
Securities
Fair value through
profit or loss - - - 22,393,171 - 22,393,171
Fair value through
other comprehensive
income - - - 163,339,165 - 163,339,165
Amortized cost - - - 145,358,968 - 145,358,968
Export bills and
other receivables 45,121,913 8,773,491 - - - 53,895,404
Securities purchased
under agreement
to resell 33,350,734 244,497 - - - 33,595,231
Derivative receivables - - - - 911,683 911,683
Loans
Micro 385,328 61,751 92,656 549,376,463 - 549,916,198
Retail 46,736,867 110,497,963 169,033,395 123,861,272 - 450,129,497
Corporate 16,229,661 31,128,033 150,349,317 - - 197,707,011
Sharia loans - - - 13,668,220 - 13,668,220
Finance receivables 13,694 8,947 418 54,985,262 - 55,008,321
Acceptance receivables 7,218,350 2,999,058 - - - 10,217,408
Investment in associated
entities *) - - - - 1,749,102 1,749,102
Other assets**) 969 - - 7,189,322 24,342,981 31,533,272
367,656,330 156,185,010 319,475,786 1,080,171,843 27,003,766 1,950,492,735
*) Investment in associated entities with no significant influence.
**) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles.
***) Other liabilities consist of interest payables, guarantee deposits, investment contract liabilities, co-insurance liabilities, reinsurance and classified as available for sale,
tabarru’ fund and temporary syirkah funds.
303
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk Outside of Trading Book (continued)
a. Interest Rate Risk (continued)
The tables below summarise the exposure of financial assets and liabilities to interest rate risks
(gross) (continued):
December 31, 2023
Floating interest rate
> 3 months - Fixed interest Non-interest
Description < 3 months 1 year > 1 year rate rate Total
Liabilities
Liabilities due immediately - - - - 30,651,807 30,651,807
Deposits from customers
Demand deposits 239,203,910 - - 106,920,462 - 346,124,372
Saving deposits 176,757,401 - - 351,188,149 - 527,945,550
Time deposits 116,496,420 189,209,612 177,102,416 1,450,391 - 484,258,839
Deposits from
other banks
and financial
institutions 10,430,018 1,528,301 - - - 11,958,319
Securities sold under
agreement to
repurchased 6,365,596 12,713,862 - - - 19,079,458
Derivative payables - - - - 925,210 925,210
Acceptance payable 7,218,350 2,999,058 - - - 10,217,408
Marketable securities
issued - - - 49,637,581 - 49,637,581
Fund borrowings 59,331,954 9,712,371 29,806,488 - - 98,850,813
Subordinated loans and
marketable securities - - - 496,683 - 496,683
Other liabilities ***) - - - 5,839,397 8,212,676 14,052,073
615,803,649 216,163,204 206,908,904 515,532,663 39,789,693 1,594,198,113
Difference (gap)
repricing interest
rate in Financial
Assets and
Liabilities (248,147,319) (59,978,194) 112,566,882 564,639,180 (12,785,927) 356,294,622
*) Investment in associated entities with no significant influence.
**) Other assets consist of interest receivables, other receivables, and accrued income based on sharia principles.
***) Other liabilities consist of interest payables, guarantee deposits, investment contract liabilities, co-insurance liabilities, reinsurance and classified as available for sale,
tabarru’ fund and temporary syirkah funds.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Market Risk Management (continued)
4. Market Risk Outside of Trading Book (continued)
a. Exchange Rate Risk
Exchange rate risk is a risk arising from foreign exchange rate fluctuations against Rupiah of
foreign exchange positions held by BRI. Included in the foreign exchange positions are trading
book positions held to generate profit both from foreign exchange transactions in the short term
and banking book positions held to control the Net Open Position (NOP).
Based on Bank Indonesia’s Regulation PBI No. 17/5/PBI/2015 dated May 29, 2015, regarding
the Fourth Amendment of PBI No. 5/13/PBI/2003, regarding Net Open Position for Commercial
Banks dated July 1, 2010, NOP is set to a maximum of 20% of capital.
NOP is the sum of the absolute amount from the net difference between assets and liabilities for
each foreign currency on statement of financial position add with the net difference between
receivables and payables of commitments and contingencies for each foreign currency recorded
in administrative accounts, which presented in Rupiah.
The tables below represent NOP (BRI only) as June 30, 2024 and December 31, 2023,
respectively, by currency, as follows:
June 30, 2024
Currencies Assets Liabilities NOP
Statement of Financial Position and
Administrative Accounts
United States Dollar 390,179,339 384,753,862 5,425,478
Japanese Yen 4,353,658 4,444,232 90,573
European Euro 3,516,317 3,455,652 60,664
Canadian Dollar 10,319 60,659 50,340
Australian Dollar 546,158 580,173 34,016
Singaporean Dollar 4,269,949 4,299,413 29,463
Renminbi 1,941,791 1,966,496 24,705
Great Britain Pound Sterling 958,543 956,226 2,317
Others 1,173,643 823,376 350,267
6,067,823
Capital (Note 48a) 245,981,438
NOP Ratio 2.47%
December 31, 2023
Currencies Assets Liabilities NOP
Statement of Financial Position and
Administrative Accounts
United States Dollar 331,100,472 331,199,191 98,719
Canadian Dollar 38,691 24,303 14,388
Renminbi 1,230,517 1,176,670 53,847
Japanese Yen 5,574,573 4,698,897 875,676
Singaporean Dollar 3,769,803 3,802,661 32,858
European Euro 3,700,437 3,724,175 23,738
Australian Dollar 372,328 305,103 67,225
Great Britain Pound Sterling 1,085,793 968,132 117,660
Others 858,490 617,292 241,198
1,525,309
Capital (Note 48a) 250,568,767
NOP Ratio 0.62%
305
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Operational Risk Management
Implementation of Operational Risk Management is carried out according to Financial Services Authority
Regulation (POJK) No. 18/POJK.03/2016 dated March 22, 2016 regarding Risk Management
Implementation for Commercial Banks and the Minister of State-Owned Enterprises Regulation No.PER-
5/MBU/09/2022 regarding Implementation of Risk Management in State-Owned Enterprises, which
requires the risk management implementation to cover the pillars of active monitoring by the Board of
Commissioners and Directors, adequacy of policies, limit procedure and determination, adequacy of
identification, measurement, monitoring and management of risk process adequacy as well as information
system of risk management, and internal control system.
The implementation of operational risk management is intended to manage operational risk exposure due
to internal and external factors that impact the business and operational activities, such as inadequate
human resources, internal processes, information technology system failures, natural disasters and
external party’s crimes against the Bank that potentially cause financial and non-financial losses.
Operational risk exposure management in BRI includes management of legal, reputational, compliance
and strategic risk exposures that occur in every business process and operational activity.
Each of BRI’s operational business units are responsible for the implementation of risk management
process in the business and operational activities of each business unit through the internal control
system. This is done starting from the phase of identification, measurement, monitoring to risk control. To
coordinate and ensure that the implementation of risk management processes is carried out in
accordance with the rules, BRI’s Board of Directors established a risk management function in every
business unit starting from the level of Head Office (Division/Desk), Regional Offices, Special Branch
Office, Branch Offices, Sub-Branch Offices, BRI Priority Service Centers and Overseas Business Units.
The risk management unit (SKMRO) is responsible for preparing guidelines for implementing operational
risk management, developing and implementing policies/procedures and methodologies, supervising,
reviewing, and monitoring the operational risk management process. Furthermore, SKMRO also plays a
role in the preparation and monitoring of BRI's risk profile, assessment of the adequacy of risk
management of a new product and/or activity, and supports operational work units/risk owners in
developing a culture of risk awareness, implementation of anti-fraud strategies, and compliance with
related risk management principles. In the context of Discussions on management and improvement of
control over operational risks are carried out in the Risk Management Committee (RMC) on a monthly
basis together with the SKMR and related Divisions/Desks.
Internal audit as the third line of defense including the Head Internal Audit Office and BRI’s Regional
Internal Audit Office throughout Indonesia is responsible for monitoring and validating the internal control
adequacy and effectiveness of internal control at BRI on a Bankwide basis.
The implementation of BRI's operational risk management is facilitated through operational risk
management tools in the form of BRI Operational Risk Assessor (OPRA), Integrated Risk Management
System (IRMS) and BRI Management Information System (BRISIM), which include the Risk and Control
Library (RCL), Self Assessment (RCSA/CSA), Key Risk Indicator (KRI), Loss Even Database (LED), Risk
Maturity Self Assessment (RMSA), and Briefing, Verification and Coaching (BVC) functions. The
Operational Risk Management Implementation Guidelines Policy has been updated in Circular Letter no.
SE.58-DIR/ORD/11/2022 dated November 22, 2022.
Risk management understanding efforts are focused on improving risk culture. Risk culture is the values
and behaviors of individuals that will be reflected in the decisions taken and how to do work with the
principle of prudence and risk management considerations. This is done through risk management
socialization/training that continues to be carried out to all BRI workers, as well as improving the quality
of risk control in every operational activity, both in accelerating the detection of risk events, as well as
monitoring the completion of follow-up plans for control improvement. Risk culture has been regulated in
the Directors’ Circular Letter No. SE.04-DIR/CTR/01/2023 Book 2 concerning Risk Culture dated January
31, 2023.
306
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Operational Risk Management (continued)
1. Risk Control and Self Assessment (RCSA)
RCSA is a qualitative and predictive risk management tool which is used to identify and measure the
impact and likelihood of risks. RCSA has been implemented in BRI’s Head Office (Desk/Division),
Regional Offices, Special Branch Office, Overseas Branch/Representative Office, Regional Internal
Audit, Regional Campus, Branch Offices which also represents BRI Units, Sub Branch Offices and
Priority Service Centres.
RCSA is intended to assist the operational business unit in identifying and measuring operational risk
in every business and operational activites independently, including monitoring and determining
corrective actions or the future action plans.
The risk issue in RCSA is updated by considering BRI’s business development which include the new
product and or activity implementation, new market segment and business competition, change in
internal/external regulation and other changes that affect BRI’s risk exposure. These assessment is
carried out by considering Incident Management (IM)/Loss Event Database (LED) data, Key Risk
Indicator (KRI), and Audit Result report (LHA). RCSA is performed semi-anually and the frequency
will be increased if there is a significant change in risk exposure.
2. Loss Event Database (LED)
BRI’s Loss Event Database (LED) which includes data documentation process of loss events for all
types of loss, financial and non-financial loss, which includes actual loss and potential loss, including
corrective actions and incident handling conducted.
Based on loss event data in LED module, loss event analysis can be performed based on causes,
functional activities, event types, and business lines of BRI. The information system can be used to
determine the preventive actions in risk controls, based on the documentation process of incident
handling or settlement for the non-financial loss, financial loss, loss recovery, and litigation process.
In order to calculate capital expenses and Operational RWA, BRI has implemented a Standard
Approach Minimum Capital Measurement for Operational Risk (MMRO) which is guided by the Basel
III Framework. Provisions for Operational Risk RWA with a standard approach are regulated through
Directors' Circular Letter No. SE.66-DIR/MPE/12/2022 Book 2 concerning Operational RWA
Calculations.
3. Key Risk Indicator (KRI)
KRI is a management risk tool in the form of quantitative indicators that can provide early information
on the increase or decrease in risk and/or decrease in the effectiveness of controls against a
predetermined threshold. KRI can be leading or lagging. Risk monitoring through KRI aims to
determine follow-up plans related to risk control so as to prevent or minimize the impact of losses.
307
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Operational Risk Management (continued)
3. Key Risk Indicator (KRI) (continued)
BRI has identified key risk indicators for all risk types and determined the risks threshold or limit which
portrays the acceptable condition and risk appetite of BRI. Identification of main risk indicator and KRI
threshold determination is established using the best judgement, considering BRI risk exposures and
risk appetite. Threshold determination involved internal auditor, risk owner and other related business
units. BRI’s KRI are reflected on its Bankwide Risk Profile and Regional Risk Profile Report which are
monitored and reported monthly to the management.
4. Risk Management Forum (RM Forum)
Risk Management Forum (RM Forum) is a risk management tool to hold a meeting or forum among
the head of BRI’s operational business units with the lower level employees and staff to discuss
inherent risks in the daily business or operational activities that might be the constraint in achieving
the business target or standard business performance. Risk management forum, which are held in
each business unit, are expected to support the growth of BRI’s risk awareness culture. RM Forum
implementation in regional level are held in a form of Governance, Risk and Compliance (GRC)
Forum, which attended by permanent member, i.e. Regional CEO, Regional Risk Management Head
and Head of Regional Internal Audit.
5. Risk Maturity Self Assessment (RMSA)
Risk Maturity Self Assessment (RMSA) is a self-assessment process on the establishment level of
risk management implementation in each of BRI business unit. Maturity assessment is performed at
every end of year by each business unit head using certain parameters. By performing maturity
assessment, it is expected that each business unit will be able to evaluate the risk management
implementation, in order to compose future improvement plan.
6. Business Continuity Management (BCM)
The possibility of disruption/disaster caused by nature, human or technology pose a threat to BRI’s
business continuity, as BRI has business units spread across Indonesia. Therefore, the Board of
Directors are developing and implementing Business Continuity Management (BCM) Policies in order
to ensure the employees, customers and stakeholders in the vicinity of BRI business unit
environment’s safety and security (Emergency Response Plan) and maintain the continuity of critical
businesses and operational activities, protect BRI’s assets and provide sufficient response during
disruption or disaster conditions (Business Continuity Plan). The BCM policy is stipulated through
Circular No.SE.50–DIR/MPE/12/2023, Book 1, on Business Continuity Management Book 1 Business
Continuity Management (BCM)
BRI BCM implementation covers all BRI work units, among others through the formation of a Crisis
Management Team, the preparation of Call Tree and the establishment of alternate sites, and various
tests of business continuity plans. BRI work units have also carried out a Threat and Disaster Risk
Assessment which aims to identify the resources needed in preparation for facing threats/disasters
in each work unit. As one of the implementation of BCM BRI has Emergency Response Plan (ER
Plan) and Business Continuity Plan (BC Plan) policies for Critical Work Units. To ensure that the
policy can be used during disruptions/disasters, the ER Plan and BC Plan trials are carried out
annually and prioritized in disaster-prone work units.
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Operational Risk Management (continued)
6. Business Continuity Management (BCM) (continued)
In the past year, various disaster events have occurred which have activated BRI Work Unit business
continuity procedures, which is proof of the BRI organization's readiness to face these conditions.
Provisions regarding disaster emergency response in the workplace have been formulated through
Circular Letter no. 58-/DIR/ORD/11/2022 Book 4 concerning Occupational Safety and Health
Management Systems (SMK3) and SOP No. SO.05-ORD/05/2023 concerning Business Continuity
Management.
7. Assessment of Risk Management Adequacy on New Product and/or Activity Launching
In order to make bank product risk management more effective, every plan to issue a new bank
product (PBB) at BRI, a validation process is carried out to increase risk materiality and a risk
management assessment process by the product owner for each type of risk that may arise from the
issuance of PBB, including determining controls and controls aimed at mitigating the risks in question.
SKMRO is responsible to asses the risk mitigation adequacy and recommend the assessment result
for the approval of the Risk Management Director. New Product and/or Activity Launching is
stipulated through BRI Circular Letter No. SE.40-DIR/PPM/11/2023 Book 3 regarding Product
Implementation Risk Management.
8. BRI Anti-Fraud Strategy Implementation
All of the Bank's business activities can be exposed to operational risks, one of which is fraud. To
minimize the impact of losses due to fraud, BRI implements an Anti-Fraud strategy which is a form of
BRI's commitment to zero tolerance for fraud through an effective and sustainable fraud control
system. The implementation of the Anti-Fraud strategy at BRI is supported by increasing fraud
detection capabilities through the development of the Fraud Detection System, as well as increasing
the competence and awareness of BRI Employees to prevent, detect and handle fraud as part of
preventing and minimizing bank and/or customer losses. As a form of commitment of all BRILians in
preventing fraud, the Board of Directors and Commissioners, as well as the Management and all BRI
Employees periodically sign the Anti-Fraud Commitment as stated in Circular Letter Number SE.58-
DIR/ORS/11/2022 Book 5 concerning Anti-Fraud Strategy.
Recent Developments in Economic Recovery
Global economic growth for 2024 is projected to be relatively stable and potentially enter a soft landing
scenario. Various international institutions, such as: the International Monetary Fund (IMF), the
Organization for Economic Co-operation and Development (OECD), and the World Bank, estimate that the
world economy in 2024 will tend to grow stable compared to the previous year. Until mid year of 2024, the
performance of the global economy has relatively improved, reflected by several indicators such as: rising
consumption indicators, rebounding manufacturing activity and industrial production indicators, and a
modest recovery in global trade volume, especially developing economies. The possibility of a soft landing
in the global economy is also supported by the solid performance of the US economy.Meanwhile the
Chinese economy is projected to grow better than previous estimates, in line with improving performance
of the property sector, increasing trade activity, and supported by expansionary fiscal policy from the
government.
309
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Recent Developments in Economic Recovery (continued)
Even though various indicators of global economic activity are likely to improve in 2024, the path of the
global economy is likely to remain dynamic with significant risks. There are several challenges ahead that
could cause the global growth momentum to slow down, such as: (1) Stubbornly high global inflation
compared to pre-pandemic trends, (2) High geopolitical uncertainty due to the escalation of the Russian-
Ukraine and Middle East conflict combined with increasing global geopolitical fragmentation could trigger
another disruption in the world supply, (3) Increased likelihood of prolonged periods of higher interest rates
due to higher inflation, and (4) De-globalization trends which could trigger a slowdown in growth of global
trade volumes.
The improving global economic condition also coincides with a slight increase of the domestic economic
growth. In Q1-2024 the domestic economy grew 5.1, slightly faster than 5.0% yoy in the previous quarter.
The improved domestic growth was supported by increased growth in household consumption (Q1-2024:
4.9% yoy; Q4-2023: 4.5% yoy) and government consumption (Q1-2024: 19.9% yoy; Q4-2023: 2.8% yoy),
due to the momentum of Ramadan and Eid al-Fitr, as well as the implementation of the legislative and
presidential elections. From a sectoral point of view, Indonesia's economic growth is supported by
accelerated growth of the trade sector (Q1-2024: 4.6% yoy; Q4-2023: 4.1% yoy), mining (Q1-2024: 9.3%
yoy; Q4-2023: 7.5%yoy), and information-communication (Q1-2024: 8.4%yoy; Q4-2023: 6.7%yoy).
Going forward, domestic economic growth in 2024 is estimated to be relatively modest at around 5%. This
is further collaborated by the estimate of the IMF in its April 2024 edition of its World Economic Outlook
Report that estimates Indonesia's economic growth will be 4.96% in 2024, slower than the previous year.
Until mid-2024, various domestic demand indicators has slown signs of weakening due to slowing income
growth, especially of the lower middle class. The slowdown of income growth is reflected in the trend of
declining perceptions of income and slowing growth of real savings. Meanwhile production indicators has
modestly improved until Q1-2024, but likely to worsen if domestic income continue to slow.
In the short run, there are several positive catalysts that could support the national economy, such as (1)
higher government spending due to more expansionary fiscal policy that can support consumer purchasing
power and (2) loose macroprudential policies that should support economic growth.
The growing domestic economy also supported the growth of the banking industry. In May 2024, banking
industry credit growth was recorded at 12.2% yoy, slightly lower than the previous month's 13.1% yoy,
but higher than the end of 2023 at 10.4% yoy. On a year-to-date (Ytd) basis, banking credit grew 4.1%,
relatively higher than the same period last year of 2.4%. The growth bank credit is supported by high
growth in productive loans, namely investment loans and working capital loans, which respectively grew
by 14.8% yoy and 11.6% yoy in May 2024.
However, credit growth in the future is expected to slow in line with the projected slowdown in domesitic
economic growth. Therefore banking credit growth needs to be carried out carefully and selectively amidst
uncertainty and the possibility of a slowdown in domestic economic conditions.
In the future, it is important to be cautious of worsening quality of banking credit, especially since the
banking restructuring program by the Financial Services Authority (OJK) ended on March 31 2024. The
decline in credit quality is indicated by the trend of increasing loan at risk (LaR) and gross non-performing
loan, although it is still at a manageable level. In April 2024, gross NPL was recorded at 2.33%, an
increase from the previous month of 2.25% and the end of 2023 of 2.19%. Meanwhile, banking industry
liquidity is still quite tight, but is starting to improve. This is reflected in the growth of deposits which
increased by 8.63% yoy in May 2024, up from the previous month of 8.21% yoy and the end of 2023 of
3.73% yoy. Growth of deposits in 2024 is expected to increase only slightly compared to the previous
year, in line with the possibility of easing monetary policy by Bank Indonesia and expansionary fiscal
policy compared to the previous year.
310
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
39. RISK MANAGEMENT (continued)
Recent Developments in Economic Recovery (continued)
In facing the opportunities and challenges in the era of economic recovery, BRI continues to strive to
encourage healthy and sustainable business growth. In the short term, BRI is focused on strengthening
retail banking capabilities and improving asset quality.This is done in order to increase market share
amidst massive competition in the banking industry and improve profitability. Several strategic initiatives
undertaken by the company are as follows:
1. Financial
Carrying out selective and quality loan growth according to the risk profile of each segment and
region, as well as focusing on improving credit quality, especially in the Micro and Small segments to
support healthy business growth and increase profitability.
2. Products and Services
Digitalization of business processes to control overhead costs and improve services to customers
through developing customer-centric products, improving IT system reliability, complaint handling
management, and creating awareness of a risk-aware culture.
3. Culture Capabilities
Strengthening a culture that supports sustainable growth through increasing employee capabilities,
improving a risk-aware culture through the integration of BRILiaN Ways, integration of BRI One
Culture in the BRI Group to support effective organization and strengthening innovation management.
4. Network Optimization
Optimalization of BRI's network and improving customer experience through business process re-
engineering, work network structuring, increasing the role of BRILink Agents to expand reach to
customers, increasing operational system reliability, competitive merchant solutions and optimizing
alternative channels to support self-service transactions.
40. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
The tables below represent the comparison of the carrying values and fair values of financial assets and
liabilities. The fair values disclosed below are based on relevant information available as of June 30, 2024
and December 31, 2023 and are not updated to reflect changes in market conditions which have occurred
subsequently.
June 30, 2024 December 31, 2023
Carrying Value Fair Value Carrying Value Fair Value
Assets
Cash 22,865,685 22,865,685 31,603,784 31,603,784
Current account with Bank Indonesia 79,136,277 79,136,277 101,909,121 101,909,121
Current account with other banks 23,833,956 23,833,956 22,321,935 22,321,935
Placement with Bank Indonesia and other financial institutions 23,219,433 23,219,433 65,223,400 65,223,400
Securities
Fair value through profit or loss 34,904,988 34,904,988 22,393,171 22,393,171
Fair value through other comprehensive income 171,371,043 171,371,043 163,339,165 163,339,165
Amortized cost 140,749,064 138,469,320 145,277,458 144,137,459
Export bills and other receivables 75,457,880 75,457,880 51,571,488 51,571,488
Securities purchased under agreement to resell 2,418,016 2,418,016 33,595,231 33,595,231
Derivatives receivables 780,325 780,325 911,683 911,683
Loans, sharia loans 1,198,003,929 1,176,214,155 1,130,402,953 1,072,919,881
Finance receivables 52,360,963 52,325,946 50,524,406 49,953,587
Acceptances receivable 9,969,968 9,969,968 9,967,710 9,967,710
Investment in associated entities *) 1,514,461 1,514,461 1,749,102 1,749,102
Other assets **) 36,861,032 36,861,032 31,533,272 31,533,272
Total 1,873,447,020 1,849,342,485 1,862,323,879 1,803,129,989
*) Investment associated entities with no significant influence.
**) Other assets consist of interest receivable, other receivable and income that will be received under sharia principle.
311
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
40. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (continued)
The tables below represent the comparison of the carrying values and fair values of financial assets and
liabilities. The fair values disclosed below are based on relevant information available as of June 30, 2024
and December 31, 2023 and are not updated to reflect changes in market conditions which have occurred
subsequently. (continued)
June 30, 2024 December 31, 2023
Carrying Value Fair Value Carrying Value Fair Value
Liabilities
Liabilities due immediately 18,554,257 18,554,257 30,651,807 30,651,807
Deposits from customers
Demand deposits 356,854,620 356,854,620 346,124,372 346,124,372
Saving deposits 521,040,540 521,040,540 527,945,550 527,945,550
Time deposits 511,766,683 511,766,683 484,258,839 484,258,839
Deposits from other banks and financial institutions
Demand deposits 1,383,498 1,383,499 1,609,511 1,609,511
Saving deposits 6,926 6,926 9,052 9,052
Time deposits and deposits on call 3,339,479 3,339,479 7,496,376 7,496,376
Inter-bank call money 4,192,062 4,192,062 2,843,380 2,843,380
Securities sold under agreement to repurchase 23,625,490 23,625,490 19,079,458 19,079,458
Derivatives payable 2,133,391 2,133,391 925,210 925,210
Acceptances payable 10,304,573 10,304,573 10,217,408 10,217,408
Marketable securites issued 39,925,002 39,734,753 49,637,581 49,856,444
Fund borrowings 113.602.883 113.602.883 98,850,813 98,850,813
Subordinated loans and marketable securities 491,399 501,943 496,683 505,878
Other liabilities *) 7,880,939 7,880,939 14,052,073 14,052,073
Total 1,615,101,742 1,614,922,038 1,594,198,113 1,594,426,171
*) Other liabilities consist of interest payable, guarantee deposits, invesment contract liabilities, co-insurance payable, re-insurance and classified ready to sell, tabarru’
fund and temporary syirkah fund
Methods and assumptions used to estimate fair value are as follows:
a) The fair values of certain financial assets and liabilities, except for securities are classified as
amortized cost, loans, sharia loans, finance receivables, marketable securities issued and
subordinated loans and marketable securities approximate their carrying values due to their
short-term maturities.
The estimated fair values of certain financial assets are determined based on discounted cash flows
using money market interest rates for debts with similar credit risk and remaining maturities.
The estimates of the fair value of certain financial liabilities which are not quoted in an active market
are determined based on discounted cash flows using interest rates of a new debt with similar
remaining maturities.
b) Securities
The fair values of securities classified as held to maturity are determined based on market prices or
quoted price of intermediary (broker)/securities traders (dealers). If the information is not available,
the fair values are estimated by using quoted market price of securities with similar credit
characteristics, maturities and yields.
312
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
40. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (continued)
Methods and assumptions used to estimate fair value are as follows (continued):
c) Loans and sharia loans
BRI's loan portfolio generally consists of loans with floating and fixed interest rates. Loans are stated
at the carrying amount. The fair value of loans represents the discounted value of estimated future
cash flows expected to be received by BRI. The estimated future cash flow is discounted using market
interest rate to determine the fair value.
Sharia loans portfolio generally has a floating margin and short-term sharia loans has a fixed margin.
d) Finance receivables
The fair values are calculated based on the discounted cash flow models using market interest rates.
e) Derivative receivables and payables
The fair values of derivatives instrument are assesed using valuation techniques that use components
which can be observed in the market, which include primarily interest rate swaps, currency swaps
and currency exchange contracts. The most widely used valuation techniques include forward and
swap valuation models using present value calculation. The models incorporate various components
which include the credit quality of the counterparty, spot value and future contracts as well as interest
rate curve.
f) Fund borrowings, marketable securities issued and subordinated loans and marketable securities
The fair values are calculated based on the discounted cash flow models using market rates for the
remaining maturity period.
The following tables present financial instruments recognized at fair value based on the hierarchy used
by BRI and its subsidiaries to determine and disclose the fair value of financial instruments (Note 2c):
June 30, 2024
Fair value Level 1 Level 2 Level 3
Financial Assets
Fair value through profit or loss
Government Bonds 13,809,438 13,809,438 - -
Bank Indonesia Certificate 8,903,570 8,903,570 - -
Mutual Fund 5,060,760 5,060,760 - -
U.S. Treasury Bonds 4,217,928 4,217,928 - -
Derivative Receivables 780,325 - 780,325 -
Bonds 777,327 777,327 - -
Others 2,135,965 2,135,965 - -
35,685,313 34,904,988 780,325 -
313
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
40. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (continued)
The following tables present financial instruments recognized at fair value based on the hierarchy used
by BRI and its subsidiaries to determine and disclose the fair value of financial instruments (Note 2c)
(continued):
June 30, 2024
Fair value Level 1 Level 2 Level 3
Financial Assets (continued)
Fair value through other
comprehensive income
Government Bonds 100,834,062 100,834,062 - -
Bank Indonesia Certificate 38,926,257 38,926,257 - -
Bonds 13,449,449 13,449,449 - -
Mutual Fund 13,205,445 13,205,445 - -
U.S. Treasury Bonds 1,810,084 1,810,084 - -
Monetary Authority of Singapore (MAS) Bills 1,452,351 1,452,351 - -
U.S. Treasury Bills 643,777 643,777 - -
Singapore Government Securities 591,039 591,039 - -
Medium-Term Note 210,443 210,443 - -
Negotiable Certificate of Deposit 214,328 214,328 - -
Others 33,808 33,808 - -
171,371,043 171,371,043 - -
Amortized cost
Government Bonds 115,261,048 115,261,048 - -
Risk Participation Receivables 22,399,215 22,399,215 - -
Bonds 797,907 797,907 - -
Medium-Term Note 11,150 11,150 - -
138,469,320 138,469,320 - -
Loans and receivables
Loans 1,176,214,155 - 1,070,085,974 106,128,181
Finance receivables 52,325,946 - 52,295,061 30,885
1,228,540,101 - 1,122,381,035 106,159,066
Total financial assets 1,574,065,777 344,745,351 1,123,161,360 106,159,066
Financial liabilities
Fair value through profit or loss
Derivative payable 2,133,391 - 2,133,391 -
Other liabilities
Marketable securities issued 39,734,753 39,734,753 - -
Subordinated loans and marketables
securities 501,943 501,943 - -
40,236,696 40,236,696 - -
Total financial liabilities 42,370,087 40,236,696 2,133,391 -
314
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
40. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (continued)
The following tables present financial instruments recognized at fair value based on the hierarchy used
by BRI and its subsidiaries to determine and disclose the fair value of financial instruments (Note 2c)
(continued):
December 31, 2023
Fair value Level 1 Level 2 Level 3
Financial Assets
Fair value through profit or loss
Government Bonds 9,519,463 9,519,463 - -
Mutual Fund 5,964,633 5,964,633 - -
U.S. Treasury Bonds 2,083,983 2,083,983 - -
Bank Indonesia Certificate 1,470,125 1,470,125 - -
Derivative Receivables 911,683 - 911,683 -
Bonds 699,447 699,447 - -
Subordinated Bond 15,783 15,783 - -
Others 2,639,737 2,639,737 - -
23,304,854 22,393,171 911,683 -
Fair value through other
comprehensive income
Government Bonds 100,239,655 100,239,655 - -
Bank Indonesia Certificate 30,414,559 30,414,559 - -
Mutual Fund 13,961,119 13,961,119 - -
Bonds 13,897,860 13,897,860 - -
U.S. Treasury Bonds 2,203,544 2,203,544 - -
Monetary Authority of Singapore (MAS) Bills 1,544,668 1,544,668 - -
Singapore Government Securities 571,591 571,591 - -
Medium-Term Note 216,023 216,023 - -
Negotiable Certificate of Deposit 135,600 135,600 - -
U.S. Treasury Bills 46,036 46,036 - -
Others 108,514 108,514 - -
163,339,169 163,339,169 - -
Amortized cost
Government Bonds 122,410,214 122,410,214 - -
Risk Participation Receivables 20,891,761 20,891,761 - -
Bonds 824,352 824,352 - -
Medium-Term Note 11,132 11,132 - -
144,137,459 144,137,459 - -
Loans and receivables
Loans 1,072,919,881 - 985,242,035 87,677,846
Finance receivables 49,953,587 - 49,953,587 -
1,122,873,468 - 1,035,195,622 87,677,846
Total financial assets 1,453,654,950 329,869,799 1,036,107,305 87,677,846
Financial liabilities
Fair value through profit or loss
Derivative payable 925,210 - 925,210 -
Other liabilities
Marketable securities issued 49,856,444 49,856,444 - -
Subordinated loans and marketables
securities 505,878 505,878 - -
50,362,322 50,362,322 - -
Total financial liabilities 51,287,532 50,362,322 925,210 -
315
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENT
Information concerning the segments of BRI and Subsidiaries are as follows:
a. Company Name Business Field
PT Bank Rakyat Indonesia (Persero) Tbk Conventional Banking
PT Bank Raya Indonesia Tbk Conventional Banking
BRI Global Financial Services Co. Ltd.
(formerly BRI Remittance Co. Ltd.
Hong Kong) Financial Service
PT Asuransi BRI Life Life Insurance
PT BRI Multifinance Indonesia Financing Company
PT BRI Danareksa Sekuritas Securities Company
PT BRI Ventura Investama Venture Capital Company
PT BRI Asuransi Indonesia General Insurance
PT Pegadaian Financing Company
PT Permodalan Nasional Madani Financing Company
PT BRI Manajemen Investasi (formerly
PT Danareksa Investment Management) Investment Company
b. Operating Segment
For management purposes, BRI is organized into 5 (five) operating segments based on products
which are as follows:
• Micro Segment
• Retail Segment
• Corporate Segment
• Other Segments
• Subsidiaries
The following is information on segments of BRI and its subsidiaries as for the six-month period ended
as of June 30,2024 and 2023 and for the year ended December 31, 2023 based on operating
segments:
For the six-month period ended as of June 30, 2024
Description Micro Retail Corporate Others Subsidiaries Total
Interest, premium, and
gold income - net 30,197,754 14,693,929 2,242,018 7,684,664 16,811,357 71,629,722
Other operating
Income 11,486,134 10,060,092 2,648,013 (626,345) 1,479,620 25,047,514
Total income 41,683,888 24,754,021 4,890,031 7,058,319 18,290,977 96,677,236
Other operating
expense (15,897,486) (11,549,902) (1,145,870) (827,485) (10,213,992) (39,634,735)
Provision for
impairment losses (10,201,540) (9,629,484) (812,707) 4,231,161 (2,084,876) (18,497,446)
Total expenses (26,099,026) (21,179,386) (1,958,577) 3,403,676 (12,298,868) (58,132,181)
Non operating income
(expense) - net (63,295) (37,217) (4,757) (5,596) 15,342 (95,523)
Income before
tax expense 15,521,567 3,537,418 2,926,697 10,456,399 6,007,451 38,449,532
Tax expense (2,949,097) (672,109) (607,443) (3,005,261) (1,319,511) (8,553,421)
Income for the period 12,572,470 2,865,309 2,319,254 7,451,138 4,687,940 29,896,111
Segment assets
Loans - gross 496,151,836 459,066,842 241,147,353 - 68,412,979 1,264,779,010
Total assets 468,800,552 433,325,890 313,428,028 544,907,243 202,602,938 1,963,064,651
Segment liabilities
Total depostis
From customers 366,854,708 509,565,672 504,822,506 - 8,418,957 1,389,661,843
Total liabiities 366,854,708 509,565,672 521,575,960 123,686,916 143,957,667 1,665,640,923
316
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENT (continued)
b. Operating Segment (continued)
The following is information on segments of BRI and its subsidiaries as for the six-month period ended
as of June 30,2024 and 2023 and for the year ended December 31, 2023 based on operating
segments: (continued)
For the six-month period ended as of June 30, 2023
Description Micro Retail Corporate Others Subsidiaries Total
Interest, premium, and
gold income - net 30,473,401 13,993,751 1,697,022 6,758,113 13,664,106 66,586,393
Other operating
Income 7,645,234 7,905,041 2,415,106 1,899,112 1,264,493 21,128,986
Total income 38,118,635 21,898,792 4,112,128 8,657,225 14,928,599 87,715,379
Other operating
expense (15,010,516) (10,758,041) (992,795) (783,952) (9,111,844) (36,657,148)
Provision for
impairment losses (9,348,834) (6,015,542) 3,348,049 (575,712) (1,229,355) (13,821,394)
Total expense (24,359,350) (16,773,583) 2,355,254 (1,359,664) (10,341,199) (50,478,542)
Non-operating income
(expense) - net 8,861 40,272 17,047 (119,506) 16,620 (36,706)
Income before
tax expense 13,768,146 5,165,481 6,484,429 7,178,055 4,604,020 37,200,131
Tax expense (2,615,948) (981,441) (1,254,652) (1,717,441) (1,069,288) (7,638,770)
Income for the period 11,152,198 4,184,040 5,229,777 5,460,614 3,534,732 29,561,361
Segment assets
Loans - gross 469,542,133 424,155,581 186,591,914 - 57,238,985 1,137,528,613
Total assets 444,307,754 399,343,441 210,996,626 556,443,091 177,606,771 1,788,697,683
Segment liabilities
Total deposits
from customers 360,311,736 465,828,350 414,230,528 - 4,744,361 1,245,114,975
Total liabilities 360,311,736 465,828,350 428,110,778 128,402,443 124,001,321 1,506,654,628
For the year ended as of December 31, 2023
Description Micro Retail Corporate Others Subsidiaries Total
Interest and premium
Income - net 61,646,907 28,530,291 3,999,095 13,907,277 29,580,953 137,664,523
Other operating
Income 17,639,356 16,102,050 4,982,366 3,844,328 3,057,685 45,625,785
Total Income 79,286,263 44,632,341 8,981,461 17,751,605 32,638,638 183,290,308
Other operating
expense (31,050,020) (22,253,560) (2,053,648) (1,607,462) (19,817,601) (76,782,291)
Provision for
impairment losses (20,474,879) (13,506,061) 7,888,285 (427,517) (3,159,108) (29,679,280)
Total expense (51,524,899) (35,759,621) 5,834,637 (2,034,979) (22,976,709) (106,461,571)
Non operating income
(expense) - net (20,591) (77,380) (48,903) (377,093) 124,942 (399,025)
Income before
tax expense 27,740,773 8,795,340 14,767,195 15,339,533 9,786,871 76,429,712
Tax expense (5,270,747) (1,671,115) (2,872,313) (4,104,717) (2,085,772) (16,004,664)
Income for the period 22,470,026 7,124,225 11,894,882 11,234,816 7,701,099 60,425,048
Segment assets
Loans - gross 496,554,160 442,703,668 197,696,204 - 60,798,674 1,197,752,706
Total assets 468,573,573 418,508,640 244,435,173 632,353,605 185,530,577 1,949,401,568
Segment liabilities
Total deposits
From customers 373,473,514 488,122,102 491,087,385 - 5,645,760 1,358,328,761
Total liabilities 373,473,514 488,122,102 507,421,680 151,222,833 128,294,759 1,648,534,888
317
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENT (continued)
a. Geographical Segment
The following are information on the geographical segment of BRI and its subsidiaries:
Total Income
For the six-month period
ended as of June 30,
Description 2024 2023
Indonesia 96,155,363 87,455,126
United States of America 172,594 84,469
Singapore 194,516 78,650
Timor-Leste 100,008 74,035
Hong Kong 14,057 8,606
Taiwan 40,698 14,493
Total 96,677,236 87,715,379
Income before tax expense
For the six-month period
ended as of June 30,
Description 2024 2023
Indonesia 38,107,414 37,044,967
Timor-Leste 100,177 52,805
Singapore 127,180 74,190
United States of America 86,329 27,798
Hong Kong 4,446 20
Taiwan 23,986 351
Total 38,449,532 37,200,131
Total Assets
Description June 30, 2024 December 31, 2023
Indonesia 1,893,861,661 1,885,581,840
United States of America 29,121,123 26,087,423
Singapore 31,430,766 28,980,347
Timor-Leste 5,735,290 6,114,107
Hong Kong 37,017 24,232
Taiwan 2,878,794 2,613,619
Total 1,963,064,651 1,949,401,568
318
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
41. OPERATING SEGMENT (continued)
a. Geographical Segment (continued)
The following are information on the geographical segment of BRI and its subsidiaries (continued):
Total Liabilities
Description June 30, 2024 December 31, 2023
Indonesia 1,597,431,209 1,585,649,437
United States of America 29,222,861 26,148,777
Singapore 31,303,541 28,855,880
Timor-Leste 5,346,316 5,792,144
Hong Kong 12,936 6,467
Taiwan 2,324,060 2,082,183
Total 1,665,640,923 1,648,534,888
42. EMPLOYEES PROGRAM
Provisions for employee benefit plans consist of:
June 30, 2024 December 31, 2023
Grand leaves 3,747,109 3,679,294
Work separation scheme 3,774,311 3,527,486
Gratuity services program 2,741,602 2,492,175
Defined Benefit Pension Plan 1,693,984 2,367,561
Post-employment BPJS health program 993,452 1,023,643
Defined Benefit Pension Plan 22,052 20,983
Other benefit program of additional benefit fund - -
Total (Note 27) 12,972,510 13,111,142
Actuarial assessment of the respective employee benefit plans as of June 30, 2024 and December 31,
2023 performed by independent actuaries as follows:
Reporting Date
Entity Independent Actuarial June 30, 2024 December 31, 2023
Parent entity KKA Enny Diah Awal July 4, 2024 January 12, 2024
Subsidiaries
PT Bank Raya Indonesia Tbk KKA Enny Diah Awal June 27, 2024 January 2, 2024
PT Asuransi BRI Life KKA Riana & Rekan July 1, 2024 January 23, 2024
PT BRI Multifinance Indonesia KKA Enny Diah Awal June 25, 2024 December 27, 2023
PT BRI Danareksa Sekuritas KKA Enny Diah Awal June 28, 2024 January 8, 2024
PT BRI Ventura Investama KKA Enny Diah Awal June 13, 2024 December 21, 2023
PT BRI Asuransi Indonesia KKA Steven & Mourits July 4, 2024 January 4, 2024
PT Pegadaian KKA Agus Susanto July 2, 2024 December 21, 2023
PT Permodalan Nasional Madani KKA Riana & Rekan July 3, 2024 January 3, 2024
PT BRI Manajemen Investasi
(formerly PT Danareksa
Investment Management) KKA Enny Diah Awal June 28, 2024 January 2, 2024
319
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
a. Defined Benefit Pension Plan
Effective on January 1, 2007, all newly appointed permanent employees are not included in this program and
the right for pension benefits is given based on the established requirements stated in the regulations by
considering the annual gratuity factor over the working period and income on the pension fund. BRI’s pension
plan is managed by Dana Pensiun BRI (DPBRI). According to the provisions stipulated in BRI Board of Directors’
Decree, BRI employee’s contribution for pension contribution amounted to 7% of the employee’s pension-based
salary and for the remaining amount required to be funded by DPBRI represents the contribution by BRI, which
is the BRI’s contribution is amounted to 42.86% of pension-based salary since March 1, 2023.
Effective January 1, 2007, all newly appointed permanent employees are not included in this program and the
right to pension benefits is given based on the requirements stipulated in the regulations taking into account the
award factor per year of service and pension fund income. The Pegadaian pension fund program is managed
by the Pegadaian Pension Fund. Pegadaian Board of Directors' decision, Pegadaian employee’s contribution to
pension contributions amounted to 6.50% of the employee's basic pension salaries and the amount that needs
to be funded by Pegadaian Pension Fund is Pegadaian's contribution, where Pegadaian's contribution since
December 29, 2020 is 16% of basic pension salaries.
The actuarial calculation of BRI’s pension costs as of June 30, 2024 and December 31, 2023 which was prepared
in accordance with SFAS No. 219 using the Projected Unit Credit method and considering the following
assumptions:
June 30, 2024 December 31, 2023
Parent Entity
Discount rate 7.00% 6.70%
Basic pension salary growth rate according to the according to the
PhDP table PhDP table
Pension benefit growth rate 4.00% 4.00%
Mortality rate TMI IV 2019 TMI IV 2019
Disability rate 10.00% from TMI 10.00% from TMI
2019 2019
Normal retirement age 56 years 56 years
Subsidiary
Discount rate 6.7 - 6.9% 6.7 - 6.9%
Basic pension salary growth rate 5.00 5.00%
Mortality rate GAM 1971 GAM 1971
Disability rate 0.01% from 0.01% from
mortality mortality
Normal retirement age 56 years 56 years
The assets of DPBRI mainly consist of saving deposits, time deposits, securities, mutual fund units, securities
with collateral assets and long-term investments in the form of shares of stocks and property.
Movements in present value of defined benefit pension liabilities as of June 30, 2024 and December 31, 2023
are as follows :
June 30, 2024 December 31, 2023
Present value of defined benefit pension -
beginning balance 28,417,112 26,896,251
Interest expense 938,962 11,927,502
Current service cost 210,226 413,663
Past service cost 1,219 211,138
Severance expense - (1,012,889)
Benefit paid (752,441) (1,490,223)
Actuarial loss (gain) (988,365) 1,471,670
Present value of defined benefit
pension liabilities ending balance 27,826,713 28,417,112
320
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
a. Defined Benefit Pension Plan (continued)
Movements in fair value of defined benefit pension liabilities as of June 30, 2024 and December 31,
2023 are as follows:
June 30, 2024 December 31, 2023
Fair value of program assets - beginning 26,049,551 24,813,852
Real development result 678,200 1,939,611
Contributions paid - employer (Note 44) 188,897 814,934
Contributions paid - participants 27,930 58,691
Actuarial loss of asset (59,408) (87,314)
Benefit Paid (752,441) (1,490,223)
Total program assets 26,132,729 26,049,551
Movements in defined benefit pension liabilities as of June 30, 2024 and December 31, 2023 and are
as follows:
June 30, 2024 December 31, 2023
Beginning balance 2,367,561 2,082,356
Defined benefit pension expense – net (Note 35) 259,341 (310,689)
Contributions paid - current year (Note 44) (188,897) (814,934)
Compensation payment - (75)
Remeasurement of liabilities (assets)
for defined pension benefit - net (744,021) 1,410,903
Ending Balance (Note 27) 1,693,984 2,367,561
Remeasurement of liabilities (assets) for defined benefit pension as of June 30, 2024 and December
31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance 3,833,640 2,422,737
Actuarial loss (gain) (988,366) 1,471,670
Yields on program assets 244,346 (60,767)
Remeasurement of (assets)
for defined pension benefit - net 3,089,620 3,833,640
Pension benefit expense calculation for the six-month period ended June 30, 2024 and 2023,
respectively, in accordance with the actuarial calculation is as follows:
For the six-month period
ended as of June 30,
2024 2023
Current service cost 210,226 240,668
Contributions paid - participants (27,930) (29,234)
Interest expense – net 75,826 71,613
Past service cost 1,219 (118,086)
Actuarial gain/ loss - -
Defined benefit pension expense
(Note 35) 259,341 164,961
321
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
b. Retirement Benefits Plan
BRI’s employees are also given retirement benefits (THT) in accordance with the provisions stipulated
in the Decree of the Board of Directors of BRI. BRI’s retirement benefits plan is managed by BRI
Employee Welfare Foundation.
Retirement benefits contributions consist of contributions from the employees and BRI in accordance
with the provisions stipulated in the Decree of BRI’s Board of Directors.
Based on the actuarial calculation of BRI’s retirement benefits as of June 30, 2024 and December
31, 2023 it was prepared in accordance with SFAS No. 219 using the Projected Unit Credit method
and considering the following assumptions:
June 30, 2024 December 31, 2023
Discount Rate 7.00% 6.70%
Salary growth rate 7.50 7.50%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10.00% dari TMI 10.00% dari TMI
2019 2019
The status of the Retirement Benefits as of June 30, 2024 and December 31, 2023 in accordance
with the actuarial calculation are as follows:
June 30, 2024 December 31, 2023
Fair value of assets 6,366,659 6,150,654
Present value of retirement benefits liabilities (3,894,018) (3,823,023)
Surplus 2,472,641 2,327,631
Movements of the Retirement Benefits liabilities as of June 30, 2024 and December 31, 2023 are as
follows:
June 30, 2024 December 31, 2023
Beginning balance - -
Retirement benefits expense 128,101 221,233
Remeasurement of retirement benefits
liabilities - net (53,725) (84,590)
Contribution paid in current period (Note 44) (74,376) (136,643)
Ending Balance of liability - -
Remeasurement of the Retirement Benefits liabilities as of June 30, 2024 and December 31, 2023
are as follows:
June 30, 2024 December 31, 2023
Beginning balance (893,830) (809,240)
Actuarial loss (gain) (123,417) 42,498
Yields on program liabilities (assets) 2,658 (206,817)
Changes on impact of assets other
than interest - net 67,034 79,729
Remeasurement of retirement benefits
liabilities - net (947,555) (893,830)
322
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
b. Retirement Benefits Plan (continued)
Retirement benefits expense calculation for thesix-month period ended as June 30, 2024 and 2023
respectively, in accordance with the actuarial calculation is as follows:
For the six-month period
ended as of June 30,
2024 2023
Current service cost 165,420 151,856
Contributions paid - participants (35,479) (31,698)
Interest expense - net (1,840) (1,816)
Past service cost - -
Retirement benefits expense 128,101 118,342
As of June 30,2024 and December 31, 2023, BRI does not recognize the existence of prepaid of
retirement benefits plan and benefits of retirement benefits plan because management of BRI does
not have the benefit over the assets and BRI has no plans to reduce its contribution in the future
c. Defined Contribution Pension Plan
(i) BRI (parent entity)
The employees of BRI are also included in the defined contribution pension plan in accordance
with BRI Board of Directors’ decree which was effective since October 2000. BRI’s contributions
to this plan which are reported in the consolidated statement of profit or loss and other
comprehensive income amounted to Rp280,486 and Rp224,132 for the six-month period ended
June 30, 2024 and 2023, respectively (Note 35). Defined contribution pension plan is managed
by DPBRI.
(ii) Bank Raya (subsidiary)
Bank Raya Indonesia conducted defined contribution pension plans for all of its permanent
employees which is managed by Dana Pensiun Lembaga Keuangan (Financial Institutions
Pension Fund) PT Bank Rakyat Indonesia (Persero) Tbk. Bank Raya Indonesia’s total
contribution for the pension funds amounted to 84,97% of the contributions that have been
determined based on the level of each employee which are reported in the consolidated
statement of profit or loss and other comprehensive income amounting to Rp549 and Rp532 for
the six-month period ended as June 30, 2024 and 2023 respectively (Note 35).
323
Page 327
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
d. Work Separation Scheme
The calculation of Work Separation Scheme is carried out using the assumptions of actuarial
assessment of the company's obligations related to the allowance reserve for the determination of
severance pay. Award money for merit and indemnity are in accordance with the applicable
Regulations. As of June 30, 2024 and December 31, 2023 using the Projected Unit Credit method
and considering the following assumptions:
June 30, 2024 December 31, 2023
Parent Entity
Discount Rate 7.00% 6.90%
Salary growth rate 7.50 7.50%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10.00% from TMI 10.00% from TMI
2019 2019
Subsidiaries
Discount Rate 6.70 – 7.10% 6.70 – 7.10%
Salary growth rate 7.00 – 8.50 7.00 – 8.50 %
Mortality Rate TMI IV 2019 TMI IV 2019
GAM 1971 GAM 1971
Mortality Rate 0.01 – 10.00% from 0.01 – 10.00% from
Mortality mortality
Movements in the work separation scheme liabilities (assets) as of June 30, 2024 and December 31,
2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance 3,527,486 2,841,015
Work separation scheme expense (Note 35) 419,959 756,697
Actual benefits paid (52,069) (123,483)
Remeasurement on liabilities (assets)
for work separation - net (119,936) 58,299
Termination cost (1,357) (4,086)
Asset ceilling effect (379) (363)
Contributions - entity 607 (593)
Ending Balance (Note 27) 3,774,311 3,527,486
Remeasurement of liabilities (assets) for defined Work Separation Scheme as of June 30, 2024 and
December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance (68,479) (126,778)
Actuarial gain (119,936) 58,299
Remeasurement on liabilities (assets)
for work separation - net (188,415) (68,479)
324
Page 328
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
d. Work Separation Scheme (continued)
Work Separation Scheme expense calculation for the six-month period ended June 30, 2024 and
December 31, 2023 in accordance with the actuarial calculation are as follows:
For the six-month period
ended as of June 30
2024 2023
Current service cost 299,832 248,762
Interest expense 120,973 103,268
Severance cost 2,794 1,868
Past service cost (3,640) (796)
Payment of termination fee - 675
Work separation scheme expense (Note 35) 419,959 353,777
e. Defined Benefit Pension Plan
The actuarial calculation of (PT Pegadaian) defined pension plan as of June 30, 2024 and December
31, 2023 which was prepared in accordance with SFAS No. 219 using the Projected Unit Credit and
considering the following assumptions:
June 30, 2024 December 31, 2023
Discount rate 7.00% 7.00%
Salary growth rate 7.00 7.00%
Mortality rate GAM 1971 GAM 1971
Disability rate 0.01% from TMI 0.01% from TMI
mortality mortality
Normal retirement age 56 Years 56 Years
Movements in liabilities (assets) program defined benefit pension plan as of June 30, 2024 and
December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance 20,983 17,996
Defined benefit pension expense (Note 35) 1,403 2,629
Contributions paid – current period (6,613) (18,935)
Remeasurement of liabilities (assets)
for defined pension benefit – net 6,279 19,293
Ending Balance (Note 27) 22,052 20,983
325
Page 329
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
e. Defined Benefit Pension Plan (PT Pegadaian) (continued)
Pension benefit expense calculation for the six-month period ended June 30, 2024 and 2023,
respectively, in accordance with the actuarial calculation is as follows:
For the six-month period
ended as of June 30
2024 2023
Current service cost 681 728
Interest expense 722 645
Defined benefit pension expense (Note 35) 1,403 1,373
f. Other Long-term Employee Benefits
BRI employees also have long-term employee benefits, such as gratuity for services, grand leaves,
post employment BPJS health program and other benefit program of additional benefit fund.
(i) Allowance for gratuity services
The actuarial calculation on gratuity services as of June 30, 2024 and December 31, 2023 which
was prepared in accordance with SFAS No. 219 using the Projected Unit Credit method and
considering the following assumptions:
June 30, 2024 December 31, 2023
Parent Entity
Discount rate 7.00% 6.80%
Salary growth rate 7.50 7.50%
Gold price growth rate 10.00 10.00%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10.00% from TMI 10.00% from TMI
Subsidiaries
Discount rate 6.75 - 7.00% 6.75 - 7.00%
Salary growth rate 7.00 - 9.00 7.00 - 9.00%
Gold price growth rate 10.00 10.00%
Mortality Rate TMI IV 2019 dan TMI IV 2019 dan
GAM 1971 GAM 1971
Disability Rate 0.01 - 10.00% from 0.01 - 10.00% from
mortality mortality
326
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(i) Allowance for gratuity services (continued)
Movements in the liability for gratuity services as of June 30, 2024 and December 31, 2023 are
as follows:
June 30, 2024 December 31, 2023
Beginning Balance 2,492,175 1,900,980
Gratuity service expense (Note 35) 240,702 651,143
Actual benefit paid (6,655) (75,541)
Actuarial loss on liabilities 15,380 15,593
Gratuity for services liability (Note 27) 2,741,602 2,492,175
The gratuity services expense calculation for the six-month period ended June 30, 2024 and
December 2023, in accordance with the actuarial calculation are as follows:
For the six-month period
ended as of June 30,
2024 2023
Current service cost 114,908 85,846
Interest expense 84,834 70,108
Past service cost (132) 1,579
Recognized actuarial gain 41,092 418,644
Gratuity for service Expense (Note 35) 240,702 576,177
(ii) Grand leaves
The actuarial calculation on grand leaves as of June 30, 2024 and December 31, 2023 was
prepared in accordance with SFAS No. 219 using the Projected Unit Credit method and
considering the following assumptions:
June 30, 2024 December 31, 2023
Parent Entity
Discount rate 7.00% 6.60%
Salary growth rate 7.50% 7.50%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10.00% fromTMI 10.00% from TMI
2019 2019
327
Page 331
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(ii) Grand leaves (continued)
The actuarial calculation on grand leaves as of June 30, 2024 and December 31, 2023 was
prepared in accordance with SFAS No. 219 using the Projected Unit Credit method and
considering the following assumptions (continued):
June 30, 2024 December 31, 2023
Subsidiary
Discount rate 6.60 - 6.80% 6.60 - 6.80%
Salary growth rate 7.00 - 9.00 7.00 - 9.00%
Mortality Rate TMI IV 2019 TMI IV 2019
GAM 1971 GAM 1971
Disability Rate 0.10 - 10.00% from 0.10 - 10.00% from
mortality mortality
Movements in the liability for grand leaves as of June 30, 2024 and December 31, 2023 are as
follows:
June 30, 2024 December 31, 2023
Beginning balance of liability 3,679,294 3,207,290
Grand leaves expense (Note 35) 179,528 731,080
Actual benefit paid (111,713) (259,076)
Grand leaves liability (Note 27) 3,747,109 3,679,294
The grand leaves expense calculation for the six-month period ended June 30, 2024 and 2023
respectively, in accordance with the actuarial calculation is as follows:
For the six-month period
ended as of June 30,
2024 2023
Current service cost 214,848 198,858
Interest expense 120,152 114,226
Severance expense 27 -
Recognized actuarial (gain)/loss (155,480) 319,114
Past service cost (19) 292
Grand leaves expense (Note 35) 179,528 632,490
328
Page 332
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(iii) Post Employment BPJS Health Program
The actuarial calculation on Post Employment BPJS Health Program as of June 30, 2024 and
December 31, 2023 which was prepared in accordance with SFAS No. 219 using the Projected
Unit Credit method and considering the following assumptions (BRI only):
June 30, 2024 December 31, 2023
Discount rate 7.00% 7.00%
Rate of Increase BPJS Health Premiums 4.88 4.88%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10.00% from TMI 10.00% from TMI
2019 2019
Post Employment BPJS Health Program status in accordance with the actuarial valuation as of
June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Present value of post employment
BPJS health program liability 2,499,097 2,526,313
Fair value of assets (1,505,646) (1,502,670)
Surplus (Deficit) 993,451 1,023,643
Movements in the liability for Post Employment BPJS Health Program as of June 30, 2024 and
December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance of liabilities 1,023,643 646,240
Post employment BPJS health
program expense (Note 35) 96,465 171,575
Remeasurement of post employment
BPJS health program assets (126,656) 205,828
Post employment BPJS health
program liability (Note 27) 993,452 1,023,643
Remeasurement of liabilities (assets) for Post Employment BPJS Health Program as of June 30,
2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance 194,901 (10,926)
Actuarial gain (152,106) 172,708
Yields of program assets 25,450 33,119
Remeasurement on defined
benefit liabilities - net 68,245 194,901
329
Page 333
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(iii) Post Employment BPJS Health Program (continued)
The post employment BPJS Health Program expense calculation for the six-month period ended
June 30, 2024 and December 31, 2023 in accordance with the actuarial calculation is as follows:
For the six-month period
ended as of June 30,
2024 2023
Current service cost 60,637 59,031
Interest expense - net 35,828 23,912
Post employment BPJS health
program expense (Note 35) 96,465 82,943
(iv) Other benefit program of additional benefit fund
The actuarial calculation on BRI’s other benefit program of additional benefit fund as of June 30,
2024 and December 31, 2023 was prepared in accordance with SFAS No. 219 using the
Projected Unit Credit method and considering the following assumptions:
June 30, 2024 December 31, 2023
Discount rate 7.00% 6.70%
Mortality Rate TMI IV 2019 TMI IV 2019
Disability Rate 10% dari TMI 2019 10% dari TMI 2019
Normal retirement age 56 Years 56 Years
The assets of DPBRI mainly consist of saving deposits, time deposits, securities, mutual fund
units, securities with collateral assets and long-term investments in the form of shares of stocks
and property.
Movement in the of fair value of program assets as June 30, 2024 and December 31, 2023 are
as follows:
June 30, 2024 December 31, 2023
Present value of defined benefit 1,863,733 2,165,701
Interest expense 60,480 155,339
Current service cost 7,099 15,282
Past service cost - (416,041)
Benefit paid (116,746) (133,039)
Actuarial loss (gain) (70,082) 76,491
Present value of defined
Benefit pension liabilities –
ending balance 1,744,484 1,863,733
330
Page 334
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(iv) Other benefit program of additional benefit fund (continued)
Movement in the of fair value of program assets as June 30, 2024 and December 31, 2023 are
as follows:
June 30, 2024 December 31, 2023
Fair value of program assets - beginning 1,983,967 1,963,186
Benefit paid (116,746) (133,039)
Real development result 49,364 153,820
Total program assets 1,916,585 1,983,967
Movement in the other benefit program of additional benefit fund liability as of June 30, 2024 and
December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance - 202,515
Other benefit program of additional
benefit fund expense – net (Note 35) 7,099 (385,773)
Remeasurement of liabilities (assets) - net (7,099) 183,258
Ending Balance (Note 27) - -
Remeasurement of liabilities (assets) for other benefit program of additional benefit fund as of
June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Beginning balance 272,252 88,994
Actuarial loss (gain) (70,082) 76,492
Yields of program assets 15,143 (13,467)
Changes in the net liability (asset) impact of
non-interest-bearing assets 47,840 120,233
Remeasurement of liabilities
(assets) for defined pension
benefit - net 265,153 272,252
331
Page 335
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
f. Other Long-term Employee Benefits (continued)
(iv) Other benefit program of additional benefit fund (continued)
Other benefit program of additional benefit fund expense for the six-month period ended June 30,
2024 and 2023 respectively, based on the actuarial calculation is as follows:
For the six-month period
ended as of June 30,
2024 2023
Past service cost - (454,278)
Current service cost 7,099 7,658
Interest expense - net - 7,493
Other benefit program of additional
Benefit fund expense (Note 35) 7,099 (439,127)
g. Sensitivity of long-term benefit liability towards changes in actuarial assumptions and analysis of
maturity benefits are as follows (BRI only):
(i) Work Separation Scheme
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (315,732)
Decrease -1.00% 374,087
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (287,595)
Decrease -1.00% 341,387
Present Value of Defined Benefit Liability
June 30, 2024 December 31, 2023
Maturity
< 1 year 46,227 44,679
1 - < 2 years 44,711 42,715
2 - < 3 years 44,503 42,755
3 - < 4 years 44,680 39,919
4 - < 5 years 44,232 42,214
> 5 years 2,223,570 2,005,978
332
Page 336
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
g. Sensitivity of long-term benefit liability towards changes in actuarial assumptions and analysis of
maturity benefits are as follows (BRI only) (continued):
(ii) Defined Benefit Pension Plan
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (2,775,765)
Decrease -1.00 3,392,617
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (2,899,376)
Decrease -1.00 3,559,760
Maturity Contribution
June 30, 2024 December 31, 2023
Maturity
< 1 year 265,109 272,064
1 - < 2 years 234,510 240,698
2 - < 3 years 223,640 229,567
3 - < 4 years 213,603 219,183
4 - < 5 years 204,791 209,947
> 5 years 594,073 610,435
(iii) Retirement Benefits Plan
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (3334,767)
Decrease -1.00 385,298
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (338,634)
Decrease -1.00 390,893
333
Page 337
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
g. Sensitivity of long-term benefit liability towards changes in actuarial assumptions and analysis of
maturity benefits are as follows (BRI only) (continued):
(iii) Retirement Benefits Plan (continued)
Present Value of Defined Benefit Liability
June 30, 2024 December 31, 2023
Maturity
< 1 year 159,454 142,759
1 - < 2 years 141,304 139,786
2 - < 3 years 128,386 130,677
3 - < 4 years 119,680 123,810
4 - < 5 years 102,047 109,409
> 5 years 3,243,147 3,176,581
(iv) Post Employment BPJS Health Program
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (408,361)
Decrease -1.00 540,455
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (413,143)
Decrease -1.00 547,176
Maturity Contribution
June 30, 2024 December 31, 2023
Maturity
< 1 year 70,357 123,753
1 - < 2 years 123,293 127,334
2 - < 3 years 127,426 131,662
3 - < 4 years 132,237 136,652
4 - < 5 years 137,590 142,168
> 5 years 3,246,973 3,332,579
334
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
g. Sensitivity of long-term benefit liability towards changes in actuarial assumptions and analysis of
maturity benefits are as follows (BRI only) (continued):
(v) Allowance for gratuity for services
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (236,190)
Decrease -1.00 273,018
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (222,666)
Decrease -1.00 257,962
Present Value of Defined Benefit Liability
June 30, 2024 December 31, 2023
Maturity
< 1 year 105,969 73,040
1 - < 2 years 120,744 103,118
2 - < 3 years 111,179 107,707
3 - < 4 years 117,140 119,264
4 - < 5 years 105,369 87,647
> 5 years 1,937,203 1,793,147
(vi) Grand Leaves
June 30, 2024
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (214,615)
Decrease -1.00 241,420
December 31, 2023
Effect of present
Discount rate value on employee
Assumption benefit liability
Increase +1.00% (219,152)
Decrease -1.00 247,239
335
Page 339
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
42. EMPLOYEES PROGRAM (continued)
(vi) Grand Leaves (continued)
Present Value of Defined Benefit Liability
June 30, 2024 December 31, 2023
Maturity
< 1 year 323,880 269,305
1 - < 2 years 320,016 312,512
2 - < 3 years 296,496 311,458
3 - < 4 years 303,212 308,038
4 - < 5 years 210,340 194,598
> 5 years 1,887,522 1,890,135
43. INFORMATION ON COMMITMENTS AND CONTINGENCIES
June 30, 2024 December 31, 2023
Commitments
Commitments receivable
Purchase of foreign currencies spot and futures 36,656,037 24,948,222
Commitments liabilities
Unused loan facilities granted to debtors (Note 26d) 90,736,842 128,590,416
Sale of foreign currencies spot and futures 101,931,439 63,924,016
Irrevocable Letters of Credit (Note 26d) 9,731,308 11,447,230
202,399,589 203,961,662
Commitments - net (165,743,552) (179,013,440)
Contingencies
Contingent liabilities
Guarantees issued (Note 26d)
in the form of
Bank Guarantee 51,504,972 56,219,970
Stand by Letters of Credits 10,165,802 9,672,955
61,670,774 65,892,925
Contingencies - net (61,670,774) (65,892,925)
336
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES
In the normal course of business, BRI engages in transactions with related parties due to ownership
and/or management relationship. All transactions with related parties have been carried out according to
the mutually agreed policies and terms.
Balances and transactions with related parties are as follows:
Related parties Type of relationship Element of related party transactions
Key Management Control relationship on Loans,
company’s activities Employee benefits
Government of the Ownership of majority Securities
Republic of Indonesia (RI) shares through the Ministry
of Finance of the Republic
of Indonesia
Perusahaan Umum BULOG Ownership relationship through Irrevocable L/C,
the Government of the Republic Loans
PT Sarana Multi Ownership relationship through Securities
Infrastruktur (Persero) the Government of the Republic
of Indonesia
PT Permodalan Nasional Madani Ownership relationship through Securities
the Government of the Republic
of Indonesia
PT Perkebunan Nusantara VII Ownership relationship through Loans
(Persero) the Government of the Republic
of Indonesia
PT INKA Multi Solusi Ownership relationship through Acceptances receivable & payable
the Government of the Republic
of Indonesia
PT Wijaya Karya Realty Ownership relationship through Other assets
the Government of the Republic
of Indonesia
PT Telekomunikasi Selular Ownership relationship through Guarantees issued
the Government of the Republic
of Indonesia
PT Pelabuhan Indonesia (Persero) Ownership relationship through Deposits from customers
the Government of the Republic
of Indonesia
PT Semen Indonesia (Persero) Tbk Ownership relationship through Deposits from customers
the Government of the Republic
of Indonesia
PT Jasa Marga Tbk Ownership relationship through Deposits from customers
the Government of the Republic
of Indonesia
PT Taspen (Persero) Ownership relationship through Deposits from customers
the Government of the Republic
of Indonesia
PT Perkebunan Nusantara XII Ownership relationship through
(Persero) the Government of the Republic Export bills and other receivables
of Indonesia
PT Pertamina Malaysia EP Ownership relationship through Guarantees issued
the Government of the Republic
of Indonesia
PT Pertamina Geothermal Energy Ownership relationship through Irrevocable L/C
the Government of the Republic
of Indonesia
337
Page 341
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows (continued):
Related parties Type of relationship Element of related party transactions
PT Bukit Asam Tbk Ownership relationship through Deposits from customers
the Government of the Republic
of Indonesia
PT Bank Mandiri (Persero) Tbk Ownership relationship through Securities, Current account with
the Government of the Republic other banks,
of Indonesia Placements with Bank Indonesia
and other financial institutions,
Fund borrowings,
Deposits from other banks
PT Bank Negara Indonesia Ownership relationship through Securities, Current account with
(Persero) Tbk the Government of the Republic other banks,
of Indonesia Placements with Bank Indonesia
and other financial institutions,
Fund borrowings,
Deposits from other banks
PT Petrokimia Gresik Ownership relationship through Export bills and other receivables
the Government of the Republic
of Indonesia
PT Perusahaan Listrik Negara Ownership relationship through Securities, Loans,
(Persero) the Government of the Republic Irrevocable L/C
of Indonesia Guarantees issued
PT Bahana Artha Ventura Ownership relationship through Investment in associated entities
the Government of the Republic
of Indonesia
PT Bahana TCW Investment Ownership relationship through Securities
Management the Government of the Republic
of Indonesia
PT Bank Syariah Indonesia Tbk Ownership relationship through Investment in associated entities,
the Government of the Republic Current account with other banks,
of Indonesia Placements with Bank Indonesia,
and other financial Institutions
Fund borrowings,
Deposits from other banks
PT Bank Tabungan Ownership relationship through Current account with other banks,
Negara (Persero) Tbk the Government of the Republic Placements with Bank Indonesia and
Of Indonesia other financial institutions,
Deposits from other banks,
Fund borrowings
PT BRI Manajemen Investasi Ownership relationship through Securities
(formerly PT Danareksa Investment the Government of the Republic
Management) of Indonesia
PT Dirgantara Indonesia (Persero) Ownership relationship through Loans
the Government of the Republic
of Indonesia
PT Garuda Maintenance Ownership relationship through Loans
Facility Aero Asia Tbk the Government of the Republic
of Indonesia
PT Kereta Api Indonesia Ownership relationship through Loans,
(Persero) the Government of the Republic Irrevocable L/C
of Indonesia
PT Krakatau Steel (Persero) Tbk Ownership relationship through Loans, Deposits from customers
the Government of the Republic
of Indonesia
338
Page 342
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows: (continued)
Related parties Type of relationship Element of related party transactions
PT Pembangunan Perumahan Ownership relationship through Guarantees issued,
(Persero) Tbk the Government of the Republic Acceptances receivable & payable,
of Indonesia Irrevocable L/C,
Export bills and other receivables
PT Pertamina (Persero) Ownership relationship through Guarantees issued, Deposits from customers.
the Government of the Republic Export bills and other receivables
of Indonesia
PT Adhi Karya (Persero) Tbk Ownership relationship through Guarantees issued,
the Government of the Republic Acceptances receivable & payable,
of Indonesia Export bills and other receivables
PT Indonesia Asahan Ownership relationship through Securities,
Aluminium (Persero) the Government of the Republic Irrevocable L/C,
of Indonesia Acceptances receivable & payable
PT Pertamina EP Cepu Ownership relationship through Loans
the Government of the Republic
of Indonesia
Pusat Investasi Pemerintah Ownership relationship through Fund borrowings
the Government of the Republic
of Indonesia
PT Pertamina Hulu Rokan Ownership relationship through Guarantees issued
the Government of the Republic
of Indonesia
PT PP Presisi Tbk Ownership relationship through Export bills and other receivables,
the Government of the Republic Acceptances receivable & payable
of Indonesia
PT Waskita Karya (Persero) Tbk Ownership relationship through Loans
the Government of the Republic
of Indonesia
PT Wijaya Karya (Persero) Tbk Ownership relationship through Guarantees issued
the Government of the Republic
of Indonesia
PT Wijaya Karya Bangunan Ownership relationship through Acceptances receivable & payable,
Gedung Tbk the Government of the Republic Irrevocable L/C
of Indonesia
PT Fintek Karya Nusantara Ownership relationship through Investment In Associated Entities
the Government of the Republic
of Indonesia
PT Petrokimia Kayaku Ownership relationship through Acceptances receivable & payable
the Government of the Republic
of Indonesia
PT Kilang Pertamina Internasional Ownership relationship through Irrevocable L/C
the Government of the Republic
of Indonesia
PT Sarana Multigriya Finansial (Persero) Ownership relationship through Securities, Fund borrowings
the Government of the Republic
of Indonesia
Yayasan Kesejahteraan Post-employment Benefits Old Age Benefit Plan
Pekerja BRI Program Relationships
Dana Pensiun BRI Post-employment Benefits Employee Benefits Pension Plan
Program Relationships
Dana Pensiun Pegadaian Post-employment Benefits Employee Benefits Pension Plan
Program Relationships
339
Page 343
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows (continued):
Related parties Type of relationship Element of related party transactions
Dana Pensiun Lembaga Keuangan Post-employment Benefits Defined Contribution Pension Plan
BRI Program Relationships
Dana Pensiun Lembaga Keuangan Post-employment Benefits Defined Contribution Pension Plan
BNI Program Relationships
PT Bank Hibank Indonesia Ownership relationship through Current account with other bank,
(formerly PT Bank Mayora) the Government of the Republic Fund borrowings
of Indonesia
PT Bhirawa Steel Ownership relationship through Export bills and other receivables
the Government of the Republic
of Indonesia
PT Kresna Kusuma Dyandra Marga Ownership relationship through Loans
the Government of the Republic
of Indonesia
PT Garuda Indonesia Tbk Ownership relationship through Loans
the Government of the Republic
of Indonesia
PT Lancarjaya Mandiri Abadi Ownership relationship through Acceptances receivable & payable
the Government of the Republic
of Indonesia
PT Wijaya Karya Industri Energi Ownership relationship through Acceptances receivable & payable
the Government of the Republic
of Indonesia
PT Pupuk Kalimantan Timur Ownership relationship through Irrevocable L/C,
the Government of the Republic Guarantees issued
of Indonesia
PT Pupuk Kujang Cikampek Ownership relationship through Export bills and other receivables
the Government of the Republic
of Indonesia
PT Prima Armada Raya Ownership relationship through Finance receivable
the Government of the Republic
of Indonesia
PT Danareksa Finance Ownership relationship through Fund borrowings
the Government of the Republic
of Indonesia
PT BNI Asset Management Ownership relationship through Securities
the Government of the Republic
of Indonesia
PT Timah (Persero) Tbk Ownership relationship through Export bills and other receivables
the Government of the Republic
of Indonesia
Lembaga Pembiayaan Ekspor Ownership relationship through Guarantees issued
Indonesia the Government of the Republic
of Indonesia
PT Elnusa (Persero) Tbk Ownership relationship through Export bills and other receivables
the Government of the Republic
of Indonesia
PT Kilang Pertamina Balikpapan Ownership relationship through Irrevocable L/C
the Government of the Republic
of Indonesia
PT Pertamina Patra Niaga Ownership relationship through Irrevocable L/C,
the Government of the Republic Export bills and other receivables
of Indonesia
340
Page 344
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows: (continued)
June 30, 2024 December 31, 2023
Assets
Current account with other banks (Note 5)
PT Bank Syariah Indonesia Tbk 172,273 113,847
PT Bank Negara Indonesia (Persero) Tbk 170,235 154,693
PT Bank Mandiri (Persero) Tbk 100,822 122,101
PT Bank Tabungan Negara (Persero) Tbk 56,407 57,615
PT Bank Hibank Indonesia
(formerly PT Bank Mayora) 2 3
499,739 448,259
Placement with Bank Indonesia and other
PT Bank Mandiri (Persero) Tbk 1,899,281 1,700,170
PT Bank Tabungan Negara (Persero) Tbk 1,075,478 612,208
PT Bank Negara Indonesia (Persero) Tbk 500,000 7,050
PT Bank Syariah Indonesia Tbk 269,081 508,013
PT Bank Mandiri Taspen - 100,000
Others 1,549 -
3,745,389 2,927,441
Securities (Note 7)
Government of the Republic of Indonesia (RI) 227,251,036 233,011,046
PT BRI Manajamen Investasi (formerly
PT Danareksa Investment Management) 3,478,185 4,872,220
PT Bank Mandiri (Persero) Tbk 2,260,275 2,515,732
PT Bahana TCW Investment Management 1,938,900 1,758,031
PT Sarana Multigriya Finansial (Persero) 1,820,665 1,605,173
PT Permodalan Nasional Mandiri 1,639,015 -
PT Sarana Multi Infrastruktur (Persero) 1,313,135 1,325,311
PT Perusahaan Listrik Negara (Persero) 1,278,850 1,746,614
PT Indonesia Asahan Aluminium (Persero) 1,224,497 1,048,442
PT BNI Asset Management 760,206 759,176
Others 5,322,589 7,898,536
248,287,353 256,540,281
Export Bills and Other Receivables (Note 8)
PT Pertamina (Persero) 27,612,392 -
PT Pertamina Patra Niaga 7,784,753 -
PT Bhirawa Steel 744,848 515,002
PT Pembangunan Perumahan (Persero) Tbk 648,744 434,070
PT Adhi Karya (Persero) Tbk 596,628 183,076
PT Petrokimia Gresik 565,499 -
PT PP Presisi Tbk 252,153 159,644
PT Timah (Persero) Tbk 129,450 14,933
PT Elnusa Tbk 103,158 47,684
PT Perkebunan Nusantara XII 73,000 31,688
Others 240,802 3,652,947
38,751,427 5,039,044
341
Page 345
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows (continued):
June 30, 2024 December 31, 2023
Assets (continued)
Loans (Note 11)
Perusahaan Umum BULOG 17,344,683 8,050,411
PT Perusahaan Listrik Negara (Persero) 6,166,096 7,223,106
PT Waskita Karya (Persero) Tbk 4,493,988 4,493,912
PT Kereta Api Indonesia (Persero) 3,834,069 3,176,593
PT Pertamina EP Cepu 2,266,045 2,263,613
PT Perkebunan Nusantara VII (Persero) 2,211,827 2,270,033
PT Dirgantara Indonesia (Persero) 2,178,825 2,033,162
PT Garuda Maintenance Facility Aero Asia Tbk 2,113,394 2,025,180
PT Krakatau Steel (Persero) Tbk 1,871,933 1,773,059
PT Kresna Kusuma Dyandra Marga 1,328,113 1,719,923
PT Garuda Indonesia (Persero) Tbk 1,086,403 1,008,656
Key management 212,203 204,348
Others 28,634,323 25,038,474
73,741,902 61,280,470
Finance receivables (Note 13)
PT Prima Armada Raya 46,910 30,351
46,910 30,351
Acceptances receivable & payable (Note 14)
PT Pembangunan Perumahan (Persero) Tbk 689,098 837,353
PT PP Presisi Tbk 238,859 156,230
PT INKA Multi Solusi 218,584 50,260
PT Wijaya Karya Bangunan Gedung Tbk 184,941 52,350
PT Lancarjaya Mandiri Abadi 57,209 -
PT Adhi Karya (Persero) Tbk 54,558 100,038
PT KSO HK GSB 18,612 -
PT Indonesia Asahan Aluminium 4,186 -
PT Petrokimia Kayaku 3,233 554
PT Wijaya Karya Industri Energi 1,607 14,687
Others 1,980 2,090
1,472,867 1,213,562
Investment in associated entites (Note 15)
PT Bank Syariah Indonesia Tbk 5,798,426 5,479,625
PT Fintek Karya Nusantara 590,260 753,258
PT Bahana Artha Ventura 79,977 79,440
6,468,663 6,312,323
Other Assets (Note 17)
PT Wijaya Karya Realty 707,466 707,466
707,466 707,466
Total assets from related parties 373,721,716 334,499,197
Total consolidated assets 1,977,371,465 1,965,007,030
Percentage of total assets from related
parties to total consolidated assets 18.90% 17.02%
342
Page 346
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows (continued) :
June 30, 2024 December 31, 2023
Liabilities
Demand Deposits (Note 19)
Government Institutions and Entities 158,318,711 174,787,869
Key management 4,850 3,672
Others 105,082 103,303
158,428,643 174,894,844
Saving Deposits (Note 20)
Government Institutions and Entities 370,701 259,230
Key management 200,853 166,445
Others 242,912 20,752
814,466 446,427
Time deposits (Note 21)
Government Institutions and Entities 156,391,246 156,006,956
Key management 69,686 60,153
Others 168,400 231,150
156,629,332 156,298,259
Deposits from other banks and
financial institutions (Note 22)
Government Institutions and Entities 533,635 462,943
Securities sold under agreement
to repurchase (Note 23)
Government Institutions and Entities 147,639 -
Marketable securities issued (Note 24)
Government Institutions and Entities 4,898,553 6,657,214
Fund borrowings (Note 25)
Government Institutions and Entities 32,368,587 26,102,658
Subordinated loans and marketable
securities (Note 29) 229,026 231,563
Compensation to key employee
management (Note 42)
Present value of defined benefit pension liability 812,438 801,974
Present value of work separation scheme liability 276,874 352,673
Present value of old age benefit liability 168,965 170,036
Present value of grand leaves liability 147,739 145,896
Present value of gratuity for service liability 126,775 115,505
Present value of other benefit program of
defined benefit payment liability 9,369 9,158
Present value of BPJS liability 20,938 21,495
1,563,098 1,616,737
Total liabilities to related parties 355,612,979 366,710,645
Total consolidation liabilities 1,665,640,923 1,648,534,888
Precentage of liabilities to related parties
to total consolidated liabilities 21.35% 22.24%
343
Page 347
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows (continued):
June 30, 2024 December 31, 2023
Commitment and contingencies in the
administrative accounts
Guarantees issued (Note 26b)
PT Adhi Karya (Persero) Tbk 3,382,425 3,518,752
PT Perusahaan Llistrik Negara (Persero) 2,753,942 2,261,204
PT Pembangunan Perumahan (Persero) Tbk 2,444,531 3,562,647
PT Pupuk Kalimantan Timur 2,258,288 -
PT Wijaya Karya (Persero) Tbk 1,593,349 2,912,039
PT Pertamina (Persero) 1,392,111 1,308,967
PT Telekomunikasi Selular 1,234,778 620,889
PT Pertamina Hulu Rokan 1,218,218 769,850
Lembaga Pembiayaan Ekspor Indonesia 920,557 1,662,592
PT Pertamina Malaysia EP 832,453 357,749
Others 7,084,638 6,192,139
25,115,290 23,166,828
Irrevocable L/C (Note 26b)
PT Kilang Pertamina Balikpapan 1,413,760 1,694,273
PT Kereta Api Indonesia (Persero) 768,669 580,158
PT Kilang Pertamina International 710,152 93,377
PT Pembangunan Perumahan (Persero) Tbk 621,581 384,473
PT Indonesia Asahan Aluminium (Persero) 525,224 375,744
PT Perusahaan Listrik Negara (Persero) 355,485 255,051
PT Bhirawa Steel 239,720 190,796
PT Pupuk Kalimantan Timur 199,164 191,032
PT Pertamina Geothermal Energy 101,051 -
PT Wijaya Karya Bangunan Gedung Tbk 63,819 195,499
Others 293,243 4,258,926
5,291,868 8,219,329
June 30, 2024 December 31, 2023
Contribution of Defined Benefit Pension Plan (Note 42a) 188,897 814,934
Contribution of Old Age Benefit (Note 42b) 74,376 136,643
Contribution of Defined Contribution
Pension Plan (Note 42c) 281,035 468,697
Total 544,308 1,420,274
For the six-month period
ended as of June 30,
2024 2023
Salaries and allowance for the Board of
Commissioners and Directors (Note 35)
Salaries and allowance for Director 117,794 109,472
Salaries and allowance for
the Board of Commisioners 45,180 41,288
Total 162,974 150,760
344
Page 348
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
44. TRANSACTIONS WITH RELATED PARTIES (continued)
Balances and transactions with related parties are as follows: (continued)
For the six-month period
ended as of June 30,
2024 2023
Tantiem, bonuses and incentives
Board of Commissioners, Directors
and key managemenet (Note 35)
Tantiem for Directors 531,733 4,407
Tantiem for Commisioners 210,499 1,518
Bonuses and Incentives for key management 292,169 244,336
Total 1,034,401 250,261
Percentage of transactions with related parties to total consolidated assets and liabilities of BRI and
subsidiaries are as follows:
June 30, 2024 December 31, 2023
Assets
Current accounts with other banks 0.025% 0.023%
Placement with Bank Indonesia
and other financial institutions 0.189% 0.149%
Securities 12.556% 13.055%
Export Bills and Other Receivables 1.960% 0.256%
Loans 3.729% 3.119%
Finance receivables 0.002% 0.002%
Acceptances receivable 0.074% 0.062%
Investment in associated entites 0.327% 0.321%
Other Assets 0.036% 0.036%
Total 18.898% 17.023%
June 30, 2024 December 31, 2023
Liabilities
Demand Deposits 9.512% 10.609%
Saving Deposits 0.049% 0.027%
Time Deposits 9.404% 9.481%
Deposits from other bank and
financial institution 0.032% 0.028%
Securities sold under agreement
to repurchase 0.009% -%
Marketable securities issued 0.294% 0.404%
Fund borrowing 1.943% 1.583%
Subordinated loans and marketable securities 0.014% 0.014%
Compensation to key employees management 0.094% 0.098%
Total 21.351% 22.244%
345
Page 349
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
45. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES
a. Significant Agreements
1) On February 27, 2024, BRI entered into an agreement with PT Bringin Inti Teknologi in connection
with the Procurement of CRM in 2024 for Zone 1, Zone 2 and Zone 3 for a period of 60 (sixty)
months with a contract value of Rp988.198.
2) On February 6, 2024, BRI entered into an agreement with PT Bringin Karya Sejahtera in
connection with the Procurement of Implementing Contractor Services (Design & Build) for the
Construction of the BRI Tabanan IT Facility Area (Phase 1) for a period of 450 (four hundred and
fifty) days with a contract value of Rp215,000.
3) On April 30 2024, BRI entered into an agreement with PT Hutama Karya (Persero) regarding the
procurement of construction work for the BRI Ragunan IT Center area for a period of 32 (thrirty
two) months with a contract value of Rp295,000.
4) On April 30 2024, BRI entered into an agreement with PT Pembangunan Perumahan (Persero)
Tbk regarding the procurement of construction work for the BRI Ragunan IT Center area for a
period of 32 (thrirty two) months with a contract value of Rp517,000.
5) On May 3 2024, BRI entered into an agreement with PT Telekomunikasi Selular regarding the
procurement of 200,000 Telkomsel IoT Smart Connectivity SIM Cards for EDC for a period of 12
(twelve) months with a contract value of Rp208,800.
6) On June 5, 2023, BRI entered into an agreement with PT Bringin Inti Teknologi in connection with
the Procurement of CRM in 2023 for Zone 1, Zone 2 and Zone 3 for a period of 60 (sixty) months
with a contract value of Rp999,926.
7) On May 26, 2023, BRI entered into an agreement with PT Telekomunikasi Selular in connection
with the Procurement of 32,214 Unit HP Brispot Kaunit and Mantri for a period of 24 (twenty four)
months with a contract value of Rp409,762.
8) On August 22, 2023, BRI entered into an agreement with PT Pacificagung Trijaya in connection
with the Procurement of Self Service Banking Terminal Machine (SSBT) for a period of
60 (sixty) months with a contract value of Rp177,286.
9) On April 13, 2023, BRI entered into an agreement with PT Info Solusindo Data Utama in
connection with the Procurement of Additional Backup Solution Workload Capacity 2022 - 2023
DC Ragunan and DC Tabanan for a period of 22 (twenty two) weeks with a contract value of
Rp146,398.
10) On July 13, 2023, BRI entered into an agreement with PT Bringin Inti Teknologi in connection with
the Procurement of IBM AS/400 Power10 E1080 Machine DC Tabanan for a period of
36 (thirty six) months with a contract value of Rp125,000.
346
Page 350
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
45. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES (continued)
b. Contingent Liabilities
In conducting its business, BRI faces various legal cases and lawsuit, in which BRI is the defendant,
mainly regarding the compliance with contracts. Although there is no clear certainty, BRI believes that
based on existing information and the ultimate resolution of these cases, these legal cases and
lawsuits will not likely have a material effect on the operations, financial position or liquidity level of
BRI.
As of June 30, 2024 and December 31, 2023, BRI has provided an allowance (presented in “Other
Liabilities” account) for several pending lawsuits filed against BRI amounting Rp778,653 and
Rp1,361,894, respectively (Note 28). Management believes that the allowance is adequately provided
to cover possible losses arising from pending lawsuits or currently in progress
46. GOVERNMENT GUARANTEE ON OBLIGATIONS OF COMMERCIAL BANKS
Based on the Presidential Decree No. 26 Year 1998 as implemented through the Minister of Finance
Decree dated January 28, 1998 and the Joint Decrees No. 30/270/KEP/DIR and No. 1/BPPN/1998 dated
March 6, 1998, of the Board of Directors of Bank Indonesia and Chairman of Indonesian Bank
Restructuring Agency (IBRA), the Government provided a guarantee on certain obligations for all
commercial banks incorporated in Indonesia. Based on the latest amendment under the Decree of the
Minister of Finance No.179/KMK.017/2000 dated May 26, 2000, this guarantee is valid from January
26,1998 up to January 31, 2001 and can be renewed automatically every 6 (six) months continuously,
unless if within 6 (six) months before the maturity of the Guarantee Program period or its extension period,
the Minister of Finance announces the termination and/or amendment of the Guarantee Program to the
public. For this guarantee, the Government charges premium which is calculated based on a certain
percentage in accordance with the prevailing regulations.
In accordance with Minister of Finance Regulation No. 17/PMK.05/2005 dated March 3, 2005, starting
from April 18, 2005, the types of commercial bank obligations guaranteed under the Government
Guarantee Program include demand deposits, saving deposits, time deposits and borrowings from other
banks in the form of inter-bank money market transactions.
Then, as stated in the Minister of Finance Regulation No. 68/PMK.05/2005 dated August 10, 2005
regarding the “Calculation and Payment of Premium on Government Guarantee Program on the Payment
of Obligations of Commercial Banks”. The Government guarantee program through the Government
Guarantee Implementation Unit (UP3) ended on September 22, 2005 for the period from July 1 to
September 21, 2005.
As the substitute for UP3, the Government established an independent institution, the Deposit Insurance
Corporation (LPS), based on Law No. 24 Year 2004 dated September 22, 2004 regarding “Deposit
Insurance Corporation”, in order to provide guarantees on public funds including funds from other banks
in the form of demand deposits, time deposits, deposit certificates, saving deposits and/or other similar
forms.
Based on Government Regulation No. 66 Year 2008, dated October 13, 2008 regarding “The Amount of
Deposit Value Guaranteed by the Deposit Insurance Corporation” amended through LPS Regulation No.
2/PLPS/2010 dated November 25, 2010 regarding the Deposit Insurance Program, Article 29 which stated
the guaranteed balance for each customer in each bank is at most Rp2,000,000,000 (Full amount).
LPS guarantee interest rate as of June 30, 2024 and December 31, 2023 were 4.25% and 4.25%,
respectively, for deposits in Rupiah. For deposits in foreign currency as of June 30, 2024 and December
31, 2023 were 2.25% and 2.25%, respectively.
347
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
47. ISSUED AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (SFAS) AND
INTERPRETATION OF FINANCIAL ACCOUNTING STANDARDS (IFAS)
The following summarizes the SFAS and IFAS which were issued by the Financial Accounting Standards
Board (FASB) and Sharia Accounting Standards Board (SASB) and are relevant to BRI and Subsidiaries,
but not yet effective for the consolidated financial statements as of June 30, 2024:
Effective on or after January 1, 2025:
a. SFAS No. 117, “Insurance Contract”, adopted from IFRS No. 17, with earlier application permitted for
entities that have also applied SFAS No. 109 and SFAS No. 115.
b. Amendment to SFAS No. 221 “The Effect of Changes in Foreign Exchange Rates on the Lack of
Convertibility”. Early application is permitted.
In this time, BRI and its subsidiaries are evaluating and have not determined the impact of the revised
SFAS on the consolidated financial statements
48. ADDITIONAL INFORMATION
a. Capital Adequacy Ratio (CAR)
BRI actively manages its capital in accordance with the applicable regulations. The primary objective
is to ensure that BRI, at any time, can maintain adequate its capital adequacy to cover (inherent risks)
to its banking activities without reducing the optimization of shareholder’s value.
CAR as of June 30, 2024 and December 31, 2023 is calculated based on Financial Services Authority
Regulation (POJK) No. 11/POJK.03/2016 concerning Minimum Capital Requirements for Commercial
Banks which has been amended 2 (two) times with POJK No. 34/POJK.03/2016 concerning
Amendments to POJK No. 11/POJK.03/2016 concerning Minimum Capital Requirements for
Commercial Banks and POJK No. 27/POJK.03.2022 concerning the second amendment to POJK
No. 11/POJK.03/2016 concerning Bank Minimum Capital Requirements.
Based on POJK No. 34/POJK.03/2016, PBI No. 17/22/PBI/2015 regarding the Mandatory Formation
of Countercyclical Buffer and POJK No. 46/POJK.03/2015 regarding the Determination of
Systemically Important Banks and Capital Surcharges, in addition to the minimum capital requirement
in accordance with the risk profile, BRI is required to form additional capital (buffer), in the form of
Capital Conservation Buffer, Countercyclical Buffer, and Capital Surcharge, which must be formed
gradually since January 1, 2016.
Formation of buffer capital in the form of Capital Conservation Buffer, Countercyclical Buffer and
Capital Surcharge that must be formed by BRI based on a certain percentage of risk-weighted assets
are 2.5%, 0% and 2.5%, respectively.
Based on the BRI’s risk profile as of semester II year 2022 and semester I year 2022, which are low
to moderate, the minimum CAR as of June 30, 2024 and December 31, 2023 is set at 9% up to less
than 10%.
348
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
48. ADDITIONAL INFORMATION (continued)
a. Capital Adequacy Ratio (CAR) (continued)
As of June 30, 2024 and December 31, 2023 BRI has fulfilled the ratio as required by Bank Indonesia
(BI) and Financial Service Authority for capital adequacy ratio.
BRI’s CAR (parent entity) as of June 30, 2024 and December 31, 2023 are calculated as follows:
June 30, 2024 December 31, 2023
Core Capital (Tier 1)
Common Equity (CET 1) 233,938,169 238,956,599
Supplementary Capital (Tier 2) 12,043,269 11,612,168
Total Capital 245,981,438 250,568,767
Risk Weighted Asset (RWA)
RWA for Credit Risk*) 928,808,373 890,512,335
RWA for Market Risk **) 29,198,772 3,617,404
RWA for Operational Risk ***) 100,903,263 99,021,545
Total ATMR 1,058,910,408 993,151,284
June 30, 2024 December 31, 2023
CAR Ratio
CET 1 Ratio 22.09% 24.06%
Tier 1 Ratio 22.09 24.06%
Tier 2 Ratio 1.14 1.17%
Total Ratio 23.23 25.23%
Tier 1 Minimum Ratio 6.00% 6.00%
CET 1 Minimum Ratio 4.50 4.50%
Minimum CAR Based on Risk Profile 9.00 9.00%
*) Credit risk is calculated based on SE OJK No. 24/SEOJK.03/2021 dated October 7, 2021.
**) Market risk is calculated based on SE OJK No. 38/SEOJK.03/2016 dated September 8, 2016.
***) Operational risk is calculated based on SE OJK No. 6/SEOJK.03/2020 dated April 29, 2020.
b. Non-Performing Loans (NPL) Ratio
As of June 30, 2024 and December 31, 2023, the NPL ratio of BRI consolidated (loans, sharia loans
and finance receivables) is as follows:
June 30, 2024 December 31, 2023
NPL ratio - gross 3.05% 2.95%
NPL ratio - net 0.85% 0.72%
NPL ratio - net is calculated based on NPL less the minimum allowance for impairment losses in
accordance with Bank Indonesia Regulations divided by the total loans, finance receivables, and
sharia loans.
349
Page 353
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
48. ADDITIONAL INFORMATION (continued)
c. Custodian Service Activities
BRI conducted custodian services (custodian bank) since 1996 based on its operating license through
Bapepam’s Chairman Decree No. 91/PM/1996 dated April 11, 1996 and was appointed as the Sub-
Registry in conducting Government bonds transactions and administration of Scriptless Bank
Indonesia Certificates by Bank Indonesia.
These custodian services are part of the Investment Services Division Activities, which include the
following services:
• Safekeeping services and portfolio valuation;
• Settlement handling services;
• Income collection services, including the related tax payments;
• Corporate actions and proxy services;
• Information and reporting services;
• Custody Unit Link and DPLK services;
• Custodian services for asset securitization; and
• Global custodian services for securities issued abroad.
The customers’ assets deposited in BRI’s Custodian amounted to Rp1,350,820,951 and
Rp1,288,847,232 as of June 30, 2024 and December 31, 2023, respectively. Assets held in custodian
services activities are not included in the consolidated financial position statements of BRI and its
Subsidiaries.
d. Trustee Activities
BRI conducted trustee service activities since 1996. BRI’s operating license as trustee was granted
by the Minister of Finance based on its Decree No. 1554/KMK.013/1990 dated December 6, 1990
and registered in OJK in accordance with its Registered Certificate as Trustee No. 08/STTD-
WA/PM/1996 dated June 11, 1996.
This trustee services are part of the Investment Services Division activities, which include the
following services:
• Trustee;
• Guarantee agent; and
• Monitoring agent.
e. Trust Services
BRI’s Trust Service is a deposit services for customers’ assets in the form of financial assets for and
on behalf of customers. BRI is the first bank in Indonesia to obtain a license from Bank Indonesia to
perform Trust Services in Indonesia through Bank Indonesia letter
No. 15/19/DPB1/PB1-3 dated February 12, 2013 and Bank Indonesia confirmation letter
No. 15/30/DPB1/PB1-3 dated March 19, 2013.
The scope of BRI’s Trust Services includes:
• Paying agent services
• Lending agent services
• Investment agent services
• Other agency services, such as Reception Agent and Guarantees Agent
350
Page 354
These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
48. ADDITIONAL INFORMATION (continued)
e. Trust Services (continued)
Currently, BRI has been provided Trust Services for financial transactions involving oil and gas
projects, carried out by members of the Cooperation Contract Contractors (K3S) under the auspices
of SKK Migas and non K3S projects.
In addition to providing Trust Services, BRI also provides services for Paying Agent and Reception
Agent (non-Trust) for other sectors, such as infrastructure, energy, trading and chemical industries.
Beside service to direct customers, BRI’s Trust Services also participate in supporting BRI’s financing
business unit in the financing transaction of infrastructure, energy and syndicated financing
transactions activities.
f. BRI Financial Institution Pension Fund
The Bank Rakyat Indonesia Financial Institution Pension Fund (DPLK BRI) was established by
PT Bank Rakyat Indonesia (Persero) Tbk on March 26, 2004 based on the Decree of the Board of
Directors of PT Bank Rakyat Indonesia (Persero) Tbk No. B. 140- DIR/KUI/TRY/03/2004 dated March
26 2004 and has received approval from the Minister of Finance of the Republic of Indonesia No.
KEP-97/KM.6/2004 dated May 24, 2004.
DPLK BRI organizes programs including:
• Defined Contribution Pension Plan (PPIP);
• Post-Employment Compensation Fund Management Program (PPDKP); and
• Health Compensation Fund Management Program (PPDSK).
g. Syndicated Business
BRI currently provides Syndicated Business Services for syndicated loan from several
sectors/industries including agribusiness sector, infrastructure such as toll roads, ports, airports,
power plants, oil and gas, textiles, property and manufacturing involving government projects (BUMN)
and private projects.
Syndication Business Services is part of the syndication activities which include the following
services:
• Arranger
• Facilities Agent
• Guarantees Agent
• Suspend Agent
BRI Syndicated Business Services have managed various syndicated projects with a total project
value of Rp667,634,557 and Rp661,755,070, for June 30, 2024 and 31 December 2023, respectively.
351
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
48. ADDITIONAL INFORMATION (continued)
h. Contribution of Tax and Non Tax Revenue
As of June 30, 2024 and 2023, BRI's contribution to tax and non tax revenue (cash basis) are as
follows:
June 30, 2024 June 30, 2023
Income Tax* 15,247,720 11,552,900
Value Added Tax & Sales Tax on Luxury Goods 207,815 165,115
Regional Tax 38,730 54,010
Total 15,494,265 11,772,025
*) Corporate income tax of Rp5,413,468 and Rp 4,819,277 as of June 30, 2024, and 2023, which is calculated on an accrual basis
49. EARNINGS PER SHARE
The calculation of earnings per share (EPS) and diluted share for BRI (the parent entity) are as follows:
June 30, 2024
Weighted average Earnings per
Income for of common shares share
the year outstanding (full amount)
Basic earnings per share attributable
equity holders of the parent entity 29,701,853 150,782,416,390 197
Addition: Issuance of bonus shares
and stock options - 47,596,587 -
Diluted earnings per share 29,701,853 150,830,012,977 197
June 30, 2024
Weighted average Earnings per
Income for of common shares share
the year outstanding (full amount)
Basic earnings per share attributable
equity holders of the parent entity 29,421,509 150,906,327,934 195
Addition: Issuance of bonus shares
and stock options - 24,640,976 -
Diluted earnings per share 29,421,509 150,930,968,910 195
352
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These interim consolidated financial statements are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2024 and for the Six-Month Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
50. CHANGES IN FINANCING ACTIVITIES
Cash flows
December 31, Non-cash June 30,
2023 Receipts Disbursements changes 2024
Fund borrowings 98,850,813 24,049,097 (9,346,117) 49,090 113,602,883
Subordinated loans and marketable
Securities 496,683 - - (5,284) 491,339
Marketable securities issued 49,637,581 5,034,005 (14,389,954) (356,630) 39,925,002
Total 148,985,077 29,083,102 (23,736,071) (312,824) 154,019,284
Cash flows
December 31, Non-cash June 30,
2022 Receipts Disbursements changes 2023
Fund borrowings 79,371,200 16,271,919 (13,606,379) 49,951 82,086,691
Subordinated loans and marketable
securities 501,988 - (500,000) 217 2,205
Marketable securities issued 63,611,761 4,563,418 (11,582,600) (638,848) 55,953,731
Total 143,484,949 20,835,337 (25,688,979) (588,680) 138,042,627
51. COMPLETION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The management of BRI is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with Indonesian Financial Accounting Standards, which were
completed and authorized for issuance by the Board of Directors of BRI on July 25, 2024.
52. PARENT ENTITY'S SEPARATE FINANCIAL INFORMATION
The Parent Entity's separate financial information only presents information on the statement of financial
position as of June 30, 2024 and the interim statement of profit or loss and other comprehensive income,
the interim statement of changes in equity and the interim statement of cash flow for the six-month period
ended on that date, and notes on investments in Subsidiaries presented using the cost method.
The Parent Entity's separate financial statements are presented on pages 354 - 363.
353
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF FINANCIAL POSITION – PARENT ENTITY
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
June 30, 2024 December 31, 2023
ASSETS
Cash 22,756,514 31,515,572
Current accounts with Bank Indonesia 78,605,263 101,388,737
Current accounts with Other Banks 23,081,341 21,669,212
Allowance for impairment losses (9,845) (9,815)
23,071,496 21,659,397
Placements with Bank Indonesia
and Other Financial Institutions 20,891,725 63,886,042
Allowance for impairment losses (421) (1,077)
20,891,304 63,884,965
Securities 318,648,085 305,475,916
Allowance for impairment losses (44,009) (65,374)
318,604,076 305,410,542
Export Bills and Other Receivables 76,393,270 53,895,404
Allowance for impairment losses (935,390) (2,323,916)
75,457,880 51,571,488
Securities Purchased
Under Agreement to Resell 2,418,016 33,350,175
Derivative Receivables 757,579 905,573
Loans 1,207,046,873 1,146,082,506
Allowance for impairment losses (77,677,831) (77,009,890)
1,129,369,042 1,069,072,616
Acceptance Receivable 10,304,573 10,217,408
Allowance for impairment losses (334,605) (249,698)
9,969,968 9,967,710
Investment in Associated Entities 49,574,095 49,254,757
Premises and Equipment
Cost 61,402,623 59,583,105
Accumulated Depreciation (18,175,186) (16,550,584)
Book value - net 43,227,437 43,032,521
Deferred Tax Assets - net 10,204,556 12,139,962
Other Assets - net 47,851,846 42,094,716
TOTAL ASSETS 1,832,759,072 1,835,248,731
354
Page 358
These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF FINANCIAL POSITION – PARENT ENTITY
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
June 30, 2024 December 31, 2023
LIABILITIES AND EQUITY
LIABILITIES
Liabilities Due Immediately 14,191,623 26,106,970
Deposits from Customers
Demand Deposits 358,693,980 346,654,593
Saving Deposits 519,469,304 526,514,556
Time Deposits 506,262,240 479,513,851
Total Deposits from Customers 1,384,425,524 1,352,683,000
Deposits from Other Banks and
Financial Institutions 8,857,505 12,066,959
Securities Sold Under Agreement
To Repurchase 23,225,557 19,079,458
Derivative Payables 2,133,391 918,194
Acceptances Payable 10,304,573 10,217,408
Taxes Payable 1,553,330 1,481,949
Marketable Securities Issued 25,101,106 30,239,610
Fund Borrowings 39,636,513 41,650,054
Estimated Losses on Commitments and Contingencies 3,266,245 6,116,888
Liabilities for Employee Benefits 13,960,933 18,880,915
Other Liabilities 13,616,732 16,573,484
Subordinated Loans and Marketable Securities 491,399 496,683
TOTAL LIABILITIES 1,540,764,431 1,536,511,572
355
Page 359
These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF FINANCIAL POSITION – PARENT ENTITY (continued)
As of June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
June 30, 2024 December 31, 2023
LIABILITIES AND EQUITY (continued)
EQUITY
Capital stock - par value Rp50
(full Rupiah) per share
Authorized capital - 300,000,000,000
shares (consisting of 1
Series A Dwiwarna Shares
and 299,999,999,999
Series B shares)
Issued and fully paid capital
- 151,559,001,604 shares (consisting
of 1 Series A Dwiwarna shares and
151,559,001,603 Series B shares) 7,577,950 7,577,950
Additional paid-in capital 76,271,620 76,245,954
Revaluation surplus arising from premises
and equipment - net of tax 19,846,113 19,848,571
Differences arising from the translation of
foreign currency financial statements (279,692) (253,585)
Unrealized gain (loss) on fair value through
other comprehensive income securities –
net of deferred tax (2,853,671) (2,460,750)
Allowance for impairment losses on fair value
through other comprehensive income securities 63,349 120,722
Loss on remeasurement of defined
benefit plan - net of deferred tax (1,068,589) (1,951,615)
Treasury stock (3,727,464) (3,614,321)
Stock Option 184,087 54,769
Provision for bonus shares compensation 287,482 287,482
Retained earnings
Appropriated 3,022,685 3,022,685
Unappropriated 192,670,771 199,859,297
Total retained earnings 195,693,456 202,881,982
TOTAL EQUITY 291,994,641 298,737,159
TOTAL LIABILITIES AND EQUITY 1,832,759,072 1,835,248,731
356
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME – PARENT ENTITY
For the Six-Month Period ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period
ended as of June 30,
2024 2023
INCOME AND EXPENSES
FROM OPERATIONS
Interest income 81,025,252 70,444,809
Interest expense (25,936,514) (17,403,518)
Total interest income - net 55,088,738 53,041,291
Other operating income
Other fees and commissions 10,972,026 10,011,562
Recovery of written-off assets 9,590,139 6,560,232
Gain on foreign exchange - net 414,358 253,073
Gain on sale of securities - net 855,138 865,548
Unrealized gain on changes in
fair value on securities 169,853 136,016
Others 4,359,015 2,190,298
Total other operating income 26,360,529 20,016,729
Provision for allowance for impairment
losses on financial assets - net (19,260,706) (12,786,081)
Reversal of allowance for estimated
losses on commitments and
contingencies - net 2,848,136 194,218
Provision for allowance for impairment
losses on non-financial assets - net - (177)
Other operating expenses
Salaries and employee benefits (14,987,911) (13,532,427)
General and administrative (10,344,011) (10,010,482)
Others (4,112,675) (4,034,743)
Total other operating expenses (29,444,597) (27,577,652)
OPERATING INCOME 35,592,100 32,888,328
NON OPERATING (EXPENSES) INCOME – NET (110,865) (53,325)
INCOME BEFORE TAX EXPENSE 35,481,235 32,835,003
TAX EXPENSE (7,233,910) (6,569,483)
INCOME FOR THE PERIOD 28,247,325 26,265,520
357
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME – PARENT ENTITY
For the Six-Month Period ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period
ended as of June 30,
2024 2023
Other comprehensive income:
Items not to be reclassified to profit or loss
Remeasurement of liabilities
for employee benefits 1,090,155 (1,491,739)
Income taxes related to items
not to be reclassified to
profit or loss (207,129) 283,431
Revaluation surplus arising from premises
And equipment (2,458) -
Items to be reclassified to profit or loss
Differences arising from the
translation of foreign currency
financial statements (26,107) (112,415)
Unrealized gain (loss) on
fair value through other
comprehensive income securities - net (485,088) 2,246,334
Allowance for impairment losses on
fair value through other
comprehensive income securities (57,373) 12,904
Income taxes related to items
to be reclassified to profit or loss 92,167 (426,804)
Other comprehensive income
for the period - after tax 404,167 511,711
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 28,651,492 26,777,231
EARNINGS PER SHARE
Basic (full Rupiah) 187 174
Diluted (full Rupiah) 187 174
358
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF CHANGES IN EQUITY – PARENT ENTITY (continued)
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Unrealized
Allowance for gain (loss) on
impairment Differences fair value
losses on arising from through other Gain (loss) on Revaluation
fair value the translation comprehensive remeasurement surplus
Issued through other of foreign income of defined arising from
and comprehensive currency securities - benefit plan- Provision for premises and Retained Earnings
fully paid Additional income financial net of net of Treasury bonus share equipment - Total
capital paid-in capital securities statements deferred tax deferred tax stock compensation net of tax Appropriated Unappropriated equity
Balance as of
December 31, 2022 7,577,950 76,029,910 137,288 (128,611) (4,463,331) (691,307) (2,202,178) 226,563 19,848,571 3,022,685 194,264,414 293,621,954
Income for the period - - - - - - - - - - 26,265,520 26,265,520
Other comprehensive
lncome - - 12,904 (112,415) 1,819,530 (1,208,308) - - - - - 511,711
Total other comprehensive income
for the period - - 12,904 (112,415) 1,819,530 (1,208,308) - - - - 26,265,520 26,777,231
Distribution of net income
- Dividend on net income
for the year 2022 - - - - - - - - - - (34,891,943) (34,891,943)
Bonus shares - 210,266 - - - - - (186,693) - - - 23,573
Treasury stock - - - - - - (816,955) - - - - (816,955)
Balance as of
June 30, 2023 7,577,950 76,240,176 150,192 (241,026) (2,643,801) (1,899,615) (3,019,133) 39,870 19,848,571 3,022,685 185,637,991 284,713,860
359
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF CHANGES IN EQUITY – PARENT ENTITY (continued)
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
Unrealized
Allowance for gain (loss) on
impairment Differences fair value
losses on arising from through other Gain (loss) on Revaluation
fair value the translation comprehensive remeasurement surplus
Issued through other of foreign income of defined arising from
and comprehensive currency securities - benefit plan- Provision for premises and Retained Earnings
fully paid Additional income financial net of net of Treasury bonus share equipment - Total
capital paid-in capital securities statements deferred tax deferred tax stock compensation net of tax Appropriated Unappropriated equity
Balance as of
December 31, 2023 7,577,950 76,245,954 120,722 (253,585) (2,460,750) (1,951,615) (3,614,321) 342,251 19,848,571 3,022,685 199,859,297 298,737,159
Income for the period - - - - - - - - - - 28,247,325 28,247,325
Other comprehensive
lncome - - (57,373) (26,107) (392,921) 883,026 - - (2,458) - - 404,167
Total other comprehensive income
for the period - - (57,373) (26,107) (392,921) 883,026 - - (2,458) - 28,247,325 28,651,492
Distribution of net income
- Dividend on net income
for the year 2023 - - - - - - - - - - (35,435,851) (35,435,851)
Bonus shares - 25,666 - - - - - 129,318 - - - 154,984
Treasury stock - - - - - - (113,143) - - - - (113,143)
Balance as of
June 30, 2024 7,577,950 76,271,620 63,349 (279,692) (2,853,671) (1,068,589) (3,727,464) 471,569 19,846,113 3,022,685 192,670,771 291,994,641
360
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These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF CASH FLOWS – PARENT ENTITY
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period
ended as of June 30,
2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received 75,242,750 68,804,062
Interest paid (26,238,744) (17,549,900)
Recovery of written-off assets 9,590,139 6,560,232
Other operating income 14,027,990 13,244,346
Other operating expense (33,068,173) (30,943,779)
Non operating (expenses) income - net (132,097) (81,285)
Payment of corporate income tax (6,670,054) (6,576,917)
Cash flows before changes in operating
assets and liabilities 32,751,811 33,456,759
Changes in operating assets and liabilities:
(Increase) decrease in operating assets:
Placement with Bank Indonesia
and other Financial Institutions 1,077,547 573,871
Securities at fair value through profit or loss (11,284,773) 1,920,673
Export bills and other receivables (22,497,866) 82,240
Securities purchased under agreement to resell 30,932,159 28,730,683
Loans (80,367,752) (75,950,170)
Other assets 11,637,009 4,741,363
(Decrease) increase in operating liabilities:
Liabilities due immediately (13,397,146) (8,392,510)
Deposits:
Demand deposits 12,039,387 (50,508,251)
Saving deposits (7,045,252) (5,395,371)
Time deposits 26,748,389 (4,501,382)
Deposits from other banks and
financial institutions (3,209,454) 3,400,500
Securities sold under agreement
to repurchase 4,146,099 14,892,330
Other liabilities 3,743,726 6,374,443
Net cash used in operating activities (14,726,116) (50,574,822)
361
Page 365
These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) Tbk
INTERIM STATEMENT OF CASH FLOWS – PARENT ENTITY
For the Six-Month Period Ended June 30, 2024
(Expressed in millions of Rupiah, unless otherwise stated)
For the six-month period
ended as of June 30,
2024 2023
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from dividend 2,576,878 76,537
Acquisition of premises and equipment (2,109,395) (2,224,690)
Proceeds from sale of premises and equipment 21,232 27,960
Investment in associated entities - (500,000)
Increase in fair value through other
comprehensive income and amortized
cost securities 3,218,224 23,920,916
Net cash provided by investing activities 3,706,939 21,300,723
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of fund borrowing (1,980,528) (8,349,488)
Treasury stock - (816,955)
Distribution of income for dividend (48,102,283) (43,494,766)
Payment of subordinated loans - (500,000)
Proceeds of marketable securities issued 2,555,920 -
Payments of matured marketable securities issued (7,927,500) (1,837,000)
Net cash used in financing activities (55,454,391) (54,998,209)
DECREASE IN CASH
AND CASH EQUIVALENTS (66,473,568) (84,272,308)
EFFECT OF EXCHANGE RATE
CHANGES ON FOREIGN CURRENCIES 4,331 402
CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF THE PERIOD 215,700,014 263,964,137
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 149,230,777 179,692,231
Cash and cash equivalents at
the end of the year consist of:
Cash 22,756,514 28,285,017
Current accounts with Bank Indonesia 78,605,263 88,356,200
Current accounts with other banks 23,081,341 30,719,648
Placement with Bank Indonesia and
other financial institutions - maturing
within three months or less since
the acquisition date 19,056,409 30,844,806
Bank Indonesia Certificates - maturing
within three months or less since
the acquisition date 5,731,250 1,486,560
Total Cash and Cash Equivalent 149,230,777 179,692,231
362
Page 366
These supplementary financial information are originally issued in the Indonesian language
PT BANK RAKYAT INDONESIA (PERSERO) TBK - ENTITAS INDUK
NOTES TO THE INTERIM FINANCIAL STATEMENTS – PARENT ENTITY
As of June 30, 2024 and for the Six-Mont Period Then Ended
(Expressed in millions of Rupiah, unless otherwise stated)
1. INVESTMENTS IN SUBSIDIARIES
Information related to subsidiaries owned by BRI is disclosed in Note 1f to the consolidated financial
statements.
As of June 30, 2024 and December 31, 2023, the parent entity has investment in subsidiaries as follows:
June 30, 2024 December 31, 2023
Percentage of Percentage of
Acquisition cost ownership Acquisition cost ownership
PT Bank Raya Indonesia Tbk 5,448,979 86.85% 5,448,979 86.85%
BRI Global Financial Services Co, Ltd.
(formerly BRI Remittance Co, Limited) 2,289 100.00 2,289 100.00
PT Asuransi BRI Life 1,626,643 51,00 1,626,643 54.77
PT BRI Multifinance Indonesia 1,055,003 99.88 1,055,003 99.88
PT BRI Danareksa Sekuritas 513,888 67.00 513,888 67.00
PT BRI Ventura Investama 2,148,090 99.97 2,148,090 99.97
PT BRI Asuransi Indonesia 1,041,000 90.00 1,041,000 90.00
PT Pegadaian 25,326,438 99.99 25,326,438 99.99
PT Permodalan Nasional Madani 6,073,819 99.99 6,073,819 99.99
PT BRI Manajemen Investasi (BRI-MI)
(formerly PT Danareksa Investment
Management (DIM)) 458,433 65.00 458,433 65.00
363
Names mentioned 178 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Bank Indonesia
p.4 ×68
unresolved
org
Bank Indonesia Certificates
p.14 ×4
unresolved
org
Government of the Republic of Indonesia
p.15 ×5
unresolved
person
Notary Muhani Salim
p.15
unresolved
org
Minister of Justice
p.15 ×2
unresolved
person
Notary Imas Fatimah
p.15 ×3
unresolved
org
Ministry of Justice
p.15
unresolved
org
Bank Indonesia’s Decision Letter
p.15
unresolved
person
Notary Fathiah Helmi
· Notaris
p.15 ×18
unresolved
org
Bapepam-LK
p.15 ×18
unresolved
org
Financial Services Authority
p.15 ×14
unresolved
org
Minister of Law and Human Rights
p.15 ×22
unresolved
org
Minister of Human Rights Law
p.15
unresolved
org
Minister of Finance and BRI
p.16
unresolved
org
Minister of Finance
p.16 ×3
unresolved
org
Minister of State-Owned Enterprises
p.16
unresolved
org
Indonesia Stock Exchange
p.16 ×3
unresolved
org
Ministry of Law and Human Rights
p.17 ×15
unresolved
org
BRI Global Financial Services Co. Ltd
p.21 ×3
unresolved
org
BRI Remittance Co. Ltd.
p.21 ×3
unresolved
org
PT Asuransi BRI Life
p.21 ×10
unresolved
org
PT BRI Multifinance Indonesia
p.21 ×6
unresolved
org
PT BRI Danareksa Sekuritas
p.21 ×4
unresolved
org
PT BRI Ventura Investama
p.21 ×5
unresolved
org
PT BRI Asuransi Indonesia
p.21 ×7
unresolved
org
PT BRI Manajemen Investasi
p.21 ×3
unresolved
org
Bank Agroniaga Tbk
p.23 ×4
unresolved
org
Bank Agro
p.23 ×6
unresolved
org
Bank Agro’s
p.23 ×4
unresolved
org
Bank Agro. Furthermore
p.23
unresolved
person
Notary Rusnaldy
p.23 ×2
unresolved
org
Bank Rakyat Indonesia Agroniaga Tbk
p.24 ×18
unresolved
person
Notary M. Nova Faisal
· Notaris
p.24 ×13
unresolved
org
Minister of Law
p.25 ×3
unresolved
org
Minister of Law and Human Rights People
p.26
unresolved
org
Bank Raya's Articles
p.27 ×6
unresolved
org
Bank Raya's
p.27 ×3
unresolved
org
BRIngin Remittance Co. Ltd
p.28
unresolved
org
BRIngin Remittance Company Limited
p.28 ×3
unresolved
org
BRI Remittance Company Limited
p.28 ×2
unresolved
org
BRI Global Financial Services Company Limited
p.28
unresolved
org
PT Asuransi Jiwa Bringin Jiwa Sejahtera
p.29 ×2
unresolved
org
PT Asuransi Jiwa Bringin Jiwa Sejahtera Shares Deed
p.29
unresolved
person
Notary Dahlia
p.29
unresolved
person
Jose Dima Satria
· Notaris
p.29 ×8
unresolved
org
FWD Financial Services Pte. Ltd.
p.29 ×3
unresolved
org
FWD Management Holding Limited
p.30 ×2
unresolved
org
FWD Management Holdings Limited
p.30 ×4
unresolved
org
PT Asuransi BRI Life No. AHU-AH.
p.30
unresolved
org
Ministry of Law
p.30 ×2
unresolved
org
PT Asuransi BRI Life No. AHU.
p.31
unresolved
org
Ministry of Finance
p.31 ×2
unresolved
org
Ministry of Finance Decision Letter
p.31
unresolved
org
PT BTMU-BRI Finance
p.31 ×3
unresolved
org
Yayasan Kesejahteraan Pekerja BRI
p.31
unresolved
person
I Gede Buda Gunamanta
· Notaris
p.31 ×2
unresolved
org
PT Sanwa-BRI Finance
p.31
unresolved
org
PT UFJ-BRI Finance
p.31
unresolved
person
Arry Supratno
· Notaris
p.32
unresolved
org
PT Sarana Nusa Tenggara Timur Ventura
p.32 ×2
unresolved
org
PT Bahana Artha Ventura
p.32
unresolved
person
Zantje Mathilda Voss Tomasowa
· Notaris
p.33
unresolved
org
Ministry of Laws and Human Rights
p.33
unresolved
org
PT Sarana Nusa Tenggara Timur Ventura. BRI Ventures'
p.33
unresolved
person
Notary Ashoya Ratam
· Notaris
p.33 ×3
unresolved
org
PT Danareksa Sekuritas
p.33 ×2
unresolved
person
Masjuki
p.33 ×2
unresolved
person
Fifidiana
p.34
unresolved
org
PT BRI Danareksa Sekuritas. This
p.34
unresolved
org
Minister of Law and Human Rights Republic of Indonesia No. AHU-
p.34
unresolved
org
PT BRI Danareksa Sekuritas' Articles
p.34
unresolved
org
PT Asuransi Bringin Sejahtera Artamakmur
p.35 ×3
unresolved
person
Dina Chozie
p.35
unresolved
org
Yayasan Kesejahteraan Pekerja
p.35
unresolved
person
Tri Wahyuwidayati
· Notaris
p.35
unresolved
person
Hj. Zun Nur Ain Fauzia
· Notaris
p.35 ×2
unresolved
org
PT BRI Asuransi Indonesia's Articles
p.35
unresolved
org
Minister of SOEs
p.36 ×2
unresolved
person
Nanda Fauz Iwan
p.36
unresolved
org
PT Pegadaian No. AHU-AH.
p.36
unresolved
person
Ida Sofia
· Notaris
p.37
unresolved
person
Hadijah
· Notaris
p.37
unresolved
org
Bank Perkreditan Rakyat
p.37
unresolved
person
Notary Fifidiana
p.38 ×2
unresolved
org
PT BRI
p.38
unresolved
org
Bank Indonesia Deposit Certificates
p.39 ×2
unresolved
org
Bank Indonesia. As
p.75
unresolved
org
Bank Indonesia Regulation
p.75 ×2
unresolved
org
Bank Indonesia’s
p.76 ×3
unresolved
org
Bank Indonesia's Incentive CAR
p.76
unresolved
org
Bank Muamalat Indonesia Tbk
p.77 ×3
unresolved
org
PT Bank DKI
p.77 ×3
unresolved
org
PT CIMB Niaga Tbk
p.77
unresolved
org
Niaga Tbk
p.77
unresolved
org
Sumitomo Mitsui Banking Corporation
p.78
unresolved
org
Bank Singapore
p.78
unresolved
org
PT Bank Hibank Indonesia
p.78
unresolved
org
PT Bank Mayora
p.78
unresolved
org
Bank Indonesia Deposit Facility
p.81
unresolved
org
PT BPD Sulawesi Selatan
p.81
unresolved
org
PT BPD Jawa Barat
p.81 ×2
unresolved
org
Banten Tbk
p.81 ×2
unresolved
org
PT Bank Sahabat Sampoerna
p.81
unresolved
org
PT BPD Kalimantan Selatan
p.81
unresolved
org
PT BPD Sumatera Utara
p.81
unresolved
org
PT BPD Maluku
p.81
unresolved
org
PT BPD Sumatera Selatan
p.81 ×2
unresolved
org
PT BPD Sulawesi Tenggara
p.81
unresolved
org
PT BPD Sulawesi Tengah
p.81
unresolved
org
PT BPD Sulawesi Utara Gorontalo
p.81 ×2
unresolved
org
PT BPD Yogyakarta
p.81
unresolved
org
PT Bank KB Bukopin Syariah
p.81
unresolved
org
PT BTPN Syariah Tbk
p.81
unresolved
org
Syariah Tbk
p.81
unresolved
org
PT Bank Jawa Barat
p.81
unresolved
org
PT BPD Jambi
p.81
unresolved
org
Bank Indonesia Term Deposit
p.82
unresolved
org
New York Mellon Corporation
p.82
unresolved
org
Bank Taiwan
p.82
unresolved
org
Shanghai Banking Co., Ltd
p.82
unresolved
org
PT Bank Mandiri Taspen
p.83
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