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20240327_BMTP_Laporan Hasil Pemeringkatan_31619972_lamp1.pdf
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Banks
Universal Commercial Banks
Indonesia
Ratings
Nationaal Rating
PT Bank Mandiri Taspen National Long-Term Rating
Sovereign Risk (Indonesia)
AA(idn)
Long-Term Foreign-Currency BBB
IDR
Long-Term Local-Currency IDR BBB
Country Ceiling BBB
Key Rating Drivers Outlooks
National Long-Term Rating Stable
Support-Driven Ratings: PT Bank Mandiri Taspen’s (Bank Mantap) National Long-Term Rating Sovereign Long-Term Foreign- Stable
is driven by Fitch Ratings' expectation of extraordinary support from its parent, PT Bank Currency IDR
Mandiri (Persero) Tbk (Mandiri, BBB-/AA+(idn)/Stable/bbb-), which has a controlling 51% Sovereign Long-Term Local- Stable
stake, and the Indonesian sovereign (BBB/Stable), the ultimate shareholder, if needed. Currency IDR
State-owned Mandiri is Indonesia's largest bank in terms of total assets. PT Taspen, a state-
owned pension management company that manages pension funds for Indonesia's civil
servants, holds around 48% of the shares in Bank Mantap.
Anchored to Parent's IDR: The subsidiary's rating is linked to its parent's Long-Term Issuer
Default Rating (IDR), as we deem that extraordinary support would be allowed to flow from the
Indonesian sovereign through Mandiri, if necessary. This is based on our view of the high
reputational risk for Mandiri, and in turn the government, should Bank Mantap, a subsidiary of
a state-owned bank, be allowed to fail. A default by Bank Mantap would also be a politically
sensitive issue for the government given its role as a bank for retired civil servants.
Moderate Support Propensity: We believe Bank Mantap is a strategically important subsidiary
for Mandiri as it provides a foothold for the parent in the lucrative pension loan business, a fast-
expanding banking segment that Fitch regards as low risk because the loans are secured against
borrowers' regular pension payments. Parental support propensity is enhanced by name
sharing, a record of capital injections, funding origination support, and Bank Mantap's
increasing contribution to the parent.
Parent's Strong Ability to Support: Fitch believes Mandiri will be able to provide support to
Bank Mantap due to the subsidiary's relatively small size, with assets that accounted for 2.83%
of the parent's consolidated assets as of June 2023 (2022: 2.75%). Applicable Criteria
Bank Rating Criteria (September 2023)
Standalone Credit Profile: Bank Mantap's standalone profile does not drive its ratings. The National Scale Rating Criteria
profile reflects its small franchise in the Indonesian banking sector, acceptable asset quality and (December 2020)
profitability, and above-industry average loan growth that puts some pressure on its
capitalisation and funding, which mainly rely on high-cost time deposits. Its capitalisation and Related Research
funding benefit from ordinary support from the parent, mainly through regular capital injections Fitch Affirms Indonesia at 'BBB'; Outlook
Stable (September 2023)
and depositor referrals.
EM100 Banks Tracker – End-2022
(June 2023)
Indonesian State-Owned Banks - Peer
Review 2023 (March 2023)
Indonesian Banks' Ratings Unaffected by
Waskita Karya Debt Saga (February 2023)
Risk-Weight Standardisation to Boost
Indonesian Bank Capital Ratios; Neutral to
Ratings (January 2023)
Analysts
Lucky Ariesandi
+62 21 4000 0840
lucky.ariesandi@fitchratings.com
Roy Purnomo
+62 21 4000 0982
roy.purnomo@fitchratings.com
Rating Report │ 15 November 2023 fitchratings.com 1
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Banks
Universal Commercial Banks
Indonesia
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
A downgrade in Mandiri's National Long-Term Rating would lead to a downgrade of Bank Mantap's National Long-
Term Rating. A perceived decline in the parent's propensity to provide support could also result in negative rating
action, which may be caused by deterioration in Bank Mantap's performance, leading to a sustained weaker
contribution to its parent, a reduction in Mandiri's ownership, or a diminishing role in the parent's overall strategy.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Fitch may take positive action on the National Long-Term Rating if Mandiri's National Long-Term Rating is upgraded
or we believe that Bank Mantap has become more integral and strategically important to Mandiri's overall business.
This perceived greater importance may stem from a substantial increase in Mandiri's ownership or a much larger
contribution to the parent. However, we believe this is unlikely in the short term.
Other Debt and Issuer Ratings
Rating level Rating Outlook
Senior unsecured AA(idn) n.a.
Source: Fitch Ratings
Bank Mantap's debt programme and bonds issued under the programme are rated at the same level as its National
Long-Term Rating, in accordance with Fitch criteria. This is because the instruments represent direct, senior
obligations of the company and rank equally with all its senior obligations. Indonesia does not have a sophisticated
resolution framework, and we believe these obligations have average recovery prospects.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
An upgrade in Bank Mantap's National Long-Term Rating would lead to a corresponding upgrade of its issue ratings.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Any downgrade of Bank Mantap's National Long-Term Rating would lead to a corresponding downgrade of its issue
ratings.
PT Bank Mandiri Taspen
Rating Report │ 15 November 2023 fitchratings.com 2
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Banks
Universal Commercial Banks
Indonesia
Financials
Summary Financials
30 Jun 23 31 Dec 22 31 Dec 21 31 Dec 20
6 months - interim 6 months - interim Year end Year end Year end
(USDm) (IDRm) (IDRm) (IDRm) (IDRm)
Audited - Audited - Audited -
Unaudited Unaudited unqualified unqualified unqualified
Summary income statement
Net interest and dividend income 110 1,652,727.0 3,221,705.0 2,624,156.0 1,691,864.3
Net fees and commissions 6 87,178.0 80,973.0 112,036.0 65.0
Other operating income 2 30,613.0 97,465.0 66,237.0 261,069.8
Total operating income 118 1,770,518.0 3,400,143.0 2,802,429.0 1,952,999.1
Operating costs 49 740,571.0 1,555,145.0 1,244,169.0 1,019,837.8
Pre-impairment operating profit 69 1,029,947.0 1,844,998.0 1,558,260.0 933,161.3
Loan and other impairment charges 1 13,124.0 274,863.0 718,372.0 370,166.0
Operating profit 68 1,016,823.0 1,570,135.0 839,888.0 562,995.3
Other non-operating items (net) 0 -2,866.0 -2,900.0 1,343.0 5,527.7
Tax 17 257,745.0 361,123.0 195,554.0 139,363.4
Net income 50 756,212.0 1,206,112.0 645,677.0 429,159.6
Other comprehensive income 5 81,734.0 -70,034.0 -23,661.7 24,398.0
Fitch comprehensive income 56 837,946.0 1,136,078.0 622,015.3 453,557.6
Summary balance sheet
Assets
Gross loans 2,568 38,584,401.0 36,910,969.0 31,351,083.0 25,662,416.4
- Of which impaired 19 285,214.0 277,107.0 235,287.0 201,429.1
Loan loss allowances 75 1,132,822.0 1,156,328.0 722,751.0 510,818.5
Net loans 2,492 37,451,579.0 35,754,641.0 30,628,332.0 25,151,597.9
Interbank 35 519,997.0 4,021,788.0 795,541.0 5,574,121.2
Derivatives n.a. n.a. n.a. n.a. n.a.
Other securities and earning assets 880 13,225,432.0 12,082,377.0 12,162,613.0 3,255,811.3
Total earning assets 3,407 51,197,008.0 51,858,806.0 43,586,486.0 33,981,530.4
Cash and due from banks 258 3,873,063.0 755,721.0 777,283.0 288,638.0
Other assets 84 1,263,493.0 1,300,528.0 1,178,095.0 829,597.9
Total assets 3,749 56,333,564.0 53,915,055.0 45,541,864.0 35,099,766.3
Liabilities
Customer deposits 2,784 41,832,019.0 40,664,296.0 34,127,887.0 27,581,288.4
Interbank and other short-term funding 10 144,852.0 270,791.0 116,951.0 14,722.0
Other long-term funding 419 6,296,451.0 5,795,395.0 5,741,637.0 3,094,821.8
Trading liabilities and derivatives n.a. n.a. n.a. n.a. n.a.
Total funding and derivatives 3,213 48,273,322.0 46,730,482.0 39,986,475.0 30,690,832.2
Other liabilities 150 2,259,399.0 2,101,065.0 1,527,249.0 938,435.5
Preference shares and hybrid capital n.a. n.a. n.a. n.a. n.a.
Total equity 386 5,800,843.0 5,083,508.0 4,028,140.0 3,470,498.6
Total liabilities and equity 3,749 56,333,564.0 53,915,055.0 45,541,864.0 35,099,766.3
Exchange rate USD1 = USD1 = USD1 = USD1 =
IDR15026 IDR15731 IDR14269.005 IDR14105.005
Source: Fitch Ratings, Fitch Solutions, Bank Mantap
PT Bank Mandiri Taspen
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Banks
Universal Commercial Banks
Indonesia
Key Ratios
30 Jun 23 31 Dec 22 31 Dec 21 31 Dec 20
Ratios (annualised as appropriate)
Profitability
Operating profit/risk-weighted assets 8.5 6.3 4.0 3.3
Net interest income/average earning assets 6.4 6.8 6.7 5.8
Non-interest expense/gross revenue 41.8 45.7 44.4 52.2
Net income/average equity 27.8 26.6 17.2 14.9
Asset quality
Impaired loans ratio 0.7 0.8 0.8 0.8
Growth in gross loans 4.5 17.7 22.2 26.3
Loan loss allowances/impaired loans 397.2 417.3 307.2 253.6
Loan impairment charges/average gross loans 0.1 0.8 2.2 1.6
Capitalisation
Common equity Tier 1 ratio 22.9 19.1 18.3 16.3
Fully loaded common equity Tier 1 ratio n.a. n.a. n.a. n.a.
Fitch Core Capital ratio n.a. n.a. n.a. n.a.
Tangible common equity/tangible assets 9.9 8.9 8.5 9.6
Basel leverage ratio 9.9 8.9 8.5 8.0
Net impaired loans/common equity Tier 1 -15.3 -18.4 -12.7 -11.1
Net impaired loans/Fitch Core Capital n.a. n.a. n.a. n.a.
Funding and liquidity
Gross loans/customer deposits 92.2 90.8 91.9 93.0
Gross loans/customer deposits + covered bonds n.a. n.a. n.a. n.a.
Liquidity coverage ratio n.a. n.a. n.a. n.a.
Customer deposits/total non-equity funding 86.7 87.0 85.4 89.9
Net stable funding ratio n.a. n.a. n.a. n.a.
Source: Fitch Ratings, Fitch Solutions, Bank Mantap
PT Bank Mandiri Taspen
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Banks
Universal Commercial Banks
Indonesia
SOLICITATION & PARTICIPATION STATUS
For information on the solicitation status of the ratings included within this report, please refer to the solicitation
status shown in the relevant entity’s summary page of the Fitch Ratings website.
For information on the participation status in the rating process of an issuer listed in this report, please refer to the
most recent rating action commentary for the relevant issuer, available on the Fitch Ratings website.
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PT Bank Mandiri Taspen
Rating Report │ 15 November 2023 fitchratings.com 5
Names mentioned 15 people and organisations named in the text · linked when the evidence is strong
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PT Bank Mandiri Taspen
p.4
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PT Bank Mandiri Taspen’s
p.4
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Bank Mantap
p.4 ×6
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Currency IDR Mandiri (Persero) Tbk
p.4
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org
Bank Mantap. Anchored
p.4
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Bank Mantap's
p.4 ×4
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Bank Capital Ratios
p.4
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Bank Mantap's National Long-Term Rating. A
p.5
unresolved
org
Bank Mantap's National Long-Term Rating
p.5 ×2
unresolved
org
PT Bank Mandiri Taspen Rating
p.5 ×4
unresolved
org
Fitch Australia Pty Ltd
p.8
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Fitch Ratings Ltd.
p.8
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