2018 - idx.co.id...menuju level selanjutnya melalui transformasi yang meliputi bidang bisnis,...

PREPARING FOR DIGITAL ECOSYSTEMS THROUGH TRANSFORMATION TO SUPPORT SUSTAINABLE BUSINESS

PT Bank Tabungan Negara (Persero) Tbk

Menara Bank BTNJl. Gajah Mada No. 1 Jakarta 10130T. 021 - 6336 789, 6332 2666F. 021 - 6346 704Email: [email protected] Center: 1500286

PREPARING FOR DIGITAL ECOSYSTEMS THROUGH TRANSFORMATION TO SUPPORT SUSTAINABLE BUSINESS

Annual Report2018

Annual Report2018

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THROUGH TRANSFORMATION

TO SUPPORT SUSTAINABLE BUSINESSA

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1Mempersiapkan Ekosistem Digital Melalui Transformasi Untuk Mendukung Bisnis yang Berkelanjutan

Pendukung Bisnis Tata Kelola Perusahaan Tanggung Jawab Sosial Perusahaan Laporan Keuangan Audited

Ikhtisar Utama 2018 Laporan Manajemen Profil Perseroan Analisis dan Pembahasan Manajemen

MEMPERSIAPKAN EKOSISTEM DIGITAL

MELALUI TRANSFORMASI UNTUK MENDUKUNG BISNIS YANG

BERKELANJUTANDi tengah kondisi bisnis perbankan yang penuh tantangan, Perseroan mampu memantapkan kinerjanya dibuktikan dengan keberhasilan dalam meningkatkan posisinya yang cukup kompetitif di industri perbankan dan sektor perumahan nasional, khususnya pada realisasi Program Sejuta Rumah. Keberhasilan kinerja tersebut, tidak terlepas dari proses transformasi Digital Banking yang secara konsisten diterapkan oleh Perseroan, sehingga Perseroan mampu beradaptasi dengan cepat dalam menghadapi perubahan industri perbankan yang semakin kompleks.

Menyadari tantangan ke depan, Perseroan telah mengambil langkah penting untuk memperkuat fundamental keuangan khususnya dalam mempersiapkan implementasi Pernyataan Standar Akuntansi Keuangan (PSAK) 71 yang semakin dekat. Untuk itu, di tahun 2018 Perseroan telah memperkuat tata kelola proses bisnis yang lebih prudent dan meningkatkan penambahan biaya Cadangan Kerugian Penurunan Nilai (CKPN) sebagai upaya untuk meningkatkan rasio coverage.

Bagi Perseroan, transformasi Digital Banking dengan upaya memperkuat fundamental keuangan merupakan keharusan untuk mengelola tantangan bisnis perbankan kedepannya, guna mewujudkan pertumbuhan yang berkelanjutan dan Perseroan dapat terus berkontribusi dalam meningkatkan perekonomian bangsa.

2 Laporan Tahunan 2018PT Bank Tabungan Negara (Persero) Tbk.

TEMA DAN KESINAMBUNGAN TEMA

2012 2013 2014 2015

Rumah tidak hanya merupakan kebutuhan pokok (human basic needs) bagi keluarga Indonesia, namun lebih dari itu. Sektor properti memiliki peran yang penting bagi perekonomian nasional. Tak kurang dari 175 industri bergantung pada sektor ini. Banyak sekali tenaga kerja yang dapat diserap, sehingga berdampak pada berkurangnya pengangguran.

Dedicated to Indonesian Families

Transformasi yang didukung dengan implementasi Tata Kelola yang baik dalam Pencapaian Bisnis Berkualitas

BTN 5IAP Menjadi Pemain Utama Program Sejuta Rumah

BTN TERDEPAN, GCG RUMAHKOE

Mengarungi tahun 2013, Perseroan dalam proses menuju level selanjutnya melalui transformasi yang meliputi bidang bisnis, budaya, serta infrastruktur (foundations). Sesuai fokus dan visi Perseroan untuk menjadi bank terkemuka dalam pembiayaan perumahan, maka tahun 2013 dapat diilustrasikan sebagai dasar dalam membangun rumah Perseroan. Seperti seseorang yang mendirikan rumah, maka orang itu akan menggali dalam dan meletakkan dasarnya di atas batu yang kokoh, sehingga ketika datang air bah dan banjir melanda rumah itu, rumah itu tidak dapat digoyahkan, karena rumah itu kokoh dibangun.

Menghadapi tahun 2015 yang sering disebut sebagai era ekonomi baru, era persaingan bebas ASEAN, Perseroan meluncurkan tagline yang sekaligus menjadi budaya perusahaan yang baru yaitu BTN TERDEPAN, GCG RUMAHKOE. Tagline baru ini menunjukkan tekad Perseroan yang besar untuk mewujudkan visi perusahaan “Menjadi Bank yang terdepan dalam pembiayaan perumahan” dengan berlandaskan pada Good Corporate Governance.

Posisi Perseroan di bidang pembiayaan perumahan semakin kokoh. Ditopang sejarah panjang di bidang tersebut, ditambah “Program 5 Siap”, maka Perseroan siap menjadi pemain utama program Sejuta Rumah yang dicanangkan pemerintah. 5 Siap itu adalah Siap Sumber Daya Manusia (SDM), Siap Teknologi, Siap Proses Bisnis, Siap Pendanaan dan Siap Suplai Rumah. Dengan bekal itu, Perseroan yakin akan terus dapat meningkatkan kinerjanya kini dan di masa mendatang.



2016 2017 2018Mengokohkan Landasan Pertumbuhan Berkelanjutan, Mendukung Akselerasi Program Sejuta Rumah

Transformasi Berbasis Digital Banking untuk Mendukung Penguatan dan Perluasan Bisnis Perumahan

MEMPERSIAPKAN EKOSISTEM DIGITAL

MELALUI TRANSFORMASI UNTUK MENDUKUNG BISNIS YANG

BERKELANJUTANDi tengah kondisi bisnis perbankan yang penuh tantangan, Perseroan mampu memantapkan kinerjanya dibuktikan dengan keberhasilan dalam meningkatkan posisinya yang cukup kompetitif di industri perbankan dan sektor perumahan nasional, khususnya pada realisasi Program Sejuta Rumah. Keberhasilan kinerja tersebut, tidak terlepas dari proses transformasi Digital Banking yang secara konsisten diterapkan oleh Perseroan, sehingga Perseroan mampu beradaptasi dengan cepat dalam menghadapi perubahan industri perbankan yang semakin kompleks.

Menyadari tantangan ke depan, Perseroan telah mengambil langkah penting untuk memperkuat fundamental keuangan khususnya dalam mempersiapkan implementasi Pernyataan Standar Akuntansi Keuangan (PSAK) 71 yang semakin dekat. Untuk itu, di tahun 2018 Perseroan telah memperkuat tata kelola proses bisnis yang lebih prudent dan meningkatkan penambahan biaya Cadangan Kerugian Penurunan Nilai (CKPN) sebagai upaya untuk meningkatkan rasio coverage.

Bagi Perseroan, transformasi Digital Banking dengan upaya memperkuat fundamental keuangan merupakan keharusan untuk mengelola tantangan bisnis perbankan kedepannya, guna mewujudkan pertumbuhan yang berkelanjutan dan Perseroan dapat terus berkontribusi dalam meningkatkan perekonomian bangsa.

Transformasi Perseroan berbasis digital menjadi prioritas Perseroan di tahun 2017. Sebab dominasi digital pada aspek bisnis di segala sektor dan lini sudah kian nyata. Pemahaman Perseroan terhadap generasi milenial serta pengembangan SDM generasi milenial menjadi perhatian manajemen Perseroan untuk mengantisipasi persaingan khususnya dalam menghadapi Masyarakat Ekonomi ASEAN (MEA) dan kehandalan bersaing di market saat ini. Perseroan akan terus mengembangkan penggunaan teknologi digital terkini yang khusus maupun bersifat umum untuk mendukung layanan dan jaringannya.

Di tahun 2016 Perseroan mampu mencatatkan keberhasilan dalam kinerja, menerapkan praktik tata kelola perusahaan secara baik, dan meraih citra positif di mata publik. Keberhasilan dicapai berkat konsistensi Perseroan dalam menjalankan bisnis berdasarkan kaidah industri dan niaga yang sehat, memiliki sumber daya yang mampu menghasilkan value creation, comply dengan peraturan dan memiliki arah serta strategi yang jelas.


DAFTAR ISI

Tema dan Kesinambungan Tema xxxDaftar Isi xxxPencapaian Penting Perseroan Tahun 2018 xxxBTN Agile Transformation Journey xxx2018 Digital Banking Projects xxxTestimoni xxx

IDENTITAS PERUSAHAAN 64Milestone Perseroan 66Riwayat Singkat Perseroan 68Visi, Misi, Dan Nilai Budaya Perusahaan 70Strategi Mencapai Visi dan Misi 73BTN Transformation Journey 74Brand Perusahaan 75Bidang Usaha 76Kegiatan Usaha yang Dijalankan 77Produk dan Jasa 78Struktur Organisasi Perseroan 94Profil Dewan Komisaris 96Profil Dewan Pengawas Syariah 107Profil Direksi 110Profil Pejabat Satu Level di Bawah Direksi 121Profil Pejabat Eksekutif 122Pendidikan dan/atau PelatihanDewan Komisaris, Direksi, Komite-Komite, Sekretaris Perusahaan dan Unit Audit Internal 126Statistik Jumlah Karyawan dan Data Pengembangan Kompetensi 126Struktur Grup 130Komposisi Pemegang Saham 130Jumlah Pemegang Saham dan Persentase Berdasarkan Klasifikasi 133Entitas Anak dan Entitas Asosiasi 133Kronologi Penerbitan dan Pencatatan Saham 134Kronologi Pencatatan Efek Lainnya 135Lembaga dan Profesi Penunjang Pasar Modal 138Informasi pada Situs Website Perseroan 139Jaringan Mitra Usaha 141Peta Wilayah Operasional 142Nama dan Alamat Kantor Wilayah dan Cabang 144

Ikhtisar Data Keuangan Penting 16Ikhtisar Bisnis dan Operasional 20Ikhtisar Saham Perseroan 22Informasi Bagi Investor dan Pemegang Saham 24Aksi Korporasi 2018 26Ikhtisar Obligasi, Sukuk atau Obligasi Konversi Dalam 2 (Dua) Tahun Terakhir 26Peristiwa Penting 2018 28Penghargaan dan Sertifikasi 32

01IKHTISAR UTAMA 2018

03PROFIL PERSEROAN

Laporan Dewan Komisaris 40Laporan Direksi 46Tanggung Jawab Pelaporan Tahunan 60

02LAPORAN MANAJEMEN




Tinjauan Makroekonomi dan Industri 152Perekonomian Global 152Perekonomian Indonesia 153Tinjauan Industri Perbankan 155Industri Perumahan 156

Tinjauan Operasi per Segmen Usaha 158Informasi Segmen Usaha 158Kinerja per Segmen Usaha 160

Konvensional 160Syariah 168Jasa dan Layanan Perbankan 171

Pendapatan dan Profitabilitas per Segmen Usaha 174Aspek Pemasaran 176

Strategi Pemasaran 176Strategi Digital Banking 178

Analisis Kinerja Keuangan 182Laporan Posisi Keuangan 182Laporan Laba Rugi 193Laporan Arus Kas 197Komitmen dan Kontinjensi 197Suku Bunga Dasar Kredit 198Analisa Kemampuan Membayar Utang dan Kolektibilitas Piutang serta Rasio Keuangan yang Relevan 199Transaksi Spot dan Derivatif 203

Informasi Material Lainnya 204Struktur Modal dan Kebijakan Manajemen atas Struktur Modal Serta Dasar Penentuan Kebijakan 204Ikatan Material untuk Investasi Barang Modal 207Investasi Barang Modal pada Tahun Buku Terakhir 207Informasi dan Fakta Material yang Terjadi Setelah Tanggal Laporan Akuntan 207Perbandingan antara Target & Realisasi 2018 208Key Performance Indicator (KPI) & Kesehatan Bank 210Kebijakan Dividen dan Pembagiannya 211Program Kepemilikan Saham oleh Karyawan dan/atau Manajemen (ESOP/MSOP) 211Realisasi Penggunaan Dana HasilPenawaran Umum 213Dampak Perubahan Suku BungaTerhadap Kinerja Bank 214

Informasi Transaksi Material yang Mengandung Benturan Kepentingan dan/atau Transaksi dengan Pihak Afiliasi/Pihak Berelasi 215Informasi Transaksi Terkait Investasi, Ekspansi, Divestasi, Penggabungan Usaha, Akuisisi, Restrukturisasi, Transaksi Afiliasi dan Transaksi Benturan Kepentingan 219Perubahan Kebijakan Akuntansi dan Dampaknya yang Diterapkan di Tahun 2018 220Perubahan Peraturan Perundangundanganyang Berpengaruh Signifikan Terhadap Perusahaan 220Kontribusi Kepada Negara 222Informasi Kelangsungan Usaha 222

Prospek Usaha 224Prospek Makroekonomi 2019 224Prospek Sektor Perumahan dan Perkembangan Program Sejuta Rumah 226Strategi Pengembangan Usaha 227

Manajemen Risiko 232Struktur Modal 232Penerapan Manajemen Risiko 234Risiko Kredit 237Risiko Pasar 259Risiko Operasional 260Risiko Likuiditas 260Risiko Hukum 266Risiko Stratejik 266Risiko Kepatuhan 266Risiko Reputasi 266

04ANALISIS DAN PEMBAHASAN MANAJEMEN

HUMAN CAPITAL 270TATA KELOLA TEKNOLOGI INFORMASI 286

05PENDUKUNG BISNIS


Tata Kelola Perusahaan 302Dasar, Tujuan, dan Komitmen Penerapan GCG 305Implementasi GCG yang Berkelanjutan 308Penilaian GCG Perseroan 317Struktur, Kebijakan dan MekanismeTata Kelola Perseroan 325Rapat Umum Pemegang Saham 327Dewan Komisaris 339Komisaris Independen 352Direksi 354Hubungan Kerja Dewan Komisaris dan Direksi 367Hubungan Afiliasi antara Dewan Komisaris, Direksi dan Pemegang Saham Utama/Pengendali 369Kebijakan Keberagaman Komposisi Anggota Dewan Komisaris dan Direksi 371Tata Kelola Remunerasi 375Rapat Dewan Komisaris dan Direksi 385Organ dan Komite di Bawah Dewan Komisaris 403Komite-Komite di Bawah Direksi 437Sekretaris Perusahaan 445Fungsi Kepatuhan 452Fungsi Audit Internal 461Fungsi Audit Eksternal 472Fungsi Manajemen Risiko 475Sistem Pengendalian Intern 494Permasalahan Hukum 498Sanksi Administrasi 499Akses Informasi dan Data Perseroan 499Kode Etik Perusahaan (Code of Conduct) 507

Pengungkapan Budaya Perusahaan(Corporate Culture) 510Kebijakan Pengendalian Gratifikasi 512Kebijakan Pengadaan Barang dan Jasa 517Sistem Pelaporan Pelanggaran(Whistleblowing System) 512Tata kelola Unit Usaha Syariah (UUS) 525Buy Back Saham dan Buy Back Obligasi 536Penyediaan Dana Kepada Pihak Terkait (Related Party) dan Dana Besar (Large Exposure) 536Pemberian Dana untuk Kegiatan Sosial 537Penyediaan Dana Untuk Kegiatan Politik 538Pengungkapan Informasi tentang Sanksi Administrasi Otoritas Pasar Modal dan Otoritas Lainnya 538Transaksi yang Mengandung Benturan Kepentingan 538Transparansi Kondisi Keuangan dan Non Keuangan 539Rencana Strategis Bank 540Pernyataan dan Praktik Bad Corporate Governance 546Pernyataan dan Praktik Good Corporate Governance 546 Pernyataan Efektivitas Sistem Pengendalian Intern dan Manajemen Risiko 547

06TATA KELOLA PERUSAHAAN




Referensi Peraturan Otoritas Jasa Keuangan (OJK) dan Kriteria Annual Report Award (ARA) 2018 xxxRekomendasi ARA Tahun 2016 yang Telah Ditindaklanjuti xxxGlosarium xxx

LAMPIRAN

08LAPORAN KEUANGAN AUDITED

Tanggung Jawab Sosial Perusahaan 550Tanggung Jawab Sosial Terkait HakAsasi Manusia 558Tanggung Jawab dalam Bidang Lingkungan Hidup 560Tanggung Jawab dalam Bidang Ketenagakerjaan, Kesehatan dan Keselamatan Kerja 566Tanggung Jawab dalam Bidang Pengembangan Sosial dan Kemasyarakatan 572Tanggung Jawab dalam Bidang Produk dan Nasabah 580

07TANGGUNG JAWAB SOSIAL PERUSAHAAN

14 2018 Annual ReportPT Bank Tabungan Negara (Persero) Tbk.

HIGHLIGHT 2018

Ikhtisar Data Keuangan Penting 23Informasi Harga Saham Perseroan 2018 32

Kondisi Pasar Modal dan Kinerja SahamPerseroan Tahun 2018 32

Ikhtisar Saham Perseroan Tahun 2018 35Informasi Obligasi, Sukuk atau Obligasi Konversi Dalam 2 (dua) Tahun Terakhir 37

15Preparing for Digital Ecosystems through Transformation to Support Sustainable Business

Business Suporting Corporate Governance Corporate Social Responsibility Audited Financial Report

Highlight 2018 Management Report Company Profile Management Discussion and Analysis


IKHTISAR DATA KEUANGAN PENTING

2014 2015 2016 2017 2018

Posisi Keuangan (Rp Juta)

Aktiva Produktif 132.191.657 157.048.684 195.780.299 237.786.483 278.281.124

Kredit yang Diberikan 106.271.277 127.732.158 150.221.960 181.002.783 215.716.247

Pembiayaan/Piutang Syariah 9.644.524 11.223.646 14.224.421 17.987.798 22.041.427

Penempatan pada Bank Indonesia dan Bank Lain 1.496.455 7.839.477 17.581.350 24.697.503 26.464.760

Efek-Efek 5.446.372 1.819.562 4.186.141 7.720.954 5.868.658

Obligasi Pemerintah 8.238.065 8.230.908 9.243.639 8.183.973 9.393.138

Jumlah Aset 144.582.353 171.807.592 214.168.479 261.365.267 306.436.194

Simpanan dari Nasabah 106.470.677 127.708.670 147.787.618 177.091.421 211.034.488

Giro 22.001.200 29.152.160 42.643.680 50.019.826 53.673.188

Tabungan 25.230.736 29.402.734 32.776.835 38.217.936 38.350.839

Deposito Berjangka 50.491.284 58.049.240 69.536.953 85.481.932 115.462.283

Simpanan dari Bank Lain 1.179.269 1.721.198 3.643.889 5.063.433 2.992.579

Efek-Efek yang Dijual Dengan Janji Dibeli Kembali

3.817.603 2.135.091 1.385.000 1.385.000 935.000

Surat Berharga yang Diterbitkan 8.519.884 12.492.202 14.919.910 20.480.459 20.644.760

Pinjaman yang Diterima 6.998.213 7.726.728 4.999.616 7.991.053 15.499.493

Jumlah Liabilitas 132.329.458 157.947.485 182.828.998 223.937.463 263.784.017

Jumlah Dana Syirkah Temporer - - 12.208.945 15.764.370 18.811.729

Jumlah Ekuitas 12.252.895 13.860.107 19.130.536 21.663.434 23.840.448

Laba Rugi (Rp Juta)

Pendapatan Bunga dan Bagi Hasil 12.807.328 14.966.209 17.138.819 20.091.600 22.851.758

Beban Bunga, Bagi Hasil dan Bonus (7.342.747) (8.155.133) (8.975.274) (10.750.660) (12.762.581)

Pendapatan Bunga dan Bagi Hasil - Neto 5.464.581 6.811.076 8.163.545 9.340.940 10.089.177

Pendapatan Operasional Lainnya 894.82 1.106.526 1.282.822 1.605.931 2.071.594

Penyisihan Kerugian Penurunan Nilai Aset Keuangan dan Non Keuangan

(771.166) (901.008) (707.531) (884.401) (1.714.427)

Pembalikan (Beban) Estimasi Penyisihan Penurunan Nilai Komitmen dan Kontijensi

(729) 7.198 - - -

Beban Operasional Lainnya (4.010.139) (4.490.187) (5.386.604) (6.170.567) (6.852.544)

Laba Operasional 1.577.367 2.533.605 3.352.232 3.891.903 3.593.800

Pendapatan Bukan Operasional - Neto 1.960 8.281 (22.148) (30.348) 16.475

Laba Sebelum Beban Pajak 1.579.327 2.541.886 3.330.084 3.861.555 3.610.275

Beban Pajak (433.755) (690.979) (711.179) (834.089) (802.352)

Laba Tahun Berjalan 1.145.572 1.850.907 2.618.905 3.027.466 2.807.923

Laba tahun Berjalan yang dapat diatribusikan kepada:

• Pemilik 1.145.572 1.850.907 2.618.905 3.027.466 2.807.923

• Kepentingan Non Pengendali - - - - -

Laba Komprehensif Tahun Berjalan-Setelah Pajak

1.120.716 1.811.337 5.631.617 3.056.679 2.782.507

Laba Komprehensif Tahun Berjalan yang dapat diatribusikan kepada:

• Pemilik 1.120.716 1.811.337 5.631.617 3.056.679 2.782.507

• Kepentingan Non Pengendali - - - - -

Laba per Saham (Nilai Penuh) 108 175 247 286 265




2014 2015 2016 2017 2018

Rasio Keuangan (%)

Rasio Kecukupan Modal (CAR) 14,64 16,97 20,34 18,87 18,21

Non Performing Loan (NPL) Gross 4,01 3,42 2,84 2,66 2,82

Non Performing Loan (NPL) Netto 2,76 2,11 1,85 1,66 1,83

Return On Asset (ROA) 1,14 1,61 1,76 1,71 1,34

Return On Equity (ROE) 10,95 16,84 18,35 18,11 14,93

Net Interest Margin (NIM) 4,47 4,87 4,98 4,76 4,32

Biaya Operasonal Terhadap Pendapatan Operasional (BOPO)

88,97 84,83 82,48 82,06 85,58

Loan to Deposit Ratio (LDR) 108,86 108,78 102,66 103,13 103,25

Persentase Pelanggaran BMPK

• Pihak Terkait 0,00 0,00 0,00 0,00 0,00

• Pihak Tidak Terkait 0,00 0,00 0,00 0,00 0,00

Persentase Pelampauan BMPK

• Pihak Terkait 0,00 0,00 0,00 0,00 0,00

• Pihak Tidak Terkait 0,00 0,00 0,00 0,00 0,00

Giro Wajib Minimum (GWM)

GWM Utama Rupiah:

• Konvensional 8,09 7,95 6,72 7,02 6,61

• Syariah 5,09 5,04 5,08 5,00 5,30

GWM Valuta Asing 8,39 8,08 8,47 8,38 8,69

Posisi Devisa Netto 1,92 1,74 0,29 1,29 1,55

Jumlah Aset(Rp Miliar)

2014 2015 2016 2017 2018

144.582

171.808

214.168

261.365

306.436

17,24%Jumlah Aset meningkat, menjadiRp306.436.194 juta

Kredit yang Diberikan(Rp Miliar)

2014 2015 2016 2017 2018

106.271

127.732

150.222181.003

215.716

19,18%Jumlah Kredit yang Diberikan meningkat, menjadiRp215.716.247 juta



Jumlah Ekuitas(Rp Miliar)

2014 2015 2016 2017 2018

12.25313.860

19.131

21.663

23.840

10,05%Jumlah Ekuitas meningkat, menjadiRp23.840.448 juta

Beban Bunga, Bagi Hasil dan Bonus(Rp Miliar)

2014 2015 2016 2017 2018

7.3438.155

8.975

10.751

12.763

18,71%Jumlah Beban Bunga, Bagi Hasil dan Bonusmeningkat, menjadiRp12.762.581 juta

Pendapatan Bunga dan Bagi Hasil(Rp Miliar)

2014 2015 2016 2017 2018

12.807

14.966

17.139

20.092

22.852

13,74%Jumlah Pendapatan Bunga dan Bagi Hasil meningkat, menjadiRp22.851.758 juta

Pendapatan Bunga dan Bagi Hasil - Neto(Rp Miliar)

2014 2015 2016 2017 2018

5.465

6.811

8.164

9.34110.089

8,01%Jumlah Pendapatan Bunga dan Bagi Hasil - Neto meningkat, menjadiRp10.089.177 juta

Laba Tahun Berjalan - Setelah Pajak(Rp Miliar)

2014 2015 2016 2017 2018

1.146

1.851

2.619

3.0272.808

(8,97)%Jumlah Laba KomprehensifTahun Berjalan-Setelah Pajak menurun, menjadiRp2.782.507 juta

Jumlah Simpanan Nasabah(Rp Miliar)

2014 2015 2016 2017 2018

106.471

127.709

147.788

177.091

211.034

19,17%Jumlah Simpanan Nasabah meningkat, menjadiRp211.034.488 juta




Non Performing Loan (NPL) Netto(Persentase %)

2014 2015 2016 2017 2018

2,76

2,11

1,851,66

1,83

XX.XX%Jumlah Non Performing Loan (NPL) Netto meningkat, menjadi1,83%

Return On Asset (ROA)(Persentase %)

2014 2015 2016 2017 2018

1,14

1,61

1,76 1,71

1,34

XX.XX%Jumlah Return On Asset (ROA) meningkat, menjadi1,34%

Return On Equity (ROE)(Persentase %)

2014 2015 2016 2017 2018

10,95

16,84

18,35 18,11

14,93

22.04%Jumlah Return On Equity (ROE) meningkat, menjadi14,93%

Net Interest Margin (NIM)(Persentase %)

2014 2015 2016 2017 2018

4,47

4,87 4,98 4,76

4,32

22.04%Jumlah Net Interest Margin (NIM) meningkat, menjadi4,32%

Biaya Operasonal Terhadap Pendapatan Operasional (BOPO)(Persentase %)

2014 2015 2016 2017 2018

88,9784,83 82,48 82,06

85,58

22.04%Jumlah Biaya Operasonal Terhadap Pendapatan Operasional (BOPO) meningkat, menjadi85,58%

Loan to Deposit Ratio (LDR)(Persentase %)

2014 2015 2016 2017 2018

108,86 108,78102,66 103,13 103,25

0,12%Jumlah Loan to Deposit Ratio (LDR) meningkat, menjadi103,25%



IKHTISAR BISNIS DAN OPERASIONAL

2014 2015 2016 2017 2018

Ikhtisar Bisnis (Rp Juta)

Perbankan Konsumer

Penyaluran Kredit Konsumer 23.684.924 30.399.375 34.804.253 44.187.731 92.605.237

Simpanan Konsumer 34.811.565 38.618.436 44.389.209 52.743.237 61.792.136

Perbankan Komersial

Penyaluran Kredit Komersial 13.807.906 16.565.305 18.521.043 23.298.077 29.135.261

Simpanan Komersial 62.911.655 77.985.698 100.568.259 120.976.457 146.263.780

Unit Usaha Syariah

Pembiayaan Syariah 4.105.302 4.281.522 5.960.741 7.489.093 5.671.816

Simpanan Syariah 8.747.457 11.104.536 15.030.249 18.754.099 22.340.000

Penerimaan Fee Based Income 724.590 1.124.189 1.294.649 1.630.415 1.168.000

Operasional Lainnya

Jumlah Kantor Cabang 65 65 64 75 76

Jumlah ATM 1.830 1.830 1.830 1.964 2.126

Jumlah Pegawai 8.582 9.042 9.380 10.245 11.810

Skor GCG Komposit 2"SEHAT"

Komposit 2"SEHAT"

Komposit 2"SEHAT"

Komposit 2"SEHAT"

Komposit 2"SEHAT"

Penyaluran Kredit Konsumer(Rp Miliar)

2014 2015 2016 2017 2018

23.68530.399

34.804

44.188

92.605

Simpanan Konsumer(Rp Miliar)

2014 2015 2016 2017 2018

34.81238.618

44.389

52.743

61.792

109,57%Jumlah Penyaluran Kredit Konsumer meningkat, menjadiRp92.605.237 juta

17,16%Jumlah Simpanan Konsumer meningkat, menjadiRp61.792.136 juta

Penyaluran Kredit Komersial(Rp Miliar)

2014 2015 2016 2017 2018

13.808

16.56518.521

23.298

29.135

Simpanan Komersial(Rp Miliar)

2014 2015 2016 2017 2018

62.912

77.986

100.568

120.976

146.264

25,05%Jumlah Penyaluran Kredit Komersial meningkat, menjadiRp29.135.261 juta

20,90%Jumlah Simpanan Komersial meningkat, menjadiRp146.263.780 juta




Pembiayaan Syariah(Rp Miliar)

2014 2015 2016 2017 2018

4.105 4.282

5.961

7.489

5.672

Simpanan Syariah(Rp Miliar)

2014 2015 2016 2017 2018

8.747

11.105

15.030

18.75422.340

(24,27)%Jumlah Pembiayaan Syariah meningkat, menjadiRp5.671.816 juta

Jumlah Aset meningkat, menjadiRp22.340.000 juta

Penerimaan Fee Based Income(Rp Miliar)

2014 2015 2016 2017 2018

725

1.124

1.295

1.6301.168

Jumlah ATM(Unit)

2014 2015 2016 2017 2018

1.830 1.830 1.8301.964

2.126

Jumlah Penerimaan Fee Based Income meningkat, menjadiRp1.168.000 juta

8,25%Jumlah ATM meningkat, menjadi2.126 Unit ATM

Jumlah Pegawai(Orang)

2014 2015 2016 2017 2018

8.5829.042 9.380

10.245

11.810

Skor GCG

2014 2015 2016 2017 2018

Komposit 2“SEHAT”





14%Jumlah Pegawai meningkat, menjadiRp11.810 Pegawai

Perseroan kembali meraih skor GCG Komposit “SEHAT”



IKHTISAR SAHAM PERSEROAN

PENCATATAN SAHAM PERDANA (INITIAL PUBLIC OFFERING/IPO)

Perseroan mencatatkan sahamnya pertama kali di Bursa Efek Indonesia pada tanggal 17 Desember 2009 dengan menawarkan 2.360.057.000 lembar saham Seri B atau 27,08% dari modal ditempatkan, dengan harga penawaran Rp800 per lembar saham kepada masyarakat. Pencapaian IPO tersebut mendapatkan sambutan yang sangat baik dari masyarakat, yang ditandai dengan oversubscribe sebanyak 2,04 kali dengan nilai proceed sebesar Rp1,88 triliun. Hal tersebut mendapatkan penghargaan “Best IPO in Indonesia 2009” dari majalah The Asset dan “Mid Cap/IPO Deal of The Year in Southeast Asia 2009” dari Publisher Alpha South Asia (Hong Kong).

PENAWARAN UMUM TERBATAS I - RIGHTS ISSUE

Pada tahun 2012, Perseroan melakukan aksi korporasi berupa Penawaran Umum Terbatas I (PUT I) kepada para pemegang saham Perseroan dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD) atau Rights Issue dengan tujuan untuk memperkuat struktur permodalan dan juga untuk meningkatkan jumlah saham publik yang diperjual belikan (floating shares). Kondisi ini akan meningkatkan kapitalisasi pasar dan likuiditas saham BBTN di pasar modal sekaligus untuk mendukung pertumbuhan kredit, sehingga dapat menambah minat investor untuk berinvestasi lebih pada saham BBTN.

Adapun ringkasan transaksi Rights Issue Perseroan adalah:

Jenis Penawaran HMETD

Jumlah Saham yang Ditawarkan 1.512.857.500 Saham Seri B

Nilai Nominal Saham Rp500 (lima ratus Rupiah)

Harga Pelaksanaan Rp1.235 (seribu dua ratus tiga puluh lima Rupiah)

Waktu Pelaksanaan Agustus 2017 - Januari 2018

Jumlah Saham Tercatat Setelah Rights Issue 10,481,074,500 lembar saham

Jumlah Dana (Proceeds) Diterima Rp1.868.379.012.500 (satu triliun delapan ratus enam puluh delapan miliar tiga ratus tujuh puluh sembilan juta dua belas ribu lima ratus Rupiah)

Rasio Konversi 555.000 (lima ratus lima puluh lima ribu) Saham Lama berhak atas 94.943 (sembilan puluh empat ribu sembilan ratus empat puluh tiga) HMETD

Dilusi Kepemilikan 14,61% (empat belas koma enam satu persen) sebelum pelaksanaan MESOP dan sebesar 16,49% (enam belas koma empat puluh sembilan persen) setelah pelaksanaan MESOP

Periode Perdagangan HMETD 23 - 29 November 2012

Periode Pelaksanaan HMETD 23 - 29 November 2012

Tanggal Pencatatan Efek di Bursa 23 November 2012

Pencatatan Bursa Bursa Efek Indonesia

Pembeli Siaga PT Bahana Securities, PT Danareksa Sekuritas dan PT Mandiri Sekuritas




Grafik Ikhtisar Saham Triwulanan

Rata-rata volume perdagangan harian(lot saham)

Harga Penutupan (Rp)

TW I TW II TW III TW IV TW I TW II TW III TW IV

321.682

160.448

211.178

435.016

331.937

253.440

154.068133.321

2.270

2.600

3.150

3.570

3.800

2.450

2.6302.540

20182017

INFORMASI HARGA, VOLUME DAN KAPITALISASI SAHAM PERSEROAN TAHUN 2017 – 2018

Periode Jumlah saham yang beredar

(lembar)

Harga Penutupan

(Rp)

Harga Terendah

(Rp)

Harga Tertinggi

(Rp)

Rata-rata volume perdagangan harian

(lot saham)

Kapitalisasi Pasar(Rp)Tahun Triwulan

2017

Triwulan I 10.590.000.000 2.270 1.695 2.360 211.178 24.039.300

Triwulan II 10.590.000.000 2.600 2.140 2.710 133.321 27.534.000

Triwulan III 10.590.000.000 3.150 2.320 3.340 160.448 33.358.500

Triwulan IV 10.590.000.000 3.570 2.690 3.610 321.682 37.806.300

2018

Triwulan I 10.590.000.000 3.800 3.370 3.890 154.068 40.242.000

Triwulan II 10.590.000.000 2.450 2.370 3.770 253.440 25.945.500

Triwulan III 10.590.000.000 2.630 2.110 2.920 435.016 27.851.700

Triwulan IV 10.590.000.000 2.540 2.010 2.820 331.937 26.898.600


INFORMATION FOR INVESTORS AND SHAREHOLDERSThroughout 2018, the performance of the domestic capital market faced various challenges. This is inseparable from the global macroeconomic conditions, in which global economic growth slowed down at the level of 3.6% (yoy). The slow down was primarily due to the slowdown in the economic growth of the United States (US), Europe, and China. In line with the outlook of for slowing global economic growth, uncertainties in the global financial market started to diminish along with the decrease in the US-China trade tension, complemented with the expectation of a lower interest rate of the Federal Funds Rate (FFR).

Some of these events contributed to the market sentiment that influenced the performance of stock indices in several countries during 2018. Most of the global stock indices performance experienced an annual decline, in which the Indonesian Composite Index posted a decrease of 2.54% (yoy) to the level of 6,194.50 as of 31 December 2018. Despite the negative performance, the Indonesian Composite Index was still superior compared to several other global indices, as evidenced in the following table:

No Country Index 2017 2018 YoY Performance

1 India S&P BSE 34.056,83 36.068,33 5,91%

2 Argentina MERVAL Index 30.065,61 30.292,55 0,75%

3 Indonesia JCI Index 6.355,65 6.194,50 -2,54%

4 AS DJI Index 24.719,22 23.327,46 -5,63%

5 Malaysia FBMKLCI Index 1.796,81 1.690,58 -5,91%

6 Australia AS30 Index 6.167,29 5.709,40 -7,42%

7 Vietnam VNINDEX Index 984,24 892,54 -9,32%

8 Singapura STI Index 3.402,92 3.068,76 -9,82%

9 Thailand SET Index 1.753,71 1.563,88 -10,82%

10 Jepang NKY Index 22.764,94 20.014,77 -12,08%

11 Inggris UKX Index 7.687,77 6.728,13 -12,48%

12 Filipina PSEi 8.558,42 7.466,02 -12,76%

13 Hong Kong HSI Index 29.919,15 25.845,70 -13,61%

14 Korea Selatan KOSPI Index 2.467,49 2.041,04 -17,28%

15 Turki XU100 Index 115.333,00 91.270,48 -20,86%

16 Tiongkok SHCOMP Index 3.307,17 2.493,90 -24,59%




Performance of the Company’s Shares

4.100

3.600

3.100

2.600

2.100

1.600

1.100

BBTN(Rp)

Dec ‘17 Jan ‘18 Mar ‘18 May ‘18 Jul ‘18 Sep ‘18 Nov ‘18Feb ‘18 Apr ‘18 Jun ‘18 Aug ‘18 Oct ‘18 Dec ‘18

7.000

6.500

6.000

5.500

5.000

4.500

4.000

IHSG(Rp)

IHSG BBTN


AKSI KORPORASI 2018

IKHTISAR OBLIGASI, SUKUK ATAU OBLIGASI KONVERSI DALAM 2 (DUA) TAHUN TERAKHIR

Pada tahun 2018 dan 2017, Perseroan tidak melakukan aksi korporasi seperti pemecahan saham (stock split), penggabungan saham (reverse stock), dividen saham, saham bonus, dan perubahan nilai nominal saham.

INFORMASI OBLIGASI

Nama Obligasi Nominal(Rp Juta)Tanggal

Penerbitan

TanggalJatuh Tempo

JangkaWaktu(Tahun)

Kupon(%)

Peringkat

Jatuh Tempo/

Belum Jatuh Tempo

Bursa

2017 2018

Obligasi BTN XIV Tahun 2010

1.650.000 11 Juni 2010

11 Juni 2020

10 10,250% idAA+ idAA+ Belum Jatuh Tempo

BursaEfek

Indonesia

Obligasi BTN XV Tahun 2011

1.300.000 28 Juni 2011

28 Juni 2021


BursaEfek

Indonesia

Obligasi Berkelanjutan I Bank BTN Tahap I Tahun 2012

2.000.000 5 Juni 2012

5 Juni 2022


BursaEfek

Indonesia

Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013

2.000.000 27 Maret 2013

27 Maret 2023


BursaEfek

Indonesia

Obligasi Berkelanjutan II Bank BTN Tahap I Tahun 2015 Seri D

800.000 08 Juli 2015

08 Juli 2025


BursaEfek

Indonesia

Obligasi Berkelanjutan II Bank BTN Tahap I Tahun 2015 Seri B

500.000 08 Juli 2015

08 Juli 2020


BursaEfek

Indonesia

Obligasi Berkelanjutan II Bank BTN Tahap I Tahun 2015 Seri C

800.000 08 Juli 2015

08 Juli 2022


BursaEfek

Indonesia

Obligasi Berkelanjutan II Bank BTN Tahap II Tahun 2016 Seri A

1.347.000 30 Agustus2016

30 Agustus2019


BursaEfek

Indonesia




Nama Obligasi Nominal(Rp Juta)Tanggal

Penerbitan

TanggalJatuh Tempo

JangkaWaktu(Tahun)

Kupon(%)

Peringkat

Jatuh Tempo/

Belum Jatuh Tempo

Bursa

2017 2018

Obligasi Berkelanjutan II Bank BTN Tahap II Tahun 2016 Seri B

1.653.000 30 Agustus2016

30 Agustus2021


BursaEfek

Indonesia

Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri A

1.466.000 13 Juli 2017

13 Juli 2020


BursaEfek

Indonesia

Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri B

1.295.000 13 Juli 2017

13 Juli 2022


BursaEfek

Indonesia

Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri C

853.000 13 Juli 2017

13 JUli 2024


BursaEfek

Indonesia

Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri D

1.386.000 13 Juli 2017

13 Juli 2027


BursaEfek

Indonesia

Total 17.050.000

INFORMASI SUKUK ATAU OBLIGASI KONVERSI YANG MASIH BEREDAR DALAM 2 (DUA) TAHUN BUKU TERAKHIR

Perseroan tidak menerbitkan sukuk atau obligasi konversi yang masih beredar dalam 2 (dua) tahun buku terakhir.


PERISTIWA PENTING 2018

April

May

In Supporting Education, The Company Offers Single Digit Education CreditsThe Company launched loans to meet educational needs with a ceiling of up to Rp200 million and interest of only 6.5% flat for 5 years. The loan was launched to support Government policies in improving the quality of human resources (HR) in Indonesia.

06

The Company Holds the e’Batarapos Saving RoadshowThe Company cooperates with PT Pos Indonesia (Persero) to expand financial inclusion to all levels of society through e’Batarapos Savings products. The savings product is targeted to attract customers and boost the Company’s Third-Party Funds by holding roadshows in a number of provinces.

05

Indulging Customers, The Company Launches a Debit Card Bearing Garuda Insignia Subsequent to Bank Indonesia launching the National Payment Gateway (GPN) at the end of 2017, the Company fully supports the GPN in the national banking system. The Company anticipates that the presence of debit cards bearing the GPN logo will not only create better banking transactions for customers, but also assist in a variety of government programs.

17

TCASH and THE COMPANY Reach Customers Through CellphonesTCASH, as Telkomsel’s electronic money, develops strategic cooperation with the Company to reach more Indonesians to access financial services through cellular phones. The Company continues to make it simpler for customers to access various banking products so that more and more Indonesians become bankable.

08

January

In Cooperation with District Court, The Company Launches e-Panjar ApplicationTo simplify the judicial process in Indonesia, the Company cooperates with the Cibinong District Court to launch the e-Panjar application. Through e-Panjar, the community can pay down payment fees easily and practically. The court can also calculate and manage down payment costs more quickly, precisely, accurately, and practically.

10

February

The Company Organizes BTN Mortgtech Hackathon CompetitionThe Company continues its efforts to spur the digital banking business line in accordance with the Company’s digital transformation strategy to support the One Million Houses Program. This time, the Company supported by Daily Social held a BTN Mortgtech (mortgage technology) Hackathon.

19




August

Seizing Discounted Flpp Funding, the Company Aims at Distributing Prosperous Home Ownership LoansThe Company signed a Tripartite Cooperation Agreement between the Central Housing and Public Housing Ministry’s Housing Fund Management Center (PPDPP) and PT Sarana Multigriya Finansial (SMF) regarding the distribution of Prosperous Mortgages or commonly called Subsidized Mortgages under the Housing Financing Liquidity Facility (FLPP) scheme.

14

July

Supporting the Development of the Maja Region, the Company Disburses Loans to Civil Servants in LebakIn supporting the success of the One Million Houses Program, the Company partnered with the Lebak District Government Corps and PT Bintang Energi Lestari to provide housing for nearly 10,000 Lebak Regency Government Civil Servants, Maja in Lebak Regency, Banten.

19

The Company as the Most Profitable Buku 3 BankThe Company is recognized as the most profitable Commercial Business Activity (BUKU) 3 The recognition was given with the title as The Best Public Companies based on 2018 Wealth Added Index (WAI) for the banking category. The Company’s shares are again included in the ranks of the most liquid stocks in the capital market or the LQ45 index.

26

The Company Socializesthe Use of Fintech in Islamic Boarding SchoolsWith the addition of features that enable transaction services, the Company continues to support the development of fintech applications in Islamic Boarding Schools. The development of fintech applications by students of Islamic boarding schools is expected to truly be able to answer the needs of banking services in accordance with Islamic law.

15

Promoting for the Success of One Million Housing Program, the Company Organizes 2018 BTN Property AwardThe Company again held an award event titled BTN Property Award 2018. The appreciation event for property developers in Indonesia was held to continue to spur the spirit of synergy among developers especially in supporting the success of the One Million Houses Program.

15

The Company and Grab Fulfill the Dream of Thousands of Drivers to Own HomesThe Company and PT Indonesia Transportation Solutions (Grab Indonesia) collaborated in realizing the wishes of the GrabBike drivers to own their dream home. This cooperation is one of the synergies of the Company as an agent of development to support the government goal in achieving one million houses program for informal sector workers with non-fixed income.

15

June

Aiming to Raise Foreign Funds, The Company Launches Foreign Exchange SavingsThe Company officially launched a foreign currency savings product in two currencies as a strategic step to raise foreign funds and increase the variety of products and services for the Company’s customers. With this product, the Company strives to meet the needs of the community in saving, transacting, and investing in foreign currencies.

04

The Company Won The Best Bank Title In 2018This title was achieved for the success of the Company’s leap in assets over the past six years and rated as the 5th largest bank in terms of assets. Various transformations will continue in making the Company as a global player by 2025.

29


October

The Company Launches a Special Millennial Mortgage Program Called KPR Gaesss !!Not wanting to miss the opportunity in seizing the millennial market niche, the Company released a new mortgage program called “KPR Gaeesss!”. KPR Gaeesss provides convenience, from the initial submission of applications for Home Ownership Loans or Apartment Ownership Loans, to affordable down payment, provision fees and administration.

03

Micro Home Ownership Loans for Mbr with the Abcg Scheme Tested in Central JavaThe Company together with the Public Works Ministry of Public Housing (PUPR), National Land Agency, Kendal Regency Government and Diponegoro University (UNDIP) synergized in facilitating Low-Income Communities (MBR) that have not received funding from the Bank to own a house under Micro Housing Loan scheme. Academy-Business-Community Government, or ABCG, promotes the development of community-based self-assisted housing needs.

27

August

The Company Restructures Earthquake Victims’ Loans in LombokTo ease the burden of the earthquake victims in West Nusa Tenggara, the Company made it easier for debtors to restructure their loans. The Company’s measures are follow-up to the directive and appeal of the Financial Services Authority (OJK) to give special treatment to debtors affected by the earthquake in the Province of West Nusa Tenggara (NTB).

27

In Reinforcing the Development of Airport Infrastructure in Indonesia, the Company Disburses Loans of Rp 1 Trillion to ApiiThe Company disbursed corporate loans worth Rp1 trillion to PT Angkasa Pura II (Persero). The funding was given to foster the development of AP II-owned airports while simultaneously supporting the synergy of State-Owned Enterprises (SOEs) and refining the Company’s business performance.

28

September

Bank Btn Increases Retail Deposits Through eBatarapos Savingse’Batarapos has complete banking facilities and a profitable business, including being able to transact on Saturdays and Sundays, making deposits and withdrawals at all BTN Bank outlets, Post Offices and at the wide ATM machine network, making transactions in mobile banking, acquiring ATM cards with Visa logos, and avoiding fees on accounts with balances above 1 million Rupiah.

09

Company Launches Btn House Price Index (Btn Hpi)The rapid growth in residential demand and development of residential areas has prompted the Company to release a house price index (HPI) to become a reference for stakeholders in the property sector in investing. The HPI formulated by the Housing Finance Center (HFC) research team of the Company provides a more detailed depiction of the trend of more accurate house price growth with the matched sales method using data on BTN mortgage distribution in all regions in Indonesia.

13

PERISTIWA PENTING 2018




The Company Prepares a Credit Restructuring Scheme for Victims of the Earthquake and Tsunami In Central SulawesiThe Company developed a credit restructuring scheme for debtors affected by natural disasters. The Company is extremely concerned about the condition of those affected by the earthquake in Central Sulawesi, especially the debtors, and therefore the Company plans to launch a credit restructuring paying attention to the physical and psychological conditions of the customers as well as the forecast of Central Sulawesi so as not to burden them further.

04

Cooperating with Notaries Throughout Indonesia, The Company Improved Credit QualityIn refining the Company’s credit quality, especially in securing credit portfolios as assets, the Company collaborates with the Central Notary Association of Indonesia (PP-INI). The strategic partnership with PP-INI was formed to secure land deed credit document in accordance with applicable regulations.

23

The Company Successfully Auctioned 563 Confiscated Houses Through the BTN Housing PortalSince it was first launched on February 9, 2018, the volume of those interested in houses for auction from the Company’s www.rumahmurahbtn.co.id portal has increased. Collateral auctions from non-performing House Ownership Loans or Apartment Ownership Loans is one of the Company’s efforts to restructure its non-performing loans through the housing portal that more effectively appeals interested parties.

11

Thousands Of Athletes Under the Indonesian Olympic Committee (Koi) Received BTN Home Ownership LoansIn line with the commitment to the success of the One Million Houses Program and supporting the welfare of national athletes, the Company collaborated with the Indonesian Olympic Committee (KOI). Through this partnership, administrators, members and thousands of national athletes under the auspices of KOI can own a house with attractive and affordable loan schemes.

15

November

The Company Cooperates with Bluebird to Finance Home Ownership for Taxi Drivers and its EmployeesAs part of its efforts to continue to better the welfare of drivers and employees, Bluebird has collaborated with the Company on home ownership financing programs. In this collaboration, the Company is committed to provide Home Ownership financing, whether Subsidized Mortgages or Non-Subsidized Mortgages for employees and Bluebird drivers having met the requirements set by Bluebird and the Company.

07


PENGHARGAAN DAN SERTIFIKASI

Gold AwardDari League of American Communication Professionals 2017 Vision Awards, 16 Juli 2018

1Top 10 Indonesian Reports of 2017Dari League of American Communication Professionals 2017 Vision Awards, 16 Juli 2018

2Best Report Financials: SilverDari League of American Communication Professionals 2017 Vision Awards, 16 Juli 2018

3

Top 80 Reports Asia - Pasific RegionDari League of American Communication Professionals 2017 Vision Awards, 16 Juli 2018

4Top 100 Reports WorldwideDari League of American Communication Professionals 2017 Vision Awards, 16 Juli 2018

5The 11th Ranking Of Indonesia The Best Public Companies Based On Wai™ (Overall) 2018Dari Majalah Swa Asean Best Public Companies, 26 Juli 2018

6

The 5th Ranking Of Indonesia The Best Public Companies Based On Wai™ 2018 Industry Category : Banks Dari Majalah Swa Asean Best Public Companies, 26 Juli 2018

7TOP 50 ASEAN PLCs (TOP 31-50)Dari ASEAN Capital Markets Forum ASEAN Corporate Governance Awards, 21 November 2018

8TOP 3 PLCs (Indonesia)Dari ASEAN Capital Markets Forum ASEAN Corporate Governance Awards, 21 November 2018

9

Best CEO category SOE’S Bank Public Company in Asia & TurkeyDari Perbanas, Economic Review, International Business School, Indonesia-Asia Institute Human Development for Corporate Transformation Indonesia -Turkey Global Leaders Award 2018, 24 November 2018

10The Best Company in Asia & Turkey 2018 category SOE’S Public Company - BankDari Perbanas, Economic Review, International Business School, Indonesia-Asia Institute Human Development for Corporate Transformation Indonesia -Turkey Global Leaders Award 2018, 24 November 2018

11Gold Awards in Corporate Governance and Investor RelationsDari The Asset The Asset Corporate Award 2018, 10 Desember 2018

12

INTERNASIONAL

9

12

1

5

2 4

3

6

11

8

11




Penghargaan Bidang PendidikanDari Koran Sindo Apresiasi CSR 201725 Januari 2018

1Best Achiever in CEO State Owned Enterprises (Bumn)Dari Mens Obsession Obsession Award, 22 Maret 2018

2Top Used Bank in Commercial Bank Based on Business Activities/Buku 3Dari Warta Ekonomi Jawara Financial Indonesia 2018, 29 Maret 2018

3

Top Home Ownership Loan ProductDari Warta Ekonomi Jawara Financial Indonesia 2018, 29 Maret 2018

4Top Apartment Ownership Loan ProductDari Warta Ekonomi Jawara Financial Indonesia 2018, 29 Maret 2018

5Juara I Kategori Indonesia Mandiri Terbaik - Gold WinnerDari Bumntrack Revolusi Mental Award, 25 April 2018

6

Kategori Indonesia Melayani Terbaik - Silver WinnerDari Bumntrack Revolusi Mental Award, 25 April 2018

7Excellent Growth - Kategori Bank BUMNDari Bisnis Indonesia Bisnis Indonesia Award 2018, 7 Mei 2018

8Top Performing Listed Companies 2018, Kapitalisasi Pasar ≥ Rp 10 TriliunDari Majalah Investor Investor Award 2018 - 100 Best Listed Companies 2018, 14 Mei 2018

9

3RD the Best of the Best Indonesia Human Capital 2018Dari Economic Review & Indonesia-Asia Institute Human Development for Corporate Transformation Indonesia Human Capital Award - IV - 2018 30 Mei 2018

103rd Best Overall Performance Sharia Business Unit (UUS)Dari Infobank & MRI 15th Banking Service Ecxellence Awards 2018 5 Juni 2018

113rd Best Opening Account Mobile Application Commercial BankDari Infobank & MRI 15th Banking Service Ecxellence Awards 2018 5 Juni 2018

12

NASIONAL

1

2

3

6

7

8

9

10

11

12


1st Best ATM Center Commercial BankDari Infobank & MRI 15th Banking Service Ecxellence Awards 20185 Juni 2018

132nd Best Telepon Sharia Business Unit (UUS)Dari Infobank & MRI 15th Banking Service Ecxellence Awards 20185 Juni 2018

143rd Best Telepon Commercial BankDari Infobank & MRI 15th Banking Service Ecxellence Awards 20185 Juni 2018

15

4th Best Walk-In Channel Commercial BankDari Infobank & MRI 15th Banking Service Ecxellence Awards 20185 Juni 2018

166th Best Overall Performance Commercial BankDari Infobank & MRI 15th Banking Service Ecxellence Awards 20185 Juni 2018

17Bank Terbaik 2018 - Kategori Bank Umum dengan Modal Inti Rp5 Triliun - Rp30 triliunDari Majalah Investor Investor Awards Best Bank 2018, 29 Juni 2018

18

BTN SYARIAH KATEGORI Sharia Banking for Achieving Exceptional Total Service Quality Satisfaction Based on Customer Perception survey SQIndex 2018Dari Carre Service Quality Monitoring Indonesia Service Quality Award, SQ Diamond Award 2018 2 Agustus 2018

19Juara 1 BUMN Tbk Kategori Tata Kelola Perusahaan (GCG) TerbaikDari BUMN Track 7th Anugerah BUMN 2018, 9 Agustus 2018

20Ceo Driving Execution TerbaikDari BUMN Track 7th Anugerah BUMN 2018, 9 Agustus 2018

21

Juarai 1 Kategori Pengembangan Talenta TerbaikDari BUMN Track 7th Anugerah BUMN 2018, 9 Agustus 2018

22Bank Berpredikat “Sangat Bagus” Atas Kinerja Keuangan Selama Tahun 2017Dari Infobank 23th Iinfobank Awards 2018, 14 Agustus 2018

23Bank Berpredikat “Sangat Bagus” Atas Kinerja Keuangan 2008 - 2017Dari Infobank 23th Iinfobank Awards 2018, 14 Agustus 2018

24

NASIONAL

13

14

15

16

17

18

19

20

21

22

23

24





Top 8 Popular Company in Banking SectorDari Warta Ekonomi Indonesia Corporate PR Award 201824 Agustus 2018

25Top 5 Popular CEODari Warta Ekonomi Indonesia Corporate PR Award 201824 Agustus 2018

26BUMN Berpredikat “Sangat Bagus” Atas Kinerja Keuangan Selama Tahun 2017Dari Infobank 9th BUMN Awards 201826 September 2018

27

BUMN Berpredikat “Sangat Bagus” Atas Kinerja Keuangan 2008 - 2017Dari Infobank 9th BUMN Awards 201826 September 2018

28Syariah Berpredikat “Sangat Bagus” Atas Kinerja Keuangan Selama Tahun 2017 (Golden Awards)Dari Infobank 7th Sharia Awards 201826 September 2018

29Sharia Business Unit (UUS) Dengan Predikat “Sangat Bagus” Atas Kinerja Keuangan 2013-2017Dari Infobank 7th Sharia Awards 201826 September 2018

30

The Best Assets Quality Sharia Business Unit of Commercial Banks 2015-2017Dari Infobank 7th Sharia Awards 201826 September 2018

31The Best Sharia Business Unit; Kategori Bank Syariah Aset 20T dan Diatas 20TDari Tempo Media Group & Indonesia Banking School Indonesia Banking Award 2018, 26 September 2018

32Living Legends Companies 2018Dari SWA Living Legends Companies 2018, 11 Oktober 2018

33

BHUN 2017 Terbaik IIIDari Kementerian BUMN Penghargaan BUMN Hadir Untuk Negeri 201729 Oktober 2018

34Dokumentasi BHUN 2017 TerbaikDari Kementerian BUMN Penghargaan BUMN Hadir Untuk Negeri 201729 Oktober 2018

35The 2nd Rank Financial Services CompaniesDari SWA & NBO Group Indonesian Best Company in Creating Leaders from Within 2018, 31 Oktober 2018

36

NASIONAL

27

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29

30

31

32

34

35

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42

The Best in Housing FinancingDari Republika Anugerah Syariah Republika 2018, 8 November 2018

37Peringkat 1 Bank BUMN Tbk - Terbaik di Indonesia - 2018 (Buku 3) Aset > Rp. 100 TDari Economic Review Anugerah Perbankan Indonesia - VII 2018 19 November 2018

38KPR BTN, Produk Pembiayaan Perumahan Terbesar 2018 Kategori PerbankanDari Property & Bank, Aliansi Jurnalis Property & Keuangan, MyHomes.tv Indonesia Property & Bank Award 2018, 21 November 2018

39

SOE with Best Supporting in One Million Housing ProgramDari Warta Ekonomi Apresiasi Indonesia untuk BUMN23 November 2018

40BUMN Populer dalam Sektor KeuanganDari Warta Ekonomi Apresiasi Indonesia untuk BUMN23 November 2018

41TOP 5 BUMN Populer di Sektor KeuanganDari Warta Ekonomi Apresiasi Indonesia untuk BUMN23 November 2018

42

TOP 5 BUMN Dalam Kinerja BisnisDari Warta Ekonomi Apresiasi Indonesia untuk BUMN23 November 2018

43Top Most Caring SOE in Providing Employee BenefitDari Warta Ekonomi Apresiasi Indonesia untuk BUMN23 November 2018

44The TOP 50 Companies for 2018 (Top 8 Best Company)Dari Forbes Indonesia The 8th Annual Best of The Best Awards 201829 November 2018

45

The 3rd Rank of The Best CEO 2018 Employee’s ChoiceDari SWA The Best CEO 201829 November 2018

46Bank Berpredikat Sehat untuk Bank Kategor BUKU III dengan Aset di atas Rp 100 triliunDari Warta Ekonomi Indonesia Best Banking Award 201830 November 2018

47BUMN/BUMD dengan Sistem Pengendalian Gratifikasi Terbaik Tahun 2018Dari KPK Penghargaan Gratifikasi Hari Anti Korupsi Sedunia (HAKORDIA) 2018, 5 Desember 2018

48

NASIONAL

3738 39

40

41

44

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Top Leader on IT Leadership 2018Dari IT Works TOP IT 20186 Desember 2018

49TOP IT on Property Web & Application 2018Dari IT Works TOP IT 20186 Desember 2018

50Winner in the category Public Risk AwardDari ERMA (Enterprise Risk Management Academy) ASEAN Risk Award 2018, 6 Desember 2018

51

Runner Up in the category Risk Educator AwardDari ERMA (Enterprise Risk Management Academy) ASEAN Risk Award 2018, 6 Desember 2018

52Runner Up in the category GRC AwardDari ERMA (Enterprise Risk Management Academy) ASEAN Risk Award 2018, 6 Desember 2018

53Best OverallDari Indonesian Institute of Corporate Directorship The 10th IICD Corporate Governance Conference & Award10 Desember 2018

54

TOP 50 Big Capitalization Public Listed CompanyDari Indonesian Institute of Corporate Directorship The 10th IICD Corporate Governance Conference & Award10 Desember 2018

55Most Trusted Company Based on Corporate Governance Perception Index (CGPI)Dari IICG & SWA Good Corporate Governance Award 201819 Desember 2018

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NASIONAL

49 50

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MANAGEMENT REPORT

Laporan Dewan Komisaris 43Laporan Direksi 47Tanggung Jawab Pelaporan Tahunan 2017 62



Highlight 2018 Management Report

Company Profile Management Discussion and Analysis


REPORTS OF THE BOARD OF COMMISSIONERS

I Wayan Agus MertayasaKomisaris Utama





Amidst challenging conditions, Bank BTN continue with its commitment for growth and prudent business principle. This is evident from the satisfactory business achievement in 2018, whereby on the basis of 2018 audited financial statements, our total assets grew by Rp47.1 trillion (17.24% y-o-y) to reach Rp306.436 trillion, positioning Bank BTN as the 5th largest bank in the national banking industry.

Dear Distinguished Shareholders and Stakeholders,

First of all, allow the Board of Commissioners to express its gratitude to God Almighty for the success of the Company in continuing its transformation and building growth momentum.

Throughout 2018, the Board of Commissioners carried out its supervision thoroughly, responsibly, and with good intentions. The supervision was also conducted independently, guided by the Company’s Work Plan and Budget, Bank Business Plans and Blueprint for Long-term Development Strategy that are in accordance with the Bank’s prudential principles, implementation of risk management, and good corporate governance principles as stipulated in the Company’s Articles of Association and applicable laws and regulations.

This report from the Board of Commissioners contains the perspectives of the Board of Commissioners regarding the evaluation of the performance of the Board of Directors in 2018, supervision of the implementation of strategic policies, implementation of corporate governance, and the Company’s future steps.

Macro Economy in 2018Recovery of the global economy in 2017 turned out to be restrained in 2018. The global economy grew steadily by 3.7% yoy throughout the 2017-2018 period. Economic growth was driven by the strong growth of the United States (US) economy, which increased from 2.2% in 2017 to 2.9% in 2018 due to a boost in fiscal policy from US President. As the US economy expanded, The Fed’s monetary policy began to see a rise in interest rates. This caused the US dollar to strengthen which, on the other hand, caused the Rupiah to depreciate. This led to the outflow of global funds from developing countries, causing the emergence of uncertainty in world financial markets.

In the midst of this uncertainty the economic condition in Indonesia was generally still quite good as indicated by an economic growth rate recorded at 5.17% in 2018 with the inflation rate stable at 3.13%. However, due to the weakening of the Rupiah because of outflow of foreign funds from Indonesia, Bank Indonesia (BI) adopted a pre-emptive, monetary policy by raising the benchmark interest rate by 175 bps throughout 2018. This policy proved to support the stability of the Rupiah in the second half of 2018.

19,48%The Company’s profitability was maintained with a NIM ratio of 4.32% in 2018


In the midst of rising interest rates, the intermediary function of the banking system throughout 2018 continued to improve which was indicated by continued growth in bank credit.Kredit perbankan nasional tumbuh 11,75% yoy menjadi Rp5.294,88 triliun.

Di sisi lain, sampai dengan akhir tahun 2018 Perseroan mampu menyalurkan total kredit dan pembiayaan tumbuh 19,48% dari Rp198,99 triliun pada tahun 2017 menjadi Rp237,76 triliun pada tahun 2018. Pertumbuhan DPK Perseroan naik sebesar 19,34% menjadi Rp230,26 triliun dari Rp192,95 triliun. Hal ini mendorong aset Perseroan meningkat sebesar 17,24% yoy menjadi Rp306,44 triliun dibandingkan posisi tahun 2017 yang mencapai Rp261,37 triliun.

Rising interest rates are certainly a challenge for banks as they face rising operational costs. As a result, the banking industry’s Net Interest Margin (NIM) was corrected from 5.32% at the end of 2017 to 5.14% at the end of 2018. Nevertheless, Indonesian banks were still in a strong position as indicated by the Capital Adequacy Ratio (CAR) of 22.97 % and Return on Assets (ROA) which remained stable at 2.55%.

Assessment of Performance of Board of Directors in 2018 2018 was a year full of challenges and opportunities for PT Bank Tabungan Negara (Persero) Tbk. The challenges included limited recovery of global and domestic economic conditions, resulting in tight bank liquidity and increasing interest rates. The growth of the financial technology industry, which undermined the market share of transactional banking to some extent, certainly had an impact on the national banking industry, including PT Bank Tabungan Negara (Persero) Tbk. However, Bank BTN, as a bank that focuses on housing loans and housing financing has enjoyed relatively larger market opportunities, due to a large housing backlog in Indonesia.

Having to face challenging conditions, Bank BTN remains committed to continue to grow and strengthen its prudential aspects of business. This is apparent in the impressive business achievements of 2018. Based on the 2018 audited financial statements, the assets of the Company managed to grow from Rp. 47.1 trillion (17.24%) to Rp. 306,436 trillion. Due to this achievement, Bank BTN is currently the 5th largest bank in Indonesia. With Credit growth, which consistently performed above the industry standard and the Bank’s

dominant market position in the housing sector, the Company has shown real support in strengthening the development of the national housing sector. In 2018, BTN Bank Loans grew by Rp. 38.8 trillion (19.5% ) to Rp. 237.8 trillion, higher than the national credit growth of 11% . When the banking industry faced the challenge of tight liquidity, the Company’s Third Party Funds grew to balance its credit growth, from Rp. 37.3 trillion (19.3% ) to Rp. 230.3 trillion. The Company’s profitability was relatively secured as indicated by the NIM ratio of 4.32% in 2018, when the benchmark interest rate increased. On the other hand, the Company continued to focus on increasing fee-based income growth as an initiative to improve profitability. In 2018, Bank BTN’s fee based income managed to grow by 29.40% to Rp. 2.1 Trillion.

The improvement in the Company’s credit quality continued, which was marked by a decrease in the gross NPL ratio in 2018 to 2.82%, an improvement of 0.16% compared to 2017. The Company’s NPLs also recorded a decline of 1.66% from 1.83% in the previous year. In addition, the Company’s Capital Adequacy Ratio in 2018 reached 18.21%, which exceeded the minimum capital adequacy provisions. In preparation for the implementation of PSAK 71 in 2020, the Company has prepared itself by strengthening coverage ratio for the current year. To support this, the Company’s profits are set to achieve the Rp. 3.8 Trillion in 2018 to Rp. 2.8 Trillion

In terms of liquidity management, the Board of Commissioners has noticed that the management team has prioritized prudential principles in balancing short-term funding needs with long-term lending, especially for housing loans. To that end, the Board of Commissioners supports the efforts made by the Board of Directors in meeting funding needs, both through increasing low-cost funds and wholesale funding (issuance of securities and loans) that were conducted throughout 2018.

Achievement of a good performance, is indicated by a strong mortgage market share which remains dominant in the Subsidy and Low Income Community (MBR) segment. In September 2018, Bank BTN’s mortgage market share was 38% with the mortgage market share in the subsidy segment reaching 94%. This increase in market share is in line with Bank BTNs contribution to the “one million houses” program that continues to gather momentum. Bank BTN has realized financing of approximately 757 thousand






housing units throughout Indonesia, improving the process towards an excellent performance and a positive accomplishment. This is reflected in the consistent increase in scores in the KPKU band revealing an ongoing upward trend from “emerging industry leader” to “industry leader”.

In addition, the Board of Commissioners supports the implementation of sustainable transformation by the Board of Directors as an effort to deal with challenges and opportunities in the banking industry, improve the Company’s competitive advantage, improve efficiency and optimize Bank operations to meet growing customer expectations. One of the main focus points is the execution of the digital banking transformation initiative and the efforts to be made in implementing the digital ecosystem for the Company. The Board of Commissioners has also confirmed that the Board of Directors was able to strengthen the Bank’s core business in the housing sector and expand the construction value chain to support increased housing supply.

Supervision of the Board of Directors Strategic Policy ImplementationThe Board of Commissioners, in carrying out its supervision in 2018, has proffered sufficient advice to the Board of Directors including advice on aspects of the Company’s business development, continued transformation, implementation of good corporate governance, implementation of risk management, application of the Bank’s prudential principles, improvement of internal controls, strengthening the organization and improving the quality of human resources, as well as deepening the internalization of corporate culture. Suggestions and advice from the Board of Commissioners ,as stated above, is the output from the results of the Board of Commissioners internal meetings, the Board of Commissioners internal meetings with the Committees of the Board of Commissioners, and joint meetings between the Board of Commissioners and the Board of Directors. During 2018, the Board of Commissioners conducted 46 internal Board of Commissioners meetings, as well as 36 joint meetings with the Board of Directors.

Overview of the Company’s Business ProspectsThe development of the domestic economy from year to year has been followed by an increase in the banking intermediary function. The Company’s loan distribution is predicted to continuously grow in line

with the large housing backlog, especially for low-income communities. The Company’s recognized experience and expertise in the housing finance business, as well as Government support through the Housing Financing Liquidity Facility (FLPP) program, Interest-subsidized loans (SSB), cash advance assistance, and LTV relaxation policy by Bank Indonesia, are all future development opportunities.

In pursuing these opportunities, the Board of Commissioners continuously strongly advises the Board of Directors to:1. Focus on housing and housing-related financing2. Implement business processes, so that they

constantly rely on the Bank’s prudential principles, implementation of sound risk management, and good corporate governance (GCG).

The Board of Commissioners emphasizes improvements to implementation, considering that there are still a number of deviations from the applicable provisions, such as weaknesses in internal control, less than optimal supervision, and anticipation of the application of PSAK-71.

Implementation of Corporate Governance (Compliance-CMGD)The Company continues to show a strong commitment to consistently implement GCG, and set the principles of GCG as an operational basis for all activities. The Board of Commissioners supports the Company to remain focused on strengthening good governance systems by following the governance standards issued by regulators in Indonesia, and the governance standards set by the Asian Corporate Governance Scorecard for the realization of superior and highly competitive governance.

The Company has also implemented a governance upgrading capability, which is demonstrated by the implementation of Integrated Governance Risk Compliance (iGRC). The implementation of iGRC is expected to create coordination among controlling and optimizing functions towards more effective and efficient processes.

The Board of Commissioners also appreciates the performance of the Board of Directors which has worked hard to implement GCG in every aspect of business operations and has won several awards. Recognition of the implementation of Corporate Governance is reflected in receiving several awards


in the field of Good Corporate Governance (GCG) from both the Regional (ASEAN) and national levels. The Company’s corporate governance awards are presented by regulators (Financial Services Authority/OJK) and independent institutions with expertise in GCG, namely the Indonesian Institute for Corporate Directorship (IICD) and The Indonesian Institute for Corporate Governance (IICG). Based on the assessment criteria from the OJK in the self- assessment governance category for the first semester of 2018, BTN received a rating of 2 or “Good” , which reflects proper implementation of BTN good governance.

GCG implementation was in line with best practices throughout 2018, resulting in an excellent financial performance and recognition of external parties in the form of various governance awards (GCG) at both National and International level, including Top 50 ASEAN PLC’s and Top 3 PLC’s in Indonesia at the ASEAN Corporate Governance Scorecard in Kuala Lumpur on November 21, 2018, the Company was awarded “Best Overall” PLC from the Top 50 Large Capitalization PLCs, while at the 10th IICD Corporate Governance Award event held by IICD on December 11 2018 in Jakarta, the Company received ----------------------. Additionally, in managing the company, BTN always prioritizes ethics and integrity. BTN has implemented the Gratification Control System in collaboration with the KPK in controlling the practice of gratification and bribery in the work place. Coinciding with the commemoration of the World Anti-Corruption Day held by the KPK, BTN received an award as the BUMN / BUMD with the Best Gratification Control System of 2018.

Assessment of the Performance of the Committees Under the Board of CommissionersIn order to support the effectiveness of the implementation of its duties and responsibilities, the Board of Commissioners enjoys the support of the following organs: the Audit Committee, the Risk Monitoring Committee, and the Remuneration and Nomination Committee.

The Board of Commissioners considers that, throughout 2018, the committees under the Board of Commissioners carried out their duties and responsibilities properly. The Audit Committee monitored and evaluated the planning and implementation of audits, as well as conducting follow-up of audit results in order to assess the adequacy of internal controls. The Risk Monitoring Committee conducted evaluations related to self- assessment of the Bank’s risk profile, adequacy of competency and implementation of risk management, reviewed and provided overviews on credit and financing,

as recommended by the Board of Directors to the Board of Commissioners, and provision of related-party funds that required Board of Commissioners approval. The Remuneration and Nomination Committee assisted the Board of Commissioners in reviewing the adequacy of the system and the amount of remuneration for the Board of Directors and Board of Commissioners, reviewed prospective members of the Board of Directors and Board of Commissioners to be proposed by the Board of Commissioners at the General Meeting of Directors and Commissioners, as well as reviewing the prospective Head of the Internal Audit Division and Head of the Corporate Secretary Division.

Whistleblowing Reporting SystemIn the Company’s Whistleblowing System (WBS), the Board of Commissioners also reviewed the adequacy of WBS implementation. During 2018, the Board of Commissioners consistently ensured that WBS reports received priority attention and were followed up properly by the Board of Directors. The Board of Commissioners reported that 112 complaints were submitted through the WBS system, consisting of 11 complaints via Letter / PO BOX, 30 direct complaints via SMS and mobile phone calls , and 71 complaints via email. Of these complaints, 106 were settled without a clarification audit and/or special audit process and 6 complaints were forwarded to a special audit and / or clarification audit process.

Internal Risk Management and Control (RMD)In 2018, the Company implemented a satisfactory risk management structure in accordance with regulations issued by the Financial Services Authority (OJK). The Board of Commissioners constantly emphasized that the Board of Directors should continue to be consistent in implementing good risk management practices and improving Bank Internal Control. Based on the results of the 2018 risk assessment, the Company managed to accomplish a composite low to moderate risk rating.

The Company has implemented wide-ranging and comprehensive risk management at the strategic business and operational levels. At the strategic level, risk management was carried out through periodic monitoring of risk appetite & risk tolerance profiles. At the business level, risk management was carried out by strengthening aspects of the four eyes principle in the credit business process and optimizing credit scoring as a decision tool for credit with certain ceilings and segments. Furthermore, risk management at operational level is carried out by strengthening compliance aspects and implementing risk management tools in all work units such as Risk Control Self Assessment (RCSA) and BTN Loss Event






Database (BTN LED) so that work unit risk profiles can be mapped comprehensively and can be used as consideration in the Company’s strategic decision making process.

An effective internal control system is an important component in the Bank’s management and is the basis for sound and secure Bank operations . The Board of Commissioners also supervised the consistent implementation of the Company’s internal control system to safeguard assets, ensure reliable financial and managerial reporting, enhance the Company’s compliance with applicable laws and regulations, and reduce the risk of losses, irregularities and violations of prudential aspects. In doing so, the Board of Commissioners also strengthened existing oversight mechanisms, implemented accountability, and oversaw the implementation of a culture of internal control at all levels of the organization in the Company.

Implementation of Corporate Social ResponsibilityThroughout 2018, the Board of Commissioners noted that the Company’s Corporate Social Responsibility (CSR) activities had run very well. The Company’s social and community development programs cover the fields of education, health, economy, society and culture, religion and the environment. The programs were carried out based on careful and responsible planning, in line with the Company’s CSR policies. The programs consistently pay attention to community needs and are expected to generate increased benefits for stakeholders. In 2018, the Company outlayed Rp 5.18 billion on the social and community development program, covering the fields of economy, arts and culture, sports, education, health, facilities and infrastructure, religion, and natural conservation.

Changes in the Composition of the Board of CommissionersBased on the Annual General Meeting of Shareholders on March 23, 2018, the Company appointed 1 (one) Commissioner namely Mr. Parman Nataatmadja as

Commissioner of the Company. Based on this decision of the 2018 Annual GMS, the composition of the Company’s Board of Commissioners membership in 2018 was as follows:

Position Name

President Commissioner/ Independent Commissioner

I Wayan Agus Mertayasa

Independent Commissioner Kamaruddin Sjam

Independent Commissioner Arie Coerniadi

Independent Commissioner Lucky Fathul Aziz Hadibrata

Independent Commissioner Garuda Wiko

Commissioner Iman Sugema

Commissioner Maurin Sitorus

Commissioner Sumiyati

Commissioner Parman Nataatmadja*

AppreciationThe Board of Commissioners, through this report, once again expresses its high appreciation and gratitude to the Board of Directors and all of the Company’s organizational staff for their hard work, dedication and commitment throughout 2018 and previous years, with hopes that dedication, commitment and professionalism can be maintained in the coming years, and can be improved for the good of the Company in an effort to achieve the Company’s vision and mission.

The Board of Commissioners would also like to convey its thanks and appreciation to shareholders, customers, business partners and all other stakeholders for the support that has been given to the Company during 2018.

The Board of Commissioners believes that with the support of all parties, the Company will be able to become the leading and trusted Bank in facilitating the housing sector and family financial services.

On Behalf of the Board of CommissionersJakarta, April 2019

I Wayan Agus MertayasaPresident Commissioner/Independent Commissioner


REPORT OF THE BOARD OF DIRECTORS

MaryonoDirektur Utama





17,24%In 2018, the Company posted total assets of Rp306.44 trillion, a growth of 17.24% from Rp261.37 trillion in 2017.

19,48%Our loan and financing portfolios amounted to Rp237.75 trillion, up 19.48% from the previous position at Rp198.91 trillion.

Dear Shareholders and Stakeholders,On this fine occasion, please allow us to present the Company’s Management Report for fiscal 2018. In general, the Company delivered excellent results during the year. The results were achieved in both financial and non-financial terms despite the insignificant recovery process in the global and domestic economies.

THE MACROECONOMIC AND BANKING INDUSTRY IN 2018

The persistent volatility in financial markets and the onset of world trade tension certainly affected global economic growth in 2018. In the April 2019 World Economic Outlook, the IMF stated that strong economic growth was seen in 2017 with the trend continuing until the first half of 2018. However, this positive trend was reversed in the second half of 2018, since world economic activities, particularly in developed nations, were beginning to slowdown. After a high 3.8%(yoy) in 2017, world economic growth slowed to 3.6%(yoy) in 2018. The slowdown was chiefly attributable to global exposure to higher risks, due to the normalization in monetary policy elected by the US, which caused tightening liquidity across the globe, leading to heated trade conflicts and escalated geopolitics.

During this rather challenging economic condition, the Company managed to maintain growth with increasingly strong financial fundamentals. This is evidenced by the Company’s strategic role in the National housing sector and the success it has achieved in improving its competitive position in the banking industry. This success resulted from the transformation period of the digital banking that the Bank has been implementing since 2015 with expected completion in 2019. To make the transformation roadmap successful, the Management has compiled the theme for the Board of Directors’ General Policy in 2018, which is stronger business, HR development, and reliable business infrastructure

Efforts to financial fundamentals to prepare for the imminent implementation of PSAK 71 was also one of the Company’s key focuses. The Company has laid a focus on more prudent business process governance and efforts to increase the coverage ratio in 2018, as an effort to keep financial fundamentals healthy and ensure sustainable growth in the years to come.


Meanwhile, the global financial sector was faced with challenges that came in the form of Vulnerability, Uncertainty Complexity, and Ambiguity (VUCA), driven by changes in fiscal and monetary policies, especially those executed by the Fed in the US.

Amidst the global economic turmoil, Indonesia showed its ability to maintain healthy economic fundamentals as can be seen in its stable economic growth. The Country saw its economy grow by 5.17% (yoy) for the full fiscal year 2018. This growth was higher than the corresponding figure of 5.07% in 2017. Factors that helped sustain this positive trend included stable consumption, increased investment, and larger government spending. Another contributing factor was controlled inflation.

In the meantime, global volatility and uncertainty also put pressure on the financial sector in Indonesia. Foreign capital flight from the country, especially from the Capital Market, was driving IDX’s JCI downward throughout 2018. This was in line with a weakening trend experienced by nearly all economies across the globe as a result of increased global uncertainty.

Along with pressure in the global financial sector, emerging market currencies, including the Indonesian Rupiah lost value against the US dollar. By December 2018, the Rupiah had depreciated by 6.16 %%. This compelled Bank Indonesia (BI) to hike its 7-Day Repo Rate) by 175 bps to 6.00% to keep Indonesia’s financial market attractive and control the current account deficit to remain within acceptable limits.

Indonesia’s stronger GDP growth corresponded with an increase in consumption, since the Government was able to properly manage inflationary issues. Inflation in 2018 was 3.13%, lower than the preceding year’s figure of 3.61%. The reporting year’s figure still fell within the target range of 3.5% (± 1%) set by BI.

Despite the p

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