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Management Report Corporate Profile Management Discussion and Analysis Financial Highlights Management Report Corporate Profile Management Discussion and Analysis MANAGEMENT REPORT 22 2020 Annual Report PT Bank Central Asia Tbk Corporate Governance Corporate Social Responsibility Consolidated Financial Statements 2020 Annual Report PT Bank Central Asia Tbk 23 Financial Highlights Management Report Corporate Profile Management Discussion and Analysis REPORT OF THE BOARD OF DIRECTORS Jahja Setiaatmadja President Director 24 2020 Annual Report PT Bank Central Asia Tbk Corporate Governance Corporate Social Responsibility Consolidated Financial Statements Respected shareholders and stakeholders, Despite the challenges, 2020 was a year filled with challenges Economy and Banking in we took the opportunity for the banking industry. The COVID-19 Indonesia to transform and pandemic brought a decline in business 2020 presented a number of challenges, strengthen BCA’s and economic activities, as well as an both foreseeable and unforeseeable. business capabilities. increase in banking sector credit risk A US - China trade tension triggered from higher restructured loans. significant impact on China’s economy Owing to the support and spilled over to the Asian region of our customers, In the midst of these unfavourable times, marked by slower trades and volatile regulators and all BCA continued to provide banking commodities prices. Post US election parties, the Bank services and to uphold our commitment in November 2020, major players in and its subsidiaries to always be by our customers’ side various industries wait and see the have navigated this and support the national economic upcoming policies and what implications difficult time and recovery process. We proactively provide the outcome would have for trade support to our debtors by offering and capital flows in the region. In delivered a satisfactory loan restructuring schemes tailored to the meantime, the global COVID-19 performance. different needs. pandemic and the dramatic challenges it presented to both businesses and Continuous investment in our digital individuals were not predicted and had service platform, complimented by drastic effects on economies all around strong corporate branding, has delivered the world, not least of all in Indonesia. an encouraging outcome during the transition toward the new normal. This The COVID-19 pandemic had an is reflected in a significant increase in extraordinary impact on Indonesia’s the number of customers, and strong economy, especially in the second growth in transaction volumes and quarter of 2020. The government’s policy third-party funds. to restrict social mobility in an attempt to prevent the spread of COVID-19 Despite the challenges, we took the caused a significant decline in economic opportunity to transform and strengthen activity and domestic purchasing power. BCA’s business capabilities. Owing to the In the second quarter of 2020, inflation support of our customers, regulators and was at a low point, and for the first all parties, the Bank and its subsidiaries time in the last two decades Indonesia have navigated this difficult time and recorded GDP contraction by 5.3%. delivered a satisfactory performance. From July 2020, public mobility began to In general, BCA achieved its business recover as the social restriction policies targets, which were adjusted mid-year in various regions were eased, driving a to reflect the unprecedented conditions subsequent improvement in economic on the ground. activities towards the end of the year. 2020 Annual Report PT Bank Central Asia Tbk 25 Financial Highlights Management Report Corporate Profile Management Discussion and Analysis Bank Indonesia (BI) released a series of macro prudential sector loans decreased by 2.4% by the end of the year, far policies throughout the year in response to the economy below the growth of 6.1% in 2019 in line with the economic impacts of the pandemic in an attempt to maintain the macro slowdown, and banks being more cautious in their lending stability of the nation. Fortunately, Indonesia’s trade surplus amidst increased credit risk. During 2020, the rate of loan and benign inflation helped counter foreign exchange restructuring experienced a significant increase, reaching volatility to some extent. Accordingly BI cut the 7-Days Rp971.0 trillion (source: OJK Press Release). While, the Reverse Repo interest rate by 125 bps to 3.75% to stimulate banking sector’s NPL was higher than the level in 2019, it was domestic economy, and at the same time BI played an active contained at 3.1%, supported by OJK policy that classified role in safeguarding market volatility through measured COVID-19’s restructured loan as Current. interventions in the spot and forward foreign exchange markets. To ensure liquidity, BI lowered the minimum reserve In recent years, the banking industry both globally and requirement (GWM) ratio by 250 bps to 3.0% for IDR and 400 locally has increasingly embraced digitalization, and 2020 bps to 4.0% for foreign exchange, and rolled out Quantative was a testing ground for these developments. As the Eeasing via government bond purchase. pandemic spread around the world, more and more people were forced to stay at home and drastically change their The Financial Services Authority (OJK) temporarily relaxed social and commercial behaviors, as well as their banking restructuring regulations for debtors experiencing financial behaviors. Banks that had already established strong digital difficulties as a result of the pandemic. In parallel, a fiscal ecosystems found themselves better positioned to support stimulus in the form of a National Economic Recovery their customers’ needs for banking solutions digitally. fund to the amount of Rp695.2 trillion drove economic improvement in both areas of demand and supply such Strategic Steps and Performance as through social support or subsidy and tax incentives The challenges and pressures presented in 2020 were respectively. The distribution of Economic Recovery Funds perhaps unprecedented for economic actors including BCA. through the banking sector also supported MSMEs (Micro The spread of the COVID-19 pandemic, the ensuing large- Small-Medium Enterprise) affected by the pandemic. While scale restrictions and decreased community activity put the Economic Recovery Fund was favorable for the country’s the business environment through remarkable difficulty, economy, it brought an impact on lower outstanding loans including the banking industry. in the banking sector due to loan repayment. In addition, OJK gave relaxation of other regulations related to Basel The Board of Directors prudently considers sound risk III regulations, educational fund obligations, and mark-to- management and good corporate governance when taking market obligations for securities owned by banks. These decisions, applying initiatives and implementing strategic proactive responses from policy makers contributed to the steps. Consistently strong stakeholder confidence, as resilience of the Indonesian economy amid the challenges acknowledged by the appreciation received from regulators, of the pandemic, making the beginnings of a recovery path investors and leading independent agencies, is testament to possible before the end of the year. the value of this caution. The effective and prudent policies from the regulators Throughout 2020 in the face of unstable circumstances, the supported the national banking system as reflected in the solid Bank performed satisfactorily. Pre-provisioning operating liquidity (LDR) and bank capital (CAR) conditions, recorded profit remained in positive growth, up 10.6% YoY to Rp45.2 at 82.5% and 23.9%, respectively. The banking sector third trillion, supported by stronger operating income. BCA party funds grew significantly by 11.1% YoY, higher than the allocated higher loan provisioning expenses to anticipate growth in 2019. Liquidity was further improved due to the the worsening credit quality. BCA continued to maintain decline in credit demand, as many banking customers chose adequate capital and liquidity amid the risk of deteriorating to wait and see how the pandemic and economy would asset quality, especially the loan portfolio. Prudent and react in the mid to long term. Meanwhile, the banking disciplined risk management has always been one of the 26 2020 Annual Report PT Bank Central Asia Tbk Corporate Governance Corporate Social Responsibility Consolidated Financial Statements Bank’s main principles in mitigating the potential for greater In the ongoing development of the Bank’s electronic credit risk, and this proved particularly valuable during the channels and digital products and services, BCA recognises extended pressures of the pandemic. the significant value to be found in the work of e-commerce and fintech companies, who’s innovation and futurist visions BCA implemented a number of internal policies and offer great opportunities for the banking industry. BCA working procedures to mitigate risks and accommodate continued to strengthen its collaboration with the fintech the employees’ health & safety needs, such as work-from- and e-commerce industries, using Application Programming home, video conferencing and split office protocols, as well Interface (API) technology to allow for seamless integration as making use of various technological solutions to maintain with these new tech platforms. BCA has connected with external and internal communications. Faced with this rapid many leading e-commerce and fintech companies through and substantial changes to the
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