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PT Bank Danamon Indonesia Tbk and Subsidiary Investor Newsletter February 2003 Bank Danamon Full Year 2002 Results www.danamon.co.id Highlights: Net Income increased to Rp 948 bn from Rp 723 bn Earning per Share increased to Rp 38.66 from Rp 29.48 Government bonds reduced by Rp 12.1 tn to Rp 15.6 tn Loan grew by Rp 7.7 tn to Rp 18.2 tn Interim Dividend of Rp 19 per share Investor Relations Madi D. Lazuardi [email protected] I Dewa Made Susila [email protected] PT BANK DANAMON INDONESIA TBK Menara Bank Danamon, 7th Floor Jl. Prof. Dr. Satrio Kav. E4-6 Jakarta 12950 Phone 62 (21) 5799 1001-03 Fax 62 (21) 5799 1160-61 Investor Newsletter Net Incom e in Billion Rupiah 948.4 Financial Performance in Year 2002 72 3.3 PT Bank Danamon Indonesia Tbk (BDI) recorded Rp 948 billion in net income for the year ended December 2002, a 31.1% increase against Rp 339.4 723 billion in year 2001. This significant growth was largely driven by higher net interest income, increase in fee-based income and gains on sales of marketable securities. This improvement has resulted in an increase in both ROAA and ROAE, being 2.0% and 22.3%, respectively Dec'00 D ec'01 D ec'02 as compared to last year’s percentage of 1.4% and 16.1%. In year 2002, net interest income increased by 13.6% to Rp 1,834 Net Interest Incom e in Billion Rupiah 1,833.8 billion from Rp 1,615 billion in 2001, mainly due to lower interest 1,615.0 expense, resulting from better deposits mix and declining in interest bearing liabilities. Overall, net interest margin improved to 3.8% in 1,078.0 2002 against 3.3% last year. Interest income for year 2002 decreased by 5.7% to Rp 6,561 billion from Rp 6,959 billion last year that was largely driven by lower earning assets during the year as the government bonds were actively sold to the Dec'00 D ec'01 D ec'02 public in the form of mutual funds (Prima Investa). However, yield of earning assets increased to 14.9% in year 2002 as compared to 14.6% in Total Assets in Trillion Rupiah year 2001, showing improvement in quality of assets. 62.2 In year 2002, interest expense decreased by 11.5% from Rp 5,344 52 .7 billion to Rp 4,727 billion in 2001. The decline was primarily due to 46.9 lower interest bearing liabilities during year 2002 as the Bank continues to reduce high cost time deposits and settle foreign currency borrowings (exchange offers). Cost of funds declined to 11.6% of total interest bearing liabilities as of December 31, 2002 as compared to 12.3% as of December 31, 2001. This decrease reflected the Bank’s successful Dec'00 D ec'01 D ec'02 efforts in improving its funding composition by growing saving and current accounts (CASA) and replacing high cost time deposits with mutual funds. Outstanding Loans in Trilion Rupiah The Bank’s other operating income increased by 35.0% to Rp 902 18 .2 billion in 2002, compared to Rp 668 billion in 2001. This gain reflected a strong performance in the Bank’s operational segments, evidence by ongoing growth in fee-based income arising from credit related 10 .5 transactions, third-party funds transactions and bancassurance unit 5.6 (Prima Investa). As a result, the ratio of fee income to total operating income improved notably to 27.3% in year 2002 from 18.9% last year. In year 2002, other operating expenses incurred amounted to Rp 1,747 Dec'00 D ec'01 D ec'02 billion, up 4.3% compared to Rp 1,675 billion in the previous year. A large part of the increase was primarily due to increase in general and administrative expenses, mainly in depreciation expenses. In 2002, the Governm ent B onds in Trillion Rupiah Bank changed its depreciation method, from double-declining method 47.0 to the straight-line method, creating an additional Rp 32 billion in depreciation expense for the year. General and administrative expenses 27.8 rose 35.6% to Rp 617 billion from Rp 455 billion last year. Aside from the impact of changes in depreciation method, this increment also 15.6 attributable to increase in promotion expenses in order to socialize the Bank’s new logo. In addition, salaries and employees’ benefits increased by 6.5% to Rp 504 billion from Rp 473 billion last year in Dec'00 D ec'01 D ec'02 consequence of the Bank’s strategy to improve the quality of its human capital by offering competitive salaries and benefits to attract and retain 2 Investor Newsletter talented employees. Taken together, cost to income ratio for year 2002 Third Party Funds in Trillion Rupiah remained steady at 45.0%, compared to 44.8% in the prior year. 39.8 34.9 30.5 Exhibit I : Consolidated Statement of Income Rp billion (December, 31) 2002 2001 Change Interest Income 6,561 6,959 (5.7%) Interest Expense 4,727 5,344 (11.5%) Dec'00 D ec'01 D ec'02 Net Interest Income 1,834 1,615 13.6% Other Operating Income 902 668 35.2% Other Operating Expenses 1,747 1,675 4.3% Total Equity in Trillion Rupiah Net Income 948 723 31.1% 4.5 4.7 4.2 The Bank’s assets as of December 2002, decreased by 10.9% to Rp 46,911 billion from Rp 52,680 billion as of December 2001. The decline in assets mainly arose from reduction in government bonds as the Bank actively marketed Prima Investa, a new mutual funds product linked to government bonds. Dec'00 D ec'01 D ec'02 The Bank’s loan portfolio grew by Rp 7,712 billion or 73.6% from Rp 10,485 billion in December 2001 to Rp 18,197 billion in December 2002. This increase was mainly attributable to the Bank’s initiative to grow its loan book to both increase yields on its earning assets and NPL in Percentage reduce the dependency on government bonds. As a result, loan portfolio 8.6% now formed 38.8% of the total assets, up considerably from 19.9% in the previous year. Most of this growth was derived from consumer and SME market that accounted for 62% of the loan growth in 2002. This 4.8% 4.4% loan growth also led the Bank’s loan-to-deposits ratio (LDR) to improve to 52.1% in December 2002 from 26.3% in December 2001. In line with BDI’s vision to be the bank of choice in consumer and Dec'00 D ec'01 D ec'02 SMEs market, the majority of the loan portfolio was directed to consumer and SMEs market. As of December 2002, loans to consumer and SMEs sectors made up 33.8% and 27.8% of the Bank’s loan portfolio, respectively. Corporate loans accounted for 32.4% and the CAR in Percentage remaining 6.0% was commercial loans. This reflected a steep change in 58 .0% the Bank’s loan portfolio if compared to the previous year. As of December 2001, the majority of the loan portfolio was directed towards 35.5% the corporate sectors (33.5%) and commercial sectors (11.9%). Whereas 25.3% the remaining 54.6% of the loan portfolio were evenly distributed into consumer and SMEs loans, being 28.9% and 25.7%, respectively. Going forward, BDI will maintain this composition, in which retail Dec'00 D ec'01 D ec'02 loans (consumer and SMEs loans) make up the majority of the Bank’s loan portfolio. The Bank continued to exercise caution and prudence with regard to NOP in Percentage credit expansion, limiting its lending activities to provide working 12 .0% capital loans to small and medium enterprises. In addition, rigorous risk monitoring continued to be applied and management remained focused on efforts to better examine loan issuance through credit scoring system 2.4% 2.3% for loan applications. As part of the risk management practices, the Bank diversifies its loan portfolios among economic sectors as well as debtors. In December 2002, loans were mainly distributed to major sectors of the economy, such as manufacturing (23.3%) and general Dec'00 D ec'01 D ec'02 trading and distribution (21.1%). In addition, the top twenty-five 3 Investor Newsletter obligors only accounted for a total of Rp 4,474 billion or 24.6% of the Bank’s total loan portfolio as at year-end 2002, hence minimizing loan concentration risk. Exhibit II : Breakdown of loan portfolios PRODUCTS & SERVICES (December 31, 2002) Loans by segment Loans by economic sector Consumer Loans Agriculture, Consumer credit Housing Loans Services & 34% Auto Loans Corporate Others Consumer 32% 22% 34% Checking Account Primagiro Super9 Giro Rupiah Giro Foreign Currency Trading 21% Primadollar SMEs Commercial Manufacturing 28% 6% 23% Saving Account Total loans: Rp 18,197 billion Tabungan Danamon Non-performing loans (NPL) ratios are maintained at 4.4% level in Time Deposit December 2002 against 4.8% in December 2001, below the compliance Primadeposito Rupiah target imposed by Bank Indonesia of 5%. The Bank’s non-performing Primadeposito Foreign Currency loans amounted to Rp 805 billion in December 2002 compared to Rp Primadeposito On Call Rupiah 505 billion last year. Of Rp 805 billion in NPLs at the end of December Primadeposito On Call Foreign Currency 2002, 3.8% were in the substandard category and 0.6% in the doubtful category.
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