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4-Traders Homepage  >  Equities  >  INDONESIA STOCK EXCHANGE  >  Bank Danamon Indonesia Tbk PT    BDMN   ID1000094204

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PT Bank Danamon Indonesia Tbk : Danamon Announces First Half 2013 Financial Result

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07/18/2013 | 02:49pm CEST
Danamon Announces First Half 2013 Financial Result

Loans Grew 12% to IDR 124 trillion, Despite Slow Down in Auto Loans; Other Loans Grew by 18%


PT Bank Danamon Indonesia, Tbk. ("Danamon") today announces a 12% loan growth IDR 124 trillion in the first semester of 2013 compared to IDR 110 trillion in the same period a year ago. Non-automotive loans, which includes, among others, loans to the micro, small and medium enterprises segments as well as loans to the commercial and corporate segments, grew by 18%, while auto loans through Adira Finance, which consist of 37% of Danamon's total loans, booked a 3% year-on-year growth, as the automotive industry is still adjusting to the down payment regulation. Danamon's consolidated net profit after tax (NPAT) reached IDR 1.985 trillion in the first semester of 2013, as net interest income rose 6% to IDR 6.7 trillion in the first half of 2013 compared to a year ago, while fee income grew by 9% to IDR 2.4 trillion. 

"Inflation has been the main theme for the second quarter of 2013, particularly prompted by subsidized fuel price hike in mid June 2013, yet the first half of the year was relatively manageable in sustaining conducive operating environment. As a result, we maintained a positive performance throughout the first six months of the year," said Henry Ho, Danamon's President Director.

Danamon's loans to micro enterprises through DSP booked a 10% growth to IDR 19.8 trillion in the first semester of 2013 compared to the same period a year ago, while loans to small medium enterprises (SME)*, grew by 25% to IDR 17.2 trillion. Loans to the commercial segment*, increased by 25% in the first half of 2013 compared to last year to IDR 11.3 trillion. Meanwhile, loans from the corporate banking segment booked a 21% growth to Rp 13.1 trillion, and Danamon's trade finance increased by 27% to IDR 8.4 trillion. Danamon's Syariah loans recorded 38% year-on-year growth to IDR 1.4 trillion.  

In the first semester of 2013, automotive loans through Adira Finance booked a 3% growth compared to the first semester of 2012 to IDR 46 trillion. "The automotive sector, particularly the motorcycle industry, is still adjusting to significant changes impacted by the Down Payment regulations." said Vera Eve Lim, Chief Financial Officer and Director of Danamon. 

Danamon's loan growth in the first six months of 2013 was accompanied by a sustained quality of assets, with non-performing loans ratio standing at 2.4% at the end of first half 2013.

Danamon's fee income increased by 9% in the first semester of 2013 to IDR 2.4 trillion driven by credit-related fees, which accounted for 75% of total fee income. Meanwhile income from general insurance products from Adira Insurance rose 16% to IDR 228 billion, while income from Bancassurance increased by
10% to IDR 164 billion, contributed by Danamon's partnership with Manulife Indonesia, which has now entered its first year. 

On the funding side, current accounts grew 12% while savings accounts grew by 10% year-on-year, reaching Rp 15.6 trillion and Rp 26 trillion, respectively.  In total, CASA increased by 11% to Rp 41.6 trillion. Danamon's funding drive was led by its Giro Bisa product, through its 'Giro Berkado' promotional campaign, and Fleximax savings product, which recorded a 25% growth.   

As of June 30, 2013, Regulatory Loan to Deposit Ratio reached 105.4% compared to 97.1% last year. "Our Loan to Total Funding ratio, which includes third party deposit and long-term funding, stood at 91.1% at the end of June 2013 compared to 85.2% a year ago. As such, we have ample liquidity to fund our loan growth," added Vera. 

Danamon's Return of Average Asset stood at 2.6%, while Return on Average Equity stood at 14.3%. Moreover, as of June 30, 2013, Danamon's consolidated Capital Adequacy Ratio (CAR) stood at 18.7%, while standalone CAR increased to 18.4% from 18.1% last year.

In terms of service, Danamon was proven to have improved its service quality, as shown by its top 5 ranking among Indonesian banks in the 2013 Bank Service Excellence Monitor (BSEM) survey conducted by Marketing Research Indonesia (MRI).

In regards to technological innovation, Danamon is planning to relaunch its SMS Banking service with a more robust platform in the near future. The service will allow customers to perform transactions from their mobile devices through the GSM network and is equipped with mobile payment on demand (mPOD) technology.

The SMS Banking service will complement Danamon's already extensive nationwide distribution network, in which a total of 23 conventional, Syariah, and Solusi Emas Syariah branches and 42 new Danamon Simpan Pinjam outlets were added across the country over the last 12 month until the end of June 2013.


* excluding Assets Based Finance (ABF)


About Danamon:

PT Bank Danamon Indonesia, Tbk. ('Danamon') was established in 1956 and as of June 30, 2013 operates over 3,600 branches and points of sales, including its Danamon Simpan Pinjam (DSP) and Syariah units as well as its subsidiaries branches. As of June 30, 2012 Danamon provides its customers with close to 50,000 ATMs, including through its association with ATM Bersama and ALTO, in all 33 provinces in Indonesia. Danamon manages IDR 158 trillion in assets as of June 2013.

Danamon was recently awarded the Banking Efficiency Award 2013 in the Foreign Exchange Commercial Bank Category from Bisnis Indonesia. Danamon was also awarded the Top 10 Publicly Listed Company with the highest Good Corporate Governance (GCG) ASEAN Scorecard by Institute for Corporate Directorship (IICD). Danamon also received the Banking Service Excellence Awards 2013 in the overall, ATM, Teller, Call Center, and Sharia categories from Infobank. Internationally, Danamon received "Best Corporate Governance" in FinanceAsia's Asia's Best Companies 2012 poll.

Danamon is the sole issuer and acquirer of American Express® cards in Indonesia under an independent operator agreement which allows it to issue American Express cards to individual and corporate clients. Danamon is also the only bank which provides services to local merchants who accept American Express Cards and for signing up new merchant partners in Indonesia. Danamon is also the sole license holder of Manchester United cards in Indonesia, allowing the Bank to issue Manchester United ATM/Debit cards and credit cards.

PT Adira Dinamika Multi Finance Tbk (Adira Finance), the automotive financing subsidiary of Danamon, operates an extensive branch network in more than 260 cities in Indonesia. Danamon is also the majority owner of PT Asuransi Adira Dinamika (Adira Insurance), a general insurance company and PT Adira Quantum Multifinance (Adira Kredit), a durable goods financing company

As of June 30, 2013, Danamon was 67.37% owned by Asia Financial (Indonesia) Pte. Ltd. and 26.25% by the public as well 6.38% by JPMCB-Franklin Templeton Investment Funds. On April 2, 2012, Danamon has been informed by Fullerton Financial Holdings Pte. Ltd., that it has entered into a share purchase agreement with DBS Group Holdings to sell its interest in the whole of the issued share capital of Asia Financial (Indonesia) Pte. Ltd. to DBS. The transaction is subject to the approvals, among others, of DBS shareholders and regulators in Singapore and Indonesia, including Bank Indonesia.

For further information regarding Danamon, please visit Danamon's corporate website at: www.danamon.co.id


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Financials ( IDR)
Sales 2016 18 441 B
EBIT 2016 8 336 B
Net income 2016 3 387 B
Debt 2016 -
Yield 2016 2,34%
P/E ratio 2016 11,72
P/E ratio 2017 10,39
Capi. / Sales 2016 2,08x
Capi. / Sales 2017 1,97x
Capitalization 38 429 628 M
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Consensus
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Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 3 553  IDR
Spread / Average Target -12%
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Managers
NameTitle
Seow Wah Sng President Director
Kee Choe Ng President Commissioner
Michellina Laksmi Triwardhany Director-Operations & Consumer Banking
Vera Eve Lim Chief Financial Officer & Finance Director
Satinder Pal Singh Ahluwalia Director-Integrated Risk & Information Technology
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