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Berita Hari Ini Banks
Rabobank Indonesia (short for PT Bank Rabobank International Indonesia) has announced that it is to phase out its operations in Indonesia starting per direct. The decision was made by the bank's shareholders. Fierce competition in Indonesia's banking industry, which particularly hurts the smaller banks, is believed to be the main reason behind the decision.
As we are in the middle of earnings season, it is interesting to take a look at the January-June 2017 corporate earnings reports of Indonesia's listed companies. Something that stands out so far is the good earnings of banks and commodity-related companies (mining and agriculture). Of Indonesia's 15 biggest banks (in terms of assets) only four experienced a contraction in net profit. This good performance comes in times when credit growth has remained rather bleak in Indonesia. So where does banks' excellent profit growth come from?
Indonesian banks support the country's financial authorities' intention to cut lending rates to single digit margins (in a bid to boost credit growth and economic activity). However, these banks argue that lower interest rates should be the result of enhanced efficiency at banks, not by the Financial Services Authority (OJK)'s plan to cut banks' net interest margin (NIM). Earlier this year, the OJK - the government agency that regulates and supervises Indonesia's financial services sector - announced its plan to push state-owned banks' NIM down to the range of 3 to 4 percent.
The banking sector of Indonesia is expected to rebound in 2016 due to the lower primary reserve requirement ratio for rupiah deposits (6.5 percent), lower cost of funds as well as operational costs, rising credit volume (due to the lower interest rate environment) and improving purchasing power. The banking sector is also expected to feel the positive impact of the stimulus packages unveiled by the Indonesian government aimed at strengthening domestic businesses and improve the investment climate. And lastly, banks are to benefit from the government's push for infrastructure development.
Bank Central Asia (BCA), one of the largest banks in Indonesia, saw its net profit rise 9.3 percent year-on-year (y/y) to IDR 18 trillion (approx. USD $1.4 billion) in 2015, supported by strong loan growth and the relatively low cost of funds. Meanwhile, BCA's net interest income, the difference between interest earned and interest paid, grew 12 (y/y) to IDR 35.9 trillion (approx. USD $2.7 billion) and non-interest income, which includes fees such as deposit and transaction fees, rose 28.5 percent (y/y) to IDR 12 trillion (approx. USD $909 million).
In anticipation of the Financial Services Authority's new policy, Indonesian banks categorized under BUKU III claim to be ready for a lower net interest margin (NIM). NIM is the difference between interest income generated by banks and the amount of interest paid out to the lenders. BUKU (Bank Umum Kelompok Usaha) is a categorization system, designed by Bank Indonesia, that divides Indonesian banks into four categories based on the banks' capital. Banks categorized under BUKU III have capital between IDR 5 trillion (approx. USD $373 million) and IDR 30 trillion (approx. USD $2.2 billion).
Shares of Indonesian banks were hit hard on Friday (19/02) after Indonesia's Financial Services Authority (OJK) announced its plan to push state-owned banks net interest margin (NIM) to the range of 3 to 4 percent in a bid to lower the country's lending rates, hence boosting credit growth. NIM is the difference between interest income generated by banks and the amount of interest paid out to the lenders. A higher NIM implies that banks are more profitable. Currently, the average NIM for Indonesia's state-owned banks is between 7 - 8 percent.
The Indonesian government, central bank (Bank Indonesia) and the Financial Services Authority (OJK) have formed a team that will study and encourage lower lending and mortgage rates in Indonesia - to single digit levels - by the end of 2016. Indonesia's Chief Economics Minister Darmin Nasution explained that this is part of government efforts to boost economic activity in Southeast Asia's largest economy. Indonesia's lending rates have been high due to banks' prudent management and the high cost of funds, hence limiting credit growth as well as economic growth.
Contrary to earlier information, Indonesia's Financial Services Authority (OJK) is expected to somewhat limit investment opportunities for foreign investors in the country's banking sector. Nelson Tampubolon, Commissioner for Banking Supervision at the OJK, said foreigners will only be allowed to acquire a majority-stake in small Indonesian banks (categorized under the BUKU 1 system) provided that the foreigner purchases two (small) banks and merge these into one entity.
Otoritas Jasa Keuangan (OJK), lembaga Pemerintah yang mengatur dan mengawasi sektor jasa keuangan di Indonesia, menerbitkan sebuah roadmap untuk pengembangan berkelanjutan sektor keuangan, baik untuk jangka menengah (2015-2019) maupun jangka panjang (2015-2024). Ketua OJK Muliaman Hadad menjelaskan bahwa roadmap-roadmap ini, dibuat atas kerjasama dengan Kementerian Lingkungan Hidup dan Kehutanan, berisi panduan dan arahan untuk pengembangan sektor keuangan yang berkelanjutan di Indonesia.
Artikel Terbaru Banks
Today (31/12), the central bank of Indonesia (Bank Indonesia) officially transfers its authority to regulate and supervise the banking sector to the Financial Services Authority (Otoritas Jasa Keuangan, abbreviated OJK). Muliaman D. Hadad, Chairman of the Board of the OJK, said that all functions, duties as well as powers of regulation and banking supervision, licensing, inspection, investigation and consumer protection have been transferred to the 35 (regional) offices of the OJK.
Today (18/10), the Governor of Bank Indonesia and the Chairman of the Indonesian Financial Services Authority (OJK) signed an agreement concerning “cooperation and coordination to support task implementation at Bank Indonesia and OJK”. The agreement forms a basis for expediting and optimising coordination between both organisations in terms of their function, task and authority in light of the upcoming transfer of the banking regulation and supervision function from Bank Indonesia to OJK on 31 December 2013.
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