3DC2FC53 8A29 4BDB B17E F8F4D1737BF7 07 07 26 Q2 2007 Analysts Meeting
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(2)
Jan 1
2007
IPO
U
from :
+ 18. 5%
+ 307. 7%
JCI
+ 7. 8%
+ 363. 0%
BM RI
Share Information
No. of
Inve s tors
No. of s hare s
%
DOMESTIC
1. Gove rnme nt of RI
1
14,000,000,000
67.47%
2. Re tail
8,702
346,472,097
1.67%
3. Emp loye e s
9,478
165,906,155
0.80%
4. Coop s/ Found ations
10
17,989,500
0.09%
5. Pe nsion Fund s
144
180,243,100
0.87%
6. Assurance / Banks
35
175,811,500
0.85%
7. Institutions
214
457,120,930
2.20%
8. Mutual Fund s
103
383,733,000
1.85%
Total
18, 687
15, 727, 276, 282
75. 80%
INTERNATIONAL
1. Re tail
65
2,453,000
0.01%
2. Institutional
456
5,018,891,470
24.19%
Total
521
5, 021, 344, 470
24. 20%
TOTAL
19, 208
20, 748, 620, 752
100. 00%
as of 30 June 2007
De s c ription
0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 3,500 1 0 -J u l-0 3 5 -S e p -0 3 3 -N o v -0 3 1 2 -J a n -0 4 1 1 -M a r-0 4 1 2 -M a y -0 4 1 2 -J u l-0 4 7 -S e p -0 4 4 -N o v -0 4 1 0 -J a n -0 5 1 0 -M a r-0 5 1 1 -M a y -0 5 7 -J u l-0 5 5 -S e p -0 5 3 1 -O c t-0 5 4 -J a n -0 6 3 -M a r-0 6 4 -M a y -0 6 3 -J u l-0 6 3 1 -A u g -0 6 2 -N o v -0 6 2 -J a n -0 7 2 7 -F e b -0 7 2 6 -A p r-0 7 2 6 -J u n -0 7
BMRI
JCI
(3)
Bank Mand iri Pre se ntation Conte nts
Re sults Ove rvie w
Pag e #
H1 Financial Hig hlig hts
2
Quarte rly Loan Growth & LDR
3
Quarte rly Fund ing Mix & De p osit Costs
4
Quarte rly Ne t Inte re st Marg ins
5
Quarte rly Fe e s & Commissions
6
Quarte rly Ove rhe ad Exp e nse s & De tail
7
Quarte rly NPL Move me nt & Asse t Quality
8 – 9
Provisioning & Collate ral
10
Quarte rly Analysis of NPL Downg rad e s
11
Top NPL De b tor De ve lop me nts
12
NPL Re solution Prog ram
13
Op e rating Profit, Core Earning s, PAT
14 – 15
Op e rating Pe rform ance Hig hlig hts
SBU Ove rvie w
17 – 19
Corp orate Banking
20 – 22
Tre asury & Inte rnational Banking
23
Comme rcial Banking
24 – 25
Micro & Re tail Banking
26 – 28
Consume r Finance
29 – 32
2007 Goals
33
Sup p orting Mate rials
34 – 73
Re sults Ove rvie w
Pag e #
H1 Financial Hig hlig hts
2
Quarte rly Loan Growth & LDR
3
Quarte rly Fund ing Mix & De p osit Costs
4
Quarte rly Ne t Inte re st Marg ins
5
Quarte rly Fe e s & Commissions
6
Quarte rly Ove rhe ad Exp e nse s & De tail
7
Quarte rly NPL Move me nt & Asse t Quality
8 – 9
Provisioning & Collate ral
10
Quarte rly Analysis of NPL Downg rad e s
11
Top NPL De b tor De ve lop me nts
12
NPL Re solution Prog ram
13
Op e rating Profit, Core Earning s, PAT
14 – 15
Op e rating Pe rform ance Hig hlig hts
SBU Ove rvie w
17 – 19
Corp orate Banking
20 – 22
Tre asury & Inte rnational Banking
23
Comme rcial Banking
24 – 25
Micro & Re tail Banking
26 – 28
Consume r Finance
29 – 32
2007 Goals
33
(4)
Ke y Financial Hig hlig hts*
Org anization Struc ture
(71.9% )
3.9%
13.9%
Ne t NPL Ratio
28.1%
58.3%
45.5%
Low Cost Fund s Ratio
Chang e
H1 2007
H1 2006
162.6%
2,140 tn
Rp 815 b n
Earning s Afte r Tax
(13.1% )
41.1%
47.3%
Efficie ncy Ratio
25.0%
5.5%
4.4%
NIM
7.9%
Rp 116.3 tn
Rp 107.8 tn
Loans
Bank Mand iri’s H1 2007 Pe rformance continue d to d e monstrate
marke d imp rove me nts in a numb e r of ke y ind icators:
(1)
(5)
1.8%
7.9%
Q oQ G rowth (%) YoY G rowth (%)
4
3
.0
4
8
.3
6
5
.4
7
5
.9
9
4
.4
9
9
.5
1
0
4
.0
1
0
6
.9
1
0
6
.9
1
0
5
.1
1
0
7
.8
1
0
8
.8
1
1
7
.7
1
1
4
.3
1
1
6
.3
42.5%
57.3%
55.9%
56.4%
Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
Loans (Rp tn)
LD R (%)
37.7
35.1
35.7
32.9
32.6
8.5
10.8
11.5
11.8
51.3
45.2
42.3
44.0
44.7
53.6
50.5
40.2
32.5
31.6
22.2
8.6
8.6
9.0
1.9
1.9
2.1
12.6
12.2
12.7
1.5
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
LDR at 56.4% on 7.9% Y-o-Y consolid ate d g rowth
Quarte rly Loan Data – Cons olidate d
1.99%
6.78%
2.125
Micro
8.43%
9.39%
9.007
Small
11.89%
8.08%
12.705
Consume r
100. 0%
6. 81%
106. 895
Total
30.44%
(1.16% )
32.542
Comme rcial
47.26%
11.82%
50.516
Corp orate
% of
Portfolio
Loans
(Rp tn)
By Se g me nt
(Bank only)
Y-O-Y
Growth (% )
Quarte rly Loan Se g m e nt De tails – Bank Only
Corp orate
Comme rcial
Consume r
Small
(6)
4
18.0
22.1
29.6
40.6
52.0
49.5
47.8
44.2
45.2
41.8
44.7
46.6
57.6
57.2
62.5
31.1
31.2
24.8
28.8
28.0
27.5
30.8
28.3
30.1
30.2
28.0
29.5
33.6
31.0
33.1
5.8
4.6
6.2
7.6
9.1
11.9
11.9
12.3
11.6
14.9
12.3
12.6
11.6
13.2
97.1
87.8
106.9
100.7
80.5
66.5
72.3
79.8
93.2
90.8
89.1
85.7
80.5
16.5
21.5
23.4
20.6
17.3
11.6
11.1
13.3
16.3
15.7
15.9
15.1
13.4
12.6
13.9
12.1
14.3
14.1
14.4
19.5
65.0
72.9
70.0
0
2
0
4
0
6
0
8
0
1
0
0
1
2
0
1
4
0
1
6
0
1
8
0
2
0
0
Q 4 '99
Q 4 '00
Q 4 '01
Q 4 '02
Q 4 '03
Q 4 '04
Q 1 '05
Q 2 '05
Q 3 '05
Q 4 '05
Q 1 '06
Q 2 '06
Q 3 '06
Q 4 '06
Q 1 '07
Q 2 '07
R p S a v in g s D e p o si ts R p D e m a n d D e p o si ts F X D e m a n d D e p o si ts R p T im e D e p o si ts F X T im e D e p o si ts
Q
2
D
e
p
o
si
ts
r
o
se
4
.1
%
o
n
a
9
.3
%
g
a
in
i
n
I
D
R
S
a
v
in
g
s
D
e
p
o
s
it
A
n
a
ly
s
is
–
B
a
n
k
O
n
ly
6
.1
%
2
.6
%
3
.3
%
3
.7
%
9
.5
%
4
.4
%
4
.1
%
3
.5
%
1
3
.9
%
6
.3
%
1
1
.9
%
7
.4
%
1
3
.1
%
1
2
.7
%
7
.4
%
8
.8
%
0%
5%
10%
15%
R
p
D
D
R
p
S
a
v
in
g
s
R
p
T
D
1
M
o
.
S
B
Is
A
v
e
ra
g
e
Q
u
a
rt
e
rl
y
D
e
p
o
s
it
C
o
s
ts
(
%
)
2
.4
%
2
.7
%
0
.5
%
1
.7
%
2
.6
%
1
.5
%
4
.3
%
3
.7
%
0.
0%
1.
5%
3.
0%
4.
5%
Q 4 '02
Q 4 '03
Q 4 '04
Q 1 '05
Q 2 '05
Q 3 '05
Q 4 '05
Q 1 '06
Q 2 '06
Q 3 '06
Q 4 '06
Q 1 '07
Q 2 '07
F
X
D
D
F
X
T
D
44.2%
53.9%
23.1%
31.4%
58.4%
L o w -C o st D e p o si ts ( % )(7)
2
.4
%
3
.9
%
2
.8
%
3
.7
%
4
.3
%
4
.3
%
3
.6
%
3
.8
%
3
.6
%
4
.2
%
4
.1
%
4
.6
%
4
.9
%
5
.5
%
4
.9
%
Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
N IM
5.7%
5.3%
3.4%
0%
5%
10%
15%
Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
Avg Loan Yield
Avg Bond Yield
Avg 1-Mo Bill
Avg CO F
12.1%
8.0%
8.8%
5.0%
0%
5%
10%
15%
20%
9.5%
8.9%
8.2%
9.4%
10.7%
6.3%
4.8%
4.8%
5.7%
6.4%
9.4%
11.8%
11.6%
10.6%
11.0%
8.7%
11.4%
13.0%
13.0%
4.8%
5.4%
4.6%
7.8%
7.3%
7.6%
7.3%
10.8%
10.8%
Yield on Assets
C ost of Funds
Q2 NIM falls to 4.9% on lowe r Re cap b ond yie ld s
Quarte rly Ne t Inte re s t M arg ins *
Quarte rly Yie lds & Cos ts by Curre nc y*
IDR
(8)
De tails of Q2 2006 & 2007
1
4
5
.6
1
3
4
.1
1
6
3
.6
1
3
3
.5
1
3
9
.2
1
4
9
.6
1
4
3
.3
1
6
4
.8
1
6
7
.7
109.1
81.4
65.5
91.2
75.4
106.8 116.8
110.9
13.7
70.3
41.2
4.3
19.8
10.9
76.9
56.4
64.7
64.2
93.8
61.3
48.8
75.4
65.2
113.5
54.9
58.2
66.6
122.2
56.0
123.6
25.1
26.1
32.4
38.0
38.6
37.5
39.9
39.9
41.3
44.4
43.3
21.8
17.8
28.7
20.9
20.4
26.5
27.5
31.6
38.6
45.6
58.8
1
4
1
.3
1
3
6
.7
102.3
97.1
129.5
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
Credit Cards
Transfer, Coll., Clearing & Bank Ref.
O pening L/C & Bank Guarantees
Fee from Subsidiaries
O thers
Admin. Fees for D eposits & Loans
12.4%12.8%12.8%12.1%
17.7%
10.9%
14.5%
14.8%
15.8%
12.0%
13.3%
% of O perating Income*
Non-loan Re late d Fe e s & Commissions up 40.6% Y-o-Y
Non-loan re late d fe e s & c om m is s ions
*Othe rs includ e Custod ian & Truste e fe e s,
Synd ication, Mutual Fund s, Payme nt Points, e tc.
40. 6%
616. 619
438. 700
Total
113.8%
58.778
27.498
Cre d it Card s
8.7%
43.342
39.861
Transfe rs,
Colle ctions..
112.4%
123.560
58.166
L/ C &
Guarante e s
22.0%
93.796
76.867
Sub sid iarie s
33.3%
129.486
97.129
Othe rs*
20.5%
167.657
139.179
Ad min. Fe e s
Y-o-Y
U
(% )
Q2
2007
Q2
2006
Non-Loan Re late d
Fe e s &
Com m is s ions
(9)
3
3
6
7
5
3
7
7
5
7
4
9
1
,0
3
4
6
7
8
7
9
3
7
6
7
8
4
2
6
3
7
7
8
8
8
1
0
1
,0
1
6
7
1
0
7
4
8
9
5
7
6
4
9
7
2
3
6
0
4
6
7
7
1
,2
4
1
6
9
5
7
4
4
8
6
9
7
9
5
9
2
9
3
2
7
7
0
9
6
6
7
3
7
7
Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
G&A Expenses (Rp bn)
Personnel Expenses (Rp bn)
Q2 Cost to Income Ratio up to 40.2% on Pe rsonne l costs
54.3%
83.3%
58.9%
40.2%
28.2%
38.7%
40.4%
57.6%
48.8%
C IR* (%)
Annual Avg C IR (%)
10.12%
70,338
63,872
Post Emp loyme nt Be ne fits
20.17%
294,225
244,849
Base Salary
(5. 08%)
748, 001
788, 057
Total G & A Expe ns e s
9.57%
88,219
80,515
Sub sid iarie s
14.38%
56,858
49,711
Emp loye e Re late d
2.03%
65,927
64,613
Profe ssional Se rvice s
9.11%
65,849
60,349
Transp ort & Trave ling
75,624
222,007
235,238
743, 637
72,556
26,281
336,079
Q2 ‘06
(11.54% )
66,896
Promotion & Sp onsorship
(5.89% )
208,934
Occup ancy Re late d
G & A Exp e nse s
24. 91%
928, 908
Total Pe rs onne l Expe ns e s
22.90%
89,168
Sub sid iarie s
27.96%
430,057
Othe r Allowance s
Pe rsonne l Exp e nse s
Chang e
(Y-o-Y)
Q2 ‘07
(16.97% )
195,318
IT & Te le communication
45,120 71.68%
Training
Bre akdown of Q2 2006 & 2007 Ope rating Expe ns e s
Quarte rly Cons olidate d Ope rating Expe ns e s & CIR*
(10)
Non-Pe rform ing Loan M ove m e nts (Rp bn) – Bank Only
Q2 NPLs d rop to Rp 17.3 trillion on up g rad e s & colle ctions
M ove m e nt by Cus tom e r Se g m e nt (Rp Bn)
40.7
322.3
172.9
431.0
192.4
98.9
479.7
311.7
75.3
31.6
52.1
61.3
0
250
500
750
1,000
UG to PL
DG to N PL
W /O
Cons
Micro/Small
Comm
Corp
17,292
727
17,971
944
390
617
599
70
Q 1 '07 U /G to PL D /G from
PL
(11)
9
N
P
L
M
o
v
e
m
e
n
t
-C
o
n
s
o
li
d
a
te
d
19.8%
9.7%
8.6%
7.1%
17.8%
23.4%
25.3%
26.2%
70.9%
15.5%
24.9%
24.6%
7.3%
24.6%
16.3%
16.3%
3.9%
10.3%
15.0%
5.9%
4.7%
1
9
0
.4
%
4
2
.8
%
7
0
.0
%
8
6
.7
%
4
9
.1
%
1
6
1
.4
%
1
5
1
.1
%
Q 4 '99
Q 4 '00
Q 4 '01
Q 4 '02
Q 4 '03
Q 4 '04
Q 1 '05
Q 2 '05
Q 3 '05
Q 4 '05
Q 1 '06
Q 2 '06
Q 3 '06
Q 4 '06
Q 1 '07
Q 2 '07
G
ro
ss
N
P
L
R
at
io
N
e
t
N
P
L
R
at
io
P
ro
v/
N
P
L
P
ro
v/
N
P
L
i
n
cl
.
C
o
ll
.
N
e
t N
P
L
s a
t 3
.9
%
w
it
h
p
ro
v
is
io
n
in
g
c
o
v
e
ra
g
e
o
f 8
6
.7
%
C
a
te
g
o
ry
2
L
o
a
n
s
–
B
a
n
k
O
n
ly
4,033
15,350
12,655
16,202
10,983
8,334
12,352
14,394
16,423
12,912
12,086
12,175
10,991
16,966
16,750
15,854
0
2
,0
0
0
4
,0
0
0
6
,0
0
0
8
,0
0
0
1
0
,0
0
0
1
2
,0
0
0
1
4
,0
0
0
1
6
,0
0
0
1
8
,0
0
0
2
0
,0
0
0
Q 4 '99
Q 4 '00
Q 4 '01
Q 4 '02
Q 4 '03
Q 4 '04
Q 1 '05
Q 2 '05
Q 3 '05
Q 4 '05
Q 1 '06
Q 2 '06
Q 3 '06
Q 4 '06
Q 1 '07
Q 2 '07
2
S
p
e
c
ia
l
M
e
n
ti
o
n
L
o
a
n
s
(R
p
B
n
)
1
4
.8
%
1
2
.2
%
1
4
.8
%
1
5
.9
%
2
4
.8
%
0
%
1
0
%
2
0
%
3
0
%
4
0
%
5
0
%
C
a
t
2
%
(12)
Cash Provisioning for Cate g ory 5 loans now at 82.2%
10.16%
-0.22
Micro
8.30%
0.05
0.75
Small
17. 29
0.58
5.64
10.11
NPLs
(Rp tn)
4.54%
0.01
Consume r
20.02%
(0.01)
Corp orate
NPLs
(% )
Q2U
(Rp tn)
17.33%
(0.72)
Comme rcial
(0. 67)
Total
16. 18%
100%
50%
15%
5%
1%
BMRI Policy
100%
5
4
3
2
1
Colle ctib ility
Non-Pe rforming
Loans
Pe rforming
Loans
50%
15%
15%
5%
100%
2%
BMRI p re -2005
100%
50%
1%
BI Re q .
Provisioning
Policy
Collate ral Valuation De tails
Non-Pe rform ing Loans by Se g m e nt
Bank Mand iri’s curre nt p rovisioning p olicy ad he re s
to BI re q uire me nts
As of 30 June ’07, loan loss p rovisions e xce ss to BI
re q uire me nts = Rp 632 b n
Collate ral has b e e n value d for 83 accounts and collate ral
p rovisions of Rp 11,584 b n have b e e n cre d ite d ag ainst loan
b alance s of Rp 15,674 b n
Collate ral value is cre d ite d ag ainst cash p rovisioning
re q uire me nts on a conse rvative b asis. For asse ts value d ab ove
Rp 5b n:
Collate ral is value d only if Bank Mand iri has e xe rcisab le
rig hts to claim collate ral asse ts
70% of ap p raise d value can b e cre d ite d within the initial 12
months of valuation, d e clining to:
¾
50% of ap p raise d value within 12 to 18 months
¾
30% of ap p raise d value within 18 to 24 months
¾
No value b e yond 24 months from ap p raisal
12,169
396
568
1,279
780
Total Cash
Prov. (Rp b n)
5
4
3
2
1
Colle ctib ility
29
82.2%
54.1%
32.4%
8.1%
1.1%
% Cash
Provisions
10
733
43
7,412
1
# of
Accounts
3,273
165
Collate ral
Prov. (Rp b n)
(13)
0.29
0.34
1.56
0.60
0.49
Q2
2007
1.51
1.63
2.27
1.63
0.59
Q1
2006
1.08
0.73
3.14
1.27
-Q2
2006
Q2 2007 De tails
49,595.9
7,204.8
5,819.0
13,912.2
22,659.8
Q2 ‘07
Balance
(Rp b n)
Q4
2006
Q1
2007
UG to
PL
%
DG to
NPL
%
Q3
2006
Loan
Backg round
0.42
0.78
1.87
0.11
-Total Loans orig inate d since 2005
Ne t
Up g rad e s (% )
/
Downg rad e s (% )
#
0.68
0.25
1.62
2.04
0.02
1.00
1.18
2.17
1.33
-0.40
0.44
0.29
1.07
-0.69
0.78
1.85
0.46
0.49
Total
Consume r
Small/ Micro
Comme rcial
Corp orate
Ne t d owng rad e s of le ss than 0.3% on ne w loans in Q2
(14)
Be nang sari
Ind ah Te xind o
Be nang sari
Ind ah Te xind o
Total e xp osure e q uivale nt to Rp 390.42 b illion.
This loan was re structure d , b ut has re lap se d in Q2 as the share hold e rs could not
p rovid e ad d itional working cap ital commitme nts. This has re sulte d in lowe
r-than-p lanne d sale s re alization and re ve nue .
The ob lig or will try to incre ase p rod uction le ve ls to full cap acity b y se e king
ad d itional working cap ital from strate g ic inve stors or forming an op e rational
joint-ve nture with ne w injoint-ve stors or p artne rs.
Prog re ss on Se le cte d De b tors
Djajanti
Group
Djajanti
Group
Total e xp osure to this d e b tor is USD76,583,277.
The ob lig or se ttle d loans to PT. Hasil Tamb ak Amb oina and PT. Kinantan Se na Putra
in Octob e r 2006.
For PT. Biak Mina Jaya, the ob lig or had ag re e d to se ll the asse ts of Biak (machine ry,
e q uip me nt and ve sse ls) to an inve stor for USD5.2 million, b ut is now in ne g otiation
with a ne w p rosp e ctive inve stor.
The Bank cannot auction Djajanti Plaza Build ing (in Tanah Ab ang , Jakarta) as the Tax
Office has alre ad y confiscate d the b uild ing . The Bank has aske d the ob lig or to
ne g otiate its tax liab ilitie s with the Tax Office .
To re solve othe r loans to Djajanti Group , the Bank will liq uid ate the comp any.
Polyp rima
Karyare ksa
Polyp rima
Karyare ksa
Total e xp osure to the ob lig or is e q uivale nt to USD 143.32 million (outstand ing as of
30 June 2007)
To re solve / re structure the loans, the Bank throug h PT Mand iri Se kuritas will d ive st
the owne rship to strate g ic inve stors.
Domb a Mas
Domb a Mas
The ob lig or has sub mitte d a p rop osal to re solve all of its NPLs throug h re financing
from othe r cre d itors, to b e finalize d b y the e nd of 2007.
The ob lig or has alre ad y re p aid , throug h re financing , loans to 4 comp anie s of
e q uivale nt Rp 352.5 b illion on 8 Fe b ruary 2007. The re maining outstand ing loans are
e q uivale nt Rp 1,243 b illion to 6 comp anie s.
(15)
Prog re ss Up d ate on PPKM Mand iri
•
Draft Inte rnal Policy/ SOP for PPKM Mand iri has b e e n comp le te d with inp uts from
our Financial Ad visor and Le g al Ad visor.
•
We will se e k furthe r inp uts from e xte rnal and ind e p e nd e nt p artie s (incl.
Ove rsig ht Committe e ) on the conte nt of our Inte rnal Policy/ SOP
•
Ind e p e nd e nt Aud itor (Ernst & Young ) has comp le te d the re vie w of 150 accounts
and is curre ntly re vie wing an ad d itional 85 accounts
•
Base d on the re vie w, 33 accounts, with p rincip al value of Rp 2.3 tn have me t the
crite ria of “Cle an” and “Cle ar” and are , the re fore , re ad y to b e includ e d in the
PPKM Mand iri
•
Efforts are curre ntly und e rway to e valuate and imp rove the re maining 117
accounts
•
23 out of the 33 accounts that have b e e n d e sig nate d “Cle an” and “Cle ar” have
b e e n re vie we d b y our Le g al Ad visor (Me lli Darsa & Co)
•
22 out of 33 accounts have b e e n value d b y our Financial Ad visor (PWC-Bahana)
•
The re maind e r will b e comp le te d within the ne xt 4 we e ks
•
Cre d it d ocume ntation for all of the 33 accounts have b e e n p re p are d for the d ue
-d ilig e nce p roce ss
NPL His toric al
Re vie w
Inte rnal
Polic y/ SOP for
PPKM M andiri
Le g al Re vie w &
Valuation
Data Room
Bank M andiri is re ady to im ple m e nt PPKM M andiri onc e the s upport from all s take holde rs
is as s ure d
(16)
1,522
6,692
3,527
4,212
N et Interest
Income
Fee-Based
Income
O verhead
Expenses &
O thers
Pre-provision
O perating Profit
H1 ‘07 op e rating p rofit up 61.3% from H1 ‘06
H1 2007
Note s :
1.
Fe e b ase d income e xclud ing g ain on sa le & incre asing value GB & se curitie s
H1 2006
Rp billion
Up
61.3%
1,201
4,840
3,145
2,906
N et Interest
Income
Fee-Based
Income
O verhead
Expenses &
O thers
Pre-provision
O perating Profit
Rp billion
Exc luding
Non-re c urring Q1
Inte re s t Inc om e
(17)
3
,3
5
7
4
,1
4
5
3
,5
1
4
4
,7
8
7
5
,4
9
2
2
,9
0
7
260
114
402
380
172
2
,0
2
1
2
,0
7
2
1
,6
5
1
2
,6
8
2
4
,0
4
0
4
,3
3
5
475
1
,4
5
4
74
235
166
247
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2000
2001
2002
2003
2004
2005
2006 H 1 '07
G ain on Sale/Value of Securities
FX G ain
N on-Recurring Interest
Core Earnings
P
re
-P
ro
v
is
io
n
O
p
e
ra
ti
n
g
P
ro
fi
t
IDR bn
H1 core e arning s up 50.6% to Rp 4,040 b illion
472
308
519
510
290
602
690
97
305
967
610
372
(410)
645
799
819
775
(623)
1
,0
2
7
1
,1
6
8
1
,5
4
9
1
,7
4
4
1
,1
1
3
1
,3
2
9
1
,3
0
0
1
,0
1
7
1
,5
2
8
1
,4
0
8
829
1
,2
3
4
2000
2001
2002
2003
2004
2005
2006
2007
Q 1 PAT
Q 2 PAT
Q 3 PAT
Q 4 PAT
8.1%
21.5%
23.6%
10.0%
16.6%
22.8%
26.2%
2.5%
RoE - After Tax
(Annualized)
(18)
1
6
O
p
e
ra
ti
n
g
P
e
rf
o
rm
a
n
c
e
H
ig
h
li
g
h
(19)
Re cap : Le ve rag ing le ad e rship in cash g e ne rating b usine sse s to
b uild e me rg ing and future g rowth e ng ine s
Com m e rc ial
Banking
Building
Future
Growth Eng ine
Le ve rag ing on
Our Cas h
Ge ne rator
Stre ng the n
Em e rg ing
Bus ine s s
1
1
3
3
Corporate &
Tre as ury
Cons um e r Financ e &
M ic ro/ Re tail
Banking
2
2
Optim izing
Syne rg ie s
Ac ros s
Bus ine s s Unit
Optim izing
Syne rg ie s
Ac ros s
Bus ine s s Unit
(20)
Rp billion
SBU H1 ‘07 Earning s b e fore Tax (
Unaud ite d
)
Future b usine sse s g e ne rate d larg e st p rofit in H1 2007 . . .
596
1,137
972
1,314
320
1,317
3,022
Corporate
Treasury &
Int'l
Commercial
Micro &
Retail
Consumer
Finance
O thers, Incl.
SAM
Profit Before
Tax
(21)
11
8
-3
-Non-Op e rating Income
596
41
47
445
239
33
2
35
206
55
261
Tre asury
& Int’l
Comm
M&RB
Cons
Othe rs
Total
Corp
Y-T-D June 2007
3,022
(1,317)
320
1,314
972
1,137
Ne t Profit Be fore Tax
1,410
669
115
545
20
14
G & A
Ove rhe ad
Pe rsonne l
15
47
817
37
606
1,563
1,656
171
88
691
72
189
Fe e Base d
(5,524)
(8)
7
1,810
515
689
Ne t Re ve nue
4,327
(221)
384
1,982
967
977
Total Ne t Re ve nue
(5,324)
**
88
7
1,885
527
705
Sp re ad
Liab ilitie s
Re ve nue
De p . Ins
16
11
75
-
96
200
9.851
(213)
377
172
451
288
Ne t Re ve nue
1,744
988
117
160
248
176
Provision
11,595
*
775
494
332
699
464
Sp re ad
Asse t
Re ve nue
*) Inte re st Income
**) Inte re st Exp e nse
(22)
705
464
189
45
1,313
176
1,137
Asset
Spread
Liabilities
Spread
Fees
O verhead O perating
Profit
Provisions
Profit
After
PPAP
Corp orate Banking :
Contrib ution marg in g re w b y 83.4% , p rimarily d rive n b y liab ilitie s
Pe rform anc e to Date (H1 ‘07)
Contribution M arg in (afte r PPAP)
1,137
620
H 1 2006
H 1 2007
Corporate
Rp b n
Rp b n
(23)
Strate g ic Alliance s w/ SBUs to se rve Prime Custome rs
Corporate
Providing Se rvic e s & Bus ine s s De ve lopm e nt for
Te le c om m unic ation Com pany
Providing Se rvic e s & Bus ine s s De ve lopm e nt for
Oil & Gas Com pany
Targ e ts
Fac ilitie s Offe re d
Groups
USD 200 bn
Fore x Trans ac tions
Tre as ury
Group
8, 900 c ard
Cre dit Cards
Cons um e r
Cards
USD 70 bn
Loans to Coope rative
Sm all
Bus ine s s
1, 500 Units
EDCs
Fe e Inc om e of
Rp1. 7 bn/ m onth
Paym e nt Points
M as s &
Ele c tronic
Banking
Outs tanding
Rp230 bn
Cons um e r Loans (KPR,
M itra Kary a)
Cons um e r
Loans
USD 7. 71 bn
Fore x Trans ac tions
Rp39 bn
Em ploye e Coope rative s
Rp50 bn
Le nding to pe trol dis tributors
150 units
EDC
M as s &
Ele c tronic
Banking
Rp50 bn
Le nding to pe trol s ub-ag e nts
M ic ro
Bus ine s s
1, 600 c ards
Corporate Cards
Cons um e r
Cards
Rp75. 1 bn
Liabilitie s Produc ts &
Inve s tm e nt Produc ts
143 Ne w
Cus tom e rs
M andiri Prioritas
M e m be rs hip
We alth
M anag e m e nt
Targ e ts
Fac ilitie s Offe re d
Groups
Rp3 tn
M one y M arke t
Tre as ury
Group
USD 1. 84 bn
Trade Se rvic e
Com m e rc ial
Banking
Rp37 bn
De live ry Orde r SPBU
Sm all
Bus ine s s
Rp1500 bn
Cons um e r Loans (Mitra Kary a
M andiri)
Cons um e r
(24)
448
1,235
560
2,178
1,385
357
4,843
420
5,540
300
113
3,387
W it hdrawn H 2 2007 2008 > 2008 Repaid T ot al C redit s Approved
W ithdrawn H 2 2007 2008 > 2008 Repaid T ot al C redits Approved
357
448
1.235
3.337
420
560
2.178
1.385
300
(Rp b n)
Corporate
Draw-downs c onc e ntrate d in 2008 and be yond
Trans Java Toll Cre dit Approval
Non-Trans Java Toll Cre dit Approval
Bank Mand iri has ap p rove d Rp 10 tn in cre d it for se le cte d hig
h-q uality infrastructure toll road s
(25)
Pe rform anc e to Date (H1 ‘07)
Bre akdown of Tre as ury Fe e -Bas e d Inc om e (%)
Rp b n
Tre asury & Inte rnational Banking :
Sig nificant fe e income g e ne rator for the b ank
(% )
Tre as ury
596
55
651
90
445
261
35
Assets Spread
Liabilities Spread
Fee Based O verhead O perating Profit
Provision N et Profit
Custody Fees;
3.8%
Subsidiaries;
7.9%
Forex; 30.4%
Fixed Income;
42.6%
PO L
T ransfer;
3.6%
O thers;
(26)
972
248
1,220
67
72
699
516
Asset Spread
Liabilities Spread
Fees O verhead O perating Profit
Provisions Profit After PPAP
Pe rform anc e to Date (H1 ‘07) – P&L
Contribution M arg in (afte r PPAP)
972
649
H 1 2006
H 1 2007
Comme rcial Banking :
Ge ne rating b alance d re ve nue s from an e me rg ing b usine ss
Rp b n
Rp b n
Com m e rc ial
(27)
Dive rsifie d b usine ss across g e og rap hy & se ctors
Com m e rc ial Ope rating Profit by Ge og raphy (Jun ‘07)
Com m e rc ial Loans by Se c tor
Com m e rc ial
Utilities
1.7%
Mfg
33.2%
O thers
12.1%
Social
Services
1.5%
Services
5.5%
Agri
8.3%
Mining
2.9%
Constr
15.5%
Trans
5.0%
Trading
14.3%
(% )
O ther
11.9%
Sumatera
15.7%
Jakarta
55.1%
Java
ex-Jakarta
17.3%
(28)
Micro & Re tail Banking :
Solid g rowth in p rofitab ility d rive n b y imp roving liab ilitie s sp re ad
M ic ro Re tail
Pe rform anc e to Date (H1 ‘07)
Contribution M arg in (afte r PPAP)
1,314
733
H 1 2006
H 1 2007
Rp b n
Rp b n
* Includ e s De p osit Insurance
79.3%
1,314
160
1,475
1,437
695
332
1,885
Asset Spread
Liabilities Spread
Fees O verhead* O perating Profit
Provisions Profit After PPAP
(29)
Build ing a strong saving s d e p osit franchise
1
8
.0
2
2
.1
2
9
.6
4
0
.5
5
2
.0
4
9
.5
4
7
.8
4
4
.2
4
5
.2
4
1
.8
4
4
.7
4
6
.6
5
7
.6
5
7
.2
6
2
.5
11.0%
24.9%
24.5%
22.8%
31.7%
17.1%
16.0%
17.5%
11.6%
Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
Savings D eposits (Rp tn) As % of T otal D eposits
N ational Share of Savings D eposits (%)
Saving s De pos it Growth
M ic ro Re tail
Trans ac tion c hanne l g rowth
4
9
2
.1
5
2
1
.8
5
5
4
.9
5
7
6
.6
6
0
7
.5
6
2
7
.6
6
6
5
.7
7
1
0
.2
6
7
7
.0
7
0
6
.3
7
5
9
.6
Avg AT M D aily Vol (000) W ithdrawal/Inquiry
T ransfer Payment
O ther
5
,0
5
6
6
,9
8
8
7
,3
6
4
8
,2
3
3
1
0
,1
4
2
1
1
,4
3
5
1
2
,1
4
0
1
1
,8
1
3
679 1,0161,0101,023 1,083 1,0861,053 1,175 1,472 1,7221,4851,833106
3
,8
0
8
3
,2
3
0
3
,0
7
2
1,069
27Q
4
'0
0
Q
4
'0
1
Q
4
'0
2
Q
4
'0
3
Q
4
'0
4
Q
1
'0
5
Q
2
'0
5
Q
3
'0
5
Q
4
'0
5
Q
1
'0
6
Q
2
'0
6
Q
3
'0
6
Q
4
'0
6
Q
1
'0
7
Q
2
'0
7
Q uarterly C all C enter T rans. (000) Q uarterly SM S T rans. (000)
(30)
642
843
202
Q 2 2006
Growth
Q 2 2007
1,069
1,140
71
Q 2 2006
Growth
Q 2 2007
245
430
185
Q 2 2006
Growth
Q 2 2007
Focus on Growing Hig h Yie ld Small & Micro Loans
M ic ro Re tail
M ic ro Cre dits
(Rp Bn)
Coope rative Cre dits
(Rp Bn)
Loan
Yie lds
13.2%
26.8%
14.5%
31%
7%
76%
Rural Bank Cre dits
(Rp Bn)
(31)
7
494
88
152
437
117
320
Asset
Spread
Liabilities
Spread
Fees
O verhead O perating
Profit
Provisions
Profit
After
PPAP
Pe rform anc e to Date * (H1 ‘07)
Contribution M arg in (afte r PPAP)
320
232
H 1 2006
H 1 2007
Rp b n
Rp b n
Consume r Finance :
Sig nificant g rowth in sp re ad and fe e income
* Exclud ing BSM
37.9%
Cons um e r
Financ e
(32)
328
1
,9
2
1
1
,9
1
8
1
,9
3
2
1
,9
3
8
1
,9
0
6
1
,9
9
6
2
,1
6
5
2
,2
8
5
2
,4
2
7
815
494
816
727
653
688
1
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2
2
1
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9
6
2
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1
3
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6
3
3
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0
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7
4
3
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5
2
3
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0
2
,8
8
5
3
,0
5
0
3
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6
5
283
2
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5
2
3
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6
7
3
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4
3
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2
2
3
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6
6
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4
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3
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2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q
4
'0
3
Q
4
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4
Q
1
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Q
2
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3
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O ther
Cash Collateral Loans
Credit Cards
Payroll Loans
Home Equity Loans
Mortgages
Consume r le nd ing rose 8.1% Y-o-Y
(2.12% )
16.06%
Cash Collate ral Loans
5.06%
14.95%
Cre d it Card s
8.94%
32.43%
Payroll Loans
(3.35% )
(14.46% )
Home Eq uity Loans
5.05%
11.95%
Mortg ag e s
Growth (% )
Q-o-Q
Y-o-Y
8. 08%
65.74%
51.90%
Othe r
Total Cons um e r
Loan Typ e
3. 81%
*Auto & Motorcycle Loans channe le d or e xe cute d throug h
finance comp anie s = Rp 3.43 tn in our Comme rcial Loan
Portfolio
Quarte rly Cons um e r Loan Balanc e s by Type
Cons um e r Loan Growth by Type
Cons um e r
Financ e
(1)
Contract Value
Hedging Others Receivable Payable Netting Agreement
A. Exchange rate related
1 Spot - 89 - - -2 Forward - 808,908 3,266 5,330 -3 Option
a. Purchased - 3,360 946 1,395 -b. Written - 2,396 906 884 -4 Future - - - - -5 Swap - 9,924,772 393,575 54,380 -6 Other - - - -
-B Interest rate related
1 Forward - 2,852 2,852 - -2 Option
a. Purchased - - - - -b. Written - - - - -3 Future - - - - -4 Swap 38,975 10,962 - 49,937 -5 Other - - - - -C Other - - - -
-TOTAL 401,545 111,926
FOREIGN EXCHANGE AND DERIVATIVES TRANSACTION As of June 30, 2007
BANK (In Millions of Rupiah)
Contract Market Value Derivative Receivable & Payable
(2)
I. COMPONENTS
A. CORE CAPITAL 22,235,560 21,521,868
1. Paid-Up Capital 10,374,310 10,155,812
2. Disclosed Reserves
a. Agio 6,570,668 6,023,710 b. Disagio (-/-) - -c. Shares Option 56,193 171,115 d. Donated Capital / Additional Paid-In Capital - -e. General and Appropriated Reserves 2,611,690 2,575,369 f. Previous years profit after tax 1,481,624 1,917,302 g. Previous years losses (-/-) - -h. Current year profit after tax (50%) 1,056,963 576,706 I. Current year losses (-/-) - -j. Differences Arising from Translation of Financial Statements
in Foreign Currencies
1) Positive Adjustment 84,112 101,854 2) Negative Adjustment (-/-) - -k. Funds for Paid-Up Capital - -l. Decline in Value of equity participation in Available for Sale Portfolio (-/-) - -m. Differences Arising from Restructuring of Transaction among Entities
under Common Control -
-3. Goodwill (-/-) -
-4. Differences arising from assets and liabilities valuation due to Quasi
Reorganization -
-B. Supplemental Capital (Max 100% of core capital) 8,545,330 8,388,991
1. Reserve for Premises and Equipment Revaluation 3,046,936 3,046,936 2. Differences Arising from Assets and Liabilities Valuation due to Quasi
Reorganization - -3. General Reserves of Allowance for Possible Losses on Earning Assets
(max 1.25% of risk weighted assets) 1,414,066 1,104,473 4. Loan Capital - -5. Subordinated Loans (max 50% of core capital) 4,084,328 4,237,582 6. Increase in Value of Equity Participation in Available for Sale Portfolio (45%) -
C. ADDITIONAL SUPPLEMENTAL CAPITAL FULFILLING REQUIREMENT -
D. ADDITIONAL SUPPLEMENTAL CAPITAL ALLOCATED TO ANTICIPATE
MARKET RISK -
-II. TOTAL CORE CAPITAL AND SUPPLEMENTAL CAPITAL (A+B) 30,780,890 29,910,859
III. TOTAL CORE CAPITAL,SUPPLEMENTAL CAPITAL, AND ADDITIONAL SUPPLEMENTAL CAPITAL ALLOCATED TO ANTICIPATE MARKET RISK
(A+B+D) 30,780,890 29,910,859
IV. INVESTMENTS IN SHARES OF STOCK (-/-) (2,351,914) (2,092,257)
V. TOTAL CAPITAL FOR CREDIT RISK (II-IV) 28,428,976 27,818,602
VI.TOTAL CAPITAL FOR CREDIT AND MARKET RISK (III-IV) 28,428,976 27,818,602
VII.CREDIT RISK-WEIGHTED ASSETS 113,125,293 110,719,232
VIII.MARKET RISK-WEIGHTED ASSETS 3,401,779 2,499,157
IX.ESTABLISHED CAPITAL ADEQUACY RATIO FOR CREDIT RISK (V : VII) 25.13% 25.13%
X. ESTABLISHED CAPITAL ADEQUACY RATIO FOR CREDIT AND
MARKET RISK (VI:(VII+VIII)) 24.40% 24.57%
XI.EXCESS ADDITIONAL SUPPLEMENTAL CAPITAL RATIO
((C-D):(VII+VIII)) 0.00% 0.00%
XII.REQUIRED MINIMUM CAPITAL ADEQUACY RATIO 8% 8%
CALCULATION OF CAR As of June 30, 2007 and 2006
BANK DESCRIPTION
NO
(In Millions of Rupiah)
(3)
a. Summary of loans purchased from IBRA
1. Loan principal / outstanding balance as of June 30, 2007 2,596,987 2. Amount of loans purchased from January 1, 2002 - June 30, 2007 5,579,541 3. Total provision for loan losses and deferred income arising from the difference between outstanding
loans and purchase price 82,264
4. Allowance for possible loan losses as of June 30, 2007 504,185 5. Interest income and other income related to loans purchased from IBRA
from January 1, 2007 - June 30, 2007 426,205
b. Summary of movement of loans purchased from IBRA
1. Beginning balance 3,050,488
2. Foreign currency translation 13,064
3. Additional loan purchased during the period
-4. Repayment during the period (465,169)
5. Loan written-off during the period (1,396)
6. Ending balance 2,596,987
c. Summary of movement of allowance for possible loan losses derived from the difference between loan principal and purchase price
1. Beginning balance
-2. Foreign currency translation
-3. Additional allowance for possible losses on loan purchased from IBRA during the period -4. Allowance for possible losses for loan written-off -5. Reversal of allowance for possible losses due to excess of repayment over purchase price
-6. Ending balance
-d. Summary of movement of deferred income derived from the difference between loan principal and purchase price
1. Beginning balance 86,380
2. Foreign currency translation 266
3. Additional deferred income of loan purchased from IBRA during the period
-4. Deferred income for loans written-off
-5. Reversal of deferred income due to excess of repayment over purchase price (4,382)
6. Ending balance 82,264
e. Loan covered by new credit agreements 2,596,987 f. Additional facility extended to debtors under loan purchased from IBRA 14,540
(Based on Bank Indonesia's Regulation No. 4/7/PBI/2002 dated September 27, 2002 Chapter VI section 24) LOANS PURCHASED FROM IBRA
January 1, 2007 to June 30, 2007 (In millions of Rupiah)
NO DESCRIPTION Amount
NO DESCRIPTION Amount
NO DESCRIPTION Amount
(4)
I. Capital
1. CAR by considering credit risk 25.13% 25.13% 2. CAR by considering credit risk and market risk 24.40% 24.57% 3. Premises and equipment to capital 27.43% 26.98%
II. Earning Assets
1. Non-performing earning assets 7.60% 12.09%
2. Allowance for possible losses on earning assets 7.08% 6.55% 3. Compliance for allowance for possible losses on earning assets 105.16% 102.10% 4. Compliance for allowance for possible losses on non earning assets 126.78%
-5. Gross NPL 16.18% 26.45%
6. Net NPL 3.89% 14.74%
III. Rentability
1. ROA 2.42% 0.93%
2. ROE 18.83% 7.49%
3. NIM 5.63% 4.17%
4. Operating Expenses to Operating Income *) 77.28% 91.76%
IV. Liquidity
LDR 53.64% 52.36%
V. Compliance
1. a. Percentage violation of Legal Lending Limit
a.1. Related parties - a.2. Third parties - -b. Percentage of lending in excess of the Legal
Lending Limit
a.1. Related parties - a.2. Third parties -
-2 Reserve requirement (Rupiah) 11.48% 11.06%
3 Net Open Position **) 7.91% 3.18%
4 Net Open Position on Balance Sheet 15.05% 11.44%
*) Operating expenses include interest expense, provision for possible losses on assets, and provision for possible losses on others divided by operational income including interest income.
**) Net Open Position calculation includes balance sheet and off-balance sheet accounts.
FINANCIAL RATIOS As of Juni 30, 2007 and 2006
BANK KEYS RATIOS
NO
(5)
78
rog e r.lum@morg anstanle y.com
65-6834-6743
Rog e r Lum
MORGAN STANLEY
mulya.chand ra@cimb .com
6221-515-1330
Mulya Chand ra
CIMB-GK SECURITIES Ind one sia
Se e Ping .Tan@caze nove .com
65-6395-7692
Tan Se e Ping
CAZENOVE
e lvira@d anare ksa.com
6221-350-9777
Elvira Tjand rawinata
DANAREKSA SEKURITAS
ste p han.hasjim@citi.com
6221-5290-8579
Ste p han Hasjim
CITIGROUP SECURITIES
tjand ra.lie nand jaja@asia.b np p arib as.com
6221-5798-4661
Tjand ra Lie nand jaja
BNP PARIBAS PEREGRINE
raymond .kosasih@d b .com
6221-318-9525
Raymond Kosasih
DEUTSCHE VERDHANA SECURITIES
Joshua.tanja@ub s.com
6221-570-2378
Joshua Tanja
UBS
john.rachmad @sg .ab namro.com
65-6518-7996
John Rachmad
ABN AMRO Asia Se curitie s Ind one sia
liny.halim@macq uarie .com
6221-515-7343
Liny Halim
MACQUARIE SECURITIES Ind one sia
yawinoto@kime ng .co.id
6221-3983-1455
Yusuf Ad e Winoto
KIM ENG SECURITIES
6221-515-8826
6221-526-3445
6221-5291-8570
65-6889-2482
852-3191-8630
6221-3983-2668
6221-2553-7900
6221-574-0263
6221-250-5081
TELEPHONE
Arie f Koe swanto
Mad e Suard hini
Rizal Prase tijo
Bok Chuan Tan
Lawre nce Che n
Ag us Pramono
Mirza Ad ityaswara
Nicholas Cashmore
Ari Pitoyo
ANALYST
lawre nce _che n@fp k.com
FOX-PITT, KELTON
mirza.ad ityaswara@cre d it-suisse .com
CREDIT SUISSE
arie f_koe swanto@ml.com
Mad e .Suard hini@mand irise k.co.id
rizal.b .p rase tijo@jp morg an.com
b okchuan.tan@g s.com
ag us.p ramono@id .d b svicke rs.com
nick.cashmore @clsa.com
arip itoyo@b ahana.co.id
DBS VICKERS SECURITIES
MANDIRI SEKURITAS
J.P. MORGAN ASIA
GOLDMAN SACHS
MERRILL LYNCH
CLSA LIMITED
BAHANA SECURITIES
BROKERAGE
The analysts liste d ab ove active ly follow Bank Mand iri, b ut not all have issue d re se arch re p orts or formally initiate d cove rag e .
(6)