PEFINDO affirms its "idAA+" rating for PT Bank Syariah Mandiri

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1. Press Release November 12 , 2018 PT Bank Syariah Mandiri Analyst: Adrian Noer / Kreshna Dwinanta Armand Tel/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / adrian.noer@pefindo.co.id / kreshna.armand@pefindo.co.id CREDIT PROFILE FINANCIAL HIGHLIGHTS As of/for the year ended Corporate Rating idAA+/Stable Rated Issues Sukuk Subordinated Mudharabah 2016 idAA-(sy) Rating Period November 8, 2018 – November 1, 2019 Rating History NOV 2017 NOV 2016 SEP 2016 SEP 2015 SEP 2014 SEP 2013 SEP 2012 MAY 2012 idAA+/Stable idAA+/Stable idAA+/Stable idAA+/Stable idAA+/Stable Total assets [IDR bn] Total equity [IDR bn] Total gross financing [IDR bn] Total deposits [IDR bn] Net margin [IDR bn] Net income (loss) [IDR bn] Net margin/avg earning assets [%] Operating expense/income [%] ROAA [%] NPF (3-5)/gross financing [%] Loan loss reserve/NPF (3-5) [%] Risk weighted CAR [%] Gross financing/total deposits [%] USD exchange rate [USD/IDR] Jun-2018 (Unaudited) 92,813.1 7,573.9 62,373.5 82,416.5 2,523.0 260.8 *5.9 90.0 *0.6 4.0 72.3 15.6 75.7 14,330 Dec-2017 (Audited) 87,939.8 7,314.2 60,694.9 77,903.1 4,678.9 365.2 5.9 94.1 0.4 4.5 70.5 15.9 77.9 13,548 Dec-2016 (Audited) 78,831.7 6,392.4 55,580.2 69,949.9 4,067.8 325.4 5.8 93.7 0.4 4.9 67.4 14.0 79.5 13,473 Dec-2015 (Audited) 70,369.7 5,613.7 51,089.7 62,112.9 3,463.2 289.6 5.4 94.5 0.4 6.0 58.2 12.9 82.3 13,785 idAA+/Stable idAA+/Stable idAA+/Stable *Annualized The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have been reclassified according to PEFINDO’s definitions. PEFINDO affirms its “idAA+” rating for PT Bank Syariah Mandiri PEFINDO has affirmed its “idAA+” rating to PT Bank Syariah Mandiri (BSM or the Bank) and “idAA-(sy)” rating to the Bank’s outstanding Sukuk Subordinated Mudharabah 2016. The Sukuk Subordinated is rated two notches below BSM’s corporate rating to incorporate the risk of debt instrument being written down in the event of non-viability, as stated under regulation 15/12/PBI/2013. The outlook for the corporate rating is “stable”. An obligor rated idAA differs from the highest rated obligors only to a small degree, and has a very strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. The Plus (+) sign in a particular rating indicates that the rating is relatively strong within the respective rating category. A debt security rated idAA differs from the highest rated debt only to a small degree. The obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is very strong. The Minus (-) sign in a particular rating indicates that the rating is relatively weak within the respective rating category. Suffix (sy) means the rating mandates Islamic principles. The rating reflects the very strong support BSM has from PT Bank Mandiri (Persero) Tbk (Bank Mandiri or BMRI, rated idAAA/Stable), its very strong position in the sharia banking segment, and strong liquidity and financial flexibility. However, the rating is constrained by its below average asset quality and modest profitability indicators. BSM’s rating may be raised if it strengthens its business position in the banking industry substantially or its financial performance particularly asset quality and profitability performance continue to improve significantly on a consistent basis. These also have to be followed by an increasing contribution to Bank Mandiri. The rating may be under pressure if PEFINDO believes there is a downward shift in terms of support from Bank Mandiri. BSM became a sharia bank and started its sharia business in 1999. Currently, BMRI holds 99.9% of its shares, with the rest held by PT Mandiri Sekuritas, also a subsidiary of BMRI. http://www.pefindo.com November 2018
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