Analyst Briefing First Half 2008 Results

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1 Analyst Briefing First Half 2008 Results Jakarta, 17 July 2008

2 Agenda First Half 2008 Performance Financial Results Asset Quality Business Update Appendix Slide 2

3 Highlights of First Half 2008 Results Loans grew by 32% to Rp 61 trillion largely driven by mass market and wholesale businesses Total funding increased by 11% to Rp 79 trillion; current account and savings grew by 30% and 10% respectively Net Interest Income increased by 20% to Rp 4,056 billion Net profit after tax grew by 14% to Rp 1,158 billion Net interest margin expanded to 11.4% ROAA and ROAE stood at 2.5% and 22.1%, respectively Slide 3

4 Highlights of Income Statement 1H07 1H08 YoY 1Q08 2Q08 QoQ Net Interest Income 3,380 4,056 20% 1,977 2,079 5% Fee Income 571 1,046 83% % Operating Income before Gain (Loss) on Sale of Marketable Securities 3,951 5,102 29% 2,430 2,672 10% Gain (Loss) on Sale of Marketable Securities 463 (107) (123%) (12) (95) 692% Operating Income 4,414 4,995 13% 2,418 2,577 7% Operating Expenses (2,068) (2,558) 24% (1,213) (1,345) 11% Pre-Provision Operating Profit 2,346 2,437 4% 1,205 1,232 2% Cost of Credit (744) (583) (22%) (290) (293) 1% Net Profit before Tax 1,602 1,854 16% % Net Profit after Tax 1,020 1,158 14% % Slide 4

5 Highlights of Balance Sheet 1H07 1H08 YoY 1Q08 2Q08 QoQ Total Assets 88,043 96,582 10% 92,178 96,582 5% Loans (gross) 1) 46,394 61,207 32% 55,917 61,207 9% Government Bonds 18,957 13,129 (31%) 15,010 13,129 (13%) Total Deposits 61,294 65,939 8% 61,996 65,939 6% Current Account 5,536 7,192 30% 5,884 7,192 22% Savings 11,458 12,620 10% 12,350 12,620 2% Time Deposit 44,299 46,127 4% 43,762 46,127 5% Borrowings 2) 6,988 10,039 44% 8,962 10,039 12% Subordinated Debt 2,713 2,765 2% 2,759 2,765 0% Equity 9,819 10,296 5% 11,152 10,296 (8%) 1) Include consumer financing receivables of Adira Finance 2) Include securities sold under repo agreements and Adira Finance s bank loans and bonds Slide 5

6 Key Ratios % 1H07 1H08 YoY 1Q08 2Q08 QoQ Net Interest Margin 1) Cost / Income Credit Cost/Earning Assets 2) (1.0) (0.1) ROAA ROAE (0.5) Loan / Deposits Loan / Funding 3) Capital Adequacy 4) (4.5) (3.7) NPL Gross (0.8) (0.0) LLP / NPL 5) (1.3) (4.6) 1) Include credit related fees and commission as per Bank Indonesia regulations 2) Earning assets exclude all government securities 3) Funding includes deposit and long-term funding 4) CAR after market risk charge and amortization of subordinated debts 5) After considering value of collateral primarily for Corporate, Commercial, SME loans and Mortgage Slide 6

7 NIM continues to expand on the back of sustained asset yield and lower cost of funds Net Interest Income Net Interest Margin %, annualized Wholesale Retail & SME Mass Market 3,380 23% 21% 56% 4,056 17% 19% 64% Earning Asset Yield Cost of Funds H07 1H08 2Q07 3Q07 4Q07 1Q08 2Q08 Mass market businesses drove 20% increase in net interest income Slide 7

8 Non-interest income contributed to 19% of operating income Fee Income 1H07 1H08 YoY Wholesale Retail & SME Mass market 1,046 Fee Income Credit related fees Cash management Treasury products (68) 1, % 34% (0%) NM 31% Adira Finance % 571 6% 72% 47% Adira Insurance Others Gain (loss) on sale of marketable securities (107) 46% 58% (123%) 22% 22% Non-Interest Income 1, (9%) 1H07 1H08 Non Interest Income / Operating Income 23% 19% (4%) Fee income increased 83% driven by credit related fees and treasury products Slide 8

9 Increase in operating expenses was largely due to the expansion in mass market businesses Manpower Costs Variable Costs Fixed Costs 1,643 1,318 33% 34% YoY 25% 31% Rp billion Wholesale Retail & SME 1H H ,056 YoY (11%) 19% 67% 66% 22% Mass Market 794 1,162 46% 1H07 G&A Expenses 750 1H YoY 22% Adira Finance SEMM CMM & Quantum % 56% 78% Total 2,068 2,558 24% 1H07 1H08 Cost / Income 46.8% 51.2% 4.4% Mass market businesses added over 5,000 headcounts and 274 offices to support business growth during the year Slide 9

10 Cost of credit declined by 22% despite 32% loan expansion Cost of Credit 1) Cost of Credit / Avg. Earning Assets 2) %, Annualized Wholesale Retail & SME 3.5% Mass market % 40% 583 5% 12% 3.0% 2.5% 2.0% 1.5% 2.8% 2.0% Avg. Credit Cost 2007: 2.3% 2.0% 1.9% 1.5% 83% 1.0% 41% 0.5% 1) Cost of credit comprise of provision for losses, loss on repossessed assets of Adira Finance and net write-off 2) Earning assets exclude all government securities 0.0% 1H07 1H08 2Q07 3Q07 4Q07 1Q08 2Q08 Cost of credit improved to 1.9% of earning assets in the first half of 2008 Slide 10

11 Loans expanded by 32% largely driven by mass market and wholesale businesses Outstanding Loans Composition Loan Growth Year-on-Year Jun-07 Jun-08 YoY 61,207 46,394 29% 19% 9% 50,153 29% 18% 53,330 30% 17% 9% 9% 55,917 31% 16% 9% 32% 16% 9% Wholesale SME Retail Mass Market 13,354 8,861 3,971 20,208 19,368 9,936 5,391 26,512 6,014 1,075 1,420 6,304 45% 12% 36% 31% 43% 44% 44% 44% 43% Total 46,394 61,207 14,813 32% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Mass market loans grew 31%, representing 43% of total loan book Slide 11

12 Commercial loans grew by 48% driven by asset-based financing and working capital Wholesale Loan Composition Loan Growth Year-on-Year 17,463 19,368 Jun-07 Jun-08 YoY 16,286 13,354 46% 14,734 48% 47% 49% 46% 9% Corporate JFAB 1) 6,069 1,392 8,978 1,687 2, % 21% 10% 9% 8% 8% Commercial 5,893 8,703 2,810 48% 44% 43% 45% 43% 45% Total 13,354 19,368 6,014 45% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 1) Joint financing and asset buy of auto financing receivables with finance companies. Corporate loans grew 48% in part due to robust growth in trade financing Slide 12

13 Retail loans rose by 36% on the back of strong growth in mortgage and credit card Retail Loans Composition Loan Growth Year-on-Year 3,971 23% 7% 8% 30% 4,411 26% 7% 8% 29% 4,710 25% 6% 9% 30% 4,870 24% 6% 8% 31% 5,391 21% 5% 9% 31% Multipurpose & others 1) Personal Loan Syariah Credit card Jun-07 1, ,180 Jun-08 1, ,651 YoY % (36) (12%) % % 32% 30% 30% 31% 35% Mortgage 1,106 1, % Total 3,971 5,391 1,420 36% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 1) Include loan to employees Credit card receivables increased by 40% to Rp 1,651 billion Slide 13

14 Mass market loans grew by 31% mainly driven by micro lending and motorcycle financing Mass Market Loan Composition Loan Growth Year-on-Year 20,208 15% 44% 3% 37% 22,036 14% 44% 4% 37% 23,383 14% 44% 4% 37% 24,528 13% 43% 5% 37% 26,512 13% 43% 6% 36% Hire Purchase Cars Motorcycles CMM SEMM Total Jun ,021 8, ,386 20,208 Jun ,352 11,459 1,574 9,548 26,512 YoY % % 2,551 29% % 2,162 29% 6,304 31% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Note: Hire purchase financing from Adira Quantum Motorcycles and cars financing from Adira Finance SEMM continues to grow strongly and accounts for 36% of mass market loans Slide 14

15 Government bonds now represented 14% of the bank s assets Government Bonds Composition Jun-07 Jun-08 YoY Duration (years) Variable Rate Fixed Rate 22% 19% 18,957 16,749 39% 39% 18% 15,808 G. Bonds as % of Assets 16% 15,010 14% 13,129 Held to maturity Available for sale Trading 5,692 11,995 1,270 2,314 10, (3,378) (1,193) (1,257) (59%) (10%) (99%) % 43% 48% 61% 61% 62% 57% 52% Total 18,957 13,129 5,828 (31%) 2.6 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 The duration of government bonds was 2.6 years in June 2008 as compared to 3.0 years last year Slide 15

16 Current account and savings rose by 30% and 10%, respectively, and both represented 25% of funding Breakdown of Interest Bearing Funds Long Term Funding As of June 30 Current Account Time Deposits 70,994 70,134 14% 16% Savings Long Term Funding 78,743 70,976 73,717 16% 16% 16% YoY 11% 32% Sub-Debt 2008: 22% 2007: 28% Others 2008: 27% 2007: 3% 62% 60% 59% 59% 59% 16% 16% 17% 17% 16% 8% 8% 8% 8% 9% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 4% 10% 30% Bonds 2008: 18% 2007: 28% Total Long Term Funding 2008: Rp 12,804 billion 2007: Rp 9,701 billion Repo 2008: 33% 2007: 41% Long term funding increased by 32% and made up 16% of total funding Slide 16

17 Capital Adequacy Ratio stood at 16% Movement of Capital Adequacy Ratio % Jun-07 Jun-08 YoY 20.5 Tier 1 Capital 9,055 10,199 13% Tier 2 Capital 3,894 1,680 (57%) (1.9) (0.7) (1.9) 16.0 Investments Total Capital after Investment Risk Weighted Assets (RWA)* (1,265) 11,684 56,939 (1,638) 10,241 63,939 29% (12%) 12% Capital Adequacy Ratio* 20.5% 16.0% (4.5%) Jun-07 Capital Inv. RWA* Jun-08 * After market risk charge The decline in Tier 2 Capital due to the amortization of subordinated debts starting June 2008 Slide 17

18 Agenda First Half 2008 Performance Financial Results Asset Quality Business Update Appendix Slide 18

19 Loan portfolio is well diversified across economic sectors Loans by Economic Sector As of June 30 Loans by Interest Rate As of June 30 Trading, Restaurant & Hotel 2008: 28% 2007: 29% Manufacturing 2008: 15% 2007: 15% Business Services 2008: 12% 2007: 7% Variable Rate 2008: 54% 2007: 49% Consumer 2008: 37% 2007: 38% Others 2008: 6% 2007: 9% Transportation, warehousing & communication 2008: 2% 2007: 2% Fixed Rate 2008: 46% 2007: 51% Total Loans 2008: Rp 61,207 billion 2007: Rp 46,394 billion Total Loans 2008: Rp 61,207 billion 2007: Rp 46,394 billion Fixed rate loans are primarily comprised of automotive financing and micro lending Slide 19

20 Non-performing loans ratio steadily declined to 2.3% from 3.1% a year earlier Non-Performing Loan s Collectibility % of Outstanding Loans 3.1% 2.8% 2.3% 2.3% 2.3% 8.4% 7.7% 8.2% 7.7% 7.0% Special Mention Current 88.5% 89.5% 89.5% 90.0% 90.7% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Collectibility 5 (Loss) Collectibility 4 (Doubtful) Collectibility 3 (Substandard) Non-Performing Loans Breakdown % of Non Performing Loans 1,359 1,331 57% 24% 19% 60% 1,162 1,258 52% 52% 22% 24% 29% 18% 24% 19% 1,333 48% 28% 24% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Slide 20

21 Special mention loans are mostly in DPD 1-30 days category Special Mention Loans Aging of Special Mention Loans % of Special Mention Loans Mass market Retail & SME Wholesale 0 Day 1-30 Days Days Days 3,740 6% 14% 3,737 2% 13% 4,190 4,173 4,210 1% 2% 2% 12% 12% 13% 9% 8% 8% 8% 9% 15% 15% 13% 15% 14% 80% 85% 86% 86% 86% 73% 77% 79% 77% 77% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 3% 0% 0% 0% 0% Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Special mention loans are mainly comprised of mass market loans Slide 21

22 Adequate loan loss provision to cover non-performing loans Non Performing Loans by Segments Mass market Retail & SME Wholesale Loan Loss Provision / NPL 1) % General Specific 1,359 27% 1,331 32% 1,162 23% 1,258 22% 1,333 25% % 39% 40% 41% 31% 31% 29% 37% 37% 44% Q07 3Q07 4Q07 1Q08 2Q08 2Q07 3Q07 4Q07 1Q08 2Q08 Non-performing loans declined by 2% despite of 32% increase in outstanding loans 1) After considering value of collateral mostly from Corporate, Commercial, SME loans and Mortgage Slide 22

23 Agenda First Half 2008 Performance Financial Results Asset Quality Business Update Appendix Slide 23

24 Self Employed Mass Market Business Outstanding Loans 7,386 8,158 8,600 9,099 9,548 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 SEMM also known as Danamon Simpan Pinjam (DSP) was established in 2004 to serve and help micro and small scale enterprises gain better access to banking services. It currently operates two business models: ❶ Wet Market Model Operates 702 DSP Units to serve big wet markets and 91 Mobile Units to serve smaller markets and employs around 8,200 personnel Extended Rp 9.1 trillion loans as of June 2008, an increase of 24% from a year earlier ❷ Supply Chain Model Introduced in July 2007 to serve traders in the low-end of the supply chain Currently operates 151 Sales Offices with more than 1,800 staff Extended Rp 415 billion in loans as of June 2008 Trader at wet market SEMM continues to grow steadily Slide 24

25 Self Employed Mass Market Business Cost of credit % of Average Loans, annualized 5.0% 4.9% 3.3% 5.7% 4.3% Asset quality Cost of credit stood at 4.3% of average loans in the second quarter of 2008 as compared to 5.7% in the previous quarter. 30+ Days Past Due (DPD 30+) loans as % of total loans was 8.1% in June 2008 compared to 6.8% a year earlier 2Q07 3Q07 4Q07 1Q08 2Q08 DPD 30+ Days and NPL Ratio % of Outstanding loans 10% 8% DPD 30 days 6% 4% 2% 0% Non performing loans Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 A small mom-and-pap shop served by DSP supply chain model Slide 25

26 Consumer Mass Market Business Outstanding Loans ,185 1,574 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Consumer Mass Market Business (CMM) offers personal loans to salaried individuals. CMM currently operates two business models: ❶ Worksite Model CMM operates 106 Points of Sales to sell personal loans to employees of selected companies in cities ❷ Adira Cross Sell Model CMM has also stepped into 118 Adira s branches to cross sell personal loans to selected Adira s customers Business Performance Outstanding loans rose by 171% to Rp 1.6 trillion at the end of June 2008 Cost of credit remains low at 4.1% in the first half 2008 on the back of high loan growth CMM sells personal loans to Adira Finance customers CMM loans nearly tripled to Rp 1.6 trillion in June 2008 Slide 26

27 Adira Finance (auto financing business) New Financing Car Motorcycles 2,664 2,196 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 Receivables Composition As of June 30 3,000 2,898 2,877 Used Cars 2008: 10% 2007: 10% 3,510 New financing grew by 31% to Rp 6.4 trillion in the first half of 2008 Outstanding receivables rose by 24% to Rp 14.8 trillion in June 2008 Market share in new motorcycle financing stood at 13.1% in the first half of 2008 compared to 14.5% last year due to selective customer acquisition Cost of credit improved to 3.1% from 5.0% in the previous year due to lower provision and loss on repossessed assets New motorcycles 2008: 65% 2007: 64% New cars 2008: 13% 2007: 15% Total Receivables 2008: Rp 14,811 billion 2007: Rp 11,930 billion Used motorcycles 2008: 12% 2007: 11% New financing rose by 31% to Rp 6.4 trillion Slide 27

28 Adira Finance (auto financing business) 1H07 1H08 YoY 1Q08 2Q08 QoQ New Financing Units 426, ,654 27% 247, ,631 19% New Financing Volume 4,860 6,388 31% 2,877 3,510 22% O/S Receivables 11,930 14,811 24% 13,789 14,811 7% Net Interest Income 1) 1,092 1,319 21% % Fee Income % % Total Operating Income 1,107 1,392 26% % Operating Expenses (376) (494) 31% (236) (258) 9% Cost of Credit (284) (213) (25%) (103) (110) 7% Net Profit before Tax % % Net Profit after Tax % % Net profit grew by 55% to Rp 478 billion 1) Applying internal transfer pricing charge Slide 28

29 Adira Finance (auto financing business) Cost of credit % of Average Receivables 5.0% 4.4% 4.3% 3.1% 3.1% 2Q07 3Q07 4Q07 1Q08 2Q08 NPL and Repo Assets % of Receivables 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Non performing loans Repossessed assets Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Loss on Repo. Assets and Turnover Ratio 1) % Net write off % of Average Receivables 40% Loss on repo. assets 35% 30% 25% Turnover Ratio 130% 120% 110% 100% 1.7% 1.8% 1.7% 1.3% 1.3% 20% 90% 15% 80% 10% 70% 2Q07 3Q07 4Q07 1Q08 2Q08 2Q07 3Q07 4Q07 1Q08 2Q08 1) Turnover ratio was measured by number of repossessed asset units sold as % of repossessed asset inventory. LOR was measured by losses of repossessed assets as % of outstanding loan principal Cost of credit improved to 3.1% of receivables as compared to 5.0% a year earlier Slide 29

30 Agenda First Half 2008 Performance Financial Results Asset Quality Business Update Appendix Slide 30

31 Shareholding Structure Daily share price and trading volume BDMN IJ Shareholding Structure As of June 30, 2008 Daily trading volume in Rp billion Share price in Rupiah 10,000 9,000 8,000 Asia Financial (Indonesia) 67.88% Share Price 7,000 6,000 5,000 4,000 Public 32.12% 3, , ,000 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Source: Bloomberg Asia Financial (Indonesia) (AFI) AFI is a consortium of Fullerton Financial Holdings Pte. Ltd. (FFH) (85%) and Deutsche Bank (15%). FFH is wholly owned by Temasek Holdings Slide 31

32 Credit Rating Danamon PEFINDO Standard & Poor s Corporate Rating Bond Rating Long-term / Short-term Local Currency Long-term / Short-term Foreign Currency Subordinated Debt idaa+ / Stable idaa+ / Stable BB- / Stable / B BB- / Stable / B B / Stable Fitch Ratings Long-term / Short-term Foreign Currency National Long-term BB / Stable / B AA (idn) / Stable Moody s Global Local Currency Deposit Foreign Currency Long-term / Short-term Deposit Subordinated Debt National Scale Rating Baa3 / Stable B1 / Stable / Not Prime Ba2 / Stable Aaa.id Slide 32

33 Thank You Investor Relations Bank Danamon Indonesia Menara Bank Danamon, 6 th Floor Jl. Prof. Dr. Satrio Kav. E4 No.6 Mega Kuningan, Jakarta Phone: Fax:

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