PT Bank QNB Indonesia Tbk Continues to Show Positive Financial Performance in 2019
Jakarta, 11 June 2020 – PT Bank QNB Indonesia Tbk (“Bank”) conducted its Annual General Meeting of Shareholders (“AGM”) today at the Head Office QNB Indonesia, Revenue Tower, SCBD, Jakarta.
As per the AGM Agenda, the Bank published its Annual Report and Financial Statements for the fiscal year ended on 31 December 2019 audited by the Independent Audit Firm of Amir Abadi Jusuf, Aryanto, Mawar & Partner, affiliated with RSM, dated 7 February 2020, with an “Unmodified Audit Opinion”.
Following a stable year in 2018 and the turn-around project to strengthen its foundation, the Bank continued to show an improved performance for the year 2019. In addition to bottom line success, the Bank has delivered commendable asset and liability growth underpinned by improvements in corporate governance.
The Bank booked a total asset of IDR23.02 trillion, a year-on-year increase of 12.37% from IDR20.49 trillion at the end of 2018, supported by its strong loan portfolio. The Bank also reported an increased total loans disbursement by 25.63% to IDR13.88 trillion from IDR11 trillion in 2018, reflecting the successful portfolio normalization strategy implemented in 2018.
The Bank accounted an increase by 39.21% of net interest income to IDR421.6 billion with a net profit of IDR5.3 billion, declining from the previous year due to the formation of allowance for impairment losses as a form of the Bank’s strategy to remain mitigate potential losses from problem loans. Furthermore, the Bank also showed a substantially increased net interest income ratio (NIM), reaching 2.56%, which reflects its strong focus on developing effective and financially robust business operations.
The Bank’s liquidity structure and capital level remained strong with more robust Macroprudential Intermediation Ratio (RIM) and Loan Coverage Ratio (LCR) that is far above the provisions of 84.70% and 170.08%, respectively. Meanwhile, the Bank’s Capital Adequacy Ratio (CAR), which reached 21.08%, is also far above the regulator’s requirements.
The Bank has successfully achieved the realization of the Continuous Public Offering I Phase I and II in 2019 in the form of Bond amounted to IDR100 billion and IDR452 billion, respectively, used entirely for working capital in the context of business development in the form of credit expansion. In regards to this, the Bank received the highest rating assigned by Fitch Indonesia of AAA(idn) with stable outlook. The rating given is supported by the Bank’s controlling shareholder, Qatar National Bank (Q.P.S.C.) that is expected to have high ability and propensity to provide extraordinary support to its Indonesian subsidiary, should it be needed.
One of the Bank’s focus in implementing the turn-around strategy was to strengthen the organizational structure by placing experts and seasoned talents in the right place. During the AGM, the Bank and its shareholders approved the decision of R. Andi Kartiko Utomo for his tendered resignation and announced the appointment of Bambang Andri Irawan as part of its Board of Directors. Bambang is a seasoned banker with a strong banking experience. He has been with QNB Indonesia and has proven his strong expertise to support the success of the Bank. Under his new position, he hopes to be able to evolve the Bank’s operations and IT system.
Stewart Donald Hall, President Director of QNB Indonesia, stated that the Bank has laid robust groundwork for the past two years and its vision to think beyond is a key element to ensure the best performance for customers, shareholders and employees. By strengthening the solid foundation and with the support of our controlling shareholder, the Bank remains optimistic and ready to face any challenges and continuously improve.
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About QNB Indonesia
PT Bank QNB Indonesia Tbk was established in Medan in 1913 under the name NV Chunghwa Shangyeh Maatschappij which later in 1965 changed its name to PT Bank Kesawan. The Bank moved its headquarters to Jakarta in 1990. In 2011, the Bank strengthened its capital structure through the Right Issue that made Qatar National Bank (Q.P.S.C.) or QNB Group as the controlling shareholder and later changed its name to PT Bank QNB Kesawan Tbk.
The Bank made a major transformation in its name and logo on 5 November 2014; from PT Bank QNB Kesawan Tbk changed to PT Bank QNB Indonesia Tbk. Currently, the Bank has 19 branches spread across Indonesia and is supported by more than 100,000 ATM Bersama and PRIMA network. In 2018, through Right Issue VI ownership of QNB Group shares rose to 92.48%. On March 2020, Fitch Ratings Indonesia assigned a rating of "AAA(idn)" with stable outlook to PT Bank QNB Indonesia Tbk.
About Qatar National Bank Q.P.S.C. (QNB Group)
Qatar National Bank (Q.P.S.C.) or QNB Group was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Qatar Investment Authority (50%) and 50% held by members of the public. In 2020, Brand Finance named Qatar National Bank (Q.P.S.C.) as the most valuable banking brand in the Middle East and Africa with value of USD 6.0 billion. QNB Group also established a foothold in a highly competitive market within its 2020 vision: to become a leading bank in the Middle East, Africa and Southeast Asia.
Qatar National Bank (Q.P.S.C.) presents in more than 31 countries spanning across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 29,000 operating through 1,100 locations, with an ATM network of more than 4,200 machines to serve 25 million customers.
