WORKING - bni.co.idBNI] AR 2015... · KUR BNI implementation until December 31, 2015 reached Rp4.3...

2015 Annual Report |

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2015

The Indonesian people have a great ideal to become a fully independent

nation and leader in the global competition.

To support the achievement of these goals, BNI has an active role as

Agent of Development, performing intermediation functions to support

national banking needs, and showing the spirit to responsibly build the

nation.

As a state-owned bank, BNI always strives to serve the country and

become the pride of the nation: to be a financial institution that leads in

service and performance.

BNI managed a solid performance in 2015, despite the uncertainty and

global economic slowdown. This positive performance was achieved by

being proactive with a conservative approach, especially in handling

any asset quality problems. BNI also continues to improve direct and

transparent information disclosure through better presentation of asset

quality.

With a strong commitment to move forward, BNI will continue developing

the nation, maintain growth quality, improve information disclosure and

win the global competition.

WORKINGto Build the Nation

1

BNI synergy focuses to unite and achieve a success that emits light in all directions

BNI Go Forward

Dynamic motion of all BNI employees to advance

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| Working to Build the Nation2

Nawacita Trisakti

BNI SUPPORT FOR NAWACITA TRISAKTI


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In this unstable economic condition, Trisakti Nawacita has become a reference for BNI in preparing a business plan that supports Indonesian prosperity and economic independence

Nawacita Trisakti is a program promoted by the government and is derived from the Sanskrit words Nawa which means nine, and cita which means goals, literally meaning nine goals,to be a reference for government action. Nawacita was born out of a crossroads of outlooks, of life without guidance and clear direction. As such, Nawacita is direction forward,a revolution of thought, or a new paradigm of thinking and acting.

Trisakti was a term outlining the strong historical desire for national independence, of Indonesia’s political independence, encouraging the freedom to present the personality of the Indonesian culture and create a path to economic independence not reliant upon imperialist powers. The Trisakti ideals remain relevant and are what will be continued both in spirit and substance as the three principles of Trisakti: political independence, economic self-sufficiency and cultural identity.

TRISAKTI

Indonesia is politically independent

Indonesia is economically independent

Indonesia has social and cultural identity

Independent in decision-making based on professionalism.

Encourage economic independence by support of agricultural and energy sectors so that Indonesia is independent in food and energy.

Live the culture with honest business practices

Develop public expectations of banking services and public services through public information engagement.

Roles of BNI, Management and Employees

2015 SUM

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Strengthen the government presence by developing clean, effective, democratic, and reliable governance.

Implement good corporate governance practices as well as to be more transparent and honest in conveying public information.

Awarded Most Organized Investor Relations, Strongest adherence to Corporate Governance and Most Consistent Dividend Policy 2015 from Alpha Southeast Asia.

Acquired Excellent predicate from Indonesia Good Corporate Governance Award 2015, Economic Review 2015 Magazine.

Represent the country to protect the nation and to provide security to all citizens.

BNI serves customers whether in Indonesia or abroad, whereever Indonesian citizens require the presence of BNI.

Monitor complaint handling settlements according to the Service Level Agreement (SLA).

Open 77 new outlets and 2,000 new ATMs to more widely serve the need for banking transactions throughout Indonesia.



Nawacita Trisakti

NAWACITA

NAWACITA


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Build Indonesia from the periphery by strengthening regions and villages within the unitary state framework.

Continue to reach all of Indonesia as well as offer banking services throughout Indonesia from Sabang to Merauke.

KUR BNI implementation until December 31, 2015 reached Rp4.3 trillion, with more than 68 thousand debtors.

Developed BNI contact center multi-sites in Surabaya and Semarang.

Financial literacy that reached into remote areas such as the BNI Pandai saving campaign launch on the Laku Pandai program in the village of Kolo, West Nusa Tenggara, advertised in local print media such as the Bima Express for 30 days.

Evenly spread promotional media such as billboards and LED throughout Indonesia from Banda Aceh province to Papua province.

Strengthen the standing of the Nation in performing systematic reformation, with anti-corruption, dignified and reliable enforcement.

No corruption or any related activity.

Bank maintains check and balance banking management system.

Bank commits to the Prudential Banking Practices and ensures compliance with prevailing regulations.

Milestones :• The Best State Owned Enterprise and Top 50 Public Listed Company in GCG Award event

from the Indonesian Institute for Corporate Directorship• Most Trusted Company Based on Corporate Governance Perception Index of Indonesia

Institute for Corporate Governance and SWA



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Improve the living standards of humans and Indonesian society.

Conduct sufficient education and training for BNI employees and provide banking education for customers and all Indonesian people.

The biggest allocation of BNI’s CSR funding is for the Community Development Program, with grants to support education and/or training of Rp28.2 billion including the Indonesia Mengajar Program, Indonesia Pintar program, teacher training, scholarships, and educational facility improvements.

Empower people with disabilities as with BNI Call Officers in the Surabaya site.

Provide training in order to improve the skills and competence for 3,715 customer service (CS) and CS supervisors in financial advisory services in all branches.

Provide training to increase skills, competence, and service enhancement through the Training for Trainers (TFT) for 366 branch officers, consisting of outlet leadership, regional service and frontline officers.


Nawacita Trisakti

NAWACITA


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Improve people’s productivity and competitiveness in the international market, therefore moving Indonesian people forward and rising with other Asian nations.

Optimize BNI Foreign Branch Offices and improve trade finance services to become a trading bridge between Indonesia and the world.

Provide English language courses for all employees at the level of assistant manager to the top.

Provide financial advisory services to customers as a one-stop financial solutions.

Milestones :• On August 21, 2015, BNI opened a branch office in Seoul, South Korea • Awarded the Best Cash Management Services from Asian Banker and Asia Money


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Actualize full economic independence by actively developing strategic sectors within the domestic economy.

Supported the growth of strategic economic sectors by providing financial support on government projects as well as those in the real sector by giving loans to Indonesian people.

Distributed Kredit Usaha Rakyat (KUR) of Rp3.0 trillion to 12,207 debtors during 2015.

Supported infrastructure projects to drive Indonesia’s economic growth, especially in the transportation, electricity, highways, telecommunications and oil & gas sectors.

10,111,3

2013 2014 2015

9,9

highways

7,9

11,1

2013 2014 2015

6,8

Telecommunications

9,3

12,8

2013 2014 2015

9,0

(Rp trillion) (Rp trillion) (Rp trillion)

(Rp trillion)(Rp trillion)

Transportation

12,2

19,3

2013 2014 2015

13,6

electricity

14,711,8

2013 2014 2015

13,8

oil & gas


Nawacita Trisakti

NAWACITA


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Revolutionize the nation character

Educate the public on banking technology development to be more productive through e-channel transaction improvements.

Strengthen diversity and the Indonesian social fabric.

Not performing employee recruitment based on racial characteristics and continue to maintain diversity among employees.

Boards of Commissioners and the Directors of BNI have diverse backgrounds in expertise, education, work experience, age, gender and independency.



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Table of Content

Operational Networking

National Networking

Innovation Outlets and ATM

Organizational Structure

Corporate Group Structure

Company Rating

Awards and Certifications

table of content

Financial Highlights

Stocks Highlights

Bonds Highlights

Significant Events

summary performance

14

18

27

28

12

Report of The Board of Commissioners

Board of Commissioners’ Supervisory Report

Report of The Board of Directors

Management report

36

44

50

34

60

62

66

68

70

72

76

2

81

82

84

86

88

89

90

Macro and Banking Industry Analysis

Financial Review

Business Overview

Business Support Overview

Subsidiary Overview

Marketing

MANAGEMENT ANALYSIS AND DISCUSSION

98

106

158

194

218

226

96

Business Prospect

Business Continuity

Disclosure of Risk Management

232

242

244

BNI at Glance

Corporate Identity

Vision and Mission

Milestones

Business Activities

Business Segment

Products and Services

company Profile58


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Head of Internal Control Profile

Corporate Secretary Profile

Senior Executives

Network

corporate information

11

Corporate Governance Introduction

Corporate Governance Implementation

Commitment

Structure and Mechanism of GCG

General Meeting of Shareholders

Board of Commissioners

Board of Directors

Committees under the Board of

Commissioners

Committees under the Board of Directors

Governance Process

Significant Disclosure

corporate governance

322

330

335

337

348

374

397

432

449

474

320

Corporate Secretary

Goods and Services Procurement

Whistleblowing System & Anti

Gratification

Audit Committee Report

Company Integrated Governance Report

Important Regulations

487

512

516

518

521

529

CSR Background and Regulations

Partnership and Community Development Program

corpoRate social responsibility

534

537

532

2

Board of Commissioners Profile

Board of Directors Profile

Senior Executive Vice President Profile

Committees Profile

Secretary of the Board of Commissioners

Profile

550

556

561

562

568

548

569

570

571

573

responSIbility of 2015 ANNUAL REPORTING 632

Financial Service AUthority INDEX

annual report AWARD REFERENCE

650

634

THE CONSOLIDATED FINANCIAL STATEMENTS 661

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Summary Performance

Financial HighlightsStocks HighlightsBonds HighlightsSignificant Events

14.18.27.28.

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SUMMARY PERFORMANCE


Summary Performance

financialhighlights

2011BALANCE SHEETS - CONSOLIDATED

In billions of Rupiah, unless otherwise stated

Total Assets

Cash, Current Account and Placement (Net)

Marketable Securities (Net)

Loans (Gross)

Government Bonds

Investment (Net)

Total Liabilitas

Customer Deposits

Deposits from Other Banks

Borrowing and Securities Issued

Total Sharia Temporary Funds

Customer Deposits

Deposits from Other Banks

Issued Sukuk Mudharabah

Total Equity

Non-Controlling Interest

Total Equity Attributable to Holders of Parent Entity

*including the Sharia Temporary Funds

PROFIT-LOSS CONSOLIDATEDInterest and Sharia Income

Interest and Sharia Expense

Interest and Sharia Income (Net)

Premium Income

Claim Expense

Premium Income

Other Operational Income

Total of Operating Income

Other Operating Expense

The Form of Value Decrease Loss Reserve

Operating Income

Non-Operating Income (Net)

Income before Tax

Tax Expenses

Current Year Income

Current Year Income attributable to :

- Non-Controlling Interest

- Holders of Parent Entity

2015608,596

86,239

9,927

326,105

47,222

36

430,157

370,420

4,698

29,891

17,429

16,484

449

496

78,438

2,023

76,415

36,895

(11,335)

25,560

3,311

(2,485)

826

8,872

35,258

(16,510)

(7,336)

11,412

54

11,466

(2,325)

9,141

74

9,067

2014416,574

55,056

12,738

277,622

43,830

37

355,562

313,893

3,177

17,370

14,404

13,629

775

-

61,022

1,950

59,072

33,750

(10,989)

22,761

1,475

(1,343)

132

8,855

31,748

(14,760)

(3,642)

13,346

178

13,524

(2,695)

10,829

46

10,783

2013386,666

60,796

8,513

250,638

44,884

40

338,972

291,890

3,185

24,987

9,518

9,150

368

-

47,683

83

47,600

26,705

(7,392)

19,313

1,582

(1,088)

494

7,605

27,412

(13,485)

(2,708)

11,219

59

11,278

(2,220)

9,058

4

9,054

2012333,303

68,849

9,801

200,742

38,561

24

289,778

257,661

3,245

13,519

7,272

7,091

181

-

43,525

52

43,473

22,705

(7,246)

15,459

1,191

(934)

257

7,255

22,971

(11,805)

(2,525)

8,641

258

8,899

(1,851)

7,048

2

7,046

299,058

76,551

7,628

163,533

36,958

24

261,215

231,296

7,019

8,990

6,089

5,644

445

-

37,843

110

37,733

20,692

(7,496)

13,196

1,038

(910)

128

6,563

19,887

(10,224)

(2,421)

7,242

219

7,461

(1,653)

5,808

(18)

5,826

PROFIT LOSS - COMPREHENSIVEIncome/Loss Other Comprehensive For the Current Year After

Deducted with Tax

Total of Current Year Comprehensive Profit

Comprehensive Profit for the Current Year attributable to :

-Non-Controlling Interest

-Holders of Parent Company

11,722

20,863

74

20,789

1,085

11,915

46

11,868

(2,814)

6,244

4

6,240

154

7,202

2

7,200

183

5,991

(17)

6,008


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Obligation Ratio of Minimum Capital Provision

- Tier 1

19.5

17.0

16.2

15.3

15.1

14.2

16.7

15.2

17.6

15.9

ASSETS

In billions of Rupiah, unless otherwise stated

Non-Performing Earning Assets and Non-Performing Non-Earning Assets

to Total Earning Assets and Non-Earning Assets

Non-Performing Earning Assets to Total Earning Assets

Allowance for Impairment Losses (CKPN) of Financial Assets

to Earning Assets

PROFITABILITY

Return On Assets (ROA)

Return On Equity (ROE)

Net Interest Margin (NIM)

Other Operating Income to Operating Income

1.9

1.9

2.5

1.5

1.5

1.9

1.5

1.4

1.7

2.0

2.1

2.6

2.5

2.7

3.2

2.6

17.2

6.4

25.2

3.5

23.6

6.3

32.4

3.4

22.5

6.2

33.1

2.9

20.0

5.9

35.3

2.9

20.1

6.0

36.6

LIQUIDITY

Loans to Total Deposits (LDR) 87.8 87.8 85.3 77.5 70.4

COMPLIANCE

The percentage of LLL violations

- Related party

- Non-related party

The percentage of LLL Excess

- Related parties

- Non-related party

Minimum Statutory Reserves (GWM)

- Primary GWM Rupiah

- GWM Exchange GWM

Net Open Position (NOP)

-

-

-

-

9.2

8.0

1.7

-

-

-

-

8.1

8.3

1.6

-

-

-

-

8.1

8.1

3.4

-

-

-

-

8.5

8.0

2.1

-

-

-

-

8.7

8.0

2.8

OTHER RATIOS (%) - BANK

NPL Gross

NPL Net

LLR / NPL Gross (Coverage Ratio)

CIR (Cost To Income Ratio)

ROA (Operating Expenses / Operating Income)

Net Operating Income / Employee (In million Rupiah)

Earnings per Share (EPS) (in full Rupiah amount)

Number of Outlets (full amount)

Number of ATM (full amount)

Number of Employees (full amount)

2.7

0.9

140.4

44.2

75.5

1,312

487

1,832

16,071

26,875

2.0

0.4

130.1

43.8

68.0

1,247

578

1,766

14,071

26,536

2.2

0.5

128.5

46.7

67.1

1,092

486

1,693

11,163

26,100

2.8

0.8

123.0

49.5

71.0

962

378

1,590

8,227

24,861

3.6

0.5

120.8

49.8

72.6

880

312

1,369

6,227

23,639

FINANCIAL RATIO (%) BANKCAPITAL

20112015 2014 2013 2012


Summary Performance

2011 2012 2013 2014 2015

CAGR 14,2 %

299,1333,3

386,7

416,6

508,6

CAGR 18,8 %

2011

163,5200,7

250,6277,6

326,1

2012 2013 2014 2015

CAGR 12,5 %

2011

231,3257,7

291,9313,9

370,4

2012 2013 2014 2015

2011 2012 2013 2014 2015

5.826

9.663

20.692

5.217

7.046

11.166

22.705

9.054

13.926

26.705

6.999

16.988

33.750

7.282

9.067

18.748

36.895

2011

17,6

15,9

16,7

15,2

15,1

14,2

16,2

15,3 Total CAR

CAR-Tier 1

19,5

17,0

2012 2013 2014 2015

Capital Ratio (%)

4.852

10.783

5.467

Profit and Loss

Asset Loan Deposit

(Rp Trillion)

(Rp Trillion)

(Rp Trillion) (Rp Trillion)

Non-interest income

Net income

Pre-provision income

Interest income


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2011

3,6

0,5

120,8

2,8

0,8

123,0

2,2

0,5

128,5

2,0

0,4

130,1

NPL

NPL

2,7

0,9

140,4

2012 2013 2014 2015

Enhancement of the Bank’s intermediary function while strengthening BNI’s financial fundamentals through a conservative and proactive approach,

characterized by an increase of BNI’s Coverage Ratio to 140.4% in order to maintain asset quality as a

management focus in 2015.Achmad Baiquni, CEO

(Neto)

Coverage Ratio

Asset Quality (%)

(Gross)


Summary Performance

STOCKSHIGHLIGHTS

CAPITAL MARKET CONDITIONS AND BNI SHARE PERFORMANCE

During 2015, the capital market condition in Indonesia Stock Exchange was very dynamic in line with developments of regional and international capital markets. Throughout 2015, the Jakarta Composite Stock Price Index (JCI) at the Indonesia Stock Exchange (IDX) experienced a weakening, consolidation trend. Per December 30. 2015, the CSPI closed at 4,593.01, decreasing 12.13% compared to the close at the end of the previous year of 5,226.94. IDX average daily transactions during 2015 reached Rp5.8 trillion per day, a decrease of 4.0%. IDX market capitalization as at December 30, 2015 reached Rp4.872.7 trillion, down 6.8%, with additional stock listings bringing the total to 521 listed companies.

2015 was the year of domestic investors, who dominated with 57% of total trading against 43% by foreign investors. Global economic pressure had many foreign investors shift large fund amounts earlier than the previous year. Because the Fed’s fluctuating interest rate maneuvers, the U.S economic recovery and the strengthening of the yen created new safe havens, the IDX was seen as less promising for foreign investors. In the past year, the net foreign sell was recorded at Rp23 trillion.

Some important aspects which affected the JCI performance in 2015 were the Chinese economy slowdown and investors’ high-expectation of Indonesia’s economic performance under President Jokowi. The uncertainty of The Fed interest rate had also increased the weakening of JCI.

BNI SHARES PERFORMANCE

BNI shares were listed at the Indonesia Stock Exchange on November 25, 1996, with BBNI ticker code. Throughout its journey, BBNI stock has been awarded many achievements: listed on the main board, on the list of blue chips 2015, and included in the MSCI Asia Pacific Index, LQ45, Sri Biodiversity Index, KOMPAS100 Index, Bisnis27 Index and Infobank15 Index.

In 2015, along with the JCI movement and following the sentiment of the Indonesian economic condition, BNI stock fluctuated dynamically, recording at Rp7,275 on April 4, 2015 as the highest point and at the lowest point at Rp3,940 on September 28, 2015. On December 30, 2015 the Bank’s stock price closed at Rp4,990, decreasing by 18.2% compared to the same period last year, with a market capitalization of Rp93.1 trillion.

Market optimism coincided with BNI’s good performance reflected in the publication of the BNI 1st Quarter 2015 Financial Report, the highest price of BNI stock was Rp7,275. In June 2015, as the economic slowdown took hold, BNI took a conservative and proactive step by increasing allowance for loan loss to anticipate any impairment of asset quality, resulting in a rising coverage ratio from 130.1% to 140.4%, impacting BNI’s Net Income.

Declining JCI performance brought down BNI stock price to the lowest level on September 28, 2015, at Rp3,940. BNI’s conservative proactive step attained positive response both from investors and shareholders in that BNI stock price rebounded from its lowest point and rose up exceeding the JCI movement until the end of 2015.


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The average BBNI daily transaction during 2015 was Rp28.9 billion per day, an increase of 11.4% from 2014. From November 2, 2015 to December 28, 2015, in accordance with the Information Disclosure published in a newspaper on October 30, 2015, the Company performed a share buyback, mainly aimed for granting bonus shares as an appreciation to all BNI employees.

Up to the present, the Indonesian Government through the Ministry of SOEs is still the majority shareholder of BNI with 60% share ownership.

The remainder of shares are held by public shareholders consisting of 13.8% domestic shareholders and 26.2% foreign shareholders.

Foreign ownership decreased 2.5% from 28.7%, replaced by domestic shareholders in line with the IDX performance. During 2015, trading transactions in the capital market was dominated by domestic investors 57% due to a diversion of funds by foreign investors due to global economic pressures.

BNI STOCK PERFORMANCE IN INDONESIAN STOCK EXCHANGE (BBNI)

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Agt-15 Sep-15 Oct-15 Nov-15 Dec-15

6.000

3.000

8.000 120.000.000

100.000.000

80.000.000

60.000.000

40.000.000

20.000.000

0

(Rp/IHSG) Volume (000) Unit

Closing Price JCI Trading Volume

BBNI Stock Performance In 2015

Trading Volume

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Agt-14 Sep-14 Oct-14 Nov-14 Dec-14

5.000

3.000

120.000.000

100.000.000

80.000.000

60.000.000

40.000.000

20.000.000

0

(Rp/IHSG) Volume (000) Unit

Closing Price JCI

BBNI Stock Performance In 2014


Summary Performance

Stock Price (Rupiah)

Opening Lowest Highest ClosingTrading Volume

Market Capitalization

1st Quarter 6,100 5,900 7,225 7,225 24,139,779 134,736,543

2nd Quarter 7,250 5,250 7,275 5,300 26,979,821 98,837,879

3rd Quarter 5,300 3,940 5,625 4,135 39,472,303 77,112,194

4rd Quarter 4,195 4,145 5,300 4,990 24,956,054 93,056,796

TOTAL 6,100 3,940 7,275 4,990 28,886,989 93,056,796

Opening Lowest Highest ClosingTrading Volume

Market Capitalization

1st Quarter 3,950 3,675 5,175 4,960 28,853,816 92,497,336

2nd Quarter 4,960 4,750 5,225 4,765 25,408,129 88,860,848

3rd Quarter 4,765 4,745 5,850 5,525 28,795,505 103,033,827

4rd Quarter 5,525 5,125 6,225 6,100 20,679,895 113,756,804

TOTAL 3,950 3,675 6,225 6,100 25,934,336 113,756,804

Stock Performance

2015 2014

Highest Price (USD) 7,275 6,225

Lowest Price (USD) 3,940 3,675

Closing Price (Rp) 4,990 6,100

Earnings per Share (Rp) 487 578

Book Value Per Share (Rp) 4,206 3,272

Price to Book Value (%) 1,2 1,9

Price to Earning Ratio (%) 10,2 10,6

Number of Outstanding Shares 18,648,656,458 18,648,656,458

2015

2014


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Dividend Policy

Fiscal Year

Total Dividend (billion rupiah)

Dividend per share (Rupiah)

Dividend Ratio Payment Date

1996 56.40 195,00 30 % net income of the second mid term 1996

June 13, 1997

1997 60.80 210,00 20 % of 1997 net income August 7, 1998

2001 878.30 66,15 50 % of 2001 net income October 28, 2002

2002 1.254.30 94,44 50 % of 2002 net income November 5, 2003

2003 314.90 23,71 75,01 % of 2003 net income July 21, 2004

2004 1.588.20 118,07 50 % of 2004 net income July 7, 2005

2005 707.40 53,26 50 % of 2005 net income July 4, 2006




2009 869.39 (interim dividend) 9,44

47,48

50 % of 2009 net income December 11, 2009June 24, 2010

2010 1,230.51 65,98 30 % of 2010 net income June 30, 2011

2011 1,165.18 62,48 20 % of 2011 net income May 30, 2012

2012 2,113.84 113,35 30 % of 2012 net income May 16, 2013

2013 2,716.30 145,71 30 % of 2013 net income May 19, 2014

2014 2,695.66 144,54 25 % of 2014 net income April 17, 2015


Summary Performance

The Shareholders Jumlah Dividen(miliar Rupiah)Dividen per Lembar

Saham (Rupiah)Rasio Dividen Tanggal Pembayaran

Government 1 11,189,193,875 1 11,189,193,875

Public 7,459,462,583 7,459,462,583

-Indonesian individual party 19,307 289,232,719 12,223 222,695,549

-Cooperative 21 2,047,329 15 386,529

-Foundation 40 26,682,227 26 14,157,400

-Foundation Funds 228 202,513,578 156 181,505,392

-Insurance 100 379,943,209 82 346,705,141

-Bank 2 150,100,043 1 43

-Limited Company 236 588,975,026 219 427,725,186

-Other Business Enterprise 5 5,298 5 5,298

-Mutual Fund 243 930,812,372 195 909,848,053

-Foreign Individual Party 128 1,144,125 96 679,855

-Foreign Business Enterprise 1,257 4,888,006,657 1,410 5,355,754,137

Total 20,183 18,648,656,458 14,429 18,648,656,458

The Shareholders

Total of Share

2015 2014

60%40%

1,190,000,080,981,860,002,290,004,880,00

28,72

1,550,010,140,862,040,803,160,004,990,0026,21

2015

60%40%

2014

Composition of Shareholders (%)

Indonesian individual party

Cooperative

Foundation

Foundation Funds

Insurance

Bank

Limited Company

Other Business Enterprise

Mutual Fund

Foreign Individual Party

Foreign Business Enterprise

Public Goverment

The Shareholders

Total of Share


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20 Largest Local Shareholders

Investor Name Address Status Total Shares %

Government of Republic of Indonesia

Gedung Kementerian BUMN, Jl Merdeka Selatan, Jakarta

Government of Republic of Indonesia

11,189,193,875 60.00

BPJS Ketenagakerjaan-JHT Gedung Jamsostek, Jl Jend, Gatot Subroto No 79

Limited Company 464,472,868 2.49

Reksadana Schroder Dana Prestasi Plus

Gd, BEI Menara II Lt,31, Jl, Jend, Sudirman Kav, 52-53, Jakarta

Mutual Funds 163,424,231 0.88

PT,Bank Negara Indonesia (Persero) Tbk

Jl Jend, Sudirman Kav 1 Jakarta Bank 150,100,000 0.80

PT, Prudential Life Assurance Prudential Tower Jl, Jend, Sudirman Kav,79 Jakarta

Insurance 125,418,116 0.67

PT, Taspen (Persero)-THT Jl, Letjen Suprapto, Jakarta Foundation Funds 82,408,007 0.44

Reksadana Panin Dana Maksima

Gd, BEI Tower I Lt,3 Suite 301 Jl Jend, Sudirman Kav 52-53, Jakarta

Mutual Funds 79,000,300 0.42

Reksadana Schroder 90 Plus Equity Fund


Mutual Funds 74,003,885 0.40

Reksadana Schroder DanaPrestasi


Mutual Funds 60,216,637 0.32

Reksadana Schroder DanaPrestasi Dinamis


Mutual Funds 48,117,500 0.26

PT AIA Finl - Ul Equity Menara Matahari, 7Th Floor Jl, Bulevar Palem Raya No,7 Lippo Karawaci

Insurance 35,293,300 0.19

Smartlink Rupiah Equity Fund Allianz Tower, Jl, HR Rasuna Said Kawasan Persada Super Blok 2, Jakarta

Limited Liability Company 33,510,312 0.18

Reksadana D BNP ParibasEkuitas

WTC Building, 5Th Floor Jl Jend, Sudirman Kav 29-31, Jakarta

Mutual Funds 29,496,300 0.16

Reksadana Mandiri SahamAtraktif

Plaza Mandiri Lt, 28 Jl, Jend, Gatot Subroto Kav, 36-38, Jakarta

Mutual Funds 28,311,500 0.15

Schroder Dana Istimewa Gd, BEI Menara II Lt,31, Jl, Jend, Sudirman Kav, 52-53, Jakarta

Mutual Funds 26,114,573 0.14

Reksadana BNP ParibasInfrastruktur Plus

WTC 5Th Floor Jl, Jendral Sudirman Kav, 29-31, Jakarta

Mutual Funds 25,866,500 0.14

Reksadana Panin Dana Ultima Gd, BEI Tower I Lt,3 Suite 301 Jl Jend, Sudirman Kav 52-53 , Jakarta

Mutual Funds 22,320,500 0.12

Dana Pensiun Astra Dua Graha Sera Lt, 8 Jl, Mitra Sunter Boulevard Kav, 90 Blok C2 Sunter Jaya, Jakarta

Pension Funds 21,166,097 0.11

Asuransi Jiwa ManulifeIndonesia

Sampoerna Strategic Square Building, South Tower, 31St Floor Jl, Jend, Sudirman Kav, 45, Jakarta

Insurance 20,900,586 0.11

Reksadana Panin Dana Prima Gd, BEI Tower II Suite 1705 Jl, Jend, Sudirman Kav 52-53, Jakarta

Mutual Funds 20,771,500 0.11


Summary Performance

Investor Name Address Status Total Shares %

JP Morgan Chase Bank Na Re Non-Treaty Clients

125 London Wall, London, United Kingdom, Ec2y 5Aj

Foreign Business Enterprise 376,348,740 2.02

Government Of Norway - 2 Bankplassen 2, 0151 Oslo, Norway


GIC S/A Government Of Singapore

168 Robinson Road 37-01 Capital Tower Singapore 068912


Employees Provident Fund Board

Epf Building ,Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia


SSBAeml S/ATmtbOf Jp,Ltd,ato Eats Inv As Ohdemf

11-3,Hamamatsucho 2-Chome Minato-Ku,Tokyo 105-8579 Japan


Vanguard Emerging Markets Stock Infd

100 Vanguard Blvd Malvern Pa 19355-2331


The Prudential Assurance Co Ltd

Laurence Pountney Hill, London, Ec4r 0Hh


Eastspring Investments 46 Rue Montoyer B-1000 Brussels Belgium


Dimensional Emerging Markets Value Fund

6301 Bee Cave Rd, Building One, Austin Tx 78746


Invesco Funds Series 46 Rue Montoyer B-1000 Brussels Belgium


Invesco Ltd A/C Best Investment Corporation

Rm 936, Block 2, Yard 1, Naoshikou Avenue Xicheng District Brussels Others Tiongkok


Blackrock Global Funds 46 Rue Montoyer B-1000 Brussels Belgium


Blackrock Global Funds 2-4 Rue Eugene Ruppertl-2453 Luxembourg,Grand Duchy Of Luxembourg


Government Of Norway -15 Bankplassen 2, 0151 Oslo, Norway


Vanguard Total Interntnl Stock Index Fund

100 Vanguard Blvd, Malvern Pa 19355 Usa


Abu Dhabi Investment Authority

P,o, Box 3600, 211 Corniche Street, Abu Dhabi, Uae


Government Of Norway -16 Bankplassen 2, 0151 Oslo, Norway


MSCI Equity Index Fund B-Indonesia

400 Howard Street San Fransisco, Ca 94105


Ishares Msci Emerging Markets Etf

400 Howard Street San Francisco Ca 94105


Abu Dhabi Investment Authority

211 Corniche Street P,o,box 3600 Abu Dhabi Uae


20 Largest Local Shareholders


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Name Position Total Shares Percentage (%)

Pradjoto Acting President Commissioner/ Independent Commissioner

0 0.0000000

Anny Ratnawati Independent Commissioner 0 0.0000000

Joseph F.P. Luhukay Independent Commissioner 0 0.0000000

Pataniari Siahaan Commissioner 0 0.0000000

Zulkifli Zaini Independent Commissioner 0 0.0000000

Daniel T. Sparringa Independent Commissioner 0 0.0000000

Kiagus Ahmad Badaruddin Commissioner 0 0.0000000

Revrisond Baswir Commissioner 0 0.0000000

Nama Position Total Shares Percentage (%)

Achmad Baiquni Vice President Director 0 0.0000000

Suprajarto Director 0 0.0000000

Rico Rizal Budidarmo Director 0 0.0000000

Herry Sidharta Director 0 0.0000000

Adi Sulistyowati Director 68,124 0.0003653

Bob Tyasika Ananta Director 82,891 0.0004445

Anggoro Eko Cahyo Director 153,526 0.0008233

Imam Budi Sarjito Director 117,074 0.0006278

Sutanto Director 3.848,414 0.0206364

Total Share Ownership of the Board of Commissioners & Board of Directors 4,270,029 0.0228973

The Shareholders of Board of Commissioners

The Shareholders of Board of Directors

Share Buyback for Shares Bonus

Referring to Financial Services Authority (FSA) Regulation No.02/POJK.04/2013 dated August 23, 2013 on Repurchase of Shares Issued by the Public Company in Fluctuating Market Conditions and FSA Circular No. 22/SEOJK.04/2015 dated August 21, 2015 on Other Conditions As Market Conditions Significantly Fluctuate, BNI carried out the repurchase of shares listed on the Indonesia Stock Exchange (BEI). BNI appointed BNI Securities as the securities agent to implement the Share Buyback with the share purchase period at less than 3 months from the date of Information Disclosure commencing November 2, 2015 to December 28, 2015, with a Share Buyback Value of Rp749,979,275,500 (a maximum of 750 billion Rupiah) resulting in assets and equity decreasing but not significantly affecting BNI profit. The average price per share purchased was Rp4,982 with the number of obtained shares at 150,537,500 shares.

In connection with recording the transaction in the stock exchange which is done on T + 3, the total Treasury shares recorded as at December 30, 2015 was 150.1 million shares. The allocation of the BNI shares bonus distribution is planned within 3 years according to vesting schedule as stipulated in the program of bonus shares to management and employees in accordance with prevailing regulations.


Summary Performance

Chronological of Shares Listing

Date Description Nominal PriceTotal of Share

SheetsBook Value

Shares Value (Rp)

Record

November 1996 IPO (Initial Public Offering)Total

Seri-A: @Rp500Seri-B: @Rp500

14,340,127,9994,340,128,000

652 1,250 Jakarta Stock Exchange

Juni 1999 Rights Issue (1:35)

Total

Seri-A: @Rp500Seri-B: @Rp500Seri-C: @Rp25

14,340,127,999

151,904,480,000156,244,608,000

7 300 Jakarta Stock Exchange

Juni 2000 Issuance of new shares without pre-emptive rightsTotal


14,340,127,999

196,850,884,500201,191,012,500


Juni 2001 Repayment of excess amount in Government BondsTotal


14,340,127,999

194,885,183,000199,225,311,000


Desember 2003 Reverse Stock Split (15:1)

Total

Seri-A: @Rp7.500Seri-B: @Rp7.500Seri-C: @Rp375

1289,341,866

12,992,345,53313,281,687,400

740 1,300 Jakarta Stock Exchange

Agustus 13, 2007 Rights Issue (20:3)

Total


1289,341,866

14,984,598,64315,273,940,510

1,107 2,000 Jakarta Stock Exchange

Agustus 2010 Divestasi Saham Negara RI pada BNI eks green shoeTotal


1289,341,866

14,984,598,64315,273,940,510


Desember 10, 2010 Rights Issue (110,473:500,000)


1289,341,866

18,359,314,59118,648,656,458



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BONDSHIGHLIGHTS

BNI’s funding strategy continued to prioritize funding sources in the growth of third party funds (DPK); however, to support optimal asset growth, ideal funding composition, and efficient cost of funds it is possible to source sufficient funding from Rupiah and foreign currency DPK.

To fulfill BNI’s liquidity needs, both in Indonesia and in the 6 (six) Foreign Branch Offices as well as liquidity and market risk mitigation, in April 2012 BNI issued Global Bonds amounting to $500 million with a tenor of 5 years and a coupon

4.125%. The Global Bonds were listed with Singapore Exchange Securities Trading Limited (SDX-ST) with BNI London branch as the booking office.

Currently the BNI foreign currency bonds are actively traded at a premium due to global investors’ high-confidence in BNI.

Until December 31, 2015, BNI has 5 (five) subsidiaries with the following details:

Global Bond Chronology

DescriptionEmission

DatePeriod of

TimeEmission Value

Maturity Date

Coupon Rating Record Outstanding

Global Bond April 27, 2012

5 years USD 500,000,000 April 27, 2012

4,125% p.a. Baa3 Singapore Stock

Exchange

USD 500.000.000

SUBSIDIARIES

Subsidiaries Domicile Business ActivitiesOwnership Percentage Status

PT BNI Syariah Jakarta Islamic Banking 99.90% Has operated

PT BNI Multifinance Jakarta Consumer financing 99.98% Has operated

PT BNI Securities Jakarta Brokerage & Underwriter 75.00% Has operated

PT BNI Life Insurance Jakarta Insurance services 60.00% Has operated

BNI Remittance Hongkong Remittance Service 100% Has operated


Summary Performance

Optimized business growth in developing regions, BNI built new building in BSD area.

January 9

significantevents

2015 Analyst Meeting: BNI Net Income grew 19.1%

January 29BNI strengthened Currency Swap service with Garuda Indonesia

February 2

BNI with the PPPA Ministry built an Indonesian Labor Education Facility

February 23BNI received Sustainable Business Award

February 25BNI pioneered the broadcasting of Financial Education Information at TVRI

February 26


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Earth Hour 2015: BNI customer donations for the environment continue to be conducted

March 28Welcome and Good Bye party for BNI Directors and Commissioners

April 1BNI Financial Service Group hosted Inacraft 2015, 28 partners involved in the exhibition

April 8

BNI co-sponsored Java Festival Production: The Festivities of Exploring Indonesia, at the Java Jazz Festival

March 4As an appreciation of BNI, ten BNI Loyal Customers were flown to London

March 9BNI GMS: Decided Dividend of 25% of the net profit and replacement of BNI Directors and Commissioners

March 17


Summary Performance

Banking Service Excellence 2015 Monitor (BSEM): BNI wins as the best Walk-in Channel

June 4For Branchless Banking Program, BNI launched Saving Product: “BNI Pandai”

June 8BNI helps eruption victims in Mount Sinabung

June 11

Participation on REI-Expo 2015: BNI offered KPR BNI Griya with 9% interest.

May 2BNI Manado Region achieved the MURI record and world record for the opening of 15,746 accounts simultaneously.

May 9To Strengthen Indonesia Maritime Business: BNI funded cold storage and large-scale ice cube factory

May 11

2015 Asian Banker Assessment: BNI Cash Management is still the best in Indonesia

April 14BNI and Jamkrindo signed Credit Guarantee Agreement Cooperation

Analyst Meeting 1Q-2015: BNI Net Profit grew by 17.7%

April 15 April 23


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Four state-owned banks agreed to synergy in the implementation of the National Electronic Toll Payment

August 19BNI participated in SOE’s Expo 2015 theme “70 Years achievement of the Nation”

August 21BNI opened a new branch in Seoul, South Korea

August 21

BNI Selling Day 2015: All BNI employees practice to serve customers

June 13BNI held Business Innovation Award 2015 to develop innovation culture for all BNI employees

July 2BNI and other SOE Banks contribute to 2,000 orphans in Makassar

July 11

BNI dispatched more than 5,000 people to back to their village for commemorating Eid

July 13BNI and Semen Gresik cooperated in investment financing

Analyst Meeting 2Q - 2015: BNI Net Interest Income grew by 14%

July 28 July 30


Summary Performance

BNI developed payment systems and managed endowments for University of Indonesia

October 22Strengthened holding synergy, BNI conducted Subsidiaries Expo 2015

Improved Student saving (SimPel), BNI targeted all education levels

October 26 October 27

BNI Emerald Priority Banking awarded as the Best Priority Banking in Indonesia

September 17BNI Rejeki Taplus 2015 Launching with 3 grand prizes of Mercedes Benz C250 AMG

October 7Analyst Meeting 3Q - 2015: BNI maintained growth with strong financial fundamentals.

October 15

BNI celebrated Customer Day

September 4BNI participated in “Indonesian Banking Expo” held by PERBANAS

September 9AsiaMoney: BNI awarded as the most proficient company in Cash Management

September 16


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National Non-Cash Society Festival (GNNT): BNI campaign “A day without Cash”

November 19Managing Director of BNI opened trading on the Indonesian Stock Exchange as the Commemoration of 19 Years Share Listing on the Stock Exchange

November 25BNI awarded as The Best Sukuk Sales Agent

December 7

ATM Management Synergy: state banks launched ATM HIMBARA

December 21SOE Minister visited BNI Remittance Limited in Hong Kong

December 13

The Extraordinary General Meeting of shareholders decided on Mr. Pradjoto as acting President Commissioner of BNI

November 9Launched JARING Card: BNI extended financing to Maritime and Fishery sector

November 13Distributed KUR: BNI targeted West Java fisherman

November 17

BNI opened the first e-Branch in Pondok Indah Mall

December 22

Report of Board of CommissionersBoard of Commissioners Supervisory Report Report of Board of Directors

36.44.50.

Management Report

MANAGEMENT REPORT

36 | Work to Build the Nation

MANAGEMENT REPORT

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REPORT OF BOARD OF COMMISSIONERS

Dear stakeholders and shareholders,Thank God for His blessings in 2015, BNI recorded a significant improvement and good performance. On Behalf of the Board of Commissioners of PT Bank Negara Indonesia (Persero) Tbk its honor for me to present a Supervisory report for BNI performance in 2015.

Global and Indonesia Economy DevelopmentsThe economic conditions in 2015 were challenging for business players in all industries. The Indonesian economy was affected by unstable global economic conditions with the Fed plan to increase interest rate gradually creating market uncertainty and high volatility. In addition, the weakening of China’s economic conditions deepen concern for Indonesia as significant Indonesian exports depends on that country. The direct impacts due to external factors throughout 2015 were the Rupiah currency depreciation and the slower Indonesian GDP growth.

This situation spilled over to create negative impacts on the Indonesian banking industry in 2015, with banking sector loans and funding declines. Similarly, asset quality worsened, indicated by increasing NPLs by year end 2015. However, the Indonesian banking industry remains solid.

The slowdown of economy conditions was responded to by the government’s issuing national development program Nawacita Trisakti. The government carried out a transformation of economic fundamentals and changed the paradigm of how to develop the country by reallocating savings from a reduced fuel subsidy in the state budget from consumptive to productive sectors and National Safety Network, notably with the government distributing the Indonesia Health Card, Indonesia Smart Card, Family Welfare Card and social assistance for persons with severe disabilities. Moreover, the government is also paying attention to food safety, the gap between the rich and poor in the regions, ongoing corruption, and law enforcement.

Assessment of Board of Directors Performance We are thankful amid the slowdown of economic growth that BNI still succeeded in delivering a satisfactory performance in 2015.

The BOC appreciates that the Board of Directors worked hard to achieve targets in line with the Revised Business Plan, submitted in June 2015. In principle, the Board of Commissioners approved the Revised RBB 2015 and RBB 2015 submitted by the Board of Directors with several recommendations. Recommendations from the Board of Commissioners were accommodated well in both the RBB 2015 and Revised RBB 2015.

For the performance achievements in 2015, the Board of Commissioners appreciates all that the management and employees of the Bank have accomplished to achieve the best results. The Board of Commissioner believes the active strategy is the right step to maintain quality of growth, with BNI taking a very active role in developing the nation.

PradjotoPRESIDENT COMMISSIONER (Acting)/VICE PRESIDENT COMMISSIONER

38

Management Report

| Work to Build the Nation

However, unfavorable economic conditions effected a decline in collectability from BNI debtors requiring debt restructuring by the Board of Directors together with relevant division heads and resulting in not achieving the profit target. On the other hand, BNI has increased coverage ratio to 140.4% and, by having this level of coverage ratio, BNI is expected to anticipate further economic turmoil that could potentially deteriorate loan quality. The BOC understands the condition and fully supports management’s decision to strengthen BNI’s financial fundamentals.

On the financials, net income was Rp9.1 trillion, declining by 15.9%, as mentioned above due to increasing reserves to anticipate asset quality deterioration, increasing BNI’s coverage ratio from 130.1% in the previous year to 140.4% in 2015. At the end of 2015, although some targets were not met, overall BNI performance showed positive achievements compared with the previous year.

BNI was able to grow above industry average with total assets reaching Rp508.6 trillion, an increase of 22.1%, despite the weakening economic condition. The growth of loans increased by 17.5% to Rp326.1 trillion and third party funds (DPK) grew by 18.0% reaching Rp370.4 trillion. With a relatively balanced growth between loans and DPK, BNI’s LDR level was maintained at 87.8%, indicating healthy Bank liquidity. This achievement is also accompanied by positive indicators of other important financial ratios such as CASA (Cost of funds) maintained at 61.1%, NIM at 6.4%, ROA at 2.6% and ROE at 17.2%. However, due to unfavorable economic conditions, the quality of BNI assets decreased with gross NPLs at 2.7% and net NPLs at 0.9%. In terms of capital ratio, by conducting an asset revaluation in Q4 2015, the CAR increased to 19.5%, far above the minimum requirement.

Operationally, BNI has sufficient infrastructure to transform into a bank which is ready to serve the needs of corporate customers, SMEs and individuals. BNI should emphasize developing Information & Technology so that the Bank moves with developing trends in digital banking. Digital banking will be the future of banking.

On the achievements of BNI performance, the Board of Commissioners considers that the performance of Board of Directors in 2015 was respectable. The BOC believes that the strategy prepared by the Board of Directors was good and on the right track. Achievements were indicators that the level of trust by BNI stakeholders remains high. The BOC appreciated the commitment and hard work of the Board of Directors.

The Board of Commissioners also gives appreciation to all the employees who have worked hard to provide good service and best performances so that BNI was able to achieve solid performance in unfavorable economic conditions.

Implementation of Good Governance The Board of Commissioners assesses that the implementation of GCG in BNI was sufficiently robust and in accordance with government regulations.

BNI’s management teams have been very carefully implementing GCG as revealed by the various awards received. Implementation of GCG is a positive benefit for BNI stakeholders, both internal and external, as this encourages the Company to persistently create new value for products, operations and services.

Role of Committees under the Board of CommissionersIn conducting supervisory function of the Bank, the Board of Commissioners is assisted by four committees, namely the Audit Committee, Risk Monitoring Committee, Nomination and Remuneration Committee and Integrated Corporate Governance Committee. For 2015, the BOC considers that all committees performed well, though improvements are planned moving forward. Encouraged by the implementation of appropriate work programs, the BOC has targeted improved functions of each committee to support its duties and responsibilities.

The BOC continues to encourage the implementation of best corporate governance practices in all BNI’s operational aspects with the firm support of these four committees.

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Changes in the Composition of the Board of CommissionersThere was a change in the composition of BNI’s Board of Commissioners. At the Annual General Meeting of Shareholders of the 2014 fiscal year dated March 17, 2015, all members of Board of Commissioners were replaced except Mr. Daniel T. Sparringa and Mr. Kiagus Ahmad Badaruddin.

Given the appointment of Mr. Rizal Ramli, President Commissioner of BNI, as Coordinating Minister for Maritime and Resources of the Republic of Indonesia, BNI held an Extraordinary General Meeting of Shareholders on November 9, 2015 and assigned Mr. Pradjoto, Vice President Commissioner, as Acting President Commissioner. The BOC would like to thank to Mr. Rizal Ramli for his contribution during his duties as President Commissioner.

Prospects for 2016The BOC believes that the prospects for BNI in 2016 will be more positive than the previous year, based on predictions of better economic conditions with the following indicators:1. Absorption of the government budget

accelerating in 2016 due to the state budget being approved by parliament in November 2015. Construction projects slated within the government’s budget are predicted to be immediately executed to maximize government expenditures and boost economic growth.

2. A series of government projects have been completed or are entering the final procurement process towards execution of infrastructure development, food stability programs, electricity projects and housing programs driven by an economic stimulus plan issued in 4Q - 2015.

3. The series of government policies to stimulate economic growth was released in the middle of last year and are expected to create positive impacts in 2016.

Economic growth in 2016 is expected in the range of 5.0% to 5.5% with the inflation rate expected at about 4.5% +/- 1%. The BI Benchmark Interest Rate will decline from 25 bps to 50 bps, following with global economic conditions.

The prices of oil and commodities are expected to recover in the middle of 2016 with the exchange rate against the USD expected to remain stable at around Rp14,000 to Rp15,000, benefiting domestic products to compete in global markets. These economic conditions are expected to boost the performance of the Indonesian banking sector, propelling BNI to perform better and meet 2016 targets.

The year of 2016 will also be the first year of implementation of the ASEAN Economic Community (AEC). Facing the AEC, BNI must improve its competitiveness as BNI will compete with foreign banks from ASEAN countries, strengthen its market positions, and seize the wide potentials in domestic and international markets.

BNI is a Bank with international exposure ready to expand business to ASEAN countries. The BOC contend that BNI’s strategy should be focused on the following:1. Developing competence and human resources

to meet international standards2. Strengthening information technology and

product development3. Strengthening capital to support business

expansion.

The BOC believes that BNI can deliver the necessary competitiveness and achieve optimal growth in 2016.

Board of Commissioners Recommendations Entering 2016, the Board of Commissioners has expressed several matters of importance for the Board of Directors:1. With the change of the BNI vision “ To be

a financial institution with service and performance excellence” BNI should continue to encourage synergy between BNI and its subsidiaries within BNI Group.

2. Increasing transaction volumes from BNI customers and non BNI customers, including those of its subsidiaries.

3. Improving sustainable good asset quality by implementing better risk management in accordance with prudential banking.

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Appreciation from The Board of CommissionersThe Board of Commissioners appreciates and expresses gratitude to the shareholders and stakeholders for their trust and support over the year. Deepest appreciation also goes to all Directors, employees, business partners and customers who contributed to growing and developing BNI. We hope we can further realize our goals and objectives together.

On behalf of the Board of Commissioners,

PradjotoPresident Commissioner (Acting)/Vice President Commissioner

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BOARD OFCOMISSIONER

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1. Pradjoto PRESIDENT COMMISSIONER (ACTING)/ VICE

PRESIDENT COMMISSIONER

2. Daniel T. Sparringa INDEPENDENT COMMISSIONER

3. Zulkifli Zaini INDEPENDENT COMMISSIONER

4. Anny Ratnawati INDEPENDENT COMMISSIONER

5. JosEPH F.P. Luhukay INDEPENDENT COMMISSIONER

6. Kiagus Ahmad Badaruddin COMMISSIONER

7. Pataniari Siahaan COMMISSIONER

8. Revrisond Baswir COMMISSIONER

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832 41

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BOARD OF COMMISSIONERS SUPERVISORY REPORT

Under the Articles of Association of PT Bank Negara Indonesia (Persero) Tbk and regulations applicable, the BOC has a duty and responsibility to supervise the policies of management and how the Directors operate the Company, provide recommendations to the Board of Directors, as well as ensure the implementation of the provisions of the Articles of Association and provision of other prevailing legislation. The BOC is an assembly carrying out its duties and responsibilities independently and objectively, is focused on strategic activities that companies will face, and is oriented to added value in accordance with the wishes of shareholders.

In 2015, Indonesia’s economy experienced a slowdown, slower even than in previous years, decreasing prospects in several industry sectors. The expectation of unstable conditions in 2015 had been recognized and anticipated by management by implementing proactively conservative policies, attuned to potential declines in loan portfolios, increasing provisioning of asset quality, anticipation of further deteriorating conditions, and limiting credit expansion especially in troubled industrial sectors.

In the middle of the unfavorable economic conditions, the 2015 financial performance of the Company in general remained solid and showed a positive trend.

In this regard, the Board of Commissioners gave appreciation to the Board of Directors and all management and employees for the Company performance achievements during 2015, with some perspectives as follows.

A. ASSESSMENT OF BANK FINANCIAL PERFORMANCE The Company’s financial performance in 2015 showed the good achievement of targets and results.

Although not all business targets were achieved, there were improvements in the quantity and quality of ratios and financial indicators.

In the middle of the unfavorable economic conditions, the 2015 financial performance of the Company in general remained solid and showed a positive trend. This is reflected by the growth in total assets which increased by 22.1% from Rp416.6 trillion to Rp508.6 trillion, with Net Interest Income amounting to 12.3% year on year, so the Net Interest Margin (NIM) increased from 6.3% in 2014 to 6.4% in 2015. Total assets and portfolio loans grew respectively by 22.1% and 17.5% compared to the achievements in the previous period, so that by the end of 2015 total assets reached Rp508.6 trillion and lending reached Rp326.1 trillion. Customer deposits grew by 18.0% compared to the previous period, bringing total customer deposits at the end of 2015 to Rp370.4 trillion. The increase was contributed by growth in all categories of customer deposits, with savings growth of 12.8%, demand deposits at 10.2%, and time deposits at 29.4%.

With gross NPLs increasing from 2.0% at the end of 2014 to 2.7% at the end of 2015, management carried out a proactively conservative approach by increasing Allowance for Impairment Losses by Rp3.7 trillion to increase the Coverage Ratio from Rp130.1% at the end of 2014 to 140.3% at the end of 2015, thus strengthening the Company’s ability to anticipate potential losses. CKPN was increased and caused a decrease of net profit to Rp 9.1 trillion in 2015, lower than the net income in previous period of Rp10.8 trillion. Return on Assets (ROA) and Return on Equity (ROE) in 2015 respectively grew by 2.6% and 17.2%. As the impact of management’s anticipatory steps on risks, increased formation of CKPN resulted in increasing the ratio of Operating Expenses to Operating Income from 68.0% at the end of 2014 to 75.5% at the end of 2015. The Cost to Income Ratio (CIR) in 2015 grew to 44.2%, compared to the previous period of 43.8%.

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With balanced growth between loans and customer deposits, the Loan to Deposit Ratio (LDR) was maintained at the level of 87.8%. The level of liquidity as reflected by the LDR is in the range set by the regulator, and shows well-managed and maintained healthy liquidity.

Capital management is based on numerous factors including the scale and complexity of the business. The level of capital is reflected by the Capital Adequacy Ratio (CAR) is maintained above the minimum level set by regulators. The Bank’s capital in 2015 was stronger than in the previous period, indicated by a CAR in 2015 of 19.5%, higher than the CAR in 2014 of 16.2%.

Risk management has been done properly and adequately. The possibility of incoming loss in the Bank’s business is low to moderate, and Quality Risk Management (KPMR) is considered adequate, although there are minor weaknesses that management needs to address.

B. SUPERVISORY ACTIVITIES During 2015, the BOC held 47 (forty seven) meetings, including 14 (fourteen) joint meetings with the Board of Directors. The following items were the focus of supervision by the Board of Commissioners during 2015:• TosuperviseBank’sbusinessplan

achievement, in particular several important aspects of the business plan such as profitability, lending, improved asset quality, third party funds, productivity and efficiency.

• TosupervisebusinessplansofeachSectorDirector and conduct a review of policy, strategy and work programs of Sector Directors.

• Toconductsupervisionandmonitoringofthe Bank and to encourage Directors to take the necessary steps in order to maintain or increase the Bank’s health.

• TomonitorthedevelopmentofHumanResources (HR) with respect to HR strategy in support of achievement of long-term plans.

• Toensuretheimplementationoftheprinciplesand practices of Good Corporate Governance (GCG) at all levels of the organization, monitor the results of the GCG self assessment, and encourage improvement of corporate governance practices with reference to international best practices.

• Toensuretheeffectiveimplementationof internal control systems and financial reporting and monitor follow-up on audit and recommendations of the internal auditor, OJK monitoring results, findings of Badan Pemeriksa Keuangan (BPK), findings of Reporting and Financial Transaction Analysis and audit results of the Public Accounting Firm (KAP).

• Toensuretheeffectivenessofsystemsandrisk management processes by monitoring the Bank’s risk management.

• Tosupervisetheimplementationoftheprecautionary principle in the provision of credit facilities with independent evaluations, provide advice and opinion on the Board of Directors decision to provide credit facilities above a certain amount, and approve loan facilities granted to related parties.

• TomonitorandevaluatethepolicyoftheBoard of Directors related to the creation of synergies and the strengthening of subsidiaries.

1. Public Accountant Appointment One result of the decision of the Annual General Meeting of Shareholders for Financial Year 2014 March 17th 2015 was giving power and authority to the Board of Commissioners to determine the KAP to audit the Company’s Financial Statements and Financial Statements of the Partnership and Community Development Program for the financial year 2015, and to determine the honorarium and other requirements for the KAP. It also defined the substitute KAP to be appointed should the primary selection for whatever reason not complete the audits of the Company’s Financial Statements and Financial Statements of the Partnership and Community Development Program for the financial year 2015. Taking into account the recommendation of the Audit Committee, the Board of Commissioners selected public accounting firm Tanudiredja, Wibisana, Rintis & Partners - member firm of the global network of PwC to audit the BNI Consolidated Financial Statements, Financial Report of Partnership BUMN with Small Business and Community Development Program, Financial Statements and Pension Fund Investment Portfolio report, Custody Operations, performance Evaluation, Bank Indonesia Securities Settlement System (BI S4), and the corresponding compliance Statement of Auditing Standards (PSA) 62 for the fiscal year ending in December 31, 2015. Determination of KAP was conducted in accordance with the procedures and provisions of prevailing laws.

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2. LendingDuring 2015 the Board of Commissioners submitted suggestions and opinions regarding the Board of Directors decisions to provide a loan facilities to debtors above a certain amount for 22 (twenty-two) debtors, which consisted of twelve (12) SOEs, two (2) Ministries of the Republic of Indonesia, and 8 (eight) private companies. In accordance with prevailing regulations, the Board of Commissioners did not conduct operational activities, so that the credit consulting activities were not part of the decision to grant the loans.

According to prevailing regulations, the Board of Commissioners are prohibited from engaging in operational decision-making, except for the provision of funds to related parties as stipulated in Bank Indonesia about Lending Limits for Commercial Banks. Considering that the Board of Directors has conducted a study and made suggestions through a process in accordance with provisions, the Board of Commissioners approved the provision of funds to 53 (fifty three) parties, all of which were individual debtors.

3. Organization and Human ResourcesOrganizations always continue to carry out evaluation and improvement. For BNI this is done for creating an effective and efficient organization to support the needs and main objectives of the Bank. Organizational improvements in 2015 were as follows:• Establishmentremedialandrecoverysector

separate from the business sector to optimize handling BNI’s problem loans. The sector was led by the Senior Executive Vice President (SEVP) Remedial and Recovery.

• RegardingeffortsforstrengtheningInternalAudit and implementation of internal controls, in 2015 the Compliance Officer was transferred from Internal Control Compliance Division to Internal Audit, leaving Internal Audit a wider range in exercising oversight and assurance.

Ability and quality of human resources continue to be pursued to support the organization’s needs and the Bank’s strategy through structural and planned programs in order to improve global competence and capability. Initiation of additional staffing was focused on achieving business targets and supported by an increase in employee productivity.

4. Fixed Asset RevaluationThe Company revaluated fixed assets as of September 2015 with approval from the Director General of Taxation. The revaluation was carried out on the basis of assessment of the Office of Public Appraisal Service (KJPP) appointed by the Company. The Company’s fixed assets are located in the country and abroad. Based on the fixed assets revaluation, the overall book value of the Company’s fixed assets increased by Rp12.3 trillion.

The revaluation was intended to give added value to the Company and the Company shareholders to record the fixed assets of the Company at fair market value. The additional value of the assets will strengthen the Company’s financial balance sheet in terms of capital and an increase in CAR, allowing an increase in the Company’s business activities.

5. Affiliated Transactions In 2015, the Company had affiliated transactions amounting to Rp1.53 trillion with BNI Pension Fund for the purchase of BNI’s head office land and building, and BNI Fatmawati’s branch which had previously been used by BNI under lease to the Pension Fund BNI. The aim of these transactions was to own the building, integrate all units and facilities at Head Office, accommodate the need for office space, reduce operating costs for office lease, increase productivity and efficiency, and add value for shareholders.

Ownership and development of the Head Office and Branch Offices is aimed to increase public and shareholder trust in carrying out banking activities.

By implementing the affiliated transactions, potential income has not changed, but the burden of rent expense can be reduced, thus increasing profits while increasing Company assets. Transactions have been carried out using its own funds, so that the liabilities of the Company have not changed, liquidity remains under control, and solvency is maintained.

6. Approval of Bank Business Plan and Monitoring Report RealizationThe Board of Commissioners with the Audit Committee, Risk Monitoring Committee, the Nomination & Remuneration Committee and Corporate Integrated Governance Committee constantly monitor management and perform thorough assessments of Company performance based on the Bank’s Business Plan and Corporate Plan.

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In order to carry out oversight of the Bank’s business plan, the Board has reviewed and approved the Bank Business Plan Year 2016-2018 proposed by the Board of Directors in November 2015. In addition, the Board of Commissioners also submitted the Business Plan Implementation Monitoring Report for the period from the second half of 2014 in February 2015, and Business Plan Implementation Monitoring Report for the period of the first semester of 2015 in the month of August 2015 to OJK.

C. VIEWS ON THE PROSPECTS OF THE BANKIn order to maintain and continuously improve performance, the Bank has set a vision “ To be a financial institution with service and performance excellence “ and set growth targets in financial performance while maintaining asset quality.

In accordance with shareholder aspirations, BNI is targeting growth of at least 10% of assets, operating income growth of at least 16% for 2016, and the average ratio of capital compared to the average assets of BNI above the industry or better than the previous year. In terms of regulation, BNI intends to remain within regulation, including the NPL ratio at below 5%, Loan to Funding Ratio (LFR) below 94%, and Capital Adequacy Ratio (CAR) above provisions in accordance with BNI’s risk profile.

To achieve these targets, BNI plans to implement the 2016 plan according to the stages in the long-term Corporate Plan 2014-2018. In 2016, BNI intends to further its business by improving well-running synergies between units. The synergies are not only between the units inside BNI, but with the subsidiaries and between subsidiaries. This synergy is needed to face competition not only with peers, but also competition with foreign banks in the ASEAN region with the on-coming ASEAN Economic Community (AEC) as of the end of 2015.

In the midst of various external, increasingly complex, challenges of the banking business, the Board of Commissioners believes that the implementation of good corporate governance is the foundation of the banking infrastructure and a strong corporate culture, and it will contribute to the continuation of good business performance while helping to minimize risks faced by the Company.

D. COMPOSITION OF THE BOARD OF COMMISSIONERS AND THE COMMITTEE UNDER THE BOARD OF COMMISSIONERS1. On March 17, 2015, the Board of

Commissioners of PT Bank Negara Indonesia (Persero) Tbk changed, with the Annual General Meeting of Shareholders (AGM) for 2014 deciding to discharge Mr. Peter Benyamin Stok, Mr. Tirta Hidayat, Mr. Achil Ridwan Djayadiningrat, Mr. Fero Poerbonegoro, Mr. Achiran Pandju Djajanto, and Mr. Bangun Sarwito Kusmuljono.

The new members of Board of Commissioners of PT Bank Negara Indonesia (Persero) Tbk were Mr. Rizal Ramli, Mr. Pradjoto, Ms. Anny Ratnawati, Mr. Joseph F.P. Luhukay, Mr. Pataniari Siahaan, Mr. Zulkifli Zaini, and Mr. Revrisond Baswir.

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March 17 to November 9, 2015

Name Position

Rizal Ramli President Commissioner

Pradjoto Vice President Commissioner / Independent Commissioner

Anny Ratnawati Independent Commissioner

Joseph F.P. Luhukay Independent Commissioner

Pataniari Siahaan Commissioner

Zulkifli Zaini Independent Commissioner

Revrisond Baswir Commissioner

Daniel Theodore Sparringa Independent Commissioner

Kiagus Ahmad Badaruddin Commissioner

Period after 9 November 2015

Name Position

Pradjoto Vice President Commissioner / Independent CommissionerPresident Commissioner (Acting)

Anny Ratnawati Independent Commissioner

Joseph F.P. Luhukay Independent Commissioner

Pataniari Siahaan Commissioner

Zulkifli Zaini Independent Commissioner

Revrisond Baswir Commissioner

Daniel Theodore Sparringa Independent Commissioner


Period prior to March 17, 2015

Name Position

Peter Benyamin Stok President Commissioner/Independent Commissioner

Tirta Hidayat Vice President Commissioner

Fero Poerbonegoro Independent Commissioner

Achiran Pandu Djajanto Commissioner

Bangun Sarwito Kusmuljono Independent Commissioner

Achil Ridwan Djayadiningrat Independent Commissioner

Daniel Theodore Sparringa Commissioner


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On August 12, 2015, Mr. Rizal Ramli was appointed Coordinating Minister for Maritime and Resources with his dismissal as President Commissioner of PT Bank Negara Indonesia (Persero) Tbk confirmed in the Extraordinary General Meeting dated November 9, 2015.

In connection with the change in composition of Board of Commissioners, the current Board of Commissioners would like to thank to the former Board of Commissioners who fully gave all the dedication, contribution and cooperation in implementing their duties as the members of the Board of Commissioners of PT Bank Negara Indonesia (Persero) Tbk. The longstanding Commissioners also express congratulations to the incoming Commissioners with the hopes of strong performance of the Board of Commissioners in giving contributions to the Company.

2. To perform duties and responsibilities, the Board of Commissioners has the necessary core competencies, and is assisted by the Secretary of the Board of Commissioners, Audit Committee, Risk Monitoring Committee, the Nomination and Remuneration Committee and Integrated Corporate Governance Committee.

Pradjoto

President Commissioner (acting) / Vice President Commissioner

Establishment of BNI’s Integrated Governance Committee for Financial Conglomerates is through Decision No. KEP BOC / 006 / DK / 2015 dated June 22, 2015 on the Establishment of Integrated Governance Committee, with guidance and based on OJK Regulation No. 18/POJK.03/2014 dated November 18, 2014 about the Application of Integrated Governance for Financial Conglomerates and the Minister of State-owned Enterprises Regulation No. PER-12 / MBU / 2012 dated August 24, 2012 about Supporting BOC / Supervisory Board of the State Owned Enterprise Organs.

The BOC expects that development efforts and improvements will effectively address issues thorough comprehensive and integrated policy and approaches. The BOC further believes that the Board of Directors and senior leaders of the Bank have arrayed a strategy to overcome challenges, with the hard work ac

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Transcript of WORKING - bni.co.idBNI] AR 2015... · KUR BNI implementation until December 31, 2015 reached Rp4.3...