Trust Finance Indonesia

Trust Finance's net profit rose 30.9% yoy to IDR 5.45 bil in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia made a net profit of IDR 5.45 bil under revenues of IDR 11.6 bil in the third quarter of 2019, up 30.9% and ...

Trust Finance's net interest margin rose 12.2% yoy to 14.4% in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia's net interest margin amounted to 14.4% in the third quarter of 2019, down from 16.8% when compared to t...

Trust Finance's price/earnings (P/E) rose 43.8% yoy to 13.0 in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia stock traded at IDR 354 per share at the end third quarter of 2019 implying a market capitalization of USD 20.0 mil. ...

Profit Statement 2016 2017 2018
Net Interest Income IDR bil 28.7 34.1 40.9
Net Fee Income IDR bil 0 0 0
Other Income IDR bil 2.62 2.27 0.840
Total Revenues IDR bil 31.3 36.4 41.7
Staff Cost IDR bil 11.3 12.2 12.2
Operating Profit IDR bil 13.3 17.0 23.0
Provisions IDR bil 0 0 0
Net Profit IDR bil 10.6 13.3 17.6
Balance Sheet 2016 2017 2018
Customer Loans IDR bil 130 217 249
Total Assets IDR bil 268 282 311
Shareholders' Equity IDR bil 235 249 267
Interbank Borrowing IDR bil 0 8.39 25.6
Customer Deposits IDR bil 0 0 0
Issued Debt Securities IDR bil 0 0 0
Ratios 2016 2017 2018
ROE % 4.64 5.51 6.84
ROA % 3.82 4.85 5.95
Costs (As % Of Assets) % 6.46 7.07 6.33
Costs (As % Of Income) % 57.4 53.4 45.0
Net Interest Margin % 10.3 12.4 13.8
NPLs (As % Of Loans) % ... ... ...
Provisions (As % Of NPLs) % ... ... ...
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 11.3 7.65 15.1
Share Price (End Of Period) IDR 192 130 272
Price/Earnings (P/E) 14.4 7.79 12.3
Price/Book Value (P/BV) 0.653 0.418 0.816
Dividend Yield % 0 0 ...
Earnings Per Share (EPS) IDR 13.3 16.7 22.0
Book Value Per Share IDR 294 311 333
Dividend Per Share IDR 0 0 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Net Interest Income IDR bil                           43.4 35.7 27.8 26.4 28.7    
Total Revenues IDR bil                           49.6 41.3 33.2 30.5 31.3    
Operating Profit IDR bil                           28.9 20.9 13.5 11.2 13.3    
Net Profit IDR bil                           21.6 15.7 10.1 9.49 10.6    
balance sheet                                        
Customer Loans IDR bil                           404 317 242 254 130    
Total Assets IDR bil                           421 336 267 289 268    
Shareholders' Equity IDR bil                           188 204 213 224 235    
Interbank Borrowing IDR bil                           214 110 18.3 8.29 0    
Customer Deposits IDR bil                           0 0 0 0 0    
Issued Debt Securities IDR bil                           0 0 0 0 0    
ratios                                        
ROE % ...                         12.2 8.00 4.87 4.34 4.64    
ROA % ...                         5.27 4.14 3.37 3.41 3.82    
Costs (As % Of Assets) % ...                         5.05 5.40 6.54 6.97 6.46    
Costs (As % Of Income) %                           41.7 49.5 59.4 63.5 57.4    
Net Interest Margin % ...                         10.6 9.43 9.22 9.49 10.3    
Interest Income (As % Of Revenues) %                           87.5 86.4 83.8 86.4 91.6    
Fee Income (As % Of Revenues) %                           -0.272 0 0 0 0    
Staff Cost (As % Of Total Cost) %                           61.2 67.9 58.1 63.5 62.8    
Equity (As % Of Assets) %                           44.7 60.6 79.9 77.5 87.6    
Loans (As % Assets) %                           95.9 94.3 90.7 87.9 48.5    
NPLs (As % Of Loans) % ... ... ... ...                   0.017 0.022 0.029 0.027 ... ... ...
Provisions (As % Of NPLs) % ... ... ... ...                   51,985 33,539 30,717 31,550 ... ... ...
valuation                                        
Market Capitalisation (End Of Period) USD mil ... ... ...     ...       ... ... ...   21.2 14.3 27.3 11.4 11.3    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 800 1,600 800 800    
Share Price (End Of Period) IDR ... ... ...                     255 218 211 198 192    
Earnings Per Share (EPS) IDR ... ... ... ... ... ... ... ... ... ... ... ... ... ... 19.6 6.34 11.9 13.3    
Book Value Per Share IDR ... ... ... ... ... ... ... ... ... ... ... ... ... ... 255 133 280 294    
Dividend Per Share IDR ... ... ...                     0 0 0 0 0   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11.1 33.3 16.7 14.4    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.856 1.58 0.706 0.653    
Dividend Yield % ... ... ...                     0 0 0 0 0   ...
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -67.6 87.1 12.2    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -47.7 110 4.84    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                        
Interest Income IDR bil                           72.4 55.3 37.1 30.9 33.0    
Interest Cost IDR bil                           29.0 19.6 9.29 4.55 4.30    
Net Interest Income IDR bil                           43.4 35.7 27.8 26.4 28.7    
Net Fee Income IDR bil                           -0.135 0 0 0 0    
Other Income IDR bil                           6.34 5.61 5.39 4.15 2.62    
Total Revenues IDR bil                           49.6 41.3 33.2 30.5 31.3    
Staff Cost IDR bil                           12.7 13.9 11.4 12.3 11.3    
Depreciation IDR bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.67    
Other Cost IDR bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5.03    
Operating Cost IDR bil                           20.7 20.4 19.7 19.4 18.0    
Operating Profit IDR bil                           28.9 20.9 13.5 11.2 13.3    
Provisions IDR bil                           0.065 0 0 0 0    
Extra and Other Cost IDR bil                           0.135 0 0 < 0.001 0    
Pre-Tax Profit IDR bil                           28.7 20.9 13.5 11.2 13.3    
Tax IDR bil                           7.16 5.20 3.33 1.67 2.70    
Minorities IDR bil                           0 0 0 0 0    
Net Profit IDR bil                           21.6 15.7 10.1 9.49 10.6    
Dividends IDR bil                           0 0 0 0 0   ...
growth rates                                        
Net Interest Income Growth % ...                         -12.1 -17.8 -22.1 -5.04 8.85    
Net Fee Income Growth % ...                         23.3 -100 ... ... ... ... ...
Total Revenue Growth % ...                         -0.087 -16.8 -19.7 -7.94 2.62    
Operating Cost Growth % ...                         1.05 -1.18 -3.59 -1.63 -7.14    
Operating Profit Growth % ...                         -0.881 -27.9 -35.4 -17.2 19.6    
Pre-Tax Profit Growth % ...                         1.49 -27.4 -35.4 -17.2 19.6    
Net Profit Growth % ...                         1.51 -27.4 -35.3 -6.43 12.2    
market share                                        
Market Share in Revenues % ... ... ... ... ... ...               0.016 0.012 0.008 0.007 0.006   ...
Market Share in Net Profit % ... ... ... ... ... ...               0.022 0.014 0.009 0.010 0.011   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                        
Cash IDR bil                           5.40 10.0 17.0 27.7 46.6    
Customer Loans IDR bil                           404 317 242 254 130    
Retail Loans IDR bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 154    
Fixed Assets IDR bil                           11.2 8.31 7.06 5.69 9.06    
Intangible Assets IDR bil                           0 0 0 0 0    
Goodwill IDR bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0    
Total Assets IDR bil                           421 336 267 289 268    
Shareholders' Equity IDR bil                           188 204 213 224 235    
Of Which Minority Interest IDR bil                           0 0 0 0 0    
Liabilities IDR bil                           233 132 53.7 65.1 33.1    
Interbank Borrowing IDR bil                           214 110 18.3 8.29 0    
Customer Deposits IDR bil                           0 0 0 0 0    
Issued Debt Securities IDR bil                           0 0 0 0 0    
Other Liabilities IDR bil                           18.5 21.8 35.4 56.8 33.1    
asset quality                                        
Non-Performing Loans IDR bil ... ... ... ...                   0.076 0.076 0.076 0.076 ... ... ...
Gross Loans IDR bil                           443 342 266 279 154    
Total Provisions IDR bil                           39.7 25.6 23.5 24.1 23.3    
growth rates                                        
Customer Loan Growth % ...                         5.73 -21.5 -23.6 5.08 -48.8    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Total Asset Growth % ...                         5.72 -20.2 -20.6 8.45 -7.28    
Shareholders' Equity Growth % ...                         13.0 8.34 4.65 5.24 4.84    
market share                                        
Market Share in Customer Loans % ... ... ... ... ...                 0.014 0.009 0.006 0.006 0.003   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.007   ...
Market Share in Total Assets %                           0.010 0.007 0.005 0.005 0.004   ...
Market Share in Customer Deposits %                           0 0 0 0 0   ...
ratios Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                        
ROE % ...                         12.2 8.00 4.87 4.34 4.64    
ROA % ...                         5.27 4.14 3.37 3.41 3.82    
Costs (As % Of Assets) % ...                         5.05 5.40 6.54 6.97 6.46    
Costs (As % Of Income) %                           41.7 49.5 59.4 63.5 57.4    
Net Interest Margin % ...                         10.6 9.43 9.22 9.49 10.3    
Interest Spread % ...                         5.19 3.88 2.32 3.47 3.09    
Asset Yield % ...                         17.7 14.6 12.3 11.1 11.8    
Cost Of Liabilities % ...                         12.5 10.7 9.99 7.65 8.76    
Payout Ratio %                           0 0 0 0 0   ...
Interest Income (As % Of Revenues) %                           87.5 86.4 83.8 86.4 91.6    
Fee Income (As % Of Revenues) %                           -0.272 0 0 0 0    
Other Income (As % Of Revenues) %                           12.8 13.6 16.2 13.6 8.35    
Cost Per Employee USD per month ... ... ...                     1,293 1,181 836 825 935    
Cost Per Employee (Local Currency) IDR per month ... ... ...                     12,128,000 12,301,000 10,259,700 10,800,300 12,725,100    
Staff Cost (As % Of Total Cost) %                           61.2 67.9 58.1 63.5 62.8    
Equity (As % Of Assets) %                           44.7 60.6 79.9 77.5 87.6    
Loans (As % Assets) %                           95.9 94.3 90.7 87.9 48.5    
NPLs (As % Of Loans) % ... ... ... ...                   0.017 0.022 0.029 0.027 ... ... ...
Provisions (As % Of NPLs) % ... ... ... ...                   51,985 33,539 30,717 31,550 ... ... ...
Provisions (As % Of Loans) %                           9.84 8.09 9.69 9.47 17.9    
Cost of Provisions (As % Of Loans) % ...                         0.016 0 0 0 0    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                        
Employees ... ... ...                     87.0 94.0 93.0 95.0 74.0    
Return on Loans % ...                         5.49 4.35 3.63 3.82 5.54    
Operating Profit (As % of Loans) % ...                         7.37 5.79 4.82 4.50 6.94    
Costs (As % Of Loans) % ...                         5.27 5.67 7.05 7.81 9.36    
Equity (As % Of Loans) %                           46.6 64.3 88.0 88.2 181    

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Trust Finance's market capitalisation (end of period) rose 98.0% yoy to USD 20.0 mil in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia stock traded at IDR 354 per share at the end of third quarter of 2019 implying a market capitalization of USD 20.0 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolute te...

Trust Finance's net interest income rose 14.4% yoy to IDR 11.0 bil in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia generated total banking revenues of IDR 11.6 bil in the third quarter of 2019, up 18.5% when compared to the same period of last year and down 9.72% when compared to the previous quarter. Historically, the bank’s revenues c...

Trust Finance's equity (as % of assets) rose 4.79% yoy to 90.8% in 3Q2019

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia's Equity reached 90.8% of total assets in the 3Q2019, up from 86.7% for the previous year. As a share of net customer loans, the ratio amounted to 118% at the end of the third quarter of 2019. ...

Trust Finance's net profit rose 32.1% yoy to IDR 17.6 bil in 2018

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia made a net profit of IDR 17.6 bil under revenues of IDR 41.7 bil in 2018, up 32.1% and 14.6% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of IDR 21.6 bil in 2012 and an all time low of ...

Trust Finance's net interest margin rose 11.1% yoy to 13.8% in 2018

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia's net interest margin amounted to 13.8% in 2018, up from 12.4% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 19.9% in 2009 and an all time low of 3.96% in 2000. The averag...

Trust Finance's price/earnings (P/E) rose 58.3% yoy to 12.3 in 2018

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia stock traded at IDR 272 per share at the end 2018 implying a market capitalization of USD 15.1 mil. Since the end of 2013, the stock has appreciated by 24.8 % implying an annual average growth of 4.53 %. In absolute terms, the value of the comp...

Trust Finance's net interest income rose 19.8% yoy to IDR 40.9 bil in 2018

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia generated total banking revenues of IDR 41.7 bil in 2018, up 14.6% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of IDR 49.7 bil in 201...

Trust Finance's customer deposits remain unchanged yoy at IDR 0 bil in 2017

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia's customer deposits reached IDR 0 bil in 2017, down 0% compared to the previous year. Indonesian banking sector accepted customer deposits of IDR 4,920,427 bil in 2017, up 8.86% when compared to the last year. Trust Finance Indones...

Trust Finance's total revenues rose 16.1% yoy to IDR 36.4 bil in 2017

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia generated total banking revenues of IDR 36.4 bil in 2017, up 16.1% compared to the previous year. Indonesian banking sector banking sector generated total revenues of IDR 516,680,067 mil in 2017, up 2.44% when compared to the l...

Trust Finance's customer loans rose 66.7% yoy to IDR 217 bil in 2017

By Helgi Analytics - March 4, 2020

Trust Finance Indonesia's customer loans reached IDR 217 bil in 2017, up 66.7% compared to the previous year. Indonesian banking sector provided customer loans of IDR 4,736,963 bil in 2017, up 8.70% when compared to the last year. Trust Finance Indonesia ...

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Finance

Trust Finance Indonesia has been growing its revenues and asset by 11.0% and 2.44% a year on average in the last 3 years. Its loans and deposits have grown by -0.747% and % a year during that time and loans to deposits ratio reached at the end of 2018. The company achieved an average return on equity of 5.66% in the last three years with net profit growing 22.9% a year on average. In terms of operating efficiency, its cost to income ratio reached 45.0% in 2018, compared to 51.9% average in the last three years.

Equity represented 85.7% of total assets or 107% of loans at the end of 2018. Trust Finance Indonesia's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Trust Finance Indonesia stock traded at IDR 272 per share at the end of 2018 resulting in a market capitalization of USD 15.1 mil. Over the previous five years, stock price rose by 24.8% or 4.53% a year on average. That’s compared to an average ROE of 5.24% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.3x and price to book value (PBV) of 0.816x in 2018.