Dear Respected Shareholders and Stakeholders,
PT Bank Resona Perdania (“Bank”) remains committed to providing quality services, innovative, and integrated solutions through competent human capital and quality products as well as services to meet customer needs and enhance shareholder’s trust. We are grateful that the Bank has successfully navigated 2024 with strong achievements, despite the pressures of an economic climate filled with uncertainty.
Through this annual report, allow me to represent the Board of Directors in presenting an overview of the Bank’s management throughout 2024 as part of our accountability to the shareholders and other stakeholders. This Board of Directors Report provides an analysis of the Bank’s performance, business prospects, corporate governance developments, and other key information.
Macroeconomic Overview and Industry Segments
According to data released by the Financial Services Authority (OJK), financial system stability remained intact in the fourth quarter of 2024, despite increasing uncertainty in global financial market. During this period, the United States (US) economy was projected to grow stronger, while the European and Japanese economies remained weak. Based on the latest information release in January 2025, China’s economic growth accelerated to 5.4% year-on-year (yoy) in the fourth quarter of 2024, driven by economic stimulus measures.
Indonesia’s economy demonstrated strong resilience amid global uncertainty. Economic growth in the fourth quarter of 2024 was expected to remain solid, supported primarily by increased investment, stable household consumption, and higher Government spending. The simultaneous regional head elections (Pilkada) in November 2024 and the year end holiday season, including Christmas and New Year, were positive contributors to Indonesia’s economic outlook. The country recorded a trade balance surplus for the fifth consecutive year in 2024, with the Indonesian Manufacturing PMI index returning to the expansionary zone in December 2024. Overall, Indonesia’s economy was projected to grow by 5% yoy in 2024 and 5.2% yoy in 2025.
The Rupiah exchange rate remained stable despite heightened global uncertainty, supported by Bank Indonesia’s stabilization policies. As of December 31, 2024, the Rupiah was recorded at IDR16,095, reflecting a 4.34% yoy depreciation on a point-to-point (ptp) basis. However, the Rupiah’s performance was relatively better compared to other currencies such as the Korean Won, Mexican Peso, Brazilian Real, Japanese Yen, and Turkish Lira.
The stability of the national financial services sector remained intact amid global economic fluctuations, supported by strong capital reserves, adequate liquidity, a manageable risk profile, and the overall positive performance of the financial services sector. Banking credit growth throughout 2024 recorded double-digit growth of 10.39% yoy, reaching IDR7,827 trillion. This growth was primarily driven by investment loan, which increased by 13.62% yoy, followed by consumption loan at 10.61% yoy, while working capital loan grew by 8.35% yoy. Meanwhile, credit quality remained well-managed, with NPL gross ratio of 2.08% and NPL net ratio of 0.74%. The Loan at Risk (LaR) ratio also showed a downward trend, reaching 9.28%. On the other hand, banking third party funds grew by 4.48% yoy to IDR8,837 trillion, with current accounts, savings, and deposits increasing by 3.34%, 6.78%, and 3.50% yoy, respectively.
The resilience of the banking sector remained strong, with a high Capital Adequacy Ratio (CAR) of 26.68%. As of December 2024, banking liquidity remained sufficient, with the Liquid Assets/Non-Core Deposit (AL/NCD) and Liquid Assets/TPF (AL/TPF) ratios recorded at 112.87% and 25.59%, respectively, well above the regulatory threshold of 50% and 10%.
Strategy Implementation and Strategic Policy
The Board of Directors is responsible for managing the Bank by establishing management policies in alignment with the Bank’s intent and objectives, determining strategies for implementation, as well as policies that are deemed appropriate within the framework set by the Law, the Bank’s Articles of Association, and GMS Resolution. Additionally, the Board of Directors is authorized to take all necessary actions and decisions to represent the Bank.
Amidst the business challenges of 2024, the Bank has continued to implement fundamental improvements while entering a phase of building a sustainable business and enhancing competitiveness. The Bank also aims to create added value for all stakeholders while enhancing business synergy to achieve its targeted performance.
The Bank’s strategic policies in 2024 include strengthening risk awareness to ensure that NPL gross and NPL net ratios remain aligned with the Bank’s risk appetite and risk tolerance. Additionally, the Bank has allocated an impairment on financial assets of IDR844.27 billion at the end of 2024, below the target of IDR1,059.31 billion.
The Bank also continues to develop and introduce new products as part of its business and service diversification strategy, including:
- Supply Chain Financing: collaboration with customers and industrial communities to establish financing schemes for suppliers and expand the Bank’s customer base; and
- Interest Rate Swap: partnership with other banks to provide hedging instruments for customers against interest rate fluctuations.
Furthermore, the Bank remains committed to achieving the Macroprudential Inclusive Financing Ratio (RPIM) through the following initiatives:
- Loan disbursement to micro, small, and medium enterprises (MSMEs) in accordance with the Bank’s capacity as a corporate bank;
- Implementing sustainable finance with a priority focus on aligning social, environmental, and governance risks within business activities;
- Continuously developing internal capabilities through training and human resource development programs; and
- Managing Sustainable Business Activities (KKUB) loan ratio and green taxonomy loan ratio to total credit.
Comparison between Target and Achievement
In 2024, the Bank did not revise its business plan and remained committed to achieving the predetermined targets. In setting its business plan and targets, the Bank continued to strengthen its business foundation through well-targeted strategic policies. Throughout 2024, the Bank utilized several components of the business plan as benchmarks for assessing business performance. The comparison between the plan and the actual results is as follows:
a. Increasing Loan Disbursement
At the end of 2024, the total loan disbursement reached IDR11.80 trillion, surpassing the target of IDR11.54 trillion and reflecting a 9.79% increase compared to 2023. In terms of loan composition, the Bank booked IDR7.45 trillion in Rupiah, USD230.50 million, and JPY6.12 billion, exceeding the target of IDR7.33 trillion in Rupiah, USD257.78 million, and JPY3.09 billion. Additionally, the Bank acquired 26 new debtors, significantly surpassing the target of 12 new debtors.
b. Third Party Funds
The Bank’s funding from third-party funds (DPK) reached IDR11.32 trillion, exceeding the target of IDR10.37 trillion. The fund composition consisted of IDR4.80 trillion in Rupiah, USD304.60 million, and JPY15.63 billion, all above are achieved the respective targets of IDR4.58 trillion in Rupiah, USD279.14 million, and JPY14.31 billion.
c. Profit (Loss)
The Bank booked an operating profit driven by increased loan interest income, effective management of interest expenses, corporate expenses, and impairment expense allocations. In 2024, the Bank booked a net profit of IDR196.61 billion, exceeding the target of IDR170.60 billion. Additionally, net interest income reached IDR684.96 billion and operating income booked at IDR260.41 billion, surpassing the respective targets of IDR656.06 billion and IDR228.50 billion. Meanwhile, the Bank achieved a Net Interest Margin (NIM) ratio of 4.34% and a Return on Equity (ROE) of 3.96%, which the target NIM is 4.58% and the target ROE is 3.45%.
d. Capital
The Bank successfully increased its capital through higher income and profit generation while improving credit quality, thereby reducing loan impairment expense. In 2024, the Bank’s capital stood at IDR5.09 trillion, with a Capital Adequacy Ratio (KPMM) of 37.80%, compared to the target of IDR5.12 trillion in total capital and a KPMM of 34.70%.
The comparison between targets and actual achievements serves as an essential reference in formulating business strategies and targets for the following year. Supported by existing capacity and promising prospects, the Bank remains optimistic about achieving sustainable superior performance in the future.
Bank Problems and Solutions
Despite operating under a challenging business climate, the Bank remains committed to maximizing the potential of each business segment as part of its continuous efforts to create optimal added value for shareholders and other stakeholders.
One of the biggest challenges for the Bank is sustaining and building upon past achievements that were not fully realized in the previous year. This is particularly critical in efforts to expand business capacity and increase customer coverage, given the decline in the Bank’s outstanding loan in the prior year, which remains a core component of its business. To address this challenge, the Bank is implementing measures to accelerate loan disbursement growth, including:
- Reconstructing previously implemented business strategies to make them more effective, with a focus on acquisition strategies (expanding loan by acquiring new debtors) and optimization strategies (increasing loan allocation to existing debtors); and
- Initiating the simplification of the credit approval process by adopting a risk-based approach to streamline decision-making while maintaining prudential principles.
Overview of Business Outlook
Management views the corporate segment as a key focus for the Bank’s business prospects in 2025. The OJK Banking Business Orientation Survey (SBPO) serves as a reference for monitoring banking industry performance through the fourth quarter of 2024 and into 2025. The survey, conducted with 93 respondent banks, indicates that the banking industry remains optimistic about improved performance in the fourth quarter of 2024. A majority of respondents believe that banking risks remain well-managed, as reflected in the Risk Perception Index (IPR) score of 55, which classifies risks as fairly manageable, particularly given the expectation that credit and market risks will remain under control.
For 2025, the Bank has set clear directions and strategies to achieve its best performance, including:
- Expanding loan disbursement with an estimated 10% growth compared to the projected position at the end of 2024, reaching IDR12.70 trillion by the end of 2025;
- Aligning low-cost funding from DPK with total loan projections, targeting an estimated 11% growth in DPK to IDR11.88 trillion by the end of 2025;
- Strengthening risk awareness to ensure that NPL gross and NPL net ratios remain aligned with the Bank’s risk appetite and risk tolerance. The Bank also estimates an impairment on financial assets of IDR976.27 billion for 2025;
- Recording operational profits, supported by an increase in loan interest income alongside optimal management of interest costs, company expense, and impairment expense allocation;
- Increasing the Bank’s capital by enhancing income and profit, as well as improving credit quality, which is expected to reduce loan impairment expense.
- Supporting asset and income growth by continuing the implementation of the KAIZEN (continuous improvement) philosophy, emphasizing efficiency and effectiveness in business processes;
- Continuously upgrading technology and information systems to enhance service quality and ensure compliance with prevailing regulations.
- Strengthening synergy and cooperation with shareholders, particularly Resona Bank, Ltd., The Bank of Yokohama, Ltd., and Daido Life Insurance Company to develop existing business potential;
- Actively supporting priority economic sectors in line with the Government of Indonesia’s policies; and
- Ensuring that the direction of Management policies, plans, and improvement strategies support the Bank’s business growth and align with its Vision and Mission.
Implementation of Bank Governance
In conducting its business, the Bank consistently upholds the prudential principle and adheres to applicable internal and external regulations. The governance structure, which includes the Board of Commissioners, Board of Directors, and various committees established by the Bank, plays a crucial role in supporting and ensuring the effective implementation of governance within the organization.
The Bank has implemented governance principles in full compliance with internal and external regulations, with active oversight from all levels of management. This approach helps minimize audit findings from both internal and external auditors, thereby enabling the Bank to maintain or improve its Governance Rating to at least Level 2 (Good). Additionally, the Bank upholds strong risk governance by defining its risk appetite and risk tolerance in alignment with its business model. This process takes into account the Bank’s riskbearing capacity and is supported by active supervision from the Board of Commissioners and Board of Directors.
Changes in Composition and Members of the Board of Directors
As of December 31, 2024, there have been changes in the composition of the Board of Directors, with the following chronology:
The Bank has 7 (seven) members of the Board of Directors consisting of 1 (one) President Director, 1 (one) Deputy President Director, and 5 (five) Directors. All members of the Board of Directors are domiciled in Indonesia.
As of December 31, 2024, the composition and structure of the Board of Directors are as follows:
The Board of Directors remains committed to managing and developing the Bank while prioritizing good corporate governance principles for the benefit of shareholders and other stakeholders.
Bank Organizational Structure in 2024
On January 15, 2024, the Bank adjusted its organizational structure to support the optimal achievement of its business targets. One of the key changes involved restructuring the Business Development Division, which resulted in the separation of the marketing function from credit analysis. The specific details of these changes are as follows:
Bank’s Main Activities in 2024
The main activities of the Board of Directors in 2024 focused on managing the Bank to achieve its intent and objectives in accordance with prevailing laws, Articles of Association, and GMS Resolution. The Board of Directors was also responsible for overseeing the Bank’s operations and ensuring the successful implementation of the established Bank Business Plan year 2024. In 2024, the Bank introduced new financial products/services, namely: Supply Chain Financing and Interest Rate Swap.
Information Technology Support Initiative
To support business and operational needs, the Bank is committed to continue developing information systems through automation systems and digitalizing various internal processes. This initiative aims to enhance efficiency and boost employee productivity. The information technology (IT) development in 2024 was focused on several strategic directions, including:
- Cyber security data privacy protection;
- Cyber security extended detection and response (XDR);
- Internet Banking application replacement – phase 2; and
- Finastra Trade Innovation upgrade.
Moving forward, the Bank will continue to develop a strategic IT roadmap, which will be realized through the following initiatives:
- Internet Banking application replacement – phase 3;
- Core banking hardware and software upgrade;
- SWIFT MX ISO 20022 Finastra Trade Innovation;
- Core banking - backup on Cloud;
- Intramart application - migration to Cloud; dan
- Microsoft 365 implementation – phase 1.
Products and Services
The Bank provides a range of products and services to corporate customers, including third-party funds, loans including MSME loans, treasury, trade finance, interbank payment transactions/transfers, internet banking, and others. Detailed information on the Bank’s products and services is presented in the Company Profile section of this Annual Report.
Interest Rates for Funding and Lending
As of December 2024, the Bank applied the following average interest rates of funding and lending, as follows:
Time Deposit
Current Account
Employment Network and Office
The Bank’s Head Office is located in Jakarta. To serve its customers, the Bank operates 2 (two) branches, located in Surabaya and Bandung, and 4 (four) sub-branches in Cikarang, Karawang, MM2100, and Deltamas. Throughout 2024, the Bank did not open additional office locations.
Ownership of Board of Directors, Board of Commissioners, and Shareholders in Bank Business Group
The Bank has established Guideline and Work Rules of Conduct of Board of Directors and Guideline and Work Rules of Conduct of Board of Commissioners, which regulate share ownership within the Bank’s business group in accordance with POJK No. 17 of 2023 concerning Governance Implementation for Commercial Banks. These guidelines emphasize transparency and set specific ownership restrictions for the Board of Directors and the Board of Commissioners members, as follows:
1. Regarding transparency aspects, members of the Board of Commissioners and the Board of Directors are required to disclose:
- The Board of Commissioners
- Share ownership of member of the Board of Commissioners that reached 5% or more, either in the Bank itself or in other banks and companies, whether domiciled in Indonesia or abroad;
- Financial relationship with other members of the Board of Commissioners, the Board of Directors, and/or the Bank’s controlling shareholders; and
- Family relationship with other members of the Board of Commissioners, the Board of Directors, and/or the Bank’s controlling shareholders;
- The Board of Directors
- Share ownership of member of the Board of Directors that reached 5% or more, either in the Bank itself or in other banks and companies, whether domiciled in Indonesia or abroad;
- Financial relationship with other members of the Board of Directors, the Board of Commissioners, and/or the Bank’s controlling shareholders; and
- Family relationship with other members of the Board of Directors, the Board of Commissioners, and/or the Bank’s controlling shareholders.
2. Regarding share ownership restrictions which members of the Board of Directors, either individually or collectively, are prohibited from owning shares exceeding 25% of the paid-up capital in another company.
Important Changes in the Bank and Bank Business Groups in Current Year
Throughout 2024, there were no significant changes within the Bank and the Bank’s business group that were material in that had a significant impact on both financial and operational performance.
Future Important Events that are Likely to Occur
The Bank’s business development is closely linked to economic dynamics, which will continue to evolve based on the conditions of the current year. At this stage, there are no material developments that the Bank can predict or disclose regarding future expectations.
Human Resource Development
By the end of 2024, the Bank and its subsidiary had 340 employees. The number employee of the Bank and its subsidiary based on education level is as follows:
To enhance human resource (HR) capacity in 2024, the Bank provided employees with opportunities to participate in training programs covering both technical and soft skills. Additionally, the Bank supported employee credibility by offering certification programs, both mandatory and non-mandatory. The total training cost in 2024 amounted to IDR3.88 billion.
In line with the Bank’s commitment to developing professional, ethical, and globally competitive human resources, HR development initiatives in 2024 extended beyond technical skills to include soft skills enhancement. The 2024 HR development program was implemented as a continuous framework, integrating various organizational levels, functions, and responsibilities. Some of the key development programs carried out in 2024 included:
- The Bank is an institution that grow based on customer trust and, therefore, must consistently demonstrate integrity by participating in training programs such as Anti-Money Laundering & Countering Financing of Terrorism (AML & CFT), Anti-Fraud, Code of Ethics, Personal Data Protection, and Consumer Protection, among others;
- Rapid technological advancements must be aligned with the Bank’s needs. To support this, the Bank has enrolled employees in training programs such as Cyber Threat Intelligence & Requirements, Identity and Access Management (IAM) & Privileged Access Management (PAM), ITIL 4 Foundation, Computer Hacking Forensic Investigator V10 (CHFI), Cybersecurity Beyond Digital, Microsoft Power BI Data Analyst, and other training related to digital transformation;
- To enhance understanding of products and services and ensure excellent customer service, the Bank provides training in areas such as Supply Chain Financing, Bank Guarantee, Remittance Transactions, Payment Systems (including SKNBI, BI RTGS, and BI Fast), Deposits, Open Accounts, and Treasury FX, along with other related programs;
- Since credit is the Bank’s core product, it is essential to develop HR capacity to maintain high-quality credit management. The Bank has implemented an End-to-End Credit training program to support this goal; and
- Enhancing technical competence must be balanced with soft skills development. To achieve this, the Bank has conducted training programs, including:
- Building Bridges, Connecting Talent Retention with Employee Engagement;
- Mastering the Art of Influence: Asserting Ideas and Persuading with Impact;
- Unleashing Leadership Potential, Empowerment Strategies; and
- Collab Rise, A Journey to High-Performing Team.
Our Appreciation
For the achievements recorded in 2024, on behalf of the Board of Directors, I would like to express my sincere gratitude to the Board of Commissioners, shareholders, and business partners for their trust and confidence, which have enabled Bank to continue growing sustainably and successfully navigate a dynamic year. The Board of Directors also extends its appreciation to the regulators and other stakeholders for their unwavering support and strong cooperation throughout 2024. Additionally, we extend our heartfelt appreciation to all employees for their dedication and hard work, which have played a crucial role in driving Bank’s continued growth and in realizing its vision.