Sharia Business Unit Donates Bad Debt to BJB Bank Consolidation

By : Wiyanto Dan Aldo Bella Putra | Tuesday, November 21 2017 - 18:00 IWST

Bank BJB
Bank BJB - Jakarta - PT Pefindo still provides a stable rating outlook against Bank BJB, both Bank ratings and bonds. Although currently, a subsidiary, Sharia Business Unit (UUS) BJB stumbles issue on the quality of financing.

PEFINDO analyst Hendro Utomo said that the problem of poor quality of its UUS can affect the rankings.

"I would like to issue bond-related and subordinated issues, as we have pointed out that one of the factors that imply that we limit the high Non Performing Loan (NPL) rating, especially the productive segment and the one from BJB syariah, calculates the subsidiary's condition to the parent's rating," he said. Jakarta, Tuesday (21/11/2017).

He said the bank's own BJB NPL only 1.5%, but if consolidated with its UUS, NPL 2.9% translucent. Although the contribution of UUS's assets to BJB is only 6% to 6.5%.

"Our ratings include the condition of the rated subsidiaries We see that BJB is sufficiently burdened by the condition of bjb sharia, the NPL is not too good. If not calculated sharia, the NPL is only 1.5%, but bjb sharia is high, if the consolidated NPL bjb achieve 2,9%," he said.

Until now, Pefindo has assigned idAA- rating for the 1/2017 sustainable bond issuance worth Rp3.5 trillion and idA rating for the I / 2017 subdebt of Rp1.0 trillion. At the same time, the rating of idAA- for ratings of Bank BJB and bonds VII / 2011 and MTN / 2016 are still outstanding.

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