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Financial Services Authority, Jakarta, October 16, 2014: Financial Services Authority (OJK) considered
that development and risk profile in financial services industry until the
beginning of October was generally in normal condition. That
is the conclusion of OJK Board of Commissioners` monthly meeting, which has
been held routinely every second week of each month in order to evaluate the
development and risk profile in financial services industry.
Globally, economic
recovery in developed countries still continued although unevenly. It must be
taken into consideration about the continuing side effect of policy
normalization in the United States of America (U.S.) on emerging market, and also
economic deceleration in People`s Republic of China and Japan. Economic
recovery in the U.S. as shown in various indicators had aroused concern over
acceleration of the Federal Reserve (Fed)`s policy normalization. However, the
worsening economic recovery in several other countries lead to a perception
that implementation of the normalization was not as fast as estimated. China`s
economy is estimated to keep growing in a moderate level (7.4 percent). Growth
also occurred in some major emerging economies. Economic growth in Japan
experienced a slow down and has not recovered from the impact of sales tax
policy implementation.
National economy remained decelerating, indicated by,
among other matters, private sector consumption that tended to slow down after
the 2014 festival of democracy, government consumption that grew slowly due to
budget tightening to control fiscal deficit and household consumption, and
export performance that is also estimated to decelerate until end of 2014.
As for banking condition, capitalization and
banking intermediation showed a positive progress. Rentability performance and
banking efficiency were good, indicated by capitalization that remained high, capital
adequacy ratio (CAR) that was at 19.52 percent and dominated by core capital
component (Tier 1). Rentability was stable, indicated by relatively stable figures
in return on assets (ROA) and net interest margin (NIM) as of August 2014,
respectively at 2.9 percent and 4.2 percent. Efficiency was reasonably stable, reflected from operational
cost and operational income (BOPO) figure that relatively did not change at
76.4 percent.
As for stock exchange condition, it experienced a
quite high volatility despite that Jakarta Composite Index (IHSG) was
relatively stable in point-to-point figure. Amidst fluctuation in stock
exchange, net asset value (NAV) of mutual fund remained strong, backed with a
quite large net subscription. NAV of mutual fund in September increased by Rp 3.39 trillion (1.58 percent) to a
total figure of Rp 217.73 trillion. The biggest net subscription occurred in capital market mutual
fund (Rp 1.81 trillion), whereas stock mutual fund
registered a net redemption of Rp 175 billion, but
by end of week recorded a reasonably high net subscription.
Investment value of pension fund and insurance as of August
2014 showed an increase, which is in line with market improvement during the
month. Investment value of pension fund was at Rp 173 trillion, an increase of 1.38 percent compared to the figure in July 2014. Investment
value of insurance was recorded at Rp 605.05 trillion, an increase of 2.91 percent compared to the figure in
July.
Finance credit growth experienced a deceleration,
asset of finance companies as of August increased by 8.46 percent (year-on-year) to Rp 412.46 trillion and finance credit
increased by 8.54 percent (y-o-y) to Rp 363.48 trillion. As of August 2014, finance credit growth
continued to decelerate and was recorded at 8.54 percent y-o-y (July`s figure: 10.61 percent). This was influenced by, among other matters, the
increasing interest rate in banking, which also influenced the interest rate of
channeled finance.
Liquidity risk in banking was relatively low. Loan to
deposit ratio (LDR) slightly decreased, but potential liquidity risk still
remained in accordance with dependency to non-core funding and core depositor
ratio that was still high. In capital market, the value of stock trading in
September increased when compared to previous month, this is in accordance with
incessant market sentiment during the month. Meanwhile, bid-ask spread
experienced a constraint.
Risk in financial services institutions was generally
at a relatively low level. Credit risk in banking was reasonably low, credit
quality was stable, indicated by non-performing loan (NPL) that was low and
stable. But we need to keep cautious on credit concentration in core debtors
that was relatively high and portion of foreign exchange that was sensitive to
a change of currency rate. As for condition in finance companies as of August
2014, financing to asset ratio (FAR) and non-performing financing (NPF)
increased when compared to previous month. However, we need to remain cautious
on potential increase of interest rate towards NPF.
Market
risk in financial services industry was relatively low. In banking sector, risk
was categorized as low with average net open point (NOP) under 3 percent within
the last year, far below the 20 percent limit. As for insurance and pension
fund conditions, in line with the increasing market trend in August, investment
value of insurance and pension fund experienced an increase compared to
previous month. In mutual fund, investment value registered escalation in all
main instruments except for stock. In finance companies, gearing ratio of
finance companies showed a decrease again, while external debt exposure of
finance companies as of August experienced an increase, which is influenced by weak
Rupiah exchange rate during the month.
***
For more information:
Lucky F.A. Hadibrata,
Deputy Commissioner IB for Strategic
Management, OJK
Phone
:
021-3858001
Email: lucky.fathul@ojk.go.id / www.ojk.go.id
