04 March 2014
PEFINDO has affirmed its "idA" rating of PT Bank Pembangunan Daerah Sumatera Barat (Bank Nagari) and the Bank's outstanding Bond VI/2010 of IDR 500 billion. PEFINDO has also affirmed its "idA(sy)" rating of the Bank's outstanding Sukuk Mudharabah I/2010 of IDR 100 billion and its "idA-" rating of the Bank's outstanding Subordinated Debt I/2010 and Subordinated Debt II/2012 of IDR 81 billion and IDR 225 billion, respectively. Outlook for the corporate rating is "stable". The ratings reflect the Bank's captive market in West Sumatera province and high margin business from consumer loan segment. However, the ratings are constrained by the Bank's high non-performing loan from productive segment and its concentrated funding source.
PEFINDO has affirmed its "idA" rating of PT Bank Pembangunan Daerah Sumatera Barat (Bank Nagari) and the Bank's outstanding Bond VI/2010 of IDR 500 billion. PEFINDO has also affirmed its "idA(sy)" rating of the Bank's outstanding Sukuk Mudharabah I/2010 of IDR 100 billion and its "idA-" rating of the Bank's outstanding Subordinated Debt I/2010 and Subordinated Debt II/2012 of IDR 81 billion and IDR 225 billion, respectively. Outlook for the corporate rating is "stable". The ratings reflect the Bank's captive market in West Sumatera province and high margin business from consumer loan segment. However, the ratings are constrained by the Bank's high non-performing loan from productive segment and its concentrated funding source.
Bank Nagari was established in 1962 as a regional development bank (bank pembangunan daerah, BPD). The Bank focuses its banking activities in West Sumatera. The Bank offers complete banking services including corporate, commercial, consumer, micro/retail, treasury, and sharia. As of December 31, 2013, the Bank was 33.77% owned by Province Regional Government of West Sumatera, 40.94% by Municipal Regional Government of West Sumatera, 23.20% by City Regional Government of West Sumatera, and the remaining 2.08% shares by Bank Nagari's Employees Cooperative.
© Press Release 2014
