This company is 123 years old, one of the oldest in the Indonesian Market. The bank’s operations are divided into six regions; Sumatera, Java, Bali & Nusa Tenggara, Kalimantan, Sulawesi, and Papua & Maluku. As of December 2014, these regions gave the bank a total of 820 branches, 2,951 post office access points, and 1,830 ATMs, served by 8,582 employees.

Company Information


PT Bank Tabungan Negara Persero Tbk provides commercial banking services. Bank Tabungan Negara was established in 1897 as a postal savings bank under the name Postspaarbank, with its headquarters located in Batavia. During the Japanese occupation of Indonesia, the bank was frozen and replaced with the Savings Office (Japanese: 貯金局, Hepburn: Chokin-kyoku, Nihon-shiki: Tyokin-kyoku) After the proclamation of Indonesian independence, the bank was taken over by the Indonesian government on 9 February 1950 under the Emergency Law No.9 and renamed “Bank Tabungan Pos” (Postal Savings Bank). In 1963 the bank’s current name, Bank Tabungan Negara, was adopted. Bank BTN became the first bank to be appointed by the government to provide housing finance and mortgages to lower and middle-income individuals. The bank underwent a corporate restructure in 2003, which was followed by an initial public offering (IPO) in 2009 that led to the listing of Bank BTN on the Indonesia Stock Exchange. The IPO was ranked as Indonesia’s largest IPO as of 2009. BBTN is owned by the Indonesian Government 60% stakes.  The current president of the commissioner is Chandra M. Hamzah and Pahala Nugraha Mansury as the President Director. IPO-ed with PT Mandiri Sekuritas & PT CIMB Securities Indonesia as the Underwriters.

Key Financial Statistics

Pictures provided.

BBTN Financial Statement
BBTN Financial Ratios

Highlights of 2020

  • Government funds have already been distributed perfectly and projected will grow by three folds in the next month.
  • The finance director, Nixon will request more government funds to stimulates the economy and boost the credit distribution.
  • IDR 5.6 T from the previous government funds has already grown into IDR 8T in the W1 of August 2020.
  • Revised credit distribution target from 2digits into 5-6% for 2020.
  • 146 thousand Mortgage house units have been fulfilled until March 2020.
  • BBTN target net profit in 2020 IDR 1.1-1.2 T, as of June 2020, the net profit was at IDR 768 B, which shows still on track.
  • BBTN captivated 40% of the KPR (Home Ownership Loan) and 89% in the subsidized home market.

Target Price

Indo Premier SecuritiesBuy Rating2.000
MacquarieSell Rating610
Trimegah Securities TbkBuy Rating1.600
DanareksaBuy Rating1.800
NomuraBuy Rating1.710
RHB ResearchNeutral Rating1.250
Yuanta SecuritiesBuy Rating1.400
Bahana SecuritiesBuy Rating1.700
CIMBSell Rating900
Ciptadana SekuritasBuy Rating1.450
Credit SuisseBuy Rating1.800
Panin SekuritasHold Rating1.300
HopemityBuy Rating2.000
BBTN Target Price


By the looks of it, this bank is in favor of this current season. Despite the pandemic crisis, the need for new generations for the house is huge. BBTN fit in perfectly in the Indonesian Market. In the upcoming months, BBTN could reach 2000, support at 1500, cut loss at 1450.

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