STRATEGI PORTOFOLIO AKTIVA PRODUKTIF PASCA REKAPITALISASI BANK BRI UNTUK MENDUKUNG PENCAPAIAN STANDAR CAR YANG DITENTUKAN

摘要

Re-capitalization process conducted by PT Bank Rakyat Indonesia (Persero) in July and October, 2000 by issuing government bonds as efforts to raise its paid in capital, brought about its capital adequacy ratio more than 4%. The action, unfortunately, is calculated as leaving potential loss of Rp1,449 due to its negative interest margins of the bonds. Therefore, this thesis is intended to study the effect of the re-capitalization process on the BRI business performance in the future, especially, its portfolio of the earning assets which will have very significant contribution, or return, in achieving the standardized CAR as stated in its business plan.udThis thesis is as a case study at PT BRI (Persero). The primary and secondary data were obtained by practical observations and interviews with competent managers and staff members. They, then, were analyzed using Capital Asset Pricing Model (CAPM) to determine the best structure of earning assets which will product the optimum return in order to achieve the committed CAR 14,3%. This study shows that the optimum return can be achieved if the credit allocation is well distributed to corporate segments at 1.6%, to retail segments at 52.7%, and to micro segments at 38.1%, which giving the expected returns atud10.5%, 14.8% and 38.1% respectively. udThe optimum expected return of the securities can be achieved if the funds are well distributed to inter-bank placements at 74.1%, and to other debt claims at 25.9% giving the expected returns at 5.9% and 6.7% respectively. The inter-bank placement was calculated based on its expected return only, which is 11.9%, due to only one type of transactions.udIf the expected return as the results of the optimization is used to calculate its interest income of productive asset allocation as stated in the business plan, the expected CAR will be 11.4%, which means the CAR will be still below the committed.udHowever, if the expected return and the allocation of the earning assets are calculated based on its results of optimization, the CAR will be 14.9%, or 0.6% above the committed CAR. If the allocation of the earning assets is based on the results of optimization, but the expected return of credits and securities is raised up to 1% and 0.1%, respectively, the CAR will be 16.3%.udTo achieve the committed CAR as stated in the business plan, the management should allocate the fimd of the earning assets based on the results of optimization by re-negotiation with their subordinate managers, or their strategic business units about the budgeted allocation of the earning assets.ud