Jakarta. Majalah Investor, an Indonesian-language monthly business magazine, has named 15 banks as the “best banks” of 2021, with major industry players such as Bank Central Asia and Bank Mandiri joining the list.

“The awardees have undergone a selection process based on their classes, and have shown stellar performance amid the pandemic-induced economic crisis,” Soebowo Musa, the head judge, said in a statement on Tuesday.

The awards are divided into different categories, depending on their bank’s core capital. 

The first category encompasses the Buku-4 banks whose core capital exceeds Rp 30 trillion ($2.08 billion). And the awards go to Bank Central Asia, Bank Rakyat Indonesia, and Bank Mandiri. 

Followed by banks with a core capital of Rp 5 trillion-Rp 30 trillion. And the winners are Bank Woori Saudara, Bank Mega, and Bank Tabungan Negara.

Whereas Bank Mandiri Taspen, Bank Bisnis Internasional, and Bank Mestika Dharma took home the ‘best bank’ awards in the Rp 1 trillion-Rp 5 trillion core capital category.

Majalah Investor is also awarding the regional development banks based on similar core capital categories. 

The winning regional banks with a core capital of Rp 5 trillion-Rp 30 trillion are BPD Central Java, BPD East Java, as well as BPD West Java and Banten. In the Rp 1 trillion and Rp 5 trillion core capital category, BPD Jambi, Bank Sulserbar, and BPD Southeast Sulawesi are hailed as the award winners. 

Twelve criterias were used to determine the best banks.

Among them were the capital adequacy ratio, net non-performing loan, return on asset, return on equity, net interest margin, operational expenses and operating income, loan-to-deposit ratio, cost-to-asset ratio — all during the 2020 and March 2021 period.

The judges also assessed the bank's one-year credit growth, other operating income growth, and operating profit.

Special Awards

Eight banks took home special awards for their contributions in propelling the banking industry, and Indonesia’s economy.

One of the special award winner is Bank Rakyat Indonesia for consistently helping the micro, small and medium enterprises (MSMEs) via the establishment of the state-owned ultra micro-holding (UMi) with BRI as its parent.

BTPN's Jenius along with Bank Jago also won special awards for pioneering Indonesia’s digital banking industry. 

Also earning the special awards are BCA Digital Bank and BRI Agroniaga as the digital banks with a large potential for a vast and loyal customer base.

Other special awardees include Bank CIMB Niaga and Bank DBS Indonesia for their innovative products and services. And last but not least is Bank Negara Indonesia who is named as a global player.