The national economic recovery has provided strong momentum for the credit guarantee industry in the second half of the year. PT Jaminan Kredit Indonesia (Jamkrindo) has recorded accelerated performance in the third quarter of 2021, with a positive trend expected to continue through the year-end. As of Q3 2021, Jamkrindo's earnings before tax (EBT) reached 95% of its 2021 target.
Jamkrindo President Director Putrama Wahju Setyawan attributed this success to the company’s prudent business consolidation strategy aimed at ensuring sustainable performance.
“We are committed to implementing strong corporate governance, including the four-eyes principle, prudent portfolio management to enhance profitability, internal consolidation, operational cost efficiency, and strengthening collaboration within the Indonesia Financial Group (IFG) holding,” said Putrama.
This optimism is supported by the fact that the company’s 2020 financial statements were audited transparently and independently by Tanudiredja, Wibisana, Rintis & Rekan (PwC Indonesia), receiving an "Unmodified Opinion." The audited report confirmed that Jamkrindo achieved an EBT of IDR 722.47 billion in 2020, marking a 297.75% increase from the restated 2019 figure of IDR 181.64 billion.
The unmodified audit opinion reflects Jamkrindo’s strong financial governance, providing a solid foundation for continued positive performance. This aligns with IFG’s tagline: Prudent, Progress, Power.
By December 2020, Jamkrindo recorded a guarantee volume of IDR 188.61 trillion, with government-backed programs serving as key drivers. This includes: Kredit Usaha Rakyat (KUR): IDR 102.67 trillion, Working Capital Credit (KMK) for National Economic Recovery (PEN): IDR 8.7 trillion
Despite the challenges posed by the pandemic, claim expenses remained manageable, rising slightly from IDR 1.74 trillion in 2019 to IDR 1.83 trillion in 2020. "Amidst the pandemic, we have focused on sustainability and robust risk reserves," Putrama noted.
To mitigate risks, Jamkrindo increased its claims reserves to IDR 4.18 trillion in 2020, up from IDR 3.57 trillion in 2019. Meanwhile, total assets grew by 14.03%, reaching IDR 19.12 trillion in 2020 compared to IDR 16.77 trillion in 2019.
During an audit clearance meeting, Jamkrindo was praised for successfully implementing PSAK 71 (Indonesian Financial Accounting Standard 71) in the first year of its adoption—a remarkable achievement, further validated by the unmodified audit opinion.
Jamkrindo has applied PSAK 71 since 2020 to enhance financial reporting standards related to recognition, measurement, provisioning, and asset recording. Since 2018, the company has also transitioned from cash basis to accrual basis accounting for guarantee service fees (IJP), ensuring consistent revenue recognition throughout the guarantee period.
As Indonesia’s largest credit guarantee company, Jamkrindo offers both program-based and non-program-based guarantees: Program-based guarantees: Kredit Usaha Rakyat (KUR) and Working Capital Credit (KMK) for economic recovery (PEN), Non-program-based guarantees: General credit guarantees, microcredit guarantees, construction credit guarantees, procurement guarantees, surety bonds, customs bonds, and supply chain financing (invoice financing).
As part of the IFG holding, Jamkrindo is committed to driving financial transformation with accountability, prudence, and transparency, supported by strong corporate governance and integrity.
“All Jamkrindo employees uphold the AKHLAK core values—Amanah (Trustworthy), Kompeten (Competent), Harmonis (Harmonious), Loyal, Adaptif (Adaptive), and Kolaboratif (Collaborative)—as the foundation for sustainable performance improvement,” concluded Putrama.
IFG (Indonesia Financial Group) is a state-owned financial holding company focused on national development through comprehensive and innovative non-bank financial services, covering investment, insurance, and credit guarantees.