The Consortium Just Grew By One, and Wrote a Trillion-Rupiah Check
Superbank's cap table changed materially this quarter: KakaoBank Corp. appears as a direct shareholder for the first time, holding 10.05% as of September 30, 2023 - a name that didn't appear anywhere in the Q1 or Q2 2023 shareholder tables. The bank's own accompanying press release, embedded in this filing, confirms it plainly: total equity grew 26.6% this quarter "berkat peningkatan modal oleh pemegang saham baru, KakaoBank" (thanks to the capital increase from the new shareholder, KakaoBank). This matches South Korea's KakaoBank publicly joining the Superbank consortium - alongside existing shareholders Emtek, Grab, and Singtel - in 2023, per the bank's own "About Superbank" summary in this same document.
The mechanics show up cleanly in the balance sheet: paid-in capital (agio, part of "tambahan modal disetor") rose from Rp1,398,043M at June 2023 to Rp2,319,308M at September 2023 - a Rp921 billion jump in a single quarter - while base paid-in capital (modal disetor) rose a further Rp287.7 billion, for roughly Rp1.2 trillion of fresh capital combined. That's the single biggest event in Superbank's first three quarters as a rebranded bank, and it lands at exactly the moment the loan-to-deposit ratio» hit its highest level yet.
The Prescription
KakaoBank's arrival is exactly the kind of capital Superbank needs if the plan is still to out-invest competitors in the underbanked retail and SME lending it's targeting - a fourth well-capitalized, digitally-native shareholder is a real asset, not just a balance-sheet event. The move that compounds from here is spending that capital specifically on deposit-gathering distribution (the app, the onboarding funnel, the savings-product pricing) rather than just further loan growth - three straight quarters of a widening loan-to-deposit gap (204% → 218% → 223.81%) show the bank still hasn't cracked the funding side its digital-bank thesis actually depends on.
What it should stop doing: letting cost growth outrun both revenue and the deposit base for a third consecutive quarter. BOPO» hit 210.68% this period - its worst reading in the three quarters covered so far - driven by labor costs that grew 312.7% year-on-year for the nine months. A hiring wave justified itself in Q1; by Q3, without a matching acceleration in either net interest income or deposits, it's starting to look like Superbank is scaling headcount ahead of the business that's supposed to support it.
Key Financial Metrics
9M 2023 vs. 9M 2022 (P&L, nine months ended September 30) - bank-only ("Individual"); balance sheet as of September 30, 2023 vs. December 31, 2022
FX: IDR 15,474 = USD 1 (September 28, 2023 close, applied throughout for consistency).
| Metric | 9M 2023 (IDR) | 9M 2023 (USD) | 9M 2022 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp199,946M | ~$12.9M | Rp95,118M | ✅ +110.2% |
| Non-interest operating income (expense), net | Rp(455,883)M | ~-$29.5M | Rp(221,120)M | ⚠️ cost widened 106.2% |
| Operating Income (Loss) | Rp(255,937)M | ~-$16.5M | Rp(126,002)M | ⚠️ loss widened 103.1% |
| Net Income (Loss) | Rp(254,741)M | ~-$16.5M | Rp(125,668)M | ⚠️ loss widened 102.7% |
| Balance sheet metric | Sep 2023 (IDR) | Sep 2023 (USD) | Dec 2022 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp5,500,671M | ~$355.5M | Rp3,995,632M | ✅ +37.7% |
| Loans (Kredit yang diberikan) | Rp1,694,334M | ~$109.5M | Rp938,044M | ✅ +80.6% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp757,026M | ~$48.9M | Rp370,828M | ✅ +104.2% |
| Total Liabilities | Rp1,012,793M | ~$65.5M | Rp450,379M | ⚠️ +124.9% |
| Total Equity | Rp4,487,878M | ~$290.0M | Rp3,545,253M | ✅ +26.6% |
Operating Income is the bank's own disclosed "Laba (Rugi) Operasional" line. Adjusted EBITDA and free cash flow don't apply to a deposit-taking bank and aren't shown - this remains the bare OJK regulatory publication format with no cash flow statement.
The bank's own accompanying press release cites 125.21% loan growth against year-end 2022, a figure that doesn't reconcile against this filing's own balance sheet (which shows +80.6% against the same December 2022 base) - see Beyond the Usual below.
A trillion-rupiah capital injection funded another quarter of loan growth outrunning deposit growth - Superbank is still proving it can spend capital well, not yet proving it can gather deposits at scale.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio (LDR»): 223.81% (Sep 2023), up from 112.74% (Sep 2022) and up again from 218.23% the prior quarter - three straight quarters moving in the same direction.
- CAR» / KPMM (capital adequacy): 242.38% (Sep 2023), down from 283.96% (Sep 2022) even after this quarter's capital injection, since accumulated losses and risk-weighted asset growth are both working against it.
Credit Quality
- NPL» ratio - gross: 3.17% (Sep 2023), down from 4.27% (Sep 2022) and down from 3.65% the prior quarter - the modest deterioration flagged last quarter didn't continue.
- NPL ratio - net: 0.57% (Sep 2023), down from 1.22% (Sep 2022), roughly flat against 0.58% the prior quarter.
- Loan-loss reserve coverage (CKPN / aset produktif): 4.13% (Sep 2023), down slightly from 4.38% (Sep 2022) and down from 5.39% the prior quarter - reserve-building eased as realized credit quality held up.
Profitability & Efficiency
- NIM»: 6.81% (Sep 2023), up from 4.24% (Sep 2022), but down from 7.08% the prior quarter - the first sequential dip in this filing history, as the loan book scales into lower-yield assets or funding costs rise.
- ROA: -7.99% (Sep 2023), down from -5.06% (Sep 2022).
- ROE: -9.94% (Sep 2023), down from -6.45% (Sep 2022).
- BOPO»: 210.68% (Sep 2023), up from 198.24% (Sep 2022) and its worst reading of the three quarters covered so far.
- Cost-to-Income Ratio» (CIR): 198.56% (Sep 2023), up from 74.85% (Sep 2022).
Not available in this filing beyond what's cited above: a segment or product-level loan breakdown, transacting-user or merchant counts, or a call transcript for this quarter - only the bare regulatory filing plus the bank's own short press release are available.
Beyond the Usual
KakaoBank arrived as a direct shareholder, funding roughly Rp1.2 trillion of fresh capital
Superbank's shareholder table lists KakaoBank Corp. at 10.05% for the first time this quarter - it appeared in neither the Q1 nor Q2 2023 tables. The capital arrives alongside a Rp921 billion jump in paid-in capital (agio) and a further Rp287.7 billion increase in base paid-in capital, together explaining nearly all of this quarter's 26.6% growth in total equity. The bank's own press release credits this explicitly to "the new shareholder, KakaoBank" - a rare case of a filing's own marketing language and its balance-sheet mechanics lining up exactly.
BOPO crossed 210% for the first time in this filing history
Operating costs and provisioning now consume more than double the bank's operating income, up from 198.24% a year earlier and worse than Q2 2023's 174.15%. Labor costs alone grew 312.7% year-on-year for the nine-month period (from Rp68.5 billion to Rp282.6 billion) - a hiring wave that was easy to justify in Q1 as a one-time transformation cost, and considerably harder to justify as "one-time" three quarters running without net interest income growing anywhere near as fast.
The bank's own press release cites a loan-growth figure that doesn't reconcile with its balance sheet
The press release embedded in this filing states loans grew 125.21% compared to year-end 2022. The balance sheet in the same document shows loans of Rp1,694,334M at September 2023 against Rp938,044M at December 2022 - a rise of 80.6%, not 125.21%. The two figures may be using different bases (a true year-on-year comparison against September 2022, which this filing doesn't itself disclose, versus the year-end comparison the balance sheet actually shows) - but as published, the press release's headline growth number cannot be verified against the bank's own filed financial statement, and readers should rely on the +80.6% figure the balance sheet actually supports.
A large new "uncommitted" credit facility appeared this quarter
Total undrawn credit-facility commitments jumped to Rp1,304,152M (from Rp176,658M the prior quarter), but the composition changed just as sharply as the total: Rp1,285,333M of it is now classified "uncommitted" - a category that was exactly zero in both Q1 and Q2 2023, where the entire pipeline was "committed." An uncommitted facility carries no binding obligation to lend on Superbank's part, so this isn't a hidden liability - but the sudden appearance of a category this large, this quarter, alongside a new shareholder's capital arriving, is worth watching for what it funds next.
Target Valuation Range
No numeric valuation range is computable for Superbank: it has no independently traded equity or debt, so no share price, market cap, or P/E/P/B multiple exists to anchor one.
Superbank has no independently traded equity or debt. Its shareholder base now includes Emtek, Grab, Singtel, and KakaoBank alongside three smaller Indonesian holders - see Q1 2023's valuation section for the full reasoning behind why no price-based valuation is estimated for this entity. KakaoBank itself trades on the Korea Exchange, but that reflects KakaoBank's own Korean retail-banking business, not its minority stake in an Indonesian digital bank three quarters into a rebrand - folding a group-level multiple back onto this stake would misrepresent both.
Three quarters in, Superbank has assembled a genuinely strong consortium of capital and proven it can deploy that capital into loan growth - the deposit-gathering side of the business, the thing that would let it stop needing a new shareholder's check every few quarters, still hasn't shown up in the numbers.
PT Super Bank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis, for the period ended September 30, 2023, signed by the bank's board of directors in Jakarta on October 31, 2023, together with the bank's own press release dated October 20, 2023, both per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations.