Analysis of Financial Performance from Synergistic Value Pre and Post Merger and Acquisition – A Case Study of PT Asuransi Jiwa InHealth Acquisition by PT Bank Mandiri Tbk
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Institusion
Universitas Pelita Harapan
Author
Michelle, Michelle
Subject
HF5601 Accounting
Datestamp
2022-03-15 04:46:34
Abstract :
The occurrence of merger and acquisitions has been growing in Indonesia, including the banking industry. Through merger and acquisition, banks are expected to be able to improve their performance as a result of the synergy, which will have a direct impact on bank finances and eventually towards their share value. As one of the banks with the most significant capitalization in Indonesia, PT Bank Mandiri Tbk has constantly performed acquisition in order to expand its business. The purpose of this study is to examine the synergistic effect on the financial performance of PT Bank Mandiri Tbk three years before and after acquisition period of PT Asuransi Jiwa InHealth using the Risk-Based Bank Rating Model. Financial ratios being used in this comparative study are based on the three measurements Risk-Based Bank Rating (RBBR) bank soundness level criteria including, risk profile, earnings, and capital. The study is then continued with further analysis of reasoning regarding the impact of synergistic effect towards mergers and acquisitions’ financial performance. The result of this study indicates that there is no significant improvement in risk profile after acquisition because of increasing trend of credit risk with non performing loan as the indicator. Whereas, earnings and capital have shown a significant improvement after acquisition despite decreasing trend of net interest margin due to slowing down economy of Indonesia. Overall, it can be said that PT Bank Mandiri Tbk has always maintaining excellent financial performance before and after acquisition period of PT Asuransi Jiwa InHealth. / Peristiwa merger dan akuisisi telah berkembang sejak lama di Indonesia, termasuk di industri perbankan. Melalui merger dan akuisisi, bank diharapkan dapat meningkatkan kinerjanya sebagai hasil sinergi yang akan berdampak langsung pada keuangan bank dan pada akhirnya terhadap nilai sahamnya. Sebagai salah satu bank dengan kapitalisasi terbesar di Indonesia, PT Bank Mandiri Tbk terus melakukan akuisisi untuk mengembangkan bisnisnya. Tujuan penelitian ini adalah untuk menguji pengaruh sinergis terhadap kinerja keuangan PT Bank Mandiri Tbk tiga tahun sebelum dan sesudah periode akuisisi PT Asuransi Jiwa InHealth dengan menggunakan Risk Based Bank Rating Model. Rasio keuangan yang digunakan dalam studi ini didasarkan pada tiga pengukuran kriteria tingkat kesehatan bank, yaitu profil risiko, pendapatan, dan permodalan. Penelitian kemudian dilanjutkan dengan analisis lebih lanjut mengenai dampak sinergis terhadap kinerja keuangan merger dan akuisisi. Hasil penelitian ini menunjukkan bahwa tidak ada peningkatan yang signifikan pada profil risiko setelah akuisisi karena terdapat peningkatan risiko kredit dengan non performing loan sebagai indikator. Di sisi lain, pendapatan dan permodalan menunjukkan peningkatan yang signifikan setelah akuisisi meskipun tren penurunan margin bunga bersih akibat perlambatan ekonomi Indonesia. Secara keseluruhan dapat dikatakan bahwa PT Bank Mandiri Tbk selalu mempertahankan kinerja keuangan yang sangat baik sebelum dan sesudah periode akuisisi PT Asuransi Jiwa InHealth.
The occurrence of merger and acquisitions has been growing in Indonesia, including the banking industry. Through merger and acquisition, banks are expected to be able to improve their performance as a result of the synergy, which will have a direct impact on bank finances and eventually towards their share value. As one of the banks with the most significant capitalization in Indonesia, PT Bank Mandiri Tbk has constantly performed acquisition in order to expand its business. The purpose of this study is to examine the synergistic effect on the financial performance of PT Bank Mandiri Tbk three years before and after acquisition period of PT Asuransi Jiwa InHealth using the Risk-Based Bank Rating Model. Financial ratios being used in this comparative study are based on the three measurements Risk-Based Bank Rating (RBBR) bank soundness level criteria including, risk profile, earnings, and capital. The study is then continued with further analysis of reasoning regarding the impact of synergistic effect towards mergers and acquisitions’ financial performance. The result of this study indicates that there is no significant improvement in risk profile after acquisition because of increasing trend of credit risk with non performing loan as the indicator. Whereas, earnings and capital have shown a significant improvement after acquisition despite decreasing trend of net interest margin due to slowing down economy of Indonesia. Overall, it can be said that PT Bank Mandiri Tbk has always maintaining excellent financial performance before and after acquisition period of PT Asuransi Jiwa InHealth. / Peristiwa merger dan akuisisi telah berkembang sejak lama di Indonesia, termasuk di industri perbankan. Melalui merger dan akuisisi, bank diharapkan dapat meningkatkan kinerjanya sebagai hasil sinergi yang akan berdampak langsung pada keuangan bank dan pada akhirnya terhadap nilai sahamnya. Sebagai salah satu bank dengan kapitalisasi terbesar di Indonesia, PT Bank Mandiri Tbk terus melakukan akuisisi untuk mengembangkan bisnisnya. Tujuan penelitian ini adalah untuk menguji pengaruh sinergis terhadap kinerja keuangan PT Bank Mandiri Tbk tiga tahun sebelum dan sesudah periode akuisisi PT Asuransi Jiwa InHealth dengan menggunakan Risk Based Bank Rating Model. Rasio keuangan yang digunakan dalam studi ini didasarkan pada tiga pengukuran kriteria tingkat kesehatan bank, yaitu profil risiko, pendapatan, dan permodalan. Penelitian kemudian dilanjutkan dengan analisis lebih lanjut mengenai dampak sinergis terhadap kinerja keuangan merger dan akuisisi. Hasil penelitian ini menunjukkan bahwa tidak ada peningkatan yang signifikan pada profil risiko setelah akuisisi karena terdapat peningkatan risiko kredit dengan non performing loan sebagai indikator. Di sisi lain, pendapatan dan permodalan menunjukkan peningkatan yang signifikan setelah akuisisi meskipun tren penurunan margin bunga bersih akibat perlambatan ekonomi Indonesia. Secara keseluruhan dapat dikatakan bahwa PT Bank Mandiri Tbk selalu mempertahankan kinerja keuangan yang sangat baik sebelum dan sesudah periode akuisisi PT Asuransi Jiwa InHealth.
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