Bank Negara Indonesia (BBNI IJ) (Buy) - FY25 results in line

FY25 results in line

Earnings adjustments ~1.3-3.5% for FY26-27F

BBNI delivered FY25 results broadly in line with our expectations, reporting net profit of IDR20.0tn (-6.6% y-y), equivalent to ~99% of our FY25F forecast. Looking ahead, we expect system liquidity conditions to gradually improve in 2026F, supporting funding costs and limiting further pressure on margins. This is underpinned by higher expected government spending to stimulate economic growth, increased Ministry of Finance fund placements, and Danantara’s (unlisted) placement of dividend proceeds into SOE banks, in our view. These dynamics have already supported deposit growth and should continue to drive M2 expansion (+10.6% y-y in Dec-25), easing banking system liquidity, in our view.

Management guided for FY26F loan growth of 8-10%, NIM of 3.5-3.8%, and CoC of 1.0-1.2%. BBNI also disclosed total disbursement of ~IDR47tn to Agrinas (unlisted) for the Village Cooperatives (Koperasi Merah Putih) program.

NII rose to IDR11.2tn (+12.7% q-q; +6.1% y-y), bringing FY25 NII to IDR41.1tn (-0.4% y-y; ~100% of FY25F). PPOP increased to IDR10.2tn (+27.4% q-q; +10.0% y-y); FY25 PPOP reached IDR34.3tn (flat y-y; ~104% of FY25F). Credit costs totaled IDR4.4tn, implying cost of capital (CoC) of 200bp (+110bp q-q; +60bp y-y) due to flood-related provisioning in Sumatra. Reported NIM improved to 3.7% (+20bp q-q; -50bp y-y), while risk-adjusted NIM declined to 2.3% (-50bp q-q; -80bp y-y). We expect NIM and CoF to improve or remain stable as liquidity conditions normalize in 2026F. Net profit came in at IDR4.9tn (-1.9% q-q; -4.5% y-y), bringing FY25 earnings to IDR20.0tn (-6.6% y-y; ~99% of FY25F). The bank’s balance sheet remained strong, with loans and deposits growing 16% y-y and 29% y-y, respectively. Loan growth was led by the corporate (+20% y-y) and SME (+11% y-y) segments, while deposits were driven by CA (+44% y-y), SA (+11% y-y), and TD (+30% y-y), supported by the Ministry of Finance (MoF) and Danantara placements. CASA improved to 69.7% (+410bp q-q), while LDR eased to 86.4%.

Valuation and risks

We derive our TP of IDR5,500 (unchanged) using DuPont analysis with key parameters as follows: a risk-free rate of 6.5% (unchanged), an equity risk premium of 7.8% (unchanged), growth of 8.5% (unchanged), beta of 1.04x (unchanged) and a CAR-adjusted ROAE of 15.6% (down from 16.0% previously). Our TP implies 1.2x FY26F P/B (vs current price valuation of 1.0x) and 9.9x FY26F P/E (vs current price valuation of 8.1x). Key risks are worsening macroeconomic trends, tighter liquidity competition, and/or higher credit costs and opex growth.

Earnings adjustments by ~1.3-3.5% for FY26-27F

Post-results, we revise our FY26-27F earnings and introduce FY28F. We expect earnings momentum to extend into 2026F, supporting sustained high dividend payouts. We expect that this will be driven by stronger loan growth (sector credit growth of 9-11% in 2026F vs 8-10% in 2025), improving business credit demand, better government policy execution, and stabilizing lending rates near post-3Q25 trough levels. Accordingly, we adjust FY26-27F earnings by ~1.3-3.5%, while maintaining our TP at IDR5,500.

We revised our CAR-adjusted ROAE assumption lower to reflect a more normalized, risk-adjusted return profile for BBNI as the bank operates with structurally higher capital buffers and a more conservative balance sheet stance. Importantly, this adjustment reflects valuation discipline rather than weaker earnings fundamentals.

Year-end 31 Dec	FY25		FY26F		FY27F		FY28F
Currency (IDR)	Actual	Old	New	Old	New	Old	New
PPOP (bn)	34,120	35,325	35,732	37,234	38,105	0	39,093
Reported net profit (bn)	20,041	20,748	21,025	21,680	22,435	0	23,411
Normalised net profit (bn)	20,041	20,748	21,025	21,680	22,435	0	23,411
FD normalised EPS	537.32	556.29	563.71	581.26	601.51		627.69
FD norm. EPS growth (%)	-6.6	2.1	4.9	4.5	6.7		4.4
FD normalised P/E (x)	8.5	–	8.1	–	7.6	–	7.3
Price/adj. book (x)	1.0	–	1.0	–	0.9	–	0.9
Price/book (x)	1.0	–	1.0	–	0.9	–	0.9
Dividend yield (%)	8.1	–	7.6	–	8.0	–	8.5
ROE (%)	12.0	12.0	12.0	12.0	12.2		12.1
ROA (%)	1.6	1.7	1.5	1.7	1.5		1.5

Source: Company data, Verdhana estimates

Key data on Bank Negara Indonesia

Profit and loss (IDRbn)
Year-end 31 Dec	FY24	FY25	FY26F	FY27F	FY28F
Interest income	69,832	73,306	79,053	84,531	89,092
Interest expense	-28,585	-32,229	-34,258	-35,796	-38,388
Net interest income	41,246	41,076	44,795	48,735	50,704
Net fees and commissions	10,599	11,168	11,986	12,279	13,261
Trading related profits	3,028	3,923	3,636	3,636	3,636
Other operating revenue	9,022	8,809	8,809	8,809	8,809
Non-interest income	22,649	23,900	24,431	24,724	25,706
Operating income	63,896	64,976	69,226	73,459	76,410
Depreciation	-2,417	-2,619	-2,722	-2,828	-2,933
Amortisation	0	0	0	0	0
Operating expenses	-12,914	-13,708	-14,120	-14,625	-15,141
Employee share expense	-13,782	-14,529	-16,651	-17,900	-19,243
Pre-provision op profit	34,783	34,120	35,732	38,105	39,093
Provisions for bad debt	-8,211	-9,724	-10,142	-10,805	-10,609
Other provision charges	0	0	0	0	0
Operating profit	26,573	24,396	25,590	27,300	28,485
Other non-op income	-4	2	2	2	2
Associates & JCEs	0	0	0	0	0
Pre-tax profit	26,569	24,397	25,591	27,302	28,486
Income tax	-4,900	-4,286	-4,496	-4,797	-5,005
Net profit after tax	21,669	20,111	21,095	22,505	23,482
Minority interests	-206	-70	-70	-70	-70
Other items	0	0	0	0	0
Preferred dividends	0	0	0	0	0
Normalised NPAT	21,464	20,041	21,025	22,435	23,411
Extraordinary items	0	0	0	0	0
Reported NPAT	21,464	20,041	21,025	22,435	23,411
Dividends	-10,455	-13,951	-13,036	-13,677	-14,594
Transfer to reserves	11,009	6,089	7,988	8,758	8,817
Growth (%)
Net interest income	-3.9	-0.4	9.1	8.8	4.0
Non-interest income	14.3	5.5	2.2	1.2	4.0
Non-interest expenses	2.2	6.1	3.0	3.6	3.5
Pre-provision earnings	-0.5	-1.9	4.7	6.6	2.6
Net profit	2.7	-6.6	4.9	6.7	4.4
Normalised EPS	2.7	-6.6	4.9	6.7	4.4
Normalised FDEPS	2.7	-6.6	4.9	6.7	4.4
Loan growth	13.8	17.2	4.9	8.0	8.0
Interest earning assets	5.0	21.3	3.8	7.3	7.3
Interest bearing liabilities	3.5	23.8	3.4	7.5	7.5
Asset growth	4.0	20.5	3.6	7.1	7.1
Deposit growth	-0.6	29.2	5.0	7.5	7.5
Source: Company data, Verdhana estimates

Balance sheet (IDRbn)
As at 31 Dec	FY24	FY25	FY26F	FY27F	FY28F
Cash and equivalents	13,710	13,352	10,211	10,977	11,800
Inter-bank lending	0	0	0	0	0
Deposits with central bank	51,669	79,989	59,458	63,917	68,711
Total securities	188,575	233,438	270,284	284,938	299,328
Other int earning assets	39,150	59,718	51,487	54,480	57,697
Gross loans	775,872	899,531	944,507	1,020,068	1,101,673
Less provisions	-38,685	-35,861	-38,255	-41,313	-44,174
Net loans	737,187	863,670	906,252	978,755	1,057,499
Long-term investments	637	652	724	724	724
Fixed assets	30,408	31,113	30,390	29,563	28,630
Goodwill	0	0	0	0	0
Other intangible assets	0	0	0	0	0
Other non IEAs	68,793	80,123	82,936	89,148	95,826
Total assets	1,130,129	1,362,055	1,411,742	1,512,502	1,620,215
Customer deposits	805,511	1,040,834	1,092,876	1,174,842	1,262,955
Bank deposits, CDs, debentures	47,414	33,067	34,721	37,325	40,124
Other int bearing liabilities	60,631	57,380	42,592	45,667	48,972
Total int bearing liabilities	913,555	1,131,282	1,170,189	1,257,833	1,352,051
Non-int bearing liabilities	50,025	54,433	57,155	61,441	66,050
Total liabilities	963,581	1,185,715	1,227,344	1,319,275	1,418,101
Minority interest	4,477	4,609	4,680	4,750	4,820
Common stock	9,055	9,055	9,055	9,055	9,055
Preferred stock	0	0	0	0	0
Retained earnings	118,244	123,855	131,843	140,601	149,419
Reserves for credit losses	0	0	0	0	0
Proposed dividends	0	0	0	0	0
Other equity	34,773	38,821	38,821	38,821	38,821
Shareholders' equity	162,071	171,730	179,719	188,477	197,294
Total liabilities and equity	1,130,129	1,362,055	1,411,742	1,512,502	1,620,215
Non-perf assets	14,836	15,253	17,373	18,241	19,701
Balance sheet ratios (%)
Loans to deposits	96.3	86.4	86.4	86.8	87.2
Equity to assets	14.3	12.6	12.7	12.5	12.2
Asset quality & capital
NPAs/gross loans (%)	1.9	1.7	1.8	1.8	1.8
Bad debt charge/gross loans (%)	1.06	1.08	1.07	1.06	0.96
Loss reserves/assets (%)	3.42	2.63	2.71	2.73	2.73
Loss reserves/NPAs (%)	260.8	235.1	220.2	226.5	224.2
Tier 1 capital ratio (%)	21.5	20.2	18.5	18.4	17.9
Total capital ratio (%)	23.2	21.7	19.8	19.7	19.2
Per share
Reported EPS (IDR)	575.47	537.32	563.71	601.51	627.69
Norm EPS (IDR)	575.47	537.32	563.71	601.51	627.69
FD norm EPS (IDR)	575.47	537.32	563.71	601.51	627.69
DPS (IDR)	280.31	374.06	349.53	366.69	391.28
PPOP PS (IDR)	932.60	914.81	958.02	1,021.66	1,048.15
BVPS (IDR)	4,345.39	4,604.36	4,818.54	5,053.36	5,289.77
ABVPS (IDR)	4,345.39	4,604.36	4,818.54	5,053.36	5,289.77
NTAPS (IDR)	4,345.39	4,604.36	4,818.54	5,053.36	5,289.77
Valuations and ratios
Reported P/E (x)	8.0	8.5	8.1	7.6	7.3
Normalised P/E (x)	8.0	8.5	8.1	7.6	7.3
FD normalised P/E (x)	8.0	8.5	8.1	7.6	7.3
Dividend yield (%)	6.1	8.1	7.6	8.0	8.5
Price/book (x)	1.1	1.0	1.0	0.9	0.9
Price/adjusted book (x)	1.1	1.0	1.0	0.9	0.9
Net interest margin (%)	4.10	3.60	3.52	3.62	3.51
Yield on assets (%)	6.94	6.43	6.21	6.28	6.17
Cost of int bearing liab (%)	3.18	3.15	2.98	2.95	2.94
Net interest spread (%)	3.76	3.28	3.23	3.33	3.23
Non-interest income (%)	35.4	36.8	35.3	33.7	33.6
Cost to income (%)	45.6	47.5	48.4	48.1	48.8
Effective tax rate (%)	18.4	17.6	17.6	17.6	17.6
Dividend payout (%)	48.7	69.6	62.0	61.0	62.3
ROE (%)	13.7	12.0	12.0	12.2	12.1
ROA (%)	1.94	1.61	1.52	1.53	1.49
Operating ROE (%)	17.0	14.6	14.6	14.8	14.8
Operating ROA (%)	2.40	1.96	1.85	1.87	1.82
Source: Company data, Verdhana estimates

Company profilePT Bank Negara Indonesia (Persero) Tbk or Bank Negara Indonesia (English: State Bank of Indonesia), is an Indonesian state-owned bank. It has primary operations in Indonesia, but it also has presence in Seoul, Singapore, Hong Kong, Tokyo, London and New York. It is the fourth-largest bank of Indonesia in terms of assets.

Valuation MethodologyWe derive our TP of IDR5,500 using DuPont analysis with key parameters as follows: a risk-free rate of 6.5%, an equity risk premium of 7.8%, growth of 8.5%, beta of 1.04x and a CAR-adjusted ROAE of 15.6%. Our TP implies 1.2x FY26F P/B and 9.9x FY26F P/E. The benchmark for the stock is JCI.

Risks that may impede the achievement of the target priceRisks are worsening economic trends, tighter liquidity competition, and/or higher credit cost and opex growth.

ESGBNI’s sustainable finance policy translates into a commitment to further develop BNI as a financial institution which: 1. Delivers excellent performance and services to all customers, 2. Boosts investment value for investors, 3. Establishes the best working conditions for employees, 4. Shows concern for the environment and the community, 5. Enforces good corporate governance in the context of sustainable finance. At BNI, the implementation of sustainable finance begins with the planning laid out in the Annual Work Plan, which is periodically evaluated and reported to all related stakeholders. BNI also plans and arranges the Sustainable Finance Action Plan (RAKB) which serves as the basis of BNI’s application of sustainable finance between 2020 and 2022, and has been presented to OJK through Letter No. DIR/585 dated 28 November 2019. In particular, in terms of BNI’s sustainable finance performance, BNI issues policies, imposes implementation strategy, and organizes constant evaluation and improvement.

Fig. 1: BBNI FY25 y-y summary %

Source: Company data, Verdhana research

Fig. 2: BBNI quarterly results

BBNI IDRbn	4Q24	1Q25	2Q25	3Q25	4Q25	Q-Q %	Y-Y %	YTD 25	YTD 24	Y-Y %	2025	vsFY25F %
NII	10,593	10,168	9,691	9,975	11,242	12.7	6.1	41,076	41,246	(0.4)	40,917	100%
Total op inc	17,620	15,249	14,874	16,383	18,471	12.7	4.8	64,976	63,896	1.7	63,712	102%
PPOP	9,292	8,144	7,941	8,022	10,218	27.4	10.0	34,325	34,359	(0.1)	32,884	104%
Prov	2,618	1,593	2,122	1,840	4,375	137.8	67.1	9,930	7,787	27.5	7,666	130%
PBT	6,675	6,552	5,819	6,182	5,843	(5.5)	(12.5)	24,396	26,573	(8.2)	25,218	97%
NP	5,155	5,380	4,714	5,021	4,926	(1.9)	(4.5)	20,041	21,464	(6.6)	20,324	99%
						Q-Q %	Y-Y %	YTD-25	YTD-24
Gross Loans	775,872	765,469	778,681	812,195	899,531	10.8	15.9	15.9%	11.6%
Deposits	805,511	819,580	899,865	934,326	1,040,834	11.4	29.2	29.2%	-0.6%
- Current accounts	305,734	319,983	381,639	344,455	439,499	27.6	43.8	43.8%	-11.5%
- Savings Accounts	257,544	257,824	265,915	268,928	286,460	6.5	11.2	11.2%	11.0%
- Time deposits	242,233	241,774	252,311	320,943	314,875	(1.9)	30.0	30.0%	3.8%
Equities	159,814	166,024	158,112	164,500	169,473	3.0	6.0	6.0%	8.1%
Total assets	1,130,129	1,146,583	1,201,653	1,269,486	1,362,055	7.3	20.5	20.5%	4.0%
CASA %	69.9	70.5	72.0	65.6	69.7
Asset to equity x	7.1	6.9	7.6	7.7	8.0

Source: Company data, Verdhana research

Fig. 3: BBNI key ratios

Ratios %	4Q24	1Q25	2Q25	3Q25	4Q25
Gross Yield %	7.0	6.4	6.2	6.1	6.0
COF %	3.1	3.1	3.1	3.1	2.7
Spread %	3.9	3.3	3.2	3.0	3.3
NIM	4.2	3.9	3.6	3.5	3.7
Loan yoy %	11.6	10.1	7.1	10.5	15.9
Loan qoq %	5.6	(1.3)	1.7	4.3	10.8
Deposit yoy %	(0.6)	5.0	16.5	21.4	29.2
Deposit qoq %	4.6	1.7	9.8	3.8	11.4
ROAE	13.1	13.2	11.6	12.5	11.8
CAR	21.7	22.4	21.3	19.5	20.8
CIR	47.3	46.6	46.6	51.0	44.7
LDR	96.3	93.4	86.5	86.9	86.4
CoC	1.4	0.8	1.1	0.9	2.0
NPL	2.0	2.0	1.9	2.0	1.9
NPL cov	253.4	260.6	241.1	220.9	206.1
LARs	10.3	10.9	11.0	10.4	8.5
LAR Cov	48.3	46.8	42.7	41.5	47.0
LLR	5.0	5.1	4.7	4.3	4.0
Risk-adj NIM %	3.1	3.3	2.8	2.8	2.3

Source: Company data, Verdhana research

Fig. 4: BBNI DuPont analysis

BBNI Dupont % of assets	4Q24	1Q25	2Q25	3Q25	4Q25
Int inc	5.8	6.1	6.1	6.0	5.8
Int exp	1.9	2.5	2.8	2.8	2.4
Net int inc	3.9	3.6	3.3	3.2	3.4
Other income	2.6	1.8	1.8	2.1	2.2
Op. inc	6.4	5.4	5.1	5.3	5.6
Opex	3.0	2.5	2.4	2.7	2.5
PPOP	3.4	2.9	2.7	2.6	3.1
Provisions	1.0	0.6	0.7	0.6	1.3
PBT	2.4	2.3	2.0	2.0	1.8
Net profit	1.9	1.9	1.6	1.6	1.5
Assets to Equities	6.7	6.7	6.9	7.3	7.6
ROAE	12.5	12.7	11.1	11.9	11.3

Source: Company data, Verdhana research

Fig. 5: BBNI loan details

BBNI Loans IDRbn	4Q24	1Q25	2Q25	3Q25	4Q25	Q-Q %	Y-Y %
Corporate	441,000	426,000	435,800	450,700	518,200	15.0	17.5
Small and medium	176,200	177,600	178,600	193,900	206,900	6.7	17.4
Consumer	142,500	144,900	147,000	150,200	156,200	4.0	9.6
Others	16,200	16,900	17,200	17,400	18,300	5.2	13.0
Total	775,900	765,400	778,600	812,200	899,600	10.8	15.9
Medium	109,800	103,900	105,400	119,700	131,800	10.1	20.0
As % of loans	4Q24	1Q25	2Q25	3Q25	4Q25
Corporate	56.8	55.7	56.0	55.5	57.6
Small and medium	22.7	23.2	22.9	23.9	23.0
Consumer	18.4	18.9	18.9	18.5	17.4
Syariah and others	2.1	2.2	2.2	2.1	2.0
Total	100.0	100.0	100.0	100.0	100.0

BBNI - Consumers	4Q24	1Q25	2Q25	3Q25	4Q25	Q-Q %	Y-Y %
Mortgage	66,500	67,600	68,400	69,800	72,700.0	4.2	9.3
Auto	3,000	3,100	3,100	3,100	3,600.0	16.1	20.0
Others (Personal / CC)	73,000	74,200	75,500	77,400	79,800.0	3.1	9.3
Total	142,500	144,900	147,000	150,300	156,100	3.9	9.5

Source: Company data, Verdhana research

Fig. 6: BBNI LLR vs 12MMA WO %

Source: Company data, Verdhana research

Fig. 7: BBNI 12MMA CoC vs 12MMA WO %

Source: Company data, Verdhana research

Fig. 8: BBNI forecasts

Source: Company data, Verdhana estimates

Fig. 9: BBNI balance sheet assumptions

Source: Company data, Verdhana estimates

Fig. 10: BBNI valuation

Bank Negara Indonesia - TP Derivation
	NEW	OLD	Remarks
Risk free rate %	6.5	6.5
Equity risk premium %	7.8	7.8
Beta x	1.04	1.04
Cost of capital %	14.6%	14.7%	down from 14.7
Growth rate (2-yr Cagr) %	8.5%	8.5%
CAR-adj ROAE %	15.6%	16.0%	down from 16.0
Target P/B x	1.2	1.2
Implied target price (IDR)	5,597	5,499	rounded to IDR5,500 (unchanged)
BVPS FY26F (IDR)	4,819	4,546
Implied PER 26F	9.9	9.7

Source: Company data, Verdhana estimates

Fig. 11: BBNI EPS % growth

Source: Company data, Verdhana estimates

Fig. 12: BBNI – ROAA / ROE %

Source: Company data, Verdhana estimates

Fig. 13: BBNI dividend yield %

Source: Company data, Verdhana estimates

INVESTMENT RATINGS
A rating of ‘Buy’, indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of ‘Neutral’, indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of ‘Reduce’, indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of ‘Suspended’, indicates that the rating, target price, and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies that are labelled as ‘Not Rated’ or ‘No Rating’ are not in regular research coverage. Benchmark is Indonesia Composite Index (‘IDX Composite’). A ‘Target Price’, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part of the analyst’s estimates for the company’s earnings, and may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market in general.

GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by PT Verdhana Sekuritas Indonesia (“PTVSI”) a securities company registered in Indonesia, supervised by Indonesia Financial Services Authority (OJK) and a member of the Indonesia Stock Exchange (IDX).

This report is intended for client of PTVSI only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of PTVSI.

The research set out in this report is based on information obtained from sources believed to be reliable, but PTVSI do not make any representation or warranty as to its accuracy, completeness or correctness. The information in this report is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. Any information, valuations, opinions, estimates, forecasts, ratings or targets herein constitutes a judgment as of the date of this report is published, and there is no assurance that future results or events will be consistent.

This report is not to be construed as an offer or a solicitation of an offer to buy or sell any securities or financial products. PTVSI and its associates, its directors, and/or its employees may from time to time have interests in the securities mentioned in this report or it may or will engage in any securities transaction or other capital market services for the company (companies) mentioned herein.

ANALYST CERTIFICATION
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Rating Table

Rating Remains	Buy
Target price Remains	IDR 5,500
Closing price 3 February 2026	IDR 4,590
Implied upside	+19.8%
Market Cap (USD mn)	10,115.4
ADT (USD mn)	13.4

Relative performance chart

Source: LSEG, Verdhana

M cap (USDmn)	10,115.4
Free float (%)	40.0
3-mth ADT (USDmn)	13.4

(%)	1M	3M	12M
Absolute (IDR)	7.7	3.6	-4.0
Absolute (USD)	7.5	3.0	-5.8
Rel to Jakarta Stock Exchange Composite Index	14.9	5.5	-19.5

Research Analysts

Erwin Wijaya (erwin.wijaya@verdhana.id)

Tags: BANKS, Bank Negara Indonesia, BBNI, BBNI JK, BBNI IJ, Erwin Wijaya

Bank Negara Indonesia (BBNI IJ) (Buy) - FY25 results in line

FY25 results in line

Key data on Bank Negara Indonesia

Fig. 1: BBNI FY25 y-y summary %

Fig. 2: BBNI quarterly results

Fig. 3: BBNI key ratios

Fig. 4: BBNI DuPont analysis

Fig. 5: BBNI loan details

Fig. 6: BBNI LLR vs 12MMA WO %

Fig. 7: BBNI 12MMA CoC vs 12MMA WO %

Fig. 8: BBNI forecasts

Fig. 9: BBNI balance sheet assumptions

Fig. 10: BBNI valuation

Fig. 11: BBNI EPS % growth

Fig. 12: BBNI – ROAA / ROE %

Fig. 13: BBNI dividend yield %

Rating Table

Relative performance chart

Research Analysts

yudi Administrator

Bank Central Asia BBCA IJ - Buy - Solid YTD Jul-24 results

Bank Rakyat Indonesia -BBRI IJ- Buy - Towards more commercial micro

Bank Negara Indonesia BBNI IJ - Buy - Operating 1H24 results were below

Bank Rakyat Indonesia -BBRI IJ- Buy - YTD Jul-24 bank only results - steady progress

Bank Rakyat Indonesia -BBRI IJ- Buy - ROAE uptrend on positive micro trends

Bank Central Asia -BBCA IJ- Buy - Steady growth reiterate Buy new TP IDR13200

Bank Negara Indonesia (BBNI IJ) (Buy) - FY25 results in line

Fig. 1: BBNI FY25 y-y summary %

Fig. 2: BBNI quarterly results

Fig. 3: BBNI key ratios

Fig. 4: BBNI DuPont analysis

Fig. 5: BBNI loan details

Fig. 6: BBNI LLR vs 12MMA WO %

Fig. 7: BBNI 12MMA CoC vs 12MMA WO %

Fig. 8: BBNI forecasts

Fig. 9: BBNI balance sheet assumptions

Fig. 10: BBNI valuation

Fig. 11: BBNI EPS % growth

Fig. 12: BBNI – ROAA / ROE %

Fig. 13: BBNI dividend yield %

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