Indonesia Banks - Feb-26 results summary

Feb-26 results summary

Indonesia’s major banks — BBCA IJ, BRIS IJ, BMRI IJ, BBNI IJ and BBRI IJ (all rated Buy) reported bank-only YTD Feb-26 results, which were broadly in line with our expectations and reflect a decent start to the year. While it remains early, current trends suggest earnings are tracking in line with, or modestly ahead of, our FY26F forecasts.

We expect system liquidity to gradually improve through 2026F, which should help contain funding costs and limit further margin compression. This view is supported by stronger than-expected fiscal spending to stimulate growth, increased fund placements by the Ministry of Finance, and dividend proceeds channelled by Danantara (unlisted) into SOE banks. These factors have already contributed to firmer deposits growth and continued M2 expansion (+10% y-y in Jan-26), alleviating system liquidity tightness.

Although asset yields have continued to compress, funding costs appear to have stabilized. The average monthly cost of funds (CoF) across the major banks has moderated to ~2.1% (-40bp y-y) and has largely plateaued in recent months. Assuming Bank Indonesia maintains a stable rate environment, we expect CoF to remain broadly stable in 1H26F. This should support more resilient net interest margins (NIM), which have held at around ~4.5% on a monthly basis as of Feb-26. Greater NIM stability enhances core earnings (PPOP) visibility and provides a firmer earnings base for FY26F, mitigating potential downside risks from credit normalization.

Among the group, BBCA, BMRI and BRIS remain our top picks, supported by resilient earnings, strong CASA franchises, and solid earnings quality. BBCA’s move to introduce quarterly interim dividends marks a shift toward a relatively more predictable capital return framework and could set a new benchmark for the sector, with peers likely to follow as investor expectations on payout consistency rise. This strengthens earnings visibility and reinforces their positioning as core compounders within Indonesia banks.

In terms of loan growth, SOE banks (BBNI, BMRI, BRIS and BBRI) recorded stronger expansion of ~10–19% y-y as of Feb-26, compared to BBCA’s ~6%. We attribute this divergence primarily to greater participation by SOE banks in the government’s Agrinas program.

Summary of Feb-2026 results

Below is a summary of Indonesia major banks’ Feb-26 results. While still in the early days, we have seen a more stable funding cost trend (hence NIMs). However, we do not believe funding costs can get any lower than the current level.

YTD Feb-26 net interest income from major banks +6% y-y
- BRIS +17% y-y
- BBNI +14% y-y
- BMRI +9% y-y
- BBRI +5% y-y
- BBCA flat y-y
YTD Feb-26 PPOP from major banks +4% y-y
- BBNI +14% y-y
- BMRI +10% y-y
- BRIS +10% y-y
- BBCA +1% y-y
- BBRI -2% y-y
YTD Feb-26 CoC for major banks at 1.3% (-40bp y-y)
- BBRI CoC of 3.0% (-30bp y-y)
- BBNI CoC of 0.9% (+20bp y-y)
- BRIS CoC of 0.5% (-60bp y-y)
- BMRI CoC of 0.5% (-30bp y-y)
- BBCA CoC of 0.3% (+30bp y-y)
YTD Feb-26 implied risk-adj NIM for major banks at 3.6% (-30bp y-y)
- BBCA 4.8% (-60bp y-y) as NIM @ 5.0% (-40bp y-y)
- BRIS 4.7% (+80bp y-y) as NIM @ 5.0% (+40bp y-y)
- BBRI 3.8% (-30bp y-y) as NIM @ 6.0% (-40bp y-y)
- BMRI 3.4% (flat y-y) as NIM @ 3.8% (-20bp y-y)
- BBNI 2.4% (-60bp y-y) as NIM @ 3.0% (-50bp y-y)
YTD Feb-26 profits for major banks +10% y-y
- BMRI +17% y-y
- BRIS +17% y-y
- BBRI +17% y-y
- BBNI +4% y-y
- BBCA +3% y-y

On the balance sheet side, system loan growth remained healthy at +12% y-y as of Feb-26. By bank, BBNI led with +19% y-y growth, followed by BMRI at +15%, BRIS at 14%, BBRI at +10%, and BBCA at +6%. In terms of provisioning buffers, loan loss reserves (LLR) ratios generally moderated y-y but remained prudent. BBRI maintained the highest coverage at ~5.7% (vs. 6.0% in Feb-25), followed by BBNI at ~4.0% (5.2%), BRIS at ~3.5% (3.7%), BBCA at ~3.1% (3.6%), and BMRI at ~2.4% (3.0%). While coverage ratios have declined from elevated levels last year, they remain broadly adequate relative to asset quality trends.

On the funding side, deposits grew robust +17% y-y at the system level. BBNI recorded the strongest expansion at +41% y-y, followed by BMRI (+16%), BRIS (+15%), BBCA (+10%), and BBRI (+9%). Importantly, savings deposits — a more stable and cost-efficient funding source compared to current accounts or time deposits — continued to show healthy momentum at +8% y-y overall. BRIS posted the strongest savings growth at +16% y-y, followed by BBRI at +12%, BBNI at 10%, BBCA at +7%, and BMRI at +4%. Reflecting the stronger deposit growth relative to loans, the aggregate loan-to-deposit ratio (LDR) eased to 86.4% in Feb-26 from 89.7% in Feb-25, indicating improving system liquidity and a more balanced funding position across the major banks.

Valuations and risks

BBCA — We derive our TP of IDR10,100 using DuPont analysis, with these key parameters: a risk-free rate of 6.5%, an equity risk premium of 7.8%, beta of 0.9x and a CAR-adjusted ROAE of 24.5%. Our TP implies 4.1x FY26F P/BVPS of IDR2,447 (vs current price valuation of 2.8x) and 21.0x FY26F P/E (EPS of IDR481.60) (vs current price valuation of 14.3x). Risks are worsening economic trends, tighter liquidity competition, and/or higher credit cost and opex growth. We maintain our Buy rating and TP of IDR10,100,

BMRI — We derive our TP of IDR6,000 using the DuPont analysis with key parameters: a risk-free rate of 6.5%, an equity risk premium of 7.8%, growth of 11.0%, beta 1.09x and a CAR-adjusted ROAE of 18.0%. Our TP implies 1.7x FY26F P/BVPS of IDR3,410.20 (vs 1.5x currently) and 9.7x FY26F P/E (EPS of IDR615.33) (vs 8.2x currently). Risks are worsening macroeconomic trends, tighter liquidity competition, and/or higher credit costs and opex growth. We maintain our Buy rating and TP of IDR6,000,

BRIS – We derive our TP of IDR3,250 using DuPont analysis, with key parameters including: a risk-free rate of 6.5%, an equity risk premium of 7.8%, growth of 15.0%, beta of 1.2x and a CAR-adjusted ROAE of 17.6%. Our TP implies 2.6x FY26F P/BVPS of IDR1,421.36 (vs 1.7x currently) and 17.9 FY26F P/E (EPS of IDR180.85) (vs 13.2x currently). Risks are worsening economic trends, tighter liquidity competition, and/or higher credit cost and opex growth. We maintain our Buy rating and TP of IDR3,250.

BBRI — We derive our TP of IDR4,500 using DuPont analysis, with key parameters as follows: a risk-free rate of 6.5%, an equity risk premium of 7.8%, beta of 0.9x and a CAR-adjusted ROAE of 18.0%. Our TP implies 2.1x 2026F P/BVPS of IDR2,197.43 (vs 1.8x currently) and 11.6x 2026F P/E (EPS of IDR389.01 (vs 10.1x currently). Risks are worsening macroeconomic trends, unfavorable regulatory changes, and tighter liquidity competition, which could increase funding costs, worsening credit quality which would raise credit costs, and higher opex. Changes in management could affect the bank’s write-off policies and thus, credit costs. This would ultimately affect the bank’s near-term earnings, in our view. We maintain our Buy rating and TP of IDR4,500.

BBNI — Our TP of IDR5,500 is based on 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/BVPS of IDR4,818.54 (vs current price valuation of 1.0x) and 9.9x FY26F P/E (EPS of IDR563.71) (vs current price valuation of 8.1x). Key risks are worsening macroeconomic trends, tighter liquidity competition, and/or higher credit costs and opex growth. We maintain our Buy rating and TP of IDR5,500.

Fig. 3: Combined major banks monthly results

Major Banks Combined	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
Monthly int inc (IDRbn)	34,701	38,651	38,065	35,498	-7%	2%	73,563	70,899	4%
Monthly int exp (IDRbn)	10,254	10,620	10,711	10,192	-5%	-1%	20,903	21,117	-1%
Monthly NII (IDRbn)	24,446	28,030	27,353	25,306	-7%	4%	52,659	49,782	6%
Monthly PPOP (IDRbn)	22,302	28,232	24,154	22,473	-7%	1%	46,627	44,942	4%
Monthly prov (IDRbn)	4,720	5,272	5,614	4,973	-11%	5%	10,587	11,997	-12%
Monthly net profit (IDRbn)	14,096	18,510	15,063	14,172	-6%	1%	29,235	26,467	10%
MoM loan growth	0.2%	4.0%	0.5%	-0.3%
YoY loan growth	11.9%	11.8%	13.0%	12.4%
YTD loan growth	-0.3%	11.8%	12.4%	12.1%
MoM deposit growth	0.8%	3.5%	0.6%	1.2%
YoY deposit growth	5.6%	17.2%	16.3%	16.8%
YTD deposit growth	2.2%	17.2%	17.9%	19.3%
LDR	89.7%	87.8%	87.7%	86.4%
NIM (annualized)	5.0%	5.2%	5.0%	4.5%			4.7%	5.1%
Cost of credit (annualized)	1.3%	1.4%	1.4%	1.3%			1.3%	1.7%
Risk-adj NIM %	4.0%	4.2%	3.9%	3.6%			3.8%	3.9%
LLR	4.4%	3.7%	3.7%	3.8%
CASA ratio	74.1%	73.8%	74.2%	72.4%
Monthly CIR	30.9%	31.7%	31.5%	32.0%
B/S ROAE (annualized)	17.1%	22.1%	17.9%	16.7%
B/S ROAA (annualized)	2.7%	3.2%	2.6%	2.4%


Asset yield (annualized)	7.1%	7.1%	6.9%	6.4%			6.6%	7.3%
Cost of funds (annualized)	2.4%	2.2%	2.2%	2.1%			2.1%	2.5%
YTD CIR %	31.5%	33.4%	31.5%	31.7%

Source: Company data, Verdhana research

Fig. 4: Monthly results

B/S summary IDRmn
Gross loans	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	741,993,473	883,013,377	894,294,401	882,223,341	-1%	19%	0%
BMRI	1,346,704,162	1,533,393,078	1,547,639,494	1,549,464,790	0%	15%	1%
BBRI	1,218,399,313	1,342,673,712	1,354,086,654	1,346,160,227	-1%	10%	0%
BBCA	900,659,693	961,903,505	948,956,778	953,224,015	0%	6%	-1%
Major total	4,207,756,641	4,720,983,672	4,744,977,327	4,731,072,373	0%	12%	0%
BRIS	278,824,762	314,354,409	318,383,069	318,745,020	0%	14%	1%
Customer deposits	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	774,928,406	1,021,895,200	1,051,490,547	1,092,245,183	4%	41%	7%
BMRI	1,414,412,394	1,674,679,144	1,635,487,341	1,644,848,548	1%	16%	-2%
BBRI	1,381,481,177	1,460,703,078	1,496,312,393	1,509,455,420	1%	9%	3%
BBCA	1,119,054,829	1,221,061,966	1,226,900,376	1,229,275,717	0%	10%	1%
Major total	4,689,876,806	5,378,339,388	5,410,190,657	5,475,824,868	1%	17%	2%
BRIS	318,988,410	380,488,303	369,837,347	366,083,054	-1%	15%	-4%
Provisioning (B/S)	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	38,580,039	35,090,063	35,699,502	35,511,123	-1%	-8%	1%
BMRI	40,506,543	37,706,295	37,637,642	37,826,046	1%	-7%	0%
BBRI	73,437,076	72,903,722	74,542,304	76,353,372	2%	4%	5%
BBCA	32,740,925	29,390,498	29,536,981	29,648,288	0%	-9%	1%
Major total	185,264,583	175,090,578	177,416,429	179,338,829	1%	-3%	2%
BRIS	10,450,042	11,039,213	11,192,978	11,090,997	-1%	6%	0%
Demand deposits	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	298,625,898	433,720,089	443,702,517	439,198,870	-1%	47%	1%
BMRI	579,117,361	639,852,316	645,847,759	635,699,988	-2%	10%	-1%
BBRI	368,215,746	450,129,463	458,410,379	428,891,093	-6%	16%	-5%
BBCA	352,911,075	431,029,026	432,450,718	431,516,083	0%	22%	0%
Major total	1,598,870,080	1,954,730,894	1,980,411,373	1,935,306,034	-2%	21%	-1%
BRIS	60,339,694	71,827,737	74,326,392	73,579,799	-1%	22%	2%
Savings deposits	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	251,101,837	285,715,876	275,377,990	276,899,728	1%	10%	-3%
BMRI	527,288,751	546,211,100	546,567,322	550,486,397	1%	4%	1%
BBRI	527,364,256	584,892,761	586,840,825	588,381,052	0%	12%	1%
BBCA	568,596,812	600,636,235	606,455,481	609,996,570	1%	7%	2%
Major total	1,874,351,656	2,017,455,972	2,015,241,618	2,025,763,747	1%	8%	0%
BRIS	133,199,495	162,627,660	155,109,145	154,594,010	0%	16%	-5%
Time deposits	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	225,200,671	309,966,854	309,966,854	376,146,585	21%	67%	21%
BMRI	308,006,282	488,615,728	443,072,260	458,662,163	4%	49%	-6%
BBRI	485,336,761	425,066,471	450,446,482	491,570,418	9%	1%	16%
BBCA	196,166,266	187,902,285	186,517,253	186,255,538	0%	-5%	-1%
Major total	1,214,709,980	1,411,551,338	1,390,002,849	1,512,634,704	9%	25%	7%
BRIS	125,449,221	146,032,906	140,401,810	137,909,245	-2%	10%	-6%
Asset	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	1,066,226,019	1,306,333,746	1,344,083,120	1,390,446,742	3%	30%	6%
BMRI	1,937,462,395	2,228,096,582	2,191,915,428	2,214,454,055	1%	14%	-1%
BBRI	1,862,758,610	1,931,535,859	1,967,683,415	1,983,036,668	1%	6%	3%
BBCA	1,427,410,405	1,537,371,463	1,559,675,229	1,563,219,350	0%	10%	2%
Major total	6,293,857,429	7,003,337,650	7,063,357,192	7,151,156,815	1%	14%	2%
BRIS	397,315,287	456,192,606	441,247,278	439,629,224	0%	11%	-4%
Equity	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026
BBNI	162,349,236	167,959,066	168,846,331	170,381,845	1%	5%	1%
BMRI	265,600,037	261,962,304	266,219,462	270,304,816	2%	2%	3%
BBRI	307,000,229	299,496,175	303,194,410	306,258,278	1%	0%	2%
BBCA	262,498,008	271,657,765	275,324,481	279,469,104	2%	6%	3%
Major total	997,447,510	1,001,075,310	1,013,584,684	1,026,414,043	1%	3%	3%
BRIS	46,237,527	51,952,874	52,449,069	53,116,031	1%	15%	2%

Source: Company data, Verdhana research

Fig. 5: Monthly results

SUMMARY OF INDO BANKS' MONTHLY RESULTS IDRmn
Interest income	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	5,008,332	6,156,566	6,157,652	5,800,022	-6%	16%	11,957,674	10,484,887	14%
BMRI	9,332,160	10,953,415	10,923,288	9,809,673	-10%	5%	20,732,961	19,332,641	7%
BBRI	13,218,385	13,766,986	13,241,523	12,644,718	-5%	-4%	25,886,241	26,212,987	-1%
BBCA	7,141,786	7,773,948	7,742,197	7,243,686	-6%	1%	14,985,883	14,868,070	1%
Major total	34,700,663	38,650,915	38,064,660	35,498,099	-7%	2%	73,562,759	70,898,585	4%
BRIS	2,210,076	2,813,811	2,451,460	2,405,940	-2%	9%	4,857,400	4,516,729	8%
Interest expenses	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	2,088,638	2,349,355	2,432,078	2,567,653	6%	23%	4,999,731	4,391,455	14%
BMRI	3,324,256	3,646,583	3,710,073	3,321,180	-10%	0%	7,031,253	6,780,197	4%
BBRI	3,879,600	3,591,546	3,454,373	3,289,196	-5%	-15%	6,743,569	7,953,516	-15%
BBCA	961,974	1,032,974	1,114,675	1,014,104	-9%	5%	2,128,779	1,991,413	7%
Major total	10,254,468	10,620,458	10,711,199	10,192,133	-5%	-1%	20,903,332	21,116,581	-1%
BRIS	727,372	720,760	702,369	644,543	-8%	-11%	1,346,912	1,505,345	-11%
Net int inc	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	2,919,694	3,807,211	3,725,574	3,232,369	-13%	11%	6,957,943	6,093,432	14%
BMRI	6,007,904	7,306,832	7,213,215	6,488,493	-10%	8%	13,701,708	12,552,444	9%
BBRI	9,338,785	10,175,440	9,787,150	9,355,522	-4%	0%	19,142,672	18,259,471	5%
BBCA	6,179,812	6,740,974	6,627,522	6,229,582	-6%	1%	12,857,104	12,876,657	0%
Major total	24,446,195	28,030,457	27,353,461	25,305,966	-7%	4%	52,659,427	49,782,004	6%
BRIS	1,482,704	2,093,051	1,749,091	1,761,397	1%	19%	3,510,488	3,011,384	17%
CoC	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	454,969	2,552,648	779,819	692,489	-11%	52%	1,472,308	969,198	52%
BMRI	906,010	(160,334)	443,118	642,331	45%	-29%	1,085,449	1,474,065	-26%
BBRI	3,322,691	3,237,059	4,128,410	3,409,536	-17%	3%	7,537,946	8,949,356	-16%
BBCA	36,522	(357,125)	262,258	228,852	-13%	527%	491,110	604,799	-19%
Major total	4,720,192	5,272,248	5,613,605	4,973,208	-11%	5%	10,586,813	11,997,418	-12%
BRIS	245,208	195,125	303,073	136,297	-55%	-44%	439,370	487,247	-10%
PPOP	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	2,434,174	4,576,271	2,819,344	2,784,828	-1%	14%	5,604,172	4,910,075	14%
BMRI	5,366,099	8,986,572	6,174,491	5,827,809	-6%	9%	12,002,300	10,888,045	10%
BBRI	9,197,392	9,346,923	8,758,342	8,391,870	-4%	-9%	17,150,212	17,444,998	-2%
BBCA	5,304,069	5,322,643	6,401,631	5,468,950	-15%	3%	11,870,581	11,698,827	1%
Major total	22,301,734	28,232,409	24,153,808	22,473,457	-7%	1%	46,627,265	44,941,945	4%
BRIS	982,774	1,302,223	1,189,833	995,547	-16%	1%	2,185,380	1,985,271	10%
Net profit	Feb-25	Dec-25	Jan-26	Feb-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	1,664,163	1,728,410	1,685,988	1,729,372	3%	4%	3,415,360	3,293,852	4%
BMRI	3,582,965	7,391,327	4,653,457	4,203,048	-10%	17%	8,856,505	7,588,287	17%
BBRI	4,599,818	4,957,754	3,724,709	4,010,390	8%	-13%	7,735,099	6,608,842	17%
BBCA	4,249,450	4,432,595	4,998,701	4,229,467	-15%	0%	9,228,168	8,975,717	3%
Major total	14,096,396	18,510,086	15,062,855	14,172,277	-6%	1%	29,235,132	26,466,698	10%
BRIS	571,523	858,889	690,305	667,206	-3%	17%	1,357,511	1,161,831	17%

Source: Company data, Verdhana research

Fig. 6: Major banks ratios

Major banks ratio summary %
NIM	Feb-25	Dec-25	Jan-26	Feb-26
BBNI	3.5%	3.8%	3.6%	3.0%
BMRI	4.0%	4.3%	4.2%	3.8%
BBRI	6.4%	6.7%	6.4%	6.0%
BBCA	5.4%	5.5%	5.4%	5.0%
Major total	4.9%	5.1%	4.9%	4.5%
BRIS	4.6%	5.9%	4.9%	5.0%
Risk-adj NIM	Feb-25	Dec-25	Jan-26	Feb-26
BBNI	3.0%	1.3%	2.8%	2.4%
BMRI	3.4%	4.4%	3.9%	3.4%
BBRI	4.1%	4.6%	3.7%	3.8%
BBCA	5.4%	5.8%	5.2%	4.8%
Major total	3.9%	4.1%	3.9%	3.6%
BRIS	3.9%	5.3%	4.1%	4.7%
B/S ROAE	Feb-25	Dec-25	Jan-26	Feb-26
BBNI	12.4%	12.4%	12.0%	12.2%
BMRI	16.3%	34.0%	21.1%	18.8%
BBRI	18.1%	19.4%	14.8%	15.8%
BBCA	19.6%	19.7%	21.9%	18.3%
Major total	16.6%	21.4%	17.5%	16.3%
BRIS	14.9%	20.0%	15.9%	15.2%
12MMA Major Banks	19.2%	18.1%	18.3%	18.3%
12MMA BBNI	14.3%	12.7%	12.7%	12.6%
12MMA BMRI	21.5%	20.8%	21.0%	21.2%
12MMA BBRI	18.0%	16.8%	17.4%	17.2%
12MMA BBCA	23.2%	22.2%	22.2%	22.1%
B/S ROAA	Feb-25	Dec-25	Jan-26	Feb-26
BBNI	1.9	1.6	1.5	1.5
BMRI	2.2	4.1	2.5	2.3
BBRI	3.0	3.1	2.3	2.4
BBCA	3.6	3.5	3.9	3.3
Major total	2.7	3.2	2.6	2.4
BRIS	1.7	2.3	1.8	1.8
12MMA Major Banks	3.0	2.8	2.8	2.7
12MMA BBNI	2.1	1.8	1.8	1.7
12MMA BMRI	2.9	2.6	2.6	2.6
12MMA BBRI	2.9	2.6	2.7	2.7
12MMA BBCA	4.0	3.9	3.9	3.8

Source: Company data, Verdhana research

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
The research analyst primarily responsible for the content of this report and certifies that the views about the companies including their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.

RESTRICTIONS ON DISTRIBUTION

By accepting this report, the recipient hereof represents and warrants that you are entitled to receive such report in accordance with the restrictions and agrees to be bound by the limitations contained herein. Neither this report nor any copy hereof may be distributed except in compliance with applicable Indonesian capital market laws and regulations.

Research Analysts

Erwin Wijaya (erwin.wijaya@verdhana.id)

Tags: BANKS, Indonesia Banks, Erwin Wijaya

Indonesia Banks - Feb-26 results summary

Feb-26 results summary

Fig. 1: Deposit and loan growths comparisons

Fig. 2: P&L comparisons

Fig. 3: Combined major banks monthly results

Fig. 4: Monthly results

Fig. 5: Monthly results

Fig. 6: Major banks ratios

Fig. 7: Bank-only NIM (%)

Fig. 8: NIM vs LDR trends

Fig. 9: Stabilizing CoF %

Fig. 10: Bank-only LLR %

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

Indonesia Banks - Feb-26 results summary

Fig. 1: Deposit and loan growths comparisons

Fig. 2: P&L comparisons

Fig. 3: Combined major banks monthly results

Fig. 4: Monthly results

Fig. 5: Monthly results

Fig. 6: Major banks ratios

Fig. 7: Bank-only NIM (%)

Fig. 8: NIM vs LDR trends

Fig. 9: Stabilizing CoF %

Fig. 10: Bank-only LLR %

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