Indonesia banks - YTD Apr-26 results summary

YTD Apr-26 results summary

Indonesia’s major banks — BBCA IJ, BMRI IJ, BRIS IJ, BBNI IJ and BBRI IJ (all rated Buy) reported bank-only YTD Apr-26 results, which were broadly in line with our expectations. Encouragingly, current trends suggest earnings are tracking in line with, or modestly ahead of, our FY26F forecasts.

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 ~2.2% (-40bp y-y) and has largely plateaued in recent months. However, as Bank Indonesia (BI) had recently announced a policy package to defend the IDR exchange rate (refer to our previous note titled “BI’s five-point stabilization package”), we expect CoF to gradually increase in 2H26F.

Among the group, BBCA, BMRI and BRIS remain our top picks, supported by resilient earnings, strong CASA franchises, and solid earnings quality. In addition, we believe BBCA, BMRI and BBNI may benefit from lending rate repricing – as the banks' NIMs exhibit a positive correlation with SRBI yields, suggesting their floating-rate asset books are well-positioned to reprice upward in a rising rate environment. BRIS' NIM has remained relatively insulated – the fixed-rate nature of its shariah financing portfolio provides a natural hedge against rate volatility, contributing to the observed NIM stability across cycles. Meanwhile, BBRI faces asymmetric funding cost risk – BBRI's loan yields are structurally capped by program rate constraints, limiting its ability to pass through higher funding costs and creating NIM compression risk in a rising SRBI yield environment.

Summary of Apr-26 results

Below is a summary of Indonesia major banks’ Apr-26 results. 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 levels.

YTD Apr-26 net interest income from major banks +7% y-y
- BRIS +15% y-y
- BBNI +14% y-y
- BMRI +10% y-y
- BBRI +7% y-y
- BBCA flat y-y

YTD Apr-26 PPOP from major banks +7% y-y
- BMRI +14% y-y
- BBNI +12% y-y
- BRIS +8% y-y
- BBRI +4% y-y
- BBCA +2% y-y
YTD Apr-26 CoC for major banks at 1.3% (-20bp y-y)
- BBRI CoC of 3.3% (+10bp y-y)
- BBNI CoC of 1.3% (+10bp y-y)
- BMRI CoC of 0.6% (-10bp y-y)
- BRIS CoC of 0.6% (-70bp y-y)
- BBCA CoC of 0.0% (-60bp y-y)

YTD Apr-26 implied risk-adj NIM for major banks at 3.8% (-30bp y-y)
- BBCA 5.2% (flat y-y) as NIM @ 5.2% (-40bp y-y)
- BRIS 4.3% (+50bp y-y) as NIM @ 4.7% (-10bp y-y)
- BBRI 3.6% (-30bp y-y) as NIM @ 5.8% (-30bp y-y)
- BMRI 3.5% (-30bp y-y) as NIM @ 3.9% (-40bp y-y)
- BBNI 2.5% (-20bp y-y) as NIM @ 3.5% (-10bp y-y)

YTD Apr-26 profits for major banks +8% y-y
- BMRI +19% y-y
- BRIS +18% y-y
- BBRI +6% y-y
- BBNI +6% y-y
- BBCA +3% y-y

On the balance sheet side, system loan growth remained healthy at +14% y-y as of Apr-26 (+3% YTD). By bank, BBNI led with +21% y-y growth (+4% YTD), followed by BMRI at +18% (+4% YTD), BRIS at 16% (+4% YTD), BBRI at +11% (+3% YTD), and BBCA at +5% (flat YTD). In terms of provisioning buffers, loan loss reserves (LLR) ratios generally moderated y-y but remained prudent. BBRI maintained the highest coverage at ~5.4% (vs. 5.9% in Apr-25), followed by BRIS at ~4.6% (3.7%), BBNI at ~4.0% (5.0%), BBCA at ~3.1% (3.6%), and BMRI at ~3.1% (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 +13% y-y (+1% YTD) at the system level. BBNI recorded the strongest expansion at +26% y-y growth (flat YTD), followed by BRIS at +18% (flat YTD), BMRI +17% (-1% YTD), BBCA +9% (+2% YTD), and BBRI +7% (+2% YTD). Importantly, savings deposits — a more stable and cost-efficient funding source compared to current accounts or time deposits — continued to show healthy momentum at +9% y-y (+3% YTD). BRIS posted the strongest savings growth at +22% y-y (+2% YTD), followed by BBRI at +13% (+3% YTD), BBNI at 11% (-1% YTD), BBCA at +7% (+4% YTD), and BMRI at +6% (+2% YTD). Reflecting the stronger loans growth relative to deposits, the aggregate loan-to-deposit ratio (LDR) inched up to 89.5% in Apr-26 from 89.4% in Apr-25.

Valuations and risks

BBCA IJ (Buy) – we derive our TP of IDR10,100 using DuPont analysis, with the following 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/B (vs current valuation of 3.3x) and 20.8x FY26F P/E (vs current price valuation of 16.9x). Risks are worsening economic trends, tighter liquidity competition, and/or higher credit cost and opex growth.

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

BBNI IJ (Buy) – we derive our TP of IDR5,500 using DuPont analysis with the following key parameters: 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 (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.

BRIS IJ (Buy) – we derive our TP of IDR3,250 using DuPont analysis, with the following key parameters: 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/B (vs 1.7x currently) and 17.9 FY26F P/E (vs 13.2x currently). Risks are worsening economic trends, tighter liquidity competition, and/or higher credit cost and opex growth.

BBRI IJ (Buy) – we derive our TP of IDR4,500 using DuPont analysis, with the following 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 18.0%. Our TP implies 2.1x 2026F P/B (vs 1.4x currently) and 11.6x 2026F P/E (vs 7.9x currently). Risks are worsening macroeconomic trends, unfavorable regulatory changes, and tighter liquidity competition, which could increase funding costs, worsening credit quality that 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.

Fig. 3: Combined major banks

Major Banks Combined	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
Monthly int inc (IDRbn)	36,562	38,651	39,347	37,840	-4%	3%	150,750	144,965	4%
Monthly int exp (IDRbn)	11,508	10,620	10,898	11,034	1%	-4%	42,836	44,016	-3%
Monthly NII (IDRbn)	25,053	28,030	28,450	26,805	-6%	7%	107,914	100,949	7%
Monthly PPOP (IDRbn)	21,874	28,232	26,802	24,032	-10%	10%	97,461	91,386	7%
Monthly prov (IDRbn)	5,220	5,272	5,090	5,450	7%	4%	21,128	20,890	1%
Monthly net profit (IDRbn)	13,482	18,510	17,865	14,956	-16%	11%	62,056	57,282	8%
MoM loan growth	0.9%	4.0%	1.3%	1.2%
YoY loan growth	9.8%	11.8%	13.2%	13.6%
YTD loan growth	1.1%	11.8%	1.5%	2.7%
MoM deposit growth	0.0%	3.5%	1.7%	-2.7%
YoY deposit growth	4.7%	17.2%	16.7%	13.4%
YTD deposit growth	4.1%	17.2%	3.6%	0.7%
LDR	89.4%	87.8%	86.0%	89.5%
NIM (annualized)	5.0%	5.2%	5.0%	4.7%			4.8%	5.1%
Cost of credit (annualized)	1.5%	1.4%	1.3%	1.4%			1.3%	1.5%
Risk-adj NIM %	4.0%	4.2%	4.1%	3.7%			3.8%	4.1%
LLR	4.3%	3.7%	3.7%	3.9%
CASA ratio	74.3%	73.8%	72.9%	74.0%
Monthly CIR	33.0%	31.7%	29.0%	32.0%
B/S ROAE (annualized)	17.8%	22.1%	21.2%	18.6%
B/S ROAA (annualized)	2.5%	3.2%	3.0%	2.5%


Asset yield (annualized)	7.3%	7.1%	6.9%	6.6%			6.7%	7.3%
Cost of funds (annualized)	2.6%	2.2%	2.2%	2.2%			2.2%	2.6%
YTD CIR %	31.4%	33.4%	30.7%	31.0%

Source: Company data, Verdhana research

Fig. 4: Balance sheet comparisons

B/S summary IDRmn
Gross loans	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	757,579,040	883,013,377	903,339,746	919,501,912	2%	21%	4%
BMRI	1,347,471,082	1,533,393,078	1,566,922,198	1,587,195,754	1%	18%	4%
BBRI	1,240,324,790	1,342,673,712	1,357,870,594	1,376,354,614	1%	11%	3%
BBCA	923,096,220	961,903,505	962,123,489	965,017,293	0%	5%	0%
Major total	4,268,471,132	4,720,983,672	4,790,256,027	4,848,069,573	1%	14%	3%
BRIS	283,465,013	314,354,409	324,172,156	327,989,558	1%	16%	4%
Customer deposits	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	811,639,672	1,021,895,200	1,082,423,361	1,023,074,520	-5%	26%	0%
BMRI	1,414,960,696	1,674,679,144	1,675,220,398	1,649,964,680	-2%	17%	-1%
BBRI	1,401,071,539	1,460,703,078	1,549,636,876	1,496,932,849	-3%	7%	2%
BBCA	1,149,165,834	1,221,061,966	1,262,649,239	1,247,604,773	-1%	9%	2%
Major total	4,776,837,741	5,378,339,388	5,569,929,874	5,417,576,822	-3%	13%	1%
BRIS	323,947,839	380,488,303	376,797,786	381,939,888	1%	18%	0%
Provisioning (B/S)	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	37,721,886	35,090,063	35,816,452	36,489,727	2%	-3%	4%
BMRI	40,462,136	37,706,295	38,202,536	48,751,083	28%	20%	29%
BBRI	73,242,237	72,903,722	74,281,240	74,834,743	1%	2%	3%
BBCA	33,221,638	29,390,498	30,184,463	30,152,611	0%	-9%	3%
Major total	184,647,897	175,090,578	178,484,691	190,228,164	7%	3%	9%
BRIS	10,526,205	11,039,213	15,039,360	15,043,061	0%	43%	36%
Demand deposits	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	328,823,781	433,720,089	441,496,314	431,147,053	-2%	31%	-1%
BMRI	577,824,042	639,852,316	641,737,323	620,509,405	-3%	7%	-3%
BBRI	371,401,265	450,129,463	454,466,024	455,487,269	0%	23%	1%
BBCA	365,398,551	431,029,026	447,809,655	432,686,603	-3%	18%	0%
Major total	1,643,447,639	1,954,730,894	1,985,509,316	1,939,830,330	-2%	18%	-1%
BRIS	59,111,196	71,827,737	71,724,343	77,229,814	8%	31%	8%
Savings deposits	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	255,315,780	285,715,876	284,019,470	283,811,523	0%	11%	-1%
BMRI	525,188,431	546,211,100	559,508,715	554,516,525	-1%	6%	2%
BBRI	536,615,140	584,892,761	603,078,098	603,722,448	0%	13%	3%
BBCA	585,873,512	600,636,235	626,105,650	626,141,827	0%	7%	4%
Major total	1,902,992,863	2,017,455,972	2,072,711,933	2,068,192,323	0%	9%	3%
BRIS	135,418,961	162,627,660	164,518,746	165,238,983	0%	22%	2%
Time deposits	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	227,500,111	309,966,854	356,907,577	308,115,944	-14%	35%	-1%
BMRI	311,948,223	488,615,728	473,974,360	474,938,750	0%	52%	-3%
BBRI	492,478,237	425,066,471	491,456,171	437,091,184	-11%	-11%	3%
BBCA	196,483,336	187,902,285	187,166,832	187,225,060	0%	-5%	0%
Major total	1,228,409,907	1,411,551,338	1,509,504,940	1,407,370,938	-7%	15%	0%
BRIS	129,417,682	146,032,906	140,554,697	139,471,091	-1%	8%	-4%
Asset	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	1,089,123,220	1,306,333,746	1,371,525,130	1,328,054,200	-3%	22%	2%
BMRI	1,932,709,822	2,228,096,582	2,254,420,821	2,245,101,013	0%	16%	1%
BBRI	1,861,208,093	1,931,535,859	2,017,133,616	2,067,537,653	2%	11%	7%
BBCA	1,456,437,422	1,537,371,463	1,590,090,741	1,564,904,139	-2%	7%	2%
Major total	6,339,478,557	7,003,337,650	7,233,170,308	7,205,597,005	0%	14%	3%
BRIS	402,713,016	456,192,606	460,131,020	451,726,440	-2%	12%	-1%
Equity	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026
BBNI	152,457,690	167,959,066	157,752,390	159,596,846	1%	5%	-5%
BMRI	230,044,953	261,962,304	273,091,583	242,693,292	-11%	5%	-7%
BBRI	284,124,257	299,496,175	310,406,584	283,131,735	-9%	0%	-5%
BBCA	242,984,200	271,657,765	250,754,802	255,276,468	2%	5%	-6%
Major total	909,611,100	1,001,075,310	992,005,359	940,698,341	-5%	3%	-6%
BRIS	47,491,025	51,952,874	50,769,149	51,357,975	1%	8%	-1%

Source: Company data, Verdhana research

Fig. 5: P&L comparisons

SUMMARY OF INDO BANKS' MONTHLY RESULTS IDRmn
Interest income	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	5,345,623	6,156,566	6,539,550	6,250,634	-4%	17%	24,747,858	21,576,731	15%
BMRI	10,051,483	10,953,415	10,911,062	10,317,917	-5%	3%	41,961,940	39,589,719	6%
BBRI	13,534,563	13,766,986	13,992,609	13,624,457	-3%	1%	53,503,307	53,453,830	0%
BBCA	7,630,096	7,773,948	7,904,252	7,646,600	-3%	0%	30,536,735	30,345,087	1%
Major total	36,561,765	38,650,915	39,347,473	37,839,608	-4%	3%	150,749,840	144,965,367	4%
BRIS	2,300,215	2,813,811	2,729,972	2,440,733	-11%	6%	10,028,105	9,393,374	7%
Interest expenses	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	2,281,085	2,349,355	2,714,772	2,599,977	-4%	14%	10,314,480	8,942,906	15%
BMRI	3,693,754	3,646,583	3,436,337	3,579,391	4%	-3%	14,046,981	14,173,285	-1%
BBRI	4,445,177	3,591,546	3,668,797	3,710,961	1%	-17%	14,123,327	16,819,772	-16%
BBCA	1,088,287	1,032,974	1,077,929	1,144,164	6%	5%	4,350,872	4,080,280	7%
Major total	11,508,303	10,620,458	10,897,835	11,034,493	1%	-4%	42,835,660	44,016,243	-3%
BRIS	768,252	720,760	711,962	733,669	3%	-5%	2,792,543	3,086,113	-10%
Net int inc	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	3,064,538	3,807,211	3,824,778	3,650,657	-5%	19%	14,433,378	12,633,825	14%
BMRI	6,357,729	7,306,832	7,474,725	6,738,526	-10%	6%	27,914,959	25,416,434	10%
BBRI	9,089,386	10,175,440	10,323,812	9,913,496	-4%	9%	39,379,980	36,634,058	7%
BBCA	6,541,809	6,740,974	6,826,323	6,502,436	-5%	-1%	26,185,863	26,264,807	0%
Major total	25,053,462	28,030,457	28,449,638	26,805,115	-6%	7%	107,914,180	100,949,124	7%
BRIS	1,531,963	2,093,051	2,018,010	1,707,064	-15%	11%	7,235,562	6,307,261	15%
CoC	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	736,557	2,552,648	479,583	969,632	102%	32%	2,921,523	2,245,500	30%
BMRI	769,566	(160,334)	705,944	710,094	1%	-8%	2,501,487	3,016,559	-17%
BBRI	3,265,502	3,237,059	3,299,406	3,799,053	15%	16%	14,636,405	14,352,819	2%
BBCA	448,240	(357,125)	605,480	(28,448)	-105%	-106%	1,068,142	1,275,006	-16%
Major total	5,219,865	5,272,248	5,090,413	5,450,331	7%	4%	21,127,557	20,889,884	1%
BRIS	303,954	195,125	162,723	151,971	-7%	-50%	754,064	968,367	-22%
PPOP	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	2,538,837	4,576,271	3,178,730	2,964,290	-7%	17%	11,747,192	10,526,696	12%
BMRI	5,101,201	8,986,572	6,524,754	6,229,384	-5%	22%	24,756,438	21,754,433	14%
BBRI	8,224,219	9,346,923	8,557,791	8,891,793	4%	8%	34,599,796	33,370,691	4%
BBCA	6,009,381	5,322,643	8,540,851	5,946,618	-30%	-1%	26,358,050	25,734,299	2%
Major total	21,873,638	28,232,409	26,802,126	24,032,085	-10%	10%	97,461,476	91,386,119	7%
BRIS	952,996	1,302,223	1,247,145	928,773	-26%	-3%	4,361,298	4,041,349	8%
Net profit	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD 2026	YTD 2025	YTD Y-Y
BBNI	1,494,113	1,728,410	2,230,440	1,644,175	-26%	10%	7,289,975	6,872,150	6%
BMRI	3,554,987	7,391,327	4,719,367	4,476,161	-5%	26%	18,052,033	15,189,226	19%
BBRI	3,918,524	4,957,754	4,125,230	4,036,282	-2%	3%	15,896,611	15,009,040	6%
BBCA	4,514,754	4,432,595	6,790,167	4,798,965	-29%	6%	20,817,300	20,211,428	3%
Major total	13,482,378	18,510,086	17,865,204	14,955,583	-16%	11%	62,055,919	57,281,844	8%
BRIS	502,733	858,889	842,588	605,013	-28%	20%	2,805,112	2,381,530	18%

Source: Company data, Verdhana research

Fig. 6: Major banks ratios

Major banks ratio summary %
NIM	Apr-25	Dec-25	Mar-26	Apr-26
BBNI	3.6%	3.8%	3.5%	3.5%
BMRI	4.3%	4.3%	4.3%	3.9%
BBRI	6.1%	6.7%	6.2%	5.8%
BBCA	5.6%	5.5%	5.5%	5.2%
Major total	4.9%	5.1%	4.9%	4.6%
BRIS	4.8%	5.9%	5.7%	4.7%
Risk-adj NIM	Apr-25	Dec-25	Mar-26	Apr-26
BBNI	2.7%	1.3%	3.1%	2.5%
BMRI	3.8%	4.4%	3.9%	3.5%
BBRI	3.9%	4.6%	4.2%	3.6%
BBCA	5.2%	5.8%	5.0%	5.2%
Major total	3.9%	4.1%	4.0%	3.7%
BRIS	3.8%	5.3%	5.2%	4.3%
B/S ROAE	Apr-25	Dec-25	Mar-26	Apr-26
BBNI	11.3%	12.4%	16.3%	12.4%
BMRI	18.7%	34.0%	20.8%	20.8%
BBRI	16.7%	19.4%	16.1%	16.3%
BBCA	22.5%	19.7%	30.7%	22.8%
Major total	17.3%	21.4%	21.0%	18.1%
BRIS	12.8%	20.0%	19.5%	14.2%
12MMA Major Banks	19.1%	18.1%	18.3%	18.3%
12MMA BBNI	13.9%	12.7%	12.7%	12.8%
12MMA BMRI	21.2%	20.8%	21.3%	21.5%
12MMA BBRI	17.5%	16.8%	17.0%	17.0%
12MMA BBCA	23.7%	22.2%	22.0%	22.0%
B/S ROAA	Apr-25	Dec-25	Mar-26	Apr-26
BBNI	1.6	1.6	1.9	1.5
BMRI	2.2	4.1	2.5	2.4
BBRI	2.5	3.1	2.5	2.4
BBCA	3.7	3.5	5.2	3.7
Major total	2.5	3.2	3.0	2.5
BRIS	1.5	2.3	2.2	1.6
12MMA Major Banks	3.0	2.8	2.7	2.7
12MMA BBNI	2.0	1.8	1.7	1.7
12MMA BMRI	2.8	2.6	2.6	2.6
12MMA BBRI	2.8	2.6	2.7	2.6
12MMA BBCA	4.1	3.9	3.8	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 - YTD Apr-26 results summary

YTD Apr-26 results summary

Fig. 1: Deposit and loan growths

Fig. 2: P&L comparisons

Fig. 3: Combined major banks

Fig. 4: Balance sheet comparisons

Fig. 5: P&L comparisons

Fig. 6: Major banks ratios

Fig. 7: Bank-only NIM (%)

Fig. 8: NIM vs LDR

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 - YTD Apr-26 results summary

Fig. 1: Deposit and loan growths

Fig. 2: P&L comparisons

Fig. 3: Combined major banks

Fig. 4: Balance sheet comparisons

Fig. 5: P&L comparisons

Fig. 6: Major banks ratios

Fig. 7: Bank-only NIM (%)

Fig. 8: NIM vs LDR

Fig. 9: Stabilizing CoF %

Fig. 10: Bank-only LLR %

Related Books

Password

Embed Code

Report Issue

Site Languages