Bank Negara Indonesia (BBNI IJ) (Buy) - Apr-26 results

Apr-26 results

BBNI has released its bank-only Apr-26 results, reporting headline profit of IDR1.6tn (-26% m-m; +10% y-y), bringing YTD Apr-26 earnings to IDR7.3tn (+6% y-y) – equivalent to ~35% of our FY26F projection and broadly ahead of our current consolidated earnings forecast. We attribute the solid results to the following: (1) stable net interest margin (NIM) of 3.5% (-10bp y-y), largely driven by a slightly lower asset yield of 5.9% (-40bp y-y), and improving funding cost of 2.7% (-30bp y-y); and (2) stable credit cost of 150bp (+10bp y-y), reflecting the bank’s healthy asset quality.

Net interest income arrived at IDR3.7tn (-5% m-m; +19% y-y), bringing YTD Apr-26 NII to IDR14.4tn (+14 y-y) – accounting for ~32% of our FY26 forecast. The y-y improvement was primarily driven by a healthier funding mix – CASA ratio held firm at 69.9% (vs 72.0% a year ago) and cost of funds was lower at 2.7% – partially offset by slight NIM compression to 3.5% (-20bp y-y), reflecting competitive pricing pressure. Headline PPOP reached IDR3.0tn (-7% m-m; +17% y-y), bringing YTD Apr-26 PPOP to IDR11.7tn (+12% y-y) – accounting for ~33% of our FY26 forecast. Operating cost discipline was evident with CIR at 46.2% (vs 45.3% in April 2025), a modest deterioration but within a manageable range, in our view.

On the balance sheet, the bank booked loan and deposit growth of +21% and +26% y-y, respectively, which brought LDR to 89.9% (-340bp y-y). Loan growth was driven by government-related programs (Agrinas, unlisted) and non-bank SOEs. However, we expect loan growth to continue normalizing in subsequent months towards FY26 growth of 8-10% (according to management guidance). Deposits growth predominantly came from time deposits (TD) and current accounts (CA), which rose +35% and +31% y-y, respectively. These, in our opinion, mostly came from the government and Danantara placements.

Valuation and risks

We 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 (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.

Fig. 2: BBNI – monthly results

BNI - Monthly IDRbn	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD-26	YTD-25	Y-Y	% of FY26F	FY26F
Gross Interest Income	5,346	6,157	6,540	6,251	-4%	17%	24,748	21,577	15%	31%	79,053
Gross Interest Expenses	2,281	2,349	2,715	2,600	-4%	14%	10,314	8,943	15%	30%	34,258
NII	3,065	3,807	3,825	3,651	-5%	19%	14,433	12,634	14%	32%	44,795
PPOP	2,539	4,576	3,179	2,964	-7%	17%	11,747	10,527	12%	33%	35,734
Provision exp	737	2,553	480	970	102%	32%	2,922	2,246	30%	29%	10,142
Net profit	1,494	1,728	2,230	1,644	-26%	10%	7,290	6,872	6%	35%	21,025
Comprehensive profit	2,164	2,455	397	1,844	365%	-15%	4,739	8,281	-43%
YTD loan growth	-0.5%	15.9%	2.3%	4.1%
Y-Y loan growth	7.9%	15.9%	20.4%	21.4%
M-M loan growth	1.0%	7.3%	2.4%	1.8%
YTD deposit growth	2.4%	28.9%	5.9%	0.1%
Y-Y deposit growth	-0.9%	28.9%	34.4%	26.1%
M-M deposit growth	0.7%	7.4%	-0.9%	-5.5%
Asset yield (annualised)	6.3%	6.2%	6.0%	5.9%
COF (annualised)	3.0%	2.6%	2.8%	2.7%
NIM (annualised)	3.6%	3.8%	3.5%	3.5%			3.5%	3.7%
Credit cost (annualised)	1.2%	3.6%	0.6%	1.3%			1.0%	0.9%
Risk-adj NIM	2.4%	0.2%	2.9%	2.2%			2.8%	3.1%
LDR	93.3%	86.4%	83.4%	89.9%
LLR	5.0%	4.0%	4.0%	4.0%
CASA ratio	72.0%	70.4%	67.0%	69.9%
Monthly CIR	45.3%	46.2%	45.9%	46.2%
B/S ROAE (annualised)	11.3%	12.4%	16.3%	12.4%
B/S ROAA (annualised)	1.6%	1.6%	1.9%	1.5%
Loan-to-CASA	128.5%	114.3%	121.6%	126.3%
BBNI - B/S IDRbn	Apr-25	Dec-25	Mar-26	Apr-26	M-M	Y-Y	YTD-26	YTD-25
Total assets IDRbn	1,089,123	1,306,334	1,371,525	1,328,054	-3.2%	21.9%	1.7%	0.4%
Gross Loans IDRbn	757,579	883,013	903,340	919,502	1.8%	21.4%	4.1%	-0.5%
LLR IDRbn	37,722	35,090	35,816	36,490	1.9%	-3.3%	4.0%	-1.6%
Net loans IDRbn	719,857	847,923	867,523	883,012	1.8%	22.7%	4.1%	-0.5%
Deposits	811,640	1,021,895	1,082,423	1,023,075	-5.5%	26.1%	0.1%	2.4%
- CA IDRbn	328,824	433,720	441,496	431,147	-2.3%	31.1%	-0.6%	9.1%
- SA IDRbn	255,316	285,716	284,019	283,812	-0.1%	11.2%	-0.7%	-0.5%
- TD IDRbn	227,500	302,459	356,908	308,116	-13.7%	35.4%	1.9%	-3.0%
CASA IDRbn	584,140	719,436	725,516	714,959	-1.5%	22.4%	-0.6%	4.6%
Equities IDRbn	152,458	167,959	157,752	159,597	1.2%	4.7%	-5.0%	-3.6%

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.

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Rating Table

Rating Remains	Buy
Target price Remains	IDR 5,500
Closing price 26 May 2026	IDR 3,840

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) - Apr-26 results

Apr-26 results

Fig. 1: BBNI YTD Apr-26 y-y performance %

Fig. 2: BBNI – monthly results

Fig. 3: BBNI 12MMA CoC vs 12MMA WO %

Fig. 4: BBNI LLR vs 12MMA WO %

Rating Table

Research Analysts

yudi Administrator

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Bank Negara Indonesia (BBNI IJ) (Buy) - Apr-26 results

Fig. 1: BBNI YTD Apr-26 y-y performance %

Fig. 2: BBNI – monthly results

Fig. 3: BBNI 12MMA CoC vs 12MMA WO %

Fig. 4: BBNI LLR vs 12MMA WO %

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