BBNI - Inline 7M25 PATMI, yet below consensus’

KBVS Update
Wednesday, 3 September 2025

BBNI: Inline 7M25 PATMI, yet below consensus’
(Maintain BUY; TP: IDR5,110)

* BBNI's 7M25 bank only results presented a mixed picture, showing both challenges and signs of resilience. In all, BBNI 7M25 bank-only net income (-5.2% yoy) arrive in line with our expectation (57.7% vs 58.3%), yet below consensus at a run-rate of only 53.8%.

* The bank demonstrated healthy loan growth (+6.3% yoy) and proven low-cost funding strategy, thanks to robust DD segment growth of +25.7% yoy and steady low-funding cost (SA), bringing CASA growth to 19.4% yoy.

* NIM still arrive within management ‘25F NIM guidance and our expectation (BBNI: ≥3.8%, KBVS: 3.7%), amidst the continuing pressure.  Blended interest expenses has been improving to 8.8% yoy in 7M25 and far below 7M24 growth of 31.4% yoy. On key risk metric, credit cost also remains within ‘25F guidance and our forecast of ±1.0% and 1.2%, respectively. We anticipate continued NIM consistency, supported by steady and softer funding costs.

* Maintain BUY, GGM-based TP of IDR 5,110 (1.1x '25F P/B) , while currently at 0.9x ‘25F P/B or at its -1SD of 0.9x.

Regards,
Akhmad Nurcahyadi - KBVS Research