BBNI - Inline FY25 earnings

KBVS Update
Tuesday, 3 February 2026

BBNI: Inline FY25 earnings
(Maintain BUY; TP: IDR5,110)

* FY25 earnings arrive inline within our and cons projection (97.4%/96.7%), while 4Q25 PATMI beats our forecast. Robust loans continues (+15.9% yoy, 10.8% qoq), coupled with strong TPF growth (+29.2% yoy, 11.4% qoq) driven by solid CASA (+28.9% yoy, +18.4% qoq).

* Sustained NIM pressure in a challenging year is acceptable (NIM FY25: -0.4% yoy to 3.8%). Yet, BBNI started to benefit from more materialized rate cut transmissions and recorded a 30 bps NIM expansion to 3.9% in 4Q25, surpassing guidance and our expectation. Higher credit cost to maintain resilient reserves is also tolerable, in our view (+10 bps yoy, +40 bps qoq). Improving NPL continues, coming in at 1.9% (-0.1 yoy, -0.1 qoq).

* The bank has officially announced its ‘26F guidance: (1) loan growth at 8-10% yoy, (2) NIM within the range of 3.5-3.8%, and (3) CoC at 1.0-1.2%. Maintain BUY, GGM-based TP of IDR 5,110 (1.1x '26F P/B), while currently at its -1SD of 0.9x ‘26F P/B

Regards,
Akhmad Nurcahyadi - KBVS Research