BBRI - 9M25 earnings: in line with our forecast, yet below consensus

KBVS Update
Monday, 1 November 2025

BBRI – 9M25 earnings: in line with our forecast, yet below consensus
(Maintain BUY; TP: IDR4,470)

* 9M25 earnings came in line with our ‘25F PATMI for BBRI and slightly below cons. forecast (71.1%/69.8%). Total loan (+6.3% yoy) beating our expectation, while TPF mainly supported by robust CASA.

* NIM hitting ‘25F management upper range guidance of 7.3%-7.7% and 50bps surpassing our ‘25F NIM for BBRI. Gross NPL well-managed. The CoC saw a superb improvement, arriving better than management guidance of 3.0%-3.2% and beating our ‘25F CoC for the bank.

* We are rolling over BBRIS’s valuation to '26F. Stronger loan growth becoming the primary engine to counteract the anticipated softening in loan yield. The forthcoming environment expectation, characterized by milder liquidity competition and a low-interest rate backdrop, is set to favorably impact BBRI's NIM.

* We anticipate ‘26F will be better, or at minimum present fewer headwinds, compared to the challenges in FY24 and FY25. This improved operating landscape is projected to enable the bank to maintain its key risk metrics at a healthier level, underscoring resilience in credit quality.

* Maintain BUY BBRI, GGM-based TP of IDR4,470 (2.1x ’25F P/B) while currently at slightly below its -1SD of 2.0x ‘25F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team