BBRI - Portfolio Shift Pays Off: +17.5% YoY 1H26 Earnings, In Line

KBVS Update
Wednesday, 2 September 2026

BBRI – Portfolio Shift Pays Off: +17.5% YoY 1H26 Earnings, In Line
(Maintain BUY; TP: IDR4,010)

* 1H26 net income grew +17.5% YoY (+21.5% QoQ) driven by stronger net interest income, manageable operating expenses and prudent provisions, came in line with our/street ‘26F expectations (51.9%/51.3%, vs. hist. of 50.8%).

* Total loans expanded +16.2% YoY, led by rapid growth in corporate (+47.1% YoY) and commercial (+58.1% YoY). Total deposits grew +6.7% YoY, powered by strong CASA growth (+10.1% YoY*). Meanwhile, TD remained near-flat (+0.2% YoY).  Gross NPL eased to 2.9%, CoC fell to 3.1%, and ROE expanded  to 18.8%.

* Maintain BUY TP IDR4,010 (1.8x ‘26F P/B); while currently (1.6x) trades above its -2SD at 1.3x ‘26F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team