BBTN - FY25 earnings above; expect CoF to stay low

KBVS update
Friday, 20 February 2026

FY25 earnings above; expect CoF to stay low
(Maintain BUY; TP: IDR1,530)

* BBTN reported a solid beat in FY25 results from top to bottom. FY25 PATMI arriving above our and cons. ‘25F forecast. Total loan and TPF surpassing ‘25F, while CoC and gross NPL came in line. BBTN’s ‘26F guidance sound acceptable, in our view.

* The bank is positioned for sustained growth, driven by an expected uptick in both subsidized and non-subsidized mortgage.

* NIM expansion is likely to persist, supported by more materialized rate cuts transmission to funding cost. Well managed risk metrics also potentially remain intact. We will revisit our BBTN ‘26F numbers to justify the FY25 audited numbers and better-than-expected FY25 earnings.

* Maintain BUY, GGM-based TP of IDR1,530 (0.4x ‘26F P/B), currently trades at below -1SD of 0.5x 26F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team