BMRI - 1H26 Beat on Solid PPoP and Resilient Asset Quality

KBVS Update 
Monday, 27 July 2026

BMRI: 1H26 Beat on Solid PPoP and Resilient Asset Quality
(Maintain BUY; GGM TP: IDR5,660)

* 1H26 PATMI surged +24.4% YoY, beating our (53.8%) and street forecast (53.1%), driven by robust PPoP (+19.9% YoY) and a 12.5% YoY drop in provisions. Total loan growth expanded +18.8% YoY (led by corporate and commercial). Total TPF grew strong at +17.1% YoY (CASA +5.69% YoY).

* NIM at 4.56% (-25bps YoY), came in line with ‘26F guidance (4.3%-4.5%). Resilient AQ remains intact (NPL 1.01% vs. 1.10%), bringing the CoC of 0.61% also in line (0.6%-0.8%). Robust non-II, solid CIR, and sustained resilient AQ will overall safeguard ‘26F earnings growth.

* Maintain a BUY GGM-based TP of IDR5,660 (1.8x '26F P/B), currently (1.3x) at slightly above -2SD of 1.2x ‘26F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research