BBNI - Profit reaches IDR3.41 tn in Feb26

BBNI - Profit reaches IDR3.41 tn in Feb26 Bank Negara Indonesia Persero (BBNI) successfully maintained profit growth in the second month of 2026. Based on the latest financial report, BNI recorded a net profit for the current year on a bank-only basis of IDR3.41 tn, an increase of 3.67% yoy. The achievement is in line with the positive performance in the bank's interest income position. During this period, BNI recorded a 14.01% yoy growth in interest income to IDR11.96 tn, while interest expenses rose 13.87% yoy to IDR4.99 tn. However, the impairment charge surged 51.91% yoy to IDR1.47 tn. As a result, the bank's operational profit grew more modestly, at 4.9% yoy to IDR4.13 tn. From the intermediation side, BNI recorded credit distribution IDR882.22 tn as of February 2026, growing 18.9% yoy. The growth of third-party funds (DPK) also looks robust, rising 40.95% yoy to IDR1,092.24 tn. Its composition is dominated by CA reaching IDR439.19 tn, followed by deposits of IDR376.14 tn and savings of IDR276.89 tn. (Source : Kontan) Comment : Despite the robust loan growth, we view that TPF spike could tells a more complex story. However, we think BNI is leaning into the gas pedal. They are growing their balance sheet significantly and seeing strong interest income. We like BBNI’s continuing effort to maintain its asset quality and earnings position, through aggressively increasing their reserves for bad loans. It’s a "growth with a safety net" strategy—expanding quickly but keeping a very close eye on risk. Maintain BUY, GGM-based TP of IDR5,110 (1.0x ’26F P/B).