BRIS - Profit in May25

BRIS - Profit in May25 Bank Syariah Indonesia (BRIS) recorded a net profit of IDR2.90 tn for the year until May 2025. BSI's net profit grew by 5.02% yoy. The total financing of the issuer with the code BRIS reached IDR291.39 tn, growing by 15.01% yoy as of May 2025. Furthermore, the provisioning or reserve costs have also pressured financial performance with a high growth rate of 33.47% yoy to IDR1.22 tn. This is also reflected in the cost of credit (CoC) ratio at 1.04% or slightly above the 1% threshold, as expected by BSI itself. (Source : Investor Daily) Comment : In all, 5M25 earnings run rate came in line at 37.2% vs. 40%. The net income growth of 5% yoy, propelled by a jump in front-loaded impairment. Strong P&L across the board. Total loans climbed 15% yoy hitting management's 2025 guidance of 14-16%. Total TPF grew 9.2% yoy supported by CASA growth of 6.9% yoy. Notably, both loan and TPF growth significantly outpaced the broader banking system's 5M25 performance. BRIS is the #2 bank in 5M25 net income growth (behind BBCA IJ). We reiterate our BUY rating GGM-based TP of IDR 3,670 (3.3x ‘25F P/B).