BBNI - 8M25 earnings: inline with our ‘25F, below consensus

KBVS Update
Wednesday, 1 Oct 2025

BBNI: 8M25 earnings: inline with our ‘25F, below consensus
(Maintain BUY; TP: IDR5,110)

* Despite the headwinds, BBNI’s 8M25 earnings run-rate of 66.2% precisely hit our ‘25F of 66.0%. However, this significantly trailed consensus estimates of 61.4%.

* Total loan growth remained steady at 8.2% yoy, inline with management guidance range and around 118bps beating our 25F loan growth for the bank. Third-party funds surged +16.6% yoy, powered by a 20.7% yoy jump in CASA.

* Average YTD NIM (3.83%) remains on target (BNI ‘25F aspiration ≥3.8% and beating our ‘25F of 3.7%). Credit cost is contained at 0.91% (BBNI ‘25F: ±1%, KBVs: 1.0%).

* Our forward-looking assessment hinges on the forthcoming 9M25 earnings releases, which are anticipated to be the crucial catalyst needed to verify the intrinsic valuation for FY25. Maintain BUY, GGM-based TP of IDR 5,110 (1.1x '25F P/B), while currently trading at its -1SD of 0.9x.

Regards,
Akhmad Nurcahyadi - KBVS Research