BBNI - Targets 13% yoy growth in home loans by 2026

BBNI - Targets 13% yoy growth in home loans by 2026 Bank Negara Indonesia (BBNI) is optimistic about achieving outstanding performance in Home Ownership Loans (KPR) by 2026. This state-owned bank sees brighter prospects for the property industry, supported by government programs and incentives. Dewi Julianti, Head of the Sales Strategy and Execution Division at BNI, revealed that the company aims to disburse mortgages or new bookings totaling IDR24 tn this year. With this figure, BNI's total mortgage portfolio is expected to grow by 13% yoy to IDR81 tn by the end of 2026. As of the end of 2025, BNI recorded outstanding mortgages of IDR71.9 tn. This figure represents an 8.1% increase compared to the previous year's IDR66.5 tn. (Source : Kontan) Comment : BBNI is clearly shifting into a higher gear for 2026. Pivoting from 8.1% yoy growth rate in 2025 to an ambitious 13% yoy target is a bold statement, in our view. To pull this off, we believe the strategy hinges on aggressive mortgage yield cuts and keeping promotional fixed rates on the table longer to lure in buyers without compromising portfolio health (entering the floating rate). While BNI’s massive branch network gives them the "boots on the ground" needed for fast execution—and government tailwinds offer an extra boost—the real X-factor remains the middle class's appetite for big-ticket spending. Despite the bank's optimism, we’re staying a bit more grounded with a conservative growth forecast of 7%–9% yoy for BBNI’s housing loans. We maintain a BUY rating, GGM-based TP of IDR 5,110 (1.0x ’26F P/B).