BBTN - Digital transactions to reach 2.4 bn by 2025, here's the ‘26F target

BBTN - Digital transactions to reach 2.4 bn by 2025, here's the ‘26F target Bank Tabungan Negara (BTN) recorded a significant surge in digital transaction activity throughout 2025. SEVP Digital Business BTN Thomas Wahyudi revealed that the frequency of BTN's digital transactions exceeded 2.4 bn transactions (77% yoy). In terms of value, the volume of BTN's digital transactions reached over IDR176.2 tn (12% yoy). According to Thomas, this growth indicates that digital channels are increasingly becoming the mainstay for BTN customers in meeting their various transaction needs. In 2025, BTN’s digital fee-based income grew over 12% yoy, driven largely by the Balé Super App. Key revenue contributors included BI-Fast transfers, bill payments, and QRIS transactions. For 2026, the bank aims to accelerate this growth, targeting a 30% increase in digital fee income and a 50% surge in transaction volume by optimizing features to better meet customer needs. (Source : Kontan) Comment : We like BBTN transformation to capture the digital banking momentum. Its proven digital transaction and value should play vital role and continuously provide significant contribution to both transaction and non-interest income in the ongoing period. Better banking experience transaction and higher customer satisfaction should become as another meaningful growth catalyst in ‘26F. We also view that BBTN’s aggressive ‘26F digital transaction expectation (50% yoy) sound achievable. Maintain BUY BBTN, GGM-based TP of IDR1,530 (0.4x ’26F P/B).