Bank Negara Indonesia (BBNI.JK): BBNI 8M26 in - line: Clarity on SAL placement amidst funding competition

Research evidence excerpt

Flash |

15 Sep 2026 18:38:40 ET │ 11 pages

Bank Negara Indonesia (BBNI.JK)

BBNI 8M26 in-line: Clarity on SAL placement amidst funding

competition

CITI'S TAKE

BBNI reported in-line Aug26 NPAT of Rp1.8tn, +17%YoY and 8M26 at 67%

of FY26E consensus. Loan growth +27%YoY/+0.7%MoM/+10.7%YTD

(excluding Agrinas, +20%YoY; guidance 8-10%YoY). NIM 3.1% -0.1%MoM

(vs 2Q26: 3.4%) driven by CoF 3.7% +0.1%MoM, slightly offset by asset

yield 6.2% +0.1%MoM. Elevated CoF from heightened funding

competition with time deposits +64%yoy/+2.3%mom driven by MOF’s

SAL liquidity replacement; The Government has confirmed Rp55tn of the

SAL placement (currently Rp95.6tn) will be extended until late 1Q27, with

the rest gradually withdrawn throughout 4Q26. LDR at 86.9% +1.4%MoM.

Asset quality improved with credit costs 0.6% -0.2%MoM (2Q26: 1.2%).

8M26 credit costs of 1.0% within guidance of 1.0-1.2%. LaR improved to

7.9% (vs 8M25: 10.9%). Opex +13%yoy (vs 8M26: +13%yoy) driven by

frontloaded costs and management committed to FY26e opex growth

guidance within single-digit growth. Maintain Buy as valuation remains

attractive at 0.7x FY27e PBV and 12% ROE amidst soft sentiments.

Buy

Price (15 Sep 26 16:00)

Rp3,750

Target price

Rp5,400

Expected share price

44.0%

return

Expected dividend yield

7.6%

Expected total return

51.6%

Market Cap

Rp138,466,274M

US$7,847M

Ferry Wong, CFAAC