Quick Note - Bank Syariah Indonesia (BRIS IJ) (Buy) - Solid 1Q26 results

研报英文原文证据摘录

Quick Note - Bank Syariah Indonesia (BRIS IJ) (Buy) - Solid 1Q26 results

Nomura Securities Malaysia Sdn Bhd

Bank Syariah Indonesia BRIS.JK BRIS IJ 13 May 2026

EQUITY: BANKS

RatingSolid 1Q26 results Remains Buy

Target price IDR 3,250 RemainsQuick Note

Closing priceBRIS delivered a solid set of consolidated 1Q26 results, tracking in line with our FY26F 12 May 2026 IDR 1,855

consolidated earnings forecast. Net profit came in at IDR2.2tn (+17% y-y) with resilient

asset quality and improved cost efficiency. We expect BRIS to continue delivering higher

financing growth than the sector average, and stable funding costs, which should ease the Research Analysts

pressure on NFM (net financing margin). Return on average equity (ROAE) reached Indonesia Research Team17.1%, up from 16.3% in 1Q25, supported by a lower cost of credit of 0.8% (down from

Tushar Mohata, CFA - NSM1.0% in 1Q25), better provisioning efficiency post-PSAK 413 implementation, and strong tushar.mohata@nomura.com

fee-based income growth of 23% y-y, predominantly driven by gold-related products. We +60(3)20276895

believe these will be the key earnings drivers for the bank in the medium term.

Onshore expert1Q26 results summary

Erwin Wijaya (erwin.wijaya@verdhana.id)

• Net margin income (NMI) was IDR5.5tn (+16% y-y), accounting for ~24% of our

FY26F estimate. Margin income was supported by a continued decline in funding Theonshoreexperts,whoare

costs — margin expense fell 11% y-y to IDR 2.1tn — driven by BRIS's structurally low employedbyPTVerdhanaSekuritas

savings cost of funds (~0.35%), which has been stable for two consecutive years. Indonesia(“Verdhana”)andarenot

• PPOP was IDR3.5tn (+9% y-y), accounting for ~25% of our FY26F estimate, helped licensedoutsideIndonesia,have