Quick Note - Indonesia banks - YTD Apr-26 results summary

研报英文原文证据摘录

Quick Note - Indonesia banks - YTD Apr-26 results summary

Nomura Securities Malaysia Sdn Bhd

11 June 2026Indonesia banks

EQUITY: BANKS

YTD Apr-26 results summary Research Analysts

Indonesia Research Team

Tushar Mohata, CFA - NSMQuick Note tushar.mohata@nomura.com

+60(3)20276895Indonesia’s major banks — BBCA IJ, BMRI IJ, BRIS IJ, BBNI IJ and BBRI IJ (all rated

Buy) reported bank-only YTD Apr-26 results, which were broadly in line with our Onshore expert

expectations. Encouragingly, current trends suggest earnings are tracking in line with, or

modestly ahead of, our FY26F forecasts. Erwin Wijaya (erwin.wijaya@verdhana.id)

Although asset yields have continued to compress, funding costs appear to have Theonshoreexperts,whoare

stabilized. The average monthly cost of funds (CoF) across the major banks has employedbyPTVerdhanaSekuritas

moderated to ~2.2% (-40bp y-y) and has largely plateaued in recent months. However, as Indonesia(“Verdhana”)andarenot

Bank Indonesia (BI) had recently announced a policy package to defend the IDR licensedoutsideIndonesia,have

exchange rate (refer to our previous note titled “BI’sfive-pointstabilizationpackage”), we contributedtothecontentofthis

reportunderapartnershipagreementexpect CoF to gradually increase in 2H26F.

betweenNomuraandVerdhana.

Among the group, BBCA, BMRI and BRIS remain our top picks, supported by resilient

earnings, strong CASA franchises, and solid earnings quality. In addition, we believe

BBCA, BMRI and BBNI may benefit from lending rate repricing – as the banks' NIMs

exhibit a positive correlation with SRBI yields, suggesting their floating-rate asset books

are well-positioned to reprice upward in a rising rate environment. BRIS' NIM has