Bank Rakyat Indonesia (BBRI.JK): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

Bank Rakyat Indonesia (BBRI.JK): Asia Financials Corporate Day Takeaways

Equity Research

23 June 2026 | 5:19PM SGT

Bank Rakyat Indonesia (BBRI.JK): Asia Financials Corporate Day

Takeaways

Melissa Kuang, CFA

+65-6889-2869 |

melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

Wayne Wang

+65-6889-2866 |

wayne.q.wang@gs.com

Bottom line:

We hosted BBRI’s investor relations team at our Asia Financial Corporate Day. Overall,

the tone was more cautious on the near-term outlook, with management

highlighting pressures from tighter liquidity and a rising rate environment; that said,

BBRI noted asset quality remains manageable with continued improvements in

micro. Other highlights include: (1) NIM is likely to face pressure from higher funding

costs and tighter liquidity, with potential revision to guidance given more than

expected rate hikes; (2) loan growth remains decent but could moderate as demand

softens and the bank takes a more cautious stance; (3) asset quality continues to

improve in the micro segment but overall positioning remains prudent; and (4)

dividend payout will remain elevated this year before normalising towards a 50 to

60% range over time.

Key takeaways:

n Net interest margins are expected to come under pressure as funding

conditions tighten. While cost of funds was stable through April, liquidity has

tightened more recently, driven by higher central bank issuance of SRBI’s and

stronger competition for deposits. Management flagged that current NIM

guidance may need to be revisited, as previous assumptions only incorporated on

the low end of guidance 2 hikes totaling 50bps with total hikes today of 100bps.

On the asset side, the ability to reprice remains selective, which limits the ability

to offset higher funding costs.