Bank Rakyat Indonesia May-26 results in-line Quick Note

研报英文原文证据摘录

Bank Rakyat Indonesia May-26 results in-line Quick Note

Nomura Securities Malaysia Sdn Bhd

Bank Rakyat Indonesia BBRI.JK BBRI IJ 25 June 2026

EQUITY: BANKS

RatingMay-26 results in-line Remains Buy

Target price IDR 4,500 RemainsQuick Note

Closing priceBBRI has released its bank-only May-26 results, reporting headline profit of IDR4.5tn 25 June 2026 IDR 2,850

(+12% m-m; +24% y-y), bringing YTD May-26 earnings to IDR20.4tn (+10% y-y) —

equivalent to ~35% of our FY26F projection and broadly in line with our current

consolidated earnings forecast. Nevertheless, the primary area of concern remains the Research Analysts

NIM trajectory. April NIM declined meaningfully from ~6.2% in 1Q26 to 5.6%, marking a Indonesia Research Teammulti-quarter low and suggesting potential downside risk to our FY26F NIM assumption

Tushar Mohata, CFA - NSMshould the trend continue. In addition, BI’s recent rate hike could reintroduce funding cost tushar.mohata@nomura.com

pressures going forward. Given BBRI’s sizeable floating-rate micro loan portfolio, asset +60(3)20276895

yields may remain vulnerable to near-term compression, particularly if funding costs

reprice upward faster than loan yields adjust. Onshore expert

On asset quality, YTD May-26’s CoC of 3.2% remains below YTD May-25’s 3.4%, Erwin Wijaya (erwin.wijaya@verdhana.id)

suggesting some stabilization in credit costs. However, the monthly CoC uptick to 3.8% in

Theonshoreexperts,whoareMay — despite strong loan growth — indicates that stress within the micro segment, which

employedbyPTVerdhanaSekuritasbecame evident in 2025, has yet to fully normalize. Meanwhile, the government policy

Indonesia(“Verdhana”)andarenotcontinues to represent a key swing factor. Ongoing KUR (subsidized micro-credit) support licensedoutsideIndonesia,have