2Q26 – Fee and cost discipline offset NIM pressure; 3Q26 likely marks the trough

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2Q26 – Fee and cost discipline offset NIM pressure; 3Q26 likely marks the trough

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Bank Mandiri

2Q26 – Fee and cost discipline offset NIM

pressure; 3Q26 likely marks the trough

Maintain Rating: BUY | PO: 5,900 IDR | Price: 4,380 IDR

2Q26 – Fee-income strength offsets NIM pressure 24 July 2026

BMRI reported 2Q26 net profit of Rp15.0tn (-2.3% QoQ / +33.5% YoY). Earnings Equity

remained resilient despite tighter liquidity conditions, supported by healthy loan growth

(+3.9% QoQ), strong non-interest income and cost discipline. However, pressure from Sukriti Bansal >> Research Analyst

lower-yield corporate and SOE-related lending, alongside higher CoF, resulted in NIM Merrill Lynch (Singapore)

compression during the qtr. Fee-income trends remained encouraging. Overall, it was a +65sukriti.bansal@bofa.com6678 0454

mixed quarter, with resilient profitability offset by continued margin pressure. Aiden Chionh >>

NIM guidance revised lower management lowered FY26 NIM guidance to 4.3%-4.5% Research Analyst

Merrill Lynch (Singapore)

(vs. prior 4.5%-4.7%) on tighter liquidity, higher funding costs and continued pressure +65 6678 5539

from lower-yield corporate lending. Mgmt. expects peak funding-cost pressure to persist aiden.chionh2@bofa.com

through 3Q26, which should mark the trough for NIMs, as loan repricing continues.

Maintain Buy: We continue to see attractive risk-reward at current valuations (1.3x P/B,

7x P/E). While NIM pressure remains a near-term overhang, BMRI continues to Stock Data

differentiate itself through strong fee-income generation, resilient asset quality and a

best-in-class digital franchise. We remain constructive on the medium-term outlook. Price 4,380 IDR

Price Objective 5,900 IDR