BBNI - Records a profit of IDR20.04 tn throughout 2025

BBNI - Records a profit of IDR20.04 tn throughout 2025 Bank Negara Indonesia (BBNI), a state-owned bank included in the Himpunan Bank Negara (Himbara), reported a net profit of Rp 20.04 trillion for the year 2025. This figure represents a 6.63% decrease compared to 2024, when BBNI's net profit was recorded at IDR21.46 tn. On the top line, BBNI's net interest income remained relatively stable at IDR40.33 tn throughout 2025, compared to IDR40.48 tn the previous year. It is known that BNI's interest income last year increased by 4.22% to IDR69.39 tn, but at the same time, interest expense also surged by 11.33% to IDR29.06 tn. The high interest burden is partly due to the increase in the cost of funds amidst high-interest rate macroeconomic conditions. In addition, the provision burden also put pressure on BNI's financial performance. Nevertheless, financial performance improved quarter by quarter. BNI's total assets increased by 20.53% to IDR1,362 tn, compared to IDR1,130 tn in the same period the previous year. The company's equity rose by 5.88% to IDR176.34 tn at the end of 2025. (Source : Cnbc Indonesia) Comment : FY25 earnings arrive within our and cons projection (97.4%/96.7%), while 4Q25 PATMI beats our forecast. A continuing moderation in blended interest expense coupled with a steady, solid funding mix and a further drop in high funding cost (TD) portion will become the crucial key to record sustained better NIM in ‘26F. Stable double-digit non-interest income tied with manageable cost to income and handy provisions is expected as an additional helper for better earnings this year. Maintain BUY, GGM-based TP of IDR 5,110 (1.1x '26F P/B).