BBNI - In-line 5M26, thanks to solid top line and PPoP growth

KBVS Update
Tuesday, 30 June 2026

BBNI – In-line 5M26, thanks to solid top line and PPoP growth
(Maintain BUY - GGM TP IDR4,720)

* 5M26 bank-only earnings (+7.1% YoY), broadly in line with our (42.6%) and cons. (41.9%) ‘26F. Total loans (+24.5% YoY) outpaced ‘26F guidance, while TPF surged +33.2% YoY (CASA +26.8% YoY). Asset quality remains exceptionally solid, with CoC outperforming at 0.9% (vs. 1.0%–1.2% guidance).

* Deteriorating foreign sentiment and persistent domestic noise have driven a sharp sell-off, fully decoupling price from fundamentals and pushed the stock below our GGM stress-test floor of IDR3,060 (added +100bps to Rf and +240bps to ERP), indicating a rare entry point.

* Maintain BUY, with a GGM-based TP of IDR4,720 (1.0x FY26F P/B); the stock is currently trading at an attractive 0.7x FY26F P/B, below its -2SD level.

Sincerely,
Akhmad Nurcahyadi - KBVS Research