BBNI - Inline 1H26; NIM above, NPL flat & CoC inline

KBVS Update
Wednesday, 5 August 2026

BBNI - Inline 1H26; NIM above, NPL flat & CoC inline
(Maintain BUY - GGM TP IDR4,720)

* 1H26 earnings reached IDR10.75 tn (+6.6% YoY), hitting 50.6%/49.8% of our and street expectation (inline). Total loans surged +24.4% YoY to IDR968.5 tn, nearly double the industry average (12.6%) and beating ‘26F guidance (8–10%). CASA expanded +11.2% YoY.

* CoF down to 2.56%, while NIM held at 3.6%, comfortably beating ‘26F new guidance (3.3–3.5%). Gross NPL remained flat at 1.9% (198.3% coverage), while CoC stayed disciplined at 1.1% (within '26F expectation: 1.0–1.2%).

* Maintain BUY TP of IDR4,720 (1.0x ’26F P/B), while currently (0.8x ’26F P/B) it is attractively traded at its -2SD ‘26F P/B.

Sincerely,
Akhmad Nurcahyadi - KBVS Research