BRIS - Another inline earnings in FY25

KBVS Update
Wednesday. 11 February 2026

BRIS – Another inline earnings in FY25
(Maintain BUY; TP: IDR3,670)

* BRIS continue delivering a healthy earnings performance amid the 2025 challenging year. Solid high loan yield coupled with enjoying softer funding cost has brought its net margin income grew by 9.92% yoy to IDR 19.04tn. Robust fee-based income and well managed provisions has overall help bottom line grew by 8.02% yoy to IDR 7.56tn, arriving in line with our and consensus forecast at 97%/98%.

* Sturdy financing remains, grew by 14.49% yoy to IDR 318.84tn, thanks to a persistent solid growth driver from consumer, payroll based and with a significant help from gold business and wholesale segment. Total TPF continue standout, grew by 16.20% yoy to IDR 380.48tn, driven by vigorous CASA growth (19.09% yoy). What’s more, key risk performance also landed within ‘25F forecast.

* BRIS has officially announced ‘26F guidance: (1) loan growth: 14-16% yoy, (2) NIM: >5.50%, and (3) CoC: <1.00%.

* Maintain BUY GGM-based TP of IDR 3,670 (2.8x ‘26F P/B), while currently traded at 1.9x ‘26F P/B or slightly above -1SD.

Regards,
Akhmad Nurcahyadi - KBVS Research team