BRIS - Another inline earnings in 9M25

KBVS Update
Friday, 31 October 2025

BRIS - Another inline earnings in 9M25
(Maintain BUY; TP: IDR3,670)

* BRIS delivered a healthy earnings performance for 9M25 (+9.0% yoy) amid the sector pressure, arriving inline with our and cons. forecast (run-rate: 71.2%/71.9%).

* Financing portfolio outpaced the industry with a robust 12.7% yoy expansion. consumer segment remains as the core engine, surging 15.0% yoy, * thanks to notable standout from its *gold business, growing by 72.8% yoy with a high yield of 12.9%. Defying liquidity headwinds, BRIS TPF grew by 15.6% yoy (CASA: 11.4% yoy).

* Despite its peers struggling to record a steady margin, the bank continue standout with NIM expanded to 5.64%, staying within ‘25F guidance (5.5%-5.9%). Gross NPF consistently compressed to 1.84% (1.97% in Sept24), while CoC is exceptionally contained at 0.86% (0.97% in Sept24), underscoring rigorous risk management.

* Valuation is rolled over to '26F. We expect to see a steady solid CASA and continued robust loan growth fueled by high-yield segments, leading to stable PPoP growth. Maintain *BUY GGM-based TP of IDR 3,670 (3.3x ‘25F P/B), currently at its avg. hist. mean of 2.3x ‘25F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team