BRIS - Solid 7M26 Earnings Reinforce a Stronger 9M26 Outlook

KBVS Update
Tuesday, 1 September 2026

BRIS – Solid 7M26 Earnings Reinforce a Stronger 9M26 Outlook  
(Maintain BUY; TP: IDR2,430)

* 7M26 bank-only net profit growth (+13.2% YoY), tracking in line with our and street estimates (55.3%/54.0% vs. 56.0%). Total financing (+16.1% YoY). Total TPF surged +26.8% YoY powered by was CASA expansion  (+21.9% YoY).

* CoC dropping -51bps YoY (well within <1% guidance). Despite mild NIM compression to 5.27%, a 51bps drop in funding costs (2.24%) and selected loan yield repricing expectation, setting up a solid foundation for '9M26F earnings even against our conservative forecast (+8.9% YoY vs. street’s +10.3%).

* Maintain BUY TP IDR2,430 (2.0x ‘26F P/B); currently (1.4x), trades slightly above -2SD of 1.3x ‘26F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team