BBRI - Feb26 earnings soars in Feb26

BBRI - Feb26 earnings soars in Feb26 The net profit of Bank BRI (BBRI) was recorded at IDR7.73 tn, or surged by 17.05% yoy compared to the same period last year. "Efficiency is the key for us to maintain profitability amid interest rate pressures," said BRI management on Wednesday (25/3/2026). This profit growth was driven by a 15.21% decrease in the bank's interest expense to IDR6.74 tn. BBRI successfully reduced credit losses (impairment) by 15.77% yoy to IDR7.54 tn. On the intermediation side, BRI's credit distribution grew by 10.49% yoy to IDR1,345.16 tn, while third-party funds (DPK) increased by 9.26% yoy to IDR1,508.84 tn. (Source : Kontan) Comment : BBRI’s Feb ‘26 earnings demonstrates a "defensive growth" strategy. While the top-line income faced slight pressure, the bank achieved a significant double-digit bottom-line surge through aggressive cost management and a shift toward cheaper funding. We believe ‘26F earnings potential steady growth will remains supported by the same factors. Maintain BUY BBRI, GGM-based TP of IDR 4,470 (2.0x ’26F P/B).