BBTN - Targets 15% increase in digital transactions during Ramadan

BBTN - Targets 15% increase in digital transactions during Ramadan Bank Tabungan Negara (BBTN) sees a trend of increasing digital transactions leading up to Ramadan this year. This increase is in line with the changing behavior of customers who increasingly rely on digital banking services for various daily transaction needs. SEVP Digital Business BTN, Thomas Wahyudi, said that until mid-February 2026, the company's digital transaction activities recorded double-digit monthly growth. As Ramadan approaches, we are seeing a consistent acceleration in digital transactions. By mid-February, BTN's digital transaction activities grew by more than 10% month to month. The main drivers are the increase in payment and shopping needs, the rise in bill payments, and the expanding transactions at merchants thru Bale by BTN and QRIS. Seeing this trend, BTN targets digital transactions during the Ramadan to Eid al-Fitr period this year to grow by more than 15% compared to the same period last year. The success of the Ramadan digital target will likely validate BBTN's transition from a specialized mortgage lender to a competitive transactional retail bank. If the 15% target is met, it will provide a strong foundation for the bank's Q1 and Q2 2026 earnings reports, potentially driving the stock price toward analyst targets as the market rewards higher-quality, non-interest income. (Source : Kontan) Comment : Hitting this 15% growth target during Ramadan would be a massive "proof of concept" moment for BTN. For the longest time, most people have viewed them strictly as "the mortgage bank," but this shift shows they are finally becoming a serious contender in everyday retail banking. By getting customers to use the balé by BTN app for everything—from paying Zakat and booking mudik tickets to grabbing a coffee—BTN is moving away from being as the mortgage bank to becoming a part of people's daily lives. Maintain BUY, GGM-based TP of IDR1,530 (0.4x ‘26F P/B).