Moderate loan growth to improve asset quality. BBRI loan grew 5% YoY to IDR1,309 trillion in 3M25. This growth was supported by corporate loans (+13% YoY) and consumer loans (+9%YoY), contributing 18% and 15% to BBRI’s total revenue, respectively.

For FY25F, BBRI targets credit growth of 7%-9%; this moderate target aligns with BBRI’s efforts to maintain asset quality. For information, BBRI’s gross NPL fell 10 bps YoY to 3% in 3M25, relatively in line with the management guideline in 2025F (<3%). BBRI Interest Income +2.5% QoQ (-1.5% YoY) to IDR50.6 trillion in 3M25. With net interest income +4.1% QoQ (-1.7% YoY) to IDR36.4 trillion in 3M25, there was a decrease in interest expense by 1% YoY to IDR14.1 trillion in 3M25. In terms of margin, BBRI's Net Interest Margin (NIM) was 7.68% (+20 bps YoY) in 3M25, in line with the management guideline of (7.3%-7.7%) for 2025. Based on BBRI's 3M25 performance, we maintain our BUY rating for BBRI with a fair value of 5,325, the same as in the previous BBRI Company Update, with a potential upside of 37.24%. By PHINTRACO SEKURITAS | Research - Disclaimer On -