BBNI’s interest income grew 4.8% YoY (3.9% QoQ) to IDR 51.17 trillion in 9M25. The increase in interest expense, which was higher than interest income, put pressure on BBNI’s interest margin (interest income +4.8% YoY vs. interest expense +13.0% YoY in 9M25).

In line with this, BBNI booked a 7.3% YoY decrease in net profit to IDR 15.12 trillion in 9M25.

BBNI’s loan quality remains healthy amid macroeconomic fluctuations. BBNI’s gross non-performing loans remained at 2%, with loan growing 10.5% YoY in 9M25, higher than 9.5% YoY in 9M24 and 7.1% in 2Q25.

Moderation in the Term Deposit (TD) rate and growth in the Current Account
Savings Account (CASA) could optimize BBNI’s performance in FY25E. With the BI rate cuts, BBNI’s TD rate could also moderate by ±1 % in 2025F.

Furthermore, the management of the Current Account with a special interest rate occurred in September and will be reflected in the following quarters.

Therefore, we maintain our Buy rating for BBNI, with a fair value of IDR 5325, the same as in BBNI’s previous company update.

By PHINTRACO SEKURITAS | Research
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