Moderate loan growth to improve asset quality. BBRI’s loan grew 6% YoY to IDR 1,438 trillion in 9M25. Loan growth was supported by corporate loans (+39.7% YoY) and commercial, small, micro, and enterprise (CSME) loans (+20.6% YoY).

Meanwhile, microloans, as the primary contributor to BBRI’s revenue (44%), booked lower growth (+4.8% YoY). This aligns with BBRI’s efforts to improve the quality of its disbursed loans.

In terms of margin, BBRI’s Net Interest Margin was 7.7% (-20 bps YoY) in 9M25 but still in line with management guidelines of (7.3%-7.7%) for 2025.

Current Account Savings Account (CASA) grew 8% YoY to IDR 997.6 trillion in 9M25. The CASA ratio was 67.6% in 9M25, higher than 64.2% in 9M25, and total third-party funds reached IDR 1,475 trillion (+8.2% YoY) in 9M25.

The increase in CASA optimized BBRI’s cost of funds reduced it from 3.6% in FY24 to 3.4% in 9M25. Meanwhile, the cost of credit still increased slightly from 3.2% in 2024 to 3.3% in 9M25.

With BBRI’s performance in line with our expectations, we maintain our Buy rating for BBRI with the same projection and fair value as in the previous BBRI company update, IDR 4,710/share.

By PHINTRACO SEKURITAS | Research
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