BDMN’s net profit grew 12% YoY to Rp1.6 trillion in 6M25. This growth was in line with the increase in Interest income by 3.6% YoY to Rp11.6 trillion, as well as a decrease in provision expenses by 17% YoY to Rp2.05 trillion in 6M25.

BDMN’s disbursed loans grew 6% YoY to IDR 176.6 trillion in 6M25. The wholesale segment contributed the most significant amount, reaching IDR 116.4 trillion, or 61% of total loans in 6M25.

In terms of asset quality, Gross NPL decreased 40 bps YoY to 1.8% in 6M25, the lowest compared to peers, and showing a downward trend since 2020.

Interest income is estimated to grow by around 11% YoY to Rp3.7 trillion in FY25F. BDMN remains focused on its integration strategy as a financial group.

Auto retail financing (synergy loans with ADMF) grew 58% YoY to Rp980 billion. This achievement was driven by the holding of the IIMS in Surabaya. IIMS recorded an 11% YoY growth in orders with a 7% YoY increase in visitor numbers.

Thus, it can record optimal performance amidst the slowdown in the automotive sector. In addition, BDMN also synergized with Home Credit Indonesia in promoting the iPhone 16 in Indonesia.

We maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update 2810, with potential upside 16.12%.

By PHINTRACO SEKURITAS | Research
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