BDMN’s interest income grew 4% YoY to IDR5.7 trillion in 3M25. On the other hand, there was a higher increase in Interest expense (+17.6% YoY) to IDR1.89 trillion.

BDMN’s disbursed loans grew 7% YoY to IDR192.7 trillion in 3M25. The wholesale segment contributed the most, reaching IDR116.4 trillion or 60% of total loans.

Gross NPL fell 30 bps YoY to 1.9% in 3M25, the lowest compared to peers, showing a downward trend since 2020. In addition, Loan at Risk (LaR) also booked a decline of 160 bps YoY to 10.4% in 3M25.

Interest Income is estimated to grow 6% YoY to IDR15.6 trillion in FY25F. Management targets BDMN’s loan growth in 2025 of 9%-11%. BDMN focuses on specific ecosystems,
namely the Automotive, Hajj, and Education ecosystems.

Thus, we maintain our Buy rating for BDMN with the same projection and fair value as in the previous BDMN company update, which is 2810 with an upside potential of 16.12%.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –