BMRI‘s interest income grew 14.3% YoY to Rp41.95 trillion in 2Q25. Meanwhile, interest expense and operating expenses increased significantly (+26.1% YoY and +15.3%) in 2Q25.

BMRI also lowered its guidance for FY25, with its NIM target lowered to 4.8%-5% from 5.0%-5.2%, and loan growth to 8%-10% from 10%-12%.

Wholesale Business was able to maintain BMRI‘s loan growth. BMRI booked 11% YoY loan growth to Rp1.701 trillion in 6M25, with Wholesale Business contributing the largest 54% of total loans.

We estimate BMRI‘s interest income will grow 7% YoY in FY25F. Several factors, such as improving domestic consumption, downstreaming, and the government’s allocation of IDR 55 trillion in funds, have the potential to support BMRI’s loan growth.

Other revenue optimization comes from non-interest income (NII), including the adaptation of Livin’, which contributed an 11.9% YoY increase to BMRI‘s NII growth in 6M25.

With the potential for BMRI‘s performance recovery, we maintain our Buy rating for BMRI, with the same projections and fair value as in our previous company update, at IDR 6,325.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –