BNGA booked revenue growth of 4.6% YoY to Rp12.4 trillion in 6M25. This growth was overshadowed by a higher increase in interest expense (+11% YoY) to Rp5.8 trillion in 6M25.Consequently, BNGA’s net profit grew slightly (1.4% YoY) to Rp3.45 trillion in 6M25.

BNGA has increased its Dividend Payout Ratio (DPR) to 60% starting in fiscal year 2024, higher than the average DPR of 47% over the past three years.

BNGA’s loans grew 6.8% YoY with gross Non-Performing Loans (NPL) decreasing 20 bps YoY to 1.88% in 6M25.

Current Account Saving Accounts (CASA) grew 10.9% YoY to Rp180.6 trillion, driving Third Party Funds growth by 4.8% YoY to Rp262 trillion in 6M25.

BNGA aims to drive consumer loan growth by focusing on larger revenue streams. This effort is being taken to offset the impact of slower macroeconomic conditions.

BNGA’s consumer loans will focus on motor vehicle loans, unsecured loans, and medium-sized loans for SMEs. With this strategy, combined with BNGA’s performance and improved DPR, we estimate net profit growth of 5% to IDR 7.2 trillion in FY25F.

Therefore, we maintain our Buy rating for BNGA, with the same projection and fair value as in our previous company update, namely 2040, with a potential upside of 19.65%.

By PHINTRACO SEKURITAS | Research
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