BTPS’s net profit grew 27% YoY to IDR 968 billion in 9M25. This growth was in line with improvements in BTPS’s asset quality, resulting in a 43% YoY decrease in provision expenses to IDR 631 billion in 9M25.

Net margin income grew 1% QoQ (-3% YoY) to IDR 3.6 trillion in 9M25. The decrease in margin income was in line with BTPS’s financing, which decreased 5% YoY to IDR 9.8 trillion in 9M25.

The decline in Loan Loss Provision (LLP) continued in 9M25. LLP decreased 43% YoY to IDR 631 billion in 9M25. BTPS began to reduce LLP to IDR 1.3 trillion in FY24 from IDR 1.8 trillion in FY23.

The decrease in the LLP aligns with management’s optimism about the quality of BTPS assets. In addition, despite the LLP reduction, Loan provision coverage continued to increase, rising to 181% in 9M25, increase from 144% in 9M25.

Therefore, we maintain our Hold rating for BTPS with the same projection and fair value as in the previous BTPS company update, namely IDR 1,490/share.

By PHINTRACO SEKURITAS | Research
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