BBTN booked an interest income of IDR8.2 trillion, growing by 7% YoY in 3M25. Interest Expense decreased 0.3% YoY to IDR4.4 trillion, with Operating Profit Before Provision (PPOP) of IDR2.13 trillion (+17.3% YoY) in 3M25.

BBTN Loan grew 5.5% YoY to IDR363 trillion in 3M25. Mortgage growth, which rose 7.8% YoY in 3M25, supported this growth. Where housing loans still dominate BBTN’s loan distribution (79% in 3M25).

Regarding asset quality, Loan at Risk (LAR) fell 127 bps YoY to 20.3% in 3M25, although there was an increase in gross NonPerforming Loans (NPL).

Current Account Saving Account (CASA) ratio grew 120 bps YoY in 3M25. BBTN booked total Third Party Funds of IDR385 trillion (+7.5% YoY) in 3M25. Meanwhile, BBTN’s CASA was booked at IDR197 trillion (+10.1% YoY) and deposits at IDR188 trillion (+5% YoY).

The significant growth in CASA is an effort to reduce the negative impact of high interest rate conditions on the Cost of funds (CoF).

BBTN 3M25 performance aligns with our FY25F estimate in the previous Company Update. So, we maintain our Buy rating for BBTN with a fair value of 1,250. Thus, the potential upside becomes 20.77%.

By PHINTRACO SEKURITAS | Research
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