BBNI’s net profit grew 1% YoY (4.4% QoQ) to IDR 5.4 trillion in 3M25. BBNI’s net interest income rose 4.7% YoY but declined 10.9% QoQ in 3M25.

The increase in interest expenses, which outpaced interest income, pressured BBNI’s interest margin (interest income +5.3% YoY vs. interest expense +6.2% YoY in 3M25).

Moderation of Term Deposits (TD) rate and growth of the Current Account Saving Account (CASA) can potentially optimize BBNI’s performance in FY25F.

BBNI’s TD rates have continued to rise in line with increases in the benchmark interest
rate. BBNI’s TD rates for 2022–2024 were (3.32%, 4.65%, and 4.82%).Thus, we believe that with a decline in the BI rate, BBNI’s TD rate could also moderate by around ±1% in 2025F

With BBNI’s 3M35 performance slightly below our expectations, we lower our FY25F projection. However, we maintain our BUY rating for BBNI with a lower estimated fair value of 5.325 (8.29x expected P/E) and a potential upside of 27.09%.

By PHINTRACO SEKURITAS | Research
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