BBTN booked interest income of IDR 26.58 trillion, which rose 18.8% YoY in 9M25. Meanwhile, interest expense increased only 2.5% YoY to IDR 13.82 trillion, while provision expense increased 230.4% to IDR 4.48 trillion in 9M25.

We estimate Interest income can grow 16.5% YoY and Net profit can grow 14.4% YoY to IDR 3.44 trillion in FY25E.

BTN Syariah is expected to be established as a new subsidiary of BBTN in December 2025. Therefore, this spin-off will not negatively impact BBTN as it will still be consolidated into BBTN.

Focusing on developing housing-related high-yield loans. BBTN is focused on increasing corporate loans related to the housing sector. Furthermore, BBNI is focused on driving sustainable housing loan growth through KUR and KAR, as well as selective expansion into non-subsidized, emerging affluent segments.

In line with BBTN’s solid performance, we raised the fair value of BBTN shares to Rp1,315 (from Rp1,250) and maintained a Hold recommendation, reflecting the rising share price. BBTN currently trades at a PBV of 0.49x, below its five-year average PBV of 0.79x.

By PHINTRACO SEKURITAS | Research
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