BMRI’s interest income grew 10.5% YoY to IDR 122.30 trillion in 9M25. This growth was accompanied by a higher increase in interest expenses (+22.9% YoY) to IDR 44.04 trillion in 9M25.

Furthermore, there was a 57.5% YoY increase in other expenses in 9M25, resulting in BMRI’s net profit declining annually but improving quarterly. Net profit decreased -10.2% YoY to IDR 37.73 trillion in 9M25, growing 17.9% QoQ in 3Q25.

BMRI’s loan growth was 11% YoY to IDR 1,764 trillion in 9M25, higher than the 2025 management guideline.Wholesale (corporate and commercial loans) continues to dominate BMRI’s loan distribution, at 55.6% of its total loan.

Performance recovery is likely to occur in 4Q25. Several factors, such as improving domestic consumption, realized private and government investment, the continuation of National Strategic Projects for connectivity and telecommunications, and downstreaming, have the potential to support BMRI’s loan growth.

BMRI’s strong position in the wholesale segment allows it to optimize these positive catalysts. The Energy and Water, Coal Manufacturing, and Infrastructure sectors were the three most significant contributors to BMRI’s wholesale loans in 9M25 (+36.9% YoY, +35.5 YoY, and +19.3% YoY, respectively).

Based on BMRI’s performance, using the Dividend Discount Model, we maintain our BUY rating for BMRI with a lower fair price target of IDR 5,600/ share (1.52x expected PBV) from the previous IDR 6,325/share and a relative valuation of 1.54x below +2 standard deviations of its 5-year PBV with a potential upside of 24.14%.

By PHINTRACO SEKURITAS | Research
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