BBTN (Bank Only) — Jul-26 Results: profit falls sharply as new deposits sit in liquid assets, not loans

August 27, 2026

KEY HIGHLIGHTS

  • Jul-26 net profit IDR 60Bn, -87.3% MoM, from IDR 476Bn in June. Funding cost did it: interest expense of IDR 1.5Tn against IDR 1.2Tn. Single-month RoE 2.5% from 19.4%.
  • NII IDR 898Bn, -26.3% MoM, on a IDR 19.8Tn deposit inflow, nearly all time deposits. IDR 16.3Tn of it went to BI and interbank placements, not loans. NIM 2.5% from 3.4%.
  • Costs and provisions are timing, not trend. Opex rose 21.6% MoM to IDR 1.0Tn, with June the lightest month of 2026 and July the heaviest, yet 7M26 opex is flat YoY. July’s IDR 224Bn provision sits on the IDR 198Bn run-rate; June’s IDR 54Bn was the outlier. 7M26 credit cost 0.7% from 1.4%.
  • Our read: the damage is funding, not credit. 7M26 net profit IDR 2.0Tn, +12.3% YoY; loans +9.8% YoY, above guidance. 7M26 profit is 50.7% of FY26F, behind pace (Bank Only). At 0.45x P/BV, under its five-year -1SD, inexpensive against its own history. Key watch: whether the July deposits get lent in 3Q26.

Regards, Aldiracita Research

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Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

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Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).