BBRI — 2Q26 Results IN-LINE, as wholesale funding carries 16% loan growth and squeezes the margin

August 31, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit of IDR 15.4Tn, up 21.5% YoY and flat QoQ. 1H26 profit of IDR 30.9Tn (+17.5% YoY) is 52% of FY26F consensus against a 50% pace.
  • 1H26 cost-to-income fell to 39.2% from 41.9% as revenue grew 7.7% YoY against opex up 0.7%. 1H26 RoE rose to 18.8% from 16.6%, helped by equity up only 2.1% YoY after a ~92% FY25 payout.
  • Loans grew 16.2% YoY to IDR 1,645.5Tn while deposits rose 6.7%, lifting LDR to 90.8% from 85.0% and taking single-quarter NIM to 7.6% from 7.9% in 1Q26. 1H26 credit cost improved to 3.08% and gross NPL to 2.9%.
  • Our read: a good half, funded the expensive way. Earnings quality is real: cost leverage and lower credit cost. But growth is now carried by wholesale money after 100bp of BI hikes since May. At 1.42x P/BV, below its five-year -1SD of 1.80x, much of that funding risk looks priced. Key watch: whether deposit growth catches up with loans in 2H26.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

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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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

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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Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

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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).