BMRI (Bank Only) — Jul-26 Results: NII flat as funding cost bites; June dividend flatters the MoM base

August 14, 2026

KEY HIGHLIGHTS

  • Jul-26 net profit IDR 4.5Tn, -13.3% MoM, +19.0% YoY. Base effect: Jun-26 held IDR 0.8Tn of subsidiary dividends, nil in Jul-26; ex that +3%. 7M26 net profit IDR 33.0Tn (+24.2% YoY), ROE 21.8% vs 18.2%.
  • Jul-26 interest expense rose 13.2% MoM vs interest income 5.2%, leaving NII flat at IDR 6.7Tn. 7M26 NIM fell to 4.2% from 4.7%, CIR improved to 35.8% from 43.4%: the ROE gain is cost-led, not margin-led.
  • Total loans (eop) rose just 0.3% MoM to IDR 1,596Tn (+19.4% YoY), YTD 6.6% vs FY26 guidance 7-9%. Deposits fell 1.5% MoM; LDR 94.8%, CASA 70.4%, 1H26 NPL 0.98%.
  • Our read: returns are improving for a reason with a shelf life. Interest expense outgrew interest income a second month running. 7M26 profit is 57.6% of FY26F (Bank Only), about at pace; revenue 45.7%. At 1.35x P/BV, under its five-year -1SD, the market prices a return far below the 21.8% delivered. Key watch: whether ROE holds once the cost tailwind fades.

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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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).