KEY TAKEAWAYS
- Net Profit reached IDR 15Tn, -2.3% QoQ and +33% YoY, as stronger non-interest income and lower operating expenses offset NIM pressure. 1H26 net profit reached IDR 30Tn (+24% YoY), tracking 53.0% of FY26F consensus (broadly in-line).
- NII eased -9.0% QoQ to IDR 23Tn (+4.7% YoY) amid funding cost pressure, while PPOP declined -4.6% QoQ to IDR 22Tn (+32% YoY) as stronger fee income and cost discipline cushioned softer NII.
- Total Loans grew +4.0% QoQ to IDR 1,592Tn (+20% YoY); CASA ratio eased to 70.5% as time deposits continued to outpace CASA growth, pushing LDR to 93.1%.
- Credit Cost held at 0.6% annualised, within FY26 guidance of 0.6-0.8%. Key watch: NIM trajectory as BI holds the rate at 5.75% (RDG 21-22 Jul), with FY26 NIM guidance revised down to 4.3-4.5% from 4.5-4.7%.
- We remain constructive on BMRI, as resilient loan growth, healthy asset quality, and stronger fee-based income provide buffers against NIM pressure. With the stock trading below its 5-year -1 SD P/BV band, we see potential for re-rating if funding costs ease and NIM stabilises, while elevated deposit competition remains the key risk.
Regards, Aldiracita Research
