BTPS (Bank Only) — Aug-26 Results: retail growth, cheaper funding

September 24, 2026

KEY HIGHLIGHTS

  • Aug-26 net profit IDR 120Bn, +1.5% MoM and +7.1% YoY, carried by provisions of IDR 36Bn against IDR 66Bn in Aug-25. PPOP fell 10.0% YoY as operating expenses rose 11.8%.
  • 8M26 net profit IDR 889Bn, +3.2% YoY, RoE 13.7% against 14.2%. Revenue slipped 1.8% and cost-to-income rose to 52.6% from 48.3%, while NIM eased to 21.0% from 22.9%.
  • Core Tepat retail financing grew 1.5% YoY to IDR 9.6Tn, a second month of growth, while NBFI fell 3.1% MoM. Savings surged 26.9% YoY, lifting CASA to 32.2% and cutting Aug-26 cost of funding to 3.9% from 4.3%.
  • Our read: the franchise is healing, the cost base is not. Retail growth and cheaper funding are real, but profit still leans on lower credit cost. 8M26 net profit is 67.6% of FY26F consensus, at pace on a Bank Only basis, while revenue trails at 62.2%. At 0.73x P/BV, just above its five-year -1SD, much is discounted. Key watch: whether cost growth slows in September.

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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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).