Indonesia Daily Focus October 28, 2026
BBNI posted 3Q26 net profit of IDR5.4tr (+5.2% QoQ, +6.8% YoY), bringing 9M26 earnings to IDR16.1tr (+6.6% YoY). The QoQ growth came from a 36.8% QoQ drop in provisions, while NII fell 2.7% QoQ and PPOP declined 1.5% QoQ. Loans grew 22.2% YoY to IDR992.5tr, funded by 20.4% YoY TPF growth.
BBNI posted 3Q26 net profit of IDR5.4tr (+5.2% QoQ, +6.8% YoY), bringing 9M26 earnings to IDR16.1tr (+6.6% YoY). The QoQ growth came from a 36.8% QoQ drop in provisions, while NII fell 2.7% QoQ and PPOP declined 1.5% QoQ. Loans grew 22.2% YoY to IDR992.5tr, funded by 20.4% YoY TPF growth.
3Q26 NIM fell to 3.3% from 3.6% in 2Q26, as CoF jumped 53bps QoQ to 3.16% and the mix shifted towards lower-yielding wholesale loans. Repricing lifted loan yield to 7.1% from 6.9%, but not enough to offset higher funding costs. Headline LaR improved to 7.8% from 10.4%, but consumer and commercial NPLs rose to 3.2% and 5.9%, respectively.
Management raised FY26F loan-growth guidance to 10–13% from 8–10%, while keeping NIM guidance at 3.3–3.5% and CoC at 1.0–1.2%. It expects NIM to improve in 4Q26F, although further repricing scope is limited. CET1 stood at 16.5% vs. a 14.5% minimum appetite.
We hold a neutral view on BBNI. Loan growth is strong and provisioning is adequate, but 22% loan growth delivered only 6.6% earnings growth in 9M26. Potential NIM compression and weaker asset quality may limit earnings growth, with credit cost likely to normalize from 3Q26's 0.7%.
