Bank Tabungan Negara (BBTN.IJ) 3Q25 Earnings Miss Amid Higher Opex and Credit Costs...
BBTN booked Rp2.3tr (+11% yoy) net profit in 9M25, below at 68%/69% of our/cons FY25F as CoC tripled offsetting the 100bps higher NIM.
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Bank Tabungan Negara (BBTN.IJ): Robust Earnings Growth While CoF and CoC Stayed Elevated
BBTN posted net profit of Rp803bn in 2Q25 (-11% qoq, +25% yoy) bringing its 1H25 NP to Rp1.7tr (+14% yoy), in line with our/cons FY25F.
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BBTN.IJ - FY24 Results: Missing Estimates on Lower NIM and Persistent Higher Operating Costs
BBTN’s 4Q24 net profit of Rp92bn (+59% yoy, -22% qoq) was boosted by a strong recovery income, but opex remained elevated. We lowered our FY25-26F...
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BBTN IJ - Pioneering Financial Inclusion Through the New Govt. Housing Program;
Aligned with the government housing program, BBTN is poised to capture growth in the subsidized mortgage segment. We believe the newly proposed...
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Banks: Middle Income Trapped (NEUTRAL)
Investment loans continue to be the backbone of growth and asset quality, while deteriorating consumer asset quality persisted in 1H25.
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