Daily Brief Indonesia: Bank Rakyat Indonesia, Bank Negara Indonesia Persero and more

• Bank Rakyat Indonesia is coming out of a period of restructuring microloans going back to 2022, but this looks to be close to completion, with a renewed focus on quality.
• The bank is increasingly focused on growing its transactional business, aided by increased penetration of its BRIMO and Qlola digital banking platforms, also helping to drive CASA growth.
• Management remains optimistic about the 2026 outlook, with 1Q2026 exceeding guidance. BBRI has been impacted by foreign outflows from Indonesia, and valuations are exceedingly attractive, backed by. 12% dividend yield.

• As one of Indonesia’s largest state-owned banks, BNI is a key player in the nation’s economic development, with a strong focus on corporate and institutional banking.
• The bank is demonstrating robust loan growth, particularly in the corporate segment, but is facing significant Net Interest Margin (NIM) compression due to a competitive funding environment and rising costs.
• BNI offers a compelling dividend profile, characterized by a high current yield and a strong track record of dividend growth, making it attractive for income-focused investors.

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