External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul><li>BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.</li><li>This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.</li><li>NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBNI IJ - BBNI 1Q25 Earnings In Line, but Cautious Outlook for Domestic Economic Conditions