BMRI started 2025 with satisfactory bank-only Jan-25 results—

BANKS BMRI BMRI JK BMRI IJ Erwin Wijaya

We think the Indonesia banking sector may enter a tactical tailwind period,

BANKS Erwin Wijaya

Post BTPS's FY24 results release, which came in below our expectations, we identify several areas of concern.

BANKS BTPS BTPS JK BTPS IJ Erwin Wijaya

BBCA kicked off 2025 with decent bank-only Jan-25 results with headline profit of IDR4.7tn (+6% y-y).

BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

We believe BBRI will still face the issue of maturing micro/ultra-micro loans.

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

We previously highlighted that BBRI might face maturing micro/ultra-micro segments,

BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).

BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

Post FY24 results, we revise our FY25-26F earnings estimates.

Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),

Banks BRIS BRIS JK BRIS IJ Erwin Wijaya

BMRI has released its FY24 results with headline consolidated profit at IDR55.8tn (+1.3% y-y).

Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

Post FY24 results, we revise FY25F-26F earnings estimates. We also add a new forecast year FY27F.

Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

Based on the latest SRBI issuances (dated 31 Jan 2025), we see some improvements in liquidity

Banks Erwin Wijaya

We have updated our earnings projections for BBCA for FY25-26F

Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

BBCA released its FY24 results with headline profit at IDR54.8tn (+13% y-y),

Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

BBNI released its FY24 results with a net profit of IDR21.5tn (+3% y-y),

Banks BBNI BBNI JK BBNI IJ Erwin Wijaya