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

In our opinion, the last three SRBI (Sekuritas Rupiah Bank Indonesia) issuances this year,

Banks Erwin Wijaya

Bank Indonesia has made a surprise 25bp benchmark rate cut to 5.75%.

Banks Erwin Wijaya

Overall, the bank sees improvements in its micro segment,

Banks BBRI BBRI JK BBRI IJ Erwin Wijaya

According to BBRI, the government has finalized the KUR (People’s Business Credit) disbursement target of IDR3

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

Going into 2025, our view on the Indonesia banking sector remains largely intact

Banks Nicholas Santoso Erwin Wijaya

In this note, we take a closer look at the asset quality trends of major Indonesia banks and BRIS (Bank Syaria

Banks Nicholas Santoso Erwin Wijaya

In our recent note on BBRI, we wrote that the bank may face maturing micro/ultra-micro segments in coming year

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

BBCA released its bank-only YTD Nov-24 results with headline profit of IDR50.5tn (+14% y-y),

Banks BBCA BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

Going into 2025F, we see continued headwinds for Jago (and other digital banks),

Banks ARTO ARTO JK ARTO IJ Nicholas Santoso Erwin Wijaya

Despite the persistent challenging macroeconomic backdrops, as we head into 2025F,

Banks Nicholas Santoso Erwin Wijaya