BNGA
Contact our analyst Achmadi
12% upside. Buy.
2nd December, 2025
Price Rp 1,775
Target price IDR 1,990
Profitability Remains Stagnant
In 9M-2025, BNGA’s profitability remained subdued, with profit attributable to the parent (PATMI) rising only 2.64% YoY to IDR 5.27 trillion. Growth in net interest and sharia income was minimal at +0.71% YoY, as rising interest and sharia expenses (+6.28% YoY) offset a +3.18% YoY increase in interest and sharia income. This weighed on NIM, which contracted 16 bps YoY to 4.0%, although the Q3-only NIM improved 15 bps QoQ. Earnings were supported by stronger gains from FVTPL instruments (+16.06% YoY), driven by a sharp +522.82% YoY increase in government bond gains. We expect PATMI to reach IDR 7.07 trillion by year-end 2025, implying +3.50% YoY growth.
Loan Growth Moderates Below Target in 9M25
As of September 2025, consolidated loans and financing, including Salam financing, reached IDR 229.60 trillion, growing 4.83% YoY—slightly below the 5%–7% target and decelerating from 6.80% YoY in June. The slowdown was led by Corporate Loans, which rose 5.73% YoY (vs. +9.56% YoY in June) and declined -3.43% QoQ, though still the strongest contributor across segments. Sustainable financing continued expanding, reaching IDR 54.67 trillion (almost 24% of the portfolio). We forecast consolidated loans to reach IDR 239.28 trillion by end-2025, implying 4.42% YoY growth.
Liquidity Holds Firm in Support of 2030 Ambitions
BNGA’s liquidity position remained healthy, with the CASA ratio at 67.90%, up 120 bps YoY, though slightly lower QoQ due to stronger Time Deposit growth (+9.8% YoY). CASA still recorded solid growth (+10.58% YoY), supported by Current Accounts (+14.49% YoY) and Savings Accounts (+6.34% YoY). Under the “Forward30” strategy, BNGA continues to prioritize strengthening its CASA base and boosting transactional activity, targeting a CASA ratio above 70% by 2030. For year-end 2025, we project a CASA ratio of 68.00%, supported by expected Current Account growth of 11.67% YoY and Savings Account growth of 12.89% YoY.
Asset Quality: Stability Maintained Despite Minor NPL Increase
BNGA’s asset quality remained stable. The consolidated gross NPL ratio edged up 10 bps QoQ but improved 2 bps YoY to 1.98%. The QoQ increase came mainly from the Consumer portfolio. Special Mention Loans (SML) showed a meaningful improvement, falling 80 bps YoY to 3.7%. We expect the gross NPL ratio to ease to 1.95% by year-end 2025.
Valuation: BUY TP IDR R1,990 (+12% Upside)
Using a multi-stage Dividend Discount Model (DDM), we revise our target price to IDR 1,990 (from IDR 2,030), implying 0.86x PBV and +12% upside. We maintain our Buy recommendation.
In 9M-2025, BNGA’s profitability remained subdued, with profit attributable to the parent (PATMI) rising only 2.64% YoY to IDR 5.27 trillion. Growth in net interest and sharia income was minimal at +0.71% YoY, as rising interest and sharia expenses (+6.28% YoY) offset a +3.18% YoY increase in interest and sharia income. This weighed on NIM, which contracted 16 bps YoY to 4.0%, although the Q3-only NIM improved 15 bps QoQ. Earnings were supported by stronger gains from FVTPL instruments (+16.06% YoY), driven by a sharp +522.82% YoY increase in government bond gains. We expect PATMI to reach IDR 7.07 trillion by year-end 2025, implying +3.50% YoY growth.
Loan Growth Moderates Below Target in 9M25
As of September 2025, consolidated loans and financing, including Salam financing, reached IDR 229.60 trillion, growing 4.83% YoY—slightly below the 5%–7% target and decelerating from 6.80% YoY in June. The slowdown was led by Corporate Loans, which rose 5.73% YoY (vs. +9.56% YoY in June) and declined -3.43% QoQ, though still the strongest contributor across segments. Sustainable financing continued expanding, reaching IDR 54.67 trillion (almost 24% of the portfolio). We forecast consolidated loans to reach IDR 239.28 trillion by end-2025, implying 4.42% YoY growth.
Liquidity Holds Firm in Support of 2030 Ambitions
BNGA’s liquidity position remained healthy, with the CASA ratio at 67.90%, up 120 bps YoY, though slightly lower QoQ due to stronger Time Deposit growth (+9.8% YoY). CASA still recorded solid growth (+10.58% YoY), supported by Current Accounts (+14.49% YoY) and Savings Accounts (+6.34% YoY). Under the “Forward30” strategy, BNGA continues to prioritize strengthening its CASA base and boosting transactional activity, targeting a CASA ratio above 70% by 2030. For year-end 2025, we project a CASA ratio of 68.00%, supported by expected Current Account growth of 11.67% YoY and Savings Account growth of 12.89% YoY.
Asset Quality: Stability Maintained Despite Minor NPL Increase
BNGA’s asset quality remained stable. The consolidated gross NPL ratio edged up 10 bps QoQ but improved 2 bps YoY to 1.98%. The QoQ increase came mainly from the Consumer portfolio. Special Mention Loans (SML) showed a meaningful improvement, falling 80 bps YoY to 3.7%. We expect the gross NPL ratio to ease to 1.95% by year-end 2025.
Valuation: BUY TP IDR R1,990 (+12% Upside)
Using a multi-stage Dividend Discount Model (DDM), we revise our target price to IDR 1,990 (from IDR 2,030), implying 0.86x PBV and +12% upside. We maintain our Buy recommendation.
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