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Retain BUY with TP of IDR 2,800 (2.2x 2026F PBV) on strong Sharia franchise. BRIS’ management continues to execute well on its consumer-led financing strategy, CASA expansion, and fee income diversification, underpinning resilient earnings growth despite margin normalization. Looking ahead, management guides for FY26F financing growth of 14–16%, NIM above 5.5%, and credit cost below 1.0%, versus FY25 financing growth of 14.5% YoY, NIM at 5.6%, and credit cost at 84 bps. While near-term risks include asset-yield normalization and elevated opex from expansion initiatives, these are mitigated by improving funding mix, strong gold-related momentum, and scalable fee incomes. Thus, we maintain BUY on BRIS with TP of IDR 2,800, implying 2.2x 2026F PBV, supported by sustainable ROE in the mid-teens and improving earnings quality.
1Q26 results expectations: Net profit +9.4% QoQ, +5.3% YoY. Looking ahead, we expect BRIS to book 1Q26 net profit of IDR 2.0tn (+0.7% QoQ, +7.1% YoY), 23.9% of FY26. In 4Q25, BRIS posted attributable net profit of IDR 2.0 tn (+9.4% QoQ, +5.3% YoY), bringing FY25 earnings to IDR 7.6 tn (+8.0% YoY), in line with our estimate (101%) and consensus (99.8%). Sequential improvement was driven mainly by strong non-interest incomes, while FY25 NII rose 11.9% YoY and PPOP increased 10.6% YoY, both reaching record quarterly levels in 4Q25. 4Q25 NIM declined 10 bps QoQ to 5.4%, reflecting asset yield normalization, while non-interest incomes surged 19% QoQ to IDR 1.7 tn, driven by gold-related fees and transaction growth.
Liquidity improving with CASA traction and lower funding costs. We expect FY26F liquidity (FDR: 88.7%) to remain comfortable, supported by continued CASA expansion and stable funding conditions. In FY25, customer deposits grew 16.2% YoY to IDR 380 tn, with CASA rising 19.0% YoY and lifting the CASA ratio to 61.6%. Financing grew 14.5% YoY (+6.0% QoQ) to IDR 318 tn, led by consumer and wholesale segments, with the gold business expanding nearly 80% YoY. Lower reliance on time deposits translated to declining cost of funds, reinforcing margin resilience despite asset-yield normalization.
Assets quality manageable with adequate buffers to support future growth. Going forward, we expect assets quality to remain broadly stable in FY26 (FY26F NPF: 1.8%). In 4Q25, gross NPF improved to 1.8%, while credit costs remained contained at 84 bps, within management’s guidance of below 1.0%, despite higher provisioning related to Sumatra flood-affected portfolios. Looking ahead, capital buffers remain solid, with CAR at 22.0%, providing sufficient headroom to support growth in FY26.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
