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■ 2Q26 total operating income fell 5.2% QoQ to IDR6.7tn (+5.6% YoY) as NII declined 3.4% QoQ to IDR5.3tn on asset yields easing to 8.51% (1Q26: 8.65%). Non-II normalised 12.0% QoQ off a record 1Q26 but was still up 62.9% YoY.
■ 2Q26 net profit fell 11.1% QoQ but rose 5.0% YoY to IDR2.0tn, with 1H26 of IDR4.2tn (+11.1% YoY) coming in line with our forecast (51.6%; Cons: 48.0%), helped by provisions down 28.1% QoQ and CoC of just 52bps.
■ Financing grew 16.0% YoY/3.6% QoQ to IDR340tn while deposits rose 21.8% YoY, easing FDR to 86.3% though CASA slipped to 60.6%. Asset quality held with NPF at 1.8% and coverage up to 246%.
■ ROA eased to 1.7% and ROE to 15.4% (1Q26: 1.9%/17.1%). CIR rose to 55.1% from 50.5%, non-II reached 20.3% of revenue, CoC fell to 52bps and CET1/CAR stood at 19.3%/20.4%.
■ Fee income is doing the heavy lifting: 1H26 FBI hit a record IDR4.1tn (+38% YoY), or 29.6% of revenue, led by e-mas (+765%), pawning (+56%) and treasury (+46%). CoC of 52bps was the lowest since 4Q24 and FAR improved to 8.40%.
■ NIM of 5.42% in 1H26 sits below the >5.5% guide as asset yields fell to 8.51% (1H25: 9.28%) on competitive pricing. CIR rose to 52.7% from 49.4%, leaving 2Q26 PPOP down 4.9% YoY, and the free-float fix may add share supply.
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.
