MACROECONOMY
Indonesia GDP Grew 5.11% in 2025
Indonesia’s economy expanded 5.11% in 2025, slightly below the govt. target of 5.2% but accelerating from 5.03% in 2024, marking the fastest growth since 2022. Growth was supported by resilient private consumption (+4.98%) amid govt. stimulus and lower interest rates, alongside firmer fixed investment (+5.09%). Exports strengthened (+7.03%) despite new US tariffs, while import growth moderated sharply (+4.77%), reflecting softer domestic demand and rupiah depreciation. Looking ahead, the govt. targets 5.4% growth in 2026, while BI maintains a 4.9%–5.7% outlook, signaling cautious optimism amid external risks. (Trading Economics)

INDUSTRY
IDX to Revise Listing Rules, Raise Free Float Minimum to 15% by Mar-26
Indonesia Stock Exchange (IDX), with support from the Financial Services Authority (OJK), announced plans to revise Exchange Regulation No. I-A on the listing of shares and equity securities, with implementation targeted for Mar-26, as part of the Capital Market Integrity Reform Acceleration Action Plan aimed at strengthening governance and investor confidence.

COMPANY
BCAS: BMRI IJ - FY25 Earnings Below Ours, Above Cons
- BMRI reported 4Q25 net profit of IDR 18.6 tn (+39.8% QoQ; +34.9% YoY), bringing FY25 net profit to IDR 56.3 tn (+0.9% YoY), below our forecast at 93.6% but above consensus at 110.8%.
- Net interest income stood at IDR 28.0 tn (+8.0% QoQ; +2.9% YoY), totaling IDR 106.2 tn in FY25 (+4.4% YoY).
- Operating income rose to IDR 43.5 tn (+13.0% QoQ; +9.0% YoY), bringing FY25 operating income to IDR 155.5 tn (+6.0% YoY), in line with our forecast at 99.5% and consensus at 100.7%.
- PPOP reached IDR 25.8 tn (+23.6% QoQ; +22.5% YoY), with FY25 PPOP at IDR 86.4 tn (-1.6% YoY).
- Gross loans rose to IDR 1,850 tn (+7.5% QoQ; +14.0% YoY), total assets reached IDR 2,830 tn (+10.4% QoQ; +16.6% YoY), while third party funding increased to IDR 2,106 tn (+11.8% QoQ; +23.9% YoY).
- LDR stood at 87.6% (vs Sep-25: 91.0%; Dec-24: 95.1%), gross NPL was stable at 1.1%, and ROE came at 20.3% (vs Sep-25: 18.4%; Dec-24: 21.2%).
- FY26 guidance: The Co. targets loan growth of 7–9% with NIM at 4.6–4.8%, and credit cost of 0.6-0.8%

15 april vista

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Bank Tabungan Negara

15 April 2025 - 02.19pm

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BDKR

bonds

Fixed Income Daily Notes 6 February 2026

stocks

Indonesia GDP Grew 5.11% in 2025

bonds

Fixed Income Daily Notes 5 February 2026