Indonesia Secured Safe Passage Signal for Pertamina Tankers Through Hormuz Strait

MACROECONOMY 
Indonesia M2 Money Supply Grew 8.7% YoY in Feb-26 
Indonesia’s M2 money supply expanded 8.7% YoY to IDR 10,089.9 tn in Feb-26, slowing from 10.0% growth in Jan-26. The increase was driven by strong M1 growth of 14.4% YoY and quasi-money expansion of 3.1%, alongside higher net claims on govt. (+25.6%) and credit growth of 8.9%, indicating continued liquidity support despite moderation. (Trading Economics)

COMPANY 
BCAS: BBNI IJ - 2M26 Earnings Grew +3.7% YoY 
- BBNI booked Feb-26 net profit at IDR1.7tn (+2.6% MoM; +3.9% YoY), bringing 2M26 earnings to IDR3.4tn (+3.7% YoY). 
- Net interest income reached IDR3.2tn in Feb-26 (-13.2% MoM; +10.7% YoY), lifting 2M26 net interest income to IDR7.0tn (+14.2% YoY). 
- Operating income came in at IDR5.0bn in Feb-26 (-10.3% MoM; +9.4% YoY), bringing 2M26 operating income to IDR10.6tn (+13.5% YoY). 
- Provisioning declined to IDR692bn (-11.2% MoM; +52.2% YoY), bringing 2M26 provisions to IDR1.5tn (+51.9% YoY). 
- PPOP stood at IDR2.8 bn in Feb-26 (-1.3% MoM; +14.4% YoY), bringing 2M26 PPOP to IDR5.6tn (+14.2% YoY). 
- NIM edged down to 3.6% in 2M26 (vs. 2M25: 3.8%), while loan growth accelerated to +18.9% YoY. LDR declined to 80.8%, with the CASA ratio at 65.6% (vs. 2M25: 70.9%).