Indonesia to Increase Soybean and Wheat Imports from the US

Indonesia to Increase Soybean and Wheat Imports from the US 
Indonesia plans to boost soybean and wheat imports from the US, aiming to secure supply and benefit from potential tariff negotiations following US policy shifts. As of 2024, ~90–95% of domestic soybean needs are still met via imports, with demand reaching ~2.8 mn tons in 2023. Wheat import demand is forecast at ~10 mn tons in 2024. The US remains a major supplier due to competitive pricing and quality, despite higher freight costs compared to Argentina or Brazil. (Kontan)

COMPANY
BCAS: BBNI IJ - Earnings Below Ours and Consensus

- BBNI booked a net profit of IDR 5.4 tn in 1Q25 (+4.4% QoQ; +1.0% YoY), which came in below both our and consensus estimates.
- Interest income came at IDR 16.7 tn (-5.8% QoQ; +5.3% YoY), while interest expense rose to IDR 6.9 tn (+2.6% QoQ; +6.1% YoY) – bringing 
1Q25 net interest income at IDR 9.8 tn (-10.9% QoQ; +4.7% YoY).
- Non – interest income declined to IDR 5.1 tn (-24.0% QoQ; +0.3% YoY), while operating income was booked at IDR 14.9 tn (-18.2% QoQ; 
+0.6% YoY).
- Operating profit came at IDR 6.5 tn (-2.5% QoQ; +1.8% YoY), while PPOP declined to IDR 8.1 tn (-12.8% QoQ; -0.2% YoY).
- Loans stood at IDR 765 bn in 1Q25 (-1.3% QoQ; +10.1% YoY), while total assets reached IDR 1.1 tn (+1.5% QoQ; +7.5% YoY). Deposits came 
in at IDR 241 bn (-0.2% QoQ; +2.1% YoY)
- LDR stood at 93.2% (vs 1Q24: 89.0%; 4Q24: 96.1%). Gross NPL was maintained at 2.0% (vs 2.0% in 1Q24 and 4Q24), while CAR stood at 
22.3% (vs 1Q24: 20.5%; 4Q24: 21.4%).