US Pending Home Sales Rose 4% in Aug-25 on Lower Mortgage Rates

MACROECONOMY

US Pending Home Sales Rose 4% in Aug-25 on Lower Mortgage Rates
Pending home sales in the US jumped 4.0% MoM in Aug-25, beating forecasts of +0.2%, as lower mortgage rates boosted demand. Contracts rose in the South, Midwest, and West but fell in the Northeast, while annual growth reached +3.8%. The Fed cut its benchmark rate by 25 bps to 4.00%–4.25%, pulling 30-year mortgage rates to an 11-month low, though a weakening labor market may cap momentum. (Reuters)

INDUSTRY

SKK Migas Signed Commercial Agreement for South Hub Project 
SKK Migas and contractors signed five commercial agreements covering six working areas: Rapak, Selat Makassar, East Sepinggan, Ganal, Muara Bakau, and West Ganal. The South Hub is expected to add 2,000 BSCF gas and 19 mn barrels condensate, with supply channeled to domestic pipelines and LNG processing at Kilang Badak. The project also optimizes Jangkrik FPU and precedes the North Hub project, slated for 2028 operations. (Kontan)

COMPANY

BCAS - BMRI: 8M25 Earnings Down -8.7% YoY
- BMRI Aug-25 net profit reached IDR 4.1 tn (+7.5% MoM; -6.1% YoY), bringing 8M25 net profit to IDR 30.7 tn (-8.7% YoY). 
- Net interest income stood at IDR 6.6 tn (+8.6% MoM; +3.6% YoY), totaling IDR 51.2 tn in 8M25 (+3.4% YoY). 
- Operating income came in at IDR 9.5 tn (-0.1% MoM; +8.6% YoY), bringing 8M25 operating income to IDR 74.0 tn (+5.9% YoY). 
- Provision expense declined to IDR 492 bn (-31.5% MoM; -19.1% YoY), resulting in 8M25 provisioning of IDR 4.5 tn (-25.7% YoY). 
- Loan growth eased to +10.7% YoY (Aug-24: +22.6%), and deposit growth moderated to +10.2% YoY (Aug-24: +14.5%). 
- NIM compressed to 4.4% (Aug-24: 4.9%), while LDR improved slightly to 94.3% (Aug-24: 93.8%) and CASA ratio slipped to 76.4% (Aug-24: 78.0%).

BCAS - BBRI: 8M25 Earnings Declined -9.9% YoY 
- BBRI Aug-25 net profit reached IDR 4.0 tn (+6.0% MoM; -16.0% YoY), bringing 8M25 net profit to IDR 32.6 tn (-9.9% YoY). 
- Net interest income came in at IDR 9.3 tn (+1.2% MoM; +0.6% YoY), totaling IDR 74.7 tn in 8M25 (+1.4% YoY). 
- Operating income stood at IDR 13.4 tn (+5.2% MoM; -8.8% YoY), bringing 8M25 operating income to IDR 109.3 tn (-0.6% YoY). 
- Provision expense increased to IDR 3.5 tn (+16.7% MoM; +34.1% YoY), lifting 8M25 provisioning to IDR 27.5 tn (+7.4% YoY). 
- Loan growth eased to +5.8% YoY (Aug-24: +7.1%), while deposit growth accelerated to +9.0% YoY (Aug-24: +6.6%). 
- NIM compressed to 6.3% (Aug-24: 6.7%), while LDR improved to 86.6% (Aug-24: 89.2%) and CASA ratio rose to 65.6% (Aug-24: 64.8%).