BCAS: BMRI IJ - 11M25 Earnings Down -6.4% YoY

MACROECONOMY 
China Retail Sales Growth Slowed to 1.3% YoY in Nov-25 
China’s retail sales growth decelerated to 1.3% YoY in Nov-25 (vs Oct 25; above 2% and cons 2.9%). The slowdown was broad-based, with weaker growth in food, apparel, cosmetics, jewelry, and discretionary goods, while sales of big-ticket items remained deeply negative, including autos (–8.3% YoY), household appliances (–19.4%), building materials (–17.0%), and fuel (–8.0%). Cumulatively, retail sales rose 4.0% YoY in 11M25, underscoring still-fragile domestic consumption momentum. (Trading Economics) 

COMPANY 
BCAS: BBCA IJ - 11M25 Earnings Grew +4.3% YoY 
- BBCA Nov-25 net profit reached IDR 4.4 tn (-5.8% MoM; +3.8% YoY), bringing 11M25 net profit to IDR 52.7 tn (+4.3% YoY). 
- Net interest income stood at IDR 6.6 tn (-2.7% MoM; +1.0% YoY), totaling IDR 73.0 tn in 11M25 (+4.1% YoY). 
- Operating income came in at IDR 8.4 tn (-5.6% MoM; +1.1% YoY), bringing 11M25 operating income to IDR 97.4 tn (+6.3% YoY). 
- Provisioning declined to IDR 188 bn (-38.0% MoM; -20.2% YoY), bringing 11M25 provisioning to IDR 3.3 tn (+92.0% YoY). 
- Loan growth slowed to +5.2% YoY (11M24: +15.5%), while deposit growth improved to +8.1% YoY (11M24: +3.5%). 
- NIM edged down to 5.7% (11M24: 5.8%), while LDR eased to 76.8% (11M24: 78.9%) and CASA strengthened to 84.4% (11M24: 82.5%).

BCAS: BMRI IJ - 11M25 Earnings Down -6.4% YoY 
- BMRI Nov-25 net profit reached IDR 5.3 tn (+28.7% MoM; +28.0% YoY), bringing 11M25 net profit to IDR 44.1 tn (-6.4% YoY). 
- Net interest income stood at IDR 6.6 tn (-3.5% MoM; +3.7% YoY), totaling IDR 71.0 tn in 11M25 (+3.6% YoY). 
- Operating income came in at IDR 9.7 tn (-2.5% MoM; +9.5% YoY), bringing 11M25 operating income to IDR 103.1 tn (+6.1% YoY). 
- Provisioning reversed in Nov-25 to a write-back of IDR 540 bn, bringing 11M25 provisioning down to IDR 4.6 tn (-36.0% YoY). 
- Loan growth moderated to +13.1% YoY (11M24: +22.7%), while deposit growth improved to +15.9% YoY (11M24: +14.7%). 
- NIM compressed to 4.2% (11M24: 4.6%), while LDR eased to 91.7% (11M24: 93.9%) and CASA ratio declined to 71.0% (11M24: 79.5%).