Latest update: 19-08-2025, 02:12
BCAS: BMRI IJ - 1Q25 Earnings in Line with Estimates
- BMRI booked a net profit of IDR 13.2 tn in 1Q25 (-4.1% QoQ; +3.9% YoY), broadly in line with both our and consensus estimates.
- Net interest income came at IDR 25.5 tn (-6.1% QoQ; +5.5% YoY), while non-interest income came in at IDR 11.3 tn (-2.3% QoQ; +17.6% YoY), bringing total operating income to IDR 37.2 tn (-6.8% QoQ; +8.4% YoY).
- Operating profit stood at IDR 18.1 tn (-3.3% QoQ; +2.9% YoY), while PPOP reached IDR 21.8 tn (+3.3% QoQ; +2.6% YoY).
- Loans were at IDR 1,625.3 tn in 1Q25 (+16.6% YoY), total assets rose to IDR 2,463.7 tn (+13.9% YoY).
- LDR came in at 92.5% (1Q24: 88.2%), gross NPL was flat at 1.2%, and CAR declined to 18.5% (vs 1Q24: 19.9%).
- The Co. guided for 10–12% loan growth in FY25, with a NIM of 5.0–5.2% and a CoF of 1.0–1.2%.
BCAS: MARK IJ - 1Q25 Earnings in line
- MARK reported a net profit of IDR 70 bn in 1Q25 (+13.7% QoQ, -3.1% YoY), in line with ours and consensus estimates of 23.7% and 22.5%, respectively.
- Revenue was recorded at IDR 203 bn (-4.2% QoQ, -4.2% YoY), both below our and consensus number of 20.4% and 19.3%, respectively.
- EBIT rose to IDR 85 bn (+32.3% QoQ, -2.3% YoY), driven by lower OPEX of IDR 20.6 bn (+4.3% QoQ, -24.0% YoY).
-GPM improved to 52.2% in 1Q25 (vs 4Q24; 39.8%, 1Q24; 54.1%), while EBIT margin also increased to 42.1% (vs 4Q24; 30.5%, 1Q24; 41.3%). The Co. maintained its net cash position as of 1Q25.
