BCAS: BBNI IJ - 4Q25 Earnings Declined -4.5% YoY

- BBNI reported 4Q25 net profit of IDR 4.9 tn (-1.9% QoQ; -4.5% YoY), bringing FY25 net profit to IDR 20.0 tn (-6.6% YoY), broadly in line with expectations at 102.2% of our forecast and 98.4% of consensus.

- Net interest income stood at IDR 11.1 tn (+13.8% QoQ; +0.3% YoY), totaling IDR 40.3 tn in FY25 (-0.4% YoY).

- Operating income rose to IDR 21.6 tn (+32.1% QoQ; +7.6% YoY), bringing FY25 operating income to IDR 68.1 tn (+2.7% YoY), above our forecast at 108.4% and in line with consensus at 97.0%.

- PPOP reached IDR 10.2 tn (+27.4% QoQ; +10.0% YoY), with FY25 total at IDR 34.3tn (-0.1% YoY), slightly below consensus at 96.0%.

- Gross loans rose to IDR 899.5 tn (+10.8% QoQ; +15.9% YoY), total assets reached IDR 1,362 tn (+7.3% QoQ; 20.5% YoY), while third party funding increased to IDR 1,043 tn (+11.6% QoQ; +129.5% YoY).

- LDR stood at 86.4% (vs 3Q25: 86.9%; 4Q24: 96.1%), while gross NPL improved to 1.9% (vs 3Q25: 2.0%; 4Q24: 2.0%), CAR stood at 20.7%, and ROE was stable at 12.5% (vs 3Q25: 12.5%; 4Q24: 12.9%).

- FY26 guidance: The Co. targets loan growth of 8–10% with NIM at 3.5-3.8%, and credit cost of 1.0-1.2%

Govt Prepared IDR 12.83 tn Stimulus Ahead of Lebaran 2026

The Govt. prepared an IDR 12.83 tn economic stimulus for Feb–Mar-26 to support growth during Ramadan–Lebaran, with around IDR 200 bn for transport discounts and IDR 12 tn for social aid and other programs. Key measures include up to 16% discounts on domestic economy flight tickets via PPN DTP, combined with 50% airport tax cuts and avtur discounts, as well as fare discounts of up to 30% for trains and sea transport and 20% toll road tariff cuts. The largest portion goes to social aid, including 10 kg rice and cooking oil assistance for two months. The govt is also preparing a WFA policy to smooth holiday mobility. Authorities confirmed no electricity tariff discounts will be given in 2026, with the stimulus aimed at lifting 1Q growth, which was relatively weaker last year. (Kompas)

Sumber Alfaria Trijaya (AMRT) Injected IDR 35 bn Capital into Subsidiary

AMRT injected additional equity of IDR 35 bn into its subsidiary PT Lancar Wiguna Sejahtera, with the capital increase executed on 02 Feb-26. The transaction aimed to strengthen the subsidiary’s capital structure while maintaining AMRT’s ownership percentage, as Lancar Wiguna is a directly controlled entity. The transaction was classified as an affiliated transaction under POJK No. 42/2020, given overlapping management and ownership relationships, and was disclosed through an information release on 03 Feb-26. (Emitennews)

Fixed Income Daily Notes 4 February 2026

Fixed Income Daily Notes 4 February 2026

Fixed Income

04 February 2026 - 07.53am

Fixed Income Daily Notes 4 February 2026

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BCAS: BBNI IJ - 4Q25 Earnings Declined -4.5% YoY

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