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BNGA 1H-2026
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Avanza Bagus Aditya
BUY
Last Price
IDR 1,735
Target Price
IDR 2,000
Upside
15.27%
Investment Considerations
Earnings Under Pressure, Supported by Non-Interest Income
BNGA recorded net profit of IDR3.44 trillion in 1H26, edging down 0.54% YoY from IDR3.46 trillion in the same period last year. The slight decline was mainly attributable to a 60.2% YoY increase in provision expenses and a 1.06% YoY decline in net interest income amid lower loan yields. However, earnings pressure was partly offset by a 16.90% YoY increase in non-interest income, supported by a strong 69.99% YoY increase in treasury and markets income. For FY2026, we expect BNGA’s net profit to decline slightly by approximately 0.63% YoY. Tighter liquidity conditions are expected to keep funding costs elevated and continue to weigh on net interest income. Nevertheless, sustained growth in non-interest income should help limit the impact on overall profitability.
Corporate Loan Expansion Supports Overall Loan Growth
BNGA’s total loans increased 6.63% YoY to IDR247.20 trillion in 2Q26, from IDR231.84 trillion in the same period last year. Growth was primarily driven by the corporate loan segment, which expanded 13.78% YoY. Commercial loans also recorded healthy growth of 7.01% YoY, while consumer loans remained broadly stable, increasing 0.13% YoY. Meanwhile, SME loans contracted slightly by 0.05% YoY. For FY2026, we expect corporate lending to remain the key growth driver, supporting overall loan growth of approximately 5.50% YoY.
CASA Growth Offsets the Contraction in Time Deposits
BNGA’s customer deposits increased 2.84% YoY to IDR269.34 trillion in 2Q26, from IDR261.89 trillion in the same period last year. Deposit growth was primarily supported by CASA, which increased 6.90% YoY, driven by an 8.73% YoY increase in current accounts. Meanwhile, time deposits declined 6.19% YoY, although they showed signs of sequential recovery with growth of 12.36% QoQ. As a result, BNGA’s CASA ratio improved to 71.70% in 1H26, from 68.98% in the same period last year. The stronger funding mix should provide some support against continued pressure on funding costs. For FY2026, we expect BNGA’s customer deposits to grow approximately 4.14% YoY.
Asset Quality Improves, with Provision Coverage Remaining Strong
BNGA’s asset quality continued to improve, with the NPL ratio declining to 1.83% in 2Q26 from 1.88% in the same period last year. The NPL coverage ratio remained strong at 150.04%, although lower than 172.98% in 2Q25, providing a healthy buffer against potential deterioration in credit quality. For FY2026, we expect BNGA’s NPL ratio to improve further to approximately 1.80%.
Valuation: Maintain BUY, TP IDR2,000 (+15.27% Upside)
We maintain our BUY recommendation on BNGA with a revised 12-month target price of IDR2,000, implying 15.27% upside. Our valuation is based on a multi-stage Dividend Discount Model (DDM) incorporating 2Q26 performance and forward-looking macroeconomic assumptions, resulting in an implied PBV of 0.85x. We believe improving asset quality, sustained loan expansion, a stronger CASA funding mix, and continued digital engagement through OCTO Mobile should support BNGA’s medium-term performance. However, continued pressure on net interest income remains the key downside risk to our earnings outlook and valuation.
Disclaimer:
PT Binaartha Sekuritas has compiled this report in good faith, using information believed to be reliable. PT Binaartha Sekuritas and its analyst take no responsibility for the accuracy of the information contained in this report. This report has been produced for distribution to clients of PT Binaartha Sekuritas only. This report is not an invitation to buy or sell any security. PT Binaartha Sekuritas may have used the information in this report prior to publication. The company or its clients may have positions in or may from time to time buy or sell the securities mentioned in this report or other related securities.