Bank Negara Indonesia (BBNI IJ): In-line 1H26 outcome as challenges loom

Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,300 (+46.0%)
Analyst: Yap Swie Cu

In-line 1H26 outcome as challenges loom
• Loan growth remained robust in 2Q26, though management expects moderation in 2H26
• NIM guidance revised downward
• Strengthening buffers amid the challenging operating environment
• Re-iterate BUY due to attractive valuation and stronger fundamentals