Bank Tabungan Negara (BBTN IJ): Profit in 2025 beats on income adjustment

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+23.6%)
Analyst: Yap Swie Cu

Profit in 2025 beats on income adjustment
• Strong top-line growth amid accounting adjustment and expansion
• Modest expansion target, but with much better profitability in 2026
• Re-iterate BUY on positive outlook and attractive valuation