Bank Tabungan Negara (BBTN IJ): Solid 1H26 profit amid lower provisioning

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,600 (+27.0%)
Analyst: Yap Swie Cu

Solid 1H26 profit amid lower provisioning
• Sharp decline in provisioning on improving loan quality
• Lower PPOP on high-base NII in 2Q25
• Margins pressured by tighter system liquidity
• Re-iterate BUY on attractive valuation and improving earnings outlook