JAKARTA – Several major banking issuers are expected to experience attractive growth opportunities in 2025, following their successful navigation of an evolving market in 2024.

PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), Indonesia’s largest bank by total assets, faced capital outflows after revising its Cost of Credit (CoC) guidance, according to a report by PT Ina Sekuritas Indonesia. However, with strong fundamentals, the report indicates that BBRI is well-positioned for recovery.

Other banking giants such as PT Bank Mandiri (Persero) Tbk (BMRI), PT Bank Syariah Indonesia Tbk (BRIS), and PT Bank Central Asia Tbk (BBCA) are also seen as having successfully managed similar challenges in 2024. BMRI and BRIS, in particular, outperformed, amassing the most Current Account Savings Account (CASA) funds at low cost.

BRIS’s CASA growth even surpassed that of BBCA. Nonetheless, BBCA, with its robust liquidity, was able to weather market dynamics in 2024, maintaining the highest Loan-to-Deposit Ratio (LDR) at 75.1%.

“Profitability in 2025 looks promising, driven by BBCA’s expanding Net Interest Margin (NIM), stable NIM at BBRI, and balanced growth at BMRI and BRIS,” said Ina Sekuritas Indonesia in its report.

Based on this outlook, Ina Sekuritas Indonesia has issued a BUY recommendation for BMRI and BRIS shares, citing their strong fundamentals. BBRI and BBNI also received BUY recommendations due to their solid growth prospects.

Meanwhile, BBCA shares were given an ADD recommendation with a price target of IDR 11,200, due to its slower CASA growth and a more cautious approach to CoC. Despite this cautious risk management, BBCA is still seen as having long-term growth potential. (KR/ZH)

Read full report here.