Analysts Unanimously Recommend Buying BBRI Shares, Here is Why
Analysts are unanimously providing ‘buy’ recommendations for the shares of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). This consensus stems from the company’s positive performance throughout the first half of 2026.
As reported on Monday, BRI achieved a net profit of Rp31.2 trillion during the first semester of 2/2026, a 17.5% increase year-on-year from Rp26.53 trillion in the first semester of 2025. Net interest income and insurance service income rose by 10.13% year-on-year to Rp81.18 trillion.
Indo Premier noted that these profit figures exceeded both their own estimates and the consensus for the 2026 fiscal year, representing 52% and 53% of those targets, respectively.
Meanwhile, JP Morgan stated that BRI’s performance surpassed their estimates by 21% and exceeded market expectations by approximately 12%.
Similarly, BNI Sekuritas mentioned that BRI’s profit achievement accounted for 52% of their estimates and 53% of the consensus estimates for the 2026 fiscal year.
All three securities firms highlighted BRI’s relatively flat interest income growth, which rose by only 5.41% in the first semester of 2026. Indo Premier and JP Morgan noted that the increase in interest income was supported by BRI’s ability to reduce costs, while BNI Sekuritas emphasised the role of BRI’s subsidiary, PT Pegadaian, as a driver of the parent company’s performance.
BRI’s credit growth, which has exceeded the bank’s business plan (RBB) for this year, was also a focal point for the three firms. Total consolidated credit and financing for BRI grew by 16.2% year-on-year to Rp1,646 trillion.
This increase was accompanied by improvements in asset quality. The non-performing loan (NPL) ratio fell to 2.9%, while NPL coverage rose to 180%. The loan at risk (LAR) ratio decreased to 9.2%, while LAR coverage increased by 57%.
Indo Premier highlighted several significant improvements in the micro segment. Notably, net credit quality deterioration (NPL) fell to an average of Rp1.7 trillion in 2Q26, compared to Rp2 trillion in 1Q26 and a peak of Rp3.5 trillion in January 2025.
On the other hand, BRI’s credit growth was also supported by the corporate and commercial segments, which increased by 47% and 58% year-on-year, respectively. Indo Premier stated that this has prompted a revision of the 2026 credit growth guidance to 8-10%.
JP Morgan assessed that the placement of government funds and BRI’s ability to place such funds at high interest rates set by Bank Indonesia will be important drivers for the net interest margin (NIM) ratio, alongside commercial lending.
According to BNI Sekuritas, BRI is the only large state-owned bank that has not revised its NIM guidance downwards. Consequently, BNI Sekuritas recommends a ‘buy’ for BBRI shares, setting a target price of Rp4,500 over the next 12 months.
Indo Premier shares a similar view, targeting a price of Rp4,600 and recommending a ‘buy’. Meanwhile, JP Morgan has assigned an ‘overweight’ rating to BBRI shares, with a target price of Rp3,400 by June 2027.