BRI Sees Gains from Gold Business, Shares Still Discounted

KABARBURSA.COM – Amidst tight banking liquidity and financial sector pressures, PT Bank Syariah Indonesia Tbk (BRIS) has found a new growth engine.

It’s not just about buying and selling precious metals; BRIS is gradually building a digital gold ecosystem that has become one of the company’s most aggressive growth drivers.

The results are starting to show in the financial statements.

In Q1 2026, BRIS recorded a net profit of IDR 2.2 trillion, or an increase of about 17 percent compared to the same period last year. This figure also marks the highest quarterly profit in the company’s history.

For the market, what’s interesting is not just the size of the profit, but where the growth is coming from.

Amidst the banking industry that is starting to face liquidity pressures, BRIS has managed to increase its net interest margin by 13 percent year-on-year. Fee-based income has even increased further, up about 23 percent.

And one of its biggest drivers comes from the gold business.

Stockbit data shows that the number of BRIS’s digital gold customers has increased very aggressively. If in March 2025 the number was around 120,000 customers, then as of March 2026 it has approached 900,000 customers and continues to increase, reaching 1 million users in April 2026.

For BRIS, this surge in the gold business is not just about investment transactions. There is a much more important chain effect for the bank’s business structure.

Customers who want to buy gold are required to open a savings account first. As a result, BRIS’s savings accounts have grown by about 20 percent year-on-year, becoming one of the highest growth rates of low-cost funds in the national banking industry.

This is where BRIS’s profitability story begins to change.

With a larger base of low-cost funds, the cost of funds has been successfully reduced to 2.1 percent from 2.7 percent in Q1 2025. In the banking business, a decrease in the cost of funds is very important because it directly helps to widen the profit margin.

On the other hand, BRIS’s financing quality is also still relatively stable.

The cost of credit (CoC) has fallen to 0.7 percent, lower than the management’s target of below 1 percent. The ratio of non-performing financing (NPF) is also relatively stable, with cash coverage in the range of 254 percent.

However, the market has begun to see new challenges emerging from the rapid growth of the gold business.

BRIS’s gold financing has increased by about 101 percent year-on-year and now accounts for about 9 percent of the total financing portfolio. Management is even targeting an increase to 20 percent in the future.

As a result of this aggressive growth, the yield of the gold business has begun to decline slightly to 12.7 percent from 13.3 percent previously. This means that the business margin is starting to come under pressure as the scale of financing increases.

In addition, management has also begun to signal liquidity pressures in the second half of 2026. One of the reasons is the potential withdrawal of government funds of around IDR 10 trillion, as well as the increasing competition for deposits in the banking industry.

However, overall, Stockbit sees BRIS’s prospects as still positive.

According to them, BRIS’s main strength now lies in its low-cost funding structure, which is considered more