BTN Explores Up to IDR 400 Billion Securitisation with SMF

PT Bank Tabungan Negara (Persero) Tbk. (BBTN) has revealed it is exploring a corporate action with PT Sarana Multigriya Finansial (Persero) (SMF). BTN President Director Nixon L.P. Napitupulu disclosed there are two potential forms of cooperation. The first is a securitisation valued at IDR 300 billion to IDR 400 billion. Secondly, SMF is also discussing the purchase of housing-related bonds issued by BTN. “But I am asking for tier-2 capital bonds,” Nixon said during a performance presentation for the first half of 2026 at Menara BTN on Thursday (16/7/2026). If the proposal is accepted, both corporate actions are targeted for execution in the second half of 2026. In the first half of the year, BTN recorded a rise in net profit and an improvement in asset quality. The company posted a consolidated net profit of IDR 2.40 trillion, growing 40.8% year-on-year (yoy) from IDR 1.70 trillion in the same period last year. Meanwhile, the non-performing loan (NPL) ratio fell to 2.99% from 3.3% in the first half of 2025. BTN recorded consolidated loan and financing disbursements of IDR 418.11 trillion, an 11.2% yoy increase from IDR 376.11 trillion in the previous corresponding period. This growth was supported by a 4.8% yoy rise in housing credit, from IDR 317.77 trillion to IDR 332.88 trillion as of June 2026, and a 46.1% yoy surge in non-housing credit from IDR 58.34 trillion in June 2025 to IDR 85.22 trillion in June 2026. Subsidised mortgages (KPR Subsidi) remained the main driver of housing credit, rising 8.1% yoy from IDR 182.17 trillion to IDR 196.96 trillion as of June 2026. Additionally, the Housing Programme Loans (KPP) disbursed by BTN reached IDR 4.1 trillion as of June 2026, since its launch in late October 2025. Nixon explained that the increase in non-housing credit was largely supported by expanded penetration into various sectors such as education, health, government, financial institutions, and retail. The company also partnered with multifinance firms to expand motor vehicle financing as part of a diversification strategy beyond mortgage, while also increasing cross-selling to existing customers. In line with the financing expansion, BTN’s consolidated total assets increased from IDR 484.96 trillion to IDR 545.16 trillion in the first half of 2026, growing 12.4% yoy. This growth reflects the company’s strengthening capacity to support national housing sector financing while expanding its business into related ecosystems. On the funding side, BTN’s third-party funds (DPK) reached IDR 433.00 trillion in the first half of 2026, growing 6.6% yoy from IDR 406.38 trillion in the same period last year. Nixon explained that BTN continues to strengthen its low-cost funding structure as a foundation for long-term growth. The company has undertaken various initiatives such as retail fund acquisition, increasing digital transactions, strengthening payroll services, and expanding cooperation with local governments and institutions. These initiatives successfully maintained the cost of funds at around 3.01% throughout the first half of 2026.