BTN Explores Up to IDR 400 Billion Securitisation with SMF
PT Bank Tabungan Negara (Persero) Tbk (BBTN) has revealed it is exploring corporate actions involving PT Sarana Multigriya Finansial (Persero) (SMF). BTN President Director Nixon L.P. Napitupulu said two forms of cooperation were under discussion.
He explained that the first is a securitisation worth Rp300 billion to Rp400 billion. Second, SMF is also discussing the purchase of housing-related bonds issued by BTN.
“But I have asked for the bonds to be tier-2 capital,” Nixon said during a presentation of the company’s performance as of 30 June 2026 at Menara BTN 2 on Thursday (16/7/2026).
If the plans come to fruition, both corporate actions are targeted to be carried out in the second half of 2026.
In the first half of this year, BTN recorded an increase in net profit and an improvement in asset quality in semester I-2026. The company posted consolidated net profit of Rp2.40 trillion, growing 40.8% year-on-year in semester I-2026, up from Rp1.70 trillion in the same period last year. Meanwhile, the non-performing loan (NPL) ratio fell from 3.3% in semester I-2025 to 2.99% in semester I-2026.
BTN disbursed consolidated loans and financing of Rp418.11 trillion, an increase of 11.2% year-on-year from Rp376.11 trillion in the same period a year earlier. This growth was supported by an increase in housing loans of 4.8% year-on-year, from Rp317.77 trillion to Rp332.88 trillion as of June 2026, and a surge in non-housing loans of 46.1% year-on-year, from Rp58.34 trillion in June 2025 to Rp85.22 trillion in June 2026.
Subsidised mortgages (KPR) remained the driving engine of housing loans, rising 8.1% year-on-year from Rp182.17 trillion to Rp196.96 trillion as of June 2026. In addition, the Housing Programme Financing (KPP) disbursed by BTN reached Rp4.1 trillion as of June 2026, since its launch at the end of October 2025.
Regarding the increase in non-housing loans, Nixon said the majority was supported by expanded penetration across various sectors such as education, health, government, financial institutions and retail. The company has also partnered with multifinance companies to broaden motor vehicle financing as part of its beyond-mortgage business diversification strategy, while boosting cross-selling to existing customers.
In line with the financing expansion, BTN’s consolidated total assets rose from Rp484.96 trillion to Rp545.16 trillion in semester I-2026, growing 12.4% year-on-year. The growth reflects the company’s strengthening capacity to support national housing sector financing while expanding its business across related ecosystems.
On the funding side, third-party funds raised by BTN reached Rp433.00 trillion in semester I-2026, up 6.6% year-on-year from Rp406.38 trillion in the same period last year. Nixon explained that BTN continues to strengthen its low-cost funding structure as the foundation for long-term growth. BTN has rolled out various initiatives such as retail fund acquisition, increased digital transactions, payroll strengthening, and expanded cooperation with regional governments and institutions. These initiatives successfully kept the cost of fund at around 3.01% throughout semester I-2026.