Exceeding Analyst Expectations, BRI Credit Growth Surpasses Target

The credit distribution growth of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) throughout the first half of 2026 has reached double digits. This has become one of the primary highlights of the Company’s positive performance throughout the first half of 2026.

As reported by BRI on Monday, the bank achieved a current year net profit of Rp31.2 trillion during the first half of 2026, a 17.5% increase year-on-year (yoy) from Rp26.53 trillion in the first half of 2025. This achievement exceeded the forecasts of Indo Premier Sekuritas, JP Morgan, BNI Sekuritas, and the market consensus.

In terms of intermediation functions, BRI’s total consolidated credit and financing grew by 16.2% yoy to Rp1,646 trillion. The composition of MSME (Micro, Small, and Medium Enterprises) credit stood at 75.1%, with its volume increasing by 8.6% yoy.

BRI’s credit growth has surpassed the bank’s business plan (RBB) for this year. This increase was also accompanied by an improvement 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%, whereas the LAR coverage increased by 57%.

Indo Premier noted several significant improvements in the micro segment. Among these was the reduction in net credit quality, with NPL dropping to an average of Rp1.7 trillion in the first half of 2026, compared to Rp2 trillion in the first quarter of 2026 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% yoy, respectively. Indo Premier stated that this has also prompted a revision of the 2026 credit growth guidance to 8-10%.

JP Morgan assessed that the placement of government funds, alongside BRI’s ability to place such funds at high interest rates at Bank Indonesia, will be a key driver for the net interest margin (NIM) ratio, in addition to commercial lending.

Following the strong credit growth in the first half of 2026, BRI management has raised its FY26 loan growth guidance to 8-10% from 7-9%, while maintaining NIM, credit costs, and CIR guidelines. According to BNI Sekuritas, BRI is the only large state-owned bank that has not revised its NIM guidance downwards.