BCAS: BBNI IJ - 1Q26 Earnings In-Line with Ours and Cons

BCAS: BBNI IJ - 1Q26 Earnings In-Line with Ours and Cons 
- BBNI 1Q26 net profit came in at IDR5.7tn (+14.9% QoQ; +5.2% YoY) – in line with ours and cons at 27.6% and 26.3%, respectively. 
- ⁠ Net interest income reached IDR11.0tn (-0.5% QoQ; +12.1% YoY) in 1Q26, with NIM stood at 3.6% (vs. 3.9% in 4Q25 and 1Q25). 
- ⁠ Operating income booked at IDR16.8tn (-9.0% QoQ; +11.6% YoY) – in line with our and cons numbers at 25.6% and 24.1%. 
- ⁠ PPOP booked at IDR8.9tn (-12.7% QoQ; +9.5% YoY), with provisioning stood at IDR2.0tn (-54.0% QoQ; +26.5% YoY). 
- ⁠ Loan growth stood at +20.1% YoY. LDR eased to 83.5%, CAR declined to 18.5%, gross NPL maintained at 1.9%, while NPL coverage stood at 204.7%. 
- ⁠ The Co. maintains its FY26 guidance with loan growth at 8–10%, NIM at 3.5–3.8%, cost of credit at 1.0–1.2%.

BCAS: ISAT IJ - 1Q26 results - inline with ours and cons 
- Net profit (+13.7% yoy, 9.8% net margin) supported from revenue improvement and well maintained cost; inline ours and cons' projection at 26.3% and 24.8% of FY 26F, respectively. - EBITDA margin was at 47.6%, +40 bp qoq and yoy, on depreciation expense that increased the lower phase compared to revenue growth. 
- Revenue improved by +12% yoy to IDR 15.2tn, mainly supported from cellular data (+12.3% on high season Lebaran effect) and MIDI (+17.5%); revenue was mainly inline with ours (25.7%) and cons' (25.4%) estimate. 
- Mobile subscriber was slightly improving to 94 mn (+0.3% qoq) customers, while ARPU blended kept growing to 45.2k (+15.3% yoy/2.7% qoq). Data traffic showed a healthy grow at +25% yoy. 
- Our view: 1Q26 Revenue spike was supported by all segments, especially MIDI (+17.5% yoy) thanks to GPU services contribution. Number of subscribers has recovered to positive growth +0.3% qoq, after declining trend in 2H25. Future growth may depend on economic condition that drive purchasing power, we anticipate soft growth in 2Q-3Q26.