英文_高盛_印尼银行_4月仅银行数据_多数银行仍面临利润率压力_12页_1mb

Goldman Sachs analysis of Indonesian banks (bank-only data for April 2025) highlights a slowing in profitability, with Net Profit growing at +1% YoY compared to +3% in the previous quarter, and PPOP remaining flat at 0% YoY. Overall, banks faced margin pressure from elevated funding costs and lower loan-to-deposit ratios (LDR), leading to declining Net Interest Margins (NIMs). YTD loan growth slowed to +10% YoY, primarily due to weakening from Bank Mandiri (BMRI) and Bank Negara Indonesia (BBNI), while Bank Central Asia (BBCA) and Bank Rakyat Indonesia (BBRI) maintained stability. Credit costs were mostly stable or improved for some banks, helping offset margin headwinds. Share prices rebounded sharply since late April, driven by IDR appreciation, but fundamental challenges such as liquidity tightness and external risks persist. The analyst maintains a cautious outlook, recommending a "Buy" only for BBCA, citing its strong funding position; other banks are rated "Neutral." Key risks include sustained margin pressure and uncertainties in loan growth and credit quality.