Bank Rakyat Indonesia (Persero) Tbk PT BKRKY

FinancialsBanking ServicesIndonesia

Last close 7.72 USD on Nov 2, 2026, −22.8% year to date

Quant rating

Quant rating B Rank 90 of 304 in Financials

Growth B 75 of 304
Valuation A 12 of 304
Quality A 38 of 304
Revisions C 161 of 304
Momentum D 246 of 304

Wall Street consensus Buy (2.35)Average target 0.20 USD −97.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 23.4B
Enterprise value: 31.3B
52-week range: 6.80 – 12.55
3-year range: 6.80 – 20.42
Dividend yield: 13.11%
Beta (5 years): 0.40
Shares outstanding: 150,043M
Next earnings: Nov 6, 2026

About the company

PT Bank Rakyat Indonesia (Persero) Tbk operates in the banking sector. It collects funds from the public in the form of savings and other liabilities and provides loans to borrowers to help to finance business expansion. Its segments include Micro, Retail Business, Corporate, Others, and Subsidiaries. The Micro segment is intended to serve the needs of banking products and services for individual customers and micro-entrepreneurs in the context of empowering community businesses. Retail Business is intended to serve small and medium entrepreneurs, including through consumer and commercial banking products and services. Corporate segment includes corporate business, institutional business and transaction banking, syndication business and non-bank financial institution services. Other segments include treasury business, international business and capital market support services business. It offers savings products, such as BRI BritAma Savings, BRI Simpedes Savings, and BRI Junio Savings.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,465	12,384	11,771	9,757	10,072	–
Revenue growth	0.6%	5.2%	20.6%	−3.1%	4.2%	5.2%
EPS (basic, normalized)	0.02	0.02	0.03	0.02	0.02	–
EPS growth	−8.8%	−4.2%	20.6%	29.9%	49.7%	15.4%
Gross margin	–	–	–	–	–	–
Net margin	27.3%	30.2%	33.2%	33.7%	21.6%	29.2%
ROE	17.7%	19.0%	18.2%	17.4%	12.7%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	2,949
Net debt (mil)	–
Total equity (mil)	18,010
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	12,465	+0.6%	2.5x	0.13	+1.3%	60.2x	0.02	−8.0%	344.1x
2026	12,149	−2.5%	2.6x	0.12	−6.1%	64.1x	0.02	−3.7%	357.3x
2027	13,203	+8.7%	2.4x	0.13	+4.2%	61.5x	0.02	+6.5%	335.6x
2028	13,972	+5.8%	2.2x	0.13	+6.9%	57.5x	0.03	+10.0%	305.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,149	0.0%	+2.3%	+1.6%	0.02	+0.4%	+0.9%	−0.8%
2027	13,203	−0.1%	+2.3%	+1.8%	0.02	−0.1%	+0.9%	−0.8%
2028	13,972	−0.2%	+2.6%	+6.5%	0.03	−0.8%	+0.1%	−0.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	49,136,194	47,541,042	52,114,725	50,474,291	48,960,703	50,120,953	50,306,597	48,928,224	54,318,284	53,779,482
Sales mean (mil)	46,363,554	47,907,492	46,597,732	52,848,232	49,158,507	47,168,536	45,830,000	51,468,265	49,824,000	52,926,516
Surprise	+6.0%	−0.8%	+11.8%	−4.5%	−0.4%	+6.3%	+9.8%	−4.9%	+9.0%	+1.6%
EPS reported	105.00	92.00	102.00	100.00	91.00	83.00	97.00	105.43	103.00	102.00
EPS mean	106.44	94.47	93.31	98.98	96.33	86.70	95.87	93.15	99.94	96.22
Surprise	−1.3%	−2.6%	+9.3%	+1.0%	−5.5%	−4.3%	+1.2%	+13.2%	+3.1%	+6.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BKRKY Bank Rakyat Indonesia (Persero) Tbk PT	23.4B	–	27.3%	1.04x	357.3x	335.6x	64.1x	61.5x
AER AerCap Holdings N.V.	24.4B	–	48.7%	–	8.1x	8.7x	1.2x	1.1x
SYF Synchrony Financial	23.9B	14.5%	15.3%	0.87x	8.1x	7.4x	1.6x	1.4x
MDIBY Mediobanca Banca di Credito Finanziario SpA	23.2B	–	27.7%	0.46x	14.5x	13.3x	1.8x	1.9x
BNNCY Banco BPM SpA	22.9B	–	36.0%	0.85x	41.1x	38.0x	5.5x	5.3x
KEY KeyCorp	22.7B	12.8%	20.1%	1.41x	11.4x	9.8x	1.4x	1.3x
Mean		13.6%	29.2%	0.93x	73.4x	68.8x	12.6x	12.1x
Median		13.6%	27.5%	0.87x	12.9x	11.6x	1.7x	1.7x

Technical analysis

1M−8.4%
3M−7.3%
1Y−28.0%
3Y−37.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bank Rakyat Indonesia (Persero) Tbk PT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	12,465	12,384	11,771	9,757	10,072	9,670
Total interest expense	3,436	3,556	2,846	1,753	2,065	3,004
Net interest income	9,028	8,829	8,925	8,005	8,007	6,666
Loan loss provision	1,382	857	695	861	1,848	1,573
Net interest income after loan loss provision	7,646	7,971	8,230	7,144	6,158	5,092
Non-interest income	2,186	2,022	1,895	2,358	2,337	2,275
Non-interest expense	−5,465	−5,171	−5,161	−5,352	−5,787	−5,401
Net income before taxes	4,367	4,823	4,965	4,150	2,708	1,967
Provision for taxes	939	1,054	1,040	847	550	638
Minority interest & equity in affiliates	−28.8	−30.4	−21.1	−15.3	21.8	−0.4
Other	0	0	0	0	0	0
Net income before extraordinary items	3,398	3,739	3,904	3,288	2,180	1,329
Extraordinary items	–	–	–	–	–	–
Net income	3,398	3,739	3,904	3,288	2,180	1,329
Basic weighted average shares (mil)	150,602	150,734	150,881	151,386	130,553	125,630
Diluted weighted average shares (mil)	150,602	150,764	150,915	151,409	130,574	126,399
Basic EPS excluding extraordinary items	0.02	0.02	0.03	0.02	0.02	0.01
Basic EPS, normalized	0.02	0.02	0.03	0.02	0.02	0.01

Balance sheet in millions of USD, fiscal years

Balance sheet, Bank Rakyat Indonesia (Persero) Tbk PT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	7,259	11,404	13,425	16,498	10,221	10,847
Other earning assets	26,718	26,020	31,956	31,215	35,984	31,747
Net loans	86,034	78,764	73,427	64,258	64,374	65,774
Property, plant & equipment	3,797	3,883	3,876	3,547	3,366	3,113
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	530	502	475	418	426	107
Other long-term assets	488	800	1,014	1,202	1,143	704
Other assets	3,272	2,492	3,467	2,722	2,247	2,386
Total assets	128,097	123,865	127,639	119,861	117,761	114,677
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	89,049	85,776	89,009	84,627	80,847	79,146
Other bearing liabilities	785	628	664	460	670	486
Short-term borrowings	1,676	1,556	1,239	642	2,064	5,269
Current portion of long-term debt	7,358	6,678	6,428	4,505	3,450	3,982
Long-term debt	2,875	3,320	3,250	4,713	5,271	5,376
Minority interest	414	379	332	263	214	182
Other liabilities	6,503	5,820	6,493	5,421	4,983	4,075
Total liabilities	108,659	104,157	107,414	100,633	97,499	98,515
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	455	471	492	487	532	439
Additional paid-in capital	4,556	4,716	4,927	4,859	5,350	2,347
Retained earnings (accumulated deficit)	13,357	13,555	13,882	12,925	12,983	11,893
Treasury stock	−268	−270	−235	−141	−3.2	−117
Other equity	1,338	1,236	1,159	1,099	1,400	1,601
Total equity	19,438	19,708	20,225	19,229	20,262	16,162
Total liabilities & shareholders' equity	128,097	123,865	127,639	119,861	117,761	114,677

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bank Rakyat Indonesia (Persero) Tbk PT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	4,882	5,861	3,363	8,932	5,073	5,386
Cash from operations	877	1,509	−323	6,264	2,287	2,123
Investing activities
Capital expenditures	−381	−642	−531	−677	−579	−312
Other investing cash flows	−2,384	631	207	2,426	−4,550	−7,982
Cash from investing	−2,765	−11.7	−324	1,749	−5,130	−8,294
Financing activities
Financing cash flow items	−1,183	−1,776	−1,828	−941	1,856	−801
Cash dividends paid	−3,112	−2,990	−2,825	−1,697	−851	−1,469
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,739	2,437	2,084	1,967	584	3,828
Cash from financing	−2,557	−2,328	−2,569	−670	1,589	1,559
Foreign exchange effects	0.1	1.1	−0.2	−1.9	−0.2	−25.1
Net change in cash	−4,445	−830	−3,216	7,341	−1,254	−4,638
Free cash flow	496	867	−854	5,587	1,708	1,811

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.