PT Bank Negara Indonesia (Persero) Tbk PTBRY

FinancialsBanking ServicesIndonesia

Last close 9.05 USD on Nov 2, 2026, −24.3% year to date

Quant rating

Quant rating B Rank 82 of 304 in Financials

Growth C 129 of 304
Valuation A 3 of 304
Quality B 59 of 304
Revisions B 114 of 304
Momentum D 234 of 304

Wall Street consensus Buy (2.22)Average target 0.24 USD −97.4%

Historical valuation

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

Key data

Market cap: 6.7B
Enterprise value: 3.5B
52-week range: 8.16 – 14.99
3-year range: 8.16 – 22.63
Dividend yield: 11.37%
Beta (5 years): 0.13
Shares outstanding: 36,924M
Next earnings: Feb 1, 2027

About the company

PT Bank Negara Indonesia (Persero) Tbk provides general banking services. Its segments include Wholesale & International Banking, Institutional Banking, Enterprises & Commercial Banking, Retail Banking, and Treasury. Wholesale & International Banking segment includes loans, customer deposits and other transactions belonging to corporate customers, both BUMN and private business entities. Institutional Banking segment includes loans, customer deposits and other transactions belonging to customers of ministries, government institutions, foundations, and universities. Enterprises & Commercial Banking segment includes loans, customer deposits and other transactions belonging to customers of middle/commercial. Retail Banking segment includes loans, customer deposits and other transactions belonging to consumer customers, including credit programs and consumer financing loans. Treasury segment includes foreign exchange transactions, the money market, fixed income, and the capital markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,163	4,138	3,993	3,512	3,511	–
Revenue growth	0.6%	3.6%	13.7%	0.0%	−12.3%	0.8%
EPS (basic, normalized)	0.03	0.03	0.03	0.03	0.02	–
EPS growth	−9.3%	−5.7%	11.4%	61.2%	274.6%	41.9%
Gross margin	–	–	–	–	–	–
Net margin	28.9%	32.2%	34.0%	33.5%	21.8%	30.1%
ROE	12.0%	13.8%	14.5%	14.2%	9.3%	12.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	4,640
Net debt (mil)	–
Total equity (mil)	9,506
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	4,163	+0.6%	0.8x	0.28	+4.3%	32.9x	0.03	−9.4%	282.4x
2026	3,799	−8.7%	0.9x	0.26	−4.6%	34.5x	0.03	−2.1%	288.3x
2027	4,099	+7.9%	0.9x	0.28	+5.2%	32.8x	0.03	+8.5%	265.8x
2028	4,432	+8.1%	0.8x	0.29	+5.8%	31.0x	0.04	+10.6%	240.3x

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	3,799	−0.6%	−1.6%	−2.1%	0.03	+0.1%	−0.4%	−2.6%
2027	4,099	+0.2%	−0.8%	−1.6%	0.03	+0.1%	−0.9%	−3.9%
2028	4,432	+0.3%	−1.0%	−2.2%	0.04	+0.7%	−0.2%	−2.8%

Earnings surprises EPS beat in 3 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)	14,830,271	15,165,951	16,279,169	18,239,529	15,248,607	14,873,910	16,382,622	15,606,506	16,080,453	11,465,556
Sales mean (mil)	13,677,000	14,455,003	15,025,424	15,752,208	15,709,426	14,851,157	15,128,586	17,507,178	16,541,726	16,387,184
Surprise	+8.4%	+4.9%	+8.3%	+15.8%	−2.9%	+0.2%	+8.3%	−10.9%	−2.8%	−30.0%
EPS reported	143.00	144.00	150.00	139.00	144.00	127.00	134.00	132.06	152.00	137.00
EPS mean	146.81	143.52	150.60	152.84	151.29	132.87	132.62	136.52	149.66	136.28
Surprise	−2.6%	+0.3%	−0.4%	−9.1%	−4.8%	−4.4%	+1.0%	−3.3%	+1.6%	+0.5%

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
PTBRY PT Bank Negara Indonesia (Persero) Tbk	6.7B	–	28.9%	1.22x	288.3x	265.8x	34.5x	32.8x
UBSI United Bankshares, Inc.	6.7B	13.3%	27.6%	1.11x	13.3x	12.5x	1.2x	1.1x
AKBTY Akbank T.A.S.	6.6B	–	13.7%	1.29x	8.4x	5.5x	1.8x	1.4x
GATX GATX Corporation	6.6B	–	18.8%	–	18.2x	16.6x	2.3x	1.9x
OMF OneMain Holdings, Inc.	6.6B	–	12.5%	–	8.7x	7.0x	1.9x	1.7x
GBCI Glacier Bancorp Inc	6.5B	13.0%	18.4%	1.19x	16.5x	13.9x	1.5x	1.4x
Mean		13.1%	20.0%	1.20x	58.9x	53.5x	7.2x	6.7x
Median		13.1%	18.6%	1.20x	14.9x	13.2x	1.8x	1.5x

Technical analysis

1M−4.3%
3M−7.5%
1Y−22.3%
3Y−21.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PT Bank Negara Indonesia (Persero) Tbk, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	4,163	4,138	3,993	3,512	3,511	4,001
Total interest expense	1,743	1,622	1,312	857	827	1,355
Net interest income	2,420	2,516	2,681	2,655	2,684	2,646
Loan loss provision	583	510	597	740	1,284	1,609
Net interest income after loan loss provision	1,836	2,006	2,084	1,915	1,400	1,037
Non-interest income	1,668	1,610	1,732	1,595	1,552	1,335
Non-interest expense	−2,041	−1,964	−2,150	−2,052	−2,071	−2,008
Net income before taxes	1,464	1,651	1,665	1,458	881	364
Provision for taxes	257	305	294	270	110	128
Minority interest & equity in affiliates	−4.2	−12.8	−12.8	−10.9	−5.5	−2.9
Other	0	0	0	0	0	0
Net income before extraordinary items	1,202	1,334	1,358	1,176	765	234
Extraordinary items	–	–	–	–	–	–
Net income	1,202	1,334	1,358	1,176	765	234
Basic weighted average shares (mil)	37,297	37,290	37,257	37,277	37,240	37,265
Diluted weighted average shares (mil)	37,297	37,290	37,257	37,277	37,240	37,265
Basic EPS excluding extraordinary items	0.03	0.04	0.04	0.03	0.02	0.01
Basic EPS, normalized	0.03	0.03	0.03	0.03	0.02	0.00

Balance sheet in millions of USD, fiscal years

Balance sheet, PT Bank Negara Indonesia (Persero) Tbk, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	8,876	6,064	10,086	10,387	12,092	9,011
Other earning assets	16,613	14,082	13,990	13,427	14,159	12,269
Net loans	51,810	45,816	42,087	38,282	37,343	38,602
Property, plant & equipment	1,866	1,890	1,803	1,706	1,887	1,949
Goodwill	43.7	45.2	–	46.8	–	–
Intangibles	0.9	1.0	48.4	1.6	–	–
Long-term investments	900	832	770	685	668	57.9
Other long-term assets	139	444	497	489	437	342
Other assets	1,458	1,062	1,321	1,140	1,123	1,255
Total assets	81,707	70,238	70,602	66,164	67,708	63,486
Liabilities
Accounts payable	405	418	344	359	357	426
Payable/accrued	–	–	–	–	–	–
Accrued expenses	56.5	95.0	108	92.6	87.2	84.2
Total deposits	63,131	51,216	53,435	50,402	52,179	49,062
Other bearing liabilities	139	263	373	341	392	392
Short-term borrowings	435	988	448	185	128	184
Current portion of long-term debt	–	–	–	–	1,141	–
Long-term debt	4,342	4,637	3,428	3,785	2,543	3,452
Minority interest	276	278	279	282	195	191
Other liabilities	2,620	2,270	2,466	1,992	2,002	1,846
Total liabilities	71,405	60,165	60,880	57,438	59,025	55,637
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	543	563	588	582	635	645
Additional paid-in capital	1,020	1,057	1,105	1,093	1,194	1,038
Retained earnings (accumulated deficit)	7,586	7,509	7,102	6,188	5,650	4,931
Treasury stock	0	0	−11.7	0	−14.6	−5.7
Other equity	1,152	944	939	863	1,219	1,240
Total equity	10,302	10,073	9,722	8,726	8,683	7,848
Total liabilities & shareholders' equity	81,707	70,238	70,602	66,164	67,708	63,486

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PT Bank Negara Indonesia (Persero) Tbk, 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	3,876	−6,152	−1,656	−1,059	1,772	2,766
Cash from operations	6,185	−3,929	675	1,282	4,201	5,289
Investing activities
Capital expenditures	−175	−193	−153	−157	−130	−90.7
Other investing cash flows	−1,423	−134	−547	−1,914	−969	−763
Cash from investing	−1,598	−328	−700	−2,071	−1,099	−854
Financing activities
Financing cash flow items	−466	1,033	261	195	−38.0	36.1
Cash dividends paid	−837	−650	−476	−175	−57.6	−274
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−350	718	−336	155	216	−983
Cash from financing	−1,653	1,101	−552	175	121	−1,221
Foreign exchange effects	−7.9	−2.2	−9.8	7.4	35.5	42.8
Net change in cash	2,926	−3,158	−586	−606	3,258	3,257
Free cash flow	6,010	−4,122	522	1,125	4,071	5,198

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.