PT Bank Maybank Indonesia Tbk “BNII”
We maintain a stable outlook on BNII, supported by a strengthening CASA ratio projected to reach 59.37% in FY2026E, solid capitalization with CAR at 28.30%, and improving asset quality with LLR/NPL rising to 2.41x. Following a strong FY2025 recovery, where net income more than doubled to IDR3.7tn, BNII remains resilient despite near-term margin pressure from higher interest rates and deposit repricing. Backed by Maybank Group’s pan-ASEAN network and growing digital adoption, the Bank is well-positioned to capture long-term growth opportunities as regional cross-border activity deepens.