PT Bank Pan Indonesia Tbk“PNBN”
We maintain a Stable outlook on PNBN, supported by its strong capital buffer, conservative balance-sheet management, and prudent liquidity positioning amid Indonesia’s increasingly competitive funding environment. While FY2024–FY2025 performance remained resilient, with net profit rising to IDR2.75tn and asset quality improving, declining CASA and rising funding costs are expected to weigh on profitability ahead, with FY2026F net profit projected to fall marginally by 0.8% YoY. Nevertheless, PNBN’s strong CAR of 37.07% as of March 2026, higher GWM balances, and IDR3.75tn SRBI holdings provide a solid liquidity cushion, positioning the bank to withstand tighter liquidity conditions, while its outstanding bonds continue to offer attractive yields relative to the benchmark curve.