Digital Bank Stocks Rally, Led by BBHI and BBYB, as Earnings Rebound in H1 2025
Main Takeaways
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JAKARTA, Investortrust.id — Shares of Indonesian digital banks have regained momentum in 2025, with PT Allo Bank Indonesia Tbk, or BBHI, and PT Bank Neo Commerce Tbk, or BBYB, leading the rebound on the back of strong first-half earnings.
Year-to-date, BBHI shares have surged 112.08% to Rp 1,580, while BBYB rose 57.14% to Rp 352, according to Indonesia Stock Exchange (BEI) data. In contrast, PT Bank Jago Tbk, or ARTO, remains the only digital bank stock still in negative territory this year, down 9.47% despite a sharp profit jump.
The recovery has extended to other digital bank stocks as well. PT Bank Raya Indonesia Tbk (AGRO) gained 9.57% to Rp 252, PT Bank Ina Perdana Tbk (BINA) rose 7.33% to Rp 4,390, and PT Bank Aladin Syariah Tbk (BANK) added 4.35% to Rp 840.
Despite ARTO’s overall year-to-date decline, the stock has shown signs of recovery, gaining over 17% in the past week alone, closing at Rp 2,200 on Tuesday from Rp 2,430 at the end of 2024.
Still, all digital bank stocks remain far below their peak valuations from early 2022.
Earnings Drive Market Sentiment
The stock rally reflects improving fundamentals across the digital banking sector, with several banks posting strong results in the first half of 2025.
BBHI’s net profit climbed from Rp 200.59 billion to Rp 227.07 billion in the first half of 2025. Meanwhile, BBYB turned around from a net loss of Rp 6.15 billion in the first half of 2024 to a net profit of Rp 276.04 billion this year.
Bank Raya (AGRO) also recorded significant gains, with net profit rising to Rp 32.93 billion, up from Rp 20.05 billion a year earlier. Similarly, Bank Aladin (BANK) swung from a net loss of Rp 57.57 billion to a net profit of Rp 83.12 billion.
Bank Jago (ARTO) reported a 154% jump in net profit to Rp 127.06 billion in the first half, up from Rp 49.96 billion in the same period last year. However, the market has yet to fully price in the improvement.
On the downside, Bank Ina (BINA) posted a sharp decline in earnings, with net profit falling to Rp 24.69 billion from Rp 68.88 billion.
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