BNI Shares Seen Undervalued on Strong Fundamentals

JAKARTA, Investortrust.id — PT Bank Negara Indonesia Tbk or BBNI is seen as undervalued as analysts pointed to solid fundamentals, resilient credit growth, and strong market sentiment that could lift its share price.

The state owned lender’s shares had moved sideways over the past week but closed 0.2 percent higher at Rp 4,600 on Friday, Jan 23, 2026, reflecting a price to earnings ratio of 8.5 times, considered low relative to peers.

Data from InvestingPro showed the stock’s fair value at Rp 4,769.71, implying a potential upside of about 3.69 percent from current levels.

Analyst consensus appeared more optimistic, with an average target price of Rp 4,979.85, translating into an upside potential of around 8.26 percent.

Market sentiment toward the stock remained strong, supported by a dominant buy rating from analysts covering the lender.

Of the 21 analysts tracking BBNI, 18 recommended buying the stock, three advised holding, and none issued a sell recommendation, according to InvestingPro data.

From an operational perspective, BNI recorded robust loan expansion through the end of 2025, reflecting steady demand across key segments.

Total loans grew 11.23 percent year on year to Rp 822.59 trillion as of November 2025, up from Rp 739.54 trillion in the same period a year earlier.

Deposit growth also accelerated, strengthening the bank’s liquidity position and funding base.

Third party funds rose 21.41 percent year on year to Rp 951.58 trillion in November 2025, compared with Rp 783.80 trillion a year earlier.

The strong balance sheet expansion pushed total assets up 15.33 percent to Rp 1,237.10 trillion, from Rp 1,072.63 trillion in November 2024.

Profitability, however, showed slight pressure amid ongoing adjustments and investment in transformation initiatives.

BNI posted net profit for the period of Rp 18.62 trillion as of November 2025, down 6 percent from Rp 19.18 trillion in the same period of 2024.

President Director Putrama Wahju Setyawan said management remained confident that performance would improve as governance and transformation efforts continued.

“We are optimistic that stronger governance and ongoing transformation will further reinforce BNI’s position as a healthy and competitive bank capable of delivering long term value for all stakeholders,” Putrama said.