A Cumulative Headline That Hides a Standalone Decline
BRI's H1 2024 consolidated net income attributable to owners came in at Rp29,701,853 million, up 0.95% YoY from H1 2023's Rp29,421,509 million - a headline that, read on its own, looks like continued if modest growth. But H1 is a cumulative six-month figure, and BRI's own Q1 2024 net income of Rp15,885,516 million is already known and filed. Subtracting it out gives standalone Q2 2024 net income of Rp13,816,337 million - down 0.74% YoY from standalone Q2 2023's Rp13,919,652 million, itself derived the same way from BRI's H1 2023 filing. The quarter that actually just happened contracted, even though the six-month total it's buried inside kept growing.
The decline isn't from revenue. Standalone Q2 Net Interest and Net Premium Income, net, grew 5.02% YoY to Rp34,872,896 million, and standalone Q2 operating income (Profit from Operations) grew 4.68% YoY to Rp18,511,426 million - both healthy. What ate the gain is impairment for financial assets: standalone Q2 2024's Rp9,339,288 million is 34.89% higher YoY than standalone Q2 2023's Rp6,924,239 million. Management's own strengths-and-challenges commentary frames the elevated provisioning as a continuation of Q1's frontload, noting gross Credit Cost eased to 3.13% in Q2 alone from Q1's 3.83% - genuine sequential improvement - but a lower number than last quarter is not the same as a lower number than a year ago, and on that harder comparison, Q2 alone still cost the bank enough in provisions to erase what would otherwise have been a mid-single-digit profit gain. EPS makes the point cleanest: standalone Q2 EPS (basic, attributable to owners) was Rp92 in both 2024 and 2023 - flat, not growing, at the one quarter that matters most for judging whether this business is actually compounding right now.
The Prescription
BRI should report standalone-quarter figures alongside its cumulative H1/9M/FY numbers in the investor presentation itself, not leave a reader to derive them by subtraction. The bank's own materials show 1H24 growing net profit 1.1% YoY and PATMI 1.0% YoY - both true, both cumulative, and both silent on the fact that the quarter just completed actually contracted. A bank this large, reporting to this many analysts, publishing a standalone-quarter net income line next to the cumulative one would cost nothing and would surface exactly the kind of divergence this post had to reconstruct from two filings six months apart.
What BRI should stop doing: letting a guidance breach go unaddressed for two straight quarters without either a revised plan or a revised number. Credit Cost (3.48% against a "Max. 3%" ceiling) and NPL (3.05% against a "<3%" ceiling) are both still outside their FY2024 bands at the half-year mark, exactly as they were at Q1 - the bands themselves weren't loosened again this quarter (unlike Q1's widening, see Beyond the Usual), but neither were they met, and management's own commentary offers reassurance ("still showing initial signs of improvement") rather than a concrete plan for closing the gap by year-end. Two consecutive quarters of the same open miss, with only qualitative reassurance in between, is worth more than a repeated "improving" framing.
Key Financial Metrics
Standalone quarter ended June 30, 2024 vs. standalone quarter ended June 30, 2023 (consolidated), derived by subtracting each year's already-filed Q1 cumulative figures from that year's H1 cumulative filing, unless noted
FX: Rp16,375.00 = USD 1 as of June 30, 2024, per BRI's own filed financial statements' disclosure - a 6.36% Rupiah depreciation from Mar 2024's Rp15,855.00 and a 9.22% depreciation from Jun 2023's Rp14,992.50.
| Metric | Q2 2024 (IDR) | Q2 2024 (USD) | Q2 2023 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest and Net Premium Income, net ("Net Revenue" equivalent) | Rp34,872,896M | ~$2,130M | Rp33,206,105M | ✅ +5.02% |
| Operating Income (Profit from Operations) | Rp18,511,426M | ~$1,131M | Rp17,684,416M | ✅ +4.68% |
| Net Income (attributable to owners) | Rp13,816,337M | ~$844M | Rp13,919,652M | ⚠️ -0.74% |
| Net Income (total consolidated, incl. non-controlling interests) | Rp13,913,523M | ~$850M | Rp13,997,446M | ⚠️ -0.60% |
| EPS (basic, attributable to owners, quarterly) | Rp92 | ~$0.0056 | Rp92 | ⚠️ flat |
| Impairment for financial assets | Rp9,339,288M | ~$570M | Rp6,924,239M | ⚠️ +34.89% (higher is worse) |
Balance sheet: June 2024 vs. March 2024 (QoQ) and June 2023 (YoY), consolidated, as filed (not derived)
| Balance sheet metric | Jun 2024 (IDR) | Jun 2024 (USD) | Mar 2024 (IDR) | QoQ | Jun 2023 (IDR) | YoY |
|---|---|---|---|---|---|---|
| Total Assets | Rp1,977,371B | ~$120,756M | Rp1,989,074B | ⚠️ -0.59% | Rp1,805,146B | ✅ +9.55% |
| Total Loan & Financing (gross, incl. subsidiaries) | Rp1,336,780B | ~$81,635M | Rp1,308,651B | ✅ +2.15% | Rp1,202,129B | ✅ +11.20% |
| Total Deposits (Third Party Funds) | Rp1,389,662B | ~$84,873M | Rp1,358,329B | ✅ +2.31% | Rp1,245,115B | ✅ +11.61% |
| Total Equity (incl. non-controlling interest) | Rp311,731B | ~$19,038M | Rp298,898B | ✅ +4.29% | Rp298,492B | ✅ +4.44% |
| Total Cash and Cash Equivalents (per cash flow statement, period-end) | Rp152,594B | ~$9,318M | Rp187,994B | ⚠️ -18.83% | Rp183,419B | ⚠️ -16.81% |
Total Cash fell on both counts as loan disbursement (Rp86,429,689M net operating-asset use, per the cash flow statement) outpaced deposit inflows this half, a genuine funding-liquidity draw rather than a dividend effect this quarter - the FY2023 dividend cash-out already hit Q1's balance (see [Q1 2024's post](/analysis/bbri/2024-03/#beyond-the-usual)).
Key Operational Metrics
Bank-only, per BRI's own filed financial-ratio table and investor presentation, unless stated
- CASA»: 63.43% (Jun 2024) vs Mar 2024's 61.86% ✅ and 65.68% (Jun 2023) ⚠️ - up QoQ as deposits rebuilt after Q1's dividend/Ramadan seasonal outflow, still down YoY.
- Loan-to-Deposit Ratio (LDR)»: 87.19% (Jun 2024) vs 83.78% (Mar 2024) ⚠️ and 87.83% (Jun 2023) ✅ - up QoQ as loan growth outpaced deposit growth this quarter, essentially flat YoY.
- Net Interest Margin (NIM), bank-only: 6.41% (Jun 2024) vs Mar 2024's 6.59% ⚠️ and 6.81% (Jun 2023) ⚠️ - down on both counts. On BRI's own consolidated guidance basis, NIM» eased to 7.64% (1H23: 7.92%), still inside the widened FY2024 band of 7.6%-8.0%.
- ROA» (after tax, bank-only): 3.06% (Jun 2024) vs 2.98% (Mar 2024) ✅ and 3.14% (Jun 2023) ⚠️ - up QoQ, down YoY.
- ROE» (book value, bank-only): 19.40% (Jun 2024) vs 18.62% (Mar 2024) ✅ and 18.40% (Jun 2023) ✅ - up on both counts.
- CAR» (Total, bank-only): 23.23% (Jun 2024), up from Mar 2024's 21.87% ✅ but still down from Jun 2023's 24.65% ⚠️.
- NPL ratio - gross (bank-only): 3.21% (Jun 2024) vs Mar 2024's 3.27% ✅ and 3.10% (Jun 2023) ⚠️ - improved QoQ, still worse YoY. NPL ratio - net: 0.86% (Jun 2024) vs 1.00% (Mar 2024) ✅ and 0.76% (Jun 2023) ⚠️.
- NPL Coverage Ratio (bank-only): 211.60% (Jun 2024) vs Mar 2024's 214.26% ⚠️ and Dec 2023's restated 229.09% ⚠️ - continuing the multi-quarter decline this series has tracked, though management's own commentary still frames the level as ample against a pre-covid floor of roughly 150%.
- Credit Cost (bank-only): 3.49% (1H24, cumulative) vs 2.27% (1H23) ⚠️ and 3.82% (Q1 2024, cumulative) ✅ - still above the FY2024 "Max. 3%" ceiling at the half-year mark; quarter-alone Credit Cost eased to 3.13% in Q2 2024 per management's own commentary, and net Credit Cost (after recoveries) fell to 1.42% in Q2 alone from Q1's 2.39% - see Beyond the Usual.
- BOPO» (Opex/Opr. Income, bank-only): not separately disclosed on this basis this quarter; Cost to Income Ratio (CIR)», bank-only: 37.47% (1H24) vs 38.96% (1H23) ✅ and 34.25% (Q1 2024) ⚠️ - improved YoY, worse than Q1's own cumulative reading. On BRI's consolidated guidance basis, CIR came in at 41.00% (1H23: 41.79%), just inside the FY2024 41%-42% band.
- Cost of Fund (CoF), bank-only: 3.57% (1H24) vs 2.66% (1H23) ⚠️ - up sharply YoY as the tight-liquidity environment management flagged at Q1 persisted into Q2.
Business Lines: Loan Growth and Credit Quality
Consolidated, YoY, per BRI's own investor presentation - the same five-way Micro/Consumer/Small/Medium/Corporate scale used since [9M 2023](/analysis/bbri/2023-09/#business-lines-loan-growth-and-credit-quality)
Micro loans grew 7.8% YoY (+Rp45.1 trillion), decelerating from Q1 2024's 10.5% as management deliberately slowed micro lending to focus on asset quality and recoveries. NPL nonetheless worsened to 2.95% from Q1's 2.69% and 1H23's 2.23% - the segment moving in the wrong direction on credit quality even as its own growth was throttled back.
Consumer grew 11.5% YoY, essentially matching Q1's 11.6%. NPL worsened slightly to 2.13% from 1H23's 2.02%, but actually improved from Q1's 2.20% - a mixed read depending on which comparison a reader picks.
Small grew just 2.0% YoY (+Rp4.5 trillion), a sharp deceleration from Q1's 5.4%. NPL improved to 5.05% from Q1's 5.44%, though it's still up from 1H23's 4.29% and remains BRI's single worst-performing core segment by NPL level.
Medium grew 31.6% YoY (+Rp10.0 trillion), accelerating further from Q1's already-fast 27.7% and remaining the fastest-growing segment by a wide margin. NPL improved sharply to 1.75% from Q1's 2.21% and 1H23's 2.70% - now BRI's best-performing segment by NPL level, a genuine reversal from FY2023's read.
Corporate grew 29.2% YoY (+Rp54.5 trillion), nearly doubling its own pace from Q1's 15.1% and now the second-fastest-growing segment after Medium. NPL improved to 3.07% from Q1's 3.33% and 1H23's 4.83% - the segment continuing its multi-quarter credit-quality repair even while its loan book grows fast, a combination worth watching for whether growth this rapid stays this clean.
Segment Comparison
Consolidated total loan growth (loans plus Sharia financing and finance receivables) came in at 11.2% YoY, landing squarely inside BRI's own 10%-12% FY2024 guidance band. Corporate and Medium together drove most of the growth acceleration this quarter - Corporate's pace nearly doubled and Medium's kept climbing - while Micro and Small, the two segments most exposed to lower-income borrowers, both decelerated as management deliberately throttled growth there. On credit quality, Medium made the sharpest improvement of any segment (2.70%→1.75% NPL YoY), overtaking Corporate as the cleanest core segment even as both grew loans faster than the book overall - a genuinely positive combination if it holds. Small remains the one segment where growth slowed and credit quality, while improved QoQ, is still the worst in the portfolio by a wide margin.
Beyond the Usual
This quarter's source documents are BRI's unaudited OJK-format published financial report for the period ended June 30, 2024 - a bare regulatory statement with no notes to the financial statements - alongside its 1H24 investor presentation. As with Q1 2024, neither document carries footnote-level detail (related-party notes, commitment schedules, segment income notes), so this section stays focused on what a standalone-quarter reconstruction and management's own commentary actually reveal.
Standalone Q2 Net Income Quietly Declined Even as the H1 Headline Kept Growing
BRI's own 1H24 presentation reports Net Profit up 1.1% YoY and PATMI up 1.0% YoY - both true on a cumulative six-month basis. Subtracting the already-filed Q1 2024 figures from this quarter's H1 filing shows standalone Q2 2024 net income attributable to owners actually fell 0.74% YoY, to Rp13,816,337 million from Rp13,919,652 million, with EPS flat at Rp92 in both years (see above). Neither BRI's presentation nor its filed statements disclose a standalone-quarter net income line, so a reader relying on the cumulative figures alone would have no way to see that the quarter just completed was actually the weaker one.
Two FY2024 Guidance Breaches From Q1 Are Still Open at the Half-Year Mark
[Q1 2024's post](/analysis/bbri/2024-03/#a-guidance-band-was-widened-not-just-missed-one-quarter-into-the-year) flagged gross Credit Cost (3.83%) breaching the freshly-set FY2024 band, with management responding by widening the ceiling to "Max. 3%" in the same presentation. At the half-year mark, Credit Cost (3.48%) is still above even that widened ceiling, and NPL (3.05%) is now also outside its own "<3%" FY2024 band - a second guidance line breached that wasn't in question at Q1. Unlike Q1, management didn't loosen either band further this quarter; the guidance table simply shows both lines still open against an unchanged target with one half of the fiscal year gone.
Bank-Only Net Credit Cost Nearly Halved Sequentially in the Second Quarter
Management's own strengths-and-challenges commentary discloses that bank-only net cost of credit (credit cost after recoveries) fell to 1.42% in Q2 2024 alone, down from Q1's 2.39% - a considerably better sequential trend than the gross Credit Cost figures shown in the headline tables, which improved but stayed above 3% throughout. Recoveries of written-off assets grew 50.5% YoY to Rp10.1 trillion for the half, with the quarter-alone recovery amount up 30% QoQ to Rp5.7 trillion from Rp4.4 trillion - genuinely fast growth in a metric that doesn't appear in either the guidance table or the standard financial-ratio disclosures, and one that meaningfully softens how the elevated gross provisioning figures should be read.
Stock Price: A Two-Year High Unwinds Into a Sharp Quarterly Drop
BRI's shares closed at Rp4,600.00 on June 28, 2024 (the last trading day of the quarter), down a sharp 23.97% QoQ from Mar 2024's Rp6,050.00 close and 15.21% YoY from Jun 2023's Rp5,425.00. The quarter's low came in May at Rp4,340.00, itself a 29.14% decline from February's Rp6,125.00 high - the same peak Q1's post had flagged as sitting just above that quarter's own close. Over the trailing two years (July 2022-June 2024), shares still ranged from a trough of Rp4,150.00 in June 2022 to that same Rp6,125.00 February 2024 peak - a 47.6% trough-to-peak gain for the window overall - but this quarter's close gives back most of the multi-year climb's most recent leg. BRI hasn't split its stock since 2017, so every price referenced here is directly comparable to prior quarters' own figures with no adjustment needed. This is a large enough single-quarter move to warrant its own section: a re-rating that built for nearly two years unwound in about four months, with no single disclosed catalyst in this quarter's own documents pointing to why - a broader emerging-market or Indonesian-banking-sector repricing is the more likely explanation than anything specific to this quarter's operating results, which (aside from the standalone-Q2 profit softness above) were not dramatically worse than Q1's.
Target Valuation Range
~11.50x P/E, ~2.28x P/B. Bottom line: BRI looks cheap relative to where it was trading just one quarter ago, but that's a function of the share price falling faster than the underlying earnings and book value did - this isn't a case of the business getting meaningfully worse, it's a case of the multiple compressing on what looks like broader market repricing rather than this quarter's own operating numbers.
Trailing-twelve-month EPS of approximately Rp400 (FY2023's Rp398, plus H1 2024's Rp197, minus H1 2023's Rp195) against the Rp4,600.00 close gives a P/E» of approximately 11.50x - down sharply from Q1 2024's ~15.13x, entirely on the price decline since trailing EPS was essentially unchanged.
Book value per share is approximately Rp2,018 (Rp305,896,682 million total equity attributable to owners ÷ 151,559,001,604 shares outstanding, unchanged since Q3 2021).
| Market cap → book value | Q2 2024 |
|---|---|
| Share price (period-end) | Rp4,600.00 |
| Shares outstanding | 151,559,001,604 |
| Market capitalization | ~Rp697,171B (~$42.58B, using this quarter's disclosed Rp16,375.00/USD rate) |
| Total equity attributable to owners (book value) | Rp305,897B |
| P/B» | ~2.28x |
| Peer-multiple sanity check | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| P/E» | ~15.13x | ~11.50x | ✅ down sharply - entirely on the price decline, trailing EPS essentially unchanged |
| P/B» | ~3.13x | ~2.28x | ✅ down - again almost entirely a price effect, since book value per share itself grew this quarter |
BBCA's own Q2 2024 post reported a trailing P/E of ~23.8x and a P/B of ~5.08x, using a comparable trailing-four-quarter methodology - a gap to BRI's ~11.50x and ~2.28x of roughly 12.3x on P/E and 2.80x on P/B, both gaps wider than Q1 2024's ~9.7x and ~2.3x. The widening this quarter is a BRI-specific price story, not a fundamentals divergence - BCA's own shares eased only 1.5% QoQ while BRI's fell nearly 24%, even though BRI's underlying EPS was essentially flat and BCA's trailing EPS kept growing at a similar mid-single-digit pace. A gap this size, driven almost entirely by one stock's price move, is worth treating as a potential value opportunity only if the market's broader repricing genuinely has nothing to do with BRI's own credit quality - and the still-open Credit Cost and NPL guidance breaches above (see Beyond the Usual) mean that case isn't yet fully made.
A full DCF still isn't included here, for the same reasons every prior post in this series has given - the peer-multiple read above remains the more reliable lens until a longer run of genuinely clean, comparably-consolidated quarters builds up around this one.
PT Bank Rakyat Indonesia (Persero) Tbk's unaudited OJK-format published financial report as of June 30, 2024 and for the six months then ended, and its 1H24 investor presentation.