A Segment-Level Reshuffle, Not a Flat Year
BRI's FY2024 consolidated net income attributable to owners came in at Rp60,154,887 million, up just 0.09% YoY from FY2023's Rp60,099,863 million - a headline that reads like a genuinely uneventful year after FY2023's 17.45% growth. It wasn't uneventful underneath. Subtracting the already-filed 9M2024 cumulative figures gives standalone Q4 2024 net income of Rp15,090,134 million, down 6.31% YoY from standalone Q4 2023's Rp16,107,256 million (itself derived the same way from BRI's 9M2023 filing) - even as standalone Q4 net revenue (Net Interest and Net Premium Income) actually grew 2.76% YoY. The quarter that just happened was a genuine decliner, not the flat year the annual headline suggests.
The audited segment note - Micro, Retail, Corporate, Others, and Subsidiary, the same five-way split BRI has used all year - explains the gap. Corporate segment income before tax fell 59.2% YoY, from Rp14,767,195 million in 2023 to just Rp6,029,510 million in 2024, even though Corporate's own credit quality improved over the same period (NPL down to 2.60% from 3.86%). The reason isn't worse lending - it's provisioning math. In 2023, Corporate's provision line was a Rp7,888,285 million release (a credit to income, from recoveries and reserve write-backs); in 2024 it flipped to a Rp591,233 million charge. That roughly Rp8.5 trillion swing, on a segment with revenue that itself fell 4.75% YoY, is most of the story. What kept the consolidated number from falling with it is the Others segment (head office, treasury, and unallocated items), whose own provisioning moved in the opposite direction - from a Rp427,517 million charge in 2023 to a Rp4,860,179 million release in 2024 - alongside a 36.2% jump in its own pre-tax income. One segment's one-off working against another segment's one-off is what "flat" actually means here.
The Prescription
BRI should stop letting a single segment's provisioning swing dictate whether the consolidated headline reads as "flat" or "growing." The Corporate-versus-Others offset this year means a reader who only checks the consolidated net income line would conclude nothing changed - when in fact one of BRI's largest lending segments had its income before tax cut nearly in half. BRI already publishes this segment table in its audited annual report; it should be surfaced in the investor presentation's own headline commentary too, not left for a reader to reconstruct from the full financial statements months after the quarter closes.
What BRI should stop doing: treating "In Line" or "Missed" guidance verdicts as settled once the full year closes, without explaining why two consecutive years now show the same two misses. Loan growth landed at 7.0% for FY2024, below the 10%-12% band for a second straight year, and Credit Cost landed at 3.23%, above the "Max. 3%" ceiling BRI itself set - the same ceiling that was already breached every single quarter of 2024 (see Q1, Q2, and Q3). A guidance band a company misses on the same two metrics two years running isn't really guidance anymore; BRI should either reset both bands to something it can credibly hit, or explain in plain terms what structural change would be needed to hit the existing ones.
Key Financial Metrics
Standalone quarter ended December 31, 2024 vs. standalone quarter ended December 31, 2023 (consolidated), derived by subtracting each year's already-filed 9M cumulative figures from that year's full-year audited statement, unless noted
FX: Rp16,095.00 = USD 1 as of December 31, 2024, per BRI's own filed financial statements' disclosure - a 4.53% Rupiah depreciation from Sep 2024's Rp15,140.00 and from Dec 2023's Rp15,397.00.
| Metric | Q4 2024 (IDR) | Q4 2024 (USD) | Q4 2023 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest and Net Premium Income, net ("Net Revenue" equivalent) | Rp37,556,674M | ~$2,334M | Rp36,548,006M | ✅ +2.76% |
| Operating Income (Profit from Operations) | Rp20,533,233M | ~$1,276M | Rp20,625,945M | ⚠️ -0.45% |
| Net Income (attributable to owners) | Rp15,090,134M | ~$938M | Rp16,107,256M | ⚠️ -6.31% |
| Net Income (total consolidated, incl. non-controlling interests) | Rp15,281,433M | ~$950M | Rp16,211,479M | ⚠️ -5.66% |
| EPS (basic, attributable to owners, quarterly) | Rp100 | ~$0.0062 | Rp106 | ⚠️ -5.66% |
| Impairment for financial assets | Rp9,303,034M | ~$578M | Rp6,286,447M | ⚠️ +47.98% (higher is worse) |
Balance sheet: December 2024 vs. September 2024 (QoQ) and December 2023 (YoY), consolidated, as filed (not derived)
| Balance sheet metric | Dec 2024 (IDR) | Dec 2024 (USD) | Sep 2024 (IDR) | QoQ | Dec 2023 (IDR) | YoY |
|---|---|---|---|---|---|---|
| Total Assets | Rp1,992,983B | ~$123,850M | Rp1,961,916B | ✅ +1.58% | Rp1,965,007B | ✅ +1.42% |
| Total Loan & Financing (gross, incl. subsidiaries) | Rp1,354,641B | ~$84,164M | Rp1,353,356B | ✅ +0.09% | Rp1,266,429B | ✅ +6.97% |
| Total Deposits (Third Party Funds) | Rp1,365,450B | ~$84,835M | Rp1,362,419B | ✅ +0.22% | Rp1,358,329B | ✅ +0.52% |
| Total Equity (incl. non-controlling interest) | Rp323,189B | ~$20,081M | Rp329,473B | ⚠️ -1.91% | Rp316,472B | ✅ +2.12% |
| Total Cash and Cash Equivalents (per cash flow statement, period-end) | Rp205,328B | ~$12,758M | Rp199,876B | ✅ +2.73% | Rp218,678B | ⚠️ -6.10% |
Total Equity fell QoQ mainly on the usual Q4 comprehensive-income and reserve movements rather than a new dividend event (BRI's dividend from FY2023 profit was already paid earlier in 2024). Total Deposit growth stayed muted for a second straight quarter as the balance-sheet-optimization shift out of time deposits and into CASA continued (see Key Operational Metrics below).
Key Operational Metrics
Bank-only unless stated; per BRI's own filed financial-ratio table and investor presentation, quarter-alone figures where available
- CASA»: 67.54% (Dec 2024) vs Sep 2024's 64.40% ✅ and 64.55% (Dec 2023) ✅ - up sharply on both counts as the deliberate shift out of time deposits and into CASA accelerated into year-end.
- Loan-to-Deposit Ratio (LDR)»: 88.90% consolidated (Dec 2024) vs 89.60% (Sep 2024) ✅ and 84.73% (Dec 2023) ⚠️ - down slightly QoQ, still up meaningfully YoY as management kept "strategically increasing" LDR to defend margin.
- Net Interest Margin (NIM), bank-only, quarter-alone: 6.09% (Dec 2024) vs 6.70% (Sep 2024) ⚠️ and 6.72% (Dec 2023) ⚠️ - down on both counts. On BRI's consolidated cumulative guidance basis, NIM» came in at 7.74% for FY2024 (FY2023: 8.15%), still inside the FY2024 7.6%-8.0% band per BRI's own guidance table, but at the bottom of it.
- ROA» (after tax, bank-only, quarter-alone): 3.07% (Dec 2024) vs 2.91% (Sep 2024) ✅ but 3.18% (Dec 2023) ⚠️ - up QoQ, down YoY.
- ROE» (book value, bank-only, quarter-alone): 18.50% (Dec 2024) vs 17.56% (Sep 2024) ✅ but 18.79% (Dec 2023) ⚠️ - up QoQ, down YoY.
- CAR» (Total, bank-only): 24.41% (Dec 2024), down from Sep 2024's 24.96% ⚠️ and down from Dec 2023's 25.23% ⚠️ - the consolidated Total CAR (26.63%) stayed comfortably above regulatory minimums either way.
- NPL ratio - gross, bank-only, quarter-alone: 2.78% (Dec 2024) vs Sep 2024's 3.04% ✅ and 3.12% (Dec 2023) ✅ - improved on both counts. On BRI's consolidated basis, gross NPL closed FY2024 at 2.78%, inside the FY2024 "<3%" band and the best full-year reading since this series began tracking it.
- Cost to Income Ratio (CIR), bank-only, quarter-alone: 37.36% (Dec 2024) vs 39.14% (Sep 2024) ✅ but 40.12% (Dec 2023) ✅ - improved on both counts. On BRI's consolidated cumulative guidance basis, CIR came in at 41.59% for FY2024 (FY2023: 41.89%), inside the FY2024 41%-42% band.
- Credit Cost (bank-only, quarter-alone): 2.78% (Dec 2024) vs 2.94% (Sep 2024) ✅ but 1.37% (Dec 2023) ⚠️ - improved sequentially, still well above the year-ago level. On BRI's consolidated cumulative guidance basis, Credit Cost stood at 3.23% for FY2024, above the FY2024 "Max. 3%" ceiling - the guidance line BRI has missed every quarter of 2024.
- Cost of Fund (CoF), bank-only, quarter-alone: 3.43% (Dec 2024) vs 3.49% (Sep 2024) ✅ but 3.28% (Dec 2023) ⚠️ - essentially flat QoQ, still up YoY as the tight-liquidity funding environment persisted through the full year.
Business Lines: Loan Growth and Credit Quality
Consolidated, full-year 2024 vs. full-year 2023, 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 just 2.7% YoY (+Rp16.3 trillion), decelerating sharply from 9M2024's 6.4% as management kept deliberately throttling micro lending through year-end. NPL worsened to 2.85% from 2.47% a year earlier - the segment's credit quality has now deteriorated in every quarter this series has recorded through FY2024.
Consumer grew 10.0% YoY (+Rp19.1 trillion), essentially matching 9M2024's pace. NPL held flat at 1.97% both years - the one segment showing genuinely stable credit quality alongside continued double-digit growth.
Small shrank 0.7% YoY (-Rp1.5 trillion), the segment's first outright full-year contraction in this series, after 9M2024 had still shown modest 1.1% growth. NPL improved to 4.42% from 4.88% - a real repair, but Small remains BRI's worst-performing core segment by NPL level even as its book stops growing.
Medium grew 21.6% YoY (+Rp7.8 trillion), decelerating from 9M2024's 24.6% but still the fastest-growing segment for the full year. NPL improved to 2.50% from 2.56% - still BRI's best-performing segment by NPL level among the five.
Corporate grew 23.6% YoY (+Rp46.6 trillion), actually accelerating from 9M2024's 16.9% on continued corporate-lending demand. NPL improved sharply to 2.60% from 3.86% - the segment's multi-quarter credit-quality repair held through year-end even as, per Beyond the Usual below, its income fell nearly 60% on a provisioning-basis swing that has nothing to do with underwriting quality.
Segment Comparison
Consolidated total loan growth (loans plus Sharia financing and finance receivables) came in at 7.0% for FY2024, below BRI's own 10%-12% guidance band for a second consecutive year. Growth was highly uneven across the five segments: Corporate (+23.6%) and Medium (+21.6%) drove almost all of it, while Micro decelerated to just 2.7% and Small contracted outright. On credit quality, the picture is the mirror image of growth: Corporate posted the sharpest full-year NPL improvement (3.86%→2.60%), even as its income fell the most of any segment on the provisioning-release reversal described above - a reminder that a segment's credit-quality trend and its profit trend can move in opposite directions in the same year. Micro, by contrast, kept growing slowest while its NPL kept worsening - the one segment moving the wrong way on both counts at once for a fourth straight quarter this series has tracked.
Beyond the Usual
This quarter's source documents are BRI's audited consolidated annual financial statements for the year ended December 31, 2024 (with an unqualified audit opinion) and its FY2024 investor presentation - the first fully-footnoted document available since FY2023's post, giving this section more to work with than the bare quarterly OJK statements used through the interim 2024 quarters.
Corporate Segment's Income Collapse Is a Provisioning Reversal, Not a Credit Event
Corporate segment income before tax fell 59.2% YoY (Rp14,767,195 million to Rp6,029,510 million) even as the segment's own NPL improved from 3.86% to 2.60% and its loan book grew 23.6%. The driver is the segment's own provisioning line, which swung from a Rp7,888,285 million net release in 2023 to a Rp591,233 million net charge in 2024 - an accounting-basis reversal, not a deterioration in the underlying loan book. A reader relying only on the consolidated net income headline (essentially flat YoY) would never see this segment-level swing, since the Others segment's own provisioning moved the opposite way in the same year and largely offset it at the consolidated level.
Loan Growth and Credit Cost Both Missed Their Own Guidance Bands for a Second Straight Year
FY2024 loan growth of 7.0% sits below BRI's own 10%-12% band, and full-year Credit Cost of 3.23% sits above the "Max. 3%" ceiling BRI set for itself - the same ceiling breached every single quarter of 2024. Both misses were already visible by [Q1 2024](/analysis/bbri/2024-03/#beyond-the-usual) and never closed over the rest of the year, even as management's own 9M24 commentary had suggested loan growth was "likely to pick up" in the fourth quarter (see [Q3 2024](/analysis/bbri/2024-09/#beyond-the-usual)) - it didn't, in aggregate, clear the band.
Estimated Losses on Guarantees and Letters of Credit Fell Nearly 60% as Construction-Sector Exposure Eased
BRI's own notes disclose that estimated losses on commitments and contingencies - the provision held against bank guarantees, letters of credit, and similar off-balance-sheet exposures - fell 58.30% YoY, from Rp6.12 trillion in 2023 to Rp2.55 trillion in 2024, which the filing attributes specifically to reduced contingent-liability exposure to debtors in the construction sector.
Standby Letters of Credit More Than Doubled Year-on-Year
The commitments-and-contingencies note also shows Standby L/C issued growing from Rp9,672,955 million to Rp20,706,982 million over the year - more than double - even as ordinary Bank Guarantees issued fell (Rp56,219,970 million to Rp46,148,254 million), a shift in the mix of contingent guarantee instruments BRI is writing rather than a shrinking overall guarantee book.
Nearly Every Concluded Legal Case in 2024 Was Decided in BRI's Favor
BRI's own corporate-governance disclosures report that 98.92% of legal cases that reached a final ("in kracht") court decision in 2024 were won by the bank. Separately, the bank's litigation-tracking table shows 950 open or resolved civil cases and 176 criminal cases across the year, the large majority tied to routine credit-collection and auction-postponement disputes rather than any single matter of outsized scale.
Stock Price: A Third of the Value Given Back in Ten Months
BRI's shares closed 2024 at Rp4,080, down 28.4% from where they started the year (Rp5,725 at the end of FY2023) and down 33.4% from the year's own peak of Rp6,125 set in February 2024 - the same February high Q1 2024's post already flagged as a new two-year record. The decline wasn't a single event: the stock fell in eight of the twelve months of 2024, with the sharpest single-month drop in May (Rp4,940 to Rp4,340) coinciding with the broader emerging-market selloff that also hit Indonesian equities generally, and a second leg down in November-December (Rp4,800 to Rp4,080) as the FY2024 guidance misses on loan growth and Credit Cost became harder to explain away as one-quarter issues. A single quarter's brief recovery in Q3 2024 (up 7.61% QoQ, as noted at the time) didn't hold - Q4 alone gave back 15.2% (Rp4,800 to Rp4,080). None of BRI's own FY2024 fundamentals collapsed alongside the price - net income was flat, not falling sharply - which means the stock's move this year reads more like a re-rating of how the market prices BRI's still-open guidance misses than a reaction to any single new disclosure.
Target Valuation Range
~10.28x P/E, ~1.95x P/B. Bottom line: BRI looks meaningfully cheaper than BCA on both P/E and P/B after 2024's selloff, but with loan growth and Credit Cost both still missing their own FY2024 guidance for a second straight year, the wider discount reads as the market pricing in real execution risk rather than a clean value opportunity.
Full-year 2024 EPS (attributable to owners) of approximately Rp397 (Rp60,154.887 million ÷ 151,559,001,604 shares) against the Rp4,080 close gives a P/E» of approximately 10.28x - down sharply from Q3 2024's ~12.26x, as the 17.6% QoQ price decline outpaced the roughly flat trailing-earnings base.
Book value per share is approximately Rp2,092 (Rp317,093,838 million total equity attributable to owners ÷ 151,559,001,604 shares outstanding, unchanged since Q3 2021).
| Market cap → book value | FY2024 |
|---|---|
| Share price (period-end) | Rp4,080.00 |
| Shares outstanding | 151,559,001,604 |
| Market capitalization | ~Rp618,361B (~$38.42B, using this quarter's disclosed Rp16,095.00/USD rate) |
| Total equity attributable to owners (book value) | Rp317,094B |
| P/B» | ~1.95x |
| Peer-multiple sanity check | Q3 2024 | FY2024 | Change |
|---|---|---|---|
| P/E» | ~12.26x | ~10.28x | ✅ down sharply - 17.6% QoQ price decline outpaced the roughly flat trailing-earnings base |
| P/B» | ~2.32x | ~1.95x | ✅ down - tracking the quarter's price decline almost one-for-one since book value per share barely moved |
BBCA's own FY2024 post reported a trailing P/E of ~21.7x and a P/B of ~4.54x - a gap to BRI's ~10.28x and ~1.95x of roughly 2.1x on P/E and 2.3x on P/B, both gaps wider than Q3 2024's ~11.6x and ~2.66x as BRI's own share price fell faster than BCA's over the fourth quarter. A discount this size would ordinarily be worth flagging as a potential value opportunity, but it isn't fully separable this year from BRI's own open guidance misses on loan growth and Credit Cost (see Beyond the Usual) - a reader betting on the discount closing is also betting those two lines get fixed in 2025, not just that the market re-rates BRI's multiple back up on its own.
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 audited consolidated financial statements as of December 31, 2024 and for the year then ended, and its FY2024 investor presentation.