From Shareholder-Funded to Deposit-Funded, in One Year
PT Super Bank Indonesia's filing for the quarter ended March 31, 2025 covers the first full quarter after the bank's most consequential product move to date: an OVO integration ("OVO Nabung by Superbank") layered on top of the existing Grab-app integration that drove 2024's customer growth. The consortium of shareholders is unchanged - Emtek's PT Elang Media Visitama (31.28%), Singtel Alpha Investments Pte. Ltd. (20.56%), Grab's PT Kudo Teknologi Indonesia (19.26%), A5-DB Holdings Pte. Ltd. (11.58%), and KakaoBank Corp. (10.00%) - and this quarter's filing is back to the bare regulatory publication format (no annual report accompanies a Q1 filing), so there are no footnotes to mine this time.
The headline number is simple and genuinely new: Superbank recorded net income of Rp251 million for the quarter - tiny in absolute terms, but the first quarter in this blog's coverage where the bank made money at all, arriving less than a year after its June 2024 public app relaunch. The more structurally important number sits one level down, in the loan-to-deposit ratio»: it fell from 515.13% a year earlier to 107.29% this quarter. A ratio that far above 100% a year ago meant Superbank was funding the large majority of its loan book with shareholder capital rather than customer deposits - an inherently temporary, expensive way to grow a loan book. This quarter is the first where deposits and loans are roughly in balance, and the timing lines up: it's also the first quarter the bank turned a profit.
The Prescription
The single most important thing Superbank has proven this quarter is that its funding mix can normalize this fast - a 515%-to-107% loan-to-deposit swing in twelve months, on a loan book that itself grew 145% YoY, means deposit growth (third-party funds up more than tenfold YoY to Rp7.1 trillion) genuinely outpaced lending rather than the bank simply slowing down loan growth to let deposits catch up. The move that compounds from here is holding that funding discipline as growth continues, rather than letting LDR» climb back toward 150%+ once the OVO integration's initial customer surge cools - the same shareholder-capital-funded pattern that made 2023 and 2024 so capital-intensive.
What it should stop doing: treating a Rp251 million quarterly profit as an inflection point without acknowledging how thin the margin for error still is. Cost-to-income ratio» fell from 158.19% to 80.18% - real progress - but BOPO» of 99.85% means operating costs plus provisions are still consuming essentially all operating income; a single quarter of elevated provisioning or a pause in fee/interest income growth would flip this back to a loss immediately. One profitable quarter after seven straight loss-making ones (across the periods this blog has covered) is a milestone worth noting, not yet a trend worth assuming will continue.
Key Financial Metrics
Q1 2025 vs. Q1 2024 (P&L, three months ended March 31), and Mar 2025 vs. Dec 2024 (balance sheet) - bank-only ("Individual")
FX: IDR 16,652 = USD 1 (March 31, 2025 close, applied throughout for consistency).
| Metric | Q1 2025 (IDR) | Q1 2025 (USD) | Q1 2024 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp264,056M | ~$15.86M | Rp111,937M | ✅ +135.9% |
| Operating Income | Rp569M | ~$0.03M | Rp(100,760)M | ✅ turned positive |
| Net Income | Rp251M | ~$0.02M | Rp(105,061)M | ✅ turned positive |
| Balance sheet metric | Mar 2025 (IDR) | Mar 2025 (USD) | Dec 2024 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp14,043,498M | ~$843.3M | Rp11,395,094M | ✅ +23.2% |
| Loans (Kredit yang diberikan) | Rp7,600,522M | ~$456.4M | Rp6,426,416M | ✅ +18.3% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp7,084,282M | ~$425.4M | Rp4,942,826M | ✅ +43.3% |
| Total Liabilities | Rp8,780,705M | ~$527.2M | Rp6,147,562M | ✅ +42.8% |
| Total Equity | Rp5,262,793M | ~$316.0M | Rp5,247,532M | ➖ +0.3% |
Superbank is a bank; Adjusted EBITDA and free cash flow aren't meaningful for a deposit-taking institution and are omitted, and this quarter's filing carries no cash flow statement to draw one from in any case. Unlike the cumulative nine-month and full-year filings covered in the prior two posts, this is a standalone three-month period - Indonesian banks reset their P&L reporting to a fresh quarter each January, so Q1 2025's figures aren't comparable to a "Q1 minus prior cumulative" derivation the way a Q3 or Q4 filing would be.
A bank that goes from a loan-to-deposit ratio of 515% to 107% in a single year has fundamentally changed how it's funded - that shift, not the Rp251 million profit itself, is this quarter's real story.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio (LDR»): 107.29% (Mar 2025), down from 515.13% (Mar 2024) - the single largest one-year swing in this metric across any quarter covered so far, reflecting deposits (+43.3% QoQ alone, and more than tenfold YoY per the bank's own figures) growing far faster than the loan book.
Credit Quality
- NPL» ratio - gross: 2.33% (Mar 2025), down sharply from 4.76% (Mar 2024).
- NPL ratio - net: 0.64% (Mar 2025), up slightly from 0.57% (Mar 2024).
- CAR» / KPMM (capital adequacy): 74.83% (Mar 2025), down from 178.40% (Mar 2024) - continuing the steep year-on-year decline flagged in both prior posts (242% in Sep 2023, to 185% at end-2023, to 96% at end-2024, now 75%), still comfortably above the 10% regulatory minimum but on a trajectory that will need either slower loan growth or fresh capital within a few more years if it continues at this pace.
Profitability & Efficiency
- NIM»: 8.65% (Q1 2025), up from 7.87% (Q1 2024) - the highest margin recorded across the three quarters this blog has covered so far.
- ROA: 0.01% (Q1 2025), up from -7.16% (Q1 2024).
- ROE: 0.02% (Q1 2025), up from -9.04% (Q1 2024) - both barely positive rather than meaningfully so, consistent with a Rp251 million quarterly profit on a Rp5.3 trillion equity base.
- BOPO»: 99.85% (Q1 2025), improved from 181.86% (Q1 2024) - the first quarter in this blog's coverage where BOPO has dropped below the 100% break-even line.
- Cost-to-Income Ratio» (CIR): 80.18% (Q1 2025), improved from 158.19% (Q1 2024).
Not available in this filing: a segment-level loan or funding breakdown, or any presentation deck, standalone press release document, or call transcript beyond the announcement text bundled with this filing. The bank's own materials cite "more than 3 million digital customers" as of end-2024 and credit the OVO and Grab app integrations directly for the growth, but neither a customer count nor a channel-level breakdown appears in the filed financial statements themselves.
For comparison, SeaBank Indonesia - Superbank's closest peer, another consortium-backed Indonesian digital bank with no traded equity - posted Rp96.7 billion in Q1 2025 net income (+87.5% YoY) on a loan book roughly 3.3 times Superbank's size, and had already been solidly profitable for over a year at that point. Superbank's Rp251 million this quarter is a rounding error by comparison, but the milestone is the same one SeaBank cleared earlier: crossing from loss to profit at all.
Target Valuation Range
No numeric valuation range is computable for Superbank: it has no independently traded equity or debt, so no share price, market cap, or P/E/P/B multiple exists to anchor one.
Superbank has no independently traded equity or debt - its shareholders remain a fixed consortium of strategic investors (Emtek, Singtel, Grab, KakaoBank, and several smaller Indonesian holding entities), and none has floated any portion of the bank publicly. There is no share price, no market capitalization, and no P/E or P/B multiple that can honestly be built for this entity, so none is estimated here.
A Rp251 million quarterly profit is too small and too new to draw a valuation conclusion from either way - what this quarter actually demonstrates is that Superbank's funding mix can normalize quickly once deposit growth catches up to lending, which is the harder problem for a young digital bank to solve than profitability itself.
PT Super Bank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis, for the period ended March 31, 2025, signed by the bank's board of directors in Jakarta on April 30, 2025, per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations.