SUPERBANK Superbank Is Profitable Again - By Lending Out Almost Every Rupiah It Takes In

A Digital Bank That Finally Lends Like One

PT Super Bank Indonesia - formerly PT Bank Fama International, a conventional Bandung-based lender founded in 1993 - was rebuilt into a digital bank after Emtek Group joined in 2021, followed by Grab and Singtel in early 2022 and KakaoBank in 2023. There is no independently traded equity or debt: as of this filing the bank is held by a consortium of shareholder vehicles (PT Elang Media Visitama 31.11%, Singtel Alpha Investment Pte. Ltd. 20.46%, PT Kudo Teknologi Indonesia 19.16%, A5-DB Holdings Pte. Ltd. 11.52%, KakaoBank Corp. 9.95%, remaining holders under 5% each) - this filing exists purely because Indonesian banking regulation (OJK's transparency and publication rules for commercial banks) requires every licensed bank, public or private, to publish its quarterly financial position.

This is the filing for the six months ended June 30, 2025, audited by Siddharta Widjaja & Rekan (KPMG International) and signed August 19, 2025. Q1 2025's post covered Superbank's first-ever profitable quarter (a modest Rp251 million) as its loan-to-deposit ratio collapsed from 515% to 107% over the prior year. This filing shows that turn holding for a second straight period: H1 2025 net income reached Rp20.5 billion - Superbank's first-ever half-year profit - alongside its own claim of "nearly 4 million" customers, a year after the digital banking app's June 2024 public launch. But the balance sheet tells a tighter story than the press release does: a loan-to-deposit ratio^» of 99.1% means the bank is lending out almost every rupiah of the third-party funds it has gathered, and most of that funding is coming in through the higher-cost end of the deposit book, not the cheap current-account/savings money the OVO-integration story emphasizes.

The Prescription

Superbank should keep leaning into the distribution advantage that's actually working: net interest income grew 171.0% YoY to Rp667.4 billion on a NIM^» of 10.23%, and third-party funds surged 748% YoY to Rp8.4 trillion, largely on the strength of ecosystem-embedded products like OVO Nabung by Superbank. A one-year-old digital bank pulling in that much funding through partner apps it doesn't have to build its own distribution for is a genuine structural edge, not a one-time launch bump.

What it should stop doing: running a loan book at a 99.1% loan-to-deposit ratio while its own funding mix still leans on Deposito (time deposits) for close to four-fifths of total third-party funds. A digital bank whose whole pitch is cheap, sticky, app-embedded deposits shouldn't be one bad month of time-deposit renewals away from a funding squeeze - and at this LDR, there's essentially no buffer left if a wholesale deposit relationship doesn't roll over. The CASA^» ratio needs to become the metric management steers by, not total DPK growth.

Key Financial Metrics

H1 2025 vs. H1 2024 (P&L, six months ended June 30), and Jun 2025 vs. Dec 2024 (balance sheet) - bank-only ("Individual")

FX: IDR 16,230 = USD 1 (June 30, 2025 close, applied throughout for consistency).

Metric	H1 2025 (IDR)	H1 2025 (USD)	H1 2024 (IDR)	YoY
Net Interest Income ("Net Revenue" equivalent)	Rp667,398M	~$41.1M	Rp246,627M	✅ +170.6%
Operating Income	Rp30,799M	~$1.9M	Rp(154,595)M	✅ swung to profit
Net Income	Rp20,508M	~$1.3M	Rp(135,435)M	✅ swung to profit

Balance sheet metric	Jun 2025 (IDR)	Jun 2025 (USD)	Dec 2024 (IDR)	Change
Total Assets	Rp14,876,560M	~$917M	Rp11,395,094M	✅ +30.6%
Loans (Kredit yang diberikan)	Rp8,348,436M	~$514M	Rp6,426,416M	✅ +29.9%
Total Deposits (Giro + Tabungan + Deposito)	Rp8,425,204M	~$519M	Rp4,942,826M	✅ +70.5%
Total Liabilities	Rp9,548,300M	~$588M	Rp6,147,562M	✅ +55.3%
Total Equity	Rp5,328,260M	~$328M	Rp5,247,532M*	✅ +1.5%*

Operating Income above is the bank's own disclosed "Laba (Rugi) Operasional" line (net interest income plus the net non-interest result). A bank has no Adjusted EBITDA and free cash flow/total cash aren't available - this is the bare regulatory publication format Indonesian banks are required to file quarterly, with no accompanying cash flow statement. Total assets, loans, and deposits above compare June 2025 to December 2024 (the balance sheet's own comparative column); total equity is instead compared June 2025 to June 2024 (marked with an asterisk), since the filing's small supplementary equity table uses a year-on-year comparative rather than the year-end one used everywhere else on the balance sheet - a real difference in comparison basis, not a typo.

Superbank's own press release additionally claims total assets grew 130% YoY and loan disbursement grew 123% YoY (both measured against June 2024, a base period this filing's balance sheet doesn't itself disclose) and total third-party funds grew 748% YoY to Rp8.4 trillion - consistent with the deposit total derived above.

Net interest income more than doubled and the bank posted its first-ever half-year profit, but a 99.1% loan-to-deposit ratio means almost none of this period's deposit growth is sitting in reserve.

Key Operational Metrics

Funding & Liquidity

• Loan-to-deposit ratio (LDR): 99.09% (Jun 2025), down sharply from 376.29% (Jun 2024) - a year ago the bank had barely any deposits relative to its loan book; now the two are almost exactly matched, which is healthier than 376% but leaves very little slack.
• CASA ratio^» (derived: Giro + Tabungan ÷ total DPK): 21.2% (Rp1,789,352M of Rp8,425,204M) - meaning Deposito (time deposits) fund the other 78.8% of the book. This is a materially more expensive funding mix than the OVO-embedded-savings narrative in Superbank's own press release would suggest.

Credit Quality

• NPL^» ratio - gross: 2.70% (Jun 2025), down from 4.31% (Jun 2024).
• NPL ratio - net: 0.75% (Jun 2025) per the filed ratio table, down from 0.43% (Jun 2024) - note this is worse year-on-year despite the gross ratio improving, and doesn't match the 0.98% net NPL figure in Superbank's own press release for this same quarter (see Beyond the Usual).
• CAR^» / KPMM: 74.74% (Jun 2025), down from 169.71% (Jun 2024) - still roughly 7.5x the regulatory minimum, but falling fast as risk-weighted assets (ATMR) more than doubled YoY to Rp6.60 trillion while the underlying regulatory capital base was essentially flat (Rp4.93 trillion vs Rp5.11 trillion a year ago).

Profitability & Efficiency

• NIM: 10.23% (H1 2025), up from 8.15% (H1 2024) - high for a conventional bank, though well below SeaBank's 19%+ margin in its own first filing, consistent with Superbank still being earlier in its lending-mix maturity.
• ROA: 0.45% (Jun 2025), up from -5.04% (Jun 2024).
• ROE: 0.85% (Jun 2025), up from -5.65% (Jun 2024) - positive for the first time in this filing history, but still thin.
• BOPO^»: 96.65% (Jun 2025), down from 154.65% (Jun 2024) - still consuming almost every rupiah of operating income in costs and provisions before it reaches the bottom line.
• Cost-to-Income Ratio^» (CIR): 74.56% per the filed ratio table (Jun 2025), down from 135.33% (Jun 2024) - a real improvement, though see Beyond the Usual for a discrepancy against the figures in Superbank's own press release.

Not available in this filing: a segment or product-level breakdown of the loan book beyond the retail/UMKM split shown in the asset-quality schedule, transacting-user or daily-transaction counts (Superbank's press release states "nearly 4 million" customers but discloses no transaction-volume metric this quarter), and any deposit-cost (funding rate) disclosure.

Beyond the Usual

The press release's cost and asset-quality ratios don't match the bank's own filed statement

Superbank's own Indonesian-language press release states H1 2025 Cost-to-Income Ratio (CIR) of 74.2%, down from 149.9% a year earlier, and net NPL of 0.98%. The audited regulatory filing's own ratio table - the actual "Tabel Perhitungan Rasio Keuangan" signed alongside the balance sheet - shows CIR of 74.56% versus 135.33% a year earlier, and net NPL of 0.75%. The current-period CIR figures are close enough to be rounding; the prior-year CIR comparator (135.33% vs. 149.9%, a 14.6-point gap) and the net NPL figure (0.75% vs. 0.98%) are not. Cross-checking the equivalent numbers in the Q3 2025 filing shows the press release and the filed ratio table agree exactly that quarter, so this looks like a one-off inconsistency in how this specific press release was prepared, not a recurring pattern - but it's the filed regulatory statement, not the press release, that should be treated as the citable number.

The deposit growth story is about time deposits, not the cheap app-embedded savings product it's framed around

Superbank's press release credits its 748% YoY surge in third-party funds to "ecosystem-based savings innovation such as OVO Nabung by Superbank" - a product that lets OVO e-wallet users save directly from their app. But Giro (current accounts) plus Tabungan (savings accounts) together total just Rp1.79 trillion of the Rp8.43 trillion in total deposits - a 21.2% CASA ratio. The other 78.8%, Rp6.64 trillion, sits in Deposito (time deposits), which are priced closer to wholesale funding than to the sticky, low-cost retail savings the ecosystem-integration narrative implies. Superbank may well be building real retail deposit-gathering capability through OVO Nabung, but this quarter's numbers show a bank still funded predominantly by higher-cost, less sticky money.

The bank's capital buffer is shrinking fast, but from an extraordinarily high starting point

Total regulatory capital (Rp4.93 trillion) was essentially unchanged year-on-year, while risk-weighted assets more than doubled (Rp3.01 trillion to Rp6.60 trillion) as the loan book grew. That mechanical effect alone explains most of the KPMM ratio's fall from 169.71% to 74.74% - this isn't fresh capital being burned, it's the same capital base being asked to support a much larger loan book. Even at 74.74%, Superbank's capital ratio remains roughly 7.5x the regulatory minimum of 10%, among the highest of any bank in this blog's coverage.

Zero derivative exposure, and a small, shrinking undrawn commitment book

Superbank's spot-and-derivatives schedule shows no FX or interest-rate derivative positions of any kind, in either the current or comparative period - a bank with no trading-book market risk beyond its own balance sheet. Unused committed loan facilities stand at just Rp0.18 billion (a rounding-level figure against a Rp8.35 trillion loan book) - Superbank isn't running a meaningful pipeline of undrawn corporate credit lines, consistent with a retail/UMKM-focused lender rather than a corporate/commercial bank.

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 as of this filing - it remains a private company held by its Grab/Emtek/Singtel/KakaoBank-anchored consortium of shareholders, with no share price, market capitalization, or P/E or P/B multiple that can honestly be built for it. No valuation is estimated here.

A bank that extends its first profitable quarter into a first-ever half-year profit in the same period it pushes its loan-to-deposit ratio to 99% has proven it can grow fast in both directions at once - the open question for the next few quarters is whether Superbank can build the cheap CASA base its own marketing story is already claiming, or whether continued growth means leaning even harder on pricier wholesale-style funding to keep the loan book expanding.

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