The Loan Book Finally Slows Down Relative to Deposits
Following Q2 2025's first-ever half-year profit (itself building on Q1 2025's first-ever profitable quarter) and a loan-to-deposit ratio» pinned at 99.1%, this filing - covering the nine months ended September 30, 2025 - shows the funding-to-lending gap widening back out a little: LDR eased to 92.06%, as third-party funds grew faster (+16.5% quarter-on-quarter) than the loan book (+8.2% quarter-on-quarter). Profit before tax (PBT) reached Rp80.9 billion for the nine months, on net interest income up 176.0% year-on-year to Rp1.1 trillion - both figures Superbank itself highlighted in its own press release, alongside a claim of 5 million customers and average daily transactions up more than 40% quarter-on-quarter.
The more interesting move this quarter isn't in the P&L at all. Buried in the shareholder-composition table that Indonesian bank publications are required to disclose, Singtel Alpha Investment Pte. Ltd.'s stake fell from 20.46% (June 2025) to 8.46% (September 2025) - almost exactly the 12.00% stake that GXS Bank Pte. Ltd. shows up holding for the first time this quarter. Nothing in either filing explains the change; it reads like an intra-group transfer from Singtel's own investment vehicle into GXS Bank, the Grab-Singtel digital-bank joint venture in Singapore, but that's an inference from the numbers, not something Superbank discloses directly.
The Prescription
Superbank should keep pushing the loan-to-deposit ratio back toward the 90s rather than letting it drift back up toward June's 99% - this quarter's improvement to 92.06% shows the bank can grow deposits ahead of loans when it wants to, and doing so consistently is what turns "barely profitable and fully lent out" into "genuinely well-capitalized digital bank." A digital lender that keeps loan growth just behind deposit growth, quarter after quarter, is choosing durability over speed - and Superbank just proved for one quarter that it can.
What it should stop doing: leaving its CASA» ratio parked at roughly 21% of total funding for a third straight quarter while marketing OVO Nabung by Superbank as its funding-growth story. If the ecosystem-embedded savings product were actually driving the bulk of deposit growth, CASA's share of the funding mix should be rising, not holding flat - right now it's Deposito (time deposits) doing the heavy lifting, quarter after quarter.
Key Financial Metrics
9M 2025 vs. 9M 2024 (P&L, nine months ended September 30), and Sep 2025 vs. Dec 2024 (balance sheet) - bank-only ("Individual")
FX: IDR 16,683 = USD 1 (September 30, 2025 close, applied throughout for consistency).
| Metric | 9M 2025 (IDR) | 9M 2025 (USD) | 9M 2024 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp1,101,052M | ~$66.0M | Rp399,013M | ✅ +176.0% |
| Operating Income | Rp81,537M | ~$4.9M | Rp(290,727)M | ✅ swung to profit |
| Net Income | Rp60,126M | ~$3.6M | Rp(285,739)M | ✅ swung to profit |
| Balance sheet metric | Sep 2025 (IDR) | Sep 2025 (USD) | Dec 2024 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp16,536,916M | ~$991M | Rp11,395,094M | ✅ +45.1% |
| Loans (Kredit yang diberikan) | Rp9,037,171M | ~$542M | Rp6,426,416M | ✅ +40.6% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp9,816,693M | ~$588M | Rp4,942,826M | ✅ +98.6% |
| Total Liabilities | Rp11,120,199M | ~$667M | Rp6,147,562M | ✅ +80.9% |
| Total Equity | Rp5,416,717M | ~$325M | Rp5,247,532M* | ✅ +3.2%* |
Operating Income is the bank's own "Laba (Rugi) Operasional" line. A bank has no Adjusted EBITDA, and free cash flow/total cash aren't available in this bare regulatory publication format. As in the prior quarter, total equity's comparison column (marked with an asterisk) is year-on-year (Sep 2025 vs. Sep 2024), not year-end, since that's how the filing's own supplementary equity table is structured - everything else above compares to December 2024.
Superbank's own press release states total loan disbursement of Rp9.04 trillion (+84% YoY), total assets of Rp16.5 trillion (+70% YoY), and total third-party funds of Rp9.8 trillion (+203% YoY) - all measured against September 2024, a base period this filing's balance sheet doesn't itself disclose but which is consistent with the deposit total derived above.
The loan-to-deposit ratio eased from 99.1% to 92.1% this quarter - a real improvement, but funding growth is still overwhelmingly Deposito, not the cheap CASA the bank's own marketing leans on.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio (LDR): 92.06% (Sep 2025), down from 151.21% (Sep 2024) and easing back from Q2's 99.09% - the healthiest reading in this filing history so far.
- CASA ratio» (derived: Giro + Tabungan ÷ total DPK): 20.9% (Rp2,054,904M of Rp9,816,693M), essentially unchanged from Q2's 21.2% - a third straight quarter where time deposits fund roughly four-fifths of the book.
Credit Quality
- NPL» ratio - gross: 2.83% (Sep 2025), up from 2.70% at Q2 but down from 3.32% (Sep 2024).
- NPL ratio - net: 1.21% (Sep 2025), up from 0.75% at Q2 and up from 0.57% (Sep 2024) - net NPL has now worsened both sequentially and year-on-year, a trend worth watching even as the overall book scales.
- CAR» / KPMM: 65.91% (Sep 2025), down from 135.24% (Sep 2024) and down again from Q2's 74.74% - continuing to fall as risk-weighted assets grow faster than the regulatory capital base, though still roughly 6.6x the regulatory minimum.
Profitability & Efficiency
- NIM: 10.64% (9M 2025), up from 7.81% (9M 2024) and up from Q2's 10.23% - improving each quarter.
- ROA: 0.75% (Sep 2025), up from -5.45% (Sep 2024) and up from Q2's 0.45%.
- ROE: 1.66% (Sep 2025), up from -7.80% (Sep 2024) and up from Q2's 0.85% - still thin in absolute terms, but improving every quarter this year.
- BOPO»: 94.69% (Sep 2025), down from 159.37% (Sep 2024).
- Cost-to-Income Ratio (CIR): 70.14% (Sep 2025), down from 149.65% (Sep 2024) - this quarter the filed ratio table and Superbank's own press release agree on both figures exactly, unlike the discrepancy flagged in Q2's post.
Not available in this filing: a segment or product-level loan breakdown beyond the retail/UMKM split, and any deposit-cost (funding rate) disclosure.
Beyond the Usual
A shareholder's stake shifted 12 points in one quarter, with no explanation in either filing
Superbank's shareholder-composition table, disclosed as required alongside every quarterly publication, shows Singtel Alpha Investment Pte. Ltd. holding 20.46% of the bank as of June 2025 and 8.46% as of September 2025 - a 12.00-percentage-point drop. In the same quarter, GXS Bank Pte. Ltd. appears in the table for the first time, holding exactly 12.00%. GXS Bank is the Singapore digital bank jointly owned by Grab and Singtel, so a transfer from Singtel's own investment vehicle into that joint venture would be a plausible explanation for matching numbers appearing and disappearing in the same quarter - but neither this filing nor the prior one discloses any transaction behind it. All other shareholders' percentages (PT Elang Media Visitama, PT Kudo Teknologi Indonesia, A5-DB Holdings Pte. Ltd., KakaoBank Corp.) are unchanged between the two quarters, which is consistent with a clean transfer between just these two entities rather than a broader capital-raise or dilution event.
Net NPL is now worsening on both a sequential and year-on-year basis
Net NPL rose from 0.75% at Q2 2025 to 1.21% this quarter, and is now higher than the 0.57% recorded a year earlier in September 2024 - the first time in this filing history that the year-on-year comparison has turned negative rather than showing the usual improvement-from-a-low-base pattern. Gross NPL shows the same pattern, up from 2.70% to 2.83% sequentially. None of this is alarming in isolation for a loan book that's grown 40.6% since year-end, but it's worth tracking whether credit quality continues to season in the same direction as the book keeps scaling.
Reserve coverage against earning assets is moving much more slowly than the NPL ratios above
The bank's CKPN (loan-loss reserve) against total earning assets sits at 3.27% (Sep 2025) versus 3.52% (Sep 2024), a modest decline consistent with a maturing, larger loan book rather than a sudden pullback in provisioning discipline - flagged here only because a reader comparing this ratio across quarters should know it moves slowly and isn't the same signal as the faster-moving NPL ratios above.
Zero derivative exposure continues, and the undrawn commitment book more than tripled
Superbank still shows no FX or interest-rate derivative positions in either period. Unused committed loan facilities rose to Rp400.0 billion from Rp4.1 billion at Q2 2025 - a large jump in absolute terms, though still a small fraction (under 5%) of the Rp9.04 trillion loan book, and consistent with a bank starting to extend committed credit lines as it scales beyond a purely retail/UMKM lending model.
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 privately held by its Grab/Emtek/Singtel/KakaoBank-anchored consortium, with the ownership reshuffle above happening entirely between existing private shareholders rather than through any public market. No share price, market capitalization, or P/E or P/B multiple can be honestly built for it, so none is estimated here.
Three quarters into this blog's coverage, Superbank has now shown it can move its loan-to-deposit ratio in either direction depending on which side it chooses to grow faster - the real test from here is whether it can do the same with its CASA ratio, still stuck near 21% for three straight quarters despite a funding story built almost entirely around cheap, ecosystem-embedded savings.
PT Super Bank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis (unaudited), for the period ended September 30, 2025, per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations, and Superbank's own press release dated October 20, 2025.