SUPA Superbank Turned Its First Real Profit as a Public Company - With 84% of Its Capital Still Sitting Idle

From Bank Fama to a Listed Digibank, in One Quarter of Real Numbers

This is PT Super Bank Indonesia Tbk's first quarterly financial statement as a publicly listed company, for the period ended March 31, 2026, authorized for issue by the Bank's Board of Directors on April 28, 2026. Superbank - the Grab/Singtel/Emtek/KakaoBank-backed digital bank built on the license of the former PT Bank Fama International - completed its Initial Public Offering on the Indonesia Stock Exchange on December 17, 2025, issuing 4,406,612,300 new shares (13% of paid-up capital) at Rp635 per share, raising gross proceeds of Rp2,789,198,810,500 (net of issuance costs: Rp2,730,764 million). The Bank now trades on the IDX under the ticker SUPA.

That IPO context matters for reading every number in this post: Superbank isn't a company with no public market to check its numbers against (unlike SeaBank, its closest private-bank comparable in this coverage) - it now has a real, quoted share price, and this quarter is the first chance to see whether the business the market paid Rp635 a share for in December is actually generating returns on that capital. The headline answer is a genuine turnaround: net income went from Rp251 million in Q1 2025 (essentially breakeven) to Rp78.2 billion in Q1 2026, a swing of more than 300 times. The uncomfortable follow-up question is what the Bank is doing with the rest of the capital it just raised - its capital adequacy ratio closed the quarter at 84.09%, more than eight times the regulatory minimum, because the loan book still isn't big enough to absorb it.

The Prescription

Superbank's own numbers make the playbook obvious: keep growing net interest income the way it did this quarter (net interest income nearly doubled year-on-year, +91.4%, on genuine loan growth of 18.8% quarter-on-quarter) while holding operating-expense growth well below revenue growth, which is exactly what turned a breakeven quarter a year ago into a real profit this quarter. The digital (DKI Jakarta segment) loan book is doing all of the work - see Two Segments, One Real Business below - and there's clearly room to keep scaling it before capital becomes any kind of constraint.

What it should stop doing: sitting on an 84.09% capital adequacy ratio while ROE limps along in the low single digits (an annualized ~3.85% this quarter, on our own calculation - not directly disclosed by the Bank; see Key Financial Metrics below). A bank that raised Rp2.7 trillion five months ago and still can't find enough loan demand to bring its CAR anywhere near a normal range (Indonesian banks typically run CAR in the 20-30% band) either needs to grow the loan book much faster than 18.8% a quarter, or return some of that capital to shareholders rather than let it sit idle earning bank-deposit-grade yields instead of loan-grade yields.

Key Financial Metrics

Q1 2026 vs. Q1 2025 (P&L, three months ended March 31); Mar 2026 vs. Dec 2025 (balance sheet, quarter-on-quarter - no March 2025 balance sheet is included in this filing)

FX: IDR 16,936.4 = USD 1 (March 31, 2026 close, for Q1 2026 and Mar 2026 balance-sheet figures); IDR 16,652 = USD 1 (March 31, 2025 close, for Q1 2025 P&L comparatives).

Metric	Q1 2026 (IDR)	Q1 2026 (USD)	Q1 2025 (IDR)	YoY
Net Interest Income ("Net Revenue" equivalent)	Rp503,323M	~$29.7M	Rp262,989M	✅ +91.4%
Total Operating Income (fees, gains, other)	Rp26,389M	~$1.6M	Rp19,514M	✅ +35.2%
Profit Before Income Tax	Rp100,369M	~$5.9M	Rp251M	✅ >300x
Net Income	Rp78,190M	~$4.6M	Rp251M	✅ >300x

A bank has no meaningful Adjusted EBITDA, and this quarterly-publication format includes a full cash flow statement (unusual - SeaBank's equivalent filing has none) but doesn't identify a standalone free-cash-flow figure, so none is stated here.

Balance sheet metric	Mar 2026 (IDR)	Mar 2026 (USD)	Dec 2025 (IDR)	QoQ
Total Assets	Rp23,950,374M	~$1.414B	Rp21,282,312M	✅ +12.5%
Loans (gross, Kredit yang diberikan)	Rp11,426,757M	~$674.7M	Rp9,618,259M	✅ +18.8%
Total Deposits (Simpanan nasabah)	Rp14,443,981M	~$852.9M	Rp11,827,129M	✅ +22.1%
Total Liabilities	Rp15,847,204M	~$935.9M	Rp13,117,718M	➖ +20.8%
Total Equity	Rp8,103,170M	~$478.6M	Rp8,164,594M	⚠️ -0.75%

Equity actually fell slightly quarter-on-quarter despite the profit, because a Rp139.6 billion swing in the fair-value reserve on investment securities (an unrealized mark-to-market loss, run through other comprehensive income, not the P&L) more than offset the Rp78.2 billion of net income added to retained earnings.

The Bank doesn't disclose NIM^», ROA^», ROE^», or BOPO^» directly in this filing (unlike SeaBank's equivalent quarterly format, which discloses all four) - the figures below are our own calculations from the disclosed balance sheet and income statement, using simple average-balance methodology, and should be read as approximations rather than company-reported figures:

• NIM (approx.): ~8.9% (Q1 2026 annualized net interest income over average total assets) - far below SeaBank's 21.99% for the same quarter, reflecting a much more securities-heavy, less loan-concentrated balance sheet (see Key Operational Metrics).
• ROA (approx.): ~1.38% (annualized).
• ROE (approx.): ~3.85% (annualized) - a real improvement from essentially 0% a year ago, but still thin next to an 84% capital base.
• BOPO (approx.): ~81.0% (Q1 2026), down sharply from ~99.9% (Q1 2025, essentially breakeven).

Key Operational Metrics

Capital & Liquidity

• Capital Adequacy Ratio (CAR^») / KPMM: 84.09% (Mar 2026), down from 93.24% (Dec 2025) - still more than eight times the regulatory minimum of 9-10%. This is the highest capital ratio this blog has recorded for any Indonesian digital bank covered so far, and it's falling only because the loan book is finally growing into it.
• Loan-to-deposit ratio (LDR^»): 79.11% (Mar 2026, gross loans over deposits), up from 81.32% (Dec 2025 - inverted, since deposits grew faster than loans this particular quarter even as loans grew 18.8%).

Credit Quality

• NPL^» ratio - gross: 2.10% (Mar 2026), down from 2.60% (Dec 2025).
• NPL ratio - net: 0.73% (Mar 2026), up slightly from 0.68% (Dec 2025).

Footprint

• 3 offices in Indonesia (1 head office, 2 branches), unchanged from Dec 2025.
• 698 permanent employees (Mar 2026), up from 651 (Dec 2025).

Not available in this filing: transacting-user or merchant counts, a deposit-cost (funding rate) breakdown, or a March 2025 balance sheet comparative (the filing only compares Mar 2026 against Dec 2025, not the same quarter a year earlier) - all balance-sheet changes above are quarter-on-quarter, not year-on-year.

Two Segments, One Real Business

Superbank reports two operating segments: Bandung, the legacy conventional-credit business inherited from the pre-rebrand PT Bank Fama International, and DKI Jakarta, the non-legacy, digitally-marketed business that is Superbank's actual growth story. The split isn't close - Bandung held just Rp87.4 billion of the Bank's Rp23.95 trillion in total assets this quarter (0.4%) and contributed Rp702 million of the Rp78.2 billion in net income (0.9%). Everything that matters this quarter - the loan growth, the deposit growth, essentially all of the profit - is the Jakarta digital segment; Bandung is a rounding error being wound down inside a much larger digital bank, not a second business line worth separate analysis.

Beyond the Usual

A capital adequacy ratio of 84% - more than eight times the regulatory floor

Superbank's CAR/KPMM stood at 84.09% as of March 31, 2026 (down from 93.24% at year-end 2025), against a regulatory requirement of just 9-10% before the capital conservation buffer. This isn't a solvency concern - it's the opposite problem: five months after raising Rp2.7 trillion in its IPO, the Bank still hasn't found enough loan demand to deploy more than a fraction of its capital base, which is why annualized ROE sits around 3.85% even as net income grew more than 300-fold year-on-year. A reader should watch whether the CAR keeps falling at a meaningful pace (loan growth outpacing capital growth) or whether it plateaus at an inefficiently high level for several more quarters.

Insiders kept buying Superbank shares on the open market all quarter, even as the free float shrank

Public shareholders (each holding under 5%) held 4,520,242,569 shares (13.34% of the Bank) as of March 31, 2026. Three separate insider share purchases through the Indonesia Stock Exchange are disclosed this quarter: PT Elang Media Visitama bought 178,317,400 shares in December 2025, A5-DB Holdings Pte. Ltd. (a Grab affiliate) bought 362,716,600 shares in January 2026 and a further 1,582,895,025 shares in February 2026. None of these changed total paid-up capital - they were transfers between existing shareholders and the public float, not new issuance - but they mean insiders were net buyers of Superbank stock through its first full quarter as a listed company, not sellers cashing out post-IPO.

Superbank's quarterly filing includes a full cash flow statement - a real disclosure upgrade over its private-bank peers

SeaBank Indonesia's equivalent quarterly publication (see SeaBank's coverage) has no cash flow statement at all - a genuine limitation of the bare OJK quarterly-publication format most Indonesian digital banks use. Superbank's filing, likely reflecting its new IPO-driven disclosure obligations as a listed issuer, includes a full statement of cash flows for the quarter, showing Rp1,727,593 million of net cash from operating activities against Rp2,671,478 million used in investing activities (chiefly Rp4,729,445 million of securities purchases). This is a genuinely more transparent filing than its closest private-bank comparable, not a criticism - noted here because it changes what can (and can't) be verified for this ticker going forward compared to SeaBank's posts in this same coverage.

Related-party funding is a rounding error here, unlike the concentration flagged at SeaBank

Deposits from related parties were just Rp90,297 million of Rp14,443,981 million in total deposits (0.6%) as of March 31, 2026; related-party loans were Rp119,119 million of Rp11,426,757 million in gross loans (1.0%). Both are immaterial next to SeaBank's FY2025 annual report, which showed 82.1% of its Giro (current-account) line and 21.7% of total liabilities were related-party funded (see Beyond the Usual in that post). Superbank's funding base, at least on this measure, looks far more independent of its own shareholder ecosystem than SeaBank's does.

Off-balance-sheet commitments are minimal

Total committed liabilities (unused committed loan facilities to third parties) stood at Rp400,007 million as of March 31, 2026, flat from December 2025 - a small figure next to the Bank's Rp23.95 trillion balance sheet, and nowhere near the scale that would suggest hidden leverage sitting off the balance sheet.

Coverage Table

Metric	Q1 2026	Q1 2025 / Dec 2025	Change	Why it matters
Net Income	Rp78.2bn	Rp0.25bn (Q1 2025)	>300x	First real profit as a listed company
CAR/KPMM	84.09%	93.24% (Dec 2025)	-915bps	Still ~8x the regulatory minimum
Loans (gross)	Rp11,426,757M	Rp9,618,259M (Dec 2025)	+18.8%	The one number that has to keep growing to use the IPO capital
Net Interest Income	Rp503,323M	Rp262,989M (Q1 2025)	+91.4%	Real, not just base-effect, YoY growth
ROE (approx.)	~3.85%	~0% (Q1 2025)	n/m	Thin against an 84% capital ratio

Target Valuation Range

The same conventional-bank anchor (1.0x-1.5x book) puts fair value at roughly Rp239-359/share (~Rp8.10-12.15 trillion, ~$0.48-0.72 billion) - Superbank closed the quarter at Rp850/share (~Rp28.81 trillion, ~$1.70 billion), well above that ceiling. Superbank now has a real, quoted share price (IDX: SUPA) - unlike SeaBank, which has none - but with only one quarter of post-IPO earnings history and a stock still finding its footing, any multiple-based estimate here is a sanity check on where the market has already priced it, not an independent price target.

Superbank shares closed March 31, 2026 at Rp850 - up 33.9% from the Rp635 IPO offer price, but down 9.1% from its Rp935 close at year-end 2025.

Market cap / book value	Q4 FY2025 (Dec 2025)	Q1 2026 (Mar 2026)
Share price (period-end)	Rp935	Rp850
Shares outstanding	33,897,017,650	33,897,017,650
Market capitalization	Rp31.7 trillion (~$1.90B)	Rp28.81 trillion (~$1.70B)
Book equity	Rp8.16 trillion	Rp8,103,170 million
P/B	~3.9x	~3.6x

Rich for a bank, though not unusual for a newly-listed digital bank still priced on growth expectations rather than current earnings power.

Peer-multiple sanity check	Q4 FY2025 (Dec 2025)	Q1 2026 (Mar 2026)
Annualized net income	Rp99.7 billion (FY2025)	Rp312.8 billion (annualized Q1)
Market capitalization	Rp31.7 trillion (~$1.90B)	Rp28.81 trillion (~$1.70B)
P/E	~318x	~92x

A genuinely expensive multiple that only makes sense if the market expects net income to keep compounding at something close to this quarter's pace, given the Bank still has more than enough spare capital (see Beyond the Usual above) to fund several more years of loan growth without needing to raise fresh equity.

A DCF or reverse-DCF isn't attempted here - one quarter of meaningfully positive earnings, right after an IPO, isn't enough of a track record to build a credible multi-year cash-flow forecast on. The peer-multiple read above is a starting point, not a verdict: at ~92x trailing P/E, Superbank is priced for a growth trajectory this single quarter has only just started to demonstrate.

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