A Business Getting Better, a Stock Getting Cheaper
This is PT Super Bank Indonesia Tbk's second quarterly report as a listed company, covering the six months ended June 30, 2026, authorized for issue by the Bank's Board of Directors on July 28, 2026. It follows directly from the Q1 2026 post, which flagged a bank sitting on a genuinely extreme 84.09% capital adequacy ratio five months after its December 2025 IPO - too much capital, not enough loan book to put it to work yet.
The operating business kept improving exactly the way that post's Prescription called for: the loan book grew again (up 39.7% since year-end 2025), the NPL» ratio kept falling, and standalone Q2 net income of Rp104.4 billion was up 415.5% quarter-on-quarter from Q1's Rp78.2 billion. But the stock told a completely different story over the same period. Superbank (IDX: SUPA) closed June 30, 2026 at Rp535 - down 42.8% from its Rp935 close at year-end 2025, and now sitting below its own Rp635 IPO offer price just over six months after listing. The two threads don't reconcile easily: a bank compounding profit and improving credit quality shouldn't be the stock cut in half over the same two quarters, and figuring out which one - the business or the market's read on it - is closer to right is this quarter's real question.
The Prescription
Keep doing exactly what's working: the loan book crossed Rp13.4 trillion (gross) this quarter, up 39.7% since December, and NPL»-gross fell to 1.64% from 2.60% at year-end - a bank simultaneously growing its loan book and improving credit quality is the combination every lender wants and few actually deliver. Capital is still being deployed into that growth faster than it's being generated: CAR»/KPMM fell to 74.54% from 93.24% at year-end, the sharpest capital-ratio decline this coverage has seen in a single half-year, and exactly the direction the Q1 post argued for.
What it should stop doing: leaving the stock-price collapse (see Beyond the Usual below) completely unaddressed. There's no transcript or investor call for this quarter's filing to check what management said about it, but a 43% decline from the year-end close - on a stock that's now trading below its own IPO price six months after listing, while insiders keep buying more of it in the open market - is exactly the kind of disconnect a newly-listed company should be communicating about, even just in an IR note, rather than leaving a reader to guess whether it's a market overreaction, a genuine re-rating of growth expectations, or something the company itself hasn't yet explained.
Key Financial Metrics
H1 2026 vs. H1 2025 (P&L, six months ended June 30); Jun 2026 vs. Dec 2025 (balance sheet, year-to-date - no June 2025 balance sheet is included in this filing)
FX: IDR 17,935 = USD 1 (June 30, 2026 close, for H1 2026 and Jun 2026 balance-sheet figures); IDR 16,230 = USD 1 (June 30, 2025 close, for H1 2025 P&L comparatives).
| Metric | H1 2026 (IDR) | H1 2026 (USD) | H1 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp1,010,854M | ~$56.4M | Rp665,294M | ✅ +51.9% |
| Total Operating Income (fees, gains, other) | Rp57,124M | ~$3.2M | Rp8,817M | ✅ +547.9% |
| Profit Before Income Tax | Rp234,401M | ~$13.1M | Rp30,481M | ✅ +669.0% |
| Net Income | Rp182,608M | ~$10.2M | Rp20,508M | ✅ +790.5% |
Isolating Q2 2026 alone (H1 minus Q1): net income of Rp104,418 million, up 415.5% from Rp20,257 million in Q2 2025 and up from Rp78,190 million in Q1 2026 - the fourth straight quarter (across this backfill's two posts) of accelerating standalone profit. A bank has no meaningful Adjusted EBITDA or standalone free-cash-flow figure in this format (see the Q1 2026 post for why).
| Balance sheet metric | Jun 2026 (IDR) | Jun 2026 (USD) | Dec 2025 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp27,005,584M | ~$1.506B | Rp21,282,312M | ✅ +26.9% |
| Loans (gross, Kredit yang diberikan) | Rp13,436,168M | ~$749.2M | Rp9,618,259M | ✅ +39.7% |
| Total Deposits (Simpanan nasabah) | Rp15,931,854M | ~$888.5M | Rp11,827,129M | ✅ +34.7% |
| Total Liabilities | Rp18,750,211M | ~$1.045B | Rp13,117,718M | ➖ +42.9% |
| Total Equity | Rp8,255,373M | ~$460.3M | Rp8,164,594M | ✅ +1.1% |
Same computed-not-disclosed caveat as Q1 2026 applies - Superbank doesn't publish NIM», ROA», ROE», or BOPO» directly:
- NIM (approx.): ~8.4% (H1 2026 annualized net interest income over average total assets), roughly flat from Q1's ~8.9% estimate.
- ROA (approx.): ~1.51% (annualized), up from ~1.38% in Q1.
- ROE (approx.): ~4.43% (annualized), up from ~3.85% in Q1 - still thin, but moving the right direction as the capital base gets put to work.
- BOPO (approx.): ~78.1% (H1 2026), down from ~81.0% (Q1 2026 alone).
Key Operational Metrics
Capital & Liquidity
- CAR/KPMM: 74.54% (Jun 2026), down from 84.09% (Mar 2026) and 93.24% (Dec 2025) - the third straight quarter-end decline as risk-weighted assets scale into the IPO capital, exactly the trend flagged as needed in the Q1 2026 post. Still roughly 7.5x the 9-10% regulatory floor.
- LDR»: 84.34% (Jun 2026, gross loans over deposits), up from 79.11% (Mar 2026) and 81.32% (Dec 2025) - loans are now growing faster than deposits, the mechanism actually putting spare capital to work.
Credit Quality
- NPL - gross: 1.64% (Jun 2026), down from 2.10% (Mar 2026) and 2.60% (Dec 2025) - improving for two straight quarters even as the loan book grows nearly 40% YTD, a combination worth watching for whether it holds as the book scales further.
- NPL - net: 0.65% (Jun 2026), down slightly from 0.68% (Dec 2025) and 0.73% (Mar 2026).
Footprint
- 3 offices in Indonesia, unchanged since Dec 2025.
Not available in this filing: transacting-user or merchant counts, a deposit-cost breakdown, or a June 2025 balance sheet comparative.
Two Segments, One Real Business - Update
The Bandung/DKI Jakarta split from Q1 2026 is unchanged in shape: Bandung (legacy conventional credit) contributed Rp2,506 million of H1 2026's Rp1,067,978 million in total income (0.2%) and Rp5,803 million of Rp182,608 million in net income (3.2%) - still a rounding error next to the Jakarta digital segment, which remains effectively the entire business.
Beyond the Usual
The stock is down 43% from its post-IPO high and now trades below its own offer price
Superbank closed at Rp935 on December 30, 2025 (its first month-end close after the December 17 listing), Rp850 on March 31, 2026, and Rp535 on June 30, 2026 - a 42.8% decline from the December close and 37.1% decline just in the second quarter alone. The stock is now below its Rp635 IPO offer price, meaning an investor who bought at the offering and held through June 30 is sitting on a loss, despite net income growing every single quarter since listing and credit quality improving at the same time. No transcript or management commentary exists for this quarter's filing to explain the disconnect (see Target Valuation Range below for what the numbers alone can and can't tell a reader about it) - the market may be pricing in slower structural growth than the IPO valued, correcting an initial overvaluation, or reacting to something not evident in the disclosed financial statements.
Large shareholders kept buying Superbank stock on the open market through the price decline
Three more insider purchases through the Indonesia Stock Exchange are disclosed this quarter, on top of the three already flagged in Q1 2026: A5-DB Holdings Pte. Ltd. (Grab-controlled) bought 71,300,000 shares in March 2026 and a further 111,267,653 shares in May 2026; A5-DB and PT Elang Media Visitama (Emtek-controlled) together bought 88,925,000 and 25,522,900 shares respectively in June 2026. None of these changed total paid-up capital. Combined with a separate May 2026 internal transfer - Singtel Alpha Investments Pte. Ltd. moved its entire 5,985,442,692-share stake to GXS Bank Pte. Ltd., after which Grab's combined direct and indirect ownership stood at 32.81% direct (through PT Kudo Teknologi Indonesia and A5-DB Holdings) plus 17.66% indirect (through GXS Bank) - Grab-affiliated entities now hold just over half the Bank between them. Public float (holders under 5% each) fell from 4,520,242,569 shares (13.34%) in March to 4,341,766,469 shares (12.80%) in June, meaning the free float actually shrank in absolute share count even as the price fell - insiders were net buyers into the decline, not sellers.
A routine tax audit opened for fiscal year 2022, with the two most recent audits already resolved for modest amounts
On May 18, 2026, the Bank received a tax audit notification for fiscal year 2022, still ongoing as of this filing with no assessment yet issued. This follows the same pattern as the Bank's two most recently closed audits: the fiscal year 2020 audit resulted in a Rp129.5 million VAT assessment and a Rp1.5 billion corporate income tax assessment, both paid on December 12, 2025; the fiscal year 2021 audit resulted in combined assessments of roughly Rp2.3 billion, paid on January 10, 2025. Both prior cases were closed quickly for amounts immaterial next to the Bank's balance sheet - useful context for reading the new 2022 audit as part of Indonesia's normal self-assessment tax-review cycle rather than a sign of anything unusual, though the outcome isn't yet known.
Committed loan facilities were cut by three-quarters this quarter
Unused committed loan facilities to third parties fell to Rp100,007 million as of June 30, 2026, down from Rp400,007 million at both March 2026 and December 2025 - a 75% reduction in undrawn commitments in a single quarter, either from facility expirations, drawdowns converting commitments into actual loans (consistent with the loan book's 39.7% YTD growth), or a deliberate reduction in unused lines. Either way, off-balance-sheet commitment exposure is now smaller, not larger, even as the on-balance-sheet loan book expanded significantly.
Coverage Table
| Metric | H1 2026 | H1 2025 / Dec 2025 | Change | Why it matters |
|---|---|---|---|---|
| Net Income (H1) | Rp182.6bn | Rp20.5bn (H1 2025) | +790.5% | Fourth straight quarter of accelerating profit |
| Stock price (Jun 30 close) | Rp535 | Rp935 (Dec 2025 close) | -42.8% | Below its own Rp635 IPO price |
| CAR/KPMM | 74.54% | 93.24% (Dec 2025) | -1,870bps | Capital finally being deployed into loan growth |
| NPL - gross | 1.64% | 2.60% (Dec 2025) | -96bps | Credit quality improving as the book scales |
| Loans (gross) | Rp13,436,168M | Rp9,618,259M (Dec 2025) | +39.7% | The growth the Q1 post said needed to happen |
Target Valuation Range
Same conventional-bank anchor (1.0x-1.5x book): fair value roughly Rp244-365/share (~Rp8.26-12.38 trillion, ~$0.46-0.69 billion). Superbank closed the quarter at Rp535/share (~Rp18.13 trillion, ~$1.01 billion) - still above that ceiling, but the gap has narrowed sharply, from ~137% over ceiling in March to ~47% over ceiling now. The stock (IDX: SUPA) looks cheap relative to where it IPO'd and expensive relative to where a typical bank trades - both can be true at once, and neither fully resolves without more quarters of post-IPO history than currently exist.
| Market cap / book value | Q1 2026 (Mar 2026) | Q2 2026 (Jun 2026) |
|---|---|---|
| Share price (period-end) | Rp850 | Rp535 |
| Shares outstanding | 33,897,017,650 | 33,897,017,650 |
| Market capitalization | Rp28.81 trillion (~$1.70B) | Rp18.13 trillion (~$1.01B) |
| Book equity | Rp8,103,170 million | Rp8,255,373 million |
| P/B | ~3.6x | ~2.2x |
Down sharply, still a premium to book for a bank, but a much more ordinary one.
| Peer-multiple sanity check | Q1 2026 (Mar 2026) | Q2 2026 (Jun 2026) |
|---|---|---|
| Annualized net income | Rp312.8 billion (annualized Q1) | Rp365.2 billion (annualized H1) |
| Market capitalization | Rp28.81 trillion (~$1.70B) | Rp18.13 trillion (~$1.01B) |
| P/E | ~92x | ~50x |
Still rich by conventional banking standards, but nearly half of Q1's ~92x multiple, entirely because the price fell faster than earnings grew.
Put another way: the earnings-power case for Superbank actually got stronger this quarter (faster loan growth, improving NPL, profit up 415.5% quarter-on-quarter), while the price the market is willing to pay for that earnings power got cheaper. A DCF still isn't attempted here - two quarters of post-IPO profitability remains too short a track record for a credible multi-year cash-flow forecast - but the peer-multiple math above suggests this quarter's decline has closed much of the valuation gap the Q1 post flagged as rich, without the operating business actually deteriorating in any way this data shows.
PT Super Bank Indonesia Tbk's quarterly financial statements ("Laporan Keuangan"), for the six-month period ended June 30, 2026, with comparative figures as of December 31, 2025 and for the six-month period ended June 30, 2025, authorized for issue by the Bank's Board of Directors on July 28, 2026, per Indonesian Financial Services Authority (OJK) and IDX bank transparency and publication regulations.