Profit Rose 12% in the Quarter While Lending Stalled and Credit-Impaired Loans Jumped
Over these 4 quarters: share price Rp935 to Rp496 (-47%); profit before tax 62 to 151 Rp billion; profit before tax margin 12.4% to 26.1%. One graph in actual numbers: bars are the quarter's profit before tax, over them the share price at quarter-end (left axis) and the profit before tax margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
PT Super Bank Indonesia Tbk earned Rp117.3 billion in the third quarter, 12.3% more than in the second, but the lending behind it stopped growing: gross loans rose only 2.7% in the quarter, the retail and UMKM book shrank 3.4%, and loans in the filing's credit-impaired stage 3 rose 41.4%. Gross NPL» went to 2.30% from 1.64% in June, and net NPL to 1.13% from 0.65%, which reverses two quarters of improvement but is still below December 2025 (2.60%) and September 2025 (2.83%).
This is the third quarterly report since the December 2025 listing, for the nine months ended September 30, 2026, authorized for issue by the Board of Directors on October 28, 2026. It follows the Q2 2026 post, which found profit compounding while the stock fell. Profit kept compounding: 9M 2026 net income was Rp299.9 billion, against Rp60.1 billion in 9M 2025, because operating costs excluding credit costs grew 12.5% against revenue growth of 47.1%. The stock closed September 30 at Rp496, down 7.3% on the quarter and 21.9% below the Rp635 IPO price.
The Prescription
Keep the cost discipline that is producing the profit, and say where the credit problem sits. Operating costs before credit costs were 54.4% of revenue in 9M 2026, against 71.2% in 9M 2025, which is how revenue growth of 47.1% became profit growth of 399% (9M 2026 against 9M 2025). That leverage does not repeat if revenue growth slows to the 7.1% quarterly pace of Q3. Stage 3 loans rose from Rp229.6 billion to Rp324.7 billion in one quarter, and the filing does not split non-performing loans by retail and non-retail, so a reader cannot tell whether the new Rp6.7 trillion third-party non-retail book or the older retail book produced them. Publishing that split would remove the main open question in this filing.
What it should stop doing: letting the capital ratio carry the story. CAR» was 73.26%, down only 128 basis points from June's 74.54% after falling 955 basis points in the previous quarter, and that slowdown reflects loans that did not grow, not capital that was found a use. There is no transcript or investor call for this quarter, and the October 28 press release (deposits up 79.3% and loans up 52.6% year on year, more than 8 million customers, cost to income ratio 54.16%) says nothing about NPLs, stage 3 loans or the retail pause, so management's view of the credit step-up is not on file.
Key Financial Metrics
Rp billion; margin is profit before tax as a percent of net revenue, per quarter. Values are standalone quarters; 9 derived from annual, half-year or nine-month figures (Q4 2023, Q2 2024, Q3 2024, Q4 2024, Q2 2025, Q3 2025, Q4 2025, Q2 2026, Q3 2026).
Revenue basis: the 2025 quarters in the charts above use the bank's OJK-format statements (9M 2025 revenue Rp1,138,269M), while this quarter's filing restates its own 9M 2025 comparative to Rp1,118,082M (net interest income plus total operating income); profit before tax is the same on both, Rp80,934M. The growth rates and cost ratios in the text use the filing's Rp1,118,082M, so the chart margins for the 2025 quarters are slightly lower than they would be on that base.
9M 2026 vs. 9M 2025 (P&L, nine months ended September 30); Sep 2026 vs. Dec 2025 (balance sheet, year-to-date - no September 2025 balance sheet is included in this filing)
FX: IDR 17,884.80 = USD 1 (September 30, 2026 close, for 9M 2026 and Sep 2026 balance-sheet figures); IDR 16,683 = USD 1 (September 30, 2025 close, for 9M 2025 P&L comparatives).
| Metric | 9M 2026 (IDR) | 9M 2026 (USD) | 9M 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp1,558,881M | ~$87.2M | Rp1,097,944M | +42.0% |
| Total Operating Income (fees, gains, other) | Rp85,768M | ~$4.8M | Rp20,138M | +325.9% |
| Profit Before Income Tax | Rp385,058M | ~$21.5M | Rp80,934M | +375.8% |
| Net Income | Rp299,889M | ~$16.8M | Rp60,126M | +398.8% |
Isolating Q3 2026 alone (nine months minus the six months of the Q2 2026 post), derived and not disclosed by the filing: revenue (net interest income plus total operating income) of Rp576.7 billion, up 7.1% from Rp538.3 billion in Q2; profit before tax of Rp150.7 billion, up 12.4% from Rp134.0 billion; and net income of Rp117.3 billion, up 12.3% from Rp104.4 billion. The quarter before that was Rp78.2 billion in Q1 2026, against Rp39.6 billion in Q4 2025 (full year 2025 less 9M 2025), so net income has risen in each of the last three quarters. Within Q3, revenue rose Rp38.4 billion on Q2 while operating costs before credit costs rose 8.3% (Rp307.2 billion against Rp283.8 billion) and credit costs were Rp118.8 billion against Rp120.5 billion, all derived from nine months less H1 and H1 less Q1, so the quarter's profit growth came from revenue, not from wider cost leverage. A bank has no meaningful Adjusted EBITDA or free cash flow, so neither is shown.
Where the growth came from: interest income rose 56.8% to Rp2,348,889M, but interest expense rose 97.4% to Rp790,008M, so net interest income grew the slower 42.0%. Credit costs (impairment losses on financial assets) were Rp364,911M, up 51.1%, and equal to 22.2% of revenue against 21.6% a year earlier, so profit growth came from operating leverage and not from lower credit costs.
| Balance sheet metric | Sep 2026 (IDR) | Sep 2026 (USD) | Dec 2025 (IDR) | YTD |
|---|---|---|---|---|
| Total Assets | Rp27,498,710M | ~$1.538B | Rp21,282,312M | +29.2% |
| Loans (gross, Kredit yang diberikan) | Rp13,792,413M | ~$771.2M | Rp9,618,259M | +43.4% |
| Total Deposits (Simpanan nasabah) | Rp17,602,062M | ~$984.2M | Rp11,827,129M | +48.8% |
| Total Liabilities | Rp19,075,964M | ~$1.067B | Rp13,117,718M | +45.4% |
| Total Equity | Rp8,422,746M | ~$470.9M | Rp8,164,594M | +3.2% |
Against June 2026 (quarter on quarter, from the Q2 post), assets rose 1.8%, equity 2.0%, deposits 10.5% and gross loans only 2.7%.
The financial statements do not print NIM, ROA, ROE or BOPO, so none is computed here; the efficiency ratio above is operating costs before credit costs over revenue, computed from filed lines. The bank's own regulatory ratio table, attached to the October 28 press release, prints September 2026 against September 2025: NIM 8.62% (10.64%), ROA 2.04% (0.75%), ROE 5.23% (1.66%), BOPO 84.25% (94.69%), cost to income 54.16% (70.14%) and low-quality loans (KKR) 11.35% (10.67%).
Where Q3 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
Rp billion, Q3 2026. Operating costs are net revenue less profit before tax; tax & other items are profit before tax less net income. Standalone quarter; all three figures derived from an annual, half-year or nine-month row.
Key Operational Metrics
Capital & Liquidity
- CAR/KPMM: 73.26% at September 30, down from 74.54% at June 30 and 93.24% at December 31. CET 1 was 72.09% (92.10% in Dec 2025), against a required 9-10% before buffers.
- Loan to funding ratio (LDR»): 78.36% at September 30 (filed), down from 84.34% at June 30 and 81.32% at December 31, because deposits grew 10.5% in the quarter and gross loans 2.7%.
- Time deposits: Rp14,017,861M, 79.6% of deposits, against 78.6% in Dec 2025; Rp12,385,928M of all deposits (70.4%) mature within one month.
- Primary reserve requirement (GWM Primer, average): 6.69% (September), down from 8.42% (December).
Credit Quality
- NPL - gross: 2.30% (Sep 2026), up from 1.64% (Jun 2026) and below 2.60% (Dec 2025) and 2.83% (Sep 2025, press release).
- NPL - net: 1.13% (Sep 2026), up from 0.65% (Jun 2026) and 0.68% (Dec 2025).
- Stage 3 loans: Rp324,719M (2.35% of gross loans), up 41.4% from Rp229,630M (1.71%) in June; stage 2 loans were Rp672,001M, up 52.4% from Rp440,866M.
- Allowance over stage 3 loans: 152%, down from 198% in June, derived (allowance Rp492,162M over stage 3 Rp324,719M now, Rp454,346M over Rp229,630M then).
- Write-offs: Rp84.3 billion in Q3 (derived: nine months Rp301,738M less H1 Rp217,485M), down from Rp99.6 billion in Q2 and Rp117.9 billion in Q1; Rp290,735M in all of 2025. Fewer write-offs while stage 3 loans rose means the bad loans stayed on the book.
Footprint
Not available in this filing: transacting-user, merchant or office counts, a deposit-cost breakdown, or a September 2025 balance sheet comparative. The press release says only that the customer base passed 8 million, with no definition or prior figure.
Digital Segment Now Carries 99.8% of Revenue, and the Legacy Segment's Profit Is Gone
The filing reports two operating segments by region: Bandung, the legacy conventional-credit business, and Jakarta, the non-legacy business including what is marketed on digital platforms. Jakarta had revenue of Rp1,641,764M in 9M 2026, 99.8% of the Rp1,644,649M total, and profit before tax of Rp380,351M against Rp38,542M in 9M 2025, nearly ten times as much. Bandung's profit before tax fell to Rp4,707M from Rp42,392M, which in 9M 2025 had been helped by a Rp44,598M credit-loss reversal; in 9M 2026 it recorded a Rp5,767M reversal. Bandung's net loans were Rp59,098M, 0.4% of the total. Jakarta's profit before tax was 23.2% of its revenue (derived).
Beyond the Usual
Credit-impaired loans rose 41% in one quarter, while the cushion against them thinned
Stage 3 loans went from Rp229,630 million (1.71% of gross loans) at June to Rp324,719 million (2.35%) at September, while stage 2 loans, the watch list one step earlier, rose from Rp440,866M to Rp672,001M. Together, stage 2 and 3 are 7.2% of gross loans, against 5.0% in June (derived). The movement table shows Rp1,054,426M of loans transferred into stage 3 in the nine months and Rp301,738M written off, of which Rp84.3 billion was written off in Q3 (nine months less H1, derived), so the stage 3 balance rose even after those write-offs.
The allowance covers stage 3 loans 152% against 198% in June (derived). Contingent receivables, which are interest on non-performing loans that is not booked as income, were Rp83,106M against Rp44,266M at December 2025, up 87.7%. The filing does not say why the stage 3 balance rose or which loan type produced it, and the Q3 impairment charge was Rp118.8 billion (nine months less H1, derived), only 20.6% of Q3 revenue.
All of the loan growth since December came from non-retail lending, and retail loans fell this quarter
Gross loans grew Rp4,174,154M (43.4%) since December. Third-party non-retail and non-UMKM loans went from Rp2,753,575M to Rp6,727,423M, and with related parties, non-retail was 49.9% of the book, against 29.4% in December (derived). Retail and UMKM loans were Rp6,912,924M, up only 1.8% from Rp6,788,289M in December and down 3.4% from Rp7,153,728M in June. The non-retail book grew 8.7% in the quarter and the retail book shrank, so the Q2 post's loan growth thesis is now about the corporate-style book. The average rate on consumption loans in the filing was 55.79% against 35.03% in December, and on working-capital loans 17.35% against 22.09%. The filing does not explain the mix shift or why retail loans fell.
Funding is overwhelmingly short-dated time deposits, and the bank started repo borrowing
Time deposits were Rp14,017,861M (79.6%) of deposits, and Rp12,385,928M of deposits matured within one month, against Rp10,835,304M at June. Deposits grew 10.5% in the quarter against 2.7% for loans, which is why the loan to funding ratio fell to 78.36% from 84.34%. The bank also recorded Rp660,379M of liabilities under repurchase agreements, nil at December, against Bank Indonesia SRBI securities of Rp700,000M face value pledged until 5 October 2026. Interest expense was Rp301.2 billion in Q3 (nine months less H1, derived) against an H1 quarterly average of Rp244.4 billion, 23.2% higher. The filing does not give a cost-of-funds figure.
Lower loan-protection costs supplied roughly a quarter of the pre-tax profit increase
General and administrative expenses include a loan protection fee, which Note 20 links to an agreement with PT Fokus Solusi Proteksi protecting a certain retail portfolio. The fee was Rp59,767M in 9M 2026 against Rp155,419M in 9M 2025, down 61.5%, a Rp95.7 billion saving. The compensation right credit netted against credit losses also shrank, to Rp22,570M from Rp46,698M, a Rp24.1 billion smaller offset. The net effect of the two lines, Rp71.5 billion, is 23.5% of the Rp304.1 billion rise in profit before tax (derived). Prepaid loan protection on the balance sheet rose 94.5% to Rp92,945M and loan protection liabilities to Rp119,960M from Rp50,127M, so the filing does not show whether the lower expense is a durable change in cost or a timing effect.
Related-party loans doubled but are 1.1% of the book
Loans to other related parties rose to Rp152,045M (Rp152,066M with key management) from Rp76,395M at December, up 99.1%, or 1.1% of gross loans. Unused committed loan facilities (Note 28) were Rp7 million at September against Rp400,007 million at December 2025 (Note 28 prints both in brackets; the off-balance-sheet table prints them without), so the committed undrawn lending lines are close to nil.
Coverage Table
| Metric | Q3 2026 / 9M 2026 | Prior period | Change | Why it matters |
|---|---|---|---|---|
| Net Income (Q3, derived) | Rp117.3bn | Rp104.4bn (Q2 2026) | +12.3% | Profit grew, but at a slower pace than Q2 |
| Stock price (Sep 30 close) | Rp496 | Rp535 (Jun 30 close) | -7.3% | Below its own Rp635 IPO price |
| CAR/KPMM | 73.26% | 74.54% (Jun 2026) | -128bps | Smallest quarterly fall since listing (-915bps in Q1, -955bps in Q2); loans did not scale |
| NPL - gross | 2.30% | 1.64% (Jun 2026) | +66bps | Two quarters of improvement reversed, still below 2.60% at Dec 2025 |
| Stage 3 loans | Rp324,719M | Rp229,630M (Jun 2026) | +41.4% | The filed credit-impaired stage |
| Loans (gross) | Rp13,792,413M | Rp13,436,168M (Jun 2026) | +2.7% | Retail and UMKM loans fell 3.4% |
Target Valuation Range
Verdict: cheaper again, but the earnings multiple is still high. At about 2.0x book (from about 2.2x) and about 42x annualized earnings (from about 50x), the price fell 7.3% while book value grew 2.0%. No listed peer is shown here, and the jump in stage 3 loans may justify a discount that the P/E alone doesn't show.
Superbank's shares closed at Rp496 on September 30, 2026, down 7.3% from Rp535 at June 30 and 21.9% below the Rp635 IPO price. The July and August month-end closes were Rp605 and Rp525, so the July rebound of 13.1% did not hold. The latest daily close in the shared price series is Rp400 on October 16, 2026, 19.4% below the September close and about 1.6x September book value (derived; the filing's September balance sheet, not a newer one). With Rp3,389,702 million of share capital at Rp100 par, shares outstanding are 33,897,017,650, unchanged.
| Market cap / book value | Q2 2026 (Jun 2026) | Q3 2026 (Sep 2026) |
|---|---|---|
| Share price (period-end) | Rp535 | Rp496 |
| Shares outstanding | 33,897,017,650 | 33,897,017,650 |
| Market capitalization | Rp18.13 trillion (~$1.01B) | Rp16.81 trillion (~$940.1M) |
| Book equity | Rp8,255,373 million | Rp8,422,746 million |
| P/B» | ~2.2x | ~2.0x |
| Peer-multiple sanity check | Q2 2026 | Q3 2026 | Change |
|---|---|---|---|
| Annualized net income | Rp365.2 billion (H1 x 2) | Rp399.9 billion (9M x 4/3) | up |
| P/E» (annualized) | ~50x | ~42x | down - price fell and the annualized base rose |
The multiples fell because the price fell and earnings were annualized on a longer base, not because lending grew, and the credit quality evidence in this filing moved the wrong way over the same quarter.
PT Super Bank Indonesia Tbk's quarterly financial statements ("Laporan Keuangan"), for the nine-month period ended September 30, 2026, with comparative figures as of December 31, 2025 and for the nine-month period ended September 30, 2025, authorized for issue by the Bank's Board of Directors on October 28, 2026, per Indonesian Financial Services Authority (OJK) and IDX bank transparency and publication regulations; the Q2 2026 filing for June 2026 comparatives; share prices from month-end closes.