Macquarie prefiere las acciones de los grandes bancos indonesios debido a la presión sobre los márgenes de beneficio

LootboxPhobia · 2026-04-01T19:30:03+00:00

Macquarie mantiene una actitud optimista hacia los grandes bancos de Indonesia, especialmente el Banco Central de Asia y el Banco Mandiri. A pesar del crecimiento lento del crédito, las ganancias aumentaron un 10.8% interanual, destacando el rendimiento de los bancos estatales. La disminución en los costos de financiamiento ha mantenido estables los gastos de crédito, mientras que el retorno sobre activos cayó a su nivel más bajo en tres años.

LootboxPhobia

2026-04-01 19:30:03

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Investing.com - Macquarie says that after data for February 2026 showed that the net interest margin fell 14 basis points versus Q4 2025 (as lower financing costs were passed on to clients), the firm is showing greater preference for Indonesia’s large banks.

The firm maintains an outperform-the-market rating on the Central Asia Bank (IDX:BBCA) and Bank Mandiri (IDX:BMRI), positioning them as its top picks among Indonesian lenders. Among smaller banks, Macquarie says Indonesia’s Islamic bank (IDX:BRIS) is its preferred choice. In February, loan growth year over year reached 10.4%, even as new lending remained sluggish during the month.

Margin grew 14.8% year over year, outpacing loan growth, driving the aggregate loan-to-deposit ratio excluding Central Asia Bank down from 88% to 87%. Average funding costs for January–February 2026 fell 9 basis points versus Q4 2025 (covering the top 15 banks), with Bank Rakyat Indonesia (IDX:BBRI) benefiting the most, down 21 basis points.

Credit costs for the first two months of 2026 stayed stable at 1.26%, versus 1.20% in Q4 2025. The sector’s return on assets, annualized, fell to 2.16%, the lowest level in three years, partly reflecting an 11% year-over-year increase in assets.

Profit in the first two months of 2026 rose 10.8% year over year, with the state-owned banks Bank Rakyat Indonesia, Bank Mandiri, and Bank Syariah Indonesia all achieving 17% year-over-year growth. Macquarie says, based on asset quality, credit-cost momentum, and balance-sheet trends, Bank Mandiri and Bank Syariah Indonesia should be able to maintain better year-over-year growth.

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