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Indonesian (IDX) Banks Industry Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies49
  • 7D1.4%
  • 3M9.6%
  • 1Y-6.1%
  • YTD2.5%

Over the last 7 days, the Banks industry has remained flat, although notably Bank Mandiri (Persero) gained 3.7%. As for the longer term, the industry has declined 6.9% in the last year. Looking forward, earnings are forecast to grow by 8.2% annually.

Industry Valuation and Performance

Has the Indonesian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026Rp3045.5tRp619.7tRp229.1t17.9x13.3x4.9x
Sun, 14 Dec 2025Rp2886.5tRp624.3tRp230.6t17.3x12.5x4.6x
Tue, 11 Nov 2025Rp3042.0tRp619.7tRp229.1t17x13.3x4.9x
Thu, 09 Oct 2025Rp2814.6tRp613.5tRp233.2t16.7x12.1x4.6x
Sat, 06 Sep 2025Rp2916.8tRp611.2tRp235.7t17.3x12.4x4.8x
Mon, 04 Aug 2025Rp2858.8tRp610.7tRp235.4t16.3x12.1x4.7x
Wed, 02 Jul 2025Rp2938.6tRp605.0tRp238.6t18.1x12.3x4.9x
Fri, 30 May 2025Rp3167.5tRp604.7tRp238.6t19.5x13.3x5.2x
Sun, 27 Apr 2025Rp2896.9tRp598.8tRp239.1t18.9x12.1x4.8x
Tue, 25 Mar 2025Rp2680.5tRp595.9tRp237.4t17.8x11.3x4.5x
Thu, 20 Feb 2025Rp3118.8tRp593.3tRp236.3t18.9x13.2x5.3x
Sat, 18 Jan 2025Rp3204.1tRp590.4tRp238.0t19.3x13.5x5.4x
Mon, 16 Dec 2024Rp3270.6tRp589.5tRp237.6t19.7x13.8x5.5x
Wed, 13 Nov 2024Rp3392.0tRp589.7tRp238.0t19.6x14.3x5.8x
Fri, 11 Oct 2024Rp3568.2tRp580.5tRp231.9t20.6x15.4x6.1x
Sun, 08 Sep 2024Rp3586.2tRp580.5tRp232.0t20x15.5x6.2x
Tue, 06 Aug 2024Rp3324.8tRp579.7tRp231.1t18.4x14.4x5.7x
Thu, 04 Jul 2024Rp3294.2tRp574.5tRp229.7t17.6x14.3x5.7x
Sat, 01 Jun 2024Rp3109.5tRp574.3tRp229.7t18.1x13.5x5.4x
Mon, 29 Apr 2024Rp3379.5tRp574.0tRp230.1t17.6x14.7x5.9x
Wed, 27 Mar 2024Rp3779.5tRp570.5tRp228.7t17.1x16.5x6.6x
Fri, 23 Feb 2024Rp3706.7tRp572.0tRp229.3t16.2x16.2x6.5x
Sun, 21 Jan 2024Rp3514.9tRp568.7tRp217.4t16.7x16.2x6.2x
Tue, 19 Dec 2023Rp3318.2tRp568.6tRp217.4t15.2x15.3x5.8x
Thu, 16 Nov 2023Rp3239.8tRp567.5tRp216.9t14.9x14.9x5.7x
Sat, 14 Oct 2023Rp3085.8tRp555.8tRp211.6t15.1x14.6x5.6x
Mon, 11 Sep 2023Rp3278.4tRp554.3tRp211.4t16.5x15.5x5.9x
Wed, 09 Aug 2023Rp3345.9tRp552.6tRp210.0t16.2x15.9x6.1x
Fri, 07 Jul 2023Rp3248.6tRp543.1tRp204.1t16.7x15.9x6x
Sun, 04 Jun 2023Rp3179.6tRp542.8tRp204.0t16.6x15.6x5.9x
Tue, 02 May 2023Rp3124.0tRp533.9tRp198.5t18.7x15.7x5.9x
Thu, 30 Mar 2023Rp3063.7tRp517.9tRp190.8t17.7x16.1x5.9x
Sat, 25 Feb 2023Rp3027.6tRp515.8tRp190.7t17x15.9x5.9x
Mon, 23 Jan 2023Rp2940.5tRp497.8tRp185.0t15.3x15.9x5.9x
Price to Earnings Ratio

15.9x


Total Market Cap: Rp2940.5tTotal Earnings: Rp185.0tTotal Revenue: Rp497.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indonesian Banks Industry Price to Earnings3Y Average 14.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indonesian Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 14.4x.
  • The 3-year average PS ratio of 5.6x is higher than the industry's current PS ratio of 4.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 7.4% per year over the last three years.
  • Revenues for these companies have grown 7.6% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indonesian Financials industry?

ID Market1.13%
Financials1.03%
Banks1.41%
Diversified Banks1.83%
Regional Banks-7.25%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 20.4x.
    • Analysts are expecting annual earnings growth of 17.5%, which is higher than its past year's earnings growth of 15.4% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading below its 3-year average of 14.3x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 8.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BMRI Bank Mandiri (Persero)Rp4.99k3.7%
+Rp16.8t		-15.1%PB1.7x
BBRI Bank Rakyat Indonesia (Persero)Rp3.82k3.0%
+Rp16.6t		-8.2%PB1.7x
BBNI Bank Negara Indonesia (Persero)Rp4.54k7.8%
+Rp12.3t		0.9%PB1x
BRIS Bank Syariah IndonesiaRp2.29k7.5%
+Rp7.4t		-15.2%PB2.1x
BBCA Bank Central AsiaRp8.08k0.3%
+Rp3.1t		-17.2%PB3.6x

Latest News

BSIM
Rp1,320.00
Bank Sinarmas
7D
-22.8%
1Y
61.0%
BBRI
Rp3,820.00
Bank Rakyat Indonesia (Persero)
7D
3.0%
1Y
-8.2%

BBRI: December Meeting And Stable Outlook Will Support Governance And Management Changes

Analysts have kept their price target for Bank Rakyat Indonesia (Persero) steady at Rp5,400, citing only small adjustments in expected revenue growth, profit margin, and future P/E as reasons for maintaining their view. What's in the News A special or extraordinary shareholders meeting is scheduled for December 17, 2025, at 07:00 Coordinated Universal Time in Jakarta, Indonesia.
BMRI
Rp4,990.00
Bank Mandiri (Persero)
7D
3.7%
1Y
-15.1%

BMRI: New Industrial Branch Expansion Will Support A Stronger Long Term Outlook

Analysts have revised their fair value estimate for Bank Mandiri (Persero) from Rp7,800 to about Rp7,247, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which together indicate a more measured outlook. What's in the News Bank Mandiri inaugurated a new branch office at PT OKI Pulp & Paper Mills, a business unit of APP Group, on November 24, 2025, aiming to expand banking services for the manufacturing and forestry sectors in Ogan Komering Ilir Regency and nearby areas (Key Developments).
INPC
Rp216.00
Bank Artha Graha Internasional
7D
-18.2%
1Y
-19.4%
BRIS
Rp2,290.00
Bank Syariah Indonesia
7D
7.5%
1Y
-15.2%
BBNI
Rp4,540.00
Bank Negara Indonesia (Persero)
7D
7.8%
1Y
0.9%

BBNI: Governance Reforms Will Support Stronger Share Price Performance

Analysts have maintained their IDR 5,700 price target for Bank Negara Indonesia Persero, noting that a slightly higher discount rate and marginally lower profit margin forecast are broadly offset by a modest upgrade to expected revenue growth and a slightly lower future P E multiple. What's in the News A special and extraordinary shareholders meeting is scheduled on December 15, 2025, at 14:00 SE Asia Standard Time to address key corporate governance matters (Key Developments).
SUPA
Rp1,130.00
Super Bank Indonesia
7D
-3.0%
1Y
n/a
BBCA
Rp8,075.00
Bank Central Asia
7D
0.3%
1Y
-17.2%
BBKP
Rp94.00
Bank KB Indonesia
7D
5.6%
1Y
74.1%
BINA
Rp4,650.00
Bank Ina Perdana
7D
-2.9%
1Y
11.5%
BDMN
Rp2,600.00
Bank Danamon Indonesia
7D
3.2%
1Y
1.6%
ARTO
Rp1,905.00
Bank Jago
7D
-3.8%
1Y
-25.0%
BMAS
Rp625.00
Bank Maspion Indonesia
7D
-5.3%
1Y
17.9%
BNLI
Rp5,075.00
Bank Permata
7D
-1.9%
1Y
317.7%
BBTN
Rp1,220.00
Bank Tabungan Negara (Persero)
7D
5.2%
1Y
10.4%
BANK
Rp960.00
Bank Aladin Syariah
7D
-5.0%
1Y
19.3%