BTN Shares Surge 8.24% to 2025 High on Government Liquidity Boost
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JAKARTA, Investortrust.id — Shares of PT Bank Tabungan Negara Tbk, or BBTN, have surged by Rp 105, or 8.24%, to Rp 1,380 during intraday trading on Thursday, Sept. 11, 2025, marking the highest level of the year. The rally outpaced gains in other state-owned and private bank stocks listed on the Indonesia Stock Exchange.
As of 09:30 local time, Bank Rakyat Indonesia (BBRI) rose 4.90% to Rp 4,070, Bank Negara Indonesia (BBNI) gained 6.10% to Rp 4,350, Bank Mandiri (BMRI) added 2.05% to Rp 4,490, Bank Syariah Indonesia (BRIS) advanced 4% to Rp 2,600, and Bank Central Asia (BBCA) increased 1.28% to Rp 7,900.
Year to date, BBTN shares have climbed more than 21%, with a 23.76% gain over the past month, outperforming peers such as BRIS, BMRI, BBRI, BBNI, and BBCA.
BTN President Director Nixon LP Napitupulu delivers the bank’s financial presentation at Public Expose Live 2025 in Jakarta, on Wednesday, Sept. 10, 2025. Photo: Investortrust/BTN Documentation
Liquidity injection plan lifts sentiment
The rally was fueled by Finance Minister Purbaya Yudhi Sadewa, who announced after a limited cabinet meeting with President Prabowo Subianto that the government would inject Rp 200 trillion, equal to $12.7 billion, into the banking sector. The funds, drawn from idle state cash balances including the budget surplus (SAL) and remaining financing balance (SiLPA), will be placed as deposits rather than loans to strengthen banks’ lending capacity.
Purbaya stressed that banks will be prohibited from channeling the funds into government bonds or Bank Indonesia securities, ensuring the liquidity flows directly into credit expansion. “The goal is for banks to suddenly have abundant cash that cannot be parked anywhere but in loans. We are forcing the market mechanism to work,” he said.
The minister dismissed inflation concerns, explaining that hyperinflation arises only when credit growth exceeds potential output. With Indonesia’s economic growth potential at around 6.5%, the injection was deemed safe. “If I inject stimulus when the economy is still at 5%, it is still far from inflationary,” he said.
Analysts upgrade BTN outlook
Samuel Sekuritas has raised its rating on BBTN to “buy” with a new target price of Rp 1,600, reflecting stronger net interest margins (NIM) and management’s higher credit growth targets. The new target implies a 2025F price-to-book ratio of 0.48x.
Analysts Brandon Boedhiman and Prasetya Gunadi cited a 100 basis-point cut in Bank Indonesia’s benchmark rate this year, which will reduce funding costs and support NIM expansion. They also highlighted faster realization of subsidized mortgage programs under the Housing Finance Liquidity Facility (FLPP) and Housing People’s Business Credit (KUR Perumahan), alongside a recovery in low-cost CASA deposits.
This year, the government allocated a quota of 350,000 FLPP units worth Rp 31 trillion. Under KUR Perumahan, regulated by Coordinating Ministry for Economic Affairs Regulation No.13/2025, buyers can access subsidized mortgages of up to Rp 500 million at 6% interest, while developers receive working capital or investment credit ceilings of Rp 20 billion. BBTN is projected to finance 50,000 to 100,000 units under the scheme by 2026.
Samuel Sekuritas also revised upward its 2025 operating revenue forecast for BBTN to Rp 21.07 trillion from Rp 18.93 trillion, with net profit projected at Rp 3.45 trillion compared to Rp 3 trillion last year. For 2026, operating revenue is targeted at Rp 22.86 trillion and net profit at Rp 3.68 trillion.
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