BNI's 20.1% loan growth masks weakening private-sector demand

Wholesale segments are lifting up BNI’s loans.

Bank Negara Indonesia (BNI) continued to target a loan growth of 8% to 10% for 2026 following double-digit growth in the first quarter of the year, although it is said to be closely monitoring domestic and external factors.

The Indonesian lender logged a 20.1% year-on-year loan growth in 2026. Excluding the Agrinas-related loans—a government initiative where banks provide financing for agrarian projects—its loan growth was 12.9%

The wholesale segments served as BNI’s main growth engine. Demand for loans from private corporations is not as strong as for government-related loans, however, said Handy Noverdanius and Owen Tjandra, analysts for CGS International (CGSI).

“Its loan pipeline in the wholesale segment is driven by the telco, power plant, 
and commodity sectors, including oil & gas and metal mining,” noted CGSI.

BNI said that it will remain focused on high-quality state-owned enterprises (SOEs).

Noverdanius and Tjandra see good momentum in loan growth. Digital investment has started to deliver results in terms of fee-based income, and current account and savings account (CASA) growth, they added.

“From an asset quality perspective, risk discipline remains intact, supported by a solid level of [nonperforming loans (NPLs)] coverage (205% as at end-1Q26),” the two analysts said.