PT Bank Ina Perdana Tbk (BINA) Stock Analysis: Financial Recovery, Valuation and Growth Outlook
Published: June 3, 2026
Last Updated: June 3, 2026
Financial data and analysis reviewed as of June 3, 2026.
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| PT Bank Ina Perdana Tbk (BINA) |
Worldreview1989 - PT Bank Ina Perdana Tbk (IDX: BINA) is a publicly listed Indonesian bank that has attracted increasing attention as investors look for smaller banking stocks with potential earnings recovery and digital-banking expansion. The bank operates under the Bank INA brand and is part of the broader Salim Group ecosystem.
For Indonesian investors, the important question is not simply whether BINA can grow its loan book. The more important issue is whether the bank can convert balance-sheet growth into sustainable net interest income, controlled credit costs, and consistently higher returns on equity.
The financial statements show a particularly interesting transition: Bank INA experienced a significant loss in 2025, but its reported financial ratios improved during the first half of 2026.
Check : Indonesia Stock Exchange Listed Companies Directory
BINA Stock at a Glance
| Item | Latest Relevant Data |
|---|---|
| Company | PT Bank Ina Perdana Tbk |
| Stock ticker | BINA |
| Exchange | Indonesia Stock Exchange |
| Shares outstanding | 6.135 billion |
| 2025 total assets | Rp31.30 trillion |
| 2025 gross loans | Rp15.26 trillion |
| 2025 customer deposits | Rp27.26 trillion |
| 2025 equity | Rp3.31 trillion |
| 2025 net income | -Rp369.02 billion |
| 2025 EPS | -Rp60.15 |
| June 2026 ROA | 0.51% |
| June 2026 ROE | 4.54% |
| June 2026 NIM | 2.36% |
| June 2026 NPL gross | 4.11% |
| June 2026 NPL net | 3.23% |
| June 2026 LDR | 64.76% |
| June 2026 CAR/KPMM | 15.26% |
The June 2026 figures are taken from Bank INA's published financial report.
What Does Bank Ina Perdana Actually Do?
Bank Ina Perdana provides conventional banking services covering deposits, lending, treasury activities, transaction banking and other financial services.
The bank has also been developing a hybrid banking strategy combining physical branches with digital services through Binadigital. In its 2026 public expose, management highlighted digital savings, digital lending, gold investment and API-based financial integration as part of its digital strategy.
This matters because smaller banks generally need to find ways to increase revenue without allowing operating costs to rise at the same rate as assets.
For BINA, digital banking therefore should not be evaluated simply by the number of digital products. Investors should ultimately ask:
Can digital distribution reduce customer acquisition costs, increase low-cost deposits, improve transaction income, and produce better returns on capital?
That is a much more important metric than simply launching new banking applications.
BINA Financial Performance in 2025
Bank INA's 2025 audited financial statements show a major deterioration in reported profitability.
Total assets increased from Rp24.44 trillion in 2024 to Rp31.30 trillion in 2025, an increase of approximately 28%.
Gross loans increased from approximately Rp13.15 trillion to Rp15.26 trillion, while customer deposits increased from Rp20.13 trillion to Rp27.26 trillion.
2024 vs. 2025
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total assets | Rp24.44T | Rp31.30T | +28.1% |
| Gross loans | Rp13.15T | Rp15.26T | +16.1% |
| Customer deposits | Rp20.13T | Rp27.26T | +35.4% |
| Equity | Rp3.61T | Rp3.31T | -8.4% |
| Net interest income | Rp713.06B | Rp560.27B | -21.4% |
| Net income | Rp81.85B | -Rp369.02B | Turned to loss |
The most important observation is that balance-sheet growth did not translate into earnings growth.
That distinction is critical when analyzing bank stocks.
Why Did BINA Report a Large Loss in 2025?
The major problem was not a collapse in assets or deposits.
Instead, the pressure came from the bank's income statement.
Net interest income fell to Rp560.27 billion in 2025 from Rp713.06 billion in 2024. At the same time, operating expenses increased significantly.
Most importantly, the bank recorded approximately Rp601.99 billion in impairment-loss provisions, compared with Rp188.90 billion in 2024.
That combination pushed the bank from a 2024 profit of Rp81.85 billion to a 2025 net loss of Rp369.02 billion.
This is one of the most important points for investors researching BINA.
The earnings decline was not simply a consequence of weak loan growth. It was strongly affected by the cost of credit and impairment provisioning.
The Credit-Provision Issue Is the Key Fundamental Variable
Bank INA's independent auditor identified allowance for impairment losses on loans as a key audit matter.
At December 31, 2025, the allowance for loan impairment stood at approximately Rp405.37 billion. The auditor noted that impairment calculations involve judgment concerning credit deterioration, expected future cash flows, collateral values and forward-looking macroeconomic assumptions.
This creates an important analytical framework for BINA:
Loan growth → asset quality → provisioning → net profit → ROE
A bank can increase loans rapidly, but shareholders do not necessarily benefit if incremental loans require large provisions.
Therefore, BINA's future earnings should be monitored through both:
Loan growth
Credit quality
rather than loan growth alone.
A Potential Recovery Appeared in 2026
The picture changed during the first half of 2026.
Bank INA's June 2026 financial publication reported:
ROA: 0.51%
ROE: 4.54%
NIM: 2.36%
Gross NPL: 4.11%
Net NPL: 3.23%
BOPO: 92.04%
Cost-to-Income Ratio: 72.25%
LDR: 64.76%
KPMM/CAR: 15.26%
These figures represent a substantial improvement in profitability compared with the loss reported for full-year 2025.
However, the recovery should be viewed as early-stage rather than fully established.
A 0.51% ROA and 4.54% ROE indicate that profitability has returned, but the returns are still relatively modest compared with what investors would normally expect from a mature banking franchise.
BINA's Asset Quality Needs Close Monitoring
One of the most important risk indicators is NPL.
As of June 2026:
Gross NPL = 4.11%
Net NPL = 3.23%
These figures were reported at 4.73% and 3.67%, respectively, in the comparable June 2025 period.
The improvement is encouraging from a year-on-year perspective, but the absolute level remains an important consideration.
For comparison, OJK reported that the Indonesian banking industry's gross NPL was 2.10% in June 2026, while net NPL was 0.81%.
Therefore, BINA's credit-quality profile remained above the industry average at that point.
This does not automatically determine the investment case, but it means investors should pay particular attention to:
NPL migration
restructuring levels
Stage 2 and Stage 3 loans
loan-loss provisions
coverage ratios
recovery from written-off loans
BINA's Low LDR: Opportunity or Warning?
Another interesting feature is the bank's relatively low Loan-to-Deposit Ratio.
BINA reported an LDR of 64.76% in June 2026, compared with 62.80% in June 2025.
A low LDR means the bank is not aggressively transforming deposits into loans.
This has two sides.
Potential advantage
The bank has considerable funding capacity if it can grow loans without significantly increasing credit risk.
Potential disadvantage
If deposits grow faster than loans, the bank may have difficulty generating sufficiently high returns from its funding base.
This is particularly important because BINA's NIM was only 2.36% in June 2026.
Unique Analytical View: BINA Is More of a "Profitability Conversion" Story
A useful way to analyze BINA is not simply as a growth bank.
Instead, BINA can be viewed as a profitability-conversion story.
The bank already demonstrated that it can expand its balance sheet:
Assets: +28.1% in 2025
Deposits: +35.4%
Loans: +16.1%
But profitability deteriorated.
That means the next phase of the investment story depends on whether Bank INA can convert its expanding balance sheet into higher-quality earnings.
The key equation is:
Deposit growth → productive lending → healthy NIM → controlled credit cost → higher ROE
If one component fails, shareholders may not receive the expected economic benefit from balance-sheet expansion.
This is arguably more useful than looking only at revenue or asset growth.
The 2026 Efficiency Improvement Is Important
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| PT Bank Ina Perdana Tbk (BINA) |
The June 2026 BOPO ratio was 92.04%, compared with 95.82% in the same period of 2025.
The Cost-to-Income Ratio also improved from 81.23% to 72.25%.
This suggests that operating efficiency was moving in the right direction.
For a smaller bank, this can have a significant effect on earnings.
If revenue grows while the cost base increases more slowly, operating leverage can become an important driver of ROE.
The question for future quarters is whether the improvement can continue.
Capital Position
Bank INA reported a 15.26% capital adequacy ratio/KPMM as of June 2026, compared with 23.60% in June 2025. CET1 stood at 14.25%.
The decline in capital ratios deserves attention even though the bank remained capitalized above its reported minimum requirement.
At the Indonesian banking-industry level, OJK reported a CAR of 23.84% in June 2026.
The difference highlights why investors should not evaluate BINA's capital position solely against the regulatory minimum.
Capital is important because future loan expansion requires capital support, especially if risk-weighted assets continue increasing.
BINA Valuation: Why P/B Matters More Than P/E
For banks, Price-to-Book Value (P/BV) is often more informative than P/E when earnings are temporarily distorted.
This is particularly relevant for BINA because the bank reported a loss in 2025, producing negative EPS of approximately Rp60.15 per share.
Using the 2025 year-end equity of approximately Rp3.31 trillion and 6.135 billion shares, book value per share was approximately:
Rp3.31 trillion ÷ 6.135 billion = approximately Rp539 per share
Trading data around late September 2026 showed BINA trading around the Rp4,000 area.
At approximately Rp4,050 per share, the implied P/B would be roughly:
Rp4,050 ÷ Rp539 ≈ 7.5x book value
This is a particularly important analytical observation.
The market valuation therefore cannot be justified purely by the bank's historical book value. It implicitly depends on expectations that future profitability and earnings power will improve substantially.
In other words:
BINA's valuation is increasingly dependent on future ROE rather than its current accounting earnings.
That is the central valuation issue investors should investigate.
What Would Make BINA's Valuation More Sustainable?
Several developments would materially change the fundamental picture.
1. ROE moves materially higher
The June 2026 ROE was 4.54%.
For a bank trading at a high multiple of book value, investors would normally expect significantly stronger returns on equity over time.
2. NPL continues falling
The reduction from 4.73% to 4.11% is positive, but further improvement would reduce pressure on provisions.
3. NIM stabilizes or expands
The 2.36% NIM in June 2026 needs monitoring because net interest income is the core earnings engine for a conventional bank.
4. Loan growth accelerates without deteriorating credit quality
This would be a much stronger form of growth than simply increasing the loan portfolio.
5. CASA continues increasing
Bank INA's March 2026 public expose reported CASA at 40.07%, up from 37.48% a year earlier.
Higher CASA can potentially improve funding efficiency because current and savings accounts are generally cheaper sources of funding than time deposits.
BINA's Digital Banking Strategy
Bank INA has been developing its Binadigital platform as part of its hybrid banking strategy.
Management has highlighted digital savings, digital loans, gold investment and API integration as areas of development.
The strategic opportunity is not simply digital customer acquisition.
A stronger digital-banking model could potentially help BINA:
acquire deposits at lower cost;
increase CASA;
increase transaction frequency;
distribute consumer loans;
cross-sell investment products;
improve customer retention;
generate fee-based income.
However, digital banking can also increase technology, marketing and customer-acquisition costs.
Therefore, investors should eventually evaluate digital banking profitability, not just digital-user growth.
What Indonesian Investors Should Watch
For local investors following BINA, the following indicators are particularly important each quarter:
| Indicator | Why It Matters |
|---|---|
| Net profit | Measures actual earnings recovery |
| ROE | Determines whether capital is being used efficiently |
| ROA | Measures asset profitability |
| NIM | Shows core banking spread |
| Gross NPL | Measures credit quality |
| Net NPL | Measures residual credit risk after provisions |
| Credit cost | Important after the 2025 provisioning spike |
| LDR | Shows loan deployment relative to deposits |
| CASA | Indicates funding quality |
| BOPO | Measures operating efficiency |
| CAR/KPMM | Determines capital capacity |
| Loan growth | Measures expansion |
| Provisioning | Determines how much growth converts into profit |
BINA Stock: Bull Case vs. Risk Case
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| PT Bank Ina Perdana Tbk (BINA) |
Potential Growth Drivers
The positive scenario for BINA would involve:
continued earnings recovery;
lower NPL;
lower credit costs;
improving NIM;
stronger CASA;
efficient digital banking expansion;
controlled operating expenses;
sustainable loan growth;
improving ROE.
If these factors develop together, the market could place greater value on BINA's future earnings capacity.
Key Risks
The main risks include:
elevated NPL compared with the banking industry;
another increase in impairment provisions;
weak NIM;
declining capital ratios;
inability to convert deposits into productive loans;
high operating expenses;
slower-than-expected earnings recovery;
valuation sensitivity to changes in expected ROE.
Is BINA a Growth Stock or a Recovery Stock?
Based on the financial data, BINA is better analyzed through a combination of growth and recovery.
The bank has demonstrated balance-sheet expansion, but 2025 showed that asset growth alone does not guarantee shareholder returns.
The first half of 2026 showed meaningful improvement in ROA, ROE, BOPO and NPL compared with the previous-year period.
Therefore, the next stage is about proving that the improvement is sustainable.
The most important confirmation would be several consecutive reporting periods showing:
higher profit + lower credit costs + improving asset quality + stable capital + stronger ROE.
Who Might Be Interested in BINA?
BINA may attract investors who are researching Indonesian small- and mid-sized banking stocks and are comfortable analyzing turnaround situations.
The stock requires more than a simple EPS comparison because 2025 earnings were distorted by substantial impairment provisions.
Investors should therefore examine the bank's balance sheet, asset quality, capital position and normalized earnings capacity before drawing conclusions about valuation.
Final Takeaway
PT Bank Ina Perdana Tbk presents an interesting financial transition.
In 2025, the bank expanded its assets, loans and deposits, but profitability deteriorated sharply because net interest income declined while impairment and operating expenses increased. The bank ultimately reported a Rp369.02 billion net loss.
During the first half of 2026, several indicators improved. ROA reached 0.51%, ROE 4.54%, BOPO declined to 92.04%, and gross NPL improved to 4.11%.
The unique issue for BINA investors is therefore profitability conversion.
The bank needs to demonstrate that its growing deposit base and loan franchise can produce higher-quality earnings without another significant increase in credit costs.
At the same time, the stock's valuation should be examined carefully because a high market price relative to 2025 book value requires investors to believe in substantial future improvement in ROE.
For Indonesian investors, the most useful way to follow BINA is therefore not simply asking whether the stock price will rise. A more fundamental question is:
Can Bank Ina Perdana turn balance-sheet growth into durable, high-quality returns on shareholder capital?
The answer will become clearer through future quarterly results, particularly NIM, NPL, credit cost, ROE, CASA, capital adequacy and net profit.
Investment disclaimer: This article is for educational and informational purposes only. It is not a recommendation to buy or sell BINA shares. Stock prices and banking fundamentals can change, and investors should review the latest company disclosures and assess their own risk tolerance before making investment decisions.
Primary Sources and References
PT Bank Ina Perdana Tbk — Investor Relations / Financial Reports
Bank INA Investor Relations – Financial Reports
PT Bank Ina Perdana Tbk — Audited Financial Statements 2025
Bank INA 2025 Audited Financial Statements
PT Bank Ina Perdana Tbk — June 2026 Financial Publication
Bank INA June 2026 Financial Report
Otoritas Jasa Keuangan (OJK) — Banking Sector Performance 2026
OJK – Financial Services Sector Performance August 2026
Indonesia Stock Exchange (IDX)
Indonesia Stock Exchange – Official Website
Otoritas Jasa Keuangan (OJK)
OJK – Official Website
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