Good morning, everyone. Thank you for joining BNI's earnings call for the first quarter of 2026. My name is Sigit, and I will be your host today. We truly appreciate your trust to BNI, and in today's session, we will walk you through our first quarter of 2026 financial performance, which includes how we navigated the still dynamic macroeconomic environment, delivered solid results, and continued to strengthen our core fundamentals across key business segments. Joining us today are members of BNI's directors. First, we have Bapak Putrama Wahju Setyawan, President Director. Ibu Alexandra Askandar, Deputy President Director. Bapak Hussein Paolo Kartadjoemena, Finance and Strategy Director. Bapak David Pirzada, Risk Management Director. And other members of the management team, thank you all for joining. Here's what we'll cover in today's session.
First, we will disclose our first quarter 2026 financial performance, which includes our views on the economy, our diversified portfolio, and prudent risk management, our AT1 issuance and how it strengthens our capital structure, our strategy to transform our outlets business performance, our solid CASA expansion, and also our guidance. Without further ado, I would like to invite Pak Putrama, President Director of BNI, to open the session. Please, Pak.
Thank you, Sigit. Good morning, everyone. Thank you for joining BNI first quarter 2026 earnings calls. The first quarter of this year has been marked by rising global tensions. The conflict in the Middle East has pushed oil prices higher. That in turn has raised inflation concerns in many countries, including the United States. As a result, market expectation for interest rate cuts have largely disappeared. Some central banks, such as Australia, have even started raising rates again. This environment puts pressure on emerging market currencies, including the rupiah. Bank Indonesia has responded by raising rates on its SRBI monetary instrument to help stabilize the exchange rate. On the fiscal side, the government has been trying to protect spending power and support grassroot communities. Government has taken necessary steps to manage inflation and reduce budget pressure by selectively increasing fuel price.
We believe that BNI has built enough resilience over the years to manage through them. Now let me turn to our own numbers. Our balance sheet has continued to strengthen over the past years. Our capital ratio remain well above regulatory requirements. Total CAR is 18.5%, while the minimum is 14%. Even after paying dividends and growing loans, we have kept a comfortable cushion. The loan-to-deposit ratio improved to 83.5% in March, which is lower than most our peers. This give us a significant liquidity buffer to navigate a volatile funding environment. On one hand, it means that our net interest margin is a bit lower than our optimal for now because we are holding more liquidity. But on the other hand, that also means there is room for NIM improvement later when conditions become more favorable and we can operate at higher, more efficient LDR level.
Asset quality has also improved. Gross NPL is now 1.9%, and total loan at-risk ratio is below 9%. Our loan loss provision coverage remains strong and above the average of our peers. In April, we did two things with our AT1 capital securities. First, we issued a new one, $700 million . Second, we made a tender offer from the previous AT1, which has a call date in March 2027. This proactive step to issue a new AT1 adds to our tier one capital by 27 basis points and removes financing risk for next year. Together, they give us more certainty. We see this as just a sensible, cautious step. On pricing, it went well. The spread we paid over U.S. Treasury was about 20 basis points lower than what we paid on a similar issuance back in 2021.
That tells us that fixed income investor has seen the improvements we have made over the last five years. They trust the direction we are heading. Before I hand over to our CFO, I want to say a few words about our internal transformation program called BRAVE. We started piloting it at the end of last year. That is on two regional offices. It has already helped us work better. One example is how we run our branch network. Prior to this initiative, around 1,400 of our smaller branches only focused on serving walk-in customers. Now, these smaller branches have the capability to offer a wider range of BNI products, focused on finding new customers and building relationships. However, the actual credit assessment and approval happen at larger branches or central teams. This way, we improve productivity without compromising our risk standards.
Every branch, including the smaller branches, now has its own business targets and profitability goals. That improves accountability. We can better evaluate the performance of each branch and strengthen performance culture. We also remove layers of hierarchy and continue to digitize many processes. The result is a more productive branch network, one that focuses on gaining market share and delivering profit. We are able to grow without adding cost at the same rate. New account opening has improved significantly, and that helps us to explain our strong CASA growth lately. Branches are actively chasing customers and trying to cross-sell. We believe this transformation will continue to support our performance in the years ahead. Now let me hand over to our CFO. Thank you.
Thank you, Pak Putrama. Let me now talk about our funding performance. We continue to gain market share in CASA due to improved branch productivity and the continued strength in our digital channels. Firstly, our wholesale transaction banking platform, BNIdirect, is being used by more and more institutional clients. Transaction value grew 23% year-on-year. As a result, current account balances went up 40%. That helped us gain nearly 2 percentage points of market share. Most of this growth came from transactional current accounts, so the cost of funds for current accounts has come down to the low 2% range in the first quarter. Secondly, our retail banking app, wondr by BNI, continues to show strong momentum. Transaction value increased 40%, and saving deposits grew 10% year-on-year.
The cost of saving deposits has also started to come down from a peak of 1.1% in the third quarter of last year to around 90 basis points now. We see this CASA strength as a sustainable advantage. It gives us the ability to grow our loan book with cheaper funding. Now onto our first quarter earnings. Our operating income, the top line, grew by 12.3% year-on-year. This is a healthy number driven by strong loan growth and stable fee income. Our net profit, however, grew by 5.2%. Some investors might see this as a disappointment, but I want to explain a bit further on this number. The management made a conscious decision to front-load certain costs into the first quarter. Operating expenses grew by 12.4%, which is higher than usual. Most of that increase came from personal expenses that we accelerated.
We also booked provisions earlier than in previous years. Provisioning charges were up 37% year-on-year. Why did we do this? Because of the uncertainty ahead. By taking these costs up front, we are smoothing out the earnings for the rest of the year. Our full year guidance for operating expense growth is still below 7%, and we plan to spread provisions evenly across quarters, unlike last year when they were backloaded. So the reported net profit is lower than it could have been, but the quality of that net profit is better than previous periods. We are not inflating earnings by delaying costs. This is a conservative, prudent management. Our loan expansion over the past year was IDR 154 trillion or 20% year-on-year growth. That entire increase was funded by low-cost deposits, which grew by the same nominal amount or at 27% year-on-year growth.
Time deposits grew 53% year-on-year. Most of that came from government fund placements. As of March 2026, government deposits stood at IDR 68 trillion. We took a conservative view on the potential timing of the withdrawals of those funds. Rather than assuming that they would stay, we built a significant liquidity buffer, and that buffer takes the form of current account balances at Bank Indonesia and placements with other banks. Those balances rose sharply year-on-year. Looking at the balance sheet profile, we funded growth at a low cost and prepared for volatility prudently. Net interest income grew 12% year-on-year, slightly below loan growth. The difference comes from a 30 basis point decline in net interest margin, reflecting lower interest rate environment compared to one year ago. Non-interest income also grew well, up 13% year-on-year.
The drivers were foreign exchange transaction flows, gains from marketable securities, and retail transaction banking fees. On operating expenses, we decided to front-load accrual timing for employee variable remuneration. This is why OpEx growth looks elevated at 12% for the first quarter. However, our full year 2026 OpEx budget remains unchanged. We are targeting a maximum OpEx growth rate of 7%. Even with the front-loaded OpEx, pre-provision operating profit still grew strongly at 12% year-on-year. That healthy PPOP gave us room to manage our provisioning charges differently this year. Unlike last year, when credit cost was backloaded toward the later quarters, we are trying to spread provisions evenly across 2026. As a result, first quarter provisioning charges increased sharply, 37%, but that is largely due to a low base effect. Net income grew 5% year-on-year.
The modest bottom-line growth reflects our conservative choices, not weak underlying performance. Let me now walk you through our loan growth. Consolidated loans grew 20%. In line with our business focus, the main driver remains wholesale segment, including corporate and enterprise, which grew by 26% year-on-year. In detail, the corporate segment grew by 24%, but a large part of that IDR 55 trillion came from the Agrinas loan program. If we exclude that, underlying corporate loan growth would have been around 11%. Meanwhile, our enterprise segment, which serves smaller corporate clients, increased by 47% year-on-year. The commercial segment grew 26% year-on-year, though it is starting from a relatively small base. Small segment grew by 1%. That is because of the contraction in KUR loans, which was by design, offset by the growth we saw in the non-KUR SME sub-segment.
Consumer loan growth was modest at 9%. We deliberately prioritize asset quality over volume. On pricing, loan yields contracted by about 50 basis points year-on-year. That reflects the lower interest rate environment. The central bank cut its benchmark rate by 125 basis points over the course of 2025. On top of that, competition remains high. Some of our peers have moved away from their traditional segments and are looking for new growth engines, which puts additional pressure on pricing in the wholesale segment. Now let me turn to third-party funds. Our CASA growth was very strong, up 27% year-on-year. Current accounts grew by 40% and savings grew by 10%, while time deposits increased by 53%. Most of that came from government SAL fund placements, which stood at IDR 68 trillion as of March.
One interesting development that the cost of funds have been more benign than usual. Historically, the first quarter always brings funding competition that pushes up costs, but this time, costs for savings, current accounts, and time deposits were slightly lower quarter-on-quarter and meaningfully improved compared to one year ago. We believe the strong growth in transactional CASA has helped stabilize cost of fund behavior. Here are a few leading indicators for our CASA franchise. The number of users for our wondr mobile app and also BNIdirect cash management platform each grew by 28% year-on-year. Payroll accounts also increased by 25% year-on-year. These are steady, sticky sources of low-cost deposits for BNI. Finally, let me talk about our full-year guidance.
Given the macro uncertainty, especially with the Iran war and its potential impact on the economy later this year, we are not making any changes to our targets for now. We are also not assuming that everything will go smoothly. We are keeping our guidance as we announced at the beginning of the year, but I want to add a note of caution. Firstly, on loan growth, 8%-10%. You saw that we grew 20% in the first quarter. That was driven by some large corporate disbursements, including Agrinas. We expect this to slow down in the coming quarters. The full-year number could still fall within our guidance range, but we will watch loan demand closely. Net interest margin guidance of 3.5%-3.8%. Our first quarter NIM was 3.6%. We do expect some pressure from rising deposit costs.
Our strong CASA base should help, but if funding competition increases, NIM could be at the lower end of the guidance. Thirdly, on credit cost, we guided 1%-1.2%. First quarter credit cost was 1.1%, which is within the range. But if the economy weakens later in the year, credit costs could move toward the upper end of the guidance. I will now hand over to our Chief Risk Officer, Pak David, to provide further detail on our portfolio quality and risk framework.
Thank you, Pak Paolo. At the bank-wide level, asset quality has actually improved compared to last year. Our loan-at-risk ratio, special mention loan ratio, and NPL ratio are all down year-on-year. That is the result of years of disciplined underwriting, especially since the pandemic. But I want to be transparent about where we see pressure. The weakness is concentrated in the consumer segment, mortgage, credit cards, and to a lesser payroll loan. This is not unique to BNI. The industry is seeing similar trends. Consumer loans make up only about 17% of our total loan book. So the impact on bank-wide numbers is still manageable. But we are not ignoring it. We have tightened underwriting for consumer products. We are also proactively reaching out to customers who show early signs of stress. As you will see on the next slides, we have built provisions accordingly.
So the story here is twofold. Bank-wide asset quality remains strong, thanks to our core corporate and wholesale discipline. But we are also fully alert to the consumer soft spot, and we are acting early. Slide 32 tells a story that is not always obvious. Since the pandemic, we have steadily raised our underwriting standards. The result is that NPL formation and write-off from our newer loan book have come down significantly. In fact, about half of the NPL formation and write-off we saw last quarter still came from loans that were underwritten before 2022. Look at the first quarter of this year. Total NPL formation was IDR 2.2 trillion, down 11% from a year ago. If you analyze that, the NPL formation rate is less than 1% of our total loan book. That is a very low number. So what does this mean for provisioning?
If we book credit costs at around 1%, which is our full-year guidance, we are actually maintaining a provision coverage level that is already elevated compared to our peers. In other words, we are not just covering expected losses, we are building extra buffer on top. So the takeaway is the legacy pandemic book is still working its way through the system, but the new book is much cleaner, and our provisioning remains more than adequate. Now a bit on where the provisions went. In our corporate segment, we have finished the process of releasing excess reserve from past recoveries. That book is now running at a new, much lower run rate, significantly below 1% credit cost. The majority of the credit costs we booked in the first quarter was assigned to two segments, SME and consumer.
Those are the areas where we see the most vulnerability in the banking industry, and that is where we want the buffer to be. As of March, our total reserve stood at 4.0% of total loans. We believe that is higher than most of our peers. Compared to December 2025 position, the provision coverage indicators have largely stable. The Iran war, supply chain disruptions, a possible slowdown in global and domestic demand, these are not hypotheticals. They are unfolding. If the conflict drags on, the impact on our customers could become real. By building reserves now, we are essentially preparing for uncertainties that may or may not happen. If they don't, we can release reserve later. If they do, we are already prepared. This brings us to the end of our presentation. I will now return the floor to the moderator for Q&A. Thank you.
Thank you, gentlemen. We will now open the floor for our question. Participants may submit a question on the Q&A box. Our management team will address question as much as time permits. We have received several questions from the audience, and similar topics may be grouped into one session. I will read each question and invite the board member to respond. All right, let's begin. Question number one came from several audience members who would like to have any takes from the management, on the mitigation and business response, should domestic macro volatility further intensify, and how will the bank fine-tune the full year 2026 guidance? I will invite Pak Putrama to respond to this question. Please, Pak.
Thank you, Pak Sigit. Dear investor, I try to respond for the first question. We continue to closely monitor both domestic and global macroeconomic developments. In general, our strategic focus this year remains on strengthening our CASA franchise, diversifying for our loan portfolio, and preserving capital and liquidity. To navigate the macroeconomic backdrop, we are taking several measures. Maintaining extra liquidity buffers since LDR continues at below 90%. Second, implementing a prudent and selective lending strategy while reducing concentration risk. Third, building sufficient buffers for provisioning charges. Fourth, hedging asset portfolio that are more vulnerable to prevailing market uncertainties. Given our guidance was set with already conservative assumption, we are not making any changes to our guidance for now. However, we would like to highlight several cautionary notes. First, NIM catalyst is limited given [SFDE] trend and loan competition.
Second, we prefer to remain prudent on credit costs if Middle East tension persists for longer. For the impact of Iran war, we have conducted a stress test with scenario assuming oil prices at $150 per barrel, exchange rate above to IDR 20,000, and Indonesia 10-year government bond yields exceeding 9%. Under the severe scenario, we estimate NPL and cost of credit may increase by around 1.6% and 1.1% respectively. NIM could compress into low 3% range. Bottom line growth may decline majorly, but still profitable. Importantly, our CAR is projected to remain above the minimum regulatory requirement, and liquidity is still sufficient to run the bank. Thank you.
Thank you, Pak Putrama. Next question I received is from Jayden from Macquarie. The question is: There was a large hit to other comprehensive income of IDR 3.6 trillion in the quarter. Can I confirm this was on the negative bond mark to markets? This appears to constrain capital with the CET1 at around 16%. Does this have any impact on the ability to grow loans this year? I would like to invite Pak Paolo to respond to this question, please, Pak Paolo.
Thank you, Jayden, for the question. Yes. This was largely due to mark to market on our bond portfolio in the AFS category. Our CET1 number of 16% in March, this is after the dividend payment that we did last month. We think the CET1, of course, always comes down after dividend payment and will gradually come up for the rest of the year. We are comfortable with our capital level and also in terms of loan growth. As I mentioned previously, we are comfortable with our guidance of 8%-10%. Thank you.
Thank you, Pak Paolo. Next, I have a question from Mandiri Sekuritas , Grow Investments Indonesia, and Manulife Aset Manajemen Indonesia. How should we expect industry liquidity and IDR benchmark rate trend out in the second half of 2026, factoring in wider fiscal deficit and also higher inflation from oil price spike? I would like to invite Pak Leo, our chief economist, to give some colors for this topic. Please, Pak Leo.
Thank you, Sigit, and thank you for the question. On liquidity, we think that liquidity condition could actually be more challenging in the second semester due to several reasons. On the rupiah liquidity perspective, it could be more challenging, partly as a consequence of potential cut on the fiscal budget in order to compensate the additional increase on energy subsidy and compensation. Keep in mind that fiscal spending recorded a significant contribution on Indonesia's high money supply growth in the first quarter. On the FX liquidity perspective, we think it could be more challenging owing to deteriorating balance of payments, specifically wider current account deficit. As a description, Indonesia's trade surplus actually declined by 66% until February, and this has not included the surging oil price since March. Most commodity prices have increased.
Yet interestingly, when we calculated Indonesia's terms of trade, it has actually remained relatively stagnant because the increase on oil price still outweighs the increase on export-related commodities such as coal and CPO. So the terms of trade level is completely different compared to 2022, for instance. On the policy rate question, we have seen a change of tone on BI's monetary stance the last two months to be becoming more pro stability amid the rupiah weakening. Having said that, the window for BI to cut the policy rate is closing rapidly, in our opinion. In fact, we could not rule out the possibility that either SRBI rate could increase further or in the end, BI could increase the policy rate if the rupiah remains under pressure beyond second quarter. Thank you.
Thank you, Pak Leo, for the insightful response. Next question number four I received is from Handy Noverdanius from CGSI. The question is: Could you share on-the-ground color on loan demand for the wholesale segment, especially within the private segment? Any particular business sector that stands out? Pak David, would you please give some insight for this question, please, Pak.
Okay. Thank you for the question, Handy. So currently we see that loan demand from the private sector remains sporadic and is mainly concentrated among the biggest players in each industry sectors. At the same time, demand from high quality SOEs across sectors such as telecommunications, airport operators, electricity, and fertilizer also remains high, helping to offset subdued demand from the private sector. Combined loan growth from both segments was around 11%, which is excluding loans to Agrinas . In the near term, our pipeline is expected to be driven by sectors such as telecommunications, power plants, and commodities, particularly oil and gas as well as metal mining and processing. Thank you.
Thank you, Pak David. Another question still from Handy Noverdanius from CGSI. The question is: How is the competition on loan yield, especially within the wholesale portfolio? I'd like to invite Pak Paolo to respond to this question. Please, Pak.
Thank you for the question. We have observed that competition in the wholesale lending segment is more intense compared to one year ago. We see that competitors have increasingly entered this segment, where maybe in the past they were more focused on other segments. This has led to more aggressive pricing, particularly for top-tier, low-risk borrowers. This has resulted in a 40 basis point year-on-year contraction in our corporate loan yield. To offset this pressure, we continue to explore value chain business opportunities from our corporate clients. This is also reflected by the beginning of the growth cycle in our middle segment. For the corporate segment, we have also been focusing on tapping services beyond lending that can generate stronger fee income.
This is reflected in our fee income growth of 13% in the first quarter, supported by e-channel services, including bill payments, syndication fees, account maintenance, as well as payroll accounts, which grew by 25% year on year. At the moment, we do expect further downward pressure on wholesale loan yields to be limited, given the minimum differentials between loan yield and the risk-free rate. Our view is that bond yields may increase. Hopefully, that answers your question. Thank you.
Thank you, Pak Paolo. Still from Handy Noverdanius from CGSI. This time it is under retail loan quality, whether there are signs of improvement or continued deterioration. I believe Pak David could give some colors on this. Please, Pak David.
Okay. Thank you. In general, our retail book, comprising consumer and SME loans, is showing slight deterioration in asset quality. NPLs from both the small and consumer segments increased 10 basis points and 20 basis points quarter -on -quarter, respectively. However, the small segment is in better shape than consumer, as the NPL ratio is significantly lower than last year, while consumer has yet to show improvement. Broadly speaking, NPL in the consumer segment come from small ticket loans, which may signal continued challenges among the middle-income segment. Starting in 2024, we have started improving our underwriting standards through more selective borrower and developer screening, and also more disciplined LTV threshold and enhanced credit scoring models for exposure up to IDR 10 billion. The vintage analysis result from these improvements are encouraging for our mortgage book. We are seeing much lower NPL formation from bookings since 2024. Thank you.
Thank you, Pak David. Next question, still from Handy Noverdanius. How do you see funding cost trends after more aggressive SRBI issuance by Bank Indonesia? What should we expect going forward? I would like to invite Pak Paolo to answer this question. Please, Pak.
Yeah. Thank you for the question. If we look back at our first quarter data, despite the SRBI issuance and that yields have increased from January to February, our cost of fund remains relatively stable compared to the previous quarter. However, the situation could be different, as the magnitude of SRBI rate and issuance in April have been higher compared to the beginning of the year. Aside from SRBI, our cost of fund also has seasonality, where it typically gets lower after the second quarter and also towards the second half of the year. If we combine the catalyst from the seasonality effect and also the headwinds from the SRBI trends, we expect our funding cost trajectory to moderate only gradually rather than decline sharply. There is a possibility of increase if exchange rate remains under pressure.
To mitigate these cost of fund pressures, our primary focus remains on strengthening our CASA franchise. We are already encouraging seeing signs of some progress. As mentioned previously, savings account openings reached 27 million as of March, up 17% year-on-year, driven by the strong mobile app adoption and also improved branch productivity. At the same time, customer engagement continues to improve, reflected in higher transaction frequency across our mobile platform and also in BNIdirect on the wholesale segment. This is supportive of deposit stickiness and funding quality. Thank you.
Thank you, Pak Paolo. The next question is from Ferry Wong from Citi. The question is: Can you elaborate on BNI's participation in the government priority programs, especially Agrinas and Free Meal program? Pak David, please kindly give some colors for this question, Pak. Thank you.
Yeah. Thank you. BNI has disbursed IDR 55 trillion loan to Agrinas as of March 2026, with a six-year tenure at 6% interest rate. According to PMK number 15 and 17, source of repayment will come from village fund and general allocation budget and revenue sharing budget, which total amount will be sufficient to cover both interest and principal. The repayment is annually amortized with an eight-month grace period. Even though theoretically this is a sovereign risk, we still choose to apply risk-weighted asset at 50%, which is a typical risk-weighted asset we apply to SOE's client. As for Free Meal program, or we call MBG, we have no direct financing exposure to the program itself. Our exposure is toward the kitchen operators, mostly on the transactional side, in which we are handling more than 10,000 kitchens virtual accounts, collecting around IDR 4.3 trillion deposit from this.
Working capital loan toward these kitchens is less than half of the deposit that we collected. Thank you.
Thank you, Pak David. Next question is from Angus Mackintosh from Smartkarma. The question is: how is the bank employing AI in its operation? Such an interesting topic, and I believe Pak Paolo could give some insight for this. Please, Pak.
Thank you for the question. For AI, we are starting to use AI and automation across our operations to enhance efficiency, risk management, as well as customer experience. AI is already applied in key areas. For example, fraud detection and AML, as well as digital identity verification or eKYC, and also process automation across some core banking and back-office functions. It is also supportive of data-driven decision making through personalized insights and analytics. In addition, we have also started to use AI for personal financial management features within our mobile app, wondr by BNI. Looking ahead, BNI is expanding AI into credit processing, IT operations, and technology development, supported by an in-house GenAI platform, reflecting a measured and impact-driven approach to building a more agile and scalable operation. Thank you.
Thank you, Pak Paolo. I have another question. This one is from Melissa Kuang from Goldman Sachs. The question is, on margin, you mentioned that risk from deposit side, but do you see continued risk on loan yields from competition? Furthermore, in the current macroeconomic environment, will a potential rate hike by Bank Indonesia serve as a tailwind for net interest margin? Or will the associated increase in the funding cost and potential asset quality stress render it a detrimental? I believe Pak Paolo could give some color for this topic. Please, Pak Paolo.
Yes. Thank you for the question, Melissa. Yes, we do see that competition will continue to affect loan yield, especially in the top-tier segments. However, pressure on loan yield should be more limited, given our view that the risk-free rate and the benchmark rate may move upward. Portfolio-wise, we are also starting to diversify our growth sources into different segments, including the smaller corporate segments, which offers a better yield than large corporate. In practice, the bank's cost of fund is affected by SRBI yield and less so by the benchmark rate. On the other hand, loan repricing is largely impacted by the benchmark rate. We think that a benchmark rate increase would potentially reduce the repricing gap between our asset and liabilities, hence potentially positive to NIM. As for asset quality, we do not see a significant impact from the potential rate increases. Thank you.
Thank you, Pak Paolo. Hope that clarifies the answer. Next question is from Harsh Modi from JPMorgan, and I believe Pak David could give some color for this topic, Pak. The question is: to what extent have you provided for Agrinas' loans? What is the ECL for these loans? By when do you expect that the Ministry of Finance deposits to be withdrawn? Have you received any intimation from the Ministry of Finance regarding timing of the withdrawal of the funds? Please, Pak David.
The ECLs for Agrinas' loans so far is zero because it is a sovereign risk, and we have also received the OJK instruction on the waiver of the ECL. Related to the MOF deposit withdrawal, we think it could happen any time since the placement until September. There is no specific withdrawal timing, so we take conservative assumption on the withdrawal. Hence our LDR is at low level of 80%. Thank you.
Okay. Thank you, Bapak and Ibu, for the insightful presentation and also the Q&A session. We have received so many questions on the Q&A box that we are going to answer it directly to you after this. Thank you to our management team and all participants for the questions. That concludes our Q&A session and also our earnings call for the first quarter of 2026. Thank you, Pak Putrama, Pak Paolo, and Pak David, and also Pak Leo for your insights today. That brings us to the end of our first quarter of 2026 earnings call. We truly appreciate your trust in BNI, and thank you for the thoughtful questions. Your engagement helps us stay grounded and focused on what matters most. Before we close, a quick reminder that our investor relations team is always available for any kind of follow-up discussion. Please reach out to our team at ir@bni.co.id.
We would be happy to dive deeper into any topic that we have covered today. We remain confident in the road ahead and look forward to keeping you updated on our journey. Thank you and have a nice day.