May 05, 2025
Gold Business Drives BSI's Strong Growth in Early 2025

Market Commentary
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Recently, gold has reached record highs due to heightened geopolitical risks, trade tensions, and strong safe-haven demand from investors. In Indonesia, people have flocked to gold stores, leading to a surge in gold demand. There are two bullion banks in Indonesia that offer gold-related services such as storage, trading, financing, and investment: Pegadaian and Bank Syariah Indonesia (BSI).
 

PT Bank Syariah Indonesia (BSI) saw a major boost in performance in Q1 2025, thanks to its fast-growing gold-related business. After being officially designated as a “gold bank” by the President of Indonesia in February 2025, BSI experienced a surge in gold financing activities through its digital platform BYOND by BSI.

The gold business grew by an impressive 82% year-on-year. Gold now contributes 17.8% to BSI’s fee-based income, making it a key pillar of growth in uncertain global economic conditions.
BSI’s fee-based income (FBI) grew 39.3% , net profit grew 10% YoY to Rp1.88 trillion, supported by loan growth of 16.2% YoY, mainly driven by the consumer segment, gold, and card products.
 

With a Return on Equity (ROE) of 16.8% and Return on Assets (ROA) of 1.8%, BSI is on track to meet its 2025 net profit target of Rp7.6 trillion, rising to Rp8.7 trillion in 2026. Analysts maintain a BUY recommendation on BRIS with a target price of Rp3,400.
 

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