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Strength
In 11M24, BBNI’s provision dropped 18.7% YoY, achieving CoC of 99bps, aligned with the 1.0% guidance; loan growth reached 11% YoY (vs. 8.8% YoY in 10M24), meeting the 10-12% YoY target
Weakness
Nov-24 net profit declined 7.6% MoM to IDR 1.7tn due to higher opex, pushing the 11M24 CIR to 45.1%, up from 44.6% in the prior month
Opportunity
BBNI aims to expand lending to commercial and SME segments, offering higher yields to mitigate NIM pressure; share price underperformance presents buying opportunities
Threat
BBNI’s NPL (2.0% in 3Q24) could rise if SME loans were disbursed without robust risk management, particularly in a high-interest-rate environment
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