Research & Stock Picks

Company Reports

23 January 2025

By

BBNI: BUY (Maintain) – TP at 6,000 – 4Q24 Results

Strength
In 4Q24, BBNI booked solid loan and savings growth of respectively 11.6% YoY and 11.0% YoY, driven mainly by corporate clients; 4Q24 LAR improved to 10.3% vs. 11.8% in 3Q24, primarily due to additional write-offs of IDR 5.4tn

Opportunity
The 100% DHE policy (current: 30%) will bring additional liquidity for BBNI, given that export proceeds account for 13% of the bank’s FX deposits (USD 1.3bn); lower interest rate ahead could ease NPL pressure and provide buying opportunities

Weakness
4Q24 LDR rose to 96.3% (3Q24: 95.5%), while CoF increased 5bps QoQ amid liquidity challenges; CoC jumped 46% QoQ due to additional provisions booked for Sritex Group (IDR 3.3tn), the largest amongst Indonesia’s corporate banks

Threat
BBNI’s NIM (4.2% in FY24) could fall to around 4% in FY25, as CoF remains a key challenge due to persistently high SRBI yields, prolonged elevated US interest rates, and slowing M2 growth; tight liquidity may lead to slower loan growth

Share This:

Kinerja BBNI

Download PDF

Download PDF

BBNI 4Q24 Results

Download PDF

BBNI 4Q24 Results

More Related

Economic Reports

Feb 12, 2025

Morning Briefs

Feb 12, 2025

Technical Stock Analysis

Feb 12, 2025

Economic Reports

Feb 11, 2025