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Strength
In 2Q24, loan growth remained robust at 11.7% YoY, driven by wholesale segment (+18.7% YoY); stable 2Q24 NIM of 4.0% (+3bps QoQ), as CoF fell -7bps QoQ to 2.7% partly due to RRR incentives
Opportunity
BBNI plans to disburse more loans to commercial and SME segments; as those segments offer higher yields, the strategy could help offset NIM pressure
Weakness
2Q24 LDR rose to 94.0% vs. 89% in the previous quarter, while CIR slightly increased to 44.3% vs. 43.2% in 1Q24
Threat
BBNI’s NPL (2.0% in 2Q24) could rise if the bank disburses SME loans without prudent risk management; this could result in continued YTD market underperformance
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