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Strength
Strong recovery income growth of 39% YoY supported 7M24 PPOP growth of 17.8% YoY; BBRI booked higher loan yield in 7M24 of 9.8% vs. 9.3% in 7M23 as the bank continued to disburse Kupedes loans
Opportunity
BBRI still has ample room to grow its Kupedes products, which offers higher yields of up to ~20%, offsetting the increase in 7M CoF (which rose to 3.7%)
Weakness
7M24 CoC remained relatively high at 3.5% (FY24 guidance: 3.0%), as BBRI continued to front-load provisions for micro-and-small business loans; CoF increased 10bps MoM to 3.7% in 7M24
Threat
NPL (3.05% in 2Q24) pressure may persist as the bank plans to restructure up to IDR 15-20tn of microloans, which could later be reclassified as NPLs, potentially raising CoC further; relatively weak result may result further market underperformance
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