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Company Reports

24 December 2024

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BMRI 11M24 Results: In-line

Strength

Solid Nov-24 loan growth of 22.7% YoY (FY24 Guidance: 18%) driven by strategic focus on high-yielding commercial segments, boosting asset yield 20bps YoY to 7.0%

 

Weakness

Bank-only NIM under pressure, dropping to 4.6% (FY24 Guidance: 5.0%) due to high CoF of 2.5% (+49bps YoY, -3bps MoM)

 

Opportunity

BMRI plans to disburse more retail loans, giving the bank room to adjust loan yield, potentially offsetting NIM pressure ahead; recent market underperformance offers buying opportunities

 

Threat
BMRI’s NPL (1.13% in 3Q24) may rise as commercial loan disbursement continues without robust risk management, potentially raising CoC and prompting investor profit-taking

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BMRI 11M24 Results

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BMRI 11M24 Results

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