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Strength
Despite robust 8M24 loan growth of +22.6% YoY (2024 guidance: 16-18%), CoC remained flattish -3bps MoM at 82bps (2024 guidance: 100-120bps)
Opportunity
BMRI plans to disburse more commercial loans, and in the current quarter, the bank still has room to adjust its loan yield, which could offset NIM pressure ahead; recent market underperformance allows buying opportunities
Weakness
LDR remained high in Aug-24 (93.8%), potentially affecting future loan disbursements; CASA dropped 220bps MoM since TD grew 11.9% MoM, which may increase CoF going forward
Threat
BMRI’s NPL (1.2% in 2Q24) could rise on commercial loans disbursement without prudent risk management; furthermore, recent profit taking may ensue on strong market outperformance YTD
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