
BBNI : Digital Initiative to Boost Revenue
Net profit grew 3.5% yoy to Rp16.31 trillion in 9M24. This increase was in line with the increase in Interest income by 7.3% yoy to Rp48.84 trillion.
Total loans reached IDR735 trillion in 9M24, growing 9.5% yoy and 1.1% qoq. Corporate loans grew 15.1% yoy to IDR409.2 trillion, contributing 56% of total loans in 9M24.
Declining trend of Loan at Risk (LAR). BBNI targets LAR in 2024F to reach below 10%. BBNI’s LAR was recorded at 11.8% ytd, down 360 bps
Realization of the performance of a new growth engine for BBNI.Hibank targets the portion of MSME credit in 2024F to reach 45% from the previous 19% in FY23.
Wondr by BNI and BNI direct drive BBNI CASA growth. As of 9M24, Wondr has acquired 225 thousand new users, with around 70% of BNI’s retail savings coming from Wondr.
Using the Discounted Cash Flow method with a Required Return of 11.05% and Terminal Growth of 4.65%, we estimate BBNI’s fair value at 6,350 (19.24x expected P/E). Therefore, we maintain a buy rating with a lower fair value and potential upside of 15.42%.
By PHINTRACO SEKURITAS | Research
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