BRIS’ net profit grew 22.83% YoY to IDR7 trillion in FY24. The net margin income
IDR17.3 trillion grew by 7.1% YoY in FY24.

BRIS recorded a financing growth of 15.9% YoY to IDR278 trillion in FY24. This growth was supported by the development of consumer financing (+16.34% YoY), which contributed 55.9% to BRIS’ total FY24 financing

Tier-1 ROE increased significantly to 17.77% (+89 bps YoY) in FY24. Fee-based income also increased significantly, with the fee-based ratio rising from 15.80% in FY23 to 17.95% in FY24.

The gold business has the potential to be a BRIS performance booster. BRIS’s gold business recorded significant growth of +78.2% YoY to IDR12.8 trillion in FY24.

Using the Discounted Cash Flow method with a Required Return of 9.47% and Terminal Growth of 7.38%, we estimate a higher fair value for BRIS of 3,580 (upside potential of 17.44%). Considering BRIS’s fair price and relative valuation of around 2.75x 5-year Mean P/B, we maintain our buy rating for BRIS.

By PHINTRACO SEKURITAS | Research
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