BBNI IJ / BBNI.JK | OUTPERFORM - Maintained | Share Price Rp3,675 - Tgt. Rp5,200

BBNI IJ / BBNI.JK  |  OUTPERFORM - Maintained  |  Share Price Rp3,675 - Tgt. Rp5,200  

Banks  |  - by Mulya CHANDRA, CFA  

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Earnings grew by 23% yoy to Rp1.5tr, mainly driven by loan growth and lower provisioning expenses. Gross NPL ratio fell by 50 bps yoy, leading to a mild provisioning expenses growth, as compared to total income growth. Sustained NIM was a fruit of its good asset mix. Core EPS was in line with our and consensus expectations at 23% and 24% of full year forecasts, respectively. We maintain Outperform and keep our forecasts and GGM target price (ROE: 20%, CoE: 16.2%, g: 12.1%) unchanged. Accelerating loan growth is a catalyst.

Chart By Kedai Trader