Bank Negara Indonesia (BBNI) – Maintain HOLD
Price: Rp4,475 – Target Price: Rp4,500
- Net profit increased by 41% YoY, inline with our estimation.
- Increase in net profit mainly due to lower provisioning.
- Cost to income continue to improve.
- NPL declined particularly from middle and consumer segment.
- Maintain HOLD recommendation with price target Rp4,500/share.