Bank Negara Indonesia (BBNI)- Lower Provisioning

Bank Negara Indonesia (BBNI) – Maintain HOLD
Price: Rp4,475 – Target Price: Rp4,500

Lower Provisioning

  • 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.