BBNI - BBNI direct transaction improves

BBNI - BBNI direct transaction improves Bank Negara Indonesia (BBNI) continues to be committed to providing the best facilities for business banking customers through BNIDirect services. In line with the improvement in the economic performance of the productive sector, the company continues to encourage increased transactions driven by various superior features such as payment management, collection management, liquidity management, value chain management and open banking solutions. According to BBNI, the number of users of BNI Cash Management services (BNIDirect) was recorded to have grown 24.9% YoY from 122,100 users to 152,600 users, with transaction volume growth of 17.2% YoY or the equivalent of IDR 5. 017 trillion, and accompanied by an increase in the number of transactions by 37.9% YoY to 745 million transactions. (Source: Investor Daily). Comment: Amid its inline 9M23 result and the prospect earnings growth in the following quarters, we think the bank will continue to strengthened and BNI direct will become as one of BBNI one stop solution digital banking platform which could support and accommodate customer experience. Preparation to strengthened reliable IT capacity and capabilities will also be executed and we believe this will increase transaction satisfaction as well, in our view. Maintain BUY BBNI, GGM TP of IDR5,750 (1.3x ‘24F P/B).