BRIS - 1H24 net profit increases 20.2%

BRIS - 1H24 net profit increases 20.2% Bank Syariah Indonesi (BRIS) again recorded positive performance throughout 1H24. The largest sharia bank in Indonesia managed to record an increase in net profit of 20.2% yoy. BRIS managed to achieve a net profit of IDR3.39 tn. For comparison, net profit in the same period last year was IDR2.82 tn. In terms of the intermediation function, BRIS has distributed financing of IDR256.77 tn throughout 1H24, an increase from IDR221.9 tn in 1H23. BRIS Third Party Funds (DPK) also showed an increase, with total deposits of IDR296.69 tn in 1H24, up from IDR252.52 tn in the same period last year. This increase in performance was also accompanied by improvements in several financial ratios, including financing quality. BSI's gross non-performing financing (NPF) ratio fell from 2.31% to 1.99%. (Source : Kontan) Comment : We like the overall 1H24. With such solid earnings growth, the bank has pocketing more than enough PATMI to reach ours and consensus expectation for BRIS net income this year. Maintain BUY, GGM TPs of IDR 2,970 (pegged at 3.2x ‘24F PB).