Banking - Deposits above IDR 5bn grew 9.1% yoy as of Mar24

Banking - Deposits above IDR 5bn grew 9.1% yoy as of Mar24 Banking customer deposits began to record faster growth in the Mar24 period. Deposits with a nominal value above IDR 5bn were recorded to grow the fastest compared to other tiers. Data from the Deposit Insurance Corporation (LPS) notes that deposits with a nominal value of more than IDR 5bn increased 9.1% yoy as of Mar24 with a total nominal value of IDR 4,672tn. This increase was better than the previous month which only grew 6.1% YoY. Meanwhile, rapid growth was also experienced for deposits with tiers below IDR 100mn, the nominal value of which reached IDR 1,061tn. Growth reached 7.3% yoy in Mar24, higher than Feb24 which only grew 5.2% yoy. (Source : Kontan) Comment : We believe total deposits of banking industry will grow higher yoy, supported by DD. TD will be backed by higher rate and stiffer price competition, while SA could flat as we think the latent continuing high inflation pressures still intact. In all, we also believe total TPF will still more than enough to cope with the ongoing loan demand this year amid tight liquidity environment. Maintain OW stance for banking industry with BBRI and BBNI as our top pick.