BBNI - Net profit at IDR17 tn in 11M22

Bank Negara Indonesia (BBNI) earnings at IDR17 tn or 79% yoy in 11M22, helped by solid net interest income which surged to IDR37 tn from IDR34.6 tn in the period last year. Comment: As expected earnings in Nov22 remain strong and we expect to continue in FY2022. With the 11M22 bank only numbers has closed to our FY22F earnings for BBNI, we expect 2022 net profit will surpassing our forecast at IDR17.2tn. In 2023, we believe earnings will continue to solid and expecting a 19% yoy growth. Maintain BUY BBNI, with target price of Rp10,600 (1.4x 2022F P/B).