BBRI - Posts highest profit; the bank sees single-digit growth in August 2024

BBRI - Posts highest profit; the bank sees single-digit growth in August 2024 While waiting for third-quarter 2024 performance, banks have published their monthly reports through August 2024. Bank Rakyat Indonesia (BBRI) maintained its position as the most profitable bank. In that period, this bank, which serves the common people, posted profits of IDR36.21 tn, a 4% yoy increase. Net interest income grew 3% yoy to IDR73.64 tn and remained the primary contributor to total income. On the other hand, BRI's non-interest income grew significantly, reaching 37% yoy to IDR34.21 tn. (Source : Kontan) Comment : BBRI's earnings for the first eight months of 2024 were slightly below our forecast. However, in August 2024 alone, they surpassed our forecast. We believe the bank will continue to record softer credit costs, which will help BBRI achieve positive earnings growth in the remaining quarters of this year. Maintain a BUY rating on BBRI with a GGM-based target price of IDR 6,830 (pegged at 3.0x 2024F P/B).