BBTN - Targets Laku Pandai agent business to reach 2 mn transactions in 2024

BBTN - Targets Laku Pandai agent business to reach 2 mn transactions in 2024 Bank Tabungan Negara (BBTN) continues to strive to boost its agent business through BTN Agents to target markets in various regions in Indonesia. BTN Corporate Secretary Ramon Armando said that the development of BTN agents is very encouraging in 2024. The average number of transactions has increased by 50% compared to 2023 and is targeted to be approximately 2 mn transactions in 2024. The number of agents also increased by more than 50% as of June 2024 compared to 2023 and is currently in the range of 5,000 agents. Supporting factors for transaction growth are of course the selection of the right BTN agents, the creation of programs to improve agent quality, and ongoing coaching. The growth in the number of agents is carried out selectively while still maintaining the quality of the BTN agents recruited," said Ramon. (Source : Kontan) Comment : We like BBTN continuing efforts to strengthen its position in domestic banking sector landscape competition throughout Indonesia. Improving transactional banking should also become another second key success factor. With a higher market share, a higher top line, and a more manageable cost of funding, it will end up with better profitability and stronger earnings growth. Maintain BUY BBTN GGM TP of IDR1,770 (‘24F P/B of 0.6x).