BMRI - 10M22 TPF at IDR1,123.7 tn

Bank Mandiri (BMRI) posted another strong tpf figure at IDR1,123.7tn in Oct22 (17.5% yoy), with solid CASA stood at 76.3%. (Source : Kontan). Comment: We believe solid earnings will persist in 2022. TPF growth should continue strong and will help the bank to manage its CoF. With the continuing ample liquidity, BMRI should be able to record a manageable nii growth in 2023, despite at slower pace. Maintain our BUY call on BMRI with 12M TP at IDR11,250/share.