BRIS - BSI Griya Financing Grows Positively, Reaching IDR54.34 tn as of June 2024

BRIS - BSI Griya Financing Grows Positively, Reaching IDR54.34 tn as of June 2024 Bank Syariah Indonesia (BRIS) recorded positive performance in the retail segment, including the housing or home sector. Until June 2024, BSI Griya's financing will reach IDR 4.34 tn. This financing increased by 6.24% compared to the end of the first semester last year, which reached IDR51.15 tn. BSI Sales and Distribution Director Anton Sukarna said that BSI Griya's financing had succeeded in gaining great interest from customers, especially for purchasing new houses, which have high demand in the community. Purchasing a house with a price range of IDR500 mn - IDR2 bn is still the favorite choice for the public because it is in line with the average professional income of employees. Apart from buying a new house, the need for house renovations, buying second-hand houses, and house takeovers is also financing products that people are looking for. "This need encourages BSI to provide various alternative sharia financing solutions for the community with relatively long terms and fixed installments, so that young people who just want to invest in a house can choose sharia financing," said Anton in a press release on Sunday. (Source : Kontan) Comment : We like BRIS continuing robust financing growth from Griya Financing. Going forward, the bank will continue to enjoy the high yield segment and thus will support earnings to likely arrive within ours and the consensus 24F expectation for BRIS net income. Maintain BUY and GGM TPs of IDR 2,970 (pegged at 3.2x ‘24F PB).