BRIS - Gives Performance Grid for the Third Quarter of 2024

BRIS - Gives Performance Grid for the Third Quarter of 2024 President Director of Bank Syariah Indonesia (BRIS) Hery Gunadi is still optimistic that the company's financial performance for the third quarter of this year will continue to accumulate growth, continuing the performance trend from the first semester of this year. "Always optimistic. We are trying to be as optimal as possible to grow," said Hery when met on the sidelines of the inauguration of the Indonesia Financial Center in Jakarta. Hery said that BSI will also continue to maximize this growth, one of which is through the gold financing business segment. It is also a momentum in line with the recent significant increase in gold prices. Throughout the first semester of this year, BRIS gold financing reached IDR8.9 tn or an increase of 41.27% on an annual basis, with the level of non-performing loans (NPF) close to zero or 0.07%. Until the end of the year, Hery also targets the company's total gold financing to reach 'double digits'. "By the end of this year, the portfolio target is more than IDR10 tn," he said. As for the first semester, the state-owned Islamic banking issuer did record a positive financial performance, with an increase in net profit of 20.28% on an annual basis to IDR2.82 tn. In addition, BRIS's total net income after profit sharing distribution also increased to IDR8.25 tn from the previous IDR8.10 tn. In detail, the total revenue was contributed by fund distribution revenue which increased by 11.7% to IDR12.64 tn from the previous IDR11.31 tn. (Source : Bloomberg Technoz) Comment : We believe BRIS 9M24 should be another solid year and thus will overall help to achieve management ‘24F target and consensus expectation. Currently we plan to raise TP for BRIS as per yesterday closed BRIS has surpassed our GGM TP of ODR 2,970.