BRIS - PATMI grows 21.5% yoy as of Nov24

BRIS - PATMI grows 21.5% yoy as of Nov24 Bank Syariah Indonesia (BRIS) recorded positive performance as of Nov24 on a bank-only basis. This is reflected in a 21.5% yoy growth in net profit to IDR6.2 tn. Quoting BSI's monthly financial report as of Nov24, this achievement was supported by BSI's income after profit-sharing distribution, which reached IDR16.61 tn, an increase of 6.3% yoy vs the same period last year, which was IDR15.62 tn. Meanwhile, the impairment loss on financial assets decreased by 23.85% yoy to IDR1.95 tn. The bank has disbursed financing amounting to IDR273.8 tn as of Nov24, an increase of 16.8% yoy compared to the previous year's period of IDR234.4 tn. BSI successfully raised third-party funds (DPK) amounting to IDR303.11 tn, an increase of 13.29% yoy from IDR267.55 tn. (Source : Kontan). Comment : BRIS bank only 11M24 financial performance aligns with our expectations, demonstrating commendable overall achievement. The realized PATMI (11M24) of IDR6.2 tn exceeded our forecast of IDR6.16 tn, indicating a robust 93.2% run-rate. We anticipate continued achievement for BRIS growth in 2025, assuming prevailing market conditions remain unchanged. This positive outlook is supported by several key factors: (1) consistent double-digit loan growth is expected to persist (2) the anticipated decline in blended borrowing costs (3) stable solid NII growth coupled with manageable CIR and (4) the expectation of low credit provisions will have a positive impact on earnings growth. We maintain our Buy recommendation for BRIS Bank with 12M GGM TP of IDR 3,670 (3.4x ‘25F P/B).