BBNI - Targeting similar loan growth in 2023

Bank Negara Indonesia Persero (BBNI) believe loan growth and TPF will remain solid amid the continuing increasing policy rate trend. Loan growth is projected to arrive within the range of 10%-12%, while TPF is at 7%-9%. (Source : Bisnis Indonesia). Comment : We believe BBNI will continue to record solid performance this year. Loan growth and TPF target are achievable. Our conservative forecast for BBNI loan growth this year is 9.0% yoy. Maintain BUY, with target price of IDR10,600 (1.4x 2022F P/B).