BBRI - Fee based income grew 11.5%yoy

Bank Rakyat Indonesia continue to strengthened its fee-based income. One of the sources, digital banking is expected to continue underpin the growth. According to BBRI, fee based is expected to play important role for the segment revenue and aligned with the digital services demand in Indonesia. The demand seems will continue to offer plenty of opportunities and hence will be captured by BBRI through various innovation. (Source : Investor Daily). Comment : Despite making minor portion to total banks income, we believe digital segment will make significant contribution to BBRI earnings ing forward. Its potential latent provides plenty of room for growth and offering big banks to effortlessly capture the growth opportunity due to lower customer acquisition cost. On this backdrop, we believe BBRI could become as one of the beneficiaries.