BBNI - BI-Fast has dominated interbank transfer transaction

Bank Negara Indonesia (BBNI) consistently recorded BI-Fast transaction improvement. Year to date, total transaction has reached 70 mn which of the total 55% has used BI-Fast. The bank guiding for 6 mn transaction per month this year. (Source : Kontan). Comment: We like BBNI effort to continuously increasing inorganic earnings driver. Despite making only small portion to its income, we think the bank will get benefit from huge potential customer based and capturing the power of open banking ecosystem and branchless banking which will become as new earnings driver ing forward. Maintain Buy for BBNI with target price of IDR10,600 (1.4x 2022F P/B).