BBNI - Optimistic credit meets target

BBNI - Optimistic credit meets target Bank Negara Indonesia (BBNI) is optimistic about the positive economic growth momentum in the final period of 2023. The bank is optimistic that credit can grow according to the company's target of 7% to 9% by the end of 2023. According to BBNI, the strategies implemented to encourage BNI credit growth include remaining focused on targeting blue chip and regional champion corporations, optimizing products through value chains, and focusing on expansion in prospective sectors. (Source: Investor Daily). Comment: We believe BBNI could achieved its ‘23F loan growth target. We view, better asset quality and stronger loan growth as well as restoring TPF growth will overall supports BBNI growth. We also think, further loan repricing should strengthen top line growth and at the same time support NIM expansion to continue. Maintain BUY with GGM TP of IDR5,750 (1.3x ‘24F P/B).