BBRI - Net profit reached in 1Q24

BBRI - Net profit reached in 1Q24 Bank Rakyat Indonesia (BBRI) recorded a consolidated net profit during the first quarter of 2024 of IDR15.88 tn. When compared to the same period the previous year, BRI's profit growth was only recorded at around 2.45% on an annual basis (YoY). The low earnings growth was driven by mounting allowance for impairment losses. (Source: Kontan) Comment : Mounting allowance for impairment losses was acceptable and we believe it will benefit BBRI’s earninhs in the following quarters. Key would be on softer imterest expenses and better loan growth which will help NIM to arrives higher year on year. Maintain BUY BBRI.