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BMRI - Bank Mandiri (Persero)

BMRI - Optimists managing ritel business growth

23 November 2023

BMRI - Optimists managing ritel business growth Bank Mandiri (BMRI) optimistic to maintain retail business within the range of 11%-12% yoy, despite stiffer competition among banks. According to BMRI, the bank has more than 35mn of deposits customers and more than 6mn retail credit customers. Its apps, namely Livin, has been downloaded by 32mn of customers since it was launched in Oct21. Meanwhile, its commitment to continuing to carry out progressive transformation by offering various digital innovations and digital solutions for customers and business partners will be able to maintain the growth of BMRI retail business. (Source: Kontan). Comment: As the biggest wholesale banking, the bank strong relationship will provide easier access to the ecosystem. As such, coupled with its solid infrastructure, we believe 11% growth target is sound achievable. On livin, we think BMRI’s plan to continue develop and strengthened its features will end up with higher customer based, higher transaction and volume basis, in our view. Maintain BUY with DDM TP of IDR6,650 (2.4x ’24F P/B).

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