Bank Rakyat Indonesia (BBRI IJ): Soft 2Q24 results as expected
Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:6,500 (+38.3%)
Analyst: Yap Swie Cu
Soft 2Q24 results as expected
• Credit costs (CoC) eased in 2Q24 but will remain at high level until next year
• Margin contraction ...
• … and a seasonal pick-up in opex affected 2Q24 up-line earnings
• Cut 2025F net profit estimate on higher CoC assumption. Maintain BUY with lower TP to account for rising risk