Bank Tabungan Negara Persero (BBTN IJ) (Neutral) - Earnings update; maintain Neutral, TP cut to IDR 980
EWWe believe that small-to-mid-sized Indonesia banks will continue to face pressures from the major banks.
We believe that small-to-mid-sized Indonesia banks will continue to face pressures from the major banks.
BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).