In this note, we look at the 9M24 consolidated results of the major Indonesia banks under our coverage.

Banks Nicholas Santoso Erwin Wijaya

BMRI released its 9M24 results on 30 October, with the company remaining on a steady growth trajectory.

Banks BMRI BMRI JK BMRI IJ Nicholas Santoso Erwin Wijaya

In our recent note, we wrote that BBRI might face maturing micro/ultra-micro segments in the next few years.

Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

BRIS continued to deliver solid 3Q24 bottom line performance with the numbers coming in largely in-line with o

Banks BRIS BRIS JK BRIS IJ Nicholas Santoso Erwin Wijaya

BBNI released its 9M24 results with headline profit at IDR16.3tn (+3.3% y-y),

Banks BBNI BBNI JK BBNI IJ Nicholas Santoso Erwin Wijaya

Despite the anticipated rate cut cycle, we believe Indonesia banks have limited room to lower their cost of fu

Equity Strategy Jupriadi Tan Erwin Wijaya

We took a closer look at BMRI’s provisioning expenses (12MMA CoC) which has stabilised at ~70-80bp in 1H24.

Banks BMRI BMRI JK BMRI IJ Nicholas Santoso Erwin Wijaya

According to recent news (LINK 1), the government is looking to provide debt forgiveness for written-off loans

Banks Nicholas Santoso Erwin Wijaya

BBCA released its 9M24 results with headline profit at IDR41.1tn (+13% y-y) accounting for ~78% of our FY24F p

Banks BBCA JK BBCA IJ Nicholas Santoso Erwin Wijaya

Despite recent Bank Indonesia’s (BI) benchmark rate cut, funding costs may continue to inch higher

Banks Nicholas Santoso Erwien Wijaya

Below, we present two charts (Fig. 1 and Fig. 2) depicting the loan-to-CASA and loan-to-saving trends across I

Banks Nicholas Santoso Erwin Wijaya

On a YTD basis, BBRI had underperformed its major peers by ~13-30%, with predominantly net foreign selling amo

Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

We maintain our Buy rating on Saratoga Investama Sedaya (SRTG), with a target price of IDR3,000.

Conglomerates SRTG JK SRTG IJ Jupriadi Tan Gerald Hugo

Major Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Aug-24 results,

Banks Nicholas Santoso Erwin Wijaya

BRIS has released its YTD Aug-24 results, which came in largely inline with our projections.

Banks BRIS JK BRIS IJ Nicholas Santoso Erwin Wijaya