External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.</li><li>With NIM, CIR and CoC remain in check, and healthy asset quality, we expect big-4 banks’ to resume robust net profit growth in FY25.</li><li>We reinitiate the banking sector coverage with Overweight rating and BBCA as our top pick in FY24, followed by BMRI.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.With NIM, CIR and CoC remain in check, and healthy asset quality, we expect big-4 banks’ to resume robust net profit growth in FY25.We reinitiate the banking sector coverage with Overweight rating and BBCA as our top pick in FY24, followed by BMRI.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indonesia

Bank Woori Saudara Indonesia 1906 Tbk PT provides general banking and foreign exchange transaction services. The Company offers cash deposit and withdrawal services, savings transfers, passbook print out services, and other related banking products and services.

PT Bank Mayapada International Tbk provides general commercial banking and other financing services. The Bank has branch offices throughout Indonesia.

PT Bank Mestika Dharma Tbk is headquartered in Indonesia. The Company's line of business includes the operation of commercial banks.

PT Bank Nationalnobu Tbk operates a bank. The Company provides lines of credit to small and medium sized enterprises in Indonesia.

PT Bank Pembangunan Daerah Jawa Timur Tbk is a full service bank in Indonesia.

PT Bank Neo Commerce Tbk is a full service commercial bank based in Indonesia.

PT Bank Bumi Arta Tbk provides commercial banking services.

Bank Maspion Indonesia Tbk PT provides banking services in Indonesia. The company offers funding products, including savings accounts, current accounts, and time deposits; and lending products, such as working capital, investment, housing, car, and consumer loans; and investment credit, letter of credit, and bank guarantee.

PT Bank MNC Internasional TBK, also known as MNC Bank, provides an integrated banking products and services to both corporate and consumer markets. The Bank focuses on consumer and retail banking, including credit card, remittance, cash management, payrolls and many others. MNC Bank is supported by branch & cash offices, payment points & automated teller machines (ATMs) throughout Indonesia.

PT Bank Capital Indonesia Tbk provides commercial banking services.

Harbin Bank Co. Ltd. offers commercial banking services. The Company provides deposits, loans, credit cards, documentary collections, and exchange transactions for individuals and businesses. Harbin Bank also supplies financial products.

Sierra Bancorp is the holding company for Bank of the Sierra.  The Bank grants commercial, real estate mortgage, real estate construction and consumer loans to consumers, farmers and businesses in the South Central San Joaquin Valley of California, specifically Tulare, Fresno, Kern, Kings and Madera counties. Bank of the Sierra also offers Internet banking.

First Business Financial Services, Inc. is a bank holding company involved in the commercial banking business through offices located in Wisconsin.  The Company also provides trust and investment services, business leasing services, shareholder relations, and access to capital for its operating entities.

First Business Financial Services (FBIZ US)

The Ehime Bank, Ltd. is a regional bank primarily operating in Ehime Prefecture. The Bank also provides computer systems management, staffing, and financial services including leasing and credit card services.

The Miyazaki Bank, Ltd. is a regional bank based in Miyazaki and Kagoshima. The Bank provides financial services such as deposits, loans, and foreign exchange transactions.  The Miyazaki Bank also provides financial services such as leasing, letters of credit, and venture capital business.

West Bancorporation is the holding company for West Des Moines State Bank (West Bank).  The Bank is a full-service commercial bank serving small- to mediumsized businesses and individuals through several branches located in Des Moines and West Des Moines, Iowa.

National Bank of Pakistan is a government owned bank which provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial, and individual customers throughout Pakistan.

First Bancorp, Inc. is the bank holding company for The First.  The Bank offers a wide variety of services including checking and savings accounts, consumer and commercial loans, credit cards, investment management and trust services. The First operates in coastal Maine.

Financial Institutions, Inc. is a bank holding company for several community banks based in western and central New York.  The Company, through subsidiaries, also provides brokerage services, employee benefits, and compensation consulting services.

The Yamanashi Chuo Bank, Ltd. is a regional bank in Yamanashi.  The Bank provides commercial banking services such as deposits, loans, foreign exchange transactions, and securities brokerage.  The Yamanashi Chuo Bank also provides financial services such as leasing, credit cards, and credit guarantee as well as invests in venture companies.

PT Bank Rakyat Indonesia Agroniaga Tbk operates general banking activities.

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Bank Rakyat Indo Agroniaga (AGRO IJ)

Banks: Moderating FY24 Growth

We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.

BRI Danareksa Research

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