In today’s briefing:
- Bank Rakyat Indonesia (BBRI IJ) -Stabilizing Before a Rebound
Bank Rakyat Indonesia (BBRI IJ) -Stabilizing Before a Rebound
- Bank Rakyat Indonesia booked flat earnings in 1H2024 despite healthy loan and fee income growth, with a shift towards corporate loans, as it sought to address its problem microloans.
- The bank front-loaded provisions in 1H2024 but recoveries have seen a steep improvement, with 2H2024 to see lower credit costs. Strong loan corporate loan growth is offsetting slower micro.
- Bank Rakyat Indonesia remains a unique proxy for micro-lending in Indonesia, with a depositor base of 176m and the skillset to manage risk in this space. Valuations remain attractive.
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