Bank Jago - 3Q24 Earnings: Low-Risk Loans Continue to Drive Growth
ARTO posted 3Q24 net profit growth (+36% qoq, +71% yoy), driving 9M24 to form 69%/70% of our/cons (in line), driven by lower provision.
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Bank Jago - 1H24 Earnings Miss, but Solid Asset Quality to Support 2H24 Earnings
We lowered our LT ROE from 18.1% to 16.7% as we trimmed our NIM, which is partly offset by lower CoC. Maintain BUY with a TP of Rp3,800.
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Bank Jago (ARTO IJ) - 1Q24 Earnings Below
ARTO’s 1Q24 earnings missed estimates due to a lower NIM caused by the lower portion of high-yield Sharia financing, amid lower provisions.
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Bank Jago (ARTO IJ) - FY24-25F Estimates and TP Cut on Weaker Growth Outlook
ARTO’s FY23 net profit slightly missed our estimate/the cons. due to higher-than-expected CoF and opex, partly offset by lower provisions.
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Digital Banks - Still Robust Earnings Growth Potentials Despite Increasing Competition
Despite heightened competition from new players, we expect Seabank and ARTO to retain their dominance in the digital banking space.
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