Banking: Still on a Solid Footing
We maintain our OVERWEIGHT call on the sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).
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Bank Tabungan Negara (BBTN.IJ): Robust Earnings Growth While CoF and CoC Stayed Elevated
BBTN posted net profit of Rp803bn in 2Q25 (-11% qoq, +25% yoy) bringing its 1H25 NP to Rp1.7tr (+14% yoy), in line with our/cons FY25F.
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BBTN.IJ - FY24 Results: Missing Estimates on Lower NIM and Persistent Higher Operating Costs
BBTN’s 4Q24 net profit of Rp92bn (+59% yoy, -22% qoq) was boosted by a strong recovery income, but opex remained elevated. We lowered our FY25-26F...
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BBTN IJ - Pioneering Financial Inclusion Through the New Govt. Housing Program;
Aligned with the government housing program, BBTN is poised to capture growth in the subsidized mortgage segment. We believe the newly proposed...
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Bank Tabungan Negara (BBTN.IJ) - 3Q23 Earnings Slight Miss
9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.
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