BBNI - QRIS transaction soaring 311% yoy in Oct23

BBNI - QRIS transaction soaring 311% yoy in Oct23 Bank Negara Indonesia (BBNI) reported significant QRIS transaction growth as consumption accelerates. The transaction soaring by 311% yoy in Oct23, while on volume basis, it grew 200% yoy in the same period. According to BBNI, around 15mn of its mobile banking customers could enjoy QRIS. With the access has been open to Singapore, BBNI optimistic the overall transaction will increase. Inline with BBNI’s commitment to become the most preferred transactional banking, the bank will widen its network and cooperation with QRIS users through mobile banking and merchants which accept QRIS as a payment method. (Source: Bisnis Indonesia). Comment: QRIS will continue support and play important role to support banking transaction going forward, in our view. Both transaction and volume basis likely to continue and underpin other BBNI’s non-interest revenue segment. Maintain BUY, DDM TP of IDR5,750 (1.3x ‘24F P/B).