BBNI - Recorded the highest net profit in history

BBNI - Recorded the highest net profit in history Bank Negara Indonesia (BBNI), posted net profit at IDR18.3 tn, or the highest net profit in history. The 2022 net profit was grew amazingly by 68% yoy, mainly driven by 37.1% yoy improvement in provision and PPOP growth at 10.8% yoy. In the same period, net interest income growth stood at 8% yoy amidst increasing interest expenses by 13.2% yoy. (Source : Investor Daily). Comment: We like BBNI 2022 earnings result despite mostly backed by the recovery momentum. BBNI’s net profit arrived above our and consensus expectation at 6.4% and 12.9% respectively. Ceteris paribus, we believe 2023 will be another od year for BBNI. We forecast ‘23F net income growth at 16% yoy, while NIM could arrived within the figure with 2022, equal to around 4.7% in ‘23F, or within the range of management guidance at equal or more than 4.7%.