BBTN - Strategy to maintain deposit growth

BBTN - Strategy to maintain deposit growth Bank Tabungan Negara (BBTN) is developing a strategy to encourage an increase in TPF in 2024. This state-owned bank will continue to maintain the momentum for DPK growth in the fourth quarter. As of November 2023, Bank BTN recorded DPK of IDR 345 tn, a positive growth of 2.62% yoy. Bank BTN's DPK growth was driven by the growth of cheap funds which grew 11.41% yoy. The bank has implemented several strategic initiatives to increase low-cost funds. One of them is by developing digital capabilities in acquiring low-interest funding and increasing transactions based on non-interest income or fee-based income. (Source: Kontan) Comment: We believe the bank will continue to record similar growth of TPF in ‘23F. CASA should remain solid as digital related strategy will play crucial role to support low cost of funding and thus will impacting to NIM at the same time.