BRIS - Portion of BRIS financing to consumer segment reached 54%

BRIS - Portion of BRIS financing to consumer segment reached 54% Bank Syariah Indonesia (BRIS) continued its solid performance at the beginning of the second quarter of 2024. As of April 2024, BSI recorded a profit increase of 15.05% yoy or IDR2.24 tn (unaudited). This increase in profit was also supported by financing which grew by 18% yoy to IDR251.6 tn. More than half of BSI's financing flows to the consumer segment. (Source : Kontan). Comment : We like BRIS 4M24 solid bank only result. With its robust earnings, we expect 1H24F PATMI to reach both ours and consensus expectation. Its strong loan growth should also translated as main catalyst for ‘24F amid the continuing soften optimism on BRIS stock. Maintain BUY BRIS with GGM TP of IDR 2,970 (3.2x ‘24F PB).