BBNI - BNI Multifinance aiming for IDR5.25 tn funding in 2024

BBNI - BNI Multifinance aiming for IDR5.25 tn funding in 2024 BNI Multifinance (BNI Finance) has set a funding target of IDR5.25 tn for the coming year, which will be used as capital in distributing financing in 2024. This shows an increase of 75% compared to the 2023 funding target of IDR3 tn. In addition, this company plans to open 22 new branches in the coming year, bringing its total branch offices to 52. With this strategy, it is hoped that BNI Finance can successfully achieve its ambitious funding and distribution targets to support the company's growth in the coming year. (Source: Kontan) Comment: We believe the target could be achieved and thus will overall help BBNI to book better earnings in ‘24F. Multifinance its one of the focus and could sigmificantly contributes to consolidated earnings. Apart from that, demand on multifinance likely to remain strong, in our view. Maintain BUY with GGM TP of IDR5,750 (1.3x ‘24F P/B).