BBNI - To distribute dividend IDR393/share

BBNI - To distribute dividend IDR393/share Bank Negara Indonesia (BBNI) approved the proposed dividend on yesterday’s AGM. The bank will disburse dividend amounting to IDR7.3 tn or equal to around IDR393/share and implies around 40% of dividend payout ratio of FY22 earnings. (Source : Emitennews). Comment: We like BBNI dividend which equal to around 4.5% of yield. Its payout was around 7.5% above our expectation. Another potential solid earnings growth this year will provide enough room for the bank to disburse another similar DPO, despite we maintain our forecast at 32.5%. Impact from SVB to domestic bank and to BBNI likely should limited and too soon to be concluded, in our view. Yet, we believe 1Q23 results should arrive within market expectation. Maintain BUY for BBNI, with TP of IDR11,160 (1.4x 2022F P/B).