BBRI - Mobile banking transactions grow 35.2% to IDR4.03 tn as of Sept24

BBRI - Mobile banking transactions grow 35.2% to IDR4.03 tn as of Sept24 Bank Rakyat Indonesia (BBRI) recorded a 35.20% yoy growth in the transaction volume of its mobile banking service BRImo, with a transaction value reaching IDR4.03 tn as of Sept24. Corporate Secretary of BRI, Agustya Hendy Bernadi, stated that this achievement is in line with the growth of BRImo users, which increased by 24.6% yoy, reaching 37.1 mn users. The transactions most frequently conducted by BRImo users are the transfer feature, BRIVA, payments via QRIS, and purchasing credit. To increase BRImo's mobile banking transactions, BRI always offers attractive promotions for existing features and collaborates with various events and communities that align with the target market in the fields of sports, music, and lifestyle. (Source : Kontan) Comment : The robust growth of BRImo's user base is attributed to its innovative features and attractive promotions. The app's active user count is a key indicator of its success, and ongoing collaborations with various events and communities will further fuel transaction growth. We maintain our BUY rating for, with GGM-TP of IDR6,830 based on a (P/B) ratio of 3.0x for ‘24F. Currently trading at 2.2x the ‘24F P/B or slightly above its average historical mean of 2.1x.