BRIS - Number of Hajj SA reaches IDR6.33 mn by July 2025

BRIS - Number of Hajj SA reaches IDR6.33 mn by July 2025 Bank Syariah Indonesia (BRIS) recorded positive growth in the collection of Hajj Savings. This is reflected in the growth of the number of Hajj Savings accounts at BSI, which grew by double digits in July compared to the achievement at the end of last year. During the period from January to July 2025, the number of Hajj Savings accounts at BSI reached IDR6.33 mn. This figure represents a 13.51% increase from the end of 2024, when there were still 5.57 m n accounts. With consistent growth trends since its inception, BSI is optimistic that the number of Hajj Savings accounts will continue to increase until the end of 2025. (Source : Kontan) Comment : The long waiting list for Hajj in Indonesia which is estimated to be over 5 mn people, with BSI holding a majority of these accounts provides a built-in demand for the product for years to come. BSI's Hajj Savings program is a significant success story for the bank, driven by a combination of public trust, digital convenience, and strong market demand. The bank's consistent growth and optimistic future targets suggest that this segment will remain a key part of its business strategy and a major contributor to its overall performance. Maintain BUY GGM-based TP of IDR 3,670 (pegged at 3.3x ‘25F P/B).