PT Bank Negara Indonesia (BBNI) Q3 2024 earnings summary

Executive summary

• Net profit for the nine months ended September 30, 2024, reached IDR 16.31 trillion, up 3.5% year-on-year, driven by NIM recovery, strong fee income, and disciplined opex.

• Loan growth was 9.5% year-on-year, with total loans reaching IDR 735.02 trillion, supported by top-tier clients and sectoral opportunities.

• Digital transformation accelerated with the launch of wondr by BNI and expansion of BNIDirect, boosting CASA and transaction volumes.

• Asset quality improved, with LAR down to 11.8%, NPL stable at 2.0%, and robust provisioning.

• ESG initiatives advanced, with 26% of loans in sustainable portfolio and significant green bond allocation.

Financial highlights

• Total assets grew to IDR 1,086.66 trillion as of September 30, 2024, with third-party funds up 3% year-on-year.

• Net interest income for nine months was IDR 29.44 trillion, down from IDR 31.14 trillion year-over-year.

• PPOP for Q3 rebounded to IDR 8.8 trillion, with quarterly momentum improving 7.1% QoQ in 3Q24.

• CASA ratio increased to 70.3%, with retail savings growth at 7.4% year-on-year, driven by digital initiatives.

• Cost of credit improved to 1.0% in 9M24, reflecting better risk management.

Outlook and guidance

• FY24 loan growth guidance maintained at 10–12%, with NIM target ≥4.0% and credit cost at ~1.0%.

• Management expects continued digital adoption and stable macroeconomic conditions to support growth.

• Funding structure transformation and digitalization expected to drive future growth.

• Xpora and international expansion (BNI Sydney) positioned as future growth engines.

• CAR remains strong at 21.83% as of September 30, 2024.