{"id":15262,"date":"2025-02-12T18:53:56","date_gmt":"2025-02-12T10:53:56","guid":{"rendered":"https:\/\/dewasaham.com\/analisis-kinerja-bank-rakyat-indonesia-bbri-di-akhir-2024\/"},"modified":"2025-06-10T06:36:52","modified_gmt":"2025-06-10T06:36:52","slug":"analisis-kinerja-bank-rakyat-indonesia-bbri-di-akhir-2024","status":"publish","type":"post","link":"https:\/\/search.web.id\/digest\/analisis-kinerja-bank-rakyat-indonesia-bbri-di-akhir-2024\/","title":{"rendered":"Analisis Kinerja Bank Rakyat Indonesia (BBRI) di Akhir 2024"},"content":{"rendered":"<p><strong>Bank Rakyat Indonesia<\/strong> ($BBRI) has just recorded a <strong>decline in net profit in the fourth quarter of 2024<\/strong>, which reached only <strong>15.1 trillion rupiah<\/strong> (<strong>-6.3% YoY<\/strong>, <strong>-1.8% QoQ<\/strong>). Likewise, net profit during 2024 was recorded at <strong>60.2 trillion rupiah<\/strong> (+<strong>0.1% YoY<\/strong>), although slightly below market expectations which characterized around 98.5% of the consensus estimate. There are several factors that affect this performance:<\/p>\n<ul>\n<li><strong>Net Interest Margin (NIM)<\/strong> which is in line with the 2025 <em>guidance<\/em> target at the level of 7.3% \u2013 7.7%<br \/>\nBBRI recorded a decrease in NIM to 7.4% in the fourth quarter of 2024 (compared to 4Q23: 8.3%, 3Q24: 8%). NIM during 2024 decreased to <strong>7.74% <\/strong>(compared to 2023: 8.2%) and in accordance with management <em>guidance<\/em> which is estimated to range from 7.6% \u2013 8%.<\/li>\n<li><strong>Cost of Credit (CoC)<\/strong> that is worse than <em>guidance<\/em>; target for 2025 at 3% \u2013 3.2%<br \/>\nBBRI recorded a CoC improvement to 2.8% in the fourth quarter of 2024 (compared to 4Q23: 2.2%, 3Q24: 3.2%), although the annual CoC in 2024 swelled to a level of 3.2% (compared to 2023: 2.4%) which is much higher than the management <em>guidance<\/em> which should be below 3%. This is the result of lower-than-target credit growth.<\/li>\n<li><strong>Credit Growth Under<\/strong> <em>Guidance<\/em>; The 2025 target at +7% \u2013 9% YoY<br \/>\nBBRI recorded credit growth of +7% YoY in 2024 (compared to 2023: +11.2% YoY, 3Q24: +8.2% YoY), lower than management <em>guidance<\/em> which estimates in the range of +10% \u2013 12% YoY.<\/li>\n<\/ul>\n<p>In the context of asset quality, BBRI&#8217;s Loan-at-Risk (<strong>LAR<\/strong>) improved to 10.7% in the fourth quarter of 2024 (compared to 4Q23: 12.5%, 3Q24: 11.7%), while Gross NPL also decreased to 2.8% (compared to 4Q23: 3%, 3Q24: 2.9%). This shows that BBRI&#8217;s management is trying to maintain NPLs below 3%.<\/p>\n<p>An increase in CoC during 2024 contributed to a deviation in net profit growth, the results of which looked almost flat. Despite various indicators showing challenges, BBRI remains optimistic to increase its CoC in 2025 in the range of 3% \u2013 3.2% in line with the subsidiary&#8217;s front load provisioning plan.<\/p>\n<h2>Dividend Plan and Ratio Increase<\/h2>\n<p><strong>The Dividend Payout Ratio (DPR)<\/strong> for 2024 is expected to reach a minimum of 85%, higher than 80% in 2023. This shows strong expectations for shareholders with a potential <em>dividend yield<\/em> in the range of 8.3% (including interim dividends in December 2024).<\/p>\n<h3>Conclusion<\/h3>\n<p><span style=\"\">We assess BBRI&#8217;s performance as <strong>a mixed performance<\/strong>. With the challenges faced in early 2025, management has provided <em>guidance<\/em> that conditions will improve from the second to fourth quarters of 2025. BBRI shares are an object of concern for investors, especially related to NIM and credit costs which will be important factors in future performance.<\/span><\/p>\n<div class=\"newspaper-x-tags\"><strong><\/strong><span><a href=\"https:\/\/search.web.id\/digest\/stock\/bbri\/\" rel=\"tag\">BBRI<\/a> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bank Rakyat Indonesia ($BBRI) has just recorded a decline in net profit in the fourth quarter of 2024, which reached only 15.1 trillion rupiah (-6.3% YoY, -1.8% QoQ). Likewise, net profit during 2024 was recorded at 60.2 trillion rupiah (+0.1% YoY), although slightly below market expectations which characterized around 98.5% of the consensus estimate. There [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[986],"tags":[948],"class_list":["post-15262","post","type-post","status-publish","format-standard","hentry","category-stock","tag-bbri"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/15262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/comments?post=15262"}],"version-history":[{"count":1,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/15262\/revisions"}],"predecessor-version":[{"id":16096,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/posts\/15262\/revisions\/16096"}],"wp:attachment":[{"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/media?parent=15262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/categories?post=15262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/search.web.id\/digest\/wp-json\/wp\/v2\/tags?post=15262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}