Bank Rakyat Indonesia (BBRI IJ): Rise in funding costs weighs on earnings

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+54.6%)
Analyst: Yap Swie Cu

Rise in funding costs weighs on earnings
• Top-line earnings moderated amid soaring funding costs
• Eased provisioning
• Loan expansion normalized in July-August, as expected
• Re-iterate BUY on BBRI’s undemanding valuation