Bank Tabungan Negara (BBTN IJ): Weak top line drags on 2Q24 results

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:2,000 (+52.7%)
Analyst: Yap Swie Cu

Weak top line drags on 2Q24 results
• Weak 2Q24 top-line income on accrued interest adjustment
• Eased pressure on funding costs
• Lower provisioning to support bottom-line profit, but at the expense of lower loan loss buffer
• Lower net profit growth guidance, but in-line with our projection. Reiterate BUY amid undemanding valuation