Equity Analysis /
Indonesia

ID : Bank Rakyat Indonesia - 1Q22: Beat on opex

    CGS-CIMB
    25 April 2022
    Published byCGS-CIMB

    BRI’s 1Q22 net profit was ahead at 29% of our and consensus full-year estimates, mainly driven by lower-than-expected opex. Consolidated 1Q22 net profit rose 78% yoy while 1Q22 PPOP grew 12% yoy. BRI remains focused on its ultra-micro and micro segments which we believe should result in sustainable high yields. Reiterate Add.