BCAS: BMRI - 2M25 Earnings Grew +6.0% YoY

 

 

BCAS: BMRI - 2M25 Earnings Grew +6.0% YoY

-Interest income grew to IDR 19.3 tn in 2M25 (+12.7% YoY). In Feb-25, it declined to IDR 9.3 tn (-6.7% MoM; +11.0% YoY). Interest expense in 2M25 increased to IDR 6.8 tn (+25.9% YoY). In Feb-25, interest expense decreased to IDR 3.3 tn (-3.8% MoM; +32.4% YoY). NII in 2M25 grew to IDR 12.6 tn (+6.6% YoY). 
- Non-interest income expanded to IDR 5.0 tn in 2M25 (+13.6% YoY). In Feb-25, it declined to IDR 2.4 tn (-5.1% MoM; +21.0% YoY). 
- Provisioning in 2M25 slightly declined to IDR 1.5 tn (-8.4% YoY), with Feb-25 contributing IDR 906 bn (+59.5% MoM; -10.7% YoY). PPOP reached IDR 10.9 tn (+3.9% YoY), while Feb-25 PPOP slowed to IDR 5.4 tn (-2.8% MoM; +4.6% YoY). - Net profit in 2M25 increased to IDR 7.6 tn (+6.0% YoY), while Feb-25 contributed IDR 3.6 tn (-10.5% MoM; +7.8% YoY). 
- NIM slightly declined to 4.5% (vs. 4.8% in 2M24). LDR increased to 92.5% (vs. 90.8% in 2M24). Loan growth was stable at 19.1% YoY (vs. 19.4% in 2M24), while deposit growth accelerated to 17.0% (vs. 5.8% in 2M24).

BCAS: TPMA IJ - Net Profit In-line with Ours and Consensus

- TPMA has just posted their FY24 results, showcasing robust growth and strategic execution. Revenue for FY24 reached USD 119.1 mn (+7.1% YoY; vs. USD 111.2 mn in FY23. This growth was primarily driven by the transshipment sector, which achieved USD 23 mn (+24% YoY). All segments experienced volume growth, with barging up approximately 25% YoY and floating crane operations increasing by 27% YoY. Notably, the company successfully added more sets in FY24.
-  Net profit for FY24 surged to USD 25.2 mn (+28% YoY; vs. USD 19.7 mn in FY23). In 4Q24, the company continued its strong performance, achieving USD 7.6 mn in net profit, an 8.4% QoQ increase and a 15.6% YoY increase. This net profit aligns perfectly with both our expectations and the consensus, reaching 100% of projections. The majority of the net profit originated from TPMA, contributing USD 20.88 mn, while BEST added USD 4.32 mn, following a 65% ownership acquisition in Jul-24.
-  We remain optimistic about TPMA's trajectory and continue to recommend a BUY, maintaining our target price of IDR 1,125/sh, consistent with our previous report at https://bit.ly/TPMA-24Jan25
 

Bank Central Asia (BBCA) Announced IDR 1 tn Share Buyback
BBCA planned a share buyback worth IDR 1 tn from 26 Mar-25 to 24 Jun-25, with a maximum limit of 20% of paid-up capital. The move aimed to stabilize the market amid high volatility and boost investor confidence. BBCA's stock closed at IDR 8,050 on 25 Mar-25 (+1.26% daily) but remained down 16.8% YTD. (Kontan)