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    BBRI   ID1000118201

PT BANK RAKYAT INDONESIA (PERSERO) TBK

(BBRI)
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PT Bank Rakyat Indonesia Persero Tbk : Indonesia's BRI eyes profit rebound as small businesses start borrowing

04/28/2021 | 01:21am EDT

* BRI targets 18% profit growth in 2021

* Non-performing loans seen at around 3% this year

* Plans to make unit BRI Agro a fully digital bank within 2 years

JAKARTA, April 28 (Reuters) - Indonesia's biggest lender by assets, Bank Rakyat Indonesia (BRI), is targetting up to an 18% jump in profits in 2021 as an economic recovery from the COVID-19 pandemic bolsters demand for loans, its chief executive told Reuters.

The bank, which manages a portfolio dominated by lending to micro, small and medium enterprises, saw profits drop 45.8% last year to 18.66 trillion rupiah ($1.29 billion) as consumption and investment slumped in Southeast Asia's largest economy.

BRI restructured a fifth of its loans last year held by 2.8 million customers, but kept the non-performing loan (NPL) ratio at just below 3%, versus 2.80% in 2019, while hiking provisions.

This year, BRI is targeting net income of 20 trillion to 22 trillion rupiah, President Director Sunarso said in an interview on Tuesday, with 7% annual loan growth and NPL levels at 3%.

BRI's loans grew 4% last year, down from 2019's 8.44%.

Sunarso, who uses one name, said meeting the profit target would still take "extraordinary efforts" given weak loan demand.

"Our strategy is BRI will focus on segments of credit that have the potential to grow, which is the micro segments including in agriculture, food, medical equipment and medicine," he said.

Indonesia's economy contracted for the first time in over two decades last year, by 2.07%, but the government expects 5% growth this year supported by a mass vaccination drive and fiscal and monetary stimulus.

Sunarso said some small business customers had lost most of their income during the pandemic.

The government has budgeted more than $80 billion for pandemic relief, while the central bank has cut rates by 150 basis points and injected over $55 billion liquidity into the banking system to support the economy.

Bank Indonesia's quantitative easing had prevented a liquidity crunch, but loan demand remained tepid, Sunarso said.

BRI, a state bank founded in 1895, has the most extensive branch network in the archipelago of 17,000 islands, making it best placed to promote government programmes such as subsidised loans and grants, Sunarso said.

BRI's strategy to emerge from the pandemic-induced slump includes promoting digital banking amid a boom in online payments during lockdowns, Sunarso said, adding that BRI will convert its unit BRI Agro into a digital bank within two years. ($1 = 14,480.0000 rupiah) (Reporting by Tabita Diela; Editing by Gayatri Suroyo and Ed Davies)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PT BANK RAKYAT INDONESIA (PERSERO) TBK -0.82% 3610 End-of-day quote.-13.43%
PT BANK RAKYAT INDONESIA AGRONIAGA TBK -2.85% 2390 End-of-day quote.130.92%
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Financials
Sales 2021 124 347 B 8,70 B 8,70 B
Net income 2021 28 600 B 2,00 B 2,00 B
Net Debt 2021 - - -
P/E ratio 2021 15,6x
Yield 2021 3,32%
Capitalization 442 577 B 31 043 M 30 980 M
Capi. / Sales 2021 3,56x
Capi. / Sales 2022 3,23x
Nbr of Employees 65 385
Free-Float 98,2%
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Number of Analysts 24
Last Close Price 3 610,00 IDR
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Managers and Directors
Sunarso President Director
Viviana Dyah Ayu R.K. Director-Finance
Kartika Wirjoatmodjo President Commissioner
Indra Utoyo Director-Digital & Information Technology
Ahmad Solichin Lutfiyanto Director-Compliance