BBNI booked a net profit of IDR 7.7 trillion throughout 9M21, or 79.4% of our estimates of IDR 9.7 trillion. The performance was supported by a decline in interest expense and NPL. LAR ratio fell as domestic economy recovers, resulting in BBNI was able to control NPL ratio for the rest of the year. NHKSI Research maintains BUY recommendation by raising our TP to IDR 9,000/share.
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