Credit quality improvement and higher CoF remain BBNI reported net profits of Rp20.9tn in FY23 (+14% yoy), supported by lower provisions amid flattish NIl. NP and loan growth is inline. Pressure on cost of fund remain high due to competition with NIM
slipped to 4.4% in 4023, from 4.8% in 3Q23. We trim our F¥24F NP by 4%, resulting in lower FV PBV of 1.5x. Maintain BUY with a lower TP of Rp6,800.