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ISSUER NEWS - JAKARTA. PT Bank Syariah Indonesia Tbk (BRIS) is optimistic about the year 2024, continuing its impressive performance from last year. This optimism aligns with the company's consistency in maintaining double-digit growth.
In line with this, the performance of the BRIS-coded bank's shares has also been observed to continue to rise. Over the past week, BRIS shares have strengthened by 16.67%, while if viewed year to date (ytd), BRIS shares are at a green level of 36.78%.
Senior Investment Information Mirae Asset Sekuritas Indonesia M. Nafan Aji Gusta said the trend of rising shares was due to BSI's performance, which continued to increase throughout 2023.
"In my opinion, it's reasonable because the profit performance is good and its sharia business is also good, the trend will also be good in the future along with the public's investment awareness in the sharia segment," Nafan told Kontan, Thursday (1/2).
Nafan recommends holding BRIS shares with a target price of Rp 2,420.
Meanwhile, regarding BSI's business plan this year, BSI President Director Hery Gunardi has also set a net profit target for this year above 30%. To achieve this target, Hery said his party will boost financing performance this year, especially in the consumption segment but will also continue to strive to balance the corporate segment by targeting more selective debtors. At least BSI has set a target for financing disbursement this year to grow in the range of 16% to 19% annually (year on year/yoy).
On the other hand, regarding corporate actions in 2024, the company is always open to expansion or acquisition opportunities by adjusting to the needs and existing situations. However, besides being aggressive in expansion, Hery mentioned the importance of managing capital and fund availability optimally.
Because, until now, BSI has not yet found a clear point regarding investors who will replace the position of BRI and BNI as shareholders who plan to divest shares.
"This is more to the domain of shareholders. At this time, considerations about strategic investors or other patterns are being studied further [by the shareholders]," he said, Thursday (1/2).
Previously, when exploring investors to the Middle East, the prospective investors wanted BSI shares with a composition of 15%-20%. The offer given ranged from 10% to 11%. So this is still a constraint in the agreement of controlling shareholders in this case Bank Mandiri, BRI and BNI need to discuss again about it.
Currently, based on RTI Business data, the composition of BSI shareholders as of December 31, 2023, consists of Bank Mandiri holding 51.74% of shares, followed by BNI at 23.24%, and BRI at 15.38%. Meanwhile, public ownership of BSI shares is 9.87%.
In the future, BSI will focus more on developing and optimizing the existing business. One of them is related to the opening of BSI branch offices in Saudi Arabia, Hery said the plan is still ongoing considering the opening target in Saudi has considered the sharia business model that has great potential.
"Our consideration for opening another branch office after Dubai is one of the good cooperation between Indonesia and Saudi, and the great potential is hajj and umrah," he said.
Throughout 2023, BSI recorded a profit achievement that grew 33.88% (yoy) to Rp5.70 trillion.
