BSI shares prospective, entering top 5 banks with highest increases

The logo of Bank Syariah Indonesia or well-known as BSI.

JAKARTA — The share price of Bank Syariah Indonesia or BSI is considered prospective and promising for the future, after continuing its strengthening trend over the past month. The issuer codenamed BRIS is among the five banks with the highest increase in share prices, quoted from a written statement, Thursday (4/1/2024).

At the close of the capital market Wednesday (3/1/2024), BRIS strengthened to IDR 1,800 or an increase of 3.45 percent compared to the closing price on the previous day. The increase in BRIS share prices occurred when the Composite Stock Price Index (IHSG) closed down 0.61 percent to 7,279 from the previous day's 7,323.

This achievement shows that year on year (yoy) BRIS has provided a significant return, namely 41.02 percent. Thus, BSI is included in the Top 5 bank issuers with the highest stock returns.

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The positive movement of BRIS shares was driven by increased interest from institutional investors. This is reflected in the high net buy of institutional investors, both foreign and domestic.

The increase in share prices cannot be separated from the increase in investor confidence in BRIS' solid fundamental performance, which has grown continuously since the merger in early 2021. Based on the company's financial report up to November 2023, BSI's net profit was recorded at IDR 5.1 trillion, growing 30 percent. yo.

This growth in net profit is in line with the increase in financing disbursed, reaching IDR 235.01 trillion or an increase of around 14 percent yoy. BSI is also able to maintain prudent asset quality. This is proven by gross non-performing financing (NPF) which decreased to 2.15 percent compared to the November 2022 position of 2.53 percent.

In the future, with almost 20 million customers and sharia banking penetration which is currently considered low, BRIS's growth potential is still very promising. With these promising fundamental factors, 16 analysts covering BRIS recommend "Buy". Bloomberg data shows that the target price for BRIS based on consensus is IDR 2,110.