EQUITY RESEARCH

Banking Sector Update - 03 March 2023

CIPTADANA SEKURITAS ASIA

Overweight Banking
Robust start for 2023

Sector Banking All-time high aggregate monthly earnings

Banks under our coverage began the year with a positive note. Aggregate monthly
Bloomberg Ticker IDXFIN
earnings for bank-only touched record high and grew by 20% YoY and 24% MoM in 1M23,
Share Price Performance
with main earnings driver coming from double digit NII growth (13% YoY). Opex also grew
by a modest 3% YoY, resulting in solid PPoP growth of 13% YoY in 1M23. The solid top-line
Last price 1,415.1 coupled with good opex control has resulted in all-time low Cost-to-Income ratio (see exh.
52w High/Low price 1,653/1,335 10). Among banks, BBCA scored the highest bottom line growth (32% YoY), as they
leverage on higher interest rate environment resulting in outstanding NII growth (28% YoY
Mkt. Cap (Rpbn/USDmn) 3,421,001/223,888
in 1M23). BBNI also scored 32% YoY earnings growth in 1M23 but it was more on decline
in CoC (1.3% in 1M23 vs. 3.3% in 1M22). BBRI recorded the slowest earnings growth
among banks at 3% YoY in 1M23 dented by fluctuations in CoC (3.7% in 1M23 vs. 3.3% in
1M22).
3m 6m 12m
Absolute (%) -4.4 -6.9 -12.5 Soft CoF rise in Jan-23
Relative to JCI (%) -2.1 -2.4 -12.4 Cost of funding inched up by 6 bps MoM in Jan-23 for banks under our coverage. This is
much moderate increase from the previous increases at 14-18 bps each month in Sep-
Dec 22. Many banks guided for minimal increase in CoF from Jan-23 onwards
2,000 2%
0%
considering the flatten benchmark rate and flush in liquidity. That said, banks under our
1,500 -2% coverage enjoyed NIM expansion (+20bps YoY to 6.1% in 1M23), which was better than
-4% FY23 expectation. The bank that enjoy largest NIM upside is BBCA (+100bps NIM
-6%
1,000
-8% expansion in 1M23), followed by BBRI (+30bps NIM expansion) given its higher micro loan
-10% proportion. BBTN’s NIM saw the largest pressure as NIM contracted by -100bps YoY in
500 -12%
-14%
1M23, but this is already well expected and still in-line with estimates. LDR still stood at
- -16% 79.6% in 1M23 for banks under our coverage, relatively flat from end of last year and
Feb-22

May-22

Feb-23
Aug-22

Nov-22

assuring us on the ample liquidity.

IDXFIN 1yr Rel. to JCI (RHS)

Maintaining loan growth and CoC outlook
Loan growth for banks under our coverage grew by 9.7% YoY (-1.6% MoM) in Jan-23 or
slightly decelerates from 10.5% YoY in Dec-22. BBRI recorded the slowest loan growth,
increasing by 7.5% YoY (vs. 9.1% in Dec-22 and other big banks at >10% YoY). We expect a
stable loan growth of 10% for banking system in 2023F, backed by the big banks loan
growth expectation of 11% YoY. On the asset quality front, aggregate CoC declined to 1.6%
in 1M23 (vs. 1.9% in 1M22), and we still see the banks confident in their CoC outlook. BTPS
make an exception in this case as they continued to book massive annualized CoC at
11.0% in 1M23 (vs. 7.5% in 1M22).

Maintain Overweight stance on banking sector with BBRI and BBNI as top pick
Erni Marsella Siahaan, CFA
We recently add BBRI as our top bank picks as we like the bank NIM resilience and strong
+62 21 2557 4800 ext. 919 loan growth from both commercial and subsidized micro loan in 2023F. We maintain our
siahaanerni@ciptadana.com Overweight stance on banking sector, with both of our top pick, BBRI and BBNI
underperforming the JCI by -5% YTD and still have compelling valuation, in our view. Our
earnings growth expectation is 14% YoY for 2023F for banks under our coverage,
http://www.ciptadana.com supported by modest NIM expansion, stable loan growth and reduction in CoC.

Exhibit 1: Banking sector investment highlights

Mkt. PER (x) PBV (x) ROE (%) Yield (%)
Bberg Last Target Up Pot
Bberg Ticker Rating Cap.
Ticker Price Price (%) 23F 24F 23F 24F 23F 24F 23F 24F
(Rp tn)

Bank Central Asia BBCA Buy 1,069 8,675 9,800 13.0 23.5 20.6 4.3 3.9 19.5 19.9 1.9 2.1
Bank Rakyat Indonesia BBRI Buy 720 4,760 6,100 28.2 12.2 11.3 2.2 2.1 19.0 19.2 5.0 5.7
Bank Mandiri BMRI Buy 478 10,250 11,700 14.1 10.1 9.4 1.9 1.7 19.4 18.8 4.3 4.9
Bank Negara Indonesia BBNI Buy 166 8,900 11,775 32.3 8.0 7.2 1.1 1.0 14.7 14.5 3.3 3.8
Bank Tabungan Negara BBTN Buy 19 1,330 1,975 48.5 5.6 5.2 0.7 0.6 12.1 11.9 3.3 3.5
Bank CIMB Niaga BNGA Buy 31 1,235 1,490 20.6 5.9 5.5 0.6 0.6 11.2 11.2 6.5 6.8
BTPN Syariah BTPS Buy 18 2,310 3,550 53.7 8.4 7.6 1.8 1.5 23.1 21.7 3.5 4.4
Weighted average OW 2,501 16.2 14.5 3.0 2.7 18.9 19.0 3.4 3.9
Source : Bloomberg, Ciptadana Estimates

Please see analyst certification and other important disclosures at the back of this report 2
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

Exhibit 2: Summary of monthly results (bank-only, unaudited)

Net income 1M23/ 1M23/
1M22 1M23 YoY Historical avg. Remarks
(Rp bn) 23F Consensus
BBCA 3,559 4,705 32% 10.3% 10.6% 7-9% above
BMRI 3,003 3,753 25% 8.0% 8.4% 6-8% in-line
BBRI 4,245 4,353 3% 7.4% 7.9% 7-8% in-line
BBNI 1,290 1,703 32% 8.2% 8.2% 6-7% in-line
BNGA 469 529 13% 10.1% 10.4% 7-8% above
BBTN 224 271 21% 8.2% 8.2% 7-9% in-line
BTPS 140 140 0% 6.6% 6.0% 7-8% below
Total 12,929 15,453 20% 8.4% 8.8%
Source : Companies, Bloomberg, and Ciptadana Sekuritas Asia

Exhibit 3: Banking 1M23 results (bank-only, unaudited)

1M23/
1M22 1M23 YoY 23F Nov-22 Dec-22 Jan-23 YoY MoM
Profit & Loss Net interest income (Rp bn)
BBCA 4,654 5,947 28% 8% 5,542 5,929 5,947 28% 0%
BMRI 5,172 5,880 14% 6% 5,706 6,240 5,880 14% -6%
BBRI 8,389 9,167 9% 7% 7,181 8,796 9,167 9% 4%
BBNI 3,205 3,538 10% 8% 3,552 3,698 3,538 10% -4%
BNGA 992 1,074 8% 8% 1,171 1,033 1,074 8% 4%
BBTN 1,106 897 -19% 6% 1,187 1,302 897 -19% -31%
BTPS 396 433 9% 7% 433 433 433 9% 0%
Total 23,914 26,936 13% 7% 24,771 27,431 26,936 13% -2%
PPoP (Rp bn)
BBCA 4,388 5,589 27% 9% 5,918 4,606 5,589 27% 21%
BMRI 4,699 5,406 15% 6% 4,661 4,756 5,406 15% 14%
BBRI 7,814 8,631 10% 9% 6,402 6,972 8,631 10% 24%
BBNI 2,947 2,755 -7% 7% 2,628 2,942 2,755 -7% -6%
BNGA 642 869 35% 8% 943 644 869 35% 35%
BBTN 563 586 4% 8% 726 994 586 4% -41%
BTPS 240 279 16% 8% 282 314 279 16% -11%
Total 21,293 24,114 13% 8% 21,560 21,228 24,114 13% 14%
Provision expense (Rp bn)
BBCA (1) (184) n/a -3% 455 273 (184) n/a -167%
BMRI 941 753 -20% 4% 574 1,108 753 -20% -32%
BBRI 2,560 3,136 23% 12% 1,775 1,877 3,136 23% 67%
BBNI 1,431 644 -55% 5% 676 1,039 644 -55% -38%
BNGA 35 190 447% 5% 325 290 190 447% -34%
BBTN 278 251 -10% 7% 342 652 251 -10% -62%
BTPS 61 99 63% 13% 89 127 99 63% -22%
Total 5,304 4,888 -8% 7% 4,236 5,366 4,888 -8% -9%
Net income 1M23/
1M22 1M23 YoY Nov-22 Dec-22 Jan-23 YoY MoM
(Rp bn) 23F
BBCA 3,559 4,705 32% 10.3% 4,563 3,516 4,705 32% 34%
BMRI 3,003 3,753 25% 8.0% 3,301 2,875 3,753 25% 31%
BBRI 4,245 4,353 3% 7.4% 3,732 3,863 4,353 3% 13%
BBNI 1,290 1,703 32% 8.2% 1,543 1,501 1,703 32% 13%
BNGA 469 529 13% 10.1% 478 290 529 13% 82%
BBTN 224 271 21% 8.2% 305 251 271 21% 8%
BTPS 140 140 0% 6.6% 151 139 140 0% 1%
Total 12,929 15,453 20% 8.4% 14,074 12,435 15,453 20% 24%
1M22 1M23 YoY Nov-22 Dec-22 Jan-23 YoY MoM
Balance Sheet Total deposit (Rp bn)
BBCA 968,851 1,022,085 5.5% 1,024,104 1,023,660 1,022,085 5.5% -0.2%
BMRI 1,000,618 1,193,245 19.3% 1,125,055 1,193,164 1,193,245 19.3% 0.0%
BBRI 1,078,721 1,221,926 13.3% 1,233,833 1,300,776 1,221,926 13.3% -6.1%
BBNI 695,398 692,908 -0.4% 743,091 762,795 692,908 -0.4% -9.2%
BNGA 242,241 233,885 -3.4% 227,357 227,547 233,885 -3.4% 2.8%
BBTN 287,938 316,910 10.1% 321,836 321,937 316,910 10.1% -1.6%
BTPS 10,833 12,502 15.4% 11,867 12,049 12,502 15.4% 3.8%
Total 4,284,599 4,693,461 9.5% 4,687,143 4,841,927 4,693,461 9.5% -3.1%
Total loan (Rp bn)
BBCA 611,447 679,138 11.1% 680,420 691,141 679,138 11.1% -1.7%
BMRI 821,340 915,947 11.5% 920,428 932,639 915,947 11.5% -1.8%
BBRI 942,448 1,013,009 7.5% 1,014,328 1,029,803 1,013,009 7.5% -1.6%
BBNI 571,621 628,736 10.0% 625,912 642,630 628,736 10.0% -2.2%
BNGA 173,610 192,066 10.6% 190,484 191,348 192,066 10.6% 0.4%
BBTN 274,246 294,726 7.5% 295,585 298,282 294,726 7.5% -1.2%
BTPS 10,498 11,569 10.2% 11,478 11,528 11,569 10.2% 0.4%
Total 3,405,208 3,735,190 9.7% 3,738,635 3,797,369 3,735,190 9.7% -1.6%
Source : Companies and Ciptadana Sekuritas Asia

Please see analyst certification and other important disclosures at the back of this report 3
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

Exhibit 4: Banking 1M23 results (bank-only, unaudited)

1M22 1M23 YoY Nov-22 Dec-22 Jan-23 YoY MoM
Ratios Asset yield (%)
BBCA 6.5 7.5 1.0 7.0 7.4 7.5 1.0 0.1
BMRI 7.1 7.6 0.4 7.4 7.9 7.6 0.4 (0.3)
BBRI 9.3 10.5 1.2 8.6 10.1 10.5 1.2 0.4
BBNI 7.4 8.1 0.7 8.0 8.4 8.1 0.7 (0.3)
BNGA 7.2 8.0 0.8 8.0 7.7 8.0 0.8 0.3
BBTN 7.6 7.5 (0.0) 8.1 9.0 7.5 (0.0) (1.5)
BTPS 32.4 30.5 (1.9) 30.7 30.9 30.5 (1.9) (0.4)
Total 7.3 8.1 0.8 7.5 8.2 8.1 0.8 (0.1)
CoF (%)
BBCA 0.8 0.9 0.1 0.8 0.8 0.9 0.1 0.1
BMRI 1.6 2.1 0.5 1.8 1.9 2.1 0.5 0.1
BBRI 1.8 2.7 0.9 2.5 2.7 2.7 0.9 0.0
BBNI 1.7 2.6 0.8 2.3 2.5 2.6 0.8 0.0
BNGA 2.2 3.0 0.7 2.6 2.9 2.9 0.7 0.0
BBTN 3.6 4.6 1.0 4.1 4.7 4.6 1.0 (0.1)
BTPS 3.1 3.6 0.5 3.2 3.5 3.6 0.5 0.1
Total 1.7 2.3 0.6 2.0 2.2 2.3 0.6 0.1
NIM (%) 0.16 0.18 0.06
BBCA 5.7 6.6 1.0 6.2 6.7 6.6 1.0 (0.0)
BMRI 5.7 5.6 (0.1) 5.7 6.1 5.6 (0.1) (0.5)
BBRI 7.7 8.0 0.3 6.4 7.7 8.0 0.3 0.4
BBNI 5.6 5.6 0.0 5.7 5.9 5.6 0.0 (0.2)
BNGA 4.9 5.2 0.2 5.7 5.0 5.2 0.2 0.2
BBTN 4.2 3.2 (1.0) 4.2 4.6 3.2 (1.0) (1.4)
BTPS 30.2 28.1 (2.1) 28.6 28.6 28.1 (2.1) (0.5)
Total 6.1 6.3 0.2 5.7 6.2 6.1 0.2 (0.1)
Cost of credit (%)
BBCA (0.0) (0.2) (0.2) 0.5 0.3 (0.2) (0.2) (0.5)
BMRI 1.5 1.0 (0.4) 0.8 1.5 1.0 (0.4) (0.5)
BBRI 3.3 3.7 0.4 2.1 2.2 3.7 0.4 1.5
BBNI 3.3 1.3 (1.9) 1.4 2.1 1.3 (1.9) (0.8)
BNGA 0.2 1.2 1.0 2.1 1.8 1.2 1.0 (0.6)
BBTN 1.1 0.9 (0.2) 1.2 2.3 0.9 (0.2) (1.4)
BTPS 7.5 11.0 3.5 9.9 14.2 11.0 3.5 (3.1)
Total 1.9 1.6 (0.3) 1.3 1.7 1.6 (0.3) (0.1)
CASA ratio (%)
BBCA 79.5 82.4 2.9 82.1 82.3 82.4 2.9 0.1
BMRI 74.8 77.4 2.5 77.1 77.6 77.4 2.5 (0.2)
BBRI 63.3 65.3 2.0 64.3 66.9 65.3 2.0 (1.6)
BBNI 69.3 73.4 4.1 70.1 72.9 73.4 4.1 0.5
BNGA 61.4 64.9 3.5 65.5 63.6 64.9 3.5 1.3
BBTN 43.2 47.4 4.2 47.8 48.5 47.4 4.2 (1.1)
BTPS 25.5 22.9 (2.6) 26.1 24.6 22.9 (2.6) (1.7)
Total 69.1 71.9 2.9 71.0 72.3 71.9 2.9 (0.3)
Loan-to-deposit (%)
BBCA 63.1 66.4 3.3 66.4 67.5 66.4 3.3 (1.1)
BMRI 82.1 76.8 (5.3) 81.8 78.2 76.8 (5.3) (1.4)
BBRI 87.4 82.9 (4.5) 82.2 79.2 82.9 (4.5) 3.7
BBNI 82.2 90.7 8.5 84.2 84.2 90.7 8.5 6.5
BNGA 71.7 82.1 10.5 83.8 84.1 82.1 10.5 (2.0)
BBTN 95.2 93.0 (2.2) 91.8 92.7 93.0 (2.2) 0.3
BTPS 96.9 92.5 (4.4) 96.7 95.7 92.5 (4.4) (3.1)
Total 79.5 79.6 0.1 79.8 78.4 79.6 0.1 1.2
Cost-to-Income
BBCA 31.7 28.1 (3.6) 26.5 38.7 28.1 (3.6) (10.5)
BMRI 38.7 34.7 (4.1) 42.1 46.3 34.7 (4.1) (11.6)
BBRI 27.9 28.3 0.4 35.7 52.5 28.3 0.4 (24.2)
BBNI 40.7 42.2 1.6 48.1 48.3 42.2 1.6 (6.1)
BNGA 52.1 45.0 (7.0) 43.3 51.3 45.0 (7.0) (6.3)
BBTN 54.6 51.2 (3.4) 45.8 44.9 51.2 (3.4) 6.3
BTPS 40.2 37.2 (3.0) 35.7 29.3 37.2 (3.0) 7.8
Total 35.2 33.2 (2.1) 37.6 47.3 33.2 (2.1) (14.2)
Source : Companies and Ciptadana Sekuritas Asia

Please see analyst certification and other important disclosures at the back of this report 4
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

Exhibit 5: Monthly annualized CoF based on banks

%
5.0
4.5
4.0 BBTN
3.5
BTPS
3.0
BNGA
2.5
BBRI
2.0
1.5 BBNI
1.0 BMRI
0.5 BBCA
-
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23

Source : Companies and Ciptadana Sekuritas Asia

Exhibit 6: Monthly annualized CoF (bank-only, unaudited)

%
4.5
3.9 3.93.83.93.83.93.9
4.0
3.7 3.7 3.6 3.73.7 3.63.6 3.6
3.53.63.5 3.6 3.5
3.3 3.33.33.4 3.4 3.33.3
3.5 3.2 3.23.33.1
3.0
3.0 2.9
2.7
2.52.4
2.5 2.3 2.2
2.22.3
2.1 2.12.1 2.0
2.02.02.0
2.0 1.81.81.81.8 1.9
1.7 1.71.6 1.61.71.71.7
1.5 1.5
1.5

1.0

0.5

-
Mar-18

Nov-18

Mar-19

Nov-19

Mar-20

Nov-20

Mar-21

Nov-21

Mar-22

Nov-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-18

May-19

May-20

May-21

May-22
Jul-18
Sep-18

Jul-19
Sep-19

Jul-20
Sep-20

Jul-21
Sep-21

Jul-22
Sep-22
Source : Companies and Ciptadana Sekuritas Asia

Exhibit 7: Monthly annualized NIM (bank-only, unaudited), banks under our coverage
%
7.0 6.6
6.4 6.5 6.5 6.46.46.4 6.36.5 6.4 6.36.3 6.3 6.46.3
6.1 6.3 6.1 6.2 6.2 6.26.36.26.1 6.26.1
6.1
5.9
6.1 6.06.1 5.96.1 6.05.9 6.1 5.95.9 5.85.8 5.86.05.9 6.06.1
5.8
6.0 5.65.5 5.6
5.4 5.6 5.7 5.6 5.6 5.7 5.7
5.3
5.05.15.1
5.0 4.7

4.0

3.0

2.0

1.0

-
Nov-18

Nov-19

Nov-20

Nov-21

Nov-22
Jan-18
Mar-18

Jan-19
Mar-19

Jan-20
Mar-20

Jan-21
Mar-21

Jan-22
Mar-22

Jan-23
May-18

May-19

May-20

May-21

May-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Source : Companies and Ciptadana Sekuritas Asia

Please see analyst certification and other important disclosures at the back of this report 5
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

Exhibit 8: Loan growth YoY (bank-only, unaudited), banks under our coverage
%

18.0
16.5
16.0
14.8 15.0 14.6
14.0 14.0
13.5
13.3 13.4 13.3 13.5
12.7 12.9
12.0 12.4
11.9
11.8
11.4
10.5 10.4 10.5 10.7 10.5
10.0 10.2 10.3 10.1
9.89.9 9.6 9.99.49.9 9.7
9.1 8.78.7 9.1
8.0 8.3 8.3
7.8
7.47.17.6 7.6
6.8
6.0 6.0
5.2
4.7 4.7
4.0 3.63.8
3.53.2
2.0 2.4
1.71.7 1.7
1.0
0.6 0.20.3 0.7
-
(0.6)
Mar-18

Nov-18

Mar-19

Nov-19

Mar-20

Nov-20

Mar-21

Nov-21

Mar-22

Nov-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-18

May-19

May-20

May-21

May-22
Jul-18
Sep-18

Jul-19
Sep-19

Jul-20
Sep-20

Jul-21
Sep-21

Jul-22
Sep-22
(2.0)

Source : Companies and Ciptadana Sekuritas Asia

Exhibit 9: LDR remained ample

%
100.0

95.0

90.0

85.0 82.8
79.6
80.0 77.9

75.0

70.0

65.0

60.0
Nov-18

Nov-19

Nov-20

Nov-21

Nov-22
Jan-18
Mar-18

Jan-19
Mar-19

Jan-20
Mar-20

Jan-21
Mar-21

Jan-22
Mar-22

Jan-23
May-18

May-19

May-20

May-21

May-22
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22
Jul-18

Jul-19

Jul-20

Jul-21

Source : Companies and Ciptadana Sekuritas Asia Jul-22

Exhibit 10: CIR touched all-time low

%

50.0

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

-
Nov-18

Nov-19

Nov-20

Nov-21

Nov-22
Jan-18
Mar-18

Jan-19
Mar-19

Jan-20
Mar-20

Jan-21
Mar-21

Jan-22
Mar-22

Jan-23
May-18

May-19

May-20

May-21

May-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Source : Companies and Ciptadana Sekuritas Asia

Please see analyst certification and other important disclosures at the back of this report 6
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

EQUITY RESEARCH

HEAD OF RESEARCH ECONOMIST ANALYST

Arief Budiman Renno Prawira Erni Marsella Siahaan, CFA
Strategy, Automotive, Heavy Equipment, Economist Banking
Construction, Oil & Gas and Shipping T +62 21 2557 4800 ext 735 T +62 21 2557 4800 ext 919
T +62 21 2557 4800 ext 819 E prawirarenno@ciptadana.com E siahaanerni@ciptadana.com
E budimanarief@ciptadana.com

ANALYST ANALYST ANALYST

Yasmin Soulisa Gani Thomas Radityo
Property, Plantations Telco, Tower, Media Coal, Metal Mining
T +62 21 2557 4800 ext 799 T +62 21 2557 4800 ext 734 T +62 21 2557 4800 ext 795
E soulisayasmin@ciptadana.com E gani@ciptadana.com E radityothomas@ciptadana.com

ANALYST ANALYST ANALYST

Putu Chantika Putri Nicko Yosafat Muhammad Gibran
Consumer, Cigarette Retail, Healthcare Cement, Poultry
T +62 21 2557 4800 ext 740 T +62 21 2557 4800 ext 760 T +62 21 2557 4800 ext 798
E putriputu@ciptadana.com E yosafatnicko@ciptadana.com E gibranmuhammad@ciptadana.com

TECHNICAL ANALYST RESEARCH ASSISTANT

Asrul Husni Sumarni
T +62 21 2557 4800 ext 780 T +62 21 2557 4800 ext 920
E husniasrul@ciptadana.com E sumarni@ciptadana.com

EQUITY SALES

DIRECTOR OF INSTITUTIONAL EQUITY SALES

Dadang Mulyana
Plaza ASIA Office Park unit 2
Jl. Jend. Sudirman Kav. 59
Jakarta - 12190
T +62 21 2557 4800 ext 838
F +62 21 2557 4900
E mulyanadadang@ciptadana.com

BRANCH OFFICES

JAKARTA - MANGGA DUA SURABAYA

Komplek Harco Mangga Dua Intiland Tower Surabaya
Rukan Blok C No.10 Ground Floor Suite 5 & 6
Jl. Mangga Dua Raya Jl. Panglima Sudirman 101-103
Jakarta - 10730 Surabaya - 60271
T +62 21 600 2850 T +62 31 534 3938
F +62 21 612 1049 F +62 31 534 3886

Please see analyst certification and other important disclosures at the back of this report 7
 EQUITY RESEARCH
Banking Sector Update - 03 March 2023
CIPTADANA SEKURITAS ASIA

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Please see analyst certification and other important disclosures at the back of this report 8