FY24 Net Profit of Rp54.8tn, up 13% YoY and forming 99%/100% of our/consensus’ FY24 Net Profit expectations. The steady FY24 net profit growth was backed by strong net interest income growth, stable non-interest income growth, and opex efficiency.

Dec-24 saw weak domestic vol with the industry’s falling -12% yoy. INTP did a commendable +2.6% yoy, off a comparable base with Semen Grobogan inclusion beginning Dec-23, helped by bulk cement.

Efficiency measures in effect. On 23 January, President Prabowo issued an instruction on government spending efficiency (No. 1/2025).