A Year Of Holding Ultramicro, BRI Optimistic Performance Will Continue To Soar

JAKARTA One year after the establishment of an ultra-micro holding with PT Pegadaian and PT Permodalan Nasional Madani (PNM), PT Bank Rakyat Indonesia Tbk. (BRI) is optimistic that the company's performance will continue to grow.

BRI President Director Sunarso said the belief came after the company was able to expand its new captive market, namely reaching the unbanked population and strengthening the existing business ecosystem.

"So because we have an upward growth strategy to follow the existing customer classes, then look for new sources of growth or new customers, then go smaller. From there we made the concept of forming an ultra-micro holding with PNM and Pegadaian," he said in a written statement, Friday, February 10.

According to Sunarso, the benefits of the presence of ultra-micro holdings are not only felt on a bank only basis but also on the performance of the BRI Group as a whole.

"Although the scale is small compared to BRI, there are values because banks have new customer bases, expanding service offerings, ultra-micro ecosystems, business growth, and investment contributions," he said.

On the same occasion, Trimegah Sekuritas analyst Adi Prabowo said that Pegadaian's business is now expanding thanks to being integrated with the BRI's business system. He said Pegadaian has expanded to other businesses, such as multipurpose loans, vehicle financing, gold, assessment and certification services, remittances, and safe deposit boxes.

The pawnshop is also relatively aggressive in digital transformation significantly, marked by the launch of Digital Pegadaian in 2019. The platform has collected 7 million registered users out of a total of 21.86 million subscribers. A total of 4.7 million accounts on Digital Pegadaian are active users," he said.

Meanwhile, PNM also received positive results by making 13 million active customers until the third quarter of 2022 through the Mekaar PNM program.

Ultramicro holding corporate action brings new growth to BRI. We recommend buyers for the issuer bank codenamed BBRI with a target price of IDR 6,200 per share," said Adi.