Jakarta. The recent annual general meeting of state-owned bank BNI agreed on the buyback of the company’s shares with a maximum buyback of 10 percent of the paid-up capital or equivalent to Rp 905 billion.

BNI will conclude the buyback no later than 18 months since the annual general meeting approved the buyback. BNI finance director Novita Widya Anggraini said the company prepared the buyback to balance the selling pressure amidst a fluctuating IDX Composite.

“The buyback plan is to make investors confident that the company is highly optimistic of the fundamentals that keep on improving. So share prices still have the potential to rise,” Novita said on Wednesday, as quoted from a recent press release.

As of March 13, the price-to-book value stood at 1.23 times its price-to-book value, below the 10-year average of 1.4 times. BNI’s stock prices rose 36.7 percent year-on-year, far higher than the increase of LQ-45 stock prices which stood at 0.7 y-o-y. BNI attributed the growth to the fluctuating IDX Composite in 2022, coupled with the geopolitics, commodity price dynamics, and central banks’ monetary policies in making rate adjustments.

BNI pledges to continue to record healthy and sustainable profitability to bring optimum value for all stakeholders, particularly the shareholders. The state-owned bank is also confident that Indonesia will be more resilient compared to other economies.

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