Indonesia Biggest Sharia Bank's Market Cap Breaks Rp 100 Trillion
BRIS share value shows a positive trend since the end of November 2023
REPUBLIKA.CO.ID, JAKARTA — The market capitalization of PT Bank Syariah Indonesia Tbk (BSI or BRIS) exceeded Rp 100 trillion. This pushed the BRIS position up to 11th place from the previous 13th position in global sharia banking.
The achievement of the market capitalization occurred at the close of trading on Tuesday (30/1/2024). In which BRIS's share price closed positive 1.87 percent at Rp 2,180. In this regard, BSI Group Head Investor Relations Rizky Budinanda stated that BRIS shares are indeed experiencing a positive trend from the end of 2023 to January 2024 after a period of sideways in the middle of the year.
“This is good news, a blessing to be thankful for as well as a gift ahead of BSI's 3rd anniversary on February 1, 2024. The movement of BRIS shares in Tuesday's trading was in line with market movements where IHSG closed positive at 7,192.22 or an appreciation of 0.49 percent,” he said in a statement on Wednesday (31/1/2024).
The achievement also brings BSI closer to one of its great aspirations, which is to become a Top 10 Global Islamic Bank. As an overview, at the end of 2022 the BSI market cap only reached Rp 59.51 trillion. In December 2023, it rose to Rp 80.26 trillion.
The movement of BRIS share value shows a positive trend since the end of November 2023 in line with the green trend of IHSG. In the range of November 2023-January 2024, the lowest price of BRIS shares was at Rp 1,455 and the highest price was at Rp 2,180.
The increase in the share price is due to the strengthening of the company's fundamental performance. On the other hand, that performance is directly proportional to rising investor confidence.
“By the end of 2023 the number of institutional investors in BSI rose to about 70 percent compared to about 60 percent at the end of 2022. BSI is not only attractive to domestic but also foreign investors,” he said.
It has been noted that in recent times foreign investors have been quite actively collecting BRIS shares. In Tuesday's trading session, foreign investors' net buying of BRIS shares amounted to Rp 36.27 billion.
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