PR98062

JAKARTA, Indonesia, Sept. 28, 2022 /PRNewswire=KYODO JBN/ --

PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) is currently conducting a

share buyback program worth IDR 3 trillion. Through the Annual General Meeting

of Shareholders, BRI received shareholders' approval to carry out the program

within 18 months from 1 March 2022 to 31 August 2023.

Head of Research Mirae Sekuritas Indonesia Hariyanto Wijaya revealed the

buyback program shows management's belief that the current share price is still

undervalued. However, Hariyanto Wijaya, and Mirae Asset Sekuritas Analyst

Jennifer A. Harjono are positive the performance of the financial sector will

remain strong amid rising fuel prices as supported by the increasing credit

growth. With the increase in interest rates and BRI tightening its monetary

policy, Mirae Asset Sekuritas estimated that BRI's net interest margin will

increase.

"The purpose of the share buyback program is to boost BRI employees'

performance through the Employee Stock Allocation (ESA) or Employee Stock

Option Plan (ESOP)," explained BRI Finance Director Viviana Dyah Ayu at the

Indonesia Stock Exchange's Public Expose Live event on 14 September 2022.

On the same occasion, BRI President Director Sunarso explained, "BRI's

management policy was to do the share buyback program to improve the quality of

employees, their competencies, and engagement with the company. BRILian

personnel who can provide the best value to the company will receive a bonus."

The bonuses take the form of three things: cash, individual investment to

improve competence and capability through quality training and education and

share ownership. Furthermore, the ESOP bonus is also given because the current

portion of BRI shares owned by employees is still less than 1%.

BRI provides non-cash incentives to further increase employee motivation, which

in turn will improve the company's performance sustainably. "We will continue

to do the share buyback program to give long-term incentive treasury stocks for

all BRI employees," added Viviana.

The mindset of BRILian People is expected to lead to the same goal towards the

company's vision. BRI aims to become The Most Valuable Banking Group in

Southeast Asia and Champion of Financial Inclusion by 2025.

"We will continue to do the share buyback program so that our employees are

more engaged, more competent, more competitive, and provide more value for the

company," concluded Sunarso.

For more information about Bank BRI, visit www.bri.co.id .

Source: PT Bank Rakyat Indonesia Tbk (BRI)

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