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Kamis, 17 Maret 2011

Bank Negara Indonesia - Alert: NP Slightly Above Consensus; Sharp QoQ Drop in Pre-Provision Profit - Citigroup

BBNI has partially released 2010 results. Net profit was 4.4% above consensus and 5.5% above our estimates. 4Q profit was up 13% qoq. Detailed financials have not been released, but based on Analyst Presentation data, QoQ profit was driven by 1) negligible provision in 4Q and 2) a lower effective tax rate. On a QoQ basis, net interest income declined 10% and operating expenses increased 77%.

Pre-provision profit was down 40%.
In 2010, cash recoveries contributed Rp1.8trn to profit (Rp0.65trn in 4Q). Noninterest income growth was boosted by Rp961bn from gain on sale of securities (Rp424bn in 2009).

For 2011, priority will likely remain on sanitizing the balance sheet. The 2011 guidance included loan growth of 17-20% (Corporate 17-20% & Consumer 24-27%), deposit 12-15% (CASA 16-20%), NIM of 5.6-6% and cash recoveries similar to 2010. Passing on higher cost will be difficult as there is pressure from BI not to raise lending rates.
Posted by Saham Pilihan at 09.22

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