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Jumat, 01 April 2011

BBRI: Accounting change - Mandiri

BBRI’s FY10 results came in as a surprise as net profit grew as strong as 131.3% qoq in 4Q10. The implementation of the PSAK 50-55 accounting method allowed the bank to recognize much higher interest income from its exposure to micro loans. Meanwhile, its fee-based income was also getting stronger, thus setting up a solid base for future income generation. We reiterate our buy recommendation on BBRI with TP of Rp6,750/share.

Surprising growth in interest income ... BBRI reported strong net profit growth of 57.0% yoy, beating all analyst expectations. The bank claimed this as a result of the PSAK 50- 55 accounting method implementation, which caused interest income to shoot up to Rp44.6tn (+26.3% yoy and 48.1% qoq). Rather than calculating interest income based on a flat rate for its micro loans (30% of total loans), the bank now recognizes interest income based on the effective interest rate. Without such changes in accounting treatment, the interest income would have been actually around Rp39tn for FY10, which was in line with our expectation. Even though this new accounting rule might imply lower interest income generated in the future (as majority of interest income will be booked in the first year), we believe this will be compensated by the projected strong loan growth and relatively stable lending rate.

.. and strong income from recovery. In addition to that, the bank also recorded strong recovery from its bad assets amounting to Rp1.5tn, which was recorded as part of the fee- based income. This certainly boosted the such income by 201.1% qoq to Rp5.5 tn for FY10. Excluding such recovery, the fee- based income grew by 50.7% qoq, thanks to strong growth in fees and commissions as the bank managed to grow its ATM users along with its online system applied at all branches since Nov09.

Around 20-22% yoy loan growth expected this year. BBRI expects loans to grow by 20-22% yoy this year (vs 20.2% yoy last year), which will still mainly be derived from micro loans. The management is optimistic it will be able to record such loan growth despite its relatively lower CAR of 13.8%.

Maintain as a buy. Even though there would likely be no surprises this year, we still like BBRI for its ability to generate strong NIM and ROAE. Furthermore, we also see the bank’s ability to leverage on its over 30 mn customers due to its improved IT capability. While we are reviewing our forecast on the bank, we maintain our buy recommendation at TP of Rp6,750/share.

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