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Rabu, 27 Juli 2011

Bank BNI (BBNI IJ) First Half Results from Dewi - CLSA

BBNI reported strong headline 6M11 earnings of Rp2.73tn, up 41% YoY, 18% QoQ, and 55% of our FY11 estimates. All metrics are improving both in QoQ and YoY basis.

Increase in net income is largely driven by decrease in provision expense supported by improving credit quality. Both write-off and provision expense are declining 33% and 25% YoY respectively.
BNI is revising their loan growth target to 17-20% from 15-17% earlier this year. YTD, loan has grown by 12%, more than half of their FY target.
Deposit is growing at 9% compared to loan at 21% YoY, driving the LDR to 76%, moving closer to the un-penalized regulatory range of 78-100%.
The stock is trading at 1.7x and 8.8x 12CL PBV and PER, the cheapest among CLSA Indo Banks coverage.

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