CLSA BCA unaudited FY08 net profit Rp5.3tn, +18% YoY

BCA unaudited FY08 net profit Rp5.3tn, +18% YoY, from Nicolaos Oentung

4Q08 net profit was up 15% YoY , but down 17% QoQ mainly on higher provisioning expenses
Unaudited FY08 net profit, however, was in-line with our estimates of Rp5.35tn
Loans grew by 37% to Rp112tn mainly from corporates and mortgages, while deposits grew by 11% to Rp209tn
CAR remains healthy at 15%, but CFO did indicate that profits could be retained to support capital
Last year, BCA paid out 48% of its net profits in dividends and we expect similar payout this year
CFO also ruled out the option of rights issue and issuing sub-debt
We maintain O-PF on BCA on its high-quality balance sheet, prudent management, and decent valuations (10.3x 09CL PE)