Inspite of posting a 41.8% YoY increases in Q1 2009 net profit driven by strong net interest income by 29.07% YoY and fee income by 32.09%, BBCA also posted a significant soar in its NPL from 0.6% to 1.6% mainly affected by its two customers in toll road and steel making industry.
Furthermore, Decreasing interest rate environment followed by increasing cost of funds will lead to decrease its NIM ratio along year 2009. Thus, we lowered our target price for the most expensive banks in Indonesia to Rp. 3.300,- and suggest HOLD recommendation. We think that the bank’s share price will be threatened by profit taking action after BI rate announcement last Tuesday.
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