Bank Mandiri recorded a net profit of Rp7.2tn (+34.7% yoy) in FY09, which was better than our expectation and consensus estimates.
The bank recorded lower than expected provision expenses as the bank managed to reduce its NPL substantially to 2.6% at end 2009. Such decline in NPL was possible due to upgrade and some repayments on the troubled loans. Bank Mandiri recorded Rp1.6tn upgrades in its corporate loans, representing 74% of the total upgrades during the year.
During the analyst meeting yesterday, the bank highlighted its success in strengthening its deposit franchise value. The bank managed to enhance its transaction capabilities as reflected on a significant increase in the transaction volume through its electronic channels as well as an increase in the number of cash management users. In 2010, the bank aims to have 15- 18% yoy loan growth (vs. 13.6% yoy in 2009) and managed its NPL below 4%. The bank also targets its coverage ratio of above 140% (at end 2009, coverage ratio was recorded at 229%).
At present, Bank Mandiri is trading at 2009F P/BV of 2.6x and PER of 14.6x. We have no rating on this bank.
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