Targets 29.6% y-o-y growth in microcredit loans to Rp70.1tr in FY10
Kontan reported that Bank Rakyat Indonesia (BBRI) expects to channel Rp70.1tr of microcredit loans this year (+29.6% y-o-y), up from Rp54.08tr last year. About Rp1.2tr had been channeled up to Feb10. The growth is inline with BBRI’s plan to enhance its microcredit loans segment, which includes expanding outlets, changing policies and improving service quality.
BBRI plans to open 400 new retail outlets catered for microcredit loans segment, with details as follows: i) 100 units of microcredit outlet, ii) 250 units of “Teras” (microcredit outlet in traditional markets), and iii) 50 units of “Pos Pelayanan Desa” (microcredit outlet outside of traditional markets). The bank is also preparing some 1,250 additional staffs to support these new outlets. In terms of changing policies, BBRI’s plan is to loosen up its loan screening for microcredit loans.
We maintain our BUY rating on BBRI with Rp10,400 TP. The bank has healthy prospects with strong NIM (albeit declining) and strong ROE profiles on account of high yield microcredit loans.
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