Bank Mandiri reported a 43.1%yoy surge in net profits in 1Q10 to reach Rp2tn, in line with consensus estimates.
BMRI’s 1Q10 net interest income increased by 5.5% yoy, however, the bank managed to have operating income of Rp6tn (+8.0% yoy), driven by strong increase of Non-Interest Income by 17.4%, as fee based income surged by 30.9% yoy. Although the bank posted a positive NII, NIM ratio declined to 5.2% (vs. 5.5% 1Q09), mainly caused by the drop in FX loan yields, which has given the bank absorbed lower spread.
The bank maintained its NPL at low 2.6% (vs 2.6% FY09), despite a sustainable growth of gross loan (+2.4% qoq), which booked as upgrades and write-offs dominated the movements, led to provisioning recorded at moderate Rp692bn (-49.7%yoy). Coverage ratio remained high at 219.1%, while CAR is 17.0%, LDR 64.1% and ROE 30.1% (vs 15.6%, 59,2% and 21.8% FY09, respectively). In reporting its 1Q10, the bank’s management said that about 90% of the newly PSAK 50 – 55 reporting requirement has been met, and any remainder would not give any major impact on the books. At
present, BMRI is trading at P/BV10F of 2.8x and PER10F 13.4x. We do not have a recommendation on the stock.
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