BBNI posted a net profit of Rp1,026 bn in 1Q2010 result, an increase by 62% yoy, which above our expectation (+16.7%) and consensus estimate (+22.5%).
BBNI’s 1Q2010 result seems to enjoy the benefit from the newly implementation of PSAK 50-55 that given surge to their Non-Interest Income by 43% yoy (1Q10 - Rp1,740bn), led the operating income to arrive at Rp4,636 (+16%). As the improvement of its NPL to 4,6% (vs. 5.6% 1Q09), the bank also applies a moderate provision expenses of Rp1,174 bn (-20% yoy), which assisted the jump of the net profit figure.
The bank’s gross loan slipped by 1.6% qoq to Rp118.856 bn. However this was resulted from the loan write-off by Rp906 bn, as the bank’s commitment to continuously improve its asset quality, despite the slow market trend on loan disbursement in this first quarter. As a result, coverage ratio maintained at 121.8% (vs 120.1% FY09). In the mean time ROE is figured at 25.4%, ROA 2.5% and LDR 67.2% (vs. 16.4%, 1.7% and 67.2% FY09, respectively).
Based on the result, we can see initial evidence from the management on its commitment to continuously improving its asset quality, as promised in our last tea meeting, thus we believe the bank’s consistent performance until the end of the year. BBNI currently trades at P/BV10 1.8x and PER10 10.4x, we still call buy on the counter.
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