BTPN posted a significant increase in Net Profit of its 1Q2010 result to reach Rp154.6 bn (+165.2% yoy), which within our expectation based on the projection of our Bonds report and the consensus estimates.
BTPN’s net interest income for 1Q2010 is reported at Rp782.2 bn, a 127.6% increase as the result from higher portion of its micro loan that gives higher margin for the bank, which this is reflected on the NIM figure that arrived at 14.9% (vs. 12.2% FY09 and 9.8% 1Q09.
The bank booked gross loan of Rp17.7 tn (+12.7% qoq), which expected as the bank plans to gain more contribution from the micro loan this year. NPL is figured at 1.5% (vs. 0.5% Fy09), while ROE is 30.3%, LDR 87.5%, CAR 17.6% (vs. 23.0%, 84.9% and 18.5% for FY09, respectively. The bank plans to issue Rp750 bn conventional bonds on the 2Q this year, which aimed to support its long term funding. Third party funds of the bank is currently Rp20,2 tn (+9.1% qoq).
Based on Bloomberg consensus, the bank is currently trading at P/BV10 3.0x and PER10 15.9x. We don’t have recommendation on the counter.
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