BBCA reported increase in net profit for its 1Q2010 by 18.3%yoy, to reach Rp1,93 bn, which slightly below our expectation (-5.4%) but in line with consensus estimates (-4.4%).
BBCA’s Net Interest Income dropped by 26.8% yoy to Rp2,867bn this quarter. However, the decline occurred, mainly due to SBIs’ income re-classification, which based on the newly PSAK 50-55 implementation, it is posted under Non-Interest Income, led the account jumped by 83.2% yoy to Rp1,903bn, on which SBIs income contributed Rp665 bn. The bank posted net provisioning reversal of Rp303bn, much resulted from repayment on impaired loans, assisted the operating income arrived at Rp2,393bn (+29.8% yoy). YTD NIM stood at 5.5% (vs 5.8% 1Q09), mainly due to lower yield where as in line with market trend.
BBCA booked gross loan of Rp120.9bn, a slight decline by 2.5%, where cyclicality took major role, despite marginal growth in the corporate sector as top tier corporate issued bonds over the period. However, consumer sector continued to be the front-liner growth of the bank, thanks to lower interest rates that boosted the bank’s mortgage lending (48.4% of total consumer lending). 1Q2010 LDR posted at 49.6% (vs. 50.3% FY09), while NPL 0.8%, CAR 17.5% and ROE 30.9% (vs. 0.7%, 15.3% and 31.8% FY09, respectively).
The bank is currently trading at P/BV10 4.2x and PER10 17.1x. We still call Buy on the counter.
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