BBRI posted an increase 25.1% in net profit for its 1Q2010 result to Rp2,151, which in line with our expectation and consensus estimates.
The bank’s Net Interest Income increased by 24.1%, as the bank maintained to push the credit growth by 27.7% yoy, to arrive its interest income surge by 15.4%, supported by sustainable interest expense. NPL of the bank stood at 4.1%, led the bank to book provisioning expenses Rp1,420 bn (vs. Rp886 bn FY09). However, the strong Net Interest Income, as well as flat operating expenses, assisted the bank to post sound net profit figure.
BBRI booked gross loan at Rp212,230 bn (+3.3% qoq). However its deposits declined by 4%, due to seasonality at the beginning of the year, resulting LDR up to 86.5% (vs. 81.4%). ROAE remained strong at 33.6% (vs 33.7% FY09) as well as CAR at 15.4% (vs. 14.9%).
BBRI currently trades at P/BV10 3.1x and PER10 11.8x. We have Neutral recommendation on the counter.
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