BCA reported net income of Rp3.98 bn, below our expectation yet inline with consensus estimates.
The bank recorded lower than expected net interest income as the bank lowered its lending rate (ranging between an average 10 bps to 50 bps) following the decline in SBI rates. We previously expect that the bank would maintain its lending rate given its strong position in the industry.
Meanwhile, loans was quite strong at 8.9% qoq to Rp131.6tn at end Jun10 with consumer loans posted the highest growth of 10.7% qoq to Rp31,4 tn. Mortgage continued to be the largest contributor to total consumer loans, representing 49% at end Jun10. The bank’s average yield on mortgage declined to 10.4% in 2Q10 from 10.6% in 1Q10.
Despite its lower than expected results, we still like BCA for the bank will benefit most from the rising interest rate environment (our economist estimates that SBI rate will likely go up in 4Q10) given its huge excess liquidity (secondary reserves recorded at Rp76.6tn at end Jun10).
At current price, the stock is trading at 2011F at 3.9x and PER of 13.1x. We maintained our buy recommendation on the counter.
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