BJBR reported net profit of Rp548.3bn for its 1H10 result,an increase of 37.5%yoy,which was slightly above the consensus estimates (58.6%).The earnings jump was resulted from the strong net interest income which grew by 28.8%yoy to Rp1.3tn,as loan expanded by 14.1%yoy to Rp20.4tn.
The bank ’ s third party fund recorded at Rp32.1tn (+38.4%),which time deposits covered the majority (56.0%),hence NIM only slightly increased to 7.7%(vs.7.5%1H09).Gross NPL was at 1.86%,double from 0.99%1H09,as new bad debt recorded on each segments,including SMEs,non SMEs and property.
Based on consensus,BJBR is currently trading at 2011F P/BV of 2.1x,and PER of 10.8x,while our bank stocks trades at an average of 2.8x and PE11 11.2x,respectively.
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