BBKP reported earnings increased by 12.9%yoy to Rp226.6bn in 1H10,as the bank managed to reduce its interest expense by -22.3%yoy,despite slow down in interest income of -5.0%yoy due to low credit expansion (+5.2%).This brought net interest income to Rp868.3bn (+25.7%yoy).
However,third party fund grew by 21.2%to Rp21.5tn supported by strong growth in demand deposits and savings by 34.1%and 37.6,respectively.As a result,NIM is resided at 4.85%increased from 4.17%from same period last year.
NPL gross was recorded at 2.85%,declined from 3.96%in 1H09,as reduction in bad debt,especially on its commercial portfolio by -25.6%. Meanwhile LDR was at 80.3%(vs 93.7%1H09)and ROE 18.2%(vs.19.7% 1H09)
As per yesterday ’s price,BBKP trades at P/BV 1.5x and trailing-PE10 10x. There is no analyst covering the stock at the moment.
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