Mandiri Sekuritas BNGA: 1H10 results was quite strong

Bank Niaga reported net profit of Rp1.1tn in 1H10 (+62% yoy), supported by a 16% yoy increase in net interest income.

Loans grew by 10% qoq in 2Q10 bringing total loans to Rp91.8tn (+62% yoy) at end jun10. Corporate loans grew higher at 13% qoq to Rp29tn, representing 31.5% of total loans at end Jun10.

At current price, the stock is trading at 2010F PER of 12.6x and P/BV of 2.1x based on Jun10’s results. There is no consensus estimates on the counter and we do not cover the stock either.