Bank Danamon reported net profit of Rp1.4tn in 1H10,above our expectation,yet inline with consensus estimates.The bank reported lower than expected provisioning expenses enabled by improvement in NPL.In terms of Pre-provision operating profit (PPOP),the bank ’s financial result was actually in line with our expectation.
The bank ’s loans improved by 10%qoq in 2Q10 to Rp71.1tn with wholesale and massmarket segment posted the highest loan growth of 14%qoq and 12%qoq respectively.Despite srong growth in wholesale segment,mass market still dominated the total loans (56%of total loans at end Jun10). This allowed the bank to maintain a high NIM of 11.6%in 1H10,the highest in the sector.
The bank targets loans to grow by 20%yoy this year and believed that it will be achieved.
At the current price,the stock is trading at 2011F P/BV of 2.3x and PER of 13.0x,We are currently reviewing our forecast on the bank.
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