• In 1H10, Bank Danamon’s net income was boosted by 64.7 % to Rp1.43tn. This satisfied consensus as it accounted for 50.6% of 2010F full year expectation. The company’s operating income was up by 20.5% to Rp6.42tn from Rp5.33tn. This year, Danamon did not book any provisions and cost of unwinding foreign exchange transactions, in contrast to last year where Rp152.0bn was deducted from net profit after tax.
• Total loans grew by 15.4% YoY to Rp 71.07tn boosted by strong growth in mass market segment (28.0% YoY). The mass market segment’s biggest contributor, Adira Finance, grew by 43.4% YoY thanks to growth in 4W and 2W financing, with total loans reaching Rp24.18tn in 1H10. While Danamon Simpan Pinjam, which targets market traders, grew at a healty19.9%% to Rp13.74tn.
• Management managed to raise total CASA by 31% to account for 39% of total deposits. As a result, the company’s Net Interest Margin showed good performance by increasing to 11.6% from 10.0% in 1H09, while Cost to Income Ratio improved to 49.2%. Gross NPL was flat at 3.4% from 3.5% a year ago.
• On a quarterly basis, loans grew 10.3% in the second quarter, making YTD growth of 12.0%. The bank believes it can achieve its full year target for loans growth at 20.0% for this year, as domestic economic growth positively affects its main target which are self-employed and SME.
• BDMN is trading at 2011F consensus PER of 12.7x and PBV of 2.3x.
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