BI's announcement of preliminary August loans data, has seen growth accelerating from corporate and commercial segments. Working capital loans grew +21% yoy and +16% ytd, implying a 54% ytd growth contribution.
Investment loans too has grown at a robust +29% yoy, +22% ytd. Both segments outpaced industry growth of +21% yoy and +14% ytd. This latest development has reaffirmed our top picks for the banking sector.
We have seen growing investment confidence, as indicated by rising investment contribution to GDP from 17% in 2003 to 28% in 2009. Some manufacturing relocations to Indonesia should also help future investment activities. Beneficiaries of expanding loan pie will be banks with strong deposit franchise and low cost of deposit. BI's latest announcement places BNI (TP Rp5,000), Mandiri (TP Rp7,100) and BCA (TP Rp7,000) as our top picks in Indonesian banking sector.
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