• For the first quarter of 2010, BRI managed to book Rp2.15tn as net income, or 25% YoY higher than Rp1.72tn in 1Q09. The result came in 24.3% of market expectation for full year 2010F of Rp8.83tn.
• The performance was due to a rise in net interest income for the bank, which grew 24% YoY to Rp6.7tn. NII grew at a faster rate than operating expenses, which contracted slightly by 3%YoY to Rp4.5tn.
• The lower interest rate condition unfazed BRI, as NIM was comparatively steady at 9.37% compared to 9.46% enjoyed last year. However on the asset quality side, NPL increased to 4.10% from 3.24% the previous year.
• BBRI is trading at 2010F consensus PER of 12.0x and PBV of 3.2x.
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