Analisa Saham BBNI | 15 Oktober 2017

FR CIMB (YU) : Bank Negara Indonesia

3Q17 results: Solid PPOP and continuous improvement on asset quality

BBNI IJ / BBNI.JK | ADD - Maintained | Rp7,500.00 tp:Rp9,000.00▲

Mkt.Cap:US$10,337.00m | Avg.Daily Vol:US$7.91m | Free Float:40.00%
Banks

Author(s):Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON

   
■   BBNI’s 9M17 net profit of Rp10.2tr (+32% yoy; +18% qoq in 3Q17) was slightly ahead at 78%/77% of our/Bloomberg consensus’ FY17F estimates. 

■   The robust profit was driven by strong PPOP (+12% yoy) and benign provisions (-17% yoy). CoC stood at 1.8% in 9M17, in line with our FY17F estimate.

■   Loans grew 13% yoy (+2% qoq) in 3Q17, slower than deposits (+20% yoy/+4% qoq).

■   NPL and SML improved to 2.75% and 3.5% in 3Q17, from 2.8% and 3.9% in 2Q17, respectively. Loan-at-risk improved to 11.1% in 3Q17 from 11.3% in 2Q17. 

■   Maintain Add with a higher GGM-based TP (Ke: 13.9%, LTG: 10%) of Rp9,000 as we roll forward to end-2018.