FR CGS-CIMB (YU) : Bank Negara Indonesia
3Q18 results: earnings supported by robust NII and lower provisioning
Mkt.Cap:US$8,863.00m | Avg.Daily Vol:US$11.23m | Free Float:40.00%
Banks
Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
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â– 9M18 net profit of Rp11.4tr (+13% yoy) was in line with estimates. PPOP growth was decent,driven by strong NII.
â– NIM dropped slightly to 5.3% in 9M18 vs. 5.4% in 1H18 despite relatively stable Cost of funds. Credit costs improved amid better asset quality.
â– Maintain Add. BBNI is one of our top sector picksgiven its undemanding valuation. Key risks are higher bond yields and rupiahdepreciation.
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