FR CGS-CIMB (YU) : Bank Negara Indonesia
3Q18 results: earnings supported by robust NII and lower provisioning
BBNI IJ / BBNI.JK | ADD - Maintained | Rp7,200.00 tp:Rp11,100.00
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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■ 9M18 net profit of Rp11.4tr (+13% yoy) was in line with estimates. PPOP growth was decent,driven by strong NII.
■ 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.
■ 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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