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Apr 29, 2016 09:49:34
Bank Rakyat Indonesia ($BBRI) – Inline result

Key highlights on 1Q16’s result:
¨ Net interest income were 24.5%/25.0% of our/consensus forecast as interest expenses down by 6.1% YoY.

¨ Net interest margin expanded by 51bps on YoY basis mostly supported by lower blended cost of 3.88% in 1Q16 (down by 62bps on YoY basis) as CASA proportion rose to 55.2% of customer deposits at March 2016 (March 2015: 51.4%).

¨ Gross NPL ratio thick up to 2.22% (March 2015: 2.17%) with lower proportion on special mention loans (SML) at 6.4% (March 2015: 7.13%) with higher credit cost of 250bps.

¨ Net income were 23.4%/23.5% of our/consensus forecast.
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