BBNI: Strong Loan Growth - Higher than Industry, Upgrade to Buy
25 Jul 2019
BBNI: Strong Loan Growth - Higher than Industry, Upgrade to Buy
BBNI booked a strong loan growth of 20.0% YoY in 1H19, higher than banking industry growth of 11.1% YoY in May 2019 supported by strong customer deposit growth of 13.0% YoY and lending rate reduction in corporate segment. The company’s NPL continued to improve in 2Q19 which reached at low level of 1.8% triggered by NPL improvement in corporate and consumer segments. Upgrade to BUY since our new fair value offer 37% upside potential.
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