Bank Negara Indonesia (BBNI) – Maintain BUY
Price: Rp3,000 – Target Price: Rp3,450
Good efficiency and strong fee income
• Net interest income and net income in 1H10 rose by 9.5% and 60.8% YoY respectively, translation to 47.5%-52.2% of our estimates
• Excess liquidity increase significantly (+49%), we see the excess liquidity could be a buffer for undisbursed loan
• Strong fee income due to recovery loan as much as Rp849 bn
• Proportion of CASA increased to 60% from 54%
• Maintain our BUY recommendation with price target Rp3,450/share





