Bank Internasional Indonesia (BII) posted a 6M16 net profit of IDR859b, up by 122% YoY. As expected, no dividends were announced. Earnings forecasts for the Maybank Group are unchanged as BII’s PBT contribution is immaterial (FY15: ~ 4%). Maintain TP at RM9.07 and MARKET PERFORM call reiterated.
BII’s 1H16 net profit net profit spiked 122% jump YoY attributed to higher total income with lower opex and loans loss provisions. However, net profit declined QoQ due to higher opex and allowance for impairments. Asset quality deteriorated slightly YoY with the ongoing economic slowdown but improved slightly QoQ. NIM improved both YoY and QoQ despite the cut in interest rates as decline in cost of funds outpaced decline in lending yields.
Source: Kenanga Research - 2 Aug 2016
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