BANK RAKYAT INDONESIA 1H14 results

PT Bank Rakyat Indonesia Tbk (BBRI) booked 15.7% yoy net income growth in 1H14 to Rp11.7 tn. Although on a yearly basis the bottom line figure experienced an increase, net income decreased 0.9% qoq from Rp5.9 tn in 1Q14 to Rp5.8 tn in 2Q14. On the top line, the bank’s recorded 25% yoy increase of net interest income to Rp25 tn, but on a quarterly basis the increase was much more modest, increasing only 1.8% qoq from Rp12.4 tn in 1Q14 to Rp12.6% in 2Q14. During the same period, loan book expanded 17.2% yoy to Rp459 tn at the end of 1H14 and deposit grew slower 11.3% to Rp488 tn, elevating LDR to a higher level of 94% at the end of 1H14, from 89% a year earlier. On a quarterly basis, LDR also increased from 92% at the end of 1Q14. Liquidity has been tightening consistently as LDR is on its upward trajectory.

*Sumber dari Ciptadana Research Department