Mar 16, 2011

BNI FY10 net income surges 65%

PT Bank Negara Indonesia Tbk (BNI) posted a 65% jump in net income to Rp4.10 trillion last year from Rp2.48 trillion in 2009.
Net interest income rose 5% to Rp11.72 trillion from Rp11.13 trillion. "Our net income grew higher as non interest income jumped 64% to Rp7.06 trillion from Rp4.29 trillion, while provision cost shrank to Rp3.63 trillion from Rp4.05 trillion," BNI President Director Gatot Suwondo told reporters today.
Loans surged 13% to Rp136.36 trillion from Rp120.84 trillion and CAR increased to 18.6% from 13.8%.
According to him, loan to deposit ratio soared to 70.2% from 64.1%. But, net interest margin slight fell to 5.8% from 6%.
The bank expects its loan to rise 20% and NIM of 5%-5.5%.
Gatot admitted that BNI has proposed a conversion of Rp17.1 trillion recapitalization bond into shareholdings in certain state-owned companies focusing in stock brokerages or general insurance.
"We prefer general insurance or holding companies of brokerages such as Danareksa (Persero) and Bahana Pembinaan Usaha Indonesia," he said.
He said BNI has unofficially submitted the plan to Ministry of State-Owned Enterprises. He thought that MSOE would approve his proposal. "We will pick company which can create synergies with BNI."
Adding to that, BNI is keen to dispose minority stakes of 25%-30% in subsidiaries such as BNI Securities, BNI Syariah, and BNI Life. "We will dispose majority stake in BNI Multifinance."
So far, BNI has drawn attention from several potential local bidders, Asia, and Europe. 

Disclosure: No position at the stock mentioned above.  

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