[14:47, 12/5/2018] +62 815-7319-0777: FR CGS-CIMB (YU) : Banks | PDF
10M18 results: robust loan growth, liquidity will be key heading into 2019
OVERWEIGHT - Maintained

Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
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■ Aggregate big 4 + BBTN’s 10M18 net profit grew 13% yoy (-7% mom), in line with our estimate. BBTN was behind due to higher provisions.
■ Loans grew 17% yoy (+1% mom), outpacing deposits (+12% yoy/+1% mom). BBTN (+20 %yoy) and BBCA (+19% yoy) posted the strongest loan growth.
■ LDR rose to 92% in Oct 18 vs. 88% in Oct 17. Among the big 4, BBCA (85%) and BBNI (89%) had the best LDRs. Maintain OW, with BBNI as top pick.
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