BBCA registered firm 3Q14 net profit of Rp4.3 tn, improved 3.8% qoq and
7.7% yoy, on the back of favorable funding cost since special time deposit rate
(below Rp2 bn) decrease to 8.25% in August-October 2014. However, gross NPL
worsened 20bps qoq, due to Rp400 bn troubled loan in one corporate borrower.
The latter brought down the coverage ratio to 295% in 3Q14 (2Q14: 386.1%). We
reiterated our HOLD rating with maintained TP of Rp12,800.
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