BMRI posted positive net profit of Rp5.1 tn in
3Q14, grew 4.8% qoq and 8.8% yoy, helped by strong penetration in micro segment
and well managed asset quality. NIM in 3Q14 recorded at 5.8% or down 10bps qoq,
due to 40bps hikes in cost of funds. Going forward, a decrease in LDR to 85.3%
and BMRI’s plan to sell some government bonds will help boost lending. We
maintained our HOLD rating with TP of Rp11,400.
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