BBNI was successful in maintaining solid momentum throughout 3Q14 with
the net interest income improved 3.2% qoq and 14.5% yoy. The latter was
supported from its loan yields that improved 30bps qoq, bringing progress in
the net profit of Rp2.7 tn, up 5.1% qoq and 18.4% yoy. Going forwards, benign
NPL, higher NIM and competency to improve operational efficiency, are the
reasons for our upgraded TP to Rp6,600. Maintain BUY.
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