MNC Securities - buy BJTM with target price 545
Date: 05 august 2014Categories : IRU
Bank Jatim is currently the focus to maximize the scope of the business area of East Java one with the expansion of branch network by opening 11 new branches. Due to the economic potential in East Java, which is still very large with the number of population of 38,636,261 and the economic growth of 6:40%
Bank Jatim reported a good performance in the second quarter / 2014 the net profit increased 26.76% yoy, net interest income increased 25.38% yoy, loans increased by 21.48%, and third-party funds also increased 29.41% with the composition time deposits increased by 31.03%.
In line with the ratio reported NIM at 7.03%, 4.07% ROA, ROE of 22.06%. Continues to innovate in the development of products and services in order to improve financial inclusion including Bank Jatim source code has had its own SMS Banking system is 3366, the development of e-money products through Bank of East Java Flazz cooperate with BCA and Bank Jatim has had a micro unit as a service for micro segment debtor banks to gain access.
BUY recommendation
with a target price of 545