Bank Central Asia (BBCA IJ): 1Q19 results: Smooth performance

Bank Central Asia (BBCA IJ)
Analyst: Yap Swie Cu
HOLD-UPF / TP: IDR26,700 (-4.6%)
1Q19 results: Smooth performance
• Business expansion and stable margin supports 1Q19 earnings
• Modest lending growth driven by corporate segment
• A slight pick-up in NPL ratio
• Excellent funding franchise supports margin
• Valuation