Bank Danamon's CASA portion improves to 47% of total deposits

But growth wasn't fast enough that LDR reached 101%.

According to Maybnak Kim Eng, Danamon's IDR4t net profit in FY12 is in line with estimates. The result was supported by the bank's ability to grow its loan book by 14% YoY despite earlier concern that contribution from Adira (ADMF.IJ) would slow down as regulators imposed higher downpayment requirement on mid 2012.

Here's more from Maybank Kim Eng:

We note that Danamon's CASA portion improved by 60bps YoY to 47% of total deposits. It translated to CoF softening to 4.5% in 2012 vs. 5.7% in 2011. This was the main support to Danamon's double digit NIM of 10.2% last year.

The growth in CASA, however, was still not fast enough that LDR reached 101%.

Although 2012 result met our expectation, share price overhang might continue as investors await the result of DBS’ plan to buy stakes in Danamon. This acquisition is still pending Bank Indonesia’s approval.

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