Among the Malaysian banks, Maybank has the highest contributions from Indonesia via its 97.5% stake in Bank Internasional Indonesia (BII), the ninth largest bank in Indonesia. Its Indonesian operations account for about 7%+ for the group's net earnings and total loans and this proportion is set to increase to 8-9% in the next two years. BII’s established operations with a wide branch network of more than 100 branches will enable it to benefit from the swift loan growth of 18-20% in Indonesia. Furthermore, BII has a net interest margin of about 6%, way above the circa 2.3% for Maybank's domestic operations. We are projecting a strong FY09-12 CAGR of 57.1% for BII’s net profit. We are also going for 16.4% CAGR for its loan base, almost double our projected loan CAGR of 8.4% for the group. The strong growth of its Indonesian operations underpins Outperform call on Maybank.
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