Bank BJB (BJBR) posted net profit of Rp1.37 trillion last year, an increase of 15% from 2012 on strong growth of net interest income. It had total assets slightly bigger than TPG Capital’s BTPN and generated about the same return on equity (ROE). BJBR, however, is valued one-third of BTPN only due to significant discount of its valuation.

To subscribe please click here