Here are Bank Negara Indonesia's 3 biggest earnings drivers

Corporate lending sped up.

According to Maybank Kim Eng, BNI’s IDR9t net profit in FY13 was 9% above our estimate, and 7% above consensus. 

The earning key drivers were: 1) Speed up of corporate lending in 4Q13 with 90% of loan book re-priced following the increase in BI rate; 2) Combined with the acceleration in savings accounts, BNI managed to keep NIM at 6%, above the industry’s 5.5% average; 3) The biggest portion of BNI’s provisioning occurred in 2Q13.

Here's more from Maybank Kim Eng:

Provisioning expenses decelerated towards 4Q13 along with declining NPL, which stood at 2.2% by YE13.

Margin likely to stay at 6%. We estimate loan growth to decelerate towards 17% in 2014F, with the bigger part of the slowdown coming from the corporate segment.

Nevertheless, provided that expansion in the higher-yield consumer lending can continue at 15% YoY and there is no hiccup in CASA growth, we think 6% NIM target for 2014F is achievable.

Provisioning to remain moderate. For its above average NIM to translate to high ROE, BNI needs to maintain a healthy balance sheet. So far we have not seen any indication for NPL to spike up. With the applicable provisioning method, BNI should be able to keep moderate provision expenses in 2014. This and another IDR2t loan recovery will provide earnings support.