Bank Central Asia BBCA IJ - Buy - Solid YTD Jul-24 results
BBCA’s bank-only Jul-24 earnings of IDR4.9tr (+1% m-m / +17% y-y) brings YTD Jul-24 headline profit to
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Valuation and risks
Fig. 1: BBCA Jan-26 y-y performance %
Fig. 2: BBCA monthly results
| BBCA - Monthly Results IDRbn | Jan-25 | Dec-25 | Jan-26 | M-M | Y-Y |
| Int income | 7,726 | 7,774 | 7,742 | 0% | 0% |
| Int expense | 1,029 | 1,033 | 1,115 | 8% | 8% |
| NII | 6,697 | 6,741 | 6,628 | -2% | -1% |
| PPOP | 6,395 | 5,323 | 6,402 | 20% | 0% |
| Provisions | 568 | (357) | 262 | -173% | -54% |
| Net profit | 4,726 | 4,433 | 4,999 | 13% | 6% |
| M-M loan growth | -0.2% | 4.4% | -1.3% | ||
| Y-Y loan growth | 15.1% | 7.5% | 6.3% | ||
| YTD loan growth | -0.2% | 7.5% | -1.3% | ||
| M-M deposit growth | 1.0% | 1.7% | 0.5% | ||
| Y-Y deposit growth | 2.0% | 10.0% | 9.4% | ||
| YTD deposit growth | 1.0% | 10.0% | 0.5% | ||
| LDR | 80% | 79% | 77% | ||
| NIM | 6.0% | 5.5% | 5.4% | ||
| Risk-Adj NIM | 5.5% | 5.8% | 5.2% | ||
| LLR | 3.7% | 3.1% | 3.1% | ||
| Credit cost (CoC) | 0.76% | -0.46% | 0.33% | ||
| CASA ratio | 83% | 85% | 85% | ||
| Monthly CIR | 16% | 24% | 17% | ||
| Loan-to-CASA | 97% | 93% | 91% | ||
| B/S ROAE (annualised) | 22.2% | 19.7% | 21.9% | ||
| Risk-adj NIM | 5.2% | 6.0% | 5.1% | ||
| B/S ROAA (annualised) | 4.0% | 3.5% | 3.9% | ||
| Asset yield (annualised) | 6.9% | 6.4% | 6.3% | ||
| COF (annualised) | 1.10% | 1.02% | 1.08% | ||
| CASA Y-Y % | 3.7% | 12.9% | 12.3% | ||
| PPOP Y-Y % | 12.3% | 5.5% | 0.1% | M-M | Y-Y |
| Loans | 893,026 | 961,904 | 948,957 | -1% | 6% |
| Deposits | 1,120,468 | 1,219,568 | 1,225,423 | 0% | 9% |
| CA | 361,773 | 431,029 | 432,451 | 0% | 20% |
| Savings | 563,285 | 600,636 | 606,455 | 1% | 8% |
| TD | 195,410 | 187,902 | 186,517 | -1% | -5% |
| CASA | 925,058 | 1,031,665 | 1,038,906 | 1% | 12% |
| Equities | 258,048 | 271,658 | 275,324 | 1% | 7% |
| Total Assets | 1,430,856 | 1,537,371 | 1,559,675 | 1% | 9% |
Fig. 3: BBCA – 12MMA CoC vs 12MMA WO %
Fig. 4: BBCA – LLR vs 12MMA WO %
INVESTMENT RATINGS
A rating of ‘Buy’, indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of ‘Neutral’, indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of ‘Reduce’, indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of ‘Suspended’, indicates that the rating, target price, and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies that are labelled as ‘Not Rated’ or ‘No Rating’ are not in regular research coverage. Benchmark is Indonesia Composite Index (‘IDX Composite’). A ‘Target Price’, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part of the analyst’s estimates for the company’s earnings, and may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market in general.
GENERAL DISCLOSURE/DISCLAIMER
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ANALYST CERTIFICATION
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| Rating Remains | Buy |
| Target price Remains | IDR 10,100 |
| Closing price 18 February 2026 | IDR 7,275 |
Erwin Wijaya (erwin.wijaya@verdhana.id)
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