BBCA
Contact our analyst Achmadi
16% upside, Buy
11th August 2025
Price Rp8,550
Target price Rp9,950
BBCA: Stable Margins and Solid Earnings Growth
In 1H-2025, BBCA’s net profit attributable to the parent entity grew 7.96% YoY to IDR 29.02 trillion. Growth was supported by a 6.74% YoY increase in net interest income to IDR 42.58 trillion, helping maintain the annual NIM ratio at 5.8%. Non-interest income also increased 10.58% YoY, with net income from transactions at FVTPL recording the strongest growth at +25.08% YoY. We forecast BBCA’s 2025 net profit attributable to the parent entity will reach IDR 57.77 trillion (+5.36% YoY).
Loan Growth Accelerates, Led by Corporate and Mortgage Segments
As of June 2025, BBCA’s consolidated loan portfolio grew 12.93% YoY to IDR 959.15 trillion. The Corporate segment remained the largest contributor and recorded the highest growth at +16.26% YoY. Mortgage loans also grew +8.4% YoY, supported by the “BCA Expoversary 2025” event. Sustainable loans rose 21.1% YoY to IDR 240 trillion, accounting for 24.9% of the portfolio (vs. Jun-2023: 23.2%). We expect full-year 2025 consolidated loan growth of +9.32% YoY to IDR 1,007.82 trillion.
Asset Quality Remains Strong
As of June 2025, BBCA’s consolidated and bank-only gross NPL ratios were stable at 2.2%, unchanged from June 2024. The Corporate segment improved by 7 bps YoY to 1.66%, while the Consumer segment saw an increase of 33 bps YoY to 2.16%. The consolidated SML ratio improved to 2.2% from 2.6% in 1H-2024. By December 2025, we expect both consolidated and bank-only gross NPL ratios to decline to 1.80%.
Digital Transactions Drive CASA Growth
BBCA’s consolidated CASA ratio rose to 82.55% (+121 bps YoY), supported by growth in Current Accounts (+9.17% YoY) and Savings Accounts (+6.15% YoY). Transaction frequency increased 17% YoY, with mobile and internet banking transactions up 19% YoY. We expect the CASA ratio to reach 82.75% by year-end 2025.
Buyback Program Amid Market Volatility
BBCA conducted a share buyback from 26 March to 15 May 2025 (accelerated from the original end date of 24 June 2025) in response to market volatility. The bank repurchased 28,317,500 shares (par value IDR 12.5 each) at a total cost of IDR 249.99 billion, with an average purchase price of IDR 8,828.19 per share.
Valuation: 16% Upside, Buy
Using the Dividend Discount Model (DDM), we revise our one-year target price for BBCA to IDR 9,950, implying a 4.32x PBV and a 16% upside. Recommendation: BUY.
In 1H-2025, BBCA’s net profit attributable to the parent entity grew 7.96% YoY to IDR 29.02 trillion. Growth was supported by a 6.74% YoY increase in net interest income to IDR 42.58 trillion, helping maintain the annual NIM ratio at 5.8%. Non-interest income also increased 10.58% YoY, with net income from transactions at FVTPL recording the strongest growth at +25.08% YoY. We forecast BBCA’s 2025 net profit attributable to the parent entity will reach IDR 57.77 trillion (+5.36% YoY).
Loan Growth Accelerates, Led by Corporate and Mortgage Segments
As of June 2025, BBCA’s consolidated loan portfolio grew 12.93% YoY to IDR 959.15 trillion. The Corporate segment remained the largest contributor and recorded the highest growth at +16.26% YoY. Mortgage loans also grew +8.4% YoY, supported by the “BCA Expoversary 2025” event. Sustainable loans rose 21.1% YoY to IDR 240 trillion, accounting for 24.9% of the portfolio (vs. Jun-2023: 23.2%). We expect full-year 2025 consolidated loan growth of +9.32% YoY to IDR 1,007.82 trillion.
Asset Quality Remains Strong
As of June 2025, BBCA’s consolidated and bank-only gross NPL ratios were stable at 2.2%, unchanged from June 2024. The Corporate segment improved by 7 bps YoY to 1.66%, while the Consumer segment saw an increase of 33 bps YoY to 2.16%. The consolidated SML ratio improved to 2.2% from 2.6% in 1H-2024. By December 2025, we expect both consolidated and bank-only gross NPL ratios to decline to 1.80%.
Digital Transactions Drive CASA Growth
BBCA’s consolidated CASA ratio rose to 82.55% (+121 bps YoY), supported by growth in Current Accounts (+9.17% YoY) and Savings Accounts (+6.15% YoY). Transaction frequency increased 17% YoY, with mobile and internet banking transactions up 19% YoY. We expect the CASA ratio to reach 82.75% by year-end 2025.
Buyback Program Amid Market Volatility
BBCA conducted a share buyback from 26 March to 15 May 2025 (accelerated from the original end date of 24 June 2025) in response to market volatility. The bank repurchased 28,317,500 shares (par value IDR 12.5 each) at a total cost of IDR 249.99 billion, with an average purchase price of IDR 8,828.19 per share.
Valuation: 16% Upside, Buy
Using the Dividend Discount Model (DDM), we revise our one-year target price for BBCA to IDR 9,950, implying a 4.32x PBV and a 16% upside. Recommendation: BUY.
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