BBCA
Contact our analyst Achmadi
15% upside, Buy
5th February 2026
Price Rp7,800
Target price Rp9,000
Steady Profit Growth Amid Margin Compression
In 2025, BBCA’s net profit attributable to the parent entity increased 4.9% YoY to IDR 57.54 trillion, supported mainly by stronger other operating income, which rose 8.7% YoY, driven by a 40.4% YoY increase in income from FVTPL instruments. Net interest income continued to grow but at a slower pace, up 4.0% YoY, as interest income rose 4.3% YoY while interest expenses increased at a faster 6.6% YoY. This resulted in a 40 bps YoY decline in bank-only NIM to 5.60% and a 15 bps YoY decline in consolidated NIM to 6.30%. Looking ahead, we expect BBCA’s net profit attributable to the parent entity to reach IDR 62.02 trillion by end-2026, representing growth of 7.8% YoY.
Loan Growth Remains In Line with Guidance
As of December 2025, BBCA’s consolidated loan portfolio expanded 7.7% YoY to IDR 992.01 trillion, within its 6–8% target range. Corporate loans led growth (+12.2% YoY), followed by Commercial & SME loans (+6.1% YoY). Consumer loans were broadly stable (+0.2% YoY), supported by 10% YoY growth in personal loans. Sustainable finance loans increased 11.7% YoY to IDR 255 trillion, accounting for 25.8% of total loans, including strong EV financing growth (+53.8% YoY to IDR 3.6 trillion) and renewable energy financing of IDR 6.2 trillion. We forecast total loans to grow 9.1% YoY to IDR 1,083.47 trillion by end-2026, in line with the bank’s 8–10% guidance.
Credit Quality Remains Well Controlled
BBCA’s asset quality remained robust as of December 2025, with both consolidated and bank-only gross NPL ratios at 1.7%, improving 10 bps QoQ and 40 bps YoY. The Corporate segment continued to show the strongest performance, with NPLs declining 17 bps YoY to 1.34%. We expect BBCA’s consolidated gross NPL ratio to improve further to 1.41% by end-2026.
CASA Ratio Improves Amid Higher Transaction Activity
BBCA’s consolidated CASA ratio rose to 83.68% (+218 bps YoY), supported by strong transaction activity, with total transaction frequency rising 76% over the past three years. Growth was driven by Current Accounts (+20.1% YoY) and Savings Accounts (+8.7% YoY). We expect CASA to strengthen further to 84.90% by end-2026.
Buyback Program Amid Market Volatility
BBCA announced a share buyback program of up to IDR 5 trillion aimed at supporting market stability, strengthening investor confidence, and enhancing shareholder returns. The program will run for 12 months following AGM approval scheduled for 12 March 2026, unless completed earlier in accordance with regulations.
Valuation: 15% Upside, Buy
We revise our 12-month target price to IDR 9,000, implying 15% upside and a valuation of 3.63x PBV. Our valuation is based on an updated Dividend Discount Model (DDM) reflecting current market conditions, forward macro assumptions, and BBCA’s strong fundamentals. We maintain our BUY recommendation.
In 2025, BBCA’s net profit attributable to the parent entity increased 4.9% YoY to IDR 57.54 trillion, supported mainly by stronger other operating income, which rose 8.7% YoY, driven by a 40.4% YoY increase in income from FVTPL instruments. Net interest income continued to grow but at a slower pace, up 4.0% YoY, as interest income rose 4.3% YoY while interest expenses increased at a faster 6.6% YoY. This resulted in a 40 bps YoY decline in bank-only NIM to 5.60% and a 15 bps YoY decline in consolidated NIM to 6.30%. Looking ahead, we expect BBCA’s net profit attributable to the parent entity to reach IDR 62.02 trillion by end-2026, representing growth of 7.8% YoY.
Loan Growth Remains In Line with Guidance
As of December 2025, BBCA’s consolidated loan portfolio expanded 7.7% YoY to IDR 992.01 trillion, within its 6–8% target range. Corporate loans led growth (+12.2% YoY), followed by Commercial & SME loans (+6.1% YoY). Consumer loans were broadly stable (+0.2% YoY), supported by 10% YoY growth in personal loans. Sustainable finance loans increased 11.7% YoY to IDR 255 trillion, accounting for 25.8% of total loans, including strong EV financing growth (+53.8% YoY to IDR 3.6 trillion) and renewable energy financing of IDR 6.2 trillion. We forecast total loans to grow 9.1% YoY to IDR 1,083.47 trillion by end-2026, in line with the bank’s 8–10% guidance.
Credit Quality Remains Well Controlled
BBCA’s asset quality remained robust as of December 2025, with both consolidated and bank-only gross NPL ratios at 1.7%, improving 10 bps QoQ and 40 bps YoY. The Corporate segment continued to show the strongest performance, with NPLs declining 17 bps YoY to 1.34%. We expect BBCA’s consolidated gross NPL ratio to improve further to 1.41% by end-2026.
CASA Ratio Improves Amid Higher Transaction Activity
BBCA’s consolidated CASA ratio rose to 83.68% (+218 bps YoY), supported by strong transaction activity, with total transaction frequency rising 76% over the past three years. Growth was driven by Current Accounts (+20.1% YoY) and Savings Accounts (+8.7% YoY). We expect CASA to strengthen further to 84.90% by end-2026.
Buyback Program Amid Market Volatility
BBCA announced a share buyback program of up to IDR 5 trillion aimed at supporting market stability, strengthening investor confidence, and enhancing shareholder returns. The program will run for 12 months following AGM approval scheduled for 12 March 2026, unless completed earlier in accordance with regulations.
Valuation: 15% Upside, Buy
We revise our 12-month target price to IDR 9,000, implying 15% upside and a valuation of 3.63x PBV. Our valuation is based on an updated Dividend Discount Model (DDM) reflecting current market conditions, forward macro assumptions, and BBCA’s strong fundamentals. We maintain our BUY recommendation.
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