BBCA - Aug23 BBCA earnings rose 29% yoy

BBCA - Aug23 BBCA earnings rose 29% yoy Bank Central Asia (BBCA) earned a net profit of IDR31.7 tn (bank only) as of August 2023, growing 29% yoy from the same period last year. This was supported by strong operating profit growth and a decrease in provisions. BBCA credit growth reached 10% yoy until August 2023, while TPF grew 5% yoy. (Source : Investor Daily). Comment : We believe BBCA earnings will continue to solid in the remaining quarters of this year. Its solid 1H23 and strong Aug23 bank only result should become as indication that its FY23 could beat both ours and market expectation. Maintain our BUY stance for BBCA with TP IDR10,150 (5.1x/4.6x ‘23F/’24F P/B).