BBCA - 8M25 PATMI; above ours, inline vs cons.

KBVS Update
Monday, 22 sept 2025

BBCA: 8M25 PATMI; above ours, inline vs cons.
(Maintain BUY; GGM TP: IDR11,080)

* BBCA 8M25 bank only earnings (8.5% yoy), surpassing our forecasts and inline vs consensus. The bank's intermediary function remains strong, with total loans growing by 9.3% yoy, exceeding *management guidance, industry and our forecast.

* BBCA’s strong transactional banking growth is expected to stabilize funding costs and underpin margins for the remainder of the year, keeping its NIM stable within management's ‘25F guidance.

* Concerns about undisbursed loans are unfounded, as historical data from the post-COVID-19 recovery shows that the bank's average net profit grew by 21.3% yoy even with higher levels of undisbursed loans. This track record demonstrates BBCA's proven ability to thrive in challenging conditions.

* Maintain BUY, GGM-based TP of IDR11,080 (4.8x ‘25F P/B). Currently (3.4x ‘25F P/B) attractively trading at below -2SD of 3.6x.

Regards,
Akhmad Nurcahyadi - KBVS Research