BBCA - Profit Increases 13.50% to IDR 35.99 tn as of August 2024

BBCA - Profit Increases 13.50% to IDR 35.99 tn as of August 2024 Bank Central Asia (BBCA) reported net profit on a bank only basis of IDR35.99 tn as of August 2024. This figure shows an increase of 13.50% yoy compared to the same period last year which reached IDR31.71 tn. This net profit growth was driven by an increase in BCA's net interest income which rose 8.78% yoy to IDR50.55 tn as of August 2024, compared to IDR46.47 tn in August last year. The non-interest income also increased by 2.02% yoy to IDR14.25 tn as of August 2024, from IDR13.97 tn in the same period last year. (Source : Kontan) Comment : We like BBCA Aug24 earnings result. With pocketing such solid net profit, we believe BBCA will effortlessly reaching both ours and ‘24F consensus PATMI expectation. Maintain BUY, GGM TP of IDR11,070 (pegged at 4.8x ‘24F P/B).