BBCA - Net profit to reach IDR 57.5 tn in 2025, growing by 4.9%

BBCA - Net profit to reach IDR 57.5 tn in 2025, growing by 4.9% Bank Central Asia (BBCA) and its subsidiaries successfully recorded a net profit of 4.9% yoy, reaching IDR57.5 tn as of December 2025. This was supported, among other things, by BCA's net interest income (NII), which grew 4.1% yoy, and non-interest income, which increased 16% yoy. On the intermediation side, BCA recorded a total loan growth of 7.7% yoy to IDR993 tn as of December 2025. On average, BCA's loan growth reached 10.8% throughout 2025. As of December 2025, BCA's total third-party funds (DPK) grew 10.2% yoy to reach IDR1,249 tn. BCA's total transaction frequency in 2025 increased by 17% yoy to 42 bn. At its peak, BCA processed nearly 300 million transactions in a single day. The frequency of mobile banking and internet banking transactions grew by 19% yoy. (Source : Company) Comment : BBCA’s single digit growth PATMI (+4.9% yoy) mainly pressures by provisions spike, while robust non-interest income (+16.0% yoy) and manageable opex helped PPoP grew higher (7.4% yoy). In all, ‘25A earnings (IDR57.5 tn), came in line with ours and consensus ‘25F expectation (101.0%/99.7%). Total loans growth of 7.7% yoy, came in within BBCA’s ‘25F expectation and 110bps beating our ‘25F for BBCA loan growth. Worth noting, flattish consumer segment (+0.2% yoy) was hampered by vehicles segment (-13.3% yoy, -7.8% qoq) and in line with our ‘25F. On key metrics performance, NIM were flat (-0.1% yoy) to 5.7%, yet beating our ‘25F NIM for BBCA of 5.5% (see our previous report). Credit cost arrives at the same figure with our ‘25F CoC for the bank of 0.5%. Worth to note that despite +0.2% yoy, CoC were improving (-0.2% qoq) on quarterly basis. Amid the prolonged market concern, gross NPL continue stunning, came in at 1.7% (FY25, -0.1% yoy) and improves by -0.4% qoq from 2.1% (3Q25) to 1.7% in 4Q25, strongly beating our ‘25F forecast. Maintain BUY, GGM-TP of IDR11,080 (4.1x ‘26F P/B), while currently at 2.7x, below -2SD of 3.1x ‘26F P/B.