BBCA - Optimist corporate loan to continue grow

BBCA - Optimist corporate loan to continue grow Bank Central Asia (BBCA) booked significant loan growth in 1Q24. According to EVP Corporate Communication and Social Responsibility BCA, Hera F. Haryn, in the future BCA is optimistic that corporate credit will be one of the segments that has the potential for positive growth among BCA's other credit distribution sectors. The majority of BCA's corporate credit growth was channeled to the financial services and non-oil and gas mining sectors. The bank expect credit in 2024, including corporate credit, will continue to record positive growth. (Source: Kontan) Comment : We believe BBCA’s ‘24F loan growth likely to continue arrive within the similar figure of FY23. Corporate will continue as the backbone, while we also believe its consumer segment solid loan growth to remain. Maintain DDM-based TP of IDR11,070 (pegged at 4.9x ’24F P/B).