BBCA - Posts profit of IDR14.7 tn in 1Q26

BBCA - Posts profit of IDR14.7 tn in 1Q26 Bank Central Asia (BBCA) recorded positive financial performance. Throughout the first quarter of 2026, BBCA recorded a net profit of IDR14.7 tn, an increase of 3.8% yoy. BBCA disbursed loans amounting to IDR994 tn, or 5.6% yoy. Total third-party funds reached IDR1,292.4 tn, growing 8.3% yoy. CASA rose by 11.2% yoy. The loan at risk and non-performing loan are well-maintained at 5.1% and 1.8%, respectively. (Source : Bloomberg Technoz). Comment : BBCA 1Q26 earnings came inline with our and consensus expectation. Mild loan growth was a seasonal basis and we anticipate a much stronger numbers in the upcoming quarters. Solid CASA will continue driven by both digital and traditional. We also believe declining high funding cost (TD) to sustain and thus will benefit funding cost. We expect more room for funding cost adjustment to balance the declining loan yield trend, resulting to a healthy NIM. Cost to income will play as additional catalyst, while manageable CoC to stay at low level are the main ‘26F earning cushion. Maintain BUY with GGM-based TP of IDR9,480 (3.8x ‘26F P/B).