BBCA - Records profit of IDR4.73 tn in Jan25

BBCA - Records profit of IDR4.73 tn in Jan25 Bank Central Asia (BBCA) started the year 2025 with positive performance. In January 2025, BCA recorded a net profit of IDR4.73 tn on a bank-only basis, growing 5.8% yoy compared to January 2024, which reached IDR4.47 tn. The growth in profit is in line with the increase in net interest income, which rose by 6.7% yoy to IDR6.7 tn. On the other hand, BCA's interest expenses actually decreased by 3.2% yoy to around IDR1 tn, which also supported the achievement of higher profits. From the intermediation side, BCA's credit (bank only) grew 15% yoy in January 2025. Meanwhile, Third Party Funds (DPK) also continued to grow by 3.9% yoy, indicating stable fund collection. (Source : Kontan). Comment : BBCA's robust performance in January 2025 reflects a positive start to the year. The combination of strong credit growth, improved net interest margins due to lower interest expenses, and stable funding sources contributed significantly to the bank's profitability. This performance highlights BBCA's ability to navigate the economic landscape effectively and capitalize on growth opportunities. The bank's focus on credit growth while maintaining a healthy funding base positions it well for continued success in the coming months. Maintain BUY, with 12M GGM-based TP of IDR12,510 (4.9x ‘25F P/B)