BBCA - Steady double-digit earnings; 7M25 PATMI above

KBVS Update
Monday, 25 Aug 2025

BBCA: Steady double-digit earnings; 7M25 above
(Maintain BUY; GGM TP: IDR11,080)

* BBCA has demonstrated exceptional resilience and strategic strength in its latest bank-only results, amid prolonged uncertainty. 7M25 bank only PATMI grew by 10.5% yoy to IDR 34.71 trillion, came in above ours and consensus ‘25F PATMI for BBCA (60.9%/59.6% of ‘25F vs 56.3%).

* The bank also saw robust growth in non-interest income and maintained a steady healthy NIM, propelling its ROE to a notable 23.3%. Despite a marginal monthly profit contraction in Jul25 due to a strategic increase in provisions, we remains confident in BBCA’s ability to manage credit costs.

* Solid loan growth remains +11.0% yoy and significantly outpaced both the bank's * ‘25F guidance (KBVS ‘25F: 6.6% yoy) and industry trends*. Total *TPF growth remain healthy underpinned by solid CASA.  Its strong transactional banking and robust ecosystem will help keep the COF in check, and a steady, high-quality asset mix will be crucial for managing earnings growth in the remaining quarter of this year.

* Maintain BUY, GGM-based TP of IDR11,080 (4.8x ‘25F P/B), currently (3.7x ‘25F P/B) BBCA still attractively trading at slightly below -1SD, from previously -2SD (our latest report) following its "latest short term rally”.

Regards,
Akhmad Nurcahyadi - KBVS Research