BBCA’s net profit grew 9.8% YoY to IDR14.1 trillion in 3M25 (IDR56.6 trillion Annualized or 25% of our 2025F).

A maintained Term Deposit Rate accompanied BBCA’s Third Party Fund growth. Third Party Funds (TPF) grew 6.5% YoY to IDR1.2 trillion in 3M25.

Increased third-party funds (TPF) also accompanied this credit growth. BBCA’s TPF grew 2.9% YoY to IDR1.134 trillion in FY24, with the Current Account Saving Account (CASA) growing 4.4% YoY. BBCA’s Term Deposit Rate fell 90 bps YoY to 3.15%. Quarterly, BBCA’s TD rate also recorded a decline of 20 bps (3.13% in 4Q24).

BBCA’s loan growth grew 12.6% YoY to IDR941 trillion in 3M25 (vs industry 9.16%).Corporate loan supported this growth, which rose 13.9% YoY, followed by Consumer loan (+11.3% YoY).

BBCA’s asset quality remains healthy amid macroeconomic fluctuations. Gross NPL is above BBCA’s gross NPL in the last four years (2%).

Strong customer relationships are BBCA’s competitive advantage. Customers increased by 7% YoY to 33 million in 3M25, with BCA’s mobile banking transaction volume reaching 9.9 billion transactions (+19% YoY) in 3M25.

We maintain our BUY recommendation for BBCA shares, with an estimated fair value of Rp11,400. This assessment is based on the Dividend Discount Model and relative valuation analysis, which is still below 4.37x average +1 St. Dev P/B 5 years.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –