BBCA - Inline FY25 earnings

KBVS Update
Wednesday, 28 Jan 2026

BBCA: Inline FY25 earnings
(Maintain BUY; GGM TP: IDR11,080)

* BBCA FY25 earnings of IDR 57.5tn (+4.9% yoy) came in line with ours and street forecast (101.0%/99.7%). Total loans in line with BBCA ‘25F and beating our estimates, while TPF grew solid (+10.2% yoy) on robust CASA growth of +13.1% yoy. Credit cost (50bps) arrive at the same numbers with our ‘25F, while NIM and NPL beating our ‘25F estimation by 17bps and 48bps stood at 5.7% and 50bps.

* BBCA ‘26F guidance: (1) loan growth: 8-10%, (2) NIM: 5.4-5.6%, (3) CoC: 40-50bps, (4) CIR: 31-33% and (5) LAR: 4.6-4.8%, sound acceptable.

* We might witness prolonged weak market confidence to continue. Yet, we still expect re-rating to remain intact as declining funding costs, sticky loan yield, steady solid CIR, Non-II and manageable provisions are anticipated to sustain ‘26F earnings. Additionally, consistent selling pressure made the stock now trades at below Covid-Era valuation.

* Maintain BUY with GGM-based TP of IDR11,080 (4.1x ‘26F P/B), while currently trades (2.7x) at below its -2SD of 3.1x.

Regards,
Akhmad Nurcahyadi - KBVS Research