BBCA - Net profit reaches IDR29 tn in the first half of 2025

BBCA - Net profit reaches IDR29 tn in the first half of 2025 Bank Central Asia (BBCA) recorded a net profit of IDR29 tn throughout the first half of 2025. This amount increased by 8% yoy. In its intermediation function, Indonesia's largest private bank recorded a credit growth of 12.9% yoy, reaching IDR959 tn as of June 2025. Total third-party funds (DPK) increased by 5.7% yoy, reaching IDR1,190 tn as of June 2025. Current accounts and savings accounts (CASA) on a consolidated basis contributed approximately 82.5% of the total DPK, growing by 7.3% to reach IDR982 tn. (Source : Cnbc Indonesia) Comment : BBCA 1H25 net income (8.0% yoy) arrive in line with our and cons. expectation at 49.5%/48.8% vs 47.38%, driven by solid top line and PPoP amid the uncertainty macro environments. Robust loans remains 12.9% yoy, came at above industry and '25F management guidance (6-8% yoy) and our forecast (6.6% yoy). Total TPF grew 5.7% yoy, supported by CASA growth of 7.3% yoy (CA: 9.2% yoy) and we like the declining high funding cost segment (TD = -1.1% yoy). Amid continuing profitability pressure, BBCA still able to booked NIM expansion of +10bps (5.8% from 5.7%, in line with guidance and our ‘25F NIM forecast for BBCA), while RoE also recorded around 40bps higher to 25.2%. Maintain BUY, with GGM TP IDR 12.510, while currently trades at 3.3x ‘25F P/B or closed to its -1SD of 3.2x ‘25F P/B.