Bank Central Asia (BBCA.JK): BBCA 7M26 Results – NIM Expansion with Benign Asset Quality

Research evidence excerpt

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19 Aug 2026 01:02:08 ET │ 11 pages

Bank Central Asia (BBCA.JK)

BBCA 7M26 Results – NIM Expansion with Benign Asset Quality

CITI'S TAKE

BBCA reported in-line Jul26 NPAT of Rp5.06tn, +5%YoY, with 7M26 at

58% of FY26E BBG-consensus. Loan growth +8.4%YoY/0.3%MoM/+4.1%YTD, maintaining its momentum from 2Q26 and within

management guidance of 8-10%. NIM expanded 5.6%, +0.3%MoM mainly

driven by higher asset yield 6.6%, +0.3%MoM as repricing from higher BI

rates flows through. CoF remained stable. Total deposits

+8.2%YoY/+0.7%MoM drove stable LDR 79.6%, -0.5%MoM. Asset quality

improved with credit costs 0.3%, -0.2%MoM and 7M26 of 0.4% despite

revised FY26 guidance of 50-60bps (from 40-50bps). We maintain Buy

on BBCA as we believe it remains the most defensive and highest-quality

bank in Indonesia. Thesis playing out; recent BI rate hikes benefit BBCA

more than peers as it has the highest sensitivity to NIM. BBCA’s dominant

CASA franchise implies minimal impact to CoF from BI’s hike while it

benefits from higher asset yields. BBCA trades at 2.4x FY27E PBV, with

22% ROE. FY27E div yield 6.1%.

Buy

Price (18 Aug 26 16:00)

Rp6,300

Target price

Rp9,800

Expected share price

55.6%

return

Expected dividend yield

5.3%

Expected total return

60.9%

Market Cap

Rp768,866,487M

US$43,062M

Ferry Wong, CFAAC