Bank Central Asia (BBCA.JK): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

Bank Central Asia (BBCA.JK): Asia Financials Corporate Day Takeaways

Equity Research

25 June 2026 | 5:34PM SGT

Melissa Kuang, CFA

+65-6889-2869 |

melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

Wayne Wang

+65-6889-2866 |

wayne.q.wang@gs.com

Bottom line:

We hosted BBCA’s investor relations team at our Asia Financial Corporate Day today.

Overall, BBCA maintained a cautious stance given the current macro environment,

but continues to see stable performance supported by strong funding, resilient fee

income and disciplined balance sheet management. The focus remains on balancing

growth with prudence, while continuing to benefit from a strong funding franchise.

BBCA highlighted that (1) Loan growth is expected to come in below guidance at

around May levels of 5%, reflecting both softer demand and a more cautious stance

particularly in retail and SME segments; (2) NIM is expected to remain within

guidance, supported by rate hikes with repricing benefits taking time to come

through; (3) Asset quality remains stable overall, with continued pressure in the

retail portfolio but no deterioration beyond expectations; (4) Fee income growth

remains solid, particularly from recurring transaction banking activities; and (5)

Capital payout (DPO) has been raised and is expected to continue trending higher

over time.

Key takeaways:

n Loan growth is expected to be muted, with BBCA indicating that full year

growth could track closer to current levels of around 5%, below the 8-10%

guidance. Growth remains supported by corporate lending, particularly in

infrastructure, data centres and projects involving foreign partners, while retail

and SME demand remains subdued. BBCA continues to prioritise asset quality

over volume, taking a more selective approach in the current environment.