Best positioned for rate repricing Quick Note

研报英文原文证据摘录

Best positioned for rate repricing Quick Note

Nomura Securities Malaysia Sdn Bhd

Bank Central Asia BBCA.JK BBCA IJ 17 July 2026

EQUITY: BANKS

RatingBest positioned for rate repricing Remains Buy

Target price IDR 10,100 RemainsQuick Note

Closing price

BBCA's earning asset structure is in our view one of the most effective rate-repricing 16 July 2026 IDR 6,225

engines in the Indonesia banking sector. We note that it has a balance sheet where ~70%

of earning assets would be repriced within 12 months, of which ~51% have

repricing in less than three months – the highest among major banks in our Research Analysts

coverage. This enables BBCA to capture higher SRBI, and benchmark yields

Indonesia Research Team

considerably faster (and more) than peers, while its funding base – supported by an

Tushar Mohata, CFA - NSM

industry-leading 85% CASA ratio – keeps funding costs structurally low and slow to

tushar.mohata@nomura.com

reprice. In our view, this asset-liability mix, rather than loan growth alone, is the primary +60(3)20276895

driver of BBCA's NIM resilience.

Onshore expert

BBCA's earning assets have witnessed a CAGR of ~10.6% p.a. over the past 8 years,

expanding from IDR657tn in 1Q18 to IDR1,472tn in 1Q26. While loans remain the core Erwin Wijaya (erwin.wijaya@verdhana.id)

earning asset, their contribution gradually declined from ~72% of the portfolio in 1Q18 to

The onshore experts, who are

~65% in 1Q26 as its securities book expanded rapidly, from IDR164tn (25% of earning

employed by PT Verdhana Sekuritas

assets) to IDR465tn (32%) over the same period. We view this shift as a prudent

Indonesia (“Verdhana”) and are not

redeployment of surplus liquidity amid softer loan demand. Placements with other banks

licensed outside Indonesia, have