Bank Central Asia: Quick Note

研报英文原文证据摘录

Bank Central Asia: Quick Note

Nomura Securities Malaysia Sdn Bhd

Bank Central Asia BBCA.JK BBCA IJ 29 July 2026

EQUITY: BANKS

Rating1H26 results in-line Remains Buy

Target price IDR 10,100 RemainsQuick Note

Closing priceBBCA reported decent 1H26 results, with headline net profit of IDR29.5tn (+1.8% y-y) – 28 July 2026 IDR 6,225

broadly in line with our expectations at ~50.7% of FY26F. The results were supported by

resilient PPOP growth (+2.2% y-y to IDR38.6tn; ~49.2% of FY26F), underpinned by

disciplined cost control (opex -6.5% y-y) and a benign credit-cost environment (provisions Research Analysts

-1.3% y-y; only ~35.8% of FY26F). These factors largely offset NIM compression as the Indonesia Research Team2025 BI rate cuts continued to filter through the loan book, while the rebound in SRBI

Tushar Mohata, CFA - NSMyields—from a 4.8% trough in 4Q25 to 6.6% by 2Q26—renewed pressure on funding tushar.mohata@nomura.com

costs. Management highlighted accelerating corporate loan repricing into 2H26E as the +60(3)20276895

key catalyst for a NIM recovery.

Onshore expertMacro conditions remain a key swing factor for the 2H26 outlook. Indonesia’s

manufacturing PMI slipped further into contraction, to 46.9 in the latest reading, while Erwin Wijaya (erwin.wijaya@verdhana.id)

consumer spending has remained broadly flat since early 2026. Meanwhile, SRBI yields

Theonshoreexperts,whoarehave rebounded sharply to 6.6% on a 3-month moving-average basis as of Jul-26,

employedbyPTVerdhanaSekuritasalongside a weaker rupiah of ~IDR18,000/USD. These headwinds suggest that any NIM

Indonesia(“Verdhana”)andarenot

recovery is likely to be gradual rather than sharp, although newer loans would have higher licensedoutsideIndonesia,have

lending rate of 50-100bp. contributedtothecontentofthis