Bank Central Asia (BBCA.JK)

研报英文原文证据摘录

Bank Central Asia (BBCA.JK)

Equity Research

29 July 2026 | 1:17AM SGT

Bank Central Asia (BBCA.JK): 2Q26 Earnings Review: In-line results,

guidance intact

Results: BBCA reported 2Q26 net profit of Rp14.9tn (flat yoy, +1.1% qoq), in-line Melissa Kuang, CFA

+65-6889-2869 |

with Visible Alpha Consensus Data (-1%) and GSe (-2%). The earnings was largely melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

in-line, though slight miss against GSe was driven primarily by NII, partly offset by

Wayne Wang

better-than-expected impairment charges. +65-6889-2866 |

wayne.q.wang@gs.com

In short: Results were broadly in line, supported by resilient profitability (ROE:

22.4%) and manageable asset quality. During the analyst call, investor focus centred

on NIM, loan growth and credit costs. Across all three areas, management’s tone was

cautiously constructive, maintaining FY26 guidance despite a softer operating

backdrop and contrasting with peers that have recently revised down NIM.

Management expects NIM to improve in 2H26, supported by the late-quarter

booking of higher-yielding loans in 2Q26 at yields c.50-100bps above the existing

portfolio average. Loan growth momentum also remained healthy in 1H26, with a

solid pipeline of private-sector corporate loans supporting its unchanged 8-10%

loan growth guidance. Asset quality remained broadly stable, with the NPL ratio

increasing marginally to 1.9% from 1.8% in 1Q26, while NPL coverage remained

healthy at c.165%. Coupled with 2Q26 credit costs tracking below guidance, this

suggests asset quality pressures remain manageable.

EPS/TP changes: Post-results, we revise our FY26-28E net profit forecasts by

-1.1%/-0.6%/-0.5%, reflecting 2Q26 results, weaker-than-expected NII and

lower-than-expected credit cost.