1Q18 Below Trend Performance
BBCA posted the interest income of IDR13.4 trillion slightly nudging up 3.8% y-y. The 1Q18 growth was the slowest growth compared to all periods we observed since 1Q15. The net profit was IDR5.5 trillion growing by 10.4% y-y. The growth was slightly lower than the average growth of 10.8% in 1Q15, 1Q16, and 1Q17.

Acceleration in Credit Growth
In 1Q18, BBCA posted the credit of IDR478 trillion growing by 14.4% y-y or 0.3% q-q. On the quarterly basis, the hike is in a stark contrast to the decline trend in 1Q15, 1Q16, and 1Q17. The corporate segment was the bolster for BBCA’s credit performance as it posted the growth of 17.6% into IDR179.4 trillion. We estimate that in 2018, its credit likely grows by 13.2% higher than the growth of 12.3% in the 2017 credit.


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