BBCA recorded 9M21 net profit of IDR 23.2 trillion, achieving 70% of our estimates, as it succeeded in lowering interest costs by 15.6% YoY. Better asset quality boosted PPOP to increase by 7.7% YoY and provision costs down 16.2% YoY. BBCA managed to face the challenge of emergency PPKM in 3Q21, and we look forward to more improvement in 4Q21. NHKSI Research maintains its estimate, by raising TP to IDR 8,375 for the next 12 months.
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