XA Research Short Notes | Bank Central Asia Tbk. (BBCA) – Quick Update About Current Condition of BBCA
By Leonardo Lijuwardi (Senior Analyst) & Gwenda Dianita (Research Associate)
08-Apr-2026
We just met with BBCA’s IR Team. Here are some key takeaways of that meeting.
🔵Solid fundamental despite headwinds. Macroeconomic and geopolitical conditions cause economic uncertainty which makes BBCA currently more focused on maintaining asset quality than loan growth. Amid uncertainty, BBCA focused on maximizing its operational performance, as evidenced by the performance results that are still maintained and grow within their guidance.
🔵 Guidance still on track. BBCA is targeting 8%-10% loan growth for this year.
🔵 Loan segmentation focus on corporate. Currently, loan pipelines include data centers, financial services, telco, infrastructure sectors. BBCA is selective on lending in corporate sector, preferring corporates that are market leaders in each sector, which contributes to less asset quality problems during hard times. BBCA loan distribution is well diversified. ~2% of loans are to petrochemical and plastics which might be negatively affected by the Iran-US war.
🔵 Maintaining Strong Asset Quality. In the corporate segment, the NPL trend remains stable. Meanwhile, the consumer and SMEs showed higher NPL trend driven by weakening purchasing power, prompting BBCA to adopt a more cautious approach in these segments. Overall, BBCA’s NPL and LAR improved YoY.
🔵 BCA Expo result: resilient in mortgage and auto loans. The auto segment loans recorded +2% YoY nominal growth due to smaller ticket size as consumers shift toward EVs, cheaper than ICE car. On the other side, mortgage loans nominal rose +17% YoY.
🔵 1Q26 Outlook. BBCA stated that its NIM stood at 5.4% in Feb-26, lower on a YoY basis. However, market rates rebounded in March, which should support a higher NIM for BBCA going forward.
NH Korindo Sekuritas Indonesia berizin dan diawasi Otoritas Jasa Keuangan (OJK). Untuk informasi lebih lanjut, anda dapat menghubuni CS kami via email CSO@nhsec.co.id
