BCA Books Rp 29 Trillion Profit in H1 2025, Up 8% on Solid Loan Growth and Digital Expansion
Main Takeaways
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JAKARTA — PT Bank Central Asia Tbk, or BBCA, Indonesia’s largest publicly listed lender by market capitalization, booked a consolidated net profit of Rp 29 trillion, or $1.76 billion, in the first half of 2025, up 8% from the same period last year.
The strong performance was supported by robust loan expansion, improved asset quality, and a surge in digital banking transactions, President Director Hendra Lembong said in a virtual earnings conference on Wednesday, July 30.
Lending rose 12.9% year-on-year to Rp 959 trillion ($58.2 billion), with gains across corporate, SME, and consumer segments. “Our liquidity remained sound, and the broad-based loan growth reflected solid economic confidence,” Lembong said.
Corporate and Consumer Lending Drive Gains
BCA’s corporate loan portfolio expanded 16.1% to Rp 451.8 trillion, while commercial and SME loans grew 12.6% and 11.1% respectively. Consumer lending increased 7.6% to Rp 226.4 trillion, supported by mortgage growth of 8.4% and a 5.2% rise in vehicle financing.
Credit card and other unsecured loans rose 9.4% to Rp 23.4 trillion. The bank’s non-performing loan (NPL) ratio was contained at 2.2%, while its loan-at-risk (LAR) ratio improved to 5.7% from 6.4% a year earlier.
Sustainable Credit on the Rise
Sustainable financing rose 21.1% year-on-year to Rp 239.7 trillion, accounting for nearly a quarter of BCA’s loan book. This includes Rp 3.2 trillion in electric vehicle loans.
In addition, BCA expanded its gender-inclusive lending program, offering low interest loans from 3.21% annually for women-led businesses.
Strong Funding Base and Operational Efficiency
Third-party funds grew 5.7% to Rp 1,190 trillion, driven by a 7.3% increase in low-cost CASA deposits, which now make up 82.5% of total funding. Transaction volume rose 17%, fueled by a 19% increase in mobile and internet banking.
Net interest income (NII) rose 7% to Rp 42.5 trillion, while non-interest income climbed 10.6% to Rp 13.7 trillion. Operating income reached Rp 56.2 trillion, with a cost-to-income ratio improving to 29.1% from 30.5%.
Valuation: Attractive Upside Ahead
According to data from InvestingPro, BBCA shares offer a fair value estimate of Rp 10,461, implying a 24.9% upside from the July 30 closing price of Rp 8,375. Analyst targets are even more bullish, averaging Rp 11,070 based on 22 analyst forecasts.
Valuation models suggest the most optimistic estimates reach up to Rp 14,165, particularly under multi-stage dividend discount models (DDM). The lowest fair value model stands at Rp 7,980, based on price-to-book ratios, still near current levels—suggesting limited downside risk.
Of 37 analysts tracked by Bloomberg, 34 issued “Buy” ratings and 3 advised “Hold.” On Wednesday, BBCA shares dipped slightly by 0.3% to Rp 8,375, possibly on profit-taking after recent gains.
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