BCA’s Strong Liquidity Signals Potential to Surpass 2025 Business Targets
Key Takeaways
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JAKARTA, Investortrust.id — PT Bank Central Asia Tbk, or BBCA, is on track to meet and possibly surpass its 2025 business plan targets after delivering stronger-than-expected results in the first half of the year. The bank, Indonesia’s largest private lender, hosted its Public Expose on Thursday, Sept. 11, 2025, where executives emphasized resilience and consistency amid global financial uncertainty.
BCA’s share price reversed its earlier decline, rising for two straight sessions to close at Rp 7,925 on Friday, Sept. 12, 2025. Foreign investors also resumed accumulating the stock, recording a net buy of Rp 121.14 billion during the session.
President Director BCA Hendra Lembong greets customers at BCA’s Asemka branch, Jakarta, on Thursday, Sept. 4, 2025. Photo: Courtesy of BBCA
Jonathan Gunawan, analyst at Trimegah Sekuritas, said BCA’s conservative and prudent business model consistently enabled the bank to deliver on its goals, both in credit distribution and profit growth.
“For lending, management has kept the 2025 target at 6–8%. Yet loan growth has already reached 12.9% in the first half, so the target is very likely to be achieved, and may even be surpassed,” he said.
Robust credit and liquidity
Loan expansion in the first half was dominated by the productive sector, led by corporates at 16.1% year-on-year, commercial loans at 12.6%, and small and medium-sized enterprises (SMEs) at 11.1%. Consumer lending grew at a more moderate 7.6%.
“BCA’s SME segment outperformed the industry average by aggressively taking over high-quality SME loans at competitive pricing, which boosted its market share,” Jonathan added.
On funding, BCA maintained current and savings account (CASA) deposits of Rp 982 trillion, representing 82.5% of total third-party funds. Its loan-to-deposit ratio (LDR) stood at 78%. Secondary reserves and marketable securities amounted to Rp 433 trillion, or 29% of total assets.
“BCA’s liquidity is ample, meaning the bank does not need to engage in intense competition for deposit rates. This liquidity buffer also supports further credit expansion,” Jonathan said.
Profit growth with controlled risk
BCA booked a net profit of Rp 29 trillion in the first half of 2025, an 8% increase from a year earlier. Net interest income rose 7%, while non-interest income climbed 10.6%, driven by fees and trading gains. Non-performing loans (NPLs) were contained at 2.2%, backed by a coverage ratio of 167%.
Jonathan noted that improved macroeconomic conditions in the second half of 2025 were likely to strengthen overall loan quality across the banking sector, including BCA. “If asset quality improves, provisioning can be reduced, giving more room for profit growth. This aligns with management’s strategy of maintaining adequate but not excessive provisioning,” he said.
Investor confidence returns
BCA’s shares gained 0.64% on Thursday, Sept. 11, 2025, closing at Rp 7,850, and added a further 0.96% on Friday, Sept. 12, 2025, to Rp 7,925. The stock once again became the day’s top value, with Rp 1.85 trillion in transactions and 2.35 million lots traded.
Source: InvestingPro. Data current as of publication.
InvestingPro’s fair value models place BBCA’s average valuation at Rp 10,417, implying an upside potential of 31.5% from the current market price, with uncertainty assessed as low. Analyst targets are broadly supportive, with 22 analysts projecting a fair value band between Rp 8,000 and Rp 12,300, and a consensus near Rp 10,840.
Despite its premium valuation—trading at a relatively high price-to-earnings multiple compared with near-term earnings growth—BBCA’s long-term appeal lies in its consistency. The bank has raised dividends for 12 consecutive years and remains a prominent player in Indonesia’s financial sector. However, profitability pressures are visible, particularly in gross profit margins, which have lagged peers.
Overall, BBCA’s valuation reflects a balance between investor confidence in its structural dominance and concerns over margin strength. For long-term investors, the significant upside suggested by fair value models and analysts indicates that BBCA continues to be a cornerstone stock in the Indonesian banking sector.
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