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Strength
Strong FY24 earnings expansion of +12.7% YoY, driven by solid loan growth (+13.8% YoY) and improved NIM (+10bps QoQ) as the bank’s CoF continued to decline thanks to higher CASA ratio, which reached 82.4% in 4Q24 (+20bps QoQ)
Opportunity
BBCA plans to raise its loan yield this year, especially in the consumer segment; with the highest CASA ratio among our banking coverage at 82% (sector: 65%), BBCA’s NIM should improve further in 2025F, resulting in reversal of recent market underperformance
Weakness
4Q24 LDR rose to 8.4% (+330bps QoQ) as BBCA’s deposit growth (+2.9% YoY) significantly lagged behind its loan growth (+5.1% QoQ, +13.8% YoY)
Threat
In 2025F, BBCA may book slower loan growth than in FY24 (6-8%) due to loan yield adjustments; the bank may face higher CoC this year (FY24: 30bps) if asset quality deteriorates due to USD/IDR depreciation, leading to further market underperformance
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
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