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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
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