BBCA (Consolidated) — 2Q26 Results BROADLY IN-LINE, as lower provisions offset flat PPOP and a step-up in costs

July 29, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit IDR 14.9Tn, +1.1% QoQ, flat YoY at -0.1%; 1H26 IDR 29.5Tn is 49.0% of FY26F consensus, inside the 47-53% in-line band.
  • 2Q26 PPOP fell 0.9% QoQ and 1.0% YoY to IDR 19.1Tn even as revenue rose 1.1% QoQ. 2Q26 opex jumped 5.5% QoQ on G&A, lifting CIR to 32.4% from 31.0%; NII was +1.4% QoQ, -0.3% YoY.
  • 2Q26 credit cost fell to 0.3% annualised as provisions dropped 38.9% QoQ to IDR 752Bn; NPL gross steady 1.8%. Loans passed IDR 1,000Tn to IDR 1,036Tn (+8.0% YoY), all corporate (+13.6% YoY); consumer -2.4%.
  • Our read: an in-line print of low quality. Earnings held up on a provision step-down, not revenue: 1H26 revenue is only 47.8% of FY26F, the weakest line, with 2Q26 NIM flat at 5.3% and funding costs rising. At 2.8x P/BV BBCA sits below its 5-year -2SD of 3.1x, so much de-rating is priced. Key watch: whether the 2Q26 credit-cost step-down holds into 3Q26 and NIM holds 5.3%.

Regards, Aldiracita Research

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