JAKARTA – PT Bank Central Asia Tbk. (BBCA) has addressed the speculative buzz surrounding a potential Initial Public Offering (IPO) for its burgeoning digital banking subsidiary, BCA Digital, known as blu. Despite its robust growth and impressive performance, BCA’s leadership has confirmed that an IPO is not currently on the horizon for the innovative digital bank.
During the Q3/2025 Performance Presentation held in Jakarta on Monday, October 20, 2025, Hendra Lembong, President Director of BCA, unequivocally stated the company’s position. “For now, there are no future IPO plans,” Lembong affirmed, putting to rest immediate speculation about blu’s stock market debut.
Adding further context to this decision, BCA’s Finance Director, Vera Eve Lim, highlighted BCA Digital’s impressive financial health. Lim noted that the subsidiary’s performance significantly outpaced the previous year, demonstrating remarkable profit expansion. Specifically, BCA Digital’s profit soared by 89% year-on-year (YoY) compared to the same period last year. For the first nine months of 2025, BCA Digital reported a substantial profit of Rp135 billion, alongside a strong 51% growth in credit. Vera Eve Lim reiterated, “As Mr. Hendra mentioned earlier, there are no IPO plans,” underlining the current focus on organic growth and development. This stellar performance is consistent with earlier reports; BCA Digital (blu) recorded a 114% profit increase, reaching Rp84.62 billion in H1/2025, and an 84.94% jump to Rp41.7 billion in Q1/2025, showcasing sustained momentum.
The journey of BCA Digital began with the strategic acquisition and transformation of PT Bank Royal Indonesia. BCA completed the acquisition of Bank Royal in November 2019, laying the groundwork for it to evolve into the conglomerate’s dedicated digital bank.
BCA Digital officially unveiled its flagship digital banking platform, ‘blu,’ on July 2, 2021. Designed as a truly branchless digital bank ecosystem, the blu application offers unparalleled accessibility, allowing customers to manage their finances anytime, anywhere. Beyond direct digital banking services, blu by BCA Digital distinguishes itself by operating as a Bank as a Service (BaaS) platform. This innovative approach enables customers to seamlessly conduct a wide array of banking transactions – from opening accounts and making transfers to topping up e-money – directly from partner platforms, eliminating the need to switch applications.
This positive trajectory within BCA Digital contributes to the overall robust performance of its parent company. As of the third quarter of 2025, BCA and its subsidiaries collectively reported a net profit of Rp43.4 trillion, marking a healthy 5.7% YoY growth. The company’s credit portfolio also expanded significantly, growing by 7.6% YoY to reach Rp944 trillion by September 2025. This impressive growth is attributed to a strategic expansion of quality credit and diligently maintained corporate liquidity. Total Third Party Funds (DPK) saw a 7.0% YoY increase, primarily driven by strong Current Account Savings Account (CASA) balances, which remain BCA’s core funding source.
Summary
BCA has confirmed there are no immediate plans for an Initial Public Offering (IPO) for its digital banking subsidiary, BCA Digital (blu). President Director Hendra Lembong and Finance Director Vera Eve Lim reiterated this stance during the Q3/2025 performance presentation, despite market speculation. This decision comes as BCA Digital demonstrates robust financial health and impressive growth.
BCA Digital has shown significant profit expansion, with an 89% year-on-year increase and a reported Rp135 billion profit for the first nine months of 2025, alongside 51% credit growth. The blu platform, launched in July 2021 after BCA acquired Bank Royal Indonesia, operates as a branchless digital bank and a Bank as a Service (BaaS) platform. This strong performance contributes to BCA Group’s overall robust results, which reported a net profit of Rp43.4 trillion and a 7.6% credit portfolio growth in Q3 2025.