BBCA Stock Bucks the Trend as Other Banking Giants and the Jakarta Composite Index (IHSG) Falter
JAKARTA — While other major banks and the Jakarta Composite Index (IHSG) faced headwinds, shares of PT Bank Central Asia Tbk (BBCA) stood out, trading in positive territory on Friday, October 17, 2025.
According to data from the Indonesia Stock Exchange, BBCA shares climbed 2.74% to reach Rp7,500, even as the IHSG plunged 2.57% to 7,915. In contrast, other banking heavyweights like BBRI and BMRI saw declines of 0.85% and 0.98%, respectively, while BBNI weakened by 1.3%.
Shares of conglomerates also weighed on the IHSG, with PT Barito Pacific Tbk (BRPT) dropping 7.12%, PT Chandra Daya Investasi Tbk (CDIA) falling 8.72%, and PT Raharja Energi Cepu Tbk (RATU) plummeting 13.88%.
Related: Foreign Investors Net Buy BBCA, EMAS, Amidst IHSG’s Fall Below 8,000
Analysts attribute BBCA’s resilience to investor anticipation of the bank’s Q3 2025 earnings call scheduled for next week. Trimegah Sekuritas analyst Jonathan Gunawan noted that BBCA is expected to report positive growth.
“From a valuation perspective, BBCA is currently trading at a relative discount compared to its historical averages,” Gunawan stated. “The correction in the banking sector is primarily due to short-term sector rotation, rather than a change in fundamentals.”
Related: Large Investors Scoop Up BBCA, BMRI, as IHSG Struggles
BBCA’s financial reports through August 2025 show a bank-only net profit of Rp39.06 trillion, an impressive 8.52% year-on-year (YoY) increase.
Net interest income rose by 5.08% to Rp53.12 trillion, while non-interest income jumped 18.9% to Rp18.3 trillion. On the efficiency front, the bank’s cost-to-income ratio (CIR) stood at 29.1%, among the lowest in the Indonesian banking industry.
In terms of intermediation, BBCA disbursed Rp920.87 trillion in loans, growing 9.28% annually, surpassing the industry average of 7.3%. Third-party funds (DPK) reached Rp1,160 trillion, with a dominant low-cost current account savings account (CASA) ratio of 83.5%.
“With a combination of ample liquidity and a high CASA ratio, BBCA’s net interest margin [NIM] will remain solid despite tight industry liquidity,” Gunawan explained.
He further added that BBCA shares are currently trading at a Price to Book Value (PBV) of approximately 3.45 times, significantly below its historical average of over 4 times. With a cost of credit (CoC) of only 0.5% and a return on equity (ROE) of 25%, BBCA continues to outperform the sector, which averages only 18%.
The Bloomberg analyst consensus also identifies BBCA as the bank stock with the highest upside potential. Of the 37 analysts covering the stock, 34 have a “buy” recommendation with an average target price of Rp10,824 per share, indicating a potential increase of approximately 46% from the current price.
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Summary
While other major banks and the Jakarta Composite Index (IHSG) declined, PT Bank Central Asia Tbk (BBCA) shares increased by 2.74% to Rp7,500. Analysts attribute this resilience to anticipation of BBCA’s positive Q3 2025 earnings, with strong financial reports through August showing an 8.52% year-on-year net profit increase to Rp39.06 trillion.
BBCA’s performance is driven by factors including a low cost-to-income ratio (CIR) of 29.1%, loan disbursement growth of 9.28%, and a high CASA ratio of 83.5%. Analysts highlight that BBCA is trading at a relative discount and has significant upside potential, with a Bloomberg analyst consensus showing 34 out of 37 analysts recommending a “buy” rating with an average target price of Rp10,824 per share.