BCA Posts Net Profit of Rp26.87 Trillion in H1 2024, Up 11.06%

PT Bank Central Asia Tbk (BCA) reported a net profit attributable to the parent entity of Rp26.87 trillion in the first half of 2024.

According to the company's financial report, this figure represents an 11.06% year-on-year (yoy) increase from Rp24.2 trillion in the first half of 2023.

Net interest and sharia income reached Rp39.89 trillion in the first half of 2024, an 8.11% yoy increase from Rp36.9 trillion in June 2023.

Citing Katadata, this growth is in line with a 15.5% year-on-year increase in BCA's credit disbursement, reaching Rp850 trillion.

BCA President Director Jahja Setiaadmadja stated that this growth was supported by financing expansion and increased transaction and funding volumes. Business credit showed solid growth, both in the corporate and micro, small, and medium enterprise (MSME) segments. Growth also occurred in the consumer credit segment, boosted by the BCA Expoversary 2024.

"The event, which lasted about two months, successfully gathered approximately Rp50 trillion in total applications for home ownership loans (KPR) and motor vehicle loans (KKB)," said Jahja in a press conference on Wednesday (24/7/2024).

Corporate credit was the segment with the highest growth as of June 2024, increasing by 19.9% (yoy) to Rp388.6 trillion. Commercial credit grew by 7.9% to Rp127.8 trillion, and MSME credit increased by 12.7% to Rp114.4 trillion.

The consumer credit portfolio increased by 13.6% to Rp210.2 trillion, driven by a 10.8% growth in KPR to Rp126.9 trillion and an 18.4% growth in KKB to Rp62.1 trillion. The increase in outstanding other consumer loans, mostly credit cards, was recorded at 20.2%, reaching Rp17.8 trillion.

Credit disbursement to sustainable sectors, including investments in green bonds and sustainability-linked loans, grew by 9.3% to Rp198 trillion as of June 2024. This figure represents 23.2% of the total financing portfolio. BCA has disbursed approximately Rp1.5 trillion in financing for electric vehicles as of June 2024, a twofold year-on-year increase.

BCA's loan quality improvement also accompanied credit growth. The loan at risk (LAR) ratio was recorded at 6.4% in the first half of 2024, down from 9% a year earlier. The non-performing loan (NPL) ratio stood at 2.2%.

The NPL and LAR coverage ratios were at 190.2% and 71.2%, respectively. On the funding side, total third-party funds (DPK) increased by 5% year-on-year to Rp1,125 trillion.

Current accounts and savings accounts (CASA) contributed more than 82% of total DPK, growing by 5.8% to Rp915 trillion. BCA maintained growth in net interest income (NII) in the first half of 2024 at 7.9% year-on-year, reaching Rp39.9 trillion. Non-interest income increased by 12.1% to Rp12.4 trillion.

Currently, the assets of the issuer with the code BBCA reached Rp1,425 trillion, up 1.22% from Rp1,408 trillion in December 2023.

BBCA's liabilities totaled Rp1,176 trillion, and its equity was Rp240.86 trillion.