Nine Months of Real Growth, Three Quarters That Don't Add Up
H1 2023's post closed on a genuine tension: standalone Q2 net profit rose 9.8% quarter-over-quarter even as pre-provision operating profit (PPOP») - the part of the business that isolates whether BCA is actually earning more from lending and fees, before loan-loss provisioning - fell 9.4% quarter-over-quarter, from Rp15,680 billion to Rp14,203 billion. That finding came directly from BCA's own filed interim financial statements: Q1's filed total, subtracted from H1's filed cumulative total, leaves no room for ambiguity about what Q2 actually was.
Nine months in, the cumulative number still looks strong: 9M 2023 PPOP reached Rp47,302 billion, up 19.1% year-over-year, and net profit attributable to owners hit Rp36,420 billion, up 25.8% year-over-year - both real, filed-statement figures with nothing questionable about them. But this quarter's own analyst presentation, for the first time in this series, published a standalone quarterly PPOP breakdown (1Q-23: Rp15.6tn, 2Q-23: Rp16.1tn, 3Q-23: Rp15.5tn) that flatly contradicts what the filed statements themselves imply. If Q1 was Rp15,680bn (matching the presentation) and H1 was Rp29,883bn (per H1's own filed cumulative total), Q2 has to have been Rp14,203bn - not the Rp16,100bn this quarter's deck now shows. Run the same test forward: if 9M's filed cumulative PPOP is Rp47,302bn and H1's filed cumulative was Rp29,883bn, Q3 alone has to have been roughly Rp17,419 billion - not the Rp15,500bn the deck states. See Beyond the Usual for the full reconciliation; the short version is that a reader relying only on the presentation would conclude PPOP dipped a second straight quarter in Q3, when the filed numbers instead imply a sharp Q2 dip followed by an even sharper Q3 rebound - two completely different stories about the same nine months.
Meanwhile the two threads this series has tracked longest both continued: the restructured loan book's worst collectability tier extended its growth into a fifth straight quarter (see Beyond the Usual), and NPL Coverage» fell for a second consecutive quarter, down to its lowest level in this series.
The Prescription
BCA's underlying franchise - a CASA»-funded low-cost deposit base still growing loans in double digits across all four reported lending lines - remains genuinely strong, and the bank should keep pressing that advantage rather than second-guessing it. But it should stop publishing a standalone-quarter PPOP breakdown in its analyst deck that doesn't reconcile against its own filed interim financial statements' cumulative totals. This isn't a rounding quirk: the gap between what the deck implies for Q2 and Q3 and what the filed numbers imply is roughly Rp1.9 trillion in each direction, large enough to flip the entire quarter-over-quarter narrative a reader would take away. A bank asking analysts to trust its quarterly disclosure should make sure that disclosure is at least internally consistent with the audited-adjacent statements it files in parallel.
What BCA should stop doing specifically: publishing a "smoothed" quarterly earnings-walk chart without a footnote reconciling it to the actual filed cumulative figures. This is a different flavor of the same underlying problem Q2 2022's post and Q3 2022's post found in the Commercial & SME/Consumer segment split - BCA's own investor materials carrying an internal inconsistency that never gets a word of explanation, this time one layer up in the P&L rather than in a segment footnote.
Key Financial Metrics
9M 2023 vs. 9M 2022 (P&L, consolidated unaudited interim figures), and 30 September 2023 vs. 31 December 2022 (balance sheet, consolidated)
FX: IDR 15,455.0 = USD 1 (30 September 2023, per BCA's own filed financial statements' Reuters middle-rate disclosure) - a 3.1% Rupiah depreciation from H1 2023's Rp14,992.5, reversing H1's flatness; BCA's own presentation attributes broader Rupiah pressure this quarter to rising global bond yields and external factors, not anything BCA-specific (see Stock Price and Valuation).
| Metric | 9M 2023 (IDR) | 9M 2023 (USD) | 9M 2022 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income (+ sharia) | Rp55,715,333M | ~$3,604.9M | Rp45,956,234M | ✅ +21.2% |
| Non-interest income (gross) | Rp18,863,099M | ~$1,220.5M | Rp17,271,540M | ✅ +9.2% |
| Net Revenue (Operating Income, NII + non-interest) | Rp74,578,432M | ~$4,825.4M | Rp63,227,774M | ✅ +18.0% |
| Operating Income (PPOP, consolidated) | Rp47,301,739M | ~$3,060.4M | Rp39,723,330M | ✅ +19.1% |
| Net Income (attributable to owners) | Rp36,420,377M | ~$2,356.4M | Rp28,954,563M | ✅ +25.8% |
| EPS (9M, consolidated) | Rp295 | ~$0.0191 | Rp235 | ✅ +25.5% |
The cumulative YoY picture is broad-based and, on its own, unambiguous: NII up 21.2%, non-interest income up 9.2%, PPOP up 19.1%, net income outrunning PPOP again (+25.8% vs +19.1%) because 9M impairment losses fell 41.5% YoY (Rp3,918bn to Rp2,292bn, per BCA's own presentation) - a real, disclosed provisioning tailwind, not a hidden one. What can't be stated with the same confidence this quarter is the standalone Q3 read, for the reason detailed in the opening section and Beyond the Usual: BCA's own presentation and its own filed cumulative statements imply two different quarterly paths for PPOP, and this post doesn't have a way to arbitrate between them beyond noting that the filed cumulative totals (Q1, H1, 9M) are individually solid, audited-adjacent numbers, while the standalone-quarter breakdown is a presentation convenience that doesn't reconcile to them.
| Balance sheet metric | Sep 2023 (IDR) | Sep 2023 (USD) | Dec 2022 (IDR) | YtD |
|---|---|---|---|---|
| Total Assets | Rp1,381,449,427M | ~$89.38B | Rp1,314,731,674M | ✅ +5.1% |
| Third Party Funds (deposits) | Rp1,088,773,034M | ~$70.44B | Rp1,039,718,018M | ✅ +4.7% |
| CASA | Rp869,768,398M | ~$56.28B | Rp847,938,000M | ✅ +2.6% |
| Total Loans (outstanding, incl. sharia)* | ~Rp765,905,360M | ~$49.56B | Rp711,262,000M | ✅ +7.7% |
| Total Equity (attributable to owners) | Rp235,751,007M | ~$15.25B | Rp221,018,606M | ✅ +6.7% |
*Total Loans per BCA's own investor presentation (consolidated, including sharia financing), the same sourcing convention used since Sep 2019's post.
Total equity (attributable to owners) grew a further 5.0% quarter-over-quarter on top of H1's own 6.3% QoQ rebound, with no new dividend declared or paid this quarter beyond the FY2022 final tranche already paid in April (confirmed again in this quarter's own filed statements - see Beyond the Usual). Operating cash flow for the nine months was Rp45,749,034M (~$2,960.4M), more than double 9M 2022's Rp17,941,627M mostly on a large swing in securities-purchased-under-resale-agreement balances. Cash and cash equivalents closed the period at Rp139,191,182M (~$9.01B), down 13.2% from Dec 2022's Rp160,422,371M, as a large securities-purchase outflow in investing activities outweighed the strong operating cash generation.
Key Operational Metrics
Bank-only unless noted, from BCA's own filed financial-ratio disclosures and investor presentation:
- CASA ratio: 79.9% (Sep 2023, consolidated) vs Jun 2023's 80.7% ⚠️ - a third straight quarterly dip, now 1.7pp below FY2022's record 81.6%, though still comfortably the majority of funding.
- LDR»: 67.4% (Sep 2023) vs 65.7% (Jun 2023) ⚠️ +1.7pp - the largest single-quarter move since this series started tracking the ratio near 65-66%, as loan growth (4.1% QoQ) outpaced deposit growth (1.6% QoQ).
- NIM»: 5.5% (Sep 2023, quarterly, bank-only) vs Jun 2023's 5.5% - flat, breaking a three-straight-quarter narrowing streak since Dec 2022's 5.9% record.
- ROA»: 3.5% (Sep 2023, quarterly) vs 3.9% (Jun 2023) ⚠️ -0.4pp - giving back most of Q2's rebound.
- ROE»: 22.3% (Sep 2023, quarterly) vs 26.1% (Jun 2023) ⚠️ -3.8pp - reversing Q2's series-record reading, back to roughly Q1's level.
- CAR» (bank-only): 29.5% (Sep 2023) vs Jun 2023's 29.5% - flat, holding the gain from Q1's new OJK RWA formula.
- NPL ratio - gross (bank-only, point-in-time): 2.0% (30 Sep 2023) vs 1.9% (30 Jun 2023) ⚠️ - a third straight quarterly uptick.
- NPL Coverage (Provision/NPL, bank-only): 226.9% (Sep 2023) vs Jun 2023's 257.1% ⚠️ -30.2pp - a second straight quarter of sharp decline, now down 58.5pp over two quarters combined and the lowest level this series has recorded.
- Cost-to-Income Ratio»: 36.1% (Sep 2023, quarterly) vs 31.2% (Jun 2023) ⚠️ +4.9pp - reversing Q2's seasonal improvement (Q1's tantiem-driven manpower spike doesn't explain Q3, so this move reads as a genuine efficiency give-back rather than a seasonal echo).
- Cost of credit (bank-only): 0.3% (Q3 2023) vs 0.1% (Q2 2023) ⚠️ +0.2pp - ticking back up off the near-zero print, though still low by this series' own history.
- Loan at Risk» (ex-Covid, share of total loans): 7.6% (Sep 2023) vs Jun 2023's 8.7% ✅ - a fresh low for this series, continuing the multi-quarter improvement.
- LAR Coverage with Restructured Covid & off-B/S: 66.6% (Sep 2023) vs Jun 2023's 61.6% ✅ +5.0pp - continuing the climb.
The coverage-ratio gap this series has tracked since 2021 - Provision/NPL coverage minus LAR-including-Covid coverage - narrowed again to 160.3 percentage points (226.9% minus 66.6%), down from Jun 2023's 195.5pp. As with last quarter, this is a coverage-ratio compression rather than a genuine convergence toward strength: Provision/NPL coverage fell 30.2pp while LAR coverage improved only 5.0pp. Two straight quarters of this pattern is worth reading alongside Beyond the Usual's restructured-book finding below - the specific NPL tier inside the restructured book kept growing for a fifth straight quarter even as headline coverage kept easing.
Segment Performance
BCA's loan breakdown changed presentation this quarter: the combined "Commercial & SME" line this series has tracked since 2019 is now split into separate Commercial and SME rows for the first time (see Beyond the Usual). Combining the two for continuity, BCA still reports four lending lines (consolidated, per this quarter's investor presentation): Corporate, Commercial, SME, and Consumer.
Corporate
Corporate loans stood at Rp343.5 trillion (Sep 2023), up 12.2% year-over-year and 5.4% quarter-over-quarter - accelerating further past H1's own resumed growth, and reconciling cleanly against its own Sep 2022 contemporaneous figure of Rp306,065bn (343.5/306.065 implies +12.2%, matching the disclosed rate exactly). Its share of the total book held at 44.8%.
Commercial & SME (now reported as two lines)
Commercial loans reached Rp121.0 trillion and SME loans reached Rp104.8 trillion at Sep 2023 - a combined Rp225.8 trillion, up an implied 10.9% year-over-year against the segment's own Sep 2022 combined figure of Rp203,547bn, and up 6.1% quarter-over-quarter against Jun 2023's combined Rp219,182bn. Individually, Commercial grew 2.7% quarter-over-quarter and SME grew 3.4% - both positive, but this is the first quarter this series can't independently verify each sub-segment's own year-ago comparative, since BCA's Sep 2022 presentation only ever disclosed the combined figure.
Consumer
Consumer loans reached Rp189.6 trillion (Sep 2023), up a disclosed 14.4% year-over-year and 3.2% quarter-over-quarter - continuing the pattern this series has shown since 2022 of Consumer growing fastest or near-fastest among the segments. Within Consumer, mortgages grew to Rp117.9 trillion (+2.9% QoQ, +11.5% YoY) and vehicle lending to Rp53.5 trillion (+4.0% QoQ, +22.1% YoY) - vehicle lending's YoY pace accelerated again past H1's own 19.2% YoY reading, the fastest this series has recorded for the sub-segment. As with H1, Consumer's disclosed YoY rate doesn't quite reconcile against its own Sep 2022 contemporaneous figure of Rp164,965bn - see Beyond the Usual.
Segment Comparison
| Segment | Sep 2023 (Rp tn) | Sep 2022 (Rp tn, own contemporaneous figure) | YoY | Jun 2023 (Rp tn) | QoQ | Share (Sep 2023) |
|---|---|---|---|---|---|---|
| Corporate | 343.5 | 306.1 | ✅ +12.2% | 326.0 | ✅ +5.4% | 44.8% |
| Commercial + SME (combined) | 225.8 | 203.5 | ✅ +10.9% | 219.2 | ✅ +3.0% | 29.5% |
| Consumer | 189.6 | 165.0 | ✅ +14.9%* | 183.9 | ✅ +3.2% | 24.8% |
| Total (four segments, consolidated) | 758.9 | 674.6 | ✅ +12.5% | 729.1 | ✅ +4.1% | 99.0%* |
*Consumer's own contemporaneous Sep 2022 figure implies +14.9% YoY growth, not the +14.4% BCA's own Sep 2023 presentation states - see Beyond the Usual for this continuing discrepancy. Remaining ~1.0% of total loans is sharia financing (Rp7.9tn), reported separately from the four core lending lines.
All four lending lines grew simultaneously both YoY and QoQ this quarter, extending H1's "first time since Q3 2021" milestone into a second straight quarter - Corporate's 5.4% QoQ pace was the fastest of any segment this quarter, a genuine reacceleration rather than the flat-to-declining pattern that dominated Corporate through 2022. Because this quarter's YoY comparative is Sep 2022 (BCA's own contemporaneous prior-year presentation), not a restated December figure, the segment reconciliation-gap test this series has run at year-end quarters still isn't applicable here - that test only fires when a presentation restates a December comparative, which next happens with the post covering Q4 2023.
Beyond the Usual
This quarter's downloaded interim financial statements carry the same depth of notes as prior quarters - related-party transactions, off-balance-sheet commitment quality by credit stage, the restructured-loan collectability schedule, and the product-based operating-segment note. The findings below come from those notes and from this quarter's investor presentation.
BCA's Own Presentation Shows a Quarterly PPOP Path That Doesn't Reconcile With Its Own Filed Statements
This quarter's investor presentation discloses, for the first time in this series, a standalone quarterly PPOP breakdown: Rp15.6tn (1Q-23), Rp16.1tn (2Q-23), Rp15.5tn (3Q-23), summing to the 9M total of Rp47.2tn. The problem is that this breakdown doesn't reconcile against BCA's own filed cumulative interim financial statements. Q1's filed standalone figure (Rp15,679,908M, from that quarter's own filed statements) matches the deck's Rp15.6tn. But H1's filed cumulative PPOP was Rp29,882,839M (per H1's own post, sourced directly from that quarter's filed statements) - which means Q2 standalone has to have been Rp14,202,931M, not the Rp16,100bn this quarter's deck now shows, a gap of roughly Rp1.9 trillion. Running the same arithmetic forward with this quarter's own filed 9M cumulative PPOP of Rp47,301,739M implies Q3 standalone was roughly Rp17,419 billion - not the Rp15,500bn the deck states, a gap of similar size in the opposite direction. Both readings can't be correct simultaneously: either the deck's smoothed quarterly walk is wrong, or BCA's filed interim cumulative totals themselves changed between quarters in a way neither presentation discloses. Since the filed cumulative figures (Q1, H1, 9M) each independently tie out internally and match their own periods' net income and EPS exactly, this post treats them as the more reliable figures and flags the presentation's standalone-quarter breakdown as the one that doesn't hold up - meaning the "did PPOP recover in Q3" question this series has been tracking since H1 can't be answered cleanly with what BCA has disclosed this quarter.
The Restructured Book's Worst Tier Grew a Fifth Straight Quarter, to a New High
BCA's Covid-19 restructured loan book (bank-only) kept shrinking in aggregate - down to Rp44.3 trillion at Sep 2023 from Jun 2023's ~Rp49.9 trillion, an 11.2% quarterly decline continuing the multi-quarter contraction this series has tracked. But the collectability breakdown inside that book shows the combined non-performing tier (Substandard + Doubtful + Loss) grew a further 10.7% quarter-over-quarter to Rp12,067 billion, extending H1's own fourth-straight-quarter finding into a fifth consecutive quarter of growth in this specific tier - and this is now the highest absolute level this series has recorded for this metric, surpassing every prior quarter including Jun 2023's own then-record Rp10.9tn. The Current tier inside the restructured book fell sharply again (down 17.1% QoQ to Rp24.1tn) while Special Mention grew moderately (up 12.9% QoQ to Rp8.1tn) - the same pattern this series has now tracked for five straight quarters, where the shrinking aggregate book masks a specifically deteriorating worst tier.
NPL Coverage Fell for a Second Straight Quarter, to Its Lowest Level This Series Has Recorded
Bank-only NPL Coverage (Provision/NPL) fell from 257.1% at Jun 2023 to 226.9% at Sep 2023, a further 30.2-percentage-point drop that closely matches Q2's own 28.3pp drop - meaning coverage has now fallen roughly 58.5 percentage points across two consecutive quarters, from Mar 2023's 285.4% peak to Sep 2023's 226.9%, the lowest reading this series has recorded. Unlike Q2, this quarter's cost of credit actually ticked up slightly (0.1% to 0.3%), so this isn't simply a continuation of near-zero provisioning - nominal bank-only NPL still grew faster than the provisioning base this quarter, and this move again lands in the same quarter the restructured book's own worst tier extended its fifth straight quarter of growth (see the finding above).
BCA Split Its Combined "Commercial & SME" Segment Into Two Separate Lines for the First Time
BCA's investor presentation has reported "Commercial & SME" as a single combined lending segment throughout this series, including as recently as H1 2023's presentation. This quarter's deck reports Commercial and SME as two separate line items for the first time, without a restated prior-period split to let a reader verify each sub-segment's own year-ago growth rate independently - only the combined total can be checked against last year's own combined disclosure (see Segment Comparison above, where the combined figure does reconcile cleanly). Whether this is a permanent reporting change or a one-quarter addition to the existing combined disclosure isn't stated in the presentation; it's worth watching whether the split persists and whether BCA eventually publishes a restated combined-to-split bridge the way some of its other disclosures have appeared after the fact.
Off-Balance-Sheet Stage 2 Provisioning Reversed Its Multi-Quarter Climb
The estimated-loss provision against Stage 2 ("significant increase in credit risk") off-balance-sheet commitments and contingencies - the small footnote-only figure Q4 2022's post first flagged as jumping roughly 15-fold - fell to Rp128,611 million at Sep 2023 from Jun 2023's Rp169,938 million, a 24.3% quarterly decline that undoes most of the climb this series has tracked since Dec 2022 - the balance is now below even Dec 2022's Rp144,230 million starting point. This is a small, footnote-only number and one quarter isn't enough to call it a genuine reversal rather than noise, but it's worth continuing to watch given how persistently it climbed through 2022 and H1 2023.
The Grand Indonesia Lease's Right-of-Use Asset Continued Amortizing Down
BCA's related-party office lease with PT Grand Indonesia, running to 30 September 2035, showed its right-of-use asset falling further to Rp218,817 million at Sep 2023 from Jun 2023's Rp227,049 million - continuing the ordinary amortization pattern that resumed last quarter after Q1 2023's unexplained brief uptick, and now below Dec 2022's Rp227,939 million for the first time since this series started tracking the lease.
Consumer's Disclosed YoY Growth Still Doesn't Match Its Own Year-Ago Figure
BCA's presentation states Consumer loans grew 14.4% year-over-year this quarter. Consumer's own contemporaneously-reported Sep 2022 figure - Rp164,965 billion, from that quarter's own post - implies a larger 14.9% YoY growth rate against this quarter's Rp189.6 trillion, a smaller version of the same gap H1 2023 found (0.5pp this quarter versus 0.7pp in H1). Corporate again reconciles cleanly against its own year-ago figure. This is now the third quarter running with a real, if modest, gap specifically in how Consumer's own growth rate is stated, on top of the much larger Commercial & SME/Consumer swap this series first found in Q2 2022 - not concerning on its own at this magnitude, but a continuing reminder that this specific segment pairing has a real history of not tying out cleanly to its own prior disclosures.
Coverage Table
| Metric | Q3 2023 | Q2 2023 | QoQ | Why it matters |
|---|---|---|---|---|
| 9M cumulative PPOP (filed, consolidated) | Rp47,302bn | - | ✅ +19.1% YoY | The real, undisputed cumulative number |
| Standalone Q3 PPOP (per deck vs. per filed-statement arithmetic) | Rp15,500bn vs. ~Rp17,419bn | Rp16,100bn (deck) / Rp14,203bn (filed) | Diverges | BCA's own materials disagree on the quarterly path |
| NPL Coverage (bank-only) | 226.9% | 257.1% | ⚠️ -30.2pp | Lowest reading this series has recorded |
| Restructured loan NPL tier (bank-only, QoQ) | +10.7% | +7.6% | ⚠️ Fifth straight rise | New high for this series |
| LDR (bank-only) | 67.4% | 65.7% | ⚠️ +1.7pp | Loan growth now outpacing deposit growth |
| Corporate loans (consolidated, QoQ) | +5.4% | +1.7% | ✅ Accelerated | Fastest-growing segment this quarter |
Target Valuation Range
P/E of ~22.6x and P/B of ~4.62x - BCA's shares are, if anything, slightly cheaper here than at H1's close - both the trailing P/E and P/B compressed - but that compression reflects a softer share price this quarter more than a clear improvement in the underlying earnings picture, especially with this quarter's own PPOP disclosure not fully reconciling with itself.
BCA's shares closed at Rp8,825 on September 29, 2023 (the last trading day of the quarter), down 3.6% from Jun 2023's Rp9,150 close but still up 3.2% year-over-year from Sep 2022's Rp8,550. Over the trailing two years, shares are up 26.1% from Sep 2021's Rp7,000 close, a window whose peak-to-trough swing (Sep 2021's Rp7,000 to Nov 2022's Rp9,300) remains roughly 32.9% - wide enough to keep this as a dedicated section for a fifth straight quarter, and this quarter's own pullback has a plausible macro explanation rather than being unexplained: BCA's own presentation cites external pressure on Indonesian government bond yields and the Rupiah in the third quarter of 2023 (see Key Financial Metrics for the FX move), consistent with the broader emerging-market rate environment rather than anything specific to BCA. BCA's last stock split (1:5) took effect 13 October 2021, before this two-year window begins, so no further split adjustment applies to these prices.
- P/E»: ~22.6x, using the trailing four quarters' net profit (Rp11,781bn + Rp11,530bn + Rp12,660bn + Rp12,230bn = Rp48,202bn, Q4 2022 through Q3 2023) against the Rp8,825 close and 123,275,050,000 shares outstanding - down from Jun 2023's ~24.1x using the identical trailing-four-quarter method, as the 3.6% QoQ price decline outpaced the roughly 2.8% growth in trailing-four-quarter EPS.
- P/B»: ~4.62x, using book value per share of Rp1,912 (total equity attributable to owners, Rp235,751,007 million, divided by 123,275,050,000 shares) - down from Jun 2023's ~5.02x, as book value per share grew faster (5.0% QoQ) than the share price fell.
| Market cap → book value | Q3 2023 |
|---|---|
| Share price (period-end) | Rp8,825 |
| Shares outstanding | 123,275,050,000 |
| Market capitalization | Rp1,087,902B (~$70.38B) |
| Book value (equity attributable to owners) | Rp235,751B (~$15.25B) |
| P/B» | ~4.62x |
| P/E and P/B (trailing-four-quarter basis) | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| EPS (TTM) | Rp380.3 | Rp391.0 | ✅ up |
| P/E» | ~24.1x | ~22.6x | ✅ down |
| Book value per share | Rp1,822 | Rp1,912 | ✅ up |
| P/B» | ~5.02x | ~4.62x | ✅ down |
A full DCF still isn't attempted here, for the same reason as every prior post in this series, now compounded by this quarter's own PPOP-disclosure discrepancy: a DCF needs real conviction about which quarterly trend is durable, and this quarter's own source materials can't even agree with themselves on what the standalone trend was. The peer-multiple comparison this section would normally lean on also isn't available yet - no other IDX bank in this backlog has a post covering the same September 2023 quarter to compare against.
PT Bank Central Asia Tbk & Entitas Anak's unaudited consolidated interim financial statements as of and for the nine-month periods ended 30 September 2023 and 2022, including the statements of financial position, profit or loss and other comprehensive income, changes in equity, and cash flows, and the accompanying notes covering restructured loans, related-party transactions, estimated losses from commitments and contingencies, appropriation of net income, and operating segments; BCA's bank-only (individual) and consolidated financial ratios calculation filed under OJK's monthly disclosure format for September 2023; and BCA's corporate presentation for the 9M-23 analysts' meeting.