A Flat Quarter, Then a Fast One
Over these 12 quarters: share price Rp9,400 to Rp6,075 (-35%); profit before tax 15.2 to 19.3 Rp trillion; profit before tax margin 59.8% to 65.1%. One graph in actual numbers: bars are the quarter's profit before tax, over them the share price at quarter-end (left axis) and the profit before tax margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
BCA's net interest margin stopped shrinking in the third quarter, and profit growth snapped back with it. Standalone net profit attributable to owners, which had grown just 1.1% quarter-over-quarter in Q2 2026 and was effectively flat year-over-year (-0.1%), jumped 9.0% year-over-year to Rp15,681,381 million in Q3 - the fastest standalone quarterly growth rate since Q1 2026's own 3.8%. The mechanism is the same one that broke the H1 2026 story: bank-only net interest margin, which compressed a full half-point to 5.3% through the first half, recovered to 5.6% this quarter, and Risk-Adjusted NIM (NIM less cost of credit) rose a matching 0.2 points to 5.3%.
For the nine months as a whole, net income attributable to owners grew 4.2% year-over-year to Rp45,215,827 million, up from H1 2026's own 1.8% pace - so the cumulative number already shows the reacceleration, but it understates how sharp the turn actually was within the quarter itself. The stock agreed: after two straight quarterly declines to successive multi-year lows (Rp6,450 in March, then Rp5,550 in June), BCA's shares rose 9.5% quarter-over-quarter to Rp6,075 at 30 September 2026 - though still down 20.3% year-over-year (see Target Valuation Range). Whether a single quarter's margin recovery is the start of a real reversal or a one-quarter bounce inside a longer de-rating is the open question this post can't yet answer - but NIM moved up, not down, this quarter, reversing Q1-to-Q2's own 0.1-point decline.
The margin recovery didn't come free: loan growth kept running ahead of deposit growth, pushing bank-only loan-to-deposit ratio to 79.8%, above the 78.4% level that FY2024's post flagged as the previous high. That tension - faster lending funded by a slower-growing deposit base - sits behind this quarter's numbers alongside the margin recovery (see Key Operational Metrics).
The Prescription
BCA should keep leaning into Corporate lending's acceleration - the segment grew 20.9% year-over-year to Rp528.1 trillion, now 49.7% of the consolidated loan book, and is funding a loan-to-deposit ratio that just broke a multi-year record without any visible stress on asset quality (bank-only gross NPL actually improved to 1.8% from 2.1% a year ago). A bank that can grow its best-margin, best-asset-quality segment this fast while NIM recovers in the same quarter has genuine room to keep pushing that mix further, rather than treating the fresh LDR high as a reason to slow down. What BCA should stop doing is letting its restructured-loan book's collectability mix drift without comment - the book shrank 5.3% year-to-date, which reads as good news on its own, but inside that shrinking book the Sub-standard tier alone nearly doubled over the same nine months (see Beyond the Usual). A bank whose headline NPL ratio is improving should not let a smaller, worse-quality residual inside its own restructured book go unremarked in its own disclosures - the current framing lets the clean topline NPL number carry the whole story when the underlying mix is moving the other way.
Key Financial Metrics
Rp trillion; margin is profit before tax as a percent of net revenue, per quarter. Values are standalone quarters; 9 derived from annual, half-year or nine-month figures (Q4 2023, Q2 2024, Q3 2024, Q4 2024, Q2 2025, Q3 2025, Q4 2025, Q2 2026, Q3 2026).
9M 2026 vs. 9M 2025 (consolidated, unaudited nine-month figures, ended 30 September)
FX: IDR 17,875.0 = USD 1 (30 September 2026, per BCA's own filed financial statements' Reuters middle-rate disclosure) - a 7.3% Rupiah depreciation from Sep 2025's Rp16,665.0, and little changed from Jun 2026's Rp17,880.0 (-0.03%).
| Metric | 9M 2026 (IDR) | 9M 2026 (USD) | 9M 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income (+ sharia) | Rp65,055,963M | ~$3,639.1M | Rp63,946,397M | +1.7% |
| Non-interest income (net, incl. insurance) | Rp20,875,576M | ~$1,167.9M | Rp19,387,793M | +7.7% |
| Net Revenue (NII + net non-interest income) | Rp85,931,539M | ~$4,807.1M | Rp83,334,190M | +3.1% |
| Operating Income (PPOP, consolidated) | Rp58,530,695M | ~$3,275.5M | Rp57,289,670M | +2.2% |
| Net Income (attributable to owners) | Rp45,215,827M | ~$2,529.8M | Rp43,397,415M | +4.2% |
| EPS (nine-month, consolidated) | Rp368 | ~$0.021 | Rp352 | +4.5% |
A bank has no Adjusted EBITDA or free cash flow, per the convention for deposit-taking institutions. The 9M 2025 comparative figures above are restated from this filing's own Note 48 account reclassification (insurance income/expense split out of what used to sit inside "Others"), which is why Net Revenue here (Rp83,334,190M) differs from the Rp85,876,920M the original 2025-09 post stated for the same period on a pre-reclassification basis - income before tax and net income are unaffected either way (see Beyond the Usual).
Income before tax grew faster than PPOP (+3.7% to Rp55,777,065M, versus PPOP's +2.2%) because impairment losses on assets fell 21.8% year-over-year (Rp3,522,726M to Rp2,753,630M) - a genuinely lighter credit-cost quarter layered on top of operating growth, not just an operating-line story. Standalone Q3 2026 net profit (attributable to owners) was Rp15,681,381 million, up 5.6% quarter-over-quarter from Q2 2026's Rp14,850,323 million and up 9.0% year-over-year from Q3 2025's Rp14,381,001 million - a clean acceleration from Q1 2026's own 3.8% YoY pace and a reversal of Q2's near-flat (-0.1%) reading.
| Balance sheet metric | Sep 2026 (IDR) | Sep 2026 (USD) | Sep 2025 (IDR) | YoY |
|---|---|---|---|---|
| Total Assets | Rp1,641,511,008M | ~$91.82B | Rp1,538,501,812M | +6.7% |
| Third Party Funds (deposits, incl. sharia)* | ~Rp1,301,300,000M | ~$72.80B | ~Rp1,204,700,000M | +8.0% |
| CASA» (demand + savings deposits)* | ~Rp1,103,200,000M | ~$61.74B | ~Rp998,900,000M | +10.4% |
| Total Loans (outstanding, incl. sharia)* | ~Rp1,063,100,000M | ~$59.48B | ~Rp944,100,000M | +12.6% |
| Total Equity (attributable to owners) | Rp283,419,338M | ~$15.85B | Rp276,415,660M | +2.5% |
*Third Party Funds, CASA, and Total Loans per BCA's own investor presentation (consolidated, including sharia financing), the same sourcing convention used since Sep 2019's post; Sep 2025 figures for this section are likewise from the presentation's own rounded comparative table, since the September 2025 filed statement itself isn't part of this document's own comparative period. The filed financial statements' own narrower "loans receivable" line (bank-only, which excludes consumer financing and finance lease receivables reported separately) shows Rp1,039,443,469M gross at Sep 2026 versus Rp970,233,234M at Dec 2025 - a smaller base than the presentation's consolidated loan figure but the same directional growth.
Total equity attributable to owners rose 2.5% quarter-over-quarter from Q2 2026's Rp270,437,543M, a smaller QoQ gain than H1's own 4.4% as a new interim dividend (Rp3,071,043M, paid 16 September 2026) partly offset the quarter's retained earnings. BCA paid a total of Rp40,056,102M in cash dividends across the nine months, up 30.0% from 9M 2025's Rp30,818,763M, under a new capital-return policy disclosed this quarter (see Beyond the Usual). Operating cash flow was Rp40,780,546M (~$2,282.0M), down 38.1% from 9M 2025's Rp65,931,980M, largely on a much smaller net customer-deposit inflow this year (Rp45,163,050M versus 9M 2025's Rp67,352,691M) and a far larger loans-receivable cash outflow as lending growth accelerated. Capital expenditure on fixed assets (Rp1,575,983M) and right-of-use assets (Rp450,826M) remained a small fraction of operating cash flow, as is typical for a bank whose cash flow is dominated by loan and deposit movements rather than capex. Cash and cash equivalents closed the period at Rp120,616,706M (~$6,747.4M), up 20.4% from Sep 2025's Rp100,202,148M and up 37.9% from Dec 2025's Rp87,549,328M.
Where Q3 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
Rp billion, Q3 2026. Percentages are of gross operating income. Standalone quarter; derived from an annual, half-year or nine-month row in the filings.
Key Operational Metrics
Bank-only unless noted, from BCA's own 9M26 investor presentation:
- LDR»: 79.8% (Sep 2026) vs Jun 2026's 78.7% +1.1pp QoQ, and up 4.2pp YoY from Sep 2025's 75.6% - higher than FY2024's previous peak of 78.4%.
- CASA to Total Funding (bank-only): 85.6% (Sep 2026) vs Jun 2026's 85.2% +0.4pp QoQ, and up 2.2pp YoY from Sep 2025's 83.4% - another fresh high, even as the deposit base funds a record LDR.
- NIM»: 5.6% (Sep 2026) vs 5.8% (Sep 2025) -0.2pp, but up 0.3pp quarter-over-quarter from Q2 2026's 5.3% - the recovery behind this quarter's profit reacceleration (see above).
- Risk-Adjusted NIM (NIM - Cost of Credit): 5.3% (Sep 2026) vs 5.4% (Sep 2025) -0.1pp, up 0.2pp QoQ from Q2 2026's 5.1%.
- ROA»: 3.8% (Sep 2026, nine months) vs 4.0% (Sep 2025) -0.2pp, up 0.2pp QoQ from Q2 2026's 3.6%.
- ROE»: 23.9% (Sep 2026, nine months) vs 24.1% (Sep 2025) -0.2pp, up 0.3pp QoQ from Q2 2026's 23.1%.
- Cost-to-Income Ratio»: 29.7% (Sep 2026, nine months) vs 29.2% (Sep 2025) +0.5pp, but down 0.6pp quarter-over-quarter from Q2 2026's 31.7% - the quarter's efficiency ratio improved even as the nine-month figure is slightly worse YoY.
- CAR» (bank-only): 27.5% (Sep 2026) vs Q2 2026's 26.8% +0.7pp QoQ, but down 2.4pp YoY from Sep 2025's 29.9%, still comfortably above regulatory minimums.
- NPL ratio - gross (bank-only): 1.8% (Sep 2026) vs Q2 2026's 1.9% -0.1pp, and an improvement from Sep 2025's 2.1%.
- NPL Coverage (bank-only): 167.5% (Sep 2026) vs Q2 2026's 165.5% +2.0pp QoQ, and up from Sep 2025's 166.6% - the first YoY improvement after two straight quarters of erosion.
- Cost of Credit» (bank-only, gross): 0.4% (Sep 2026, nine months) vs Sep 2025's 0.5%, flat QoQ versus Q2 2026's 0.4%.
- Loan at Risk» (bank-only, on & off-balance-sheet): 4.6% (Sep 2026) vs Q2 2026's 4.9% -0.3pp, and down 0.9pp YoY from Sep 2025's 5.5%.
- NSFR»: 156.0% (Sep 2026) vs Q2 2026's 154.9%, comfortably above the 100% regulatory minimum.
- Liquidity Coverage Ratio: 265.3% (Sep 2026) vs Q2 2026's 277.6%, also well above the regulatory floor despite the QoQ decline.
Segment Performance
BCA continues reporting four lending lines on a fully separated basis (consolidated, per this quarter's investor presentation): Corporate, Commercial, SME, and Consumer. The official product/geographic segment note in the filed financial statements (Note 40, by Loans/Treasury/Others and by Sumatera/Java/Kalimantan/East Indonesia/Overseas) reconciles exactly to the consolidated income before tax with no unattributed residual - BCA simply doesn't disclose profit by the lending-category breakdown used below, only loan balances.
Corporate
Corporate loans reached Rp528.1 trillion (Sep 2026), up 20.9% year-over-year and 2.9% quarter-over-quarter - by far the fastest-growing segment, and a further acceleration from Q2 2026's own 13.6% YoY pace. Within Corporate, the mix shifted slightly back toward working capital this quarter: investment loans reached Rp287 trillion (+21% YoY, utilization easing to 80% from Q2's 82%) while working-capital facilities grew to Rp241 trillion (+20% YoY) with utilization climbing to a fresh high of 72%, up from Q2's 69%. Investment-use loans are now 54.3% of the segment, down slightly from Q2's 55.1% - clients appear to be drawing down more of their existing working-capital lines rather than adding only fresh investment facilities this quarter.
Commercial
Commercial loans reached Rp154.1 trillion (Sep 2026), up 7.8% year-over-year but essentially flat quarter-over-quarter (+0.1%) - a sharp deceleration from Q2 2026's own 6.0% QoQ pace, the softest sequential growth of any segment this quarter.
SME
SME loans reached Rp149.2 trillion (Sep 2026), up 15.4% year-over-year and 10.8% quarter-over-quarter - the fastest QoQ pace of any segment, extending Q2's own re-acceleration and running well ahead of the roughly 1.2% YoY industry ex-micro SME-lending pace BCA's own presentation cites.
Consumer
Consumer loans fell to Rp218.7 trillion (Sep 2026), down 2.2% year-over-year and 1.1% quarter-over-quarter - a slightly shallower YoY contraction than Q2's -2.4%. Mortgages grew modestly (Rp143.7 trillion, +3.6% YoY, -0.4% QoQ) and personal loans kept growing (+11.5% YoY), but vehicle lending remained the drag: Rp48.7 trillion, down 20.6% year-over-year and 5.1% quarter-over-quarter - a slightly shallower YoY decline than Q2's 21.5% even as the sequential drop deepened - see Beyond the Usual for the full picture. Sharia financing again grew the fastest of any line (+14.3% YoY to Rp14.0 trillion), still off a small base.
Segment Comparison
| Segment | Sep 2026 (Rp tn) | Sep 2025 (Rp tn) | YoY | Jun 2026 (Rp tn) | QoQ | Share (Sep 2026) |
|---|---|---|---|---|---|---|
| Corporate | 528.1 | 436.9 | +20.9% | 513.4 | +2.9% | 49.7% |
| Commercial | 154.1 | 142.9 | +7.8% | 153.9 | +0.1% | 14.5% |
| SME | 149.2 | 129.3 | +15.4% | 134.6 | +10.8% | 14.0% |
| Consumer | 218.7 | 223.6 | -2.2% | 221.0 | -1.1% | 20.6% |
| Total (four segments + sharia, consolidated) | 1,063.1 | ~944.1 | +12.6% | 1,035.6 | +2.7% | 100.0%* |
*Segment shares sum to just under 100% because sharia financing (Rp14.0tn, 1.3% of the total) is reported as its own line rather than folded into Consumer; Sep 2025 segment figures are from the Sep 2025 post's own table, since the September 2025 filed comparative document isn't part of this post's own source set.
Corporate's further acceleration (13.6% YoY in Q2 to 20.9% this quarter) now means Corporate alone is doing essentially all of the work keeping consolidated loan growth at a strong 12.6% YoY despite Consumer's continued contraction - the growth mix has concentrated further into a single segment rather than broadening, which raises the question of how much of BCA's recent loan growth would survive a slowdown specific to Corporate borrowers.
Beyond the Usual
This quarter's downloaded documents are the unaudited interim financial statements and the 9M26 investor presentation, which together carry footnote detail on tax disputes, account reclassification, treasury-stock activity, commitments and contingencies, and related-party transactions not present in the deck alone.
Tax Disputes and Audits Now Touch Seven Different Fiscal Years at Once
BCA's own notes to its financial statements now show tax inspections, appeals, or Supreme Court judicial reviews open across seven different fiscal years simultaneously: 2016 and 2017 (both partly resolved in BCA's favor at the Supreme Court, with Rp28,843 million and Rp2,664 million respectively decided so far out of Rp48,774 million and Rp20,225 million still under review), 2018 (new Tax Court appeals of Rp77,362 million and Rp392,940 million filed in February and May 2025, undecided as of this filing), 2021 (an SKP/STP assessment of Rp761,237 million paid in September 2025, with Rp684,689 million objected to in November 2025), 2024 (an SKP/STP assessment of Rp1,223,357 million settled via offset in May 2026, with Rp1,147,817 million objected to in July and September 2026), and now fresh tax audit notification letters for 2022 and 2023, issued in September 2026 with no amounts yet disclosed. None of the individually disclosed amounts are material against BCA's Rp45.2 trillion nine-month profit, and the fiscal-2016 and 2017 Supreme Court rulings decided so far have both favored the Bank - but the sheer number of fiscal years now simultaneously under some stage of dispute, rather than resolving and closing out, is worth tracking as its own pattern rather than six or seven separate one-off items.
The Restructured Loan Book's Sub-Standard Tier Nearly Doubled
Bank-only restructured credit fell 5.3% year-to-date (Rp25,851,079 million at Dec 2025 to Rp24,486,900 million at Sep 2026) - on its face, a continuation of the book's multi-year shrinkage. But within that smaller book, the collectability mix moved slightly the wrong way: the performing portion (Current plus Special Mention) fell 8.1% YTD to Rp15,896,262 million, while the non-performing portion (Sub-standard, Doubtful, and Loss combined) was essentially flat (+0.5% YTD) at Rp8,590,638 million - meaning the non-performing share of the restructured book rose from 33.1% at Dec 2025 to 35.1% at Sep 2026, a modest but real shift. The real movement is inside that non-performing group: the Sub-standard tier nearly doubled (Rp421,506 million to Rp788,682 million, +87.1% YTD), while the Doubtful tier fell by half (Rp350,589 million to Rp176,155 million) and the largest bucket, Loss, stayed roughly flat (Rp7,776,226 million to Rp7,625,801 million, -1.9%). The net effect reads as fresh impairment entering the restructured book's Sub-standard tier even as some existing non-performing restructured loans clear out further down the collectability scale - a mix shift the bank-only headline NPL ratio (which improved to 1.8% from 2.1% a year ago) doesn't surface.
Vehicle Lending's Year-Over-Year Decline Eased, But the Sequential Drop Got Worse
Vehicle lending fell to Rp48.7 trillion at Sep 2026, down 20.6% year-over-year - a shallower decline than Q2 2026's 21.5% and Q1 2026's 19.7%, the first YoY deceleration after at least two straight quarters of worsening. But the quarter-over-quarter drop actually deepened, from Q2's 4.7% to 5.1% this quarter, and the nominal loan balance kept falling (Rp51.3 trillion to Rp48.7 trillion). BCA's own presentation again frames this against a shrinking national car-sales market, though the chart's own quarterly industry figures aren't legible enough in the source to cite a specific number this quarter. Whether the sub-segment has actually stopped deteriorating, or is just decelerating on a year-over-year basis while still shrinking in absolute terms, isn't resolvable from this quarter's disclosure alone.
A Note 48 Account Reclassification Explains Why This Quarter's Net Revenue Doesn't Match the Original Q3 2025 Post
BCA's own Note 48 (Account Reclassification) discloses that the 30 September 2025 comparative income-statement figures in this filing were reclassified to match the current period's presentation: Insurance income and expense, which used to sit folded inside the "Others" line under Other Operating Income, are now broken out as their own separate lines (Rp1,863,871 million of insurance income and Rp1,755,190 million of insurance expense moved out of what was previously a combined Rp4,487,580 million "Others" figure). This is the reason Key Financial Metrics above states Net Revenue for 9M 2025 as Rp83,334,190 million rather than the Rp85,876,920 million the original Q3 2025 post reported for the same period - the underlying net interest income, income before tax, and net income are identical either way; only the above-the-line presentation split changed.
BCA Adopted a Quarterly Interim Dividend Policy for FY2026
The Annual General Meeting of Shareholders on 12 March 2026 authorized BCA's Board of Directors to pay up to three interim dividends for financial year 2026 on a quarterly basis, a change from the bank's historical pattern of a single annual dividend (occasionally split into one interim and one final tranche). Under this new authorization, BCA paid a Q2 interim dividend of Rp20 per share (Rp2,456,835 million) on 26 June 2026 and a Q3 interim dividend of Rp25 per share (Rp3,071,043 million) on 16 September 2026, on top of the Rp34,528,224 million final FY2025 dividend paid in April. Total cash dividends for the nine months reached Rp40,056,102 million, up 30.0% year-over-year - a capital-return cadence shift worth watching for a possible fourth, Q4-timed payment before year-end.
No Further Share Buybacks in the Third Quarter
Treasury stock held steady at Rp3,461,527 million through the third quarter - identical to the balance already reported in Q2 2026's post - and the cash-flow statement's cumulative nine-month buyback figure (Rp1,309,013 million) exactly matches what H1 2026 alone had already recorded. After adding roughly Rp1.3 trillion of buybacks in the first half, BCA appears to have paused the program entirely in Q3, even as the stock traded well below the tranche's own average purchase prices for most of the quarter.
Uncommitted Credit Facilities Fell 14% Even as Drawn Loans Kept Growing
BCA's unused, uncommitted credit facilities to customers fell to Rp86,174,935 million at Sep 2026 from Rp100,451,029 million at Dec 2025, down 14.2% year-to-date, even as committed unused facilities to customers rose to Rp355,693,787 million from Rp349,402,792 million (+1.8% YTD) and drawn loans grew 7.1% YTD. The mix shift - away from the more easily withdrawn uncommitted lines and toward either committed facilities or actual drawdowns - is consistent with the same Corporate-lending acceleration driving this quarter's loan growth, but it also means a larger share of BCA's extended credit now carries a firmer contractual obligation to lend.
Irrevocable Letter-of-Credit Facilities Jumped 18% Year-to-Date
Irrevocable letters of credit issued to customers rose to Rp11,999,326 million at Sep 2026 from Rp10,205,937 million at Dec 2025, up 17.6% year-to-date - faster growth than the bank's overall loan book over the same period, and a plausible echo of the trade-finance demand sitting behind Corporate's own acceleration this quarter.
Coverage Table
| Metric | 9M 2026 | 9M 2025 | YoY | Why it matters |
|---|---|---|---|---|
| Net Income (attributable) | Rp45,215.8bn | Rp43,397.4bn | +4.2% | Nine-month growth |
| Standalone Q3 net profit | Rp15,681.4bn | Rp14,381.0bn | +9.0% | Growth rate more than doubles the nine-month figure |
| Bank-only NIM (Q3 standalone) | 5.6% | - | vs Q2's 5.3% | Drives the Q3 reacceleration |
| LDR (bank-only) | 79.8% | 75.6% | +4.2pp | Fresh high, above FY2024's 78.4% record |
| Corporate segment loans | Rp528.1tn | Rp436.9tn | +20.9% | Fastest growth, now carrying the loan book |
| Vehicle lending | Rp48.7tn | ~Rp61.3tn | -20.6% | Decline eased YoY, worsened QoQ |
| Stock price | Rp6,075 | Rp7,625 | -20.3% | Still down YoY, but +9.5% QoQ |
Target Valuation Range
P/E of ~12.6x and P/B of ~2.6x - both up from Q2's ~11.7x and ~2.5x as the stock rebounded faster than trailing earnings or book value grew. BCA now trades at essentially the same price-to-book as ICICI Bank (~2.63x each), though at a lower P/E (12.6x versus ICICI's 16.0x) and a higher ROE (23.9% versus ICICI's 16.6%) - still cheap against its own two-year history, but no longer at the fresh series lows Q2 2026 set.
BCA's shares closed at Rp6,075 on 30 September 2026, up 9.5% quarter-over-quarter from Jun 2026's Rp5,550 close - the first quarterly gain after two straight quarterly declines to successive multi-year lows - but still down 20.3% year-over-year from Sep 2025's Rp7,625 close. Over the trailing two years, shares ranged from Jun 2026's own Rp5,550 low to Aug/Sep 2024's Rp10,325 high - a peak-to-trough swing of roughly 46.3% (month-end closes). BCA's last stock split (1:5) took effect 13 October 2021, well before this window, so no further split adjustment applies to these prices.
- P/E»: ~12.6x, using trailing four quarters' net profit attributable to owners (Rp14,139,872M [Q4 2025, FY2025's Rp57,537,287M less 9M 2025's Rp43,397,415M] + Rp14,684,123M [Q1 2026] + Rp14,850,323M [Q2 2026] + Rp15,681,381M [Q3 2026] = Rp59,355,699M) against the Rp6,075 close and 122,841,751,300 shares outstanding (123,275,050,000 issued less 433,298,700 treasury shares, unchanged since Q2 2026 - see Beyond the Usual) - up from Q2 2026's ~11.7x, as the share price rose faster than trailing earnings.
- P/B»: ~2.6x, using book value per share of Rp2,307 (total equity attributable to owners, Rp283,419,338 million, divided by the same 122,841,751,300 shares outstanding) - up from Q2 2026's ~2.5x.
| Market cap → book value | Q3 2026 |
|---|---|
| Share price (period-end) | Rp6,075 |
| Shares outstanding (net of treasury) | 122,841,751,300 |
| Market capitalization | Rp746,264B (~$41.76B) |
| Book value (equity attributable to owners) | Rp283,419B (~$15.85B) |
| P/B» | ~2.6x |
| P/E and P/B | Q2 2026 (TTM) | Q3 2026 (TTM) | Change |
|---|---|---|---|
| EPS (TTM) | Rp472.5 | Rp483.1 | up |
| P/E» | ~11.7x | ~12.6x | up |
| Book value per share | Rp2,201 | Rp2,307 | up |
| P/B» | ~2.5x | ~2.6x | up |
How BCA Compares With the Other Banks We Follow
| Bank | Figures as of | P/B | P/E (basis) | ROE (basis) |
|---|---|---|---|---|
| BCA (Indonesia) | Sep 2026 | ~2.6x | ~12.6x (TTM) | 23.9% (nine months, bank-only) |
| Bank Rakyat Indonesia (Indonesia) | Jun 2026 | ~1.29x | ~6.76x (TTM) | 18.50% (first half) |
| Bank Mandiri (Indonesia) | Jun 2026 | ~1.26x | ~5.77x (TTM) | 24.28% (as filed; the post gives no period) |
| ICICI Bank (India) | Sep 2026 | ~2.63x | ~16.0x (annualised quarter) | 16.6% (annualised quarter) |
Each row is that bank's own latest post, so the dates differ. The P/E and ROE bases are labelled and differ (BCA and ICICI use different EPS bases from BRI and Mandiri), so small gaps between rows should not be read as meaningful.
What it shows: BCA's price-to-book (~2.6x) now sits almost exactly where ICICI's does (~2.63x) - this quarter's coincidence, not a pattern this post has checked across other quarters. BCA still trades at roughly twice BRI's (~1.29x) and Mandiri's (~1.26x) book multiples this quarter, the same rough gap BRI's own Q2 2026 post described against BCA's prior-quarter figures. BCA earns a materially higher return on equity than ICICI (23.9% against 16.6%) for a similar book multiple, and a higher return than BRI (18.50%) though a lower one than Mandiri (24.28%) - on this quarter's numbers, BCA still looks like the best risk-adjusted combination of price and return among the four, but the rebound this quarter means it is no longer the cheapest it has been on its own recent history.
PT Bank Central Asia Tbk & Entitas Anak's unaudited consolidated financial statements as of and for the nine-month periods ended 30 September 2026 and 2025, including the statements of financial position, profit or loss and other comprehensive income, changes in equity, and cash flows, and the accompanying notes covering commitments and contingencies, operating segments, related-party transactions, and account reclassification; and BCA's corporate presentation for the 9M26 analysts' meeting.