BCA Digital Expansion Found Highly Profitable, Investment Feasibility Study Reveals
MAKASSAR, Formosa News – A major investment by PT Bank Central Asia Tbk (BCA) to strengthen its digital banking services has been found to be highly financially viable. The finding comes from a study conducted by Indah Lestari Anwar and Fitriani Rahim of Universitas Negeri Makassar (UNM), Indonesia, published in 2026 in the International Journal of Applied and Advanced Multidisciplinary Research (IJAAMR). The research shows that BCA’s digital channel expansion generates substantial economic value, delivers an exceptionally high rate of return, and allows investment costs to be recovered in a remarkably short period. The study arrives at a time when digital transformation has become one of the most important strategies in the banking industry. As customer preferences continue shifting toward online and mobile services, banks are investing heavily in technology infrastructure, cybersecurity, and digital platforms to remain competitive. For financial institutions, investment decisions of this scale require careful evaluation. Poor investment choices can affect cash flow, profitability, and long-term business sustainability. As a result, companies increasingly rely on data-driven financial analysis to ensure that strategic projects create real economic value. To assess the feasibility of BCA’s digital expansion, the researchers analyzed the bank’s audited consolidated financial statements covering the period from 2023 to 2025. The study applied a capital budgeting approach, a widely used method for evaluating long-term investment projects. Three key financial indicators were used in the analysis: Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP). Together, these indicators measure a project’s profitability, expected return, and the time required to recover the initial investment. In the study scenario, the researchers assumed a total digital investment of IDR 25 trillion, representing the accumulation of BCA’s technology-related capital expenditures over three years. The analysis found that BCA maintained strong operational cash flows throughout the observation period. Net cash generated from operating activities reached IDR 58.06 trillion in 2023, IDR 53.82 trillion in 2024, and increased significantly to IDR 77.51 trillion in 2025. Based on these figures, the researchers identified several highly favorable investment indicators.
Key Findings
Net Present Value (NPV): IDR 154.74 Trillion
The study calculated an NPV of IDR 154.74 trillion, a figure substantially above zero. In investment analysis, a positive NPV indicates that a project creates value beyond its initial cost. This means that after recovering the original investment of IDR 25 trillion and accounting for the company’s cost of capital, the project still generates an additional IDR 154.74 trillion in net economic value.
Internal Rate of Return (IRR): 218.69 Percent
The project’s IRR was estimated at 218.69 percent, dramatically exceeding BCA’s Weighted Average Cost of Capital (WACC) of 2.53 percent. The difference of more than 216 percentage points highlights the project’s exceptional profitability. In capital budgeting, an investment is generally considered attractive when its IRR exceeds the company’s cost of capital. In this case, the gap is extraordinarily large.
Payback Period: 0.43 Years
The study also found that the investment could be recovered in approximately 0.43 years, equivalent to about five months. A shorter payback period indicates lower liquidity risk because the company regains its invested capital more quickly. According to the researchers, this result suggests that the digital expansion project carries very low financial risk from a cash recovery perspective.
Consistent Results Across All Methods
One of the most significant aspects of the study is that all three evaluation methods reached the same conclusion. The NPV, IRR, and Payback Period analyses consistently classified BCA’s digital channel expansion project as highly feasible and financially attractive. According to Indah Lestari Anwar and Fitriani Rahim, the findings demonstrate that BCA’s investment in digital infrastructure is not merely a technological upgrade but also a powerful driver of economic value creation. The study suggests that digital banking investments can enhance operational efficiency, support revenue growth, and strengthen a bank’s competitive position in an increasingly digital economy.
Implications for the Banking Industry
The findings carry broader implications for Indonesia’s banking sector. As financial institutions continue to modernize their services, investments in digital platforms, cybersecurity systems, data centers, and electronic banking channels may provide substantial long-term returns. For business leaders, the study offers evidence that technology investments can generate measurable financial benefits when supported by strong operational performance. For investors, the research highlights how companies that successfully implement digital transformation may create significant shareholder value. The results may also serve as a useful reference for policymakers and regulators seeking to accelerate digital innovation within Indonesia’s financial sector.
Study Limitations
The researchers acknowledged several limitations. The operational cash flow data used in the analysis reflects BCA’s overall business activities rather than the digital segment alone. As a result, the figures may not isolate the exact contribution of digital services to the bank’s financial performance. In addition, the study used BCA’s 2024 WACC as a proxy for the entire 2023–2025 analysis period because historical annual WACC data were not publicly available. Future research is expected to incorporate updated financial data, sensitivity analyses, and additional investment evaluation methods to provide a more comprehensive assessment of digital banking projects.
Author Profile
Indah Lestari Anwar Affiliation: Universitas Negeri Makassar (UNM), Indonesia
Expertise: Financial Management, Investment Analysis, and Business Feasibility Studies
Fitriani Rahim Affiliation: Universitas Negeri Makassar (UNM), Indonesia
Expertise: Corporate Finance and Investment Analysis
Research Source
Article Title: Investment Feasibility Study on PT Bank Central Asia Tbk (BCA)
Authors: Indah Lestari Anwar and Fitriani Rahim
Journal: International Journal of Applied and Advanced Multidisciplinary Research (IJAAMR)
Volume and Issue: Volume 4, Issue 5 (2026)
Pages: 391–400
){kind=link}
0 Komentar