The achievement, an increase of 19.1 percent year on year (yoy), exceeded the industry’s loan growth, which had grown annually by 12.4 percent as of March of this year.

Bank Mandiri president director Darmawan Junaidi said the bank’s loan growth reflected the solid and resilient fundamentals of the Indonesian economy.

Despite fluctuating economic conditions, Bank Mandiri’s gross bank-only non-performing loan (NPL) ratio was at 1.02 percent as of March 2024, down 68 basis points (bps) from the 1.7 percent recorded in the same period last year.

In addition, Bank Mandiri remains prudent and conservative in determining loan reserves, as reflected in the bank-only coverage ratio of 368 percent.

This improvement in loan quality is also reflected in the cost of credit (coc), which is maintaned at the low level of 0.99 percent as of the end of March.

"In encouraging loan distribution, we will continue the strategy we have implemented for several years, namely strengthening Bank Mandiri's core competence in the wholesale segment, increasing the growth of the retail segment with an ecosystem-based value chain approach and focusing on leading sectors in Indonesia," said Darmawan.

In line with the implementation of a consistent business strategy accompanied by optimizing digital channels, Bank Mandiri also managed to record a consolidated net profit of Rp 12.7 trillion in the first quarter of 2024, up 1.13 percent yoy.

Bank Mandiri’s financial performance was also driven by a series of innovations and digital strategies, including through the Livin' by Mandiri superapp, which managed 846 million transactions in the first quarter, an increase of 41.7 percent yoy. At the same time, the number of users reached 24.4 million, an increase of 40 percent yoy.

Livin' by Mandiri’s transaction value in the first quarter was Rp 921 trillion, an increase of 27.4 percent yoy. The app also recorded a fee-based income (FBI) of Rp 557 billion, up 25.5 percent yoy.

At the same time, the Kopra by Mandiri wholesale digital super platform service has consistently led the market for wholesale digital transactions by managing Rp 4.773 quadrillion in transactions in the first quarter, while also more than doubling its users in the last year to 200,000 as of the end of March, accounting for 93 percent of current Bank Mandiri accounts.

Bank Mandiri's consolidated third-party funds (DPK) saw 13 percent growth yoy to reach Rp 1.572 quadrillion as of the end of the first quarter. This growth was driven by savings, which rose 10.6 percent yoy to Rp 607 trillion on a consolidated basis.

As of the end of the first quarter of this year, Bank Mandiri's total consolidated current accounts had grown by 16.4 percent on an annual basis to reach Rp 562 trillion, while its bank only current account saving account (CASA) ratio has now reached 79.4 percent as of March 2024, up 22 bps yoy. This position is the highest level since Bank Mandiri was founded.

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