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Bank Mandiri profit up by 70% in Q1
The lender's net interest income grew 17.11 percent yoy to Rp 20.48 trillion.
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Headquarters of state-owned Bank Mandiri in Central Jakarta.
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tate-owned Bank Mandiri, one of the largest lenders in Indonesia, posted a 70 percent annual increase in net profit to Rp 10 trillion (US$693.64 million) in the first quarter, riding on Indonesia’s economic recovery.
Bank Mandiri’s financial results show its net interest income grew 17.11 percent year-on-year (yoy) to Rp 20.48 trillion in the January-March period. Non-interest income rose 13.6 percent yoy to Rp 8.65 trillion, mainly from cash management fees and internet banking fees.
“The COVID situation improved, so the economic recovery accelerated, and therefore we are optimistic that Indonesia will continue a positive growth trend,” Bank Mandiri finance director Sigit Prastowo said on Wednesday.
The company saw a loan growth of 8.93 percent yoy to Rp 1.07 quadrillion in the first quarter of 2022, beating the industry’s average of 6.65 percent.
New loans mainly came from the micro-loan and consumer-loan segments, with the former relying largely on the government-supported microcredit program (KUR) targeted at small businesses.
The bank said its digital channels had helped increase retail loan disbursement.
Indonesia’s banking industry saw general improvement in the first quarter this year as improving economic conditions raised loan demand. The government expects the GDP to grow 4 to 5 percent yoy in the first quarter.
