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Bank Mandiri books 12.7 percent loan growth as of September
The lender’s assets grew to Rp 2 quadrillion by the end of the third quarter, making Bank Mandiri the first Indonesian bank to hit that milestone.
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Funds at your fingertips: A teller of state-owned bank Mandiri tells his customer about productive micro-credit that can be requested via a mobile app the bank launched in June 2020. (Antara/Nova Wahyudi)
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tate-owned Bank Mandiri booked 12.7 percent year-on-year (yoy) growth in consolidated loan disbursement during the first nine months of this year, exceeding its full-year guidance of 10 to 12 percent.
The lender and its subsidiaries increased their total credit to Rp 1.32 quadrillion (US$83.07 billion), from Rp 1.17 quadrillion in September last year.
Almost all credit segments, including commercial, consumer, small and medium enterprises (SMEs) as well as micro businesses, posted double-digit growth at 18.6 percent, 12.1 percent, 11.7 percent and 10.1 percent, respectively. The corporate segment, which accounts for the firm's biggest credit portfolio, just missed the threshold as it expanded by 9.55 percent.
The significant loan growth affected the firm's interest income, which also increased at a similar rate. The net interest margin (NIM), which is used to measure a bank's profitability, rose to 5.59 percent in September, prompting a 27.4 percent jump in net profit to Rp 39.1 trillion.
Bank Mandiri's third-party funds increased to Rp 1.36 quadrillion, a 6.6 percent hike from the same period last year. The percentage of current account and savings account (CASA) funds, which is a cheap source of funding for banks, accounts for 73.7 percent of total customer funds.
"[Individual customer's mobile app] Livin' and [wholesale banking platform] Kopra by Mandiri also contributed significant CASA for our third-party funds," Bank Mandiri president director Darmawan Junaidi said in a statement on Monday.
Read also: OJK confident banks can achieve double-digit loan growth this year
