The bank saw its net profit grow 9.44 percent year-on-year (yoy) to Rp 7.92 trillion (US$5.65 million) in the first three months, with a growth rate that was much higher than its peers. State-owned Bank Rakyat Indonesia (BRI) saw its net profit contract 0.3 percent in the first quarter to Rp 8.17 trillion, while Bank Tabungan Negara (BTN) recorded a 36.79 percent contraction, while Bank Negara Indonesia (BNI) booked 4.3 percent growth.

The notable growth in Bank Mandiri’s net profit was supported by nearly 24 percent growth in its fee-based income to Rp 7.74 trillion and 9.05 percent increase in its net interest income to Rp 16.16 trillion. 

“We are committed to maintaining business growth that is sustainable and consistent in giving better added value to our shareholders,” Bank Mandiri president director Royke Tumilaar said in a written statement published on Monday. 

Read also: Banks face uphill battle against pandemic following slow Q1 performance

“At present, we continue to maintain the quality of our assets and business because this pandemic might have [adverse] impacts on business,” Royke added. 

The COVID-19 pandemic has forced businesses and offices to close to contain the coronavirus spread, weakening people’s purchasing power and loan repayment capacity, as well as disrupting business activity.

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