Bank Mandiri Records Rp30.7 Trillion Profit in Q3 2022

PT Bank Mandiri (Persero) Tbk reported a net profit of Rp30.7 trillion in the third quarter of 2022. This profit grew by 59.4% compared to the net profit of Rp19.2 trillion in the same period last year.

This positive performance was driven by significant growth in credit and funding. Bank Mandiri's President Director, Darmawan Junaidi, stated that the profit growth is the result of Bank Mandiri's new strategy focusing on ecosystems, both in terms of financing and funding.

Based on the financial performance presentation, Bank Mandiri's consolidated credit realization as of September 2022 was recorded at Rp1,167 trillion, or a 14.28% year-on-year growth. Credit growth is above the industry growth of 11%.

Darmawan assessed that the increase in Bank Mandiri's credit is inseparable from Indonesia's still-solid economic fundamentals.

"In driving credit disbursement, we remain focused on prospective sectors and businesses derived from the wholesale segment ecosystem in each region," he said in a Public Exposure regarding the Third Quarter 2022 Financial Performance on Wednesday (26/10). According to Darmawan, intermediation functions are evenly distributed across all segments. Meanwhile, corporate credit, the main pillar of Bank Mandiri's business, grew by 12.2% to Rp410 trillion at the end of September 2022.

Bank Mandiri's performance is also evident in its continuously improving profitability. The bank-only Tier-1 Return on Equity (ROE) has reached 23.28 percent, or an increase of 822 basis points (bps) year-on-year. Meanwhile, the consolidated net interest margin (NIM) remains solid at 5.42 percent.