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BANK MANDIRI - JAKARTA. PT Bank Mandiri Tbk (BMRI) has reported a consolidated loan disbursement of Rp 1.435 trillion in the first quarter of 2024, marking a 19.1% year-on-year (YoY) increase.
The bank's President Director, Darmawan Junaidi, attributes this achievement to Bank Mandiri's resilience and adaptability in the face of volatile market conditions and global economic and financial uncertainties.
Junaidi notes that this performance surpasses the industry's annual credit growth, which stood at 12.4% at the end of March 2024. He believes that the growth of this gold-ribbon logo bank reflects the solid and resilient fundamental conditions of the Indonesian economy.
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“Bank Mandiri reaffirms its role as a development agent, striving to contribute maximally to the economy in Indonesia,” said Junaidi on Tuesday (30/4).
Furthermore, Junaidi stated that this intermediation function is evenly distributed across all segments, with double-digit growth.
By the end of March 2024, the company's wholesale segment credit grew 25.2% YoY to Rp 751 trillion, and retail credit grew 10.9% YoY to Rp 363 trillion.
On the other hand, the BMRI-coded bank also recorded growth in third-party funds (DPK) of Bank Mandiri's consolidation, which reached 13% YoY from Rp 1.391 trillion in the first quarter of 2023 to Rp 1.572 trillion at the end of the first quarter of 2024.
This growth was driven by savings, which increased 10.6% YoY to Rp 607 trillion in consolidation. The trend of significant growth in current accounts also occurred, growing 16.4% annually to Rp 562 trillion.
In facing fluctuating economic dynamics, Junaidi added, Bank Mandiri continues to prioritize prudence, including carrying out various initiatives and service innovations for all customers and stakeholders to achieve sustainable business growth.
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It is noted that the bank's gross non-performing loan (NPL) ratio remained stable at 1.02% as of March 2024, down 68 basis points (bps) from the same period last year, which was 1.7%.
In addition, Bank Mandiri has been prudent and conservative in setting credit provisions, as reflected in the bank-only coverage ratio, which stands at 368%.
Improvements in credit quality are also reflected in the cost of credit (CoC), which remained at a low level of 0.99% at the end of March 2024.
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Lastly, Junaidi reaffirmed his commitment to continue the strategy that has been implemented over the past few years, namely strengthening Bank Mandiri's core competence in the wholesale segment and increasing retail segment growth with a value chain approach based on the ecosystem.
"And focus on superior sectors in the regions of Indonesia," he concluded.
