Highest Ever Net Profit for Bank Mandiri

According to reporting from Jakarta Globe, state-owned Bank Mandiri announced on Wednesday (31/1/24,) that it achieved a record-high net profit of IDR 55.1-trillion (approx. USD 3.5-billion) in 2023, reflecting growth of 33.7-percent year-on-year and disbursing IDR 1,398.1-trillion in credit in 2023, marking a 16.3-percent increase over 2022.

Speaking at a news conference in Jakarta, Bank Mandiri CEO, Darmawan Junaidi said this was driven by the positive outcomes of its digitalization initiatives.

The bank’s digital app, Livin’, had 37-million downloads since it was launched in October 2021, facilitating over 2.8-billion transactions, totaling IDR 3,271-trillion in 2023, a significant increase of 32.32-percent from the previous year.

In addition to Livin’, the bank introduced a digital wholesale platform named Kopra, overseeing transactions worth IDR 19.1-trillion involving small and large enterprises, says Jakarta Globe.

“We continue to enhance the performance and effectiveness of Livin’ and Kopra apps as an integrated solution for our customers’ financial and non-financial needs. These apps are now accessible from foreign countries, allowing our customers to manage their transactions anywhere, anytime,” Junaidi said.

Jakarta Globe reported that as of December 31, 2023, the bank’s assets were valued at IDR 2,174.2-trillion, reflecting a 9.12-percent increase from the total assets of IDR 1,992.5-trillion in the preceding year, adding that a reduction in its non-performing loan ratio to total assets was down by 86 percentage points to 1.02-percent.

“Our financial performance has gained momentum and remained on track, supported by strict adherence to prudential banking regulations, resulting in an improvement in the quality of our assets. We are confident that 2024 has room for growth,” Junaidi said.

The strong performance of Bank Mandiri in 2023 is also evident in its stock performance at the Indonesia Stock Exchange, witnessing a 21.9-percent surge throughout the year, says Jakarta Globe.

The bank’s “green portfolio,” which focuses on credits for sustainable businesses, recorded a significant 21.4-percent year-on-year rise, reaching IDR 129-trillion.

Junaidi explained that “financing in this particular sector is directed at sustainable businesses such as renewable energies, hydro and geothermal power plants, and the EV ecosystem.”

 

Source: Jakarta Globe

Stock image by Gerd Altmann from Pixabay

 

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