PT Bank Mandiri (Persero) (BMRI) Q3 2024 earnings summary

Executive summary

• Net income for 9M24 reached Rp46.08T, up from Rp42.77T YoY, with PATMI up 7.56% YoY to Rp42.0T.

• Consolidated loan growth was 20.8% YoY in September 2024, led by corporate and commercial segments.

• Total assets grew to Rp2,324T as of September 2024.

• Maintained high ROE at 21.7% and ROA at 2.49% for 9M24.

• Asset quality improved with NPL ratio at 1.13% and cost of credit at 0.87% for 9M24.

Financial highlights

• Net interest income rose 3.81% YoY to Rp74.6T; non-interest income up 12.6% YoY to Rp30.8T for 9M24.

• CASA ratio stable at 73.8%; consolidated NIM at 5.11% for 9M24.

• Cost-to-income ratio improved to 37.3% (down 81bps YoY); cost-to-asset ratio at 2.29%.

• Subsidiaries contributed 23.8% of consolidated non-interest income.

• NPL coverage at 318.63%; allowance for impairment losses at Rp49.38T.

Outlook and guidance

• FY24 loan growth guidance maintained at 16–18%, with strong momentum in wholesale and retail.

• NIM guidance at 5.0–5.3%, supported by improving subsidiary NIM and high CASA ratio.

• Credit cost guidance revised to ≤1.0% on improved asset quality and normalizing NPL coverage.