PT Bank Mandiri (Persero) (BMRI) Q4 2024 earnings summary

Executive summary

• Net profit reached Rp55.8 trillion in 2024, up 1.3% year-on-year, driven by 19.5% loan growth led by wholesale and corporate segments, and supported by digital fee income and subsidiaries.

• Asset quality improved with NPL ratio at 1.12% and loan-at-risk at 6.8%, reflecting prudent risk management.

• Digital platforms Livin' and Kopra saw user growth and drove significant increases in transaction volumes and fee-based income.

• ESG initiatives advanced, with improved MSCI ESG rating to BBB and sustainable financing portfolio reaching Rp293 trillion, up 10.8% year-on-year.

• Consolidated assets reached Rp2,427.2 trillion as of December 31, 2024, up from Rp2,174.2 trillion year-over-year.

Financial highlights

• Consolidated net profit was Rp55.8 trillion, up 1.3% year-on-year; operating income reached Rp76.06 trillion.

• Pre-provision operating profit (PPOP) increased 3.8% year-on-year to Rp88 trillion.

• Net interest income rose 6.1% year-on-year to Rp101.8 trillion; non-interest income up 4.1% to Rp42.3 trillion.

• CASA deposits grew 8.49% year-on-year to Rp1,271 trillion; CASA ratio at 74.8%.

• NIM at 5.15%, down 33bps year-on-year; cost-to-income ratio at 35% (bank-only), 40% (consolidated).

Outlook and guidance

• 2025 loan growth guidance set at 10–12%, with deposit growth expected to match or exceed loan growth.

• NIM guided at 5.0–5.2%, and credit cost expected to normalize to 1–1.2%.

• Focus on expanding transactional CASA, optimizing funding costs, and maintaining ROE above 20%.

• Management expects continued asset quality improvement and stable capital adequacy.