Bank Mandiri: Company Profile of Indonesia's Largest Bank by Assets
An updated profile of Bank Mandiri is presented in our Indonesian Companies' section. Bank Mandiri, which is Indonesia’s largest financial institution by assets, offers businesses and individuals throughout Indonesia a full set of banking and non-banking products and services. The bank was established as a result of the Asian Financial Crisis when four state-owned banks (Bank Exim, Bank Bumi Daya, Bank Dagang Negara and Bapindo) were merged into Bank Mandiri as part of the government's bank restructuring program.
The Indonesian banking sector has posted robust growth in recent years. In the first half of 2013, Bank Mandiri's net income was up 16.1 percent to IDR 8.29 trillion. The bank's credit growth in 2013 is expected to be around 20 percent, despite some current challenges in the Indonesian economy, such as the central bank's higher benchmark interest rate (7.25 percent), the weakening rupiah and higher inflation.
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Bank Mandiri's Operational Highlights:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Number of Deposit Accounts¹ |
8,831 | 10,104 | 10,990 | 11,992 | 12,890 |
| Number of Branches |
1,027 | 1,095 | 1,370 | 1,537 | 1,810 |
¹ in thousands
Source: Bank Mandiri, Annual Report 2012
Bank Mandiri's Financial Highlights:
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Net Interest Income | 14,800 | 16,777 | 20,072 | 23,591 | 29,694 |
| Operating Income |
19,400 | 22,442 | 28,792 | 35,546 | 41,931 |
| Operating Profit | 7,910 | 10,434 | 13,742 | 16,349 | 19,625 |
| Net Profit | 5,313 | 7,155 | 9,218 | 12,246 | 15,504 |
| Total Assets |
358,439 | 394,617 | 449,775 | 551,892 | 635,619 |
| Total Liabilities | 327,925 | 359,508 | 408,232 | 489,237 | 559,086 |
| Earnings per share¹ | 254.51 | 341.72 | 439.38 | 529.33 | 664.46 |
| Non Performing Loan Ratio² |
4.7% | 2.8% | 2.4% | 2.2% | 1.9% |
| Capital Adequacy Ratio (CAR) | 15.7% | 15.7% | 13.4% | 15.0% | 15.3% |
| Dividend per Share¹ (Gross) | 88,90 | 100,11 | 120,60 | 104,97 | 199,33 |
in billion IDR rupiah, except otherwise stated
¹ in IDR rupiah
² gross
Source: Bank Mandiri, Annual Report 2012
Future Projection Bank Mandiri's Financial Highlights:
| 2011 | 2012 | 2013F | 2014F | 2015F | |
| Net Interest Income | 23,591 | 29,694 | 30,379 | 34,142 | 40,430 |
| Net Profit | 12,246 | 15,504 | 17,223 | 19,587 | 23,504 |
| Earnings per share¹ | 529.33 | 664.46 | 738.00 | 839.00 | 1,007.0 |
| P/E Ratio (x) | 15.8 | 12.5 | 11.2 | 9.9 | 8.2 |
in billion IDR rupiah, except otherwise stated
¹ in IDR rupiah
Source: Danareksa Sekuritas