PT Bank Mandiri (Persero) (BMRI) Q1 2025 earnings summary

Executive summary

• Achieved solid PPOP and net profit growth in 1Q25, with PPOP up 3.81% YoY and PATMI up 3.90% YoY, despite margin compression and higher funding costs.

• Consolidated total assets reached Rp2,463.7 trillion as of 31 March 2025, up from Rp2,427.2 trillion at year-end 2024.

• Net income for Q1 2025 was Rp14.53 trillion, a 2.9% increase year-over-year from Q1 2024.

• Non-interest income grew 17.3% YoY, driven by recurring fee income, digital platforms (Livin', Kopra), and treasury gains.

• The bank maintained a strong capital position and continued to expand its loan and sharia financing portfolios.

Financial highlights

• Net interest income rose 5.45% YoY to Rp25.5T, while non-interest income increased 17.3% YoY to Rp11.2T.

• Total consolidated loans grew 16.5% YoY to Rp1,672T; total deposits up 11.2% YoY to Rp1,749T.

• Net interest and sharia income rose to Rp25.50 trillion, up 5.5% year-over-year.

• Operating income before tax was Rp18.18 trillion, up 3.3% year-over-year.

• Customer deposits increased to Rp1,504.8 trillion, up from Rp1,446.2 trillion at year-end 2024.

Outlook and guidance

• FY25 guidance: loan growth 10–12%, NIM 5.0–5.2%, cost of credit 1.0–1.2%.

• Focus on optimizing loan portfolio, maintaining LDR around 90%, and improving cost of funds in 2H25.

• Stable asset quality expected, with NPL coverage maintained above 250%.

• Management expects continued growth in lending and deposits, supported by stable macroeconomic conditions.

• The bank will focus on digital transformation, risk management, and sustainable financing initiatives.