JAKARTA - Bank Mandiri Group's subsidiary recorded a net profit of IDR 3 trillion in the first quarter of 2024 or grew 10.62 percent on an annual basis or year on year (yoy).
Of this amount, the total net profit attributable to owners or Bank Mandiri was recorded at IDR 1.57 trillion, an increase of 7.56 percent yoy.
Bank Mandiri President Director Darmawan Junaidi said, thanks to the contribution of the subsidiary, Bank Mandiri managed to record a consolidated net profit of IDR 12.7 trillion in the first quarter of 2024 or grew 1.13 percent yoy.
In terms of lending, Bank Mandiri noted that consolidated loans reached Rp1,435 trillion in the first quarter of 2024, an increase of 19.1 percent yoy.
"All Mandiri Group achievements cannot be separated from solid synergy and adaptability and innovation towards digital so that they are able to achieve sustainable performance growth," Darmawan said as quoted on Tuesday, July 2.
Darmawan detailed that Bank Mandiri's subsidiary managed to record solid performance during the first quarter of 2024. PT Bank Syariah Indonesia Tbk or BSI, was able to seize growth opportunities as reflected in net profit reaching IDR 1.7 trillion, an increase of 17.1 percent yoy.
BSI's growth, of course, cannot be separated from the intermediation or financing function which also shot up by 15.2 percent yoy to Rp244.1 trillion at the end of the first quarter of 2024. Thanks to this achievement, BSI managed to score asset growth of up to 14.3 percent yoy blowing Rp357.9 trillion.
Not only BSI, a subsidiary of Bank Mandiri in the banking sector, namely PT Bank Mandiri Taspen (Mantap) recorded that Bank Perstap's total net profit grew 10.1 percent to Rp 485 billion.
The growth of the Great Bank was also followed by credit growth and third party funds (DPK). With growth of 12.6 percent and 12.1 percent yoy, respectively. Bank Stable credit growth was mainly supported by retired loans, which increased 12.8 percent yoy to reach IDR 42.1 trillion at the end of the first quarter of 2024.
In addition to banking, Bank Mandiri's subsidiary in the multifinance sector has contributed positively through improving financial performance achievements. PT Mandiri Tunas Finance (MTF) and PT Mandiri Utama Finance (MUF) are recorded to be able to contribute significantly to the increase in Mandiri Group assets through growth.
MTF until the end of March 2024 posted total assets exceeding IDR 31.48 trillion with a growth of 22.6 percent from the previous year's period of IDR 25.67 trillion.
The positive performance record was followed by net profit which grew 14.1 percent yoy.
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Meanwhile, MUF's total assets managed to record the highest growth in all Bank Mandiri subsidiaries of 43.6 percent yoy to Rp12.07 trillion.
The growth of MUF assets is inseparable from the realization of financing which increased 42.86 percent yoy with maintained quality.
Furthermore, the performance of Bank Mandiri's subsidiaries in the Sekuritas and Insurance sectors also recorded a significant performance. PT Mandiri Sekuritas, until the end of March 2024 managed to manage more than 320 thousand customers.
In addition, thanks to service innovation and synergy with Mandiri Group, Mandiri Sekuritas has now succeeded in obtaining an additional 40,000 customers, as a result of MOST innovation with RDN Livin' by Mandiri, Regional and BSI.
Meanwhile, until the first quarter of 2024, Mandiri Sekuritas' total assets have now penetrated Rp6.4 trillion or grew 11.5 percent yoy with operating income of Rp256 billion supported by three business lines ranging from Retail, Investment Banking and Capital Market.
On the other hand, PT AXA Mandiri Financial Services (AXA Mandiri) recorded total assets of IDR 42.03 trillion at the end of the first quarter of 2024.
This was also followed by the highest number in all of Indonesia which increased to reach 3.7 million in the same period.
Risk Based Capital (RBC) is also maintained and reaches 578 percent as of the first quarter of 2024, more than four times the minimum limit set by the OJK, which is 120 percent.
"We are very proud and appreciate the ability of Bank Mandiri Group's subsidiaries to encourage positive business growth. With this achievement, Mandiri Group is getting stronger in carrying out the company's vision and mission to provide added value for all stakeholders," he concluded.
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