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Mandiri Posts 24.4 Pct Profit Increase After Reducing NPL Ratio
Bank Mandiri. TEMPO/Aditia Noviansyah
Wednesday, 25 October, 2017 | 11:24 WIB
Mandiri Posts 24.4 Pct Profit Increase After Reducing NPL Ratio

TEMPO.CO, Jakarta - State-owned lender PT Bank Mandiri has posted 25.4 percent profit increase to Rp15.1 trillion in the third quarter of 2017 following reduced provisions expense due to improving non-performing loan (NPL) ratio.

Mandiri NPL ratio in Q3 of 2017 dropped six basis points to 3.75 percent, whereas provisions expense improved to Rp3.6 trillion or declined by 23 percent to Rp12.2 trillion.

“Profit has increased thanks to successful efforts to reduce NPL; we carried out the collection and troubled debt restructuring, resulting in increased income,” Bank Mandiri CEO Kartika Wirjoatmodojo said yesterday in Jakarta.

Kartika is targeting NPL to total gross loans ratio of 3.5 percent by the end of the year.

Bank Mandiri also managed to reduce NPL by shifting loan distribution from the commercial sector that since the turn of the year contributed to reducing assets quality.

Mandiri loan distribution was not quite aggressive. As of the end of September, it grew 9.8 percent (yoy) or Rp686.2 trillion. Meanwhile, the bank’s net interest margin (NIM) slipped to 5.86 percent from 6.5 percent.

“Nevertheless, the NIM remains sufficient,” he said. Following the loan distribution, Mandiri assets rose to Rp1,078.7 trillion or grew by 10.6 percent (yoy).

As the company’s assets improved, its operating income soared by 4.1 percent to Rp57.5 trillion. Fee-based income was upped by 18.4 percent to Rp16.8 trillion, most of which were generated from the wholesale business.

Mandiri liquidity is marked with 10.3 percent growth of third-party funds to Rp761.5 trillion.

“The growth was particularly boosted by current account and savings account by 12.6 percent (yoy) to Rp492.5 trillion,” he said. As such, current account and savings account to third party funds ratio hit 64.7 percent.




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