Jakarta. State-owned Bank Mandiri (IDX: BMRI) posted a consolidated net profit of Rp 55.8 trillion ($3.42 billion) for 2024, a 1.31 percent increase year-on-year, on the back of robust credit growth across its core business segments.

“Accelerating with the right strategies has enabled Bank Mandiri to achieve strong, healthy, and quality growth in 2024, providing a solid foundation to sustain this performance into 2025,” CEO Darmawan Junaidi said in a virtual earnings call on Wednesday.

The lender’s consolidated loans reached Rp 1,670.55 trillion, up 19.5 percent year-on-year, with wholesale or corporate lending—Bank Mandiri’s core focus—driving the gains. Corporate lending surged 25.5 percent to Rp 913.3 trillion, while retail and subsidiary loans climbed 113 percent to Rp 757.2 trillion.

Small and medium enterprise (SME) loans also saw steady growth, rising 6 percent year-on-year to Rp135 trillion by year-end.

Asset quality continued to improve, with the loan-at-risk (LAR) ratio dropping 51 basis points to 6.81 percent. The non-performing loan (NPL) ratio was contained at 0.97 percent, down 5 basis points from the previous year, while the bank’s coverage ratio remained robust at 304 percent.

Third-party funds (DPK) rose 7.73 percent year-on-year to Rp 1,699 trillion, with low-cost funds (CASA) accounting for 80.3 percent of total DPK. Savings grew 13.4 percent to Rp 665 trillion, while current accounts expanded 3.6 percent to Rp 606 trillion.

Bank Mandiri’s subsidiaries delivered a consolidated net profit of Rp 11.8 trillion, up 9.28 percent year-on-year, with total assets growing 13.5 percent. Non-interest income reached Rp 42.32 trillion, up 4.12 percent, supported by digital banking, treasury services, trade finance, and investment management.

"Bank Mandiri aims to sustain growth in 2025 by focusing on prudent credit expansion, risk management, and diversifying revenue streams through fee-based income initiatives," Darmawan concluded.