BMRI - Confident consumer credit will grow positive

BMRI - Confident consumer credit will grow positive Bank Mandiri (BMRI) recorded positive growth in consumer credit distribution. As of Sept23, Bank Mandiri's consumer credit distribution has managed to grow by around 11% with credit quality maintained at an optimal level. According to the bank, consumer credit will grow better in 2024 with a series of strategies in working on the derivative business ecosystem from Bank Mandiri's wholesale customers, which is the core strength of Bank Mandiri's business. (Source: Kontan) Comment: We believe consumer credit will strongly underpin BMRI overall loan growth this year, while corporate also add as an additional catalyst for engine growth. Coupled with continuing stable asset quality improvement and our expectation on manageable loan repricing as well as cost of fund, earnings likely to continue grow better year on year, in our view.