BMRI - Records profit of IDR4.65 tn as of Jan26, up 16.18% yoy

BMRI - Records profit of IDR4.65 tn as of Jan26, up 16.18% yoy Bank Mandiri (BMRI) recorded a net profit of IDR4.65 tn as of Jan26. This achievement increased by 16.18% yoy. This was driven by a 10.2% yoy increase in net interest income (NII). The performance was also supported by a 27bps decrease in the CoF compared to the previous month, keeping the CoF position in Jan26 at 2.06%. During the same period, commission-based income recorded solid growth as transaction activity increased across various business lines. Recurring fee-based income (FBI) of Bank Mandiri grew by 16.1% yoy, strengthening the increasingly balanced and sustainable revenue structure. Meanwhile, Bank Mandiri's corporate credit distribution grew by 15.62% yoy to IDR1,511.4 tn . In addition, the funding structure also shows solid strengthening. Third-party funds (DPK) on a bank-only basis were recorded at IDR 1,635.5tn, growing by 17.29% yoy, in line with the strategy of optimizing funding and strengthening the customer base. (Source : Cnbc Indonesia) Comments: Bank Mandiri (BMRI) kicked off 2026 with a robust performance, marked by double-digit growth. The bank’s strategy appears centered on lowering funding costs while aggressively expanding its corporate lending and digital transaction base. We also like its continuing effort to aligning business strategy with strict risk management and maintaining AQ while at the same time accelerating expansion needed. Worth noting that the significant drop in CIR and the high CASA ratio suggest that Bank Mandiri is successfully leveraging its digital ecosystem to keep operational costs low while attracting stable, low-cost deposits. This was inline with our ‘26F catalyst expectation on the bank. Maintain BUY BMRI GGM-based TP IDR5,660 (1.6x '26F P/B).