PT Bank Mandiri (Persero) (BMRI) Q4 2025 earnings summary

Executive summary

• Achieved consolidated net profit of Rp61.3 trillion in FY25, with strong loan growth of 13.4% year-on-year and resilient profitability despite a challenging environment.

• Digital transformation made digital channels the operational backbone, with over 80% of transactions conducted digitally and platforms like Livin', Kopra, and Merchant driving user and transaction growth.

• Asset quality remained robust, with gross NPL ratio at 1.13% (net NPL 0.43%), well below the industry average, supported by prudent risk management.

• Capital adequacy remained strong, with consolidated CAR at 20.43% as of December 2025, well above regulatory minimums.

• ESG achievements included an MSCI upgrade to AA, a negligible risk score from Sustainalytics, and the launch of Green and Sustainability Bonds.

Financial highlights

• Total assets grew to Rp2,829.9 trillion, with consolidated loan growth at 13.4% year-on-year and third-party funds up 23.9% year-on-year.

• Net interest income reached Rp106.2 trillion, non-interest income grew 14.5% year-on-year, and cost-to-income ratio (CIR) was 43.5% due to one-off opex.

• NPL ratio remained low at 1.13% with strong coverage at 231%; cost of credit at 0.58% in 2025.

• Return on assets at 2.14%, return on equity at 20.3%, and consolidated CASA ratio at 68.0%.

• LDR at 87.6%, CAR at 20.43%, and Tier-1 capital at 19.3%.

Outlook and guidance

• FY26 loan growth guidance at 7%-9% year-on-year, with NIM expected at 4.6%-4.8% and cost of credit at 0.6%-0.8%.

• Asset quality expected to remain healthy, with stable or slightly higher Loans-at-Risk and adequate NPL coverage.

• CIR expected to reach 42%-43% in 2026, with OpEx growth in mid- to low-single digits.

• Capital adequacy ratio (CAR) targeted at 18%-20%, with dividend payout ratio of 65%-70%.

• Ongoing digital transformation and risk management enhancements are expected to support sustainable profitability.