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Finance

PT Bank Mandiri (Persero) Tbk

Company Background

Budi Sadikin is one of the strongest supporters of reform in Indonesia's banking industry. The CEO of the state-owned Bank Mandiri, who was formerly a manager at IBM's Tokyo headquarters, has been very vocal since financial regulators recently postponed Mandiri's acquisition plan of a smaller state-owned lender. He argues that Indonesia, which has 120 banks, should follow the path of Malaysia, which recently began a three-way merger to form the country's largest lender.

Sadikin's stance shows the power the government holds in decision making. While 40% of its shares are available to the public, Bank Mandiri, like many other state-owned enterprises, requires government approval for every proposal made at the bank's shareholders meetings.

Bank Mandiri was created in 1999 from the merger of four banks under a government restructuring effort after the Asian currency crisis. It went public in 2003 and is currently the country's largest bank by assets. It offers one-stop financial services, including brokerage services, asset management, insurance and Islamic finance.

Business Summary

PT Bank Mandiri (Persero) Tbk engages in providing general banking services. It operates through the following business segments: Corporate; Commercial; Retail; Treasury & Markets; Head Office; Subsidiaries-Sharia; Subsidiaries-Insurance; and Subsidiary-Other Than Insurance and Sharia. The Corporate segment includes loans, deposits, and other transactions by corporate customers. The Commercial segment consists of loans, deposits, and other transactions by medium scale commercial and business banking customers. The Retail segment comprises of loans granted to business entities or individuals with micro-scale to small; and products or other services such as deposits, payment transactions, and other transactions belonging to micro and small customers. The Treasury & Markets segment offers treasury activities of the bank including foreign exchange, money market, and fixed income; and international banking, capital markets, and supervision of the foreign office. The Head Office segment manages the assets and liabilities of the group other than those managed by other operating segments. The Subsidiary-Sharia segment deals with all transactions conducted by subsidiary engaged in sharia banking. The Subsidiaries-Insurance segment covers all transactions conducted by subsidiaries engaged in life insurance, health insurance, and general insurance. The Subsidiary-Other Than Sharia and Insurance segment pertains all transactions subsidiaries engaged in consumer finance, remittance services, securities, and banking. The company was founded on October 2, 1998 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2019 IDRUSD
Revenue122,033.39B8,629.38M
Gross Profit----
Operating income36,260.03B2,564.06M
Income before tax36,441.44B2,576.89M
Net income27,482.13B1,943.35M
EBITDA----
Diluted EPS588.900.04
Dividends Per Share353.340.02
Total Assets1,318.50T94,976.05M
Total liabilities1,109.47T79,918.63M
Total equity204,600.85B14,738.04M
Operating cash flow46,252.28B3,270.65M
Currency in IDRCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 99,771.19B 102,431.66B 108,508.52B 114,233.69B 122,033.39B
Gross Profit -- -- -- -- --
Operating income 26,360.37B 18,406.77B 27,203.06B 33,945.97B 36,260.03B
Income before tax 26,369.43B 18,572.96B 27,156.86B 33,943.36B 36,441.44B
Net income 20,334.96B 13,806.56B 20,639.68B 25,015.02B 27,482.13B
EBITDA -- -- -- -- --
Diluted EPS 435.75 295.85 442.28 536.03 588.90
Dividends Per Share 130.72 133.13 199.02 241.21 353.34
Total Assets 910,063.40B 1,038.82T 1,124.98T 1,202.38T 1,318.50T
Total liabilities 790,571.56B 885,456.77B 954,976.57B 1,017.42T 1,109.47T
Total equity 117,070.29B 150,453.93B 166,718.84B 181,202.51B 204,600.85B
Operating cash flow 23,439.35B 45,608.65B 34,908.32B 37,201.65B 46,252.28B
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 7,447.14M 7,701.39M 8,108.66M 8,023.84M 8,629.38M
Gross Profit -- -- -- -- --
Operating income 1,967.59M 1,383.92M 2,032.84M 2,384.38M 2,564.06M
Income before tax 1,968.27M 1,396.42M 2,029.38M 2,384.20M 2,576.89M
Net income 1,517.84M 1,038.05M 1,542.37M 1,757.06M 1,943.35M
EBITDA -- -- -- -- --
Diluted EPS 0.03 0.02 0.03 0.03 0.04
Dividends Per Share 0.00 0.01 0.01 0.01 0.02
Total Assets 66,018.38M 77,107.18M 82,917.46M 83,615.36M 94,976.05M
Total liabilities 57,350.13M 65,723.27M 70,387.06M 70,753.03M 79,918.63M
Total equity 8,492.58M 11,167.48M 12,288.10M 12,601.00M 14,738.04M
Operating cash flow 1,749.56M 3,429.11M 2,608.64M 2,613.06M 3,270.65M

Valuation Measures

Dec 2019
PER13.03
ROA2.18%
ROE14.24%
Operating margin29.71%
Profit margin22.52%

Key executives

  • President Director: Royke Tumilaar
  • Operation Director: Panji Irawan
  • Finance Director: Silvano Winston Rumantir
  • Director-Information Technology: Rico Usthavia Franz
  • Compliance Director: Agus Dwi Handaya

Shareholders

  • Government of Indonesia (60%)
  • The Vanguard Group, Inc. (1.4%)
  • GIC Pte Ltd. (Investment Management) (1.1%)
  • Fidelity Management & Research Co. LLC (1.1%)
  • Lazard Asset Management LLC (1.0%)
  • Harris Associates LP (0.9%)
  • APG Asset Management NV (0.7%)
  • BlackRock Fund Advisors (0.6%)
  • Norges Bank Investment Management (0.6%)
  • BlackRock Asset Management North Asia Ltd. (0.5%)

Contact Details

Related Companies

  • Bank Mandiri Pension Fund
  • PT Karya Citra Nusantara
  • PT Mandiri Utama Finance
  • PT Koexim Mandiri Finance
  • PT Asrinda Arthasangga
  • PT Bank Mandiri Persero (Broker)
  • PT Mandiri Capital Indonesia
  • PT Bank Pembangunan Daerah Bengkulu
  • PT Mandiri AXA General Insurance
  • PT Bank Mandiri (Persero) Tbk (Singapore)
  • PT Bank Mandiri Persero Tbk (Cayman Islands Branch)
  • PT Bank Mandiri Persero Tbk (Shanghai Branch)
  • PT Bank Mandiri Persero Tbk (Hong Kong Branch)
  • PT Asuransi Jiwa Inhealth Indonesia
  • Bank Mandiri (Europe) Ltd.
  • PT Mandiri Tunas Finance
  • PT Pengelola Investama Mandiri
  • PT Bank Mandiri Taspen Pos
  • PT Tunas Financindo Sarana
  • PT Bank Syariah Mandiri
  • Bank Mandiri (Cayman Island Branch)
  • PT Mandiri Sekuritas

Competitors

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