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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-Insurance; and Other Subsidiary. 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 Subsidiaries-Insurance segment covers all transactions conducted by subsidiaries engaged in life insurance, health insurance, and general insurance. The Other Subsidiary segment pertains all transactions subsidiaries engaged in consumer finance, remittance services, securities, and banking. The company was founded in 1824 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2020 IDRUSD
Revenue124,580.31B8,567.11M
Gross Profit----
Operating income23,658.64B1,626.95M
Income before tax23,298.04B1,602.15M
Net income17,119.25B1,177.25M
EBITDA----
Diluted EPS367.110.02
Dividends Per Share220.270.01
Total Assets1,429.36T101,733.85M
Total liabilities1,235.56T87,940.54M
Total equity189,142.95B13,462.13M
Operating cash flow25,221.30B1,734.41M
Currency in IDRCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 102,431.66B 108,508.52B 114,233.69B 122,033.39B 124,580.31B
Gross Profit -- -- -- -- --
Operating income 18,406.77B 27,203.06B 33,945.97B 36,260.03B 23,658.64B
Income before tax 18,572.96B 27,156.86B 33,943.36B 36,441.44B 23,298.04B
Net income 13,806.56B 20,639.68B 25,015.02B 27,482.13B 17,119.25B
EBITDA -- -- -- -- --
Diluted EPS 295.85 442.28 536.03 588.90 367.11
Dividends Per Share 133.13 199.02 241.21 353.34 220.27
Total Assets 1,038.82T 1,124.98T 1,202.38T 1,318.50T 1,429.36T
Total liabilities 885,456.77B 954,976.57B 1,017.42T 1,109.47T 1,235.56T
Total equity 150,453.93B 166,718.84B 181,202.51B 204,600.85B 189,142.95B
Operating cash flow 45,608.65B 34,908.32B 37,201.65B 46,252.28B 25,221.30B
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 7,701.39M 8,108.66M 8,023.84M 8,629.38M 8,567.11M
Gross Profit -- -- -- -- --
Operating income 1,383.92M 2,032.84M 2,384.38M 2,564.06M 1,626.95M
Income before tax 1,396.42M 2,029.38M 2,384.20M 2,576.89M 1,602.15M
Net income 1,038.05M 1,542.37M 1,757.06M 1,943.35M 1,177.25M
EBITDA -- -- -- -- --
Diluted EPS 0.02 0.03 0.03 0.04 0.02
Dividends Per Share 0.01 0.01 0.01 0.02 0.01
Total Assets 77,107.18M 82,917.46M 83,615.36M 94,976.05M 101,733.85M
Total liabilities 65,723.27M 70,387.06M 70,753.03M 79,918.63M 87,940.54M
Total equity 11,167.48M 12,288.10M 12,601.00M 14,738.04M 13,462.13M
Operating cash flow 3,429.11M 2,608.64M 2,613.06M 3,270.65M 1,734.41M

Valuation Measures

Dec 2020
PER17.22
ROA1.24%
ROE8.69%
Operating margin18.99%
Profit margin13.74%

Key executives

  • President Director: Darmawan Junaidi
  • Director-Operation: Toni Eko Boy Subari
  • Director-Finance & Strategies: Sigit Prastowo
  • Director-Information Technology: Timothy Utama
  • Director-Compliance & Human Resources: Agus Dwi Handaya

Shareholders

  • Government of Indonesia (60%)
  • The Vanguard Group, Inc. (1.2%)
  • UBS Asset Management (Singapore) Ltd. (0.9%)
  • Harris Associates LP (0.8%)
  • BlackRock Fund Advisors (0.7%)
  • Norges Bank Investment Management (0.7%)
  • Fidelity Management & Research Co. LLC (0.6%)
  • APG Asset Management NV (0.6%)
  • PT Schroder Investment Management Indonesia (0.6%)
  • Capital Research & Management Co. (World Investors) (0.5%)

Contact Details

Related Companies

  • PT Pos Properti Indonesia
  • PT Bank Syariah Indonesia Tbk
  • 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
  • Bank Mandiri (Cayman Island Branch)
  • PT Mandiri Sekuritas

Competitors

  • PT Bank Rakyat Indonesia (Persero) Tbk Class B
  • PT Bank Negara Indonesia (Persero) Tbk Class B
  • PT Bank Danamon Indonesia Tbk Class A
  • PT Bank CIMB Niaga Tbk Class A
  • PT Bank Maybank Indonesia Tbk Class A
  • PT Bank BTPN Tbk
  • PT Bank Central Asia Tbk
  • PT Bank Panin Dubai Syariah Tbk
  • PT Bank Tabungan Negara (Persero) Tbk
Last Updated on 18 Oct, 2021

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