BMRI - Aug23 loan grew by 12.3% yoy

BMRI - Aug23 loan grew by 12.3% yoy Bank Mandiri (BMRI) recorded credit growth as of August 2023 of around 12.34% yoy. This figure is higher than industry growth which reached 9.1% yoy. According to the bank, the solid result were due to BMRI’s consistency to intensify customer ecosystem-based value chain business growth. Its regional potential and synergies of subsidiary companies also provide a competitive advantage to provide services that are able to encourage consistent and sustainable business growth. (Source : Kontan). Comment : We believe BMRI loan growth to continue solid in the remaining quarters of this year and will underpin the overall earnings growth. Assuming CoF adjustment will remain take place, loan repricing will become as a cushion and helped margin expansion to continue intact.