BMRI - Number of Mandiri Credit Card customers reach 2 mn customers

BMRI - Number of Mandiri Credit Card customers reach 2 mn customers By the end of August 2024, Bank Mandiri (BMRI) recorded that the number of Mandiri Credit Card customers had reached 2 mn customers, an increase of 8% yoy. Apart from that, in the same period, the realized volume of Mandiri Credit Card transactions continued to increase, reaching IDR 41.3 trillion, or an increase of 29% on an annual basis. SEVP Micro & Consumer Finance Bank Mandiri, Saptari, said that Bank Mandiri continues to consistently encourage adaptive and solutional innovation through expanding the ecosystem to make customer transactions easier. Most recently, Bank Mandiri strengthened its partnership with Pertamina Patra Niaga by relaunching the Mandiri MyPertamina Card Credit Card, which was designed specifically for automotive lovers. Especially for loyal customers, the Mandiri MyPertamina Card also offers various benefits, starting from a welcome bonus MyPertamina e-voucher worth IDR200k, free annual fees in the first year, to exclusive access to airport lounges and airport merchants. (Source : Kontan) Comment : We appreciate BMRI's continuing partnerships and innovations. The customer base will continue to play a crucial role in driving stronger product mix sales, which will significantly underpin the growth of the non-loan segment and support overall income growth. We maintain our BUY rating on BMRI with a GGM-based target price of IDR8,100 (2.6x 2024F P/B)