BMRI - Property segment NPL downed to 0.01%

Bank Mandiri (BMRI) successfully lower non performing loan to property developer. As of Feb ’23 loan channeled to the segment reached IDR23.8 tn, with better credit quality from 1.71% to 0.01%. ing forward, management view the opportunity of demand from property developer remain intact. The bank will continuously taking precautionary principle in channeling credit to consumer and property developer. (Source: Kontan). Comment : We like BMRI asset quality improvement in the property segment which at the end will impact positively to total npl. We expect asset quality to continue manageable this year, with an improvement across the loan quality segment boards. That said, we might see another stable growth on BMRI’s earnings assuming loan growth target will be achieved and NIM will stay at similar figures with FY22.