BMRI - 2022 net profit 46.8% yoy

Bank Mandiri (BMRI) net profit reached IDR41,2 tn or grew bu 47.8% yoy. NPL drop 93bp on annual basis to 1.88%, with total restructured loan at IDR35.9 tn or far below last year figure at IDR69.7 tn. (Source : Kontan). Comment: FY22 PATMI ahead of our and street expectations. Loan growth should remain persist in 2023, while we also expect to witness BMRI’s NIM to arrive above 2022 figures. In all, we like BMRI 2022 results and believe that ‘23F performance should remain resilient.