BMRI - Has distributed credit to the manufacturing sector of IDR173.17 tn

BMRI - Has distributed credit to the manufacturing sector of IDR173.17 tn Bank Mandiri (BMRI) continues to focus on targeting credit distribution to the manufacturing sector. Until August 2024, Bank Mandiri distributed credit to the manufacturing (processing) sector worth IDR173.17 tn, growing positively 14.89% yoy with optimal credit quality maintained. “We channeled most of our manufacturing credit to the sub-sectors of the food and beverage industry, basic metals, pulp and paper, fertilizer, and basic chemicals," said Bank Mandiri Corporate Secretary Teuku Ali Usman. Through business development and optimization strategies, BMRI is optimistic that by the end of 2024 overall credit growth will likely grow in the range of 16%–18% while still prioritizing the principle of prudence so that credit quality is maintained at an optimal level. (Source : Kontan) Comment : Loan growth is likely to continue solid in the remaining quarter of this year. Manufacturing will play a significant role in the overall achievement of 24F management guidance. Overall, BMRI bank only and consolidated earnings in the latest cumulative and stand-alone period came in line with our expectations. Maintain BUY GGM TP of IDR8,100 (pegged at 2.6x ‘24F P/B).