Bank Mandiri (BMRI.IJ) - Rebounding from 2Q25’s Low Base but Still Pressured by Higher Opex
BMRI booked 3Q25 net profit of Rp13.3tr (+18% qoq, -14% yoy) bringing its 9M25’s NP tp Rp37.7tr (-10% yoy), in line with our and cons. FY25F.
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Bank Mandiri (BMRI.IJ Rp 4,380; BUY TP Rp 5,000) 2Q25 Earnings Missed; Profit Hit by One-Off Cost
BMRI reported net profit of Rp11.3tr in 2Q25 (-15% qoq, -19% yoy), bringing its 1H25 NP to Rp24.5tr (-8% yoy), missing our/cons FY25F.
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BMRI.IJ - In Line 1Q25 Results: Positive PPOP Growth Despite Lower NIM
BMRI recorded net profit of Rp13.2tr (-4%qoq, +4% yoy) in 1Q25, forming 23% of both our and consensus FY25F i.e., in line.
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Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
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Macro Strategy: 2026: The Dual Levers
Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.
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