In today’s briefing:
- Bank Mandiri (BMRI IJ) – Well-Set for 2025 Returns
Bank Mandiri (BMRI IJ) – Well-Set for 2025 Returns
- Bank Mandiri saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.
- Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.
- The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.
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