Bank Mandiri: Solid 1H26 results Quick Note

Research evidence excerpt

Bank Mandiri: Solid 1H26 results Quick Note

Nomura Securities Malaysia Sdn Bhd

Bank Mandiri BMRI.JK BMRI IJ 24 July 2026

EQUITY: BANKS

RatingSolid 1H26 results Remains Buy

Target price IDR 6,000 RemainsQuick Note

Closing priceBMRI reported solid 1H26 results, with headline profit of IDR30.4tn [+24% y-y; 2Q26 net 23 July 2026 IDR 4,380

profit of IDR15.0tn, -2% q-q; +34% y-y on a proforma basis, post-BSI (BRIS IJ, Buy)-

deconsolidation basis], tracking above our forecast at ~53% of FY26F. We attribute the

beat mainly to internal factors: robust PPOP growth (+20% y-y in 1H26, or a more Research Analysts

normalized +13% y-y stripping out a favorable opex base from one-off accounting Indonesia Research Teamchanges in 2Q25), resilient non-interest income, and benign cost of credit.

Tushar Mohata, CFA - NSM

Externally, results were shaped by tighter system liquidity — elevated SRBI issuance and tushar.mohata@nomura.com

a higher BI-rate pushed up funding costs and intensified deposit competition (albeit easing +60(3)20276895

somewhat late in 2Q26) — which kept NIM under pressure (4.56% in 1H26 vs. 4.81% in

Onshore expert1H25) even as proforma consolidated loan growth held up at a strong +18.8% y-y, led by

the wholesale (Corporate/Commercial) book, while retail loan growth stayed subdued Erwin Wijaya (erwin.wijaya@verdhana.id)

(+1.3% YTD) as management prioritized asset quality over volume. Stripping out the opex

Theonshoreexperts,whoareone-off, underlying NII growth was a more modest +9% y-y, underscoring that margin, not

employedbyPTVerdhanaSekuritascost control, remains the key swing factor for FY26F earnings.

Indonesia(“Verdhana”)andarenot

Notably, management flagged that the q-q dip in interest income/loan yield was not purely licensedoutsideIndonesia,have