Bank Mandiri (BMRI.JK): 2Q26 Earnings Review: Miss GSe on lower NIM and non-NII

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Bank Mandiri (BMRI.JK): 2Q26 Earnings Review: Miss GSe on lower NIM and non-NII

Equity Research

24 July 2026 | 11:17PM SGT

Bank Mandiri (BMRI.JK): 2Q26 Earnings Review: Miss GSe on lower NIM

and non-NII

Results: BMRI reported 2Q26 net profit of Rp15.0trn (+33% yoy, -2% qoq), above Melissa Kuang, CFA

+65-6889-2869 |

Visible Alpha Consensus Data (+3%) but below GSe (-8%). The earnings beat against melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

consensus was driven primarily by lower-than-expected impairment charges and

Wayne Wang

opex, partly offset by miss in NII. The miss vs GSe was due to lower NII and non-NII. +65-6889-2866 |

BMRI’s share closed c.5.7% on the first trading day following the results wayne.q.wang@gs.comGoldman Sachs (Singapore) Pte

announcement.

In short: The earnings beat vs consensus and resilient asset quality were

overshadowed by management’s second NIM guidance cut this year, lowering FY26

NIM guidance by a further 20bps to 4.3–4.5%. While management had attributed the

earlier 1Q26 guidance revision to the deconsolidation of BSI and uncertainty

surrounding funding costs from SRBI issuance, the additional downgrade following

further NIM compression in 2Q26 is likely to reinforce investor concerns, as pressure

is now coming from both funding costs and asset yields. Management expects NIMs

to bottom in 3Q26 before recovering thereafter with funding cost expected to ease.

In our view, NIM will remain the key investor focus into 2H26, with attention not only

on the extent of further compression in 3Q26, but more importantly on whether

4Q26 shows early signs of stabilization and recovery. On the positive note,

management highlighted opex can remain stable in 3Q at similar levels to 2Q and