Best bank: Bank Mandiri
Bank Mandiri, Indonesia’s largest bank by assets, achieved a record net profit of $3.6 billion in 2023, an impressive 34% year on year rise – the highest in the industry and significantly outpacing the other four tier-one banks. Led by president director Darmawan Junaidi, it retains the award for Indonesia’s best bank.
AfE 2024
Bank Mandiri’s loan book reached $90.7 billion in 2023, an impressive 16.3% annual increase. This has further solidified its position as the largest lender in Indonesia, with a 19.7% market share. The bank’s success can be attributed to its multi-segment loan portfolio, which covers wholesale, micro, small and medium-sized enterprises, as well as individual customer segments, with wholesale loans accounting for the largest portion at 52%.
Earlier this year, Fitch Ratings upgraded Bank Mandiri, acknowledging the bank’s lower impaired loans and high loan-loss provision buffer.