Customers use PT Bank Mandiri automated teller machines in Jakarta, Indonesia, - Filepic
JAKARTA: Bank Mandiri saw a double-digit contraction in its net profit in the first quarter (Q1) of the year, led by higher loan loss provisions and operational costs. The bank’s latest financial report showed that its net profit declined 25.28% year-on-year (y-o-y) to 5.92 trillion rupiah (US$357mil or RM1.46bil) in Q1 of 2021 from 7.92 trillion rupiah in 2020.
Its profit margin also contracted as loan provisions jumped 55.4% y-o-y to 5.4 trillion rupiah, while operational costs increased 14.55% y-oy to 11.48 trillion rupiah.
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