PT Bank Mandiri (Persero) Tbk

1H 2019
Results Presentation

July 17, 2019

Share Price Performance and Information

By 28 June 2019
2750% No. Description
No. of Investor % No. of shares %
BMRI I DOMESTIC
JCI 1. Government of RI 1 0.00% 28,000,000,000 60.00%
2250% 2. Retail 20,972 84.60% 474,846,792 1.02%
3. Employees 1,539 6.21% 16,224,690 0.03%
4. Cooperatives 8 0.03% 3,379,000 0.01%
1750% 5. Foundation 14 0.06% 39,620,790 0.08%
6. Pension Funds 133 0.54% 520,141,284 1.11%
7. Insurance 101 0.41% 1,168,451,420 2.50%
8. Banks - 0.00% - 0.00%
1250%
9. Corporations 80 0.32% 644,928,125 1.38%
10. Mutual Funds 333 1.34% 1,37 2.96%
9,083,489
750%
Total 23,181 93.51% 32,246,675,590 69.10%

II INTERNATIONAL
250% 1. Retail 142 0.57% 4,113,346 0.01%
2. Institutional 1,467 5.92% 14,415,877,730 30.89%
Dec-

Dec-

Dec-

Dec-

Dec-

Dec-
Dec-

Dec-

Dec-

Dec-

Dec-

Dec-

Dec-

Dec-

Dec-
Total 1,609 6.49% 14,419,991,076 30.90%
Jun-06

Jun-07

Jun-11

Jun-12

Jun-15

Jun-16
Jun-04

Jun-05

Jun-08

Jun-09

Jun-10

Jun-13

Jun-14

Jun-17

Jun-18

Jun-19
Jun-
Dec-

-250% III TOTAL 24,790 100.00% 46,666,666,666 100.00%

03

04

05

06

07

08

09

10

11

13

14

15

16

17

18
03

12

Dec 31, 2018

∆ from: IPO (YTD)

BMRI 2,317.17% 8.81%

JCI 1,111.89% 2.65%
Table of Contents
Results Overview Page #
 Corporate Achievement 3
 Indonesia’s Economic Condition 4
 Corporate Strategy 5–6
 Key Indicators + Financial Highlights 7 – 10
 Balance Sheet 11 – 13
 Profit & Loss 14 – 16
 ROE & NIM 17 – 18
 Wholesale Business 19 – 20
 Retail Business 21 – 24
 Digital Banking & eChannel Transactions 25 – 26
 Asset Quality 27 – 32
 Subsidiaries 33
 Corporate Guidance 34
Additional Information
Operating Performance Highlights
Supporting Materials
Sustainable Growth
2016 2017 2018 CAGR 1H18 1H19 YoY
‘16-’18 1H18-1H19

NPAT (Rp Tn) 13.8 20.6 25.0 34.6% 12.2 13.5 11.1%
Loan (Rp Tn) 662 730 820 11.3% 762.5 835.1 9.5%
Provision Expense (Rp Tn) 24.7 16.0 14.2 (24.2%) 7.9 6.2 -21.3%
ROE – after tax (%) 9.7 12.9 14.4 21.8% 14.4 14.2 -20bps
ROA – before tax (%) 2.0 2.6 3.0 22.5% 2.8 2.9 8bps

CoC (%) 4.0 2.3 1.9 (31.1%) 2.2 1.5 -65bps

NPL (%) 4.0 3.5 2.8 (16.3%) 3.1 2.6 -54bps
NPL Coverage (%) 124 135 143 7.4% 136.1 146.8 11ppt
# Active Users Mandiri Online (‘000) - 846 1,882 N/A 1,267 2,516 98.6%
# Active e-Money Cards (‘000) 992 1,879 2,083 44.9% 1,897 2,363 24.6%

3
Turning to a More Positive Outlook in 2H19
Global Growth and Policy Rate Projection Global Commodity Price Outlook
Growth Forecast (%) 2018 2019F 2020F
Commodity 2018 2019F 2020F
- Global 3.6 3.3 3.6
- USA 2.9 2.3 1.9 Oil Price Forecast
(USD per barrel) 71.7 65.6 67.6
- China 6.6 6.3 6.1
Policy Rate (%) 2018 2019F 2020F Palm Oil*
(USD per metric ton) 559.5 535.8 582.7
- USA: FFR 2.5 2.15 2.05
- Eurozone: ECB MRO 0 0 0 Steam Coal
(USD per metric ton) 107.2 85.6 89.4
- Indonesia: BI-7DRR 6.00 5.75 5.50

Source: IMF’s World Economic Outlook (as of Jun19), FOMC (as of Jun- Source: Mandiri Group Forecast
19), Bloomberg (as of July-9) and Mandiri Group Forecast *assumption USD/MYR 4.11 in 2019 and 4.05 in 2020

Indonesia's GDP, Investment and Inflation Indonesia's CAD and Fiscal Deficit
2013 2014 2015 2016 2017 2018 2019F
8.1 8.4 7.5
7.1
6.7
-1.8 -1.7 -1.8
6.2 -1.8
5.6 5.0 5.0
5.0 -2.3 -2.3 -2.2
4.9 5.1 5.2 5.2 5.4 -2.5 -2.5 -2.6
5.0 4.5 -2.6
4.5 -3.0
3.6 -3.2 -3.1
3.4 3.1 3.4 3.5
3.0

2013 2014 2015 2016 2017 2018 2019F

2020F CAD (% to GDP) Fiscal
GDP Growth (%) Investment Growth (%)
Deficit (% to GDP)
Inflation (%, end of year)
Source: BPS and Mandiri Group Forecast
4
Corporate Plan – Bank Mandiri’s 2020 Initiatives

Indonesia’s Best ASEAN Prominent:

Grow above the market, portfolio quality focused, employer of choice in Indonesia

Accelerate in Growth Deepen Client

Integrate The Group
Segments Relationship

 Drive subsidiaries’ performance by • Strengthen Bank Mandiri’s position as

• Concentrate on primary
mortgage, providing affordable
mortgage to selective customers
• Focus on micro fixed income
earners
and asset-backed consumer
lending
• Leverage potentials from non-debtor
SME clients’ business
increasing synergies within the
Mandiri Group.
 Increase distribution network
productivity
 Strengthen presence in ASEAN
countries
the No. 1 and becoming client’s top of
mind in Corporate Banking
• Grow in-line with the market in the
Middle Corporate segment
• Offering sector specific solution and
integrated product packages.

Current Achievements Current Achievements Current Achievements

 Consumer Loans Rp87.3Tn (+4.8% YoY)  Total income from subsidiaries Rp1.6Tn  Corporate Banking Rp338.3Tn (+12.7% YoY)
 Micro Loans Rp110.4Tn (+21.8% YoY) (11.6% of EAT)  Wholesale Fee Income Rp4.04Tn (-9.4% YoY)
  Average CASA per branch grew by 4.3%
SME Loans Rp56.0Tn (+4.3% YoY)

5
Our Portfolio Mix Would Be More Retail-Focused
Assets Composition Mix Liabilities Composition Mix

14% 12% 13%

Consumer

Micro 9% 15% 16%

34% 36% 33%
SME 10%
Time Deposits
8% 8%

19% 18%
Commercial 28%

CASA 66% 64% 67%

45% 45%
Corporate 39%

2016 1H19 2020 2016 1H19 2020

Bank-only figures & using average balance

6
 7

13.5 1H19
11.1%

(14 bps)

5.6% 1H19
YoY

YoY

12.2 1H18** 5.7% 1H18

Earning After Tax (Rp Tn)

Net Interest Margin (%)

25.0 2018 5.7% 2018

20.6 2017 5.9% 2017
13.8 2016 6.4% 2016***
20.3 2015 6.1% 2015
19.9 2014 6.0% 2014
18.2 2013 5.7% 2013
15.5 2012 5.5% 2012
12.2 2011
5.1% 2011
9.2 2010
5.3% 2010
7.2 2009
5.0% 2009
** Include one off other Income from tax settlement of Rp1.1Tn in 2Q18; exclude this PPOP and NPAT growth would be 6.0% and 22.1%
23.9 1H19 2.6% 1H19
(54bps)
YoY
1.1%

Non Performing Loan (%)

YoY

23.6 1H18** 3.1% 1H18

48.1 2018 2.8% 2018
PPOP (Rp Tn)

43.1 2017 3.5% 2017

43.3 2016* 4.0% 2016
38.4 2015 2.6% 2015
Key Metrics Are Turning Positive

31.5 2014 2.2% 2014

28.4 2013 1.9% 2013

*If we adjust the interest income from special repayment in 2016, PPOP would be Rp41.3Tn

***If we adjust the interest income from special repayment in 2016, NIM would be 6.1%
23.0 2012 1.9% 2012
19.2 2011 2.2% 2011
16.7 2010 2.4% 2010
12.4 2009 2.8% 2009
14.2% 1H19 542.7 1H19
(20bps)

4.6%
YoY
YoY

14.4% 1H18 518.8 1H18

Return on Equity (%)

Total CASA (Rp Tn)

14.4% 2018 539.1 2018
12.9% 2017 540.3 2017
9.7% 2016 489.4 2016
18.3% 2015 443.9 2015
21.0% 2014 380.5 2014
22.2% 2013 360.0 2013
22.6% 2012 316.1 2012
22.0% 2011 256.4 2011
24.4% 2010 202.0 2010
22.1% 2009 186.5 2009
Loan & Funding Breakdown (Using Daily Average)

Loans Average Balance Deposits Average Balance by Product

(Rp Tn) (Rp Tn)

Consumer Micro SME Commercial Corporate

1,000.0 Time Deposit Saving Deposit Demand Deposit
1,000.0
YoY
+12.1% +6.8% YoY

800.0
692.9 690.5 12.1% 800.0 721.4 6.8%
647.4 699.2 718.9
688.0
675.7
616.1 9.0%
633.0 86.2 85.9
600.0 81.3
23.6% 600.0 254.7
91.4 103.9 106.1 234.8 256.6 15.1%
78.8 222.9
52.4 6.1% 231.6
80.2
54.5 54.0
400.0 (7.6%)
140.4
85.8 400.0
88.5 133.5 131.4
265.9 268.5 270.8 279.2 279.6 5.1%
200.0 50.9
21.2%
51.7 281.8
200.0
314.8 313.0
142.3
- 142.1 186.8 193.6 185.0 185.2
187.9 -0.9%
FY'18
-
1Q'19 1H'19
1H'18 FY'18 1Q'19 1H'19
258.3 9M'18
269.3

Bank-only figures
8
Key Consolidated Financial Highlights
Bank Mandiri’s 1H’19 performance continues to improve:

1H 2018 r

1H 2019 9.5%
Gross NPL Ratio 3.13% 2.59% -54 bps
Loans Rp 762.5Tn Rp 835.1Tn
Net NPL Ratio 1.03% 0.75% -28 bps

Low Cost Funds Ratio 64.6% 64.4% -24 bps

[Low Cost Funds (Rp)] Rp 518.8 Tn Rp 542.7 Tn 4.6%

NIM 5.72% 5.58% -14 bps

Efficiency Ratio 43.0% 43.8% 85 bps

PPOP Rp 23.6 Tn Rp 23.9 Tn 1.1%

Core PPOP *) Rp 22.5 Tn Rp 23.9 Tn 6.0%

Earnings After Tax Rp 12.2 Tn Rp 13.5 Tn 11.1%

*) excl one-off other income from tax settlement of Rp 1.1tn in 2Q'18

9
 Fine Tuning Growth Momentum

Loans by SBU + Subsidiaries Y-o-Y Deposits by Product – Consolidated Y-o-Y

(Rp Tn) r (Rp Tn) r

9.5%
840.9 843.2 Total 5.0%
880

835.1 815.8 803.0

820.1 40.6 38.8 FX Time 23.6
840

Total 762.5 25.2

762.5 31.4 %
Subsidiaries 20.2%
800

109.8
760
729.5 101.1 31.1
676.3
720

91.4 Rp Time 3.5%

662.0 86.8 Micro 21.8% 636.4
680
26.2
102.4 110.4
33.7

261.6
250.3
595.5 69.3
640

261.3
90.6

252.8
83.2 FX Demand
4.4% 9.0%
600

56.8 56.0 SME

242.1
560 530.0 59.4 68.1 53.6

206.3
520 61.6 61.9 47.8 63.3
54.7 56.6 60.8 87.4 87.3 58.0
83.3 Cons 4.8% 62.7

222.3
480

46.5 60.5 78.3 Rp Demand 6.4%

136.9
440

67.3

152.7
141.5
70.9
133.2
139.0

128.7
124.4
56.0
143.4

58.1
400

Comm (7.2%) 49.1

155.8

101.2
52.8
360

2.8 27.7 27.2 28.4 27.9

(1.4%)
165.2

4.0 FX Savings

78.9
320

30.3
160.6

3.3
280

Int'l (16.5%) 28.0

142.8

1.2 24.7
1.1
240

200

1.4 Rp Savings 3.6%

160
1.3 Corp+GVI+SAM 13.1%
120

227.7

243.7

272.0

309.2

311.4

303.7

314.7
175.8

198.8

230.3

262.6

329.4

296.8

335.7

2014

2015

2016

2017

2018

2Q'18

2Q'19
2014

2015

2016

2017

2018

2Q'18

2Q'19

10
Strong Balance Sheet

Assets 1H 2019 1H 2018 Liabilities 1H 2019 1H 2018

Cash 24,650 28,008 Current Account 200,137 186,728

Current Acc w/ BI & Other Banks 61,871 73,060 Savings 342,610 332,086
Placement w/ BI & Other banks 43,363 55,241 Time Deposits 300,412 284,213

Receivables (Acceptances & Others) 33,072 35,419

Marketable Securities 71,941 58,966 Total Deposits 843,159 803,027

Government Bonds 122,166 105,608
Loans (Gross) 835,110 762,539 Securities Issued 29,885 16,572
Provisions of Loans (31,726) (32,406) Deposits from other banks 23,858 17,499
Net Loans 803,384 730,132 Subordinated Debt 675 194
Reverse Repo 4,195 649 Borrowings 54,406 47,515
Other Provisions (2,851) (2,541) Other Int. Bearing Liabilities 28,498 39,759
Deferred Tax Assets 3,811 5,841 Non Int. Bearing Liabilities 65,459 60,941
Other Assets 70,026 65,164 Equity incl. Minority Interest 189,689 170,042
Total 1,235,628 1,155,548 Total 1,235,628 1,155,548

11
LDR Bank Only at 97.9%

Quarterly LDR & MIR Quarterly Loan Segment Details Break Y-o-Y
(Bank Only) (Bank Only) r
96.9% 96.9% down
Total 100.0% 8.1%
94.0%
92.8% 97.9%
96.7%
94.2% 93.8% 87.3 12.0% 4.8%
92.5% 87.4
90.7% 83.3
78.3
87.1% 89.2% 88.6% 89.1% 88.1% 102.4 110.4
85.9% 15.2% 21.8%
67.3
90.6
83.2
58.1 56.8 56.0
68.1 7.7% 4.3%
53.7
2015

2016

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19
52.8 56.6 61.6
60.8

133.3
142.6
46.8 46.5 18.4% -7.0%

143.4
LDR (%) MIR (%) 60.5

155.8
36.8 56.1

165.2
46.5

160.7
142.9
LCR & NSFR

117.1
(Consolidated & Bank Only)

338.3
329.8

300.1
265.3
46.6% 12.7%

231.3
200.1
177.0
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 169.7
LCR-Consolidated 177.7% 173.5% 167.4% 174.4% 170.2%
LCR-Bank-only 177.3% 177.3% 170.6% 178.4% 177.5% 2013 2014 2015 2016 2017 2018 . 2Q18 2Q19
NSFR-Consolidated 115.7% 116.0% 117.1% 116.6% 116.2%
NSFR-Bank-only 115.8% 116.2% 116.9% 117.3% 116.7% Corporate Commercial SME Micro
Consumer
As of June 2019; Non-consolidated numbers

MIR : Macroprudential Intermediation Ratio 12

Rp 179.3 Tn in Loans Disbursed in 2Q 2019

Loan Movement– 2Q 2019 Bank-Only Loan Disbursement by Segment – 2Q 2019 Bank-Only

Rp Tn Rp Tn

3.2
122.3 15.1
179.3
13.4 0.9 2.0 11.5

23.5

179.3
725.3
684.5
126.1

1Q'19 Disburs. Install. Pay-off FX Impact Write-Offs 2Q'19 Corporate Commercial SME Micro Consumer Total

13
 Lower Credit Cost in 1H’19

2Q19 1H19
Summary P&L (Rp Bn)
2Q19 2Q18 Y-o-Y 1Q19 Q-o-Q 1H19 1H18 Y-o-Y

Interest Income 22,471 19,599 14.7% 22,016 2.1% 44,487 38,735 14.8%
Interest Expense 8,008 6,308 26.9% 7,635 4.9% 15,642 12,259 27.6%
Net Interest Income 14,463 13,291 8.8% 14,382 0.6% 28,845 26,476 8.9%
Net Premium Income 464 834 -44.3% 439 5.8% 903 1,538 -41.3%
Net Interest Income & Premium Income 14,928 14,124 5.7% 14,820 0.7% 29,748 28,014 6.2%
Non Interest Income
* Core Non-Interest Income 5,194 4,922 5.5% 4,995 4.0% 10,189 9,625 5.9%
* Gain fr. sale & Incr. in Val & Sale of Bonds 158 62 154.5% 150 5.7% 308 604 -49.0%
* Other Non Interest Income 918 1,891 *) -51.5% 1,098 -16.4% 2,015 2,708 *) -25.6%
Total Non Interest Income 6,270 6,875 -8.8% 6,242 0.4% 12,512 12,937 -3.3%
Total Operating Income 21,198 21,000 0.9% 21,063 0.6% 42,260 40,951 3.2%
Provisions, Net (3,455) (4,057) -14.8% (2,757) 25.3% (6,212) (7,891) -21.3%
Personnel Expenses (4,157) (3,931) 5.8% (4,071) 2.1% (8,228) (7,730) 6.5%
G&A Expenses (4,255) (3,900) 9.1% (3,685) 15.5% (7,939) (7,494) 5.9%
Other Expenses (1,111) (1,092) 1.7% (1,098) 1.2% (2,209) (2,106) 4.9%
Total Expense (9,523) (8,924) 6.7% (8,854) 7.6% (18,377) (17,329) 6.0%
Profit from Operations 8,219 8,019 2.5% 9,452 -13.0% 17,672 15,730 12.3%
Non Operating Income (25) (5) 424.1% (22) 15.3% (47) (32) 46.7%
Net Income Before Tax 8,194 8,014 2.2% 9,431 -13.1% 17,625 15,698 12.3%
Net Income After Tax 6,298 6,318 -0.3% 7,233 -12.9% 13,531 12,178 11.1%
*) incl one-off other income from tax settlement of Rp 1.1tn in 2Q'18 & 1H'18

14
Greater Detail On Non-Interest Income

Y-o-Y Q-o-Q
Non-Loan Related Fees & Commissions 2Q 2019 1Q 2019 2Q 2018 1H 2019 1H 2018 Y-o-Y
Δ% Δ%
Administration Fees 855 849 892 (4.1%) 0.7% 1,705 1,762 (3.2%)
Opening L/C, BG & Cap. Market (Custodian & Trustee) 321 339 324 (1.1%) (5.4%) 660 657 0.4%
Subsidiaries 545 491 434 25.6% 11.0% 1,036 943 9.9%
Transfer, Retail Transaction 741 700 706 5.0% (0.8%) 1,442 1,329 8.5%
Credit Cards 540 505 537 0.5% 6.9% 1,045 1,039 0.6%
Mutual Fund, ORI & Bancassurance 118 120 134 (12.2%) (1.9%) 238 254 (6.1%)
Syndications 103 55 62 66.9% 89.7% 158 160 (1.0%)
Cash Recoveries 846 1,072 1,019 (16.9%) (21.1%) 1,919 1,976 (2.9%)
Foreign Exchange Gains 1,136 888 838 35.6% 28.0% 2,024 1,560 29.7%
Total Core Non-Interest Income 5,194 4,995 4,922 5.5% 4.0% 10,189 9,625 5.9%
Gains Fr Sale & Incr. in Value of Sec. & Gov. Bonds 158 150 62 154.5% 5.7% 308 604 (49.0%)
Others Income* 918 1,098 1,891 (51.5%) (16.4%) 2,015 2,708 (25.6%)
Total Non-Interest Income (As Reported) 6,270 6,242 6,875 (8.8%) 0.4% 12,512 12,937 (3.3%)
Total Operating Income 21,198 21,063 21,000 0.9% 0.6% 42,260 40,951 3.2%
% of Non Loan Related fees to total opr. income 29.6% 29.6% 32.7% 29.6% 31.6%

*) In 2Q18 there was a one-off non interest income in other income from tax settlement of Rp 1.1tn
15
1H 2019 Cost to Income Ratio Consolidated of 43.8%
Consolidated Operating Expenses & CIR Breakdown of Operating Expense
(Rp Bn) (Rp Bn)

CIR (%) Growth

Q2 2019 Q1 2019 Q2 2018 1H 2019 1H2018 YoY
QoQ YoY

45.0% 46.1% 46.6% 45.4% Personnel Expenses

44.9% 44.4%
44.1% 43.0% 42.9% 43.8% Base Salary 1,089 1,100 1,033 (1.0%) 5.4% 2,188 2,043 7.1%
42.4% 42.4% Other Allowances 1,823 1,733 1,711 5.2% 6.5% 3,555 3,361 5.8%
Post Empl. Benefits 120 185 125 (35.2%) (4.4%) 305 248 22.7%
Training 113 85 117 31.9% (3.8%) 198 221 (10.3%)
Subsidiaries 1,013 969 945 4.6% 7.3% 1,982 1,856 6.8%
Total Personnel Expenses 4,157 4,071 3,931 2.1% 5.8% 8,228 7,730 6.5%
16,323

G&A Expenses
14,859

IT & telecoms 694 601 639 15.4% 8.7% 1,295 1,252 3.5%
13,619
12,377

Occupancy Related 731 588 720 24.2% 1.5% 1,319 1,361 (3.1%)
10,847

Promo & Sponsor 296 290 261 2.2% 13.7% 587 480 22.3%
9,431

Transport & Travel 211 174 187 21.2% 13.0% 386 334 15.6%
8,045

8,228

Goods, Prof. Svcs. &

7,730

667 463 544 44.1% 22.6% 1,130 982 15.2%

6,752

Oth.
5,778

Employee Related 735 675 722 8.8% 1.8% 1,410 1,375 2.5%
4,853

Subsidiaries 920 892 828 3.2% 11.1% 1,812 1,710 6.0%

Total G&A Expenses 4,255 3,685 3,900 15.5% 9.1% 7,939 7,494 5.9%
11,448

12,800

13,959

15,405

16,587
4,325

5,457

7,024

8,254

9,898

7,494

7,940

Other Expenses 1,111 1,098 1,092 1.2% 1.7% 2,209 2,106 4.9%
Total Operating Expenses 9,523 8,854 8,924 7.6% 6.7% 18,377 17,329 6.0%
1H18

1H19
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

CIR 45.3% 42.3% 42.4% 292 bps 284 bps 43.8% 43.0% 91 bps

G&A Expenses Personnel Expenses

16
Total CAR at 21.0% with ROE at 14.2%
Bank Only - Capital & RWA Movement Profit After Tax & ROE (Consolidated)
24.2%
22.1% 22.0% 22.6%22.2%
21.0%
Rp Bn 18.1% 18.3%
24.6% 21.6% 15.8%
21.4% 21.0% 21.0%
23.2% 18.6% 14.4% 14.2%
20.8% 15.5% 16.6%
15.7%15.4% 10.0% 12.9%
15.3% 6,923
14.9%

818.3
13.4%
9.7%

799.2
2.5%

707.8
5,571
5,753

643.4
5,418
577.3
5,401 5,914
514.9

4,385
491.3

1,794
Q4 PAT 4,869 4,658 5,606
400.2

Q3 PAT 3,073
352.5

4,509 6,298
4,933
Q2 1,345 6,318
242.4

2,833 1,040 4,786

PAT 4,660
195.8

5,384
172.9

3,991
Q1 PAT 2,536
134.0
112.2
115.9

2,352 2,543 3,744 3,263

27.4 28.4 28.3 27.2 30.5 35.7 1,390
53.3 62.0 73.9 85.7 107.4 137.4 153.2 167.7 171.9 1,166 610
1,408 7,233
2,031 1,099 5,860
1,528 4,925 5,138
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

1,526 4,303
1,234 1,113 1,221 3,403 3,817 4,079
1,017 2,681
305 1,744 519 2,003
56 9 1
9(623) 1,168 1,549
RWA (Rp Tn) Total Capital (Rp Tn) CAR
7 79
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
• CAR inclusive of Credit and Market Risk started in December 2004
1.1Tn from GIAA
• CAR inclusive of Credit, Market and Operational Risk started in January 2010
Recovery
17
Q2 Bank-Only NIM of 5.4%

Yield on Assets (%) Avg Loan Yield Avg Bond Yield Avg CoF
Cost of Funds (%)
14.0
12.2 12.5 12.0 12.2
12.0 11.9 12.1 11.8 11.3
NIM 11.3
12.2 11.3 10.8
11.3 10.5 10.6 10.3 10.2 10.1 10.1
10.0 9.9 10.0
10.0
9.7 9.8 9.8 8.0
7.2 6.8 6.9
9.0 9.0 9.2 9.0 6.4 6.4 6.7 6.9 7.0 6.6 6.7 6.7 6.6 7.1
8.5 8.6 8.3 8.3 8.3 6.0 5.3
6.0 6.2 6.2 5.7 5.7 6.0
9.1 8.7
8.1 8.2 8.3 8.0 7.9 7.8 8.1 8.2 4.3 4.0
4.0
4.4 4.5 4.3 4.3
2.0 3.9 3.0 3.7 3.8 3.7 3.6 3.5 3.4
3.3 3.3 3.3 3.2 3.3 3.4
3.0 2.9 2.9 3.1
3.7 3.8 0.0
3.4 3.0 3.0 3.0 2.9 2.9 3.0
3.5 3.5 3.2 3.1 2.8

4Q'11
4Q'12
4Q'13
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19
3.1 2.6
2.6 2.9 2.9
2.9 2.7 2.6

14.0 13.5

12.0
10.0
8.0 6.8
6.4
6.0 5.3 4.9 5.1 4.3 4.4 4.4 4.4 5.0 4.9
4.4 4.5 3.7
4.2 4.3 4.2 4.2 4.1 4.1 4.2
4.0
5.35%
5.65%
6.12%
6.15%
5.44%
5.79%
5.74%
6.74%
6.31%
5.85%
7.09%
5.98%
5.71%
5.62%
5.63%
5.61%
5.62%
5.42%
5.54%
5.53%
5.55%
5.44%

2.0 2.1
2.0 1.6 1.8
1.1 0.8
0.7 0.7
1.0 1.2 1.2 1.3 1.3 1.1 1.2 1.2 1.2 1.4
0.6 0.7 0.7 0.9
0.0
4Q'11
4Q'12
4Q'13
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19
4Q '11
4Q'12
4Q'13
4Q'14
1Q'15
2Q'15
3Q'15

1Q'16
2Q'16

4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19
4Q'15**

3Q'16**

** 4Q 15 / 3Q16, If we adjust the interest income from special repayment last year, NIM would be 6.5% / 6.0% , YoA would be 9.5% / 8.9%, Average FX Loan Yield 4.2% / 4.2%

18
Diversifying our Strength in Wholesale Lending…
Top 5 Industries in Corporate Lending Expansion Top 5 Industries in Commercial Lending Contraction
YoY Rp34.5Tn YoY –Rp9.7Tn
Rp Tn r% Rp Tn r%
Mining-Oil & Gas 10.79 55% Trad-Distr -2.22 -16%

Roads & Bridge 7.39 62% Trad-Imp -1.98 -58%

Mfg-Text -1.50 -27%

Electricity 6.12 20%

Comm 5.82 56% Mfg-Metal -1.10 -14%

Trad-Exp 4.24 96% Leasing -1.06 -31%

YTD Rp4.8Tn YTD –Rp5.3Tn

Rp Tn r% Rp Tn r%
Comm 8.82 120% Trad-Imp -2.04 -58%

Electricity 8.57 30% Mfg-F&B -1.48 -17%

924% Trad-Distr -1.03 -8%

Gas 1.91

Bus Serv 1.83 10% Mfg-Text -0.98 -20%

Mfg-Chem 1.71 9% Plantations -0.78 -3%

19
 20
125,858

3,954
Jun 19
80,013

3,454
Jun 18
# of Trx (000)
Mandiri Cash Management*

183,082

7,333
Des 18
120,520

6,287
Des 17
4,549
82,075

Dec 16
61,599

3,778
Dec 15
Value (Rp Tn)

44,184

3,120
Excluding Mandiri Transaction System
Dec 14
24,543

2,231
Dec 13
13,676

1,519
Dec 12
Wholesale Transactions Driving CASA

818
Dec 11
7,66
2,503

549
Dec 10

*)
27,343 2Q19
26,187 1Q19
25,399 4Q18
24,469 3Q18
23,193 2Q18
22,369 1Q18
21,794 4Q17
Cash Management Users

20,821 3Q17
19,451 2Q17
18,531 1Q17
17,592 4Q16
16,853 3Q16
16,200 2Q16
15,565 1Q16
15,101 4Q15
14,676 3Q15
14,397 2Q15
14,105 1Q15
13,873 4Q14
13,629 3Q14
12,932 2013
11,899 2012
10,943 2011
7,784 2010
6,153 2009
4,066 2008
2,414 2007
745 2006
Time Deposit Rates Increased 20bps QoQ
Retail Deposit Analysis – Bank Only (Rp Tn) Average Quarterly Deposit Costs (%)
Rp Savings Deposits FX Savings Deposits Rp Demand Deposits
FX Demand Deposits Rp Time Deposits FX Time Deposits Rp DD

CASA as % of total deposits Rp Savings

10%
Rp TD
73.7%
540 68.4% 70.2% 70.5% 70.6% 70.5%
70.0% 68.6% 69.6% 7.6%
520
500 69.8% 68.9% 68.8% 69.4% 70.0% 6.7%
6.2%
480 12.3 6.1% 6.0% 5.9% 5.9%
11.8 11.8 13.0 5.5% 5.7% 5.8% 6.0%
460 10.2 11.8 5.5% 5.2% 5.0%
440 10.8 5%
10.7 10.9 11.2
420
9.5 11.7 129.2
400 130.3 127.3 132.0 127.1
380 7.4 126.7
120.0 128.6 2.0% 2.1% 2.1% 2.0% 2.3% 2.3% 2.2% 1.9% 2.1% 2.2% 2.1% 2.1% 2.4% 2.4%
360 121.8 123.7
340 7.0 120.0 119.5
110.3 7.5 8.2 6.9
320 8.0 7.8 7.1 1.5%
300 43.5 9.2 38.8 47.2 41.3 1.4% 1.2%
84.5
9.3 9.1 7.1 41.5 40.3 0% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1%
280 36.5 34.8 33.1 37.4 23.1

4Q'13

4Q'14

4Q'15

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19
22.3 23.2 23.7 22.4
260 32.9 23.0
40.2 31.9 26.0 23.5 22.5 21.3
240
33.0 24.5
220 24.0 23.1
200 20.7 4.0% FX DD
180
3.5%
160 FX TD
140 3.0% 2.5%
120 2.5%
100 2.0%
80 1.6%
60
1.5% 1.2% 1.8% 1.8%
0.5% 0.8%
40 1.0% 0.6% 0.7%
190.9

202.6

209.8

233.5

220.5

237.0

236.0

261.5

239.5

257.7

253.7

261.5

252.9

263.2

0.7% 0.5%
0.6% 0.6% 0.7%
20 0.7% 0.6%
0.5% 0.3% 0.8% 0.4% 0.3% 0.7%
0 0.4% 0.4%
0.0% 0.3% 0.2% 0.2% 0.3% 0.3%
4Q'13

4Q'14

4Q'15

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19

4Q'13

4Q'14

4Q'15

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19
21
Consumer and Micro Are Key Retail Growth Drivers
Retail to Total Loans Micro (Rp
Tn)
Rp Tn 19.7
300 38%
36.3%
34.6% 35.2%34.7% 35.0% 36% YoY 110.4
250 33.8% 34.3% 90.6
33.8% 33.3% 21.8%
33.3% 33.7% 34%
32.6% 32.7%
33.3% 33.1% 33.1% 1

200 32.5% 32.7% 32%

31.8% 2Q18 Growth 2Q19
30%
150 Consumer
28%
(Rp Tn)
100 26%
4.0
24%
50
140.2

158.2

173.7
182.2

196.2
196.9

223.1

237.6
246.6
146.7
155.3

165.3
167.4

185.3

204.6
211.2

227.6

248.8
253.7
131.9

175.2

216.4
22% 83.3
YoY
87.3
4.8%
0 20%
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
1

2Q18 Growth 2Q19

Retail to Total Loans SME

(Rp Tn)
Micro SME Consumer
2.3
YoY
53.6 4.4% 56.0

2Q18 Growth 2Q19

22
Tactically Growing Micro Banking..
Quarterly Micro Loan Balances by Type Micro Loan Growth by Type

Rp Tn
120.0 Gov't Program (KUR) % to Total
110.4
Micro YoY
Salary-Based Loan (KSM) Loan Type Growth
102.4 Loan
100.0 Micro Productive Loan
25.6
(KUM) 90.6 Government Program
83.2
22.0
(KUR) 23.2% 33.1%
80.0 19.2
Salary-Based Loan
16.6
(KSM) 63.1% 24.7%
67.6

60.0 56.6 12.7 Productive Loan

3.5 (KUM) 13.8% -2.5%
46.5 69.6
64.9
1.0
49.3 55.9
40.0
30.6
25.5
36.4 Total Micro Loan 100.0% 21.8%

20.0

20.0 22.5 18.5 17.3 15.5 15.6 15.2

0.0
2014

2015

2016

2017

2018

2Q'18

2Q'19

23
…as well as Consumer Lending, which Rose 4.8% Y-o-Y
Quarterly Consumer Lending Balances by Type Consumer Lending Growth by Type
100.0 Others
Rp Tn

Auto Loans % to Total

90.0 87.4 87.3 Consumer YoY
Credit Cards 1.2 83.3 1.2 Loan Type Growth
78.3 1.2 Loans
80.0 Mortgages 1.2

67.3 Others 1.3% -1.1%

70.0 31.6 31.0
1.2 30.6
58.1 26.8 Auto Loans* 35.5% 1.4%
60.0
52.8 1.0
21.1
0.8 Credit Cards 14.3% 18.4%
50.0
17.6 11.5 12.4
14.0 10.3 10.5
Mortgages 48.9% 4.1%
40.0 9.1

8.3 9.0
30.0
Total Consumer 100.0% 4.8%
20.0
* If we include auto loan joint financing from sharia, the total loan
10.0 in 1H18 vs 1H19 would be Rp31.3Tn vs Rp33.4Tn (+6.6% YoY)

29.8 30.6 35.9 40.0 43.1 41.0 42.7

0.0
2Q'18

2Q'19
2014

2015

2016

2017

2018

24
Strong Growth in Mandiri Online & Prepaid Card
Mandiri Online provides better dashboard with more We are able to maintain 80% market share even after e-toll gate
than 1,000 choices of payment services launch by gov’t, supported with more than 6,000 top-up channels

BUDI DHARMAWANGSA
40000000000

BUDI DHARMAWANGSA More than 2,600 45,000 Retailer

40000000000 17,000 ATMs
of branches

Cash top-up in Top-up through NFC in

toll gate & SST mandiri online

Mandiri Online 1H18 1H19 % YoY Mandiri Prepaid 1H18 1H19 % YoY
# of Active Users (‘000) 1,267 2,516 98.6% # of Cards (‘000) 14,874 18,212 22.4%
# of Financial Trx (Mn) 68.5 164.8 140.6% # of Trx (Mn) 603 561 -7.0%
Trx Value (Rp Tn) 142.4 317.9 123.2% Trx Value (Rp Bn) 6,901 7,777 12.7%
Fee Income (Rp Bn) 79.3 210.4 165.3%
25
Strong Growth in E-Channel Transaction
Quarterly Transaction Value (Rp Tn) # of Subscribers (Mn)
380
ATM Debit Cards***
360 Mobile Banking
EDC 20
340 20.1
Internet Banking
Mobile Banking* 314 19.1
320 303 312
18.8
311 18.5
Internet Banking** 303
294
300 294 17.7

280 271 289 288

16.2
260 253 248 15
242 245 14.4
240 221 13.8
213 237 238 13.5
220 208 12.8
206 202 12.4
200 210 11.8
11.6
180 193 175
172 10
160 8.3
140 149 7.5 7.7 8.0
7.3 7.4 8.2
6.9 7.1
120 119
6.5 6.6 6.8 7.7 7.9
7.2 7.4 7.5
7.0
100 6.7 6.8
96 6.3 6.5
80 5
85
60 47 68
37 2.4
40 333534 364627 3926
553 5 35
46 33
2 7
37 40 32 35
32 1.9 2.0 2.1 2.2 2.3 2.3 2.4 2.4
19 2 22 8 24 24 25 24 1.6 1.7 1.8
20 27 28 2729 29 24
18 23 24
0 0
1Q '14
2Q '14
3Q '14
4Q '14
1Q '15
2Q '15
3Q '15
4Q '15
1Q '16
2Q '16
3Q '16
4Q '16
1Q '17
2Q '17
3Q '17
4Q '17
1Q '18
2Q '18
3Q '18
4Q '18
1Q '19
2Q '19

1Q '14
2Q '14
3Q '14
4Q '14
1Q '15
2Q '15
3Q '15
4Q '15
1Q '16
2Q '16
3Q '16
4Q '16
1Q '17
2Q '17
3Q '17
4Q '17
1Q '18
2Q '18
3Q '18
4Q '18
1Q '19
2Q '19
* incl. Mandiri Online Mobile App *** # of issued Debit Cards
** incl. Mandiri Online Web 26
Asset Quality Improvement is partly attributed to effective credit
risk analytics
Credit Risk Analytics Roles
Good Progress until 2019 Strategic Improvement
1 Effective portfolio guideline and segment/product risk strategy:
 More granular industry sectors' portfolio guideline that is
being updated twice a year. % NPL
Portfolio allocation to selective (high risk)
 periodic statistical decision-tree analysis on retail portfolio and sectors 12.83% 4Q18 to 11.08% 2Q19
dynamically adjust underwriting criteria to produce better
booking quality
1 Lower risk Primary mortgage portfolio mix 3.13%
increased from 51.54% 4Q18 to 53.55% 2.64%
 Refocused SME's key target market to lower risk customer 2Q19.
segments
 Close to 90% of personal loan's new booking was directed at
Jun'18 Jun'19
the low risk payroll and KUR segments.
69 % of rated wholesale borrowers are
classified as above investment grade
Provision Charge
2 Booking mix for low risk customer segment in
SME improved from 91% 4Q18 to 92.5%
Rp (M)
2 Disciplined monitoring and 3 Enhanced credit risk tools: 6,592
early warning processes: 2Q19
5,129
 Rigorous monthly
monitoring review and  A robust pipeline
watchlist process for management process
wholesale business with to align risk appetite 3 Underwriting acceleration process for low-
risk retail product by using Auto Approval Jun'18 Jun'19
revalidated analytical across business units &
regions. Workflow
tools.
 retail asset booking mix  Recalibrated all retail
% CoC
monitoring & monthly asset's acquisition
scorecards and models
4 NPL Trend has improved from 2.79% 4Q18 to
control process to achieve
2.65% 2Q19
the desired portfolio 2.0%
credit performance by 1.4%
design.
 stress test models to take Highly accurate scoring models R-square
proactive actions on highly
5 numbers > 70% for rating / PD models,
Jun'18 Jun'19
aiming at managing low proportion of future
vulnerable defaulted accounts.
sectors/accounts
Bank-only numbers 27
Gross NPLs 2.6%, Coverage at 147%, Special Mention Loans at 4.6%

NPL Movement - Consolidated Special Mention Loans – Consolidated

6.5%
5.5% 5.6% 5.8%
5.2% 5.2% 4.9%
4.8% 5.0% 4.8%
4.8% 4.9% 4.8% 4.5% 4.7% 4.6%
4.1% 4.1%
4.3%
4.0% 4.6% 4.8%
4.3% 4.1% 4.1%
157% 3.7% 3.8%
3.5%
147% 2.8% 2.9%
146% 143% 146%
135% 136% 136% 137%
124% 16.4
15.6
17.5 15.2
16.0 13.7
17.1
18.3 14.0
12.8 15.3
13.5
13.4

18.3 19.3 20.1 19.1 21.9 22.4

14.3 15.7
12.3 13.0 13.3 15.4
9.5
2.2%

2.6%

4.0%

3.5%

3.3%

3.1%

3.0%

2.8%

2.7%

2.6%

4Q14

4Q15

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19
4Q14

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

% Wholesale SML % Retail SML SML / Total Loans

Gross NPL Ratio NPL Coverage Ratio Wholesale (Rp Tn) Retail (Rp Tn)
28
Q2 2019 Total NPLs of Rp 19.2 Tn
Non-Performing Loan Movements (Rp Tn) – Bank-Only Movement by Customer Segment (Rp Bn)

0.87
0.13 3.08 Corporate Commercial SME Micro Cons
2.01
18.70 0.41 19.19

437

662

1Q' 2019 UG to PL DG to NPL Payment Write-Offs Other 2Q' 2019

549 580
Non-Performing Loans by Segment
NPLs 2Qr NPLs 450
Segment
(Rp tn) (Rp tn) (%)
Corporate 0.63 0.08 0.19% 1355
Commercial 691
Commercial SBU 0.38 (0.02) 0.36%
Special Asset Management - Comm 13.80 0.60 49.77% 73
SME 1.17 -0.23 2.09% 285
26 33
Micro 0.98 0.10 0.89%
Consumer 2.22 -0.05 2.54% UG to PL DG to NPL W/O
Total 19.19 0.49 2.65%*

* Excluding loans to other banks

29
Historical Cost of Credit By Segment
Loan Portfolio Mix (%) YTD Cost of Credit (%)
SBU
2016 2017 2018 1H18 1H19 2016 2017 2018 1H18 1H19

Corporate 34.9 36.4 40.2 39.4 40.5 1.0 0.2 -0.5 -0.3 0.0
Commercial 24.9 21.4 17.4 18.8 16.0 5.1 4.0 4.9 5.1 2.7
SME 9.2 8.4 6.9 7.0 6.7 4.4 5.1 4.5 5.6 3.9
Micro 10.3 11.4 12.5 11.9 13.2 4.1 2.9 2.1 3.5 1.8
Consumer 10.2 10.7 10.7 10.9 10.5 2.2 2.6 2.4 3.0 2.2

Total Bank Only 89.5 88.3 87.7 88.0 86.9 3.8 2.0 1.6 2.0 1.4
Bank Syariah Mandiri 8.4 8.3 8.3 8.2 8.5 2.1 3.0 2.5 1.4 1.0
Mandiri Taspen 0.7 1.4 1.9 1.7 2.1 0.1 0.4 0.6 0.2 0.4
Mandiri Tunas Finance *) 1.6 1.9 2.0 2.0 2.2 4.0 3.2 2.5 2.6 2.3
Mandiri Utama Finance *) 0.3 0.5 0.5 0.5 0.5 1.6 7.5 8.4 9.4 6.0

Total Consolidated 4.0 2.3 1.9 2.2 1.5

NPL Coverage – Bank-only (%) 131.0 143.0 147.0 150.0 151.2
NPL Coverage – Consolidated (%) 124.0 135.0 143.0 146.0 146.8
*) Non-Joint Finance only

30
Restructured Loans at Rp 53.5 Trillion
Restructured Loans New Restructured NPL Divided By Restructured Loan in
Previous Quarter*

16.0%
65.0
Restru to Total Loan
8.1%
8.1%8.1% 8.2% 8.1% 7.5% 13.9%
Non-Performing 7.4% 14.0%
8.0% 7.4%
7.4%
7.1%
55.0
Special Mention 7.0% 52.1
53.5
6.2% 51.3
48.8 49.9
50.7 12.0% 11.7%
Current 5.5% 49.6
50.6 50.5
5.3% 5.4%

12.2
47.2 47.3
45.0 14.5

13.0

12.9
13.7

13.5
4.2% 10.0%
13.6
14.8
15.1

39.3
15.5

16.0

3.0%

35.0 34.1 8.0%

9.3

14.7

21.8
17.6
15.6
8.9

16.2
13.0

28.9 28.3
15.5
11.0

26.4 20.5 6.0% 5.7%

5.5%
10.0
11.1
3.9

5.0

25.0
4.7

13.2

20.9 4.4%
4.0%
11.2

3.4%
2.7

10.0

3.6% 3.2%
9.7

3.1%
8.8

14.4
15.0
1.9%
9.4
6.56.0
1.9

2.0% 2.3% 1.2%

1.6%
13.0

13.8

13.5

13.8

16.8

20.5

21.3

22.6

22.1

23.0

20.5

20.8

21.3

20.5

17.3

19.4

1.1% 0.3%
8.8

0.2%
5.0 0.0% 0.6% 0.8%
1Q '15
2Q '15
3Q '15
4Q '15
1Q '16
2Q '16
3Q '16
4Q '16
1Q '17
2Q '17
3Q '17
4Q '17
1Q '18
2Q '18
3Q '18
4Q '18
1Q '19
2Q '19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
*excl. Credit Cards
Bank-only numbers
31
Improvement in Asset Quality
Write Off & Recovery % Loan at Risk to Total Loan

38.7%
36.6%
33.3% % Loan at Risk to Total Loan (%)
28.8% Year
13,230 Restructured Cat.1 Cat.2 NPL Bankwide
11,409 11,586 24.2%
2016 3.5% 3.5% 4.0% 11.0%
8,162
5,244 2017 3.6% 3.9% 3.5% 10.9%
5,070
3,287 3,854
1,976 1,919 2018 2.9% 4.0% 2.8% 9.7%
1H18 3.1% 4.7% 3.1% 10.9%
2016 2017 2018 1H18 1H19 1H19 2.7% 4.8% 2.6% 10.1%

Write Off Recovery Recovery Rate

Recovery By Segment (Rp Bn) NPL Formation By Segment

Recovery Net Downgrade to NPL (%)

Year Year
Wholesale SME Micro Cons Bankwide Corp Comm SME Micro Cons Bankwide
2016 853 923 416 577 3,287 2016 0.44 8.91 4.74 3.84 3.56 4.28
2017 1,699 895 699 492 3,854 2017 0.08 3.72 5.67 2.67 4.08 2.13
2018 2,389 1,226 836 619 5,070 2018 - 3.96 4.34 2.42 2.37 1.96
1H18 836 499 310 330 1,976 1H18* - 4.98 5.86 2.67 3.63 2.36
1H19 677 540 422 280 1,919 1H19* 0.05 3.24 3.84 2.23 3.61 1.72

* YTD, annualized
Bank-only numbers
32
Enhancing Synergies & Value from Subsidiaries
Syariah Banking Investment Banking Insurance Niche Banking Multi-Finance

Total Assets Bond Trading Volume Total Assets Total Loans Total Disbursement
Rp 101 Tn Rp 50Tn Rp 31.3Tn Rp17.8 Tn Rp 13.5 Tn

Total Financing Equity & FI Underwriting Total Premium Income Net Interest Margin Net Interest Margin
Rp71.5 Tn Rp 21.5 Tn Rp 1.4 Tn 5.9% 2.6%
Total Deposits Equity Trading Volume ROA ROA ROA
Rp 87.4Tn Rp 231.7 Tn 3.2% 2.5% 2.9%
ROE ROE ROE ROE ROE
14.0% 14.8% 43.7% 17.5% 18.3%

• Remains the leader in • Expansion of business to • Providing end-to-end bank • Enhancing operating • Penetrate Bank Mandiri’s
syariah financing fully utilize current capital assurance business model network and customer
• Capital injection base • Continue to build cross-sell • Improving risk base to develop the
program • Cross-sell capital market opportunities in various management systems and multifinance segment with
over 3 years services to broad range of segments IT a strong focus on new 4
• Cross-selling syariah Mandiri customers • Bancassurance products to • Improving productivity wheel vehicles.
products to • Refocus business toward complete our suite of
Mandiri customers higher fee income consumer offerings

33
Bank Mandiri’s 2019 Corporate Guidance
2019 Target 1H19 Realization

Gross Loan Growth (YoY) 10.0% - 12.0% 9.5%

Net Interest Margins 5.6% - 5.8% 5.6%

Efficiency Ratio <45.0% 43.80%

Gross NPLs 2.5% - 2.7% 2.6%

Cost of Credit 1.6% - 1.8% 1.53%

34
Operating Performance
Highlights
Large Corporate, Government & Institutions
Performance to Date: 1H2019 (Rp Bn) Strategies for 2019

1. Focusing on Anchor Clients and

penetrating through using of
976
712 Transaction Banking
2. Account Plan implementation for top
4,926 273
76 Corporate Banking Customers.
2,525 4,653
3. Provide ‘one stop service’ solutions for
customer’s transactions and create
new business process to accelerate
the execution of Account Plan
including effective and responsive
Complaint Handling.
4. Strengthen business alliance with
2,137 Mandiri InHealth & Mandiri DPLK to
ease corporate customers to manage
their needs in health insurance &
pension fund / severance

36
Treasury & Market
Performance to Date: 1H 2019 (Rp Bn) Strategies for 2019

1. Implement client segmentation

-7.85
strategy for Treasury anchor and non-
2,969 242 anchor clients.
4,802 4,810
2. Increase retail coverage of fixed
income and structured products.
3. Implement FI client coverage model
and segmentation strategy.
4. Revitalize overseas offices’ function as
a distribution channel, and introduce
new business models.
5. Enhance retail brokerage program in
Mandiri Sekuritas.
6. Upgrade business license status of
2,075
Mandiri Sekuritas Singapore Office.

37
Commercial Banking
Performance to Date: 1H2019 (Rp Bn) Strategies for 2019

1.Tighten risk management practices by

centralizing big ticket loan approval from
347
regional office to head office
243
2.Focusing on clients within the value
2,380
1,239 chain / business ecosystem of our large
corporate banking clients
3.Selectively growing the business to
sectors and regions as stipulated in
1,795 bank-wide portfolio guidance

1,037

585

38
Commercial Banking
Expanding Scope of Distribution, 2Q 2019 Solid & Stable Source of
Low Cost Funds

Sumatera Kalimantan Eastern 2Q 2Q

Product Growth
Loans = Rp 9.4 tn Loans = Rp 2.5 tn Loans = Rp 1.5 tn 2019 2018
Funds = Rp8,9 tn Funds = Rp 5.5 tn Funds = Rp 2.4tn
Demand
Deposit 31.65 33.09 -0.08%

Rupiah 22.54 24.04 -4.34%

FX 9.11 9.04 0.69%

Saving
Deposit* 8.98 8.29 8.35%

Total CASA 40.63 41.38 -1.81%

Total Funding 60.06 59.25 1.37%
Java and Bali
Loans = Rp 119,8tn
Funds = Rp 43.3 tn

CASA Ratio = 67.65%

Funding from Java & Bali = 72.08%
of total funding

* Business Savings Product

39
Micro & SME:
Selectively growing our high margin business
Performance to Date: 1H 2019 (Rp Bn) Strategies for 2019

1. Specialized sales team in Productive

Loan (KUM) & Government Program
1,851 (KUR)
1,837
2. Improving incentive scheme based on
product profitability and loan quality
5,083
2,089 3. KUM profiling
9,049
4. Creating relationship
6,960
model, specifically on Salary-Based
Loan (KSM) by approaching the
management of the borrower’s
company
5. Widening the penetration of KSM
3,952 products by using the Bank@Work
Project
6. Simplify the SME loan processing
7. Adjust the manual of SME
products

40
Small Medium Enterprise :
Solid & Stable Source of
Scope of Distribution, 2Q 2019 Low Cost Funds*
Rp Tn

Sumatera Kalimantan Eastern

2Q 2Q Growth
Loans = Rp 8.9 tn Loans = Rp 3.7 tn Loans = Rp 4.8 tn Product YoY
2018 2019
Funds = Rp 18.6 tn Funds = Rp 7.3 Funds = Rp 9.3 tn
tn
Demand
Deposit 43.8 45.6 4.0%
Medan
Pematang siantar
Manado Saving
Pekanbaru Pontianak Deposit 86.7 80.9 -6.7%
Samarinda
Palu Jayapura
Padang Palembang Batam
Balikpapan Total CASA 130.6 126.5 -3.1%
Jambi
Banjarmas
Tangerang
B.Lampung Jakarta in
Bekasi Solo Total
Surabaya Funding 154.2 151.8 -1.6%
Bogor Makassar
Bandung Semarang
Denpasar
Java and
Bali
Loans = Rp
38.7 tn
Funds = Rp CASA Ratio = 83.3%
Funding from Java & Bali = 76.8%
116,6 tn of total funding
Branch Class that covered SME Customers
A.1 : 36

B.2 : 56
A.2 : 48
41
Consumer Banking:
Significant growth in spread and fee income
Performance to Date: 1H 2019 (Rp Bn) Strategies for 2019

Mortgage:
1. Still using Risk-Based Pricing relative to
1,121
the market
446 2. Automation in notifying loan agreement
to the borrowers
1,695
3. Managing the onboarding borrowers by
the branches
4. Sharpening sales model in order to
963 managing both primary and secondary
market
1,003 17
Auto:
732 1. Marketing program with appointed RAC
2. Using disbursement of Auto Loan as an
element of KPI, separated for
Region/Area/Branch Offices’
3. Campaigning the use of Mandiri Mobile
Apps to increase the branch’s referrals
4. Piloting e-Marketplace (the digital
platform for Auto Loan marketing)
42
 43

10.9% 3.4% 6.5% 1H19

11.0% 3.4% 6.5% 1Q19
10.9% 3.3% 6.6% FY18
11.0% 3.3% 6.5% 9M18
10.9% 3.3% 6.4% 1H18
11.0% 3.4% 6.4% 1Q18
11.5% 3.6% 7.3% FY17
11.4% 3.5% 7.4% 9M17
11.4% 3.5% 7.1% 1H17
11.1% 3.6% 6.7% 1Q'17
11.1% 3.7% 6.7% FY16
10.9% 3.7% 7.2% 9M16
10.8% 3.8% 6.5% 1H16
10.9% 4.2% 6.4% 1Q16
6.5% FY15
Net Interest Margin & Cost of Funds

10. 4.2%
6% 4.3% 6.4% 9M15
6.3%
Bank Syariah Mandiri Financial Highlight

1H15
1 4.4%
0 4.4% 6.3% 1Q15
. 4.5%
6.2% FY14
0 4.5%
6.0% 9M14
6.2% 1H14
% 4.4% 6.3% 1Q14
10.6 4.1% 7.3% FY13
% 4.0% 7.2% 9M13
10.9 4.0% 7.3% 1H13
% 4.6% 7.1% 1Q'13
11.0% 4.5% 7.3% FY12
11.1% 4.5% 7.0% 9M12
11.1% 4.7% 6.9% 1H12
12.0% 4.5% 6.9% 1Q'12
12.1% 5.2% 7.5% 2011
12.4 5.1% 6.6% 2010
% 5.6% 6.6% 2009
12.3 5.7% 6.3% 2008
% 5.4% 6.3% 2007
12.4

NIM
YoA

CoF

%
12.2
%
12.0% 71.47 1H19
11. 81.6%
101,012
71,466

87,355
1H’19

69.36 1Q19
550.6

81.0%
2.9%
14.0
1.5

5% 67.75 FY18
13.0% 79.0%
79.1% 65.24 9M18
12.3%
75.5% 62.37 1H18
12.7%
67,753

87,472

98,341
FY’18

61.22 1Q18
628.2

73.9%
3.3%
0.9
8.2

13.0%
79.4% 60.69 FY17
12.4%
80.2% 58.72 9M17
81.9% 58.06 1H17
60,695

77,903

87,940
FY’17

365.2

4.5%
79.5% 55.42 1Q'17
0.6
5.7
79.2% 55.58 FY16
80.4% 53.24 9M16
82.6% 52.71 1H16
55,580

69,950

78,832
FY’16

325.4

4.9%
80.1% 50.74 1Q16

0.6
5.8
82.0% 51.09 FY15
84.5% 50.60 9M15
Financial Performance (Rp bn)

85.3% 50.40 1H15

51,090

62,113

70,369
FY’15

289.6

6.1%
81.7% 48.80 1Q15

0.6
5.9
82.1% 49.13 FY14

Syariah Financing (Rp tn)

85.7% 49.32 9M14
89.9% 49.60 1H14
49,133

59,821

66,942
FY’14

6.8%
71.8
90.3% 49.82 1Q14

0.2
1.5
89.4% 50.46 FY13
91.3% 49.70 9M13
94.2% 48.40 1H13

50,460

56,461

63,965
FY’13

651.2

4.3%
15.3
1Q13

1.5
95.6% 46.30
93.9% 44.50 FY12
93.9% 41.82 9M12
92.2% 39.93 1H12

44,755

47,409

54,229
FY’12

805.7

2.8%
25.1
2.3
87.2% 37.44 1Q12
2011

Financing
86.2% 36.73

FDR
82.7% 23.97 2010
83.1% 2009

Gross NPF
16.06

Financing

Deposits

ROA (%)
ROE (%)
89.1% 13.28 2008

Ratios:
Assets
91.1% 10.31 2007

EAT
 44

14.0% 7.1%
5.9% 1H19
14.1% 7.2%
6.2% 1Q19
14.4% 6.6%
6.9% FY18
14.5% 6.5%
7.0% 9M18
14.6% 6.6%
6.9% 1H18
14.7% 6.7%
6.8% 1Q18
15.1% 7.2%
6.6% FY17
15.8% 7.4%
6.5% 9M17
16.1% 7.5% 6.7% 1H17
16.3% 7.5%
Net Interest Margin & Cost of Funds

6.6% 1Q'17
19.0% 7.4% 9.5% FY16
17.3% 7.3% 8.1% 9M16
17.6% 7.3% 8.0% 1H16
17.8% 7.2% 8.0% 1Q16
20.2% 7.1% 11.1% FY15
19.4% 7.4% 10.1% 9M15
Mandiri Taspen Financial Highlight

19.7% 7.4% 10.4% 1H15

19.9% 7.5% 10.6% 1Q15
20.2% 7.1% 11.1% FY14
20.3% 7.0% 11.2% 9M14
20.3% 7.0% 11.3% 1H14
20.3% 6.9% 11.2% 1Q14

NIM
YoA

CoF

88.0% 17,821 1H19

96. 16,771 1Q19
Growth

-0.4ppt
-4.4ppt

0.1ppt
38%
52%
49%
22%

1%
YoY

15,526 FY18
91.7 14,312 9M18
%
12,955 1H18
94.4
17,821
18,629
24,738
1H’19

0.70%
17.5 % 11,942 1Q18
200

2.5
93.1 10,507 FY17
% 9,153 9M17
93.6 7,540 1H17
12,955
12,271
16,564
1H’18

0.60%
21.9
%
164

2.9
6,187 1Q'17
89.6
Financial Performance (Rp bn)

% 4,929 FY16
85.4% 3,566 9M16
15,526
15,260
20,937
FY'18

0.6%
20.5
334

2.6
94.4% 2,748 1H16

Total Financing (Rp bn)

88.5% 2,049 1Q16
87.2% 1,585 FY15

LDR
10,050

13,687
FY’17

9,732
1,248 9M15

0.7%
85.3%

13.4
160

2.0
81.7% 1,058 1H15
81.1% 962 1Q15
86.5% 920 FY14

Financing
Gross NPL
ROA (%)
ROE (%)
872

Financing
89.7% 9M14

Deposits

Ratios:
Assets
81.7% 825 1H14

EAT
88.4% 784 1Q14
87.5%
87.5%
 45
-0ppt
1%
11%

0.2ppt

-0.6ppt

-3.4ppt

-0.9ppt
0.1%
1H 2019 Change

200.8

2.6%

2.9%

18.3%

47.6%

0.9%
45,060

13,541
1H 2019 Performance

200.5

2.8%

3.5%

21.7%

48.5%

0.9%
40,744

13,408
1H 2018

Disbursement (Rp Bn)

Net Income (Rp Bn)
Mandiri Tunas Finance Financial Highlight

Loans (Rp Bn)

NIM (%)

ROA (%)

ROE (%)

NPL (%)
CER (%)

Q2'1
11

329 6,230
6,632 9
12 13

328
264 6,649 Q1'1
248 6,399 9
8 8 1412

222 6,573 Q4'1

211 6,380 8
Breakdown of Financing

161 6,463 Q3'1

5,686 8
11

120
99 5,077 Q2'1
6

99 4,467 8
6

43 5,216 Q1'1
8

36 3,636 8
5

70 4,727 Q4'1
4119
Motorcycle

67 4,761 7
Q3'1
Used Car

56

73 5,062
New Car

7
57

82 3,975
Q2'1
41

71 3,732
96 3,549 7
Q1'1
60

3,824
7068 45

108
149 3,398 7
162 3,374 Q4'1
6
64
208 3,290
Q3'1
6
Q2'1
6
Q1'1
6
2,192 4,377 Q2'19
Total Disbursement and the Breakdown

Q4'1
2,082 5 4,891
2,036 Q3'1 3,477 Q1'19
4,738 5 3,332
3,280 Q2'1 3,424 Q4'18
4,098 5 2,606
Q1'1
for Joint Financing and Non JF

4,205 5 2,427 Q3'18

3,650 Q4'1 2,167
2,548 4 2,634 Q2'18
2,723Q3'1 1,849
4 2,650 Q1'18
2,618 Q2'1
4 2,414 1,261
2,909 Q1'1 1,908 Q4'17
3,012 4 1,858
2,975 2,217 Q3'17
3,094 1,020

Non JF
1,936 1,909 Q2'17
2,236 1,454

JF
2,391 1,600 Q1'17
2,206 1,409
2,408 1,199 Q4'16
2,056 1,506
Q3'16
Supporting
Materials
2016-2020 Bank Mandiri Corporate Plan – Accelerate In
The Growth Segments
Product Focus Key initiatives

1. Improve processing speed

1 Mortgage 2. Tapping higher ticket size
3. Target developer relationships

1. Streamline segment split between MTF and MUF

Loan Growth 2 Auto Loan
2. Utilize existing Mandiri branch network for growth
Engine
1. Combine consumer personal loans and micro
3 Personal Loan & Micro KSM salary-based loans
2. Leverage on micro’s distribution footprint
3. Tap into our payroll customer base

1 Dominate payroll segment using Bank@Work for corporate and commercial customers
Funding
Engine 2 Improve transaction banking offering to tap cash management for anchor clients’ value chain

47
Bank Mandiri Remains on Track to Become Indonesia’s Most
Admired Financial Institution
# of Accounts # of Outlets
# of new Accounts (YTD)
• Deposit 25.9 Mn
• Deposit 3.4 Mn 2,624 Branches
•Loan 1.8 Mn
• Loan 358 thousands 2,917 Micro
including mortgage Outlets (3)
accounts of 148,105 18,291 ATMs

Cash Management
e-Channel Tx
• 27,343 Customers
• 1,692 Mn Trx YTD
• 126 Mn Trx in
• 11.3% YoY Growth
1H19 (2)

Retail Loans (1) # of Cards Issued Subsidiary Income

• Rp 253.7 Tn • Credit 5.3 Mn • Total Rp 1.57Tn
• 35.0% of Total Loans • Debit 20.1 Mn •Sum of income from
• Prepaid 18.0 Mn 10 subsidiaries
(11.6% of EAT)

(1) Small Business, Micro and Consumers

(2) Excluding Mandiri Transaction System
(3) Incl. Micro Branches, Unit, & Kiosk 48
We are Preparing For Our Next Transformation
Market Cap: IDR 251.4 Tn
Revenue Market Share: 12.8%
ROE: 21.0%
Market Cap: IDR 136.9 Tn Gross NPL: 2.15%
Revenue Market Share: 13.4%
Net Profit: IDR 9.22 Tn 2020
ROE: 24.24% Indonesia’s Best
Gross NPL: 2.42%
Market Cap: IDR 60 Tn Asean Prominent
Revenue Market Share: 8%
Net Profit: IDR 2.41 Tn Bank
ROE: 10% 2014
Gross NPL: 16.3%

2009
2005
2nd Transformation
• Wholesale transaction banking
• Retail payment & deposits
1st Transformation • Retail financing
3rd Transformation
• Business transformation
• Developing integrated Human
Capital & IT
• Focusing on non-organic
growth

• Building a winning organization

• Delivering tailored proposition
for priority segments
• Building alliances
• Strengthening risk management
49
How We Plan To Achieve Our 2020 Target
Strategic Initiatives Description

▪ Grow large corporate lending above the market growth rate

Focus on Core Business and deepen relationships with existing clients
▪ Increase fee based income & wholesale current accounts

Expanding into ▪ Accelerate consumer lending growth: mortgages, auto loan

Underpenerated Low-Risk and salary based loans
Segments ▪ Push retail CASA growth through Bank@Work
▪ Defend market share in SME

▪ Lower cost to income ratio through digitalization and

productivity enhancements
Strengthen The Foundation ▪ Reduce NPL ratio by improving the loan underwriting
process
▪ Increase utilization and sophistication of data analytics to
enhance insights and cross-selling.

50
…But We Need to Consider Growing Beyond the Bank

M&A
Finding Business
Partners

Bank Our Deal size has continued

& Group
• Revenue YTD (Bank Only):
Rp35.26Tn (2.4% YoY)
• Profit from Subsidiaries:
Rp1,573Bn (11.6% of EAT)
• 1H19 Revenue Wholesale vs
Retail : Rp 12.4Tn vs Rp 13.0Tn
• JV with AXA (AMFS). Gross Written
Premiums Rp1.5tn. +27% YoY
• JV with Tunas Ridean (MTF). Total
Financing Rp4.1tn. 15% YoY
• InHealth  partner BPJS
to move higher
• BSHB  Rp 40bn (2008)
• MTF  Rp250 bn (2009)
• Inhealth  Rp 1.3 tn (2013)
51
1H 2019 PPOP increase by 1.1% YoY

1H 2018 1H 2019

Rp Bn Rp Bn

12,513
12,868
17,349 18,376

Increase
1.1%

28,102 29,748
23,621 23,885

Net Interest & Fee-Based Income Overhead Expenses Pre-provision Net Interest & Fee-Based Income Overhead Expenses Pre-provision
Premium Income & Others Operating Profit Premium Income & Others Operating Profit

52
Digital Banking Roadmap
Two-prong approach to its digital transformation journey: Digitizing Internal Process and Customer Experience

1
Business Process Digitize existing process to reduce human interaction
Digitization i.e. BPR in credit card, personal loan
Internal
2

Process Data Driven Optimize database usage for business judgement

Decision Making i.e. big data

3
Customer Touch • Digital Sales, Onboarding & Servicing via Mandiri
Point Online
Digitization • Partnering with ecommerce
4

Customer Omni Channel

Enablement Channel integration and cross-channel data stores
Experience

Backed with data analytics and pricing engine to push

Digital Marketing
customized offering
53
IT & Digital Banking Transformation

Run the Bank Change the Bank Transform IT

Security Capabilities IT Operating Model
Policies & Compliance Digital Propositions

Security Services Bank@Work People

- Recruitment
BPR
Security Operations - Talent Development
Cash Management
Availability & Reliability
Analytics & CRM
Backend Process
SME Credit - Project Management
- Core Banking Capacity
- Quality Management
Middleware Infrastructure - Enterprise Architecture
- SOA Capacity
Frontend Data Centre
- Mandol Stability Endpoints Management Governance
- MCM Stability - Sourcing & Vendor Mgmt
Network Re-architecture - IT Governance Forums
Infrastructure Middleware – SOA Redesign
- Network Stability
- IT Operations Monitoring Security
54
…and Offer Innovative Payment Solutions
Pre-Paid Transaction Volume (000s)* Pre-Paid Transaction Value (Rp Mn)* #Pre-Paid Card (000s)
Indomaret 110,241 Indomaret Indomaret
1,633
e-Toll 104,777 e- e- 7,157
99,188
104,015 6,966
Gaz 96,430 97,581 101,068
Toll Toll 6,667
97,41899,20196,615
1,429
e-Money 91,429 90,996 Gaz Gaz 6,237
92,765 91,004
90,011
84,892 1,338
87,015
e- e- 5,830
1,259
86,77379,563 Mon 1,273
1,318 Mon 5,497
5,178
79,219
75,120 ey 1,209
ey 5,234 4,880 5,459
1,204 4,910
4,961
4,584
1,141 4,812
4,580
1,076 1,029 4,666
4,3704,498
1,034 1,022
4,235
1 ,0 31 4,166
942 9361,0 1 8
849 3,879 4,052
905 3,650
3,548 3,751
767 3,428
3,255
44,169
45,326
3,080 323, ,918
674 2,892
39,691 4401,44, 1510431,98 616 52
36,704 579 2,693 2,634
2,489 2,850
2,478
38,259
35,923 2,338 2,7762,607
36,457 2,249
31,48935,528 542 2,202
30,3005,862978,205
29,110 2,112 2,110 2,375
336,830,466
0, 2168 477
27,260 425 1,976 2,012 2,270
24,508 27,455 1,899 1,960 2,163
24,644 1,829 1,867
23,864 1,752 1,722 1,992
22,741 24,163 1,663
22,112 21,156 22,777 359362 360 343 1,564 1,785
20,211 20,67920,542
22,065 1,487 1,633
18,356 19,460 20,502 1,412 1,409
18,012 270 1,312 1,564 1,559
21,752 1,098
20,981 3656 1,382
18,261 16,802 1,093 1,226
223 31328929
5 296 981 1,240
11,680 14,874 206205
200189 205 196 9 920 1,124
13,662
7,891 278
262 270 1,061
8,332 241 0 773846693
8,146 6,159 131 231 890
6,421 6828
5,908 208 207
79 5316
3,966 4,015 4,926 5,275 644
167173178160
182
7 506 50 86 95
2,118 4,833 426 130 78 58 59 64
31 41 135132138139135 136 143 137 4
8484
85 85 85 85 85 87
359 507679
5 2,231 4,346 107126 5 4 3 83492 85 95 9595
1751613,988 136 484455 427 427 401 325 95 912 1 2 4 4 85 86
131 321
139 1,502 447 1 1 2 1 3 87 3 204 48 49 50 58
59
6145 84 85
12 14 467 5 5 4 3 333 3 120
381296328 406 288364289234 1 53 41 50 4
5 48 89
20 30 42
111Q
Mar-
114Q '14
Sep-11
11 '15
Dec-
124Q '15
Mar-
122Q '16
Sep-12
121Q '17
Dec-
133Q '17
Mar-
131Q '18
Sep-13
134Q '18
Dec-
142Q '19
Mar-
14
Sep-14
14
Dec-
15
Mar-
15
Sep-15
15
Dec-
16
Mar-
16
Sep-16
16
Dec-
17
Mar-
17
Sep-17
17
Dec-
18
Mar-
18
Sep-18
18
Dec-
19
Jun-19
15 30 4 2
Jun-

Jun-

Jun-

Jun-

Jun-

Jun-

Jun-

Jun-

Mar-
1Q '11
2Q '11
3Q '11
4Q '11
1Q '12
2Q '12
3Q '12
4Q '12
1Q '13
2Q '13
3Q '13
4Q '13
1Q '14
2Q '14
3Q '14
4Q '14
1Q '15
2Q '15
3Q '15
4Q '15
1Q '16
2Q '16
3Q '16
4Q '16
1Q '17
2Q '17
3Q '17
4Q '17
1Q '18
2Q '18
3Q '18
4Q '18
1Q '19
2Q '19

0000000
1Q '11
2Q '11
3Q '11
4Q '11
1Q '12
2Q '12
3Q '12
4Q '12
1Q '13
2Q '13
3Q '13
4Q '13
2Q '14
3Q
1Q '15
2Q
3Q '15
1Q '16
3Q '16
4Q '16
2Q '17
4Q '17
2Q '18
3Q '18
1Q '19
9
'14

'14

*volume for quarter *volume for quarter

55
Retail Payment System Gaining Traction
Volume Mandiri Business
Fee Income from e-channel Tx (Rp Bn) Numbers of EDC
Saving Account (Rp Tn)

Q4 Q3 Q2
Q1 8,6%
YoY
Growt 137.2
h 128.2 129.0
126.4
120.6

932.2 108.5
838.6
862.6 102.3

771.0 85.8 -2.1%

YoY
Growt
843.4847.3
h
664.8 742.7
683.3 59.4
512.9
896.1
825.4
790.0

464.4
765.2

489.2
663.4

312.8
437.5
268.5 361.8
490.3

313.9
223.7
347.6 382.0

249.3
855.5

318.6
770.9
758.2
711.7

180,532

286,861
236,711
253,046

180,861
230,352
270,352

221,927
191,607
604.3

47,127
92,903
33,732
194.5 285.7
414.7
315.2

166.6 196.5
126.2200.3
258.2
2009
2010
2011
2012
2013
2014
2015

2016
2017
2018
2019

2012

2013

2014

2015

2016

2017

2018

2Q'18

2Q'19

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
1Q19
2Q19
56
Strong Microfinance Growth

Network Customers (000) # Of New Customers

57
Competitive Microfinance

Outstanding – Rp Tn Booking Volume – Rp Bn

Mandiri Microfinance Outstanding Loan Spreads(%)

Booking
Mandiri Market Share

10.60%
19.8%

7.66%
18.8% 19.1% 18.8%
17.5% 18.0%

6.33%

6.25%
6.20%
17.6%

5.89%

5.58%

5.29%

5.12%
11.9%
12.0%

12,534

17,623

14,034

16,318

20,971

18,448

16,595

16,626
6,337

42.5 50.6 83.6 85.5 90.6 97.5 102.4 103.4 110.4

2015

2016

2017

1Q`18

2Q`18

3Q`18

4Q`18

1Q`19

2Q`19
2015

2016

2017

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

58
Building a Strong Savings Deposit Franchise…

Savings Deposits (Rp tn)

Regular Savings
As % of Total Deposits
National Share of
Savings Deposits (%)
Student Savings

40.7% 41.6% 40.9% 40.2%

40.2% 39.9% 39.8% 40.7% 41.0%
37.7%
36.6% 39.9% 42.0% 40.4%
39.8% 39.6%

36.0% 36.3%
Micro Savings

17.6% 17.6% 17.5% 17.6% 17.8% 17.9%

16.9% 17.2% 16.8%

17.3% 18.0% 17.3% 17.4% 17.4%

16.2% 15.7% 16.5% Gov’t Program
208.3
214.1
224.0
246.3
214.3
248.6
247.8
273.8
258.8
277.2
247.8
303.7
276.9
298.0
296.0
300.8
293.2
303.2
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19

59
Our Growth Remains On Track
Rp Billion
CAGR CAGR CAGR
YoY
2005 2009 2010 2014 2015 2016 2017 2018 Growth
2005- 2010- 2015-
2009 2014 2018

Assets 263,383 394,617 10.6% 449,775 855,040 17.4% 910,063 1,038,706 1,124,701 1,202,252 8.3% 9.73%

Loans 106,853 198,547 16.8% 246,201 529,973 21.1% 595,458 662,013 729,548 820,084 10.2% 11.26%

Deposits 206,290 319,550 11.6% 362,212 636,382 15.1% 676,387 762,501 815,807 840,914 7.0% 7.53%

Revenues 10,835 22,261 19.7% 28,504 56,501 18.7% 66,879 73,764 78,135 85,773 4.5% 8.65%

ROE 2.52% 22.06% 72.0% 24.24% 20.95% (3.6%) 18.33% 9.66% 12.90% 14.43% 33.5% (7.66%)

Gross NPL
Ratio 25.20% 2.79% (5.60%) 2.42% 2.15% (2.9%) 2.60% 4.00% 3.46% 2.75% (3.5%) 1.89%

Net NPL Ratio 15.34% 0.42% (3.73%) 0.62% 0.81% 6.9% 0.90% 1.53% 1.18% 0.73% (22.9%) (6.63%)

LDR 51.72% 61.36% 2.41% 67.58% 82.86% 5.2% 87.68% 86.54% 89.25% 97.08% 3.1% 3.45%

EAT 603 7,155 85.6% 9,218 19,872 21.2% 20,335 13,807 20,640 25,015 49.5% 7.15%

Subsidiary EAT N/A 434 22.2% *) 994 1,086 2.2% 2,085 2,288 2,236 2,491 (2.3%) 6.11%

*) CAGR based on EAT 2006 Rp. 238.28 bn

60
Regulation Summary: Capital Based on Risk Profile. Business
Activity & Branch Networking

Bank Mandiri’s Capital Requirement Based on our Risk Profile Bank Mandiri Capital Requirment

Risk Profile CAR Min “BUKU” Tier 1 Capital

1 – Low 8% 1 < Rp 1 Trillion
2 – Low to Moderate 9% - < 10% Bank Mandiri is under the “LOW
to MODERATE” risk profile 2 Rp 1 Trillion - < Rp 5 Trillion
3 – Moderate 10% - < 11%
3 Rp 5 Trillion - < Rp 30 Trillion
4 – Moderate to High & 5 - High 11% - 14%
4 ≥ Rp 30 Trillion

Branch Networking by Zone

Branch Sub Branch Cash Office Total

Zone 1 21 381 60 462
Zone 2 42 1,062 48 1,152
Zone 3 15 204 14 233
Zone 4 30 321 17 368
Zone 5 18 230 8 256
Zone 6 13 131 9 153
Total 139 2,329 156 2,624
61
2 Million Cards in Force Drove Rp 12.4 Tn in Loan Outstanding

Mandiri Visa & Mastercards and EOQ Outstanding Total Card Quarterly Sales by Type of Transaction (Rp Bn)

Transfer Balance
Outstanding (Rp tn) Cash Advance
# of Cards in Force (Mn) Retail
295
300
302

267 257 283

1.9 1.9 1.9 1.8 1.9
1.9 1.9 1.9
1.8 1.8 1.8 1.8 1.8
1.7 1.8 1.8 1.8 1.8 287
278 263

271
291
295 257 298
276 278
303
247
10,511
10,773
11,534
11,748
10,025

12,447
10,312

6,949
7,229
7,076
7,394
7,047
7,221
6,763
7,619
7,205
8,039
8,173
8,650
7,985
8,742
8,779
9,875
9,511
9,772
8,344
8,751
8,683
8,970
8,768
8,761
8,674
9,128
9,048
9,603
9,835

1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
1Q'18
2Q'18
3Q'18
4Q'18
1Q'19
2Q'19

# of issued cards as of 2Q19 of 5.3Mn

62
Key Quarterly Balance Sheet Items & Financial Ratios
IDR billion / % (Cons) 1H 2019 1Q2019 FY 2018 9M 2018 1H 2018 YoY

Gross Loans 835,110 790,450 820,084 781,077 762,539 10%

Government Bonds 122,166 125,192 114,243 105,619 105,608 16%

Total Assets 1,235,627 1,205,972 1,202,252 1,173,645 1,155,548 7%

Customer Deposits 843,159 827,761 840,914 831,203 803,027 5%

Total Equity 189,688 193,665 184,961 176,277 170,042 12%

RoA – before tax (p.a.) 2.91% 3.14% 2.97% 2.80% 2.83% 3%

RoE – after tax (p.a.) 14.20% 15.18% 14.43% 14.12% 14.40% -1%

Cost to Income Ratio 43.80% 42.34% 44.31% 44.19% 42.89% 2%

NIM (p.a.) 5.58% 5.66% 5.77% 5.76% 5.74% -3%

LDR 98.82% 95.07% 97.08% 93.53% 94.57% 4%

Gross NPL / Total Loans 2.59% 2.68% 2.75% 3.01% 3.13% -17%

Provisions / NPLs 146.79% 145.56% 142.80% 136.96% 136.08% 8%

Tier 1 CAR * 21.00% 22.50% 19.84% 20.24% 19.56% 7%

Total CAR incl. Credit, Opr & Market Risk* 21.02% 22.47% 20.98% 21.38% 20.64% 2%

EPS (Rp) 290 155 536 388 261 11%

Book Value/Share (Rp) 4,065 4,151 3,964 3,777 3,644 12%

* Bank Only
63
 64
87.4%

7.3% 7.4%

278.4 835.1 122.2 2Q'19

87.6%

290.3 790.4 125.2 1Q'19

6.2%6.3%
88.3% 88.5%

267.9 820.1 114.2 4Q'18

6.2% 6.3%6.1%
88.6% 88.8%

286.9 781.1 105.6 3Q'18

2Q'18
85.8% 84.2%

287.4 762.5 105.6

6.6%6.7%6.5% 6.4%
Total Assets Grew 6.9% Y-o-Y to Rp 1,235 Tn

84.2% 85.4%

289.8 703.0 105.3 1Q'18

291.7 729.5 103.4 4Q'17
292.3 686.2 100.2 3Q'17
287.0 682.0 98.3 2Q'17
88.7%

275.6 656.2 102.5 1Q'17

6.2%

277.8 662.0 98.9 4Q'16

86.3%

247.6 625.1 102.4 3Q'16

7.5% 7.3%

261.5 610.9 99.1 2Q'16

1Q'16
87.4% 85.8% 85.3%

234.0 574.7 98.1

86.1%

7.7% 8.0% 6.9%7.7% 7.4% 7.6%

210.7 595.5 103.9 4Q'15

3Q'15
85.5%

244.1 560.6 101.1

261.2 552.8 100.1 2Q'15 Other
1Q'15
Int. from

235.4 532.8 100.1

84.6%

8.5% 7.1%

238.9 530.0 86.2 4Q'14

87.3%

3Q'14
88.6%

204.1 506.5 87.6

2Q'14
87.9% 89.1%

190.1 485.8 89.0

8.5% 7.3% 6.0% 7.3%

168.4 470.4 90.6 1Q'14

6.1% 7.2% 6.5%

Loans
178.4 472.4 82.2 4Q'13
88.6%

167.1 450.8 82.2 3Q'13

83.4%

163.9 428.7 79.6 2Q'13

1Q'13
79.5%

11.2%

169.7 79.2
90.9%

167.9 388.8
391.6 78.9 4Q'12
13.4%
75.5%

145.3 365.2 77.9 3Q'12

Int. from Bonds

Government Bonds
140.9 350.4 80.4 2Q'12
76.0% 76.5%

141.3 327.2 78.4 1Q'12

71.7%

159.1 314.4 78.5 4Q'11

126.4 297.5 78.1 3Q'11
Loans

68.3%

120.3 276.7 77.9 2Q'11

Assets
136.1 251.8 78.2 1Q'11
57.2%

125.5 246.2 78.1 4Q'10

63.6%

95.3 231.9 82.2 3Q '10

100.6218.0 83.5 2Q '10
56.8%

34.8%
1Q '10
52.2%
110.6201.9 86.8
106.9198.5 89.1 4Q '09
50.1%
89.8188.3 88.4 3Q '09
89.0181.6 88.2 2Q '09
84.1175.2 88.4 1Q '09

46.9%
95.7 174.5 88.3 4Q '08
91.1 138.859.5 4Q '07
59.12179.70.6 4Q '06

40.9%
60.6% 47.1%
64.51069.29.1 4Q '05
Consolidated

50.675.9 93.1 4Q '04

36.165.4 122.9 4Q '03

75.4%
60.5 651.448. 4Q '02

74.1%

19.0%
34.1%

19.0%
8
33.4481.533. 4Q '01

75.4%
27.0 43.1076.9 4Q '00
5

1200
1100
1000

0
900
800
700
600
500
400
300
200
100
1500
1400
1300
Total Assets (Rp Tn)
Additional Factors
 Aggregate of Rp 69.827 Tn (US$ 4.942 Bn) in written-off loans as of end-of June 2019, with significant recoveries and write
back on-going:  Q1’13: Rp 0.918 Tn (US$94.5m)
 Q2’13: Rp 0.683 Tn
 2001: Rp 2.0 Tn  Q3’13: Rp 0.630 Tn (US$54.4m)
(US$68.8m)
 2002: Rp 1.1 Tn  Q4’13: Rp 0.845 Tn (US$69.4m)
 2003: Rp 1.2 Tn  Q1’14: Rp 0.552 Tn (US$48.7m)
 2004: Rp 1.08 Tn  Q2’14: Rp 0.765 Tn
 2005: Rp 0.818 Tn (US$ 83.2m)  Q3’14: Rp 0.566 Tn (US$64.5m)

(US$46.4m)

 2006: Rp 3.408 Tn (US$ 378.5m)*  Q4’14: Rp 0.803 Tn (US$64.8m)

 2007: Rp 1.531 Tn (US$ 249.3m)  Q1’15: Rp 0.553 Tn (US$42.4m)
 2008: Rp 2.309 Tn (US$ 211.8m)  Q2’15: Rp 0.646 Tn (US$48.5m)
Recoveries  Q3’15: Rp 0.751 Tn (US$51.3m)
of Written  Q4 ‘09: Rp 0.775 Tn (US$ 82.5m)  Q4’15 Rp 1.089 Tn (US$79.0m)
 Q1 ‘10: Rp 0.287 Tn (US$ 31.6m)  Q1’16 Rp 0.570 Tn (US$43.0m)
off Loans  Q2 ‘10: Rp 0.662 Tn (US$ 73.0m)  Q2’16 Rp 0.645 Tn (US$48.9m)
 Q3 ‘10: Rp 0.363 Tn (US$ 40.7m)**  Q3’16 Rp 0.833 Tn (US$63.8m)
 Q4 ’10: Rp 1.349 Tn (US$149.7m)  Q4’16 Rp 1.145 Tn (US$85.0m)
 Q1 ‘11: Rp 0.468 Tn (US$53.8m)  Q1’17 Rp 0.686 Tn (US$51.5m)
 Q2 ‘11: Rp 0.446 Tn (US$51.9m)  Q2’17 Rp 0.886Tn (US$66.5m)
 Q3 ‘11: Rp 0.508 Tn (US$57.8m)  Q3’17 Rp 0.965Tn (US$71.7m)
 Q4 ‘11: Rp 0.78 Tn (US$86.1m)  Q4’17 Rp 1.199Tn (US$88.4m)
 Q1’12: Rp 1.647 Tn (US$180.1m)  Q1’18 Rp 0.965 Tn (US$70.1m)
 Q2’12: Rp 0.721 Tn (US$76.8m)  Q2’18 Rp 1.010 Tn (US$70.5m)
 Q3’12: Rp 0.489 Tn (US$51.1m)  Q3’18 Rp 1.016 Tn (US$68.2m)
 Q4’12: Rp 0.885 Tn (US$91.8m)  Q4’18 Rp 2.079 Tn (US$69.2m)


Q1’19 Rp 1.072 Tn (US$75.3m)
Q2’19 Rp (US$59.9m)
 * including the write-back of RGM loans totaling Rp 2.336 Tn
0.846 Tn
** Including the write back of Kharisma Arya Paksi loans totaling Rp 0.124 Tn and Gde Kadek Rp 0.59Tn.

65
Summary Quarterly Balance Sheet 2Q 2019 – 2Q 2018
Summary BS Q2 ’19 Q1 ’19 Q4 ’18 Q3 ’18 Q2 ’18 Y-o-Y
Rp (tn) Rp (tn) Rp (tn) Rp (tn) Rp (tn) %
Total Assets 1,235.63 1,205.97 1,202.25 1,173.65 1,155.55 7%
Cash 24.65 21.66 27.35 21.94 28.01 -12%
Current Acc w/ BI & other banks 61.87 76.34 74.69 75.86 73.06 -15%
Placement w/ BI & other banks 43.36 41.61 22.57 39.19 55.24 -22%
Securities Net 71.90 68.15 63.84 67.52 58.85 22%
Government Bonds 122.17 125.19 114.24 105.62 105.61 16%
- Trading 5.68 6.97 4.53 3.86 3.92 45%
- AFS 89.57 86.35 78.27 80.55 84.77 6%
- HTM 26.91 31.87 31.45 21.21 16.92 59%
Loans 835.11 790.45 820.08 781.08 762.54 10%
- Performing Loans 813.48 769.27 797.53 757.61 738.71 10%
- Non-Performing Loans 21.63 21.18 22.55 23.47 23.83 -9%
Allowances - 31.73 - 30.80 -32.18 -32.12 -32.41 -2%
Loans – Net 803.38 738.47 787.91 748.96 730.13 10%
Total Deposits – Non Bank 843.16 827.76 840.91 831.2 803.03 5%
- Demand Deposits 200.14 185.14 200.51 204.2 186.73 7%
- Savings Deposits 342.61 331.34 338.6 331.56 332.1 3%
- Time Deposits 300.41 311.29 301.81 295.44 284.21 6%
Shareholders’ Equity* 189.69 193.67 184.96 176.28 170.04 12%
66
 Summary Quarterly P&L 2Q 2019 – 2Q 2019
2Q 2019 2Q 2018 Y-o-Y 1Q 2019 Q-o-Q
Summary P&L % of % of % of
Rp (Bn) Rp (Bn) r (%) Rp (Bn) r (%)
Av.Assets* Av.Assets* Av.Assets*
Interest Income 22,471 7.3% 19,649 6.8% 14.4% 22,016 7.3% -2.0%
Interest Expense 8,007 2.6% 6,308 2.2% 26.9% 7,635 2.5% -4.6%
Net Interest Income 14,464 4.7% 13,341 4.6% 8.4% 14,381 4.8% -0.6%
Net Premium Income 464 0.2% 834 0.3% -44.3% 439 0.1% -5.4%
Net Interest Income & Premium Income 14,928 4.8% 14,175 4.9% 5.3% 14,820 4.9% -0.7%
Other Non Interest Income
*Other Fees and Commissions 3,212 1.0% 3,095 1.1% 3.8% 4,107 1.4% 27.9%
*Foreign Exchange Gains – Net 1,136 0.4% 889 0.3% 27.7% 888 0.3% -21.8%
*Gain from Incr. in value of sec & sale of Gov.Bonds 158 0.1% - 55 0.0% -388.8% 150 0.0% -5.1%
*Others 1,764 0.6% 2,909 1.0% -39.4% 1,098 0.4% -37.8%
Total Non Interest Income 6,270 2.0% 6,839 2.4% -8.3% 6,242 2.1% -0.4%
Total Operating Income 21,063 6.8% 21,014 7.3% 0.2% 21,063 7.0% 0.0%
Provisions, Net - 3,455 -1.1% - 4,057 -1.4% -14.8% - 2,757 -0.9% -20.2%
Personnel Expense - 4,157 -1.3% - 3,931 -1.4% 5.7% - 4,071 -1.4% -2.1%
G&A Expenses - 4,254 -1.4% - 3,900 -1.4% 9.1% - 3,685 -1.2% -13.4%
Other Expenses - 1,111 -0.4% - 1,106 -0.4% 0.4% - 1,098 -0.4% -1.2%
Total Expense - 9,522 -3.1% - 12,995 -4.5% -26.7% - 8,854 -2.9% -7.0%
Profit from Operations 8,221 2.7% 8,019 2.8% 2.5% 9,452 3.1% 15.0%
Non Operating Income 25 0.0% - 5 0.0% -621.5% 22 0.0% -12.0%
Net Income Before 8,196 2.7% 8,014 2.8% 2.3% 9,431 3.1% 15.1%
Tax Net Income After 6,298 2.0% 6,318 2.2% -0.3% 7,233 2.4% 14.8%
Tax
67
Breakdown of Interest Income & Interest Expense
2Q'19 2Q ’18 YoY 1Q ’19 QoQ
Interest Income
Rp (Bn) Rp (Bn) (%) Rp (Bn) (%)

Loans 18,699 15,056 24.2% 16,677 12.1%

Government bonds 1,691 1,222 38.3% 1,606 5.3%
Marketable Securities 603 421 43.3% 670 -10.0%
Consumer financing 905 837 8.1% 873 3.7%
Placement at BI and other banks 380 299 27.1% 293 29.7%
Others 193 177 9.3% 162 19.2%
Syariah Income - 1,588 -100.0% 1,736 -100.0%
Total 22,471 19,599 14.7% 22,016 2.1%

2Q'19 2Q ’18 YoY 1Q ’19 QoQ

Interest Expense
Rp (Bn) Rp (Bn) (%) Rp (Bn) (%)

Time Deposits 4,269 3,456 23.5% 4,200 1.6%

Savings 962 935 2.9% 985 -2.4%
Current Account 1,184 713 66.0% 1,098 7.8%
Borrowings 895 626 42.9% 866 3.3%
Securities issued 691 551 25.4% 473 46.2%
Subordinated loan 1 1 1.5% 0 192.5%
Others 6 27 -76.8% 12 -49.1%
Total 8,008 6,308 26.9% 7,635 4.9%
68
 Government Bond Portfolio
Government Bond Portfolio by Type and Maturity (Rp 122,166 Bn) Bonds by Rate Type & Portfolio as of September (Rp 122,166 Bn)

Trading Portfolio Available for Sale 160

Maturity/ Held to
Rp Bn Nominal MTM Nominal MTM Maturity 140
Fixed Rate
120 Variable Rate
100
Fixed Rate Bonds
80
< 1 year 636 634 4,385 4,429 5,932
60 65.66
1 - 5 year 1,470 1,498 33,109 34,096 20,503 40
5 - 10 year 2,443 2,432 18,943 19,509 1,004 20
5.68 23.30 27.52
> 10 year 1,097 1,118 7,145 7,626 85 0
Sub Total 5,646 5,682 63,582 65,661 27,523 Trading* AFS# HTM^
Variable Rate Bonds * Mark to Market impacts Profit
# Mark to Market impacts Equity
^ Nominal value
< 1 year 9,505 9,471 -
- -
1 - 5 year 13,922 13,830 - 2Q’19 Government Bond Gains/(Losses) (Rp Bn)
- -
5 - 10 year - - - 1Q’18 2Q’18 3Q’18 4Q’18 1Q’19 2Q’19
- -
Realized
> 10 year - - - Gains/Losses
- - 564.06 -104.97 33.53 -26.49 144.85 33.41
on Bonds
Sub Total 23,427 23,301 -
- -
Unrealized
Gains/Losses -43.14 -159.98 -87.68 231.26 4.91 -
Total 5,646 5,682 87,010 88,962 27,523 on Bonds
Total 520.92 -264.95 -54.15 204.77 149.76 33.41

69
Ex-Recap Bond Portfolio. June 2019 – Bank Only

Nominal Fair Value

Total Held To Marked To Total Total
No. Series Maturity Date Interest Total Trading Total Available
Maturity Market Total Trading
Available For Investment
Rate Port. For Sale Port. Port.
(%) Portfolio (%) Sale Port. Port.

Fixed Rate

Sub Total - - - - - -
Variable Rate
7 VR0027 25-Jul-18 - - -

8 VR0028 25-Agu-18 - - -

9 VR0029 25-Agu-19 5,84% 3.456.688 - 99,92 - 3.453.819 -

10 VR0030 25-Des-19 5,84% 6.048.765 - 99,48 - 6.017.311 -

11 VR0031 25-Jul-20 5,84% 14.522.008 - 99,34 - 14.425.872 -

Sub Total - 24.027.461 - - 23.897.003 -
Grand Total - 24.027.461 - - 23.897.003 -
0,00% 100,00% 0,00% 0,00% 100,00% 0,00%
Total Nominal Value 24.027.461 Total Fair Value 23.897.003

(Stated in Rp Millions)

70
Bank Mandiri Credit Ratings

Moody’s (April 2019) Fitch Rating (March 2019)

Outlook STABLE Outlook STABLE
LT Counterparty Risk Rating Baa2 International LT Rating BBB-
LT Debt (P)Baa2 International ST Rating F3
LT Deposit Baa2 National LT Rating AA+(idn)
National ST Rating F1+(idn)
Viability Rating bb+
Support Rating 2
Support Rating Floor BBB-

Pefindo (June 2018) Standard & Poor’s (May 2019)

Corporate Rating STABLE Outlook STABLE
LT General Obligation id AAA Issuer Credit Rating BBB-

71
Corporate Actions

Net Profit for the financial year of 2017 of Rp20,639,683,141,139.5

was distributed as follows:
• 45% or Rp9,287,857,413,512.78 for the annual dividend
• Total Dividend Payment of Rp199.02552 per share

Schedule :
a. Cum Date:
Regular and Negotiated Market: March 28, 2018
Dividend Cash Market: April 3, 2018
Payment & b. Ex Date:
Regular and Negotiated Market: March 29, 2018
Stock Split
Cash Market: April 4, 2018
c. Recording Date: April 3, 2018
d. Payment Date: April 20, 2018

The Company’s Nominal Stock Split from Rp 500 per share to Rp250 per share and
amendment of Article of Association related with the Company’s Nominal Stock Split.

72
2Q 2019 Movement in Category 1 and 2 Loans

Category 1 Loan Movements (Rp Bn) – Bank Only Category 2 Loan Movements (Rp Bn) – Bank Only

871
1,686
44,834
15 6,493 3,069
6,493 110 688
1,686 22 49

671,288
632,125

34,819
33,709

Net Collect.
Beg. Bal.

D/G to 2

U/G from 2

End Bal.

D/G to NPL

FX Impact
D/G to NPL

FX Impact

Beg. Bal.

Cat. 1 D/G

U/G to 1

NPL U/G

End Bal.
U/G from

Collect.
Net
NPL

73
2Q 2019 Loan Detail: Collectability by Segment
Loan Profile: 2Q Collectability (%) by Segment Bank Only Loan Profile: 2Q Collectability (Rp bn) by Segment Bank Only

0.2% 1.0% 0.2% 1.4%

1.1% 0.3%
3.5% 0.5% 375,000
8.4% 4.3%
7.1%
350,000 547
1.5%
3,660
325,000
14.0%
300,000
275,000
5 250,000
4 225,000
3 200,000
98.7%
93.6% 95.6% 2
90.4% 175,000
333,977
1 150,000
75.3%
11,137
125,000 2,055 175
18,720 3,851
100,000 1,236
6,175
75,000
551
50,000 100,427 2,413 105,557
78,919
25,000 52,408

Corp Comm SME Micro Cons Corp Comm Small Micro Cons
74
2Q19 QoQ Net Downgrades of 0.41% On Loans

Total Loans
Net Upgrades(%)/Downgrades(%)# 2Q 2019 Details

2Q’98 DG to UG to
Loan 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Balance NPL PL
Background 2017 2017 2017 2018 2018 2018 2018 2019 2019
(Rp Tn) % %

Corporate 338.27 0.43 - 0.02 - - - - - 0.02 0.02 -

Commercial 133.33 1.07 0.14 1.33 1.47 1.00 0.88 0.78 0.63 1.02 1.02 -
SME 55.99 1.65 1.23 1.55 1.53 1.41 0.93 0.77 0.91 0.93 0.97 0.05
Micro 110.39 1.09 0.86 0.60 0.67 0.70 0.54 0.43 0.49 0.57 0.60 0.03
Consumer 87.31 0.39 0.47 0.35 0.40 0.38 0.31 0.09 0.40 0.42 0.50 0.08

Total 725.29 0.42 0.31 0.58 0.61 0.47 0.37 0.29 0.32 0.41 0.42 0.02

# % downgrades and upgrades are quarterly % figures

75
 76

15,986
Q2'1
9
<30 Days OD (%)

15,547
Q1'1
Rp Bn Value

17,254
17,762 9
Current (%)

18,036 Q4'1
17,804 8
NPL Loan Detail*: Quarterly by Days Past Due

4.496 Q3'1
19,202 8
19,885 Q2'1
8
Quarterly NPL Stock & Interest DPD - Bank Only

20,447
20,199 Q1'1
17,166 8
17,124 Q4'1
11,725 7
9,471 Q3'1
9,273 7
7,283 Q2'1
6,077 7
5,598 Q1'1
5,266 7
* Excluding Micro & Consumer Loans

5,351 Q4'1
5,294 6
4,965 Q3'1
5,006 6
4,863 Q2'1
4,812 6
4,496 Q1'1
4,644 6
4,643 Q4'1
4,927 5
4,805 Q3'1
4,983 5
4,261 Q2'1
4,301 5
3,929 Q1'1
3,985 5
3,668 Q4'1
3,589 4
Q3'1
4
25,000

0
5,000
20,000

15,000

10,000
Q2'1
5%
0%
45%
40%
35%
30%

15%
10%
25%
20%

4
Q1'1
4
Q4'1
3
1,982 Q3'1
Q2'1
3
9
<30 Days OD (%)

1,385
Rp Bn Value

1,953 Q2'1
Q1'1
2,099 3
9
Q1'1
Current (%)

3,028 Q4'1
3,040 8
3
3,575 Q3'1
Q4'1
1,454 8
2
Quarterly D/G to NPL & Interest DPD - Bank Only

3,494 Q2'1
Q3'1
2,523 8
2
7,744 Q1'1
Q2'1
1,640 8
2
6,554 Q4'1
Q1'1
3,884 7
2
2,045 Q3'1
Q4'1
2,640 7
1
2,291 Q2'1
Q3'1
889 7
1
1,529 Q1'1
Q2'1
439 7
1
499 Q4'1
Q1'1
729 6
1
524 Q3'1
Q4'1
562 6
0
353 Q2'1
Q3'1
796 6
0
545 Q1'1
Q2'1
379 6
0
649 Q4'1
Q1'1
553 5
0
503 Q3'1
605 5
357 Q2'1
1,284 5
552 Q1'1
454 5
617
Q4'1
4
851 Q3'1
4
Q2'1

0
9,000
8,000

6,000
5,000
4,000
3,000

1,000
7,000

2,000
0%
70%

60%

50%

40%

30%

20%

10%
4
Q1'1
4
Q4'1
3
Q3'1
3
Q2'1
3
Rp7,286bn in Loans were Restructured in 2Q ‘19
Restructured Loan Movement 2015 - 2Q2019 Loans by Restructuring Type in 2Q 2019
IDR bn
Others#
Write-Offs
Repayments
Restructuring
Balance

Maturity
extension Maturity
w/other extension;
restr'g*; 96.7%
1.0% extension
Maturity

w/reduce
13,010

25,548

31,000

35,846

42,145

42,979

42,850

43,906

46,340

44,542

46,127

46,277

47,232

46,615

50,191
d rates;
2.4%
Deduc
Q1'16

Deduc
Q2'16

Q3'16
t Add

Q4'16
t Add

Q1'17
t Add

Q2'17

Deduc
Q3'17
t Add

Q4'17

Deduc
Q1'18

Q2'18
t Add

Q3'18
t Add

Q4'18

Deduc
Q1'19
t Add

Q2'19
2015
t Add

t Add

Add
t
Deduc

Deduc

Deduc

Deduc

t Add

Deduc

t Add

Add
t
Deduc

Deduc

Deduc

t Add

Deduc

(Rp billions) Q4 ’17 Q1 ’18 Q2 ’18 Q3 ’18 Q4 ’18 Q1 ’19 Q2 ’19

*Other Restructuring includes reduction of interest

Loans 4,844 722 2,862 1,251 5,118 1,328 7,286 rates, rescheduling of unpaid interest & extension of repayment
Restructured period for unpaid interest

NPL 525 147 493 1,075 829 870 256 Others# includes partial payments, FX impacts, and fluctuation
Collections in
Working Capital facilities
77
Risk Management Transformation

Goals

Business
Phase

Strategic

Initiatives

Enablers

78
Improving Asset Quality and Portfolio Management
Key Areas Remarks

• Restructuring Unit Focus on preventing increasing NPLs. To solve

Reorganize SAM temporary problems in business’s and take the
Group • Recovery Unit necessary steps for loan restructuring.

Transfering problem loans from business units to

Transfering • Transfering SAM group to be handled more effectively. We will
Problem Loans
Problem Loans continue to review for more loans to transfer.

Resetting Risk • Update Risk Help to reset risk assessment criteria to support
Assessment Assessment Criteria business units in improving the loan origination
process.
Criteria
• Loan Monitoring
Increase Preventiative actions to improve asset quality by
• Early Warning increasing standardized process and upgrading risk
Monitoring System tools
Frequency
• Incentives for Loan • Achieve higher cash recovery than last year
Repayment • Accelerate loan repayment by writing off interest
Intensify Cash • Auction Frequency and penalty
Recovery • Asset Marketing • Identify targeted buyers for specific assets
Unit

79
Loan Portfolio Sector Analysis, 2Q 2019

Palm Plantation & CPO

FMCG
Energy & Water
Infrastructure Construction others
20%
Oil & Gas
Financial Services
Transportation
Telco
Investment
Property
Metal Manufacturing & Trading
Fertilizer Manufacturing
Business Service
Mining
Coal
Government
others

* Excluding Micro & Consumer Loans Only

80
1H 2019 Loan Detail*: Downgrades to NPL
Loan Profile: Downgrades to NPL Only (Rp 1,982Bn) Bank Only
100%
The downgrade to Non-Performing Loan in
5
Syndication
Other Trading Corp 1H2019 totaled Rp 1,982Bn. Of these
90% loans:
Others
 81.7% were more than 90 days overdue
80%
Other Mfg on interest payments

Trad-Distr
 68.3% came from our Commercial
70% 4 Portfolio
Trad-Ret WC  Largest downgrades by sector:
60% >90 Days
 Raw Material
Bus Serv
50% Rp Manufacturing
Mass Trans Comm
 Chemical Manufacturing
40%
 Retail Trading
Mfg-Chem  70.9% were IDR loans
30%
 68.5% were Working Capital
20% 3 loans.
61-90 Days
Invest
10% 31-60 Days Mfg-RawM
<30 Days
Current
0% Export
Collect. Int. Aging Sector Currency Purpose Segment * Excluding Micro & Consumer
81
1H 2019 Loan Detail*: Non-Performing Loans
Loan Profile: Non-Performing Loans Only (Rp 15,986Bn) Bank Only
100% NPLs totaled Rp 15,986Bn.
Syndication
Fx SME
Trad-Distr Of these NPLs in 1H 2019:
90%
Invest  71.5% were more than 90 days overdue
Trad-Ret on interest payments
80% Mining-Oil &
Gas  88.7% are to Commercial customers
70%
Others  76.7% are Working Capital loans and
>90 Days 20.3% are Investment loans
60% 5
Other Mfg  Primary sectors are:
Constr  Retail Trading
50%
Rp
Comm.  Trading
Mfg-F&B Distribution
40%  Business
WC
Mfg-RawM Services
30%
61-90 Days
 93.1% are Rp loans
20% Bus Serv
4 3 <1 3 -

6 0 0 D D a a yy
10% Current
3 Mfg-Chem
ss
Corp.
0%
Collect. Int. Aging Sector Currency Purpose Segment
* Excluding Micro & Consumer 82
1H 2019 Loan Detail*: Downgrades to Cat. 2
Loan Profile: Downgrades to Cat. 2 Only (Rp 2,806 Bn) Bank Only
100% Fx Rp 2,806 Bn loans were downgraded to
61+ Days
Consumer Category 2 . Of the Special Mention Loans
90% 31-60 Days Others
downgraded:
 48.1% are from Commercial and 37.2%
80% SME 2016-Current are from SME loan
Year
 35.9% are less than 30 days overdue
70% Other Mfg
and 45.8% are current in interest
<30 Days
Trans
payments
60%
Corp
Mfg-Chem
 Primary sectors downgraded are:
50% Rp  Retail Trading
1 Day Real Estate Invest  Trading Distribution
40% 2013-2015  Real Estate
Trad-Distr  99.6% are Rp loans
30%
 75.1% are Working Capital loans
Comm Current Trad-Ret
20% 2010-2012

10% Other Bus Serv 2005-2009

2000-2004 * Excluding Micro & Consumer
0% <2000
Segment Days Aging Sector Currency Purpose Origin Year
83
1H 2019 Loan Detail*: Category 2 Loans
Loan Profile: Category 2 Loans Only (Rp 24,794 Bn) Bank Only
100%
Rp 24,794 Bn loans were in Category 2 in
SME Export 1H 2019. Of these Special Mention loans:
61- 90 Days
Others Fx
90%
 75.5% are to Commercial customers
31-60 Days
80% 2016-Current  69.% are current or 1 day overdue, with
<30 Days Mass Trans Year an additional 12.3% less than 30 days
70% 1 Day
overdue in interest payments
Mfg-Text
 Primary sectors in Category 2 are:
60% Bus Serv  Mass Transportation
Other Mfg  Metal Manufacturing
Comm.
50%  Chemical Manufacturing
Other Trading Invest
Rp 2013-2015  84% are Rp loans
40% Trad-Distr
Current  69.6% are Working Capital loans
30% Mfg-RawM
 75.3% were Category 2 in 1Q ’19

20% 2010-2012
Mfg-Chem

10% 2005-2009
Corp. Mfg-Metal * Excluding Micro & Consumer
2000-2004
0%
Segment Days Aging Sector Currency Purpose Origin Year
84
1H 2019 Loan Detail: Category 2 Micro & Consumer
Loan Profile: Category 2 Loans Micro & Consumer Bank Only
100%
Rp 10,026Bn in Micro and Consumer
loans were in Category 2 in 1H19. Of
61- 90 Days KSM
90% these Special Mention loans:
 61.6% are to Consumer segments
80% Micro KUR
31 - 60 days  30.4% are less than a week
70% KUM
overdue
 35.1% are from Mortgage, including
60% Employee
Card Home Equity loan
15 - 30 days
50%
Auto Loan
40%
7 - 14 days
30% Consumer

20%
Mortgage
1 - 6 days
10%

0%
Segment Days Aging Product 85
1H 2019 Loan Detail*: Upgrades to PL
Loan Profile Upgrades to PL (Rp 25.84 Bn) Bank Only
100% Corporate, Commercial & SME loans
upgraded to PL in 1H 2019 totaled
90% Trad-Exp
Rp25.84 Bn. Of these loans:
 100% are to SME customers
80%
Constr WC  91.5% loans originated later than
70% 2010
 Largest upgrades by sector:
Mfg-F&B 2013-2015
60%
2  Health

50% SME
RP  Retail Trading
 F&B Manufacturing
40% Trad-Ret  94.8% are Rp loans
 47.7% are Working Capital loans; 52.1%
30%
were Investment loans
Invest
20% 2010-2012

Health 2005-2009
10%
1 2000-2004
FX
0% Program
* Excluding Micro & Consumer
Collect. Segment Sector Currency Purpose Origin Year
86
1H 2019 Loan Detail*: Performing Loans
Loan Profile: Performing Loans Only (Rp 511,605 Bn) Bank Only
Rp 511,605 Bn in Corporate, & Commercial &
100% Consumer
2 Small Business loans were performing in
SME Export
Plantations 1H2019. Of these performing loans:
90%
FX Syndication
Mfg-Chem  66% are to Corporate
80%
Comm
Mining-Oil &  10.7% SME & 23.3% are to
Gas
Commercial customers
70% Mfg-F&B
 98% originated since 2005
Electricity 2016-Current
Invest Year  Primary sectors are:
60%
Trans  Trading
50%  Plantation
1 Constr
 Business Services
40% Other Mfg  75.4% are Rupiah loans
RP
Corp  45.1% are Working Capital loans;
30% Others 35.5% are Investment loans
WC
20% Bus Serv 2013-2015

10% 2010-2012
Trading * Excluding Micro & Consumer
2005-2009
0% 2000-2004
Collect. Segment Sector Currency Purpose Origin Year
87
1H 2019 Loan Detail*: Restructured Loans
Loan Profile: Restructured Loans Only (Rp 50,191 Bn) Bank Only
100% Syndication
Of the remaining Rp 50,191 billion in
Oth Export
Constr restructured wholesale loans in
90% 5 Mining-O&G 1H2019:
61-90 Days Trad-Oth Fx
 77.3% are Performing
4 Mfg-Text Corp.
80% 3  69.6% of Restructured Loans are
Mfg-Oth Invest
31-60 Days current in interest payments
<30 Days Mfg-Metal
70%  Primary sectors are:
Bus Serv  Plantations
60%
2 Trad-Distr  Chemical Manufacturing
 Mass Transportation
50%
Mfg-RawM  79.0% are Rp loans
 57.1% are Working Capital loans
40% Mass Trans Rp
 64.8% are to Commercial
Current
30%
Comm. customers
WC
Mfg-Chem
20% 1

10% Plantations

0% * Wholesale Loans Only

Collect. Int Aging Sector Currency Purpose Segment
88
1H 2019 Loan Detail*: Rupiah Loans
Loan Profile: Rupiah Loans Only (Rp 400,627 Bn) Bank Only
100% 5
Rp 400,627 billion in loans were Rupiah
Export
3 Consumer denominated in 2Q 2019. Of the
2 61+ Days Others SME Syndication
90%
Rupiah Loans in 2Q 2019:

31-60 Days  96.3% are performing loans, with

80% Other Mfg 5.2% in Category 2
<30 Days Trad-Ret Comm. Invest  64.8% of Category 2 loans are
70%
Trad-Distr
2016-Current current in interest payments
1 Day Year
60% Mfg-Chem  Primary sectors in Rupiah loans
are:
Electricity  Plantations
50%
1 Mfg-F&B
 Business Services
40%
 Constrution
Constr  56.4% are Corporate loans
Current
30%
Corp. WC  53.4% are Working Capital
Bus Serv 2013-2015 loans, 35.6% Investment loans
20%

10% 2010-2012
Plantations
2005-2009
0% 2000-2004 * Excluding Micro & Consumer
Collect. Cat.2 Int. Aging Sector Segment Purpose Origin Year
89
1H 2019 Loan Detail*: FX Loans
Loan Profile: FX Loans Only (Rp 126,963 Bn) Bank Only
100% Rp 126,963 Bn in loans were FX
5
23 61+ Days
SME 31-60 Days Comm.
denominated in 2Q 2019.
Others Of the FX Loans in 2Q 2019:
90% Export

Plantations  99.1% are performing

80% Consumer
loans
Trad-Exp
70%  92.5% of Category 2 loans are
Mfg-Chem
current in interest payments
Invest
Soc Serv 2016-Current
60%  Primary sectors in FX loans
Year
Mining-Coal are:
50%
Mining-Metal
 Oil & Gas Mining
1
Current
Ore Corp.  Other Manufacturing
40%  Electricity
Electricity
Syndication  88.3% are Corporate loans
30%
Other Mfg  33.3% are Investment loans; 22.9%
20%
are Working Capital Loan

2013-2015
10% Mining-Oil & WC
Gas 2010-2012
2005-2009
0% 2000-2004
Program
Collect. Cat.2 Int. Aging Sector Segment Purpose Origin Year * Excluding Micro & Consumer
90
1H 2019 Loan Detail: Corporate Loans
Loan Profile: Corporate Loans Only (Rp 338,266 Bn) Bank Only
Rp 338,266 billion in loans were in the
100% 25 Corporate portfolio in 2Q 2019. Of the
Plantations Export
90%
Corporate Loans:
Mfg-Chem  99.8% are performing loans, with
Fx
80% Other Mfg 1.1% in Category 2
Trans  74.4% Category 2 loans are
70%
WC current
Mfg-F&B in interest payments
2016-
60% Current Year
Trading  Primary sectors in Corporate are:
50% Current Mining-Oil &  Plantations
1
Gas  Business services
40%
 Electricity
Constr
Rp  66.9% are Rupiah loans
30%
Bus Serv  39.7% are Working Capital Loans;
Invest
34.54% are Investment Loans
20%
Electricity 2013-2015
10%
2010-2012
Others
2005-2009
0% 2000-2004
Collect. Cat.2 Int. Aging Sector Currency Purpose Origin Year
91
1H 2019 Loan Detail: Commercial Loans
Loan Profile: Commercial Loans Only (Rp 133,330 Bn) Bank Only
100% Consumer Rp 133,330 Billion in loans were in the
Export
5 Fx
Commercial portfolio in 2Q 2019 .Of the
61+ Days Others
90% 4 Commercial Loans in 2Q 2019:
Constr
3
31-60 Days Mfg-Metal  89.4% are performing loans, with
2
80% 14.4% in Category 2
Mfg-RawM
Invest 2016-Current
Mfg-F&B  72.2% of Category 2 loans are
70% Year
Other Trading
current
in interest payments
60% Other Mfg
Syndication  Primary sectors in Commercial
50% Trad-Distr are:
Rp
 Plantations
40%
Mfg-Chem  Business Services
1 Current  Chemical Manufacturing
Mass Trans
30% 2013-2015  89.7% are Rupiah loans
WC
Bus Serv  54.5% are Working Capital
20%
loans, 42.2% are Investment
2010-2012 loans
10%
Plantations
2005-2009
0% 2000-2004
Collect. Cat.2 Int. Aging Sector Currency Purpose Origin Year
92
1H 2019 Loan Detail: SME Loans
Loan Profile: Small Business Loans Only (Rp 55,993 Bn) Bank Only
Rp 55,993 Bn in loans were in the SME
100%
2 Other Trading portfolio in 2Q 2019 of the SME Loans
54 61+ Days in 2Q 2019:
90% Soc Serv Invest
Others  97.9% are performing loans, with
80% 4.3% in Category 2
31-60 Days Constr
 38.1% of Category 2 loans are
70% Mfg
2016- current in interest payments
Current Year
60% Plantations  Primary sectors in Small Business
are:
<30 Days
50% Household Rp  Retail Trading
1 Equip. WC  Distribution Trading
40%
 Business Service
1 Day Bus Serv
 98.1% are Rupiah loans
30%
 64.5% are Working Capital loans
Trad-Distr 2013-2015
20% Current

10% 2010-2012
Trad-Ret Consumer
2005-2009
0% Fx Program 2000-2004
Collect. Cat.2 Int. Aging Sector Currency Purpose Origin Year
93
2Q 2019 Loan Detail: Micro Loans
Loan Profile: Micro Loans Only (Rp 110,392 Bn) Bank Only
100% 5 Rp 110,392 Bn in loans were in the
2 Micro portfolio in 2Q19. Of this Micro
4
90%
61-90 days Loans :
KUR
 99.1% are performing loans, with
80%
3.5% in Category 2
70%
31-60 days
KUM  28.1% of Category 2 loans are less
than a week overdue in interest
60% payments
2 t
016-Curren
15-30 days Year  63.1% are Salary Based loans
50% Rp
1  All are Rupiah loans
7-14 days
40%

30% KSM

20%
1-6 days

10%
2013-2015
0%
Collect. Cat.2 Int. Aging Product Currency Origin Year
94
2Q 2019 Loan Detail: Consumer Loans
Loan Profile: Consumer Loans Only (Rp 87,310 Bn) Bank Only
100% 54 Employee
Rp 87,310 Bn in loans were in the
Consumer portfolio in 2018. Of this
2 61-90 days
90% Card Consumer Loans in 2Q19:
2005-2009
 97.5% are performing loans, with
80%
7.1% in Category 2
31-60 days
70%  20.4% of Category 2 loans are less
2010-2012
Auto than a week overdue in interest
60% payments
2013-2015  48.9% are Mortgage
50% 15-30 days Rp
1  All are Rupiah loans
40%

30%
7-14 days
Mortgage 2016-Current
20% Year

10% 1-6 days

0%
Collect. Cat.2 Int. Aging Product Currency Origin Year
95
 96

81.0% BCA 45% BTN

Ratio of Provisions to NPL
Loan to Deposit Ratio

86.9% Permata 62% Maybank

Loan growth, Quality & Provisioning Relative to Peers

90.1% Maybank 88% Danamon

3. % BNI 89% Panin
(%)

(%)

4. % BRI 113% CIMB Niaga

93.8% Mandiri 150% Mandiri
94.3% Danamon 153% BNI
95.9% CIMB Niaga 171% BCA
104.1% Panin 173% Permata
112.2% BTN 195% BRI
4.9% Permata
5.3% CIMB Niaga 2.1% Danamon

Average
1. % Danamon 2.0% BTN
NPL Ratio (Net)

1.8% Maybank
Loan Growth

2. % Panin
YoY (%)

1.6% Permata
(%)

11.4% Mandiri
1.4% CIMB Niaga
12.4% BRI
1.1% BRI
12.9% Maybank
0.9% BNI
13.2% BCA
Bank Only, As of March 2019

0.8% Panin
18.3% BNI
0.7% Mandiri
19.6% BTN 0.5% BCA
103,837 Danamon 3.8% Permata
3.1% CIMB Niaga

NPL Ratio (Gross)

104,262 Permata
121,382 Maybank 3.0% Panin
Total Loans
(Rp bn)

(%)
137,076 Panin 3.0% Maybank
185,935 CIMB Niaga 3.0% Danamon
242,135 BTN 2.9% BTN
490,803 BNI 2.7% Mandiri
532,124 BCA 2.3% BRI
684,530 Mandiri 1.9% BNI
814,574 BRI 1.5% BCA
 97

7.6% BCA 6.4% BTN

Yield on Assets (p.a.)

5.5% Maybank
Cost of Funds (p.a.)

7.8% BNI
8. % Maybank 5.4% Permata
9. % Mandiri 5.2% Panin
(%)
(%)

7.9% Permata 4.7% CIMB…

8.4% CIMB… 4.4% Danamon
8.6% Danamon 3.7% BRI
8.6% Panin 3.2% BNI
8.8% BTN 3.0% Mandiri
9.6% BRI 2.0% BCA
Asset and Liability Mix Relative to Peers

Loans to Total Earning Assets

68.8% Permata 35.4% Maybank

Low Cost Deposit Ratio

Average
69.7% BCA 37.2% Panin
70.1% BRI 45.1% Permata
72.6% Danamon 46.3% Danamon
(%)
(%)

1. % BNI 47.2% BTN

2. % Mandiri 57.1% CIMB…
74.1% Maybank 57.8% BRI
Bank Only, As of March 2019

76.5% CIMB… 60.5% BNI

77.0% Panin 64.4% Mandiri
83.9% BTN 76.8% BCA
160,251 Permata
161,798 Danamon
102,807 Maybank
173,998 Maybank
103,888 Permata

Total Deposits
Total Assets

192,838 Panin 105,810 Danamon

(Rp bn)

(Rp tn)
261,262 CIMB… 131,659 Panin
301,346 BTN
164,160 CIMB…
197,498 BTN
744,422 BNI
537,822 BNI
814,559 BCA
629,688 BCA
1,035,917 Mandiri
726,094 Mandiri
1,216,324 BRI 890,902 BRI
 98

5.3% Permata 65.1% BTN

5.1% CIMB Niaga 63.5% Mayban
4.9% BCA 46.8% Panin
Cost/ Income
Cost/Assets

*Annualized
(%)**

45.9% Permat
(%)**

4.6% BRI
4.6% Danamon 45.9% Danam
3.8% Maybank 45.4% CIMB…
3.5% BNI 43.4% BCA
3.4% Mandiri 42.2% BNI
2.8% Panin 39.2% BRI
2.8% BTN 37.6% Mandir
Efficiency Measures Relative to Peers

120 Danamon 128 Danam

Pre Tax Income/Employee

Average
183 Maybank 246 Mayba
Profit/ Employee

215 Permata 294 Perma

(Rp Mn)**
(Rp Mn)**

229 Panin 305 Panin

247 BTN 314 BTN
291 CIMB Niaga 395 CIMB
527 BRI 658 BR
581 BNI 699 BN
Bank Only, As of March 2019

714 Mandiri 891 Mand

861 BCA 1022 BC
3.3 Danamon 3.4 Danamon

Deposits/ Employee
11.2 Panin 10.7 Panin
Loans/ Employee

13.3 BRI 13.3 CIMB

(Rp Bn)
(Rp Bn)

14.8 Permata 14.7 Permata

15.0 CIMB Niaga 14.7 BRI
17.3 Mandiri 15.6 Maybank
18.3 BNI 16.8 BTN
18.5 Maybank 18.3 Mandiri
20.4 BCA 20.1 BNI
20.6 BTN 22.8 BCA
 99

999 Panin
1,000 Permata
5.8% Maybank
Return on Equity (After Tax)

1,524 Danamon
7.6% Permata
1,613 Maybank 8.7% Panin
2,153 BTN 7. % CIMB Niaga
ATMs

(%)

4,497 CIMB Niaga 8. % Danamon

17,800 BCA BTN
Measures of Scale and Returns Relative to Peers

14.1%
18,291 Mandiri 15.4% BCA
18,335 BNI 15.9% BNI
17.3% Mandiri
22,684 BRI
18.8% BRI
57 Panin
231 Permata
Return on Assets (Before Tax)

384 Maybank 1.0% Maybank

Average
418 CIMB Niaga 2. % BTN
3. % Permata
683 Danamon
Branches

1.9% CIMB Niaga

(%)

858 BTN
1.9% Panin
1,246 BCA
2.7% BNI
2,039 BRI
2.7% Danamon
2,247 BNI 3.4% BRI
Bank Only, As of March 2019

2,629 Mandiri 4. % Mandiri

5. % BCA
6,573 Maybank
7,068 Permata
3.6% BTN
11,734 BTN

Net Interest Margins

1. % Permata
12,271 Panin
Employees

2. % Maybank
12,375 CIMB…
4.4% Panin

(%)
26,102 BCA 3. % BNI
26,798 BNI 4. % CIMB Niaga
31,034 Danamon 5. % Danamon
39,637 Mandiri 6. % Mandiri
6.2% BCA
61,084 BRI
6.9% BRI
Notes
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100
Notes
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101
 Equity Research Contact Details
BROKERAGE ANALYST TELEPHONE E-MAIL
BAHANA SECURITIES Lucky Ariesandi 62 21 250 5081 ext. 3622 luckyariesandi@bahana.co.id
BANK OF AMERICA-MERRILL LYNCH Anand Swaminathan 65 6678 0419 anand.swaminathan@baml.com
BCA SEKURITAS Gilang Purnama - Gilang.purnama@bcasekuritas.co.id
CITI INVESTMENT RESEARCH Salman Ali 62 21 2924 9219 Salman1.Ali@citi.com
CLSA LIMITED Sarina Lesmina 62 21 2554 8820 Sarina.Lesmina@clsa.com
CREDIT SUISSE Laurensius Teiseran 852 2101 6088 Laurensius.teiseran@credit-suisse.com
DANAREKSA SEKURITAS Eka Savitri 62 21 29555 777 ext. 3510 Eka.savitri@danareksa.com
DEUTSCHE VERDHANA SECURITIES Raymond Kosasih 62 21 2964 4525 raymond.kosasih@db.com
GOLDMAN SACHS (ASIA) Melissa Kuang 65 6889 2869 melissa.kuang@gs.com
INDO PREMIER SECURITIES Stephan Hasjim 62 21 5793 1168 Stephan.Hasjim@ipc.co.id
J.P. MORGAN ASIA Harsh Modi 65 6882 2450 Harsh.w.modi@jpmorgan.com
KIM ENG SECURITIES Rahmi Marina 62 21 2557 1188 Rahmi.Marina@maybank-ke.co.id
MACQUARIE CAPITAL SECURITIES INDONESIA Jayden Vantarakis 62 21 2598 8310 Jayden.vantarakis@macquarie.com
MIRAE ASSET SEKURITAS Lee Young Jun 62 21 515 3281 Lee.youngjun@miraeasset.com
MORGAN STANLEY Mulya Chandra 62 21 3048 8125 Mulya.Chandra@morganstanley.com
RHB Henry Wibowo - Henry.wibowo@rhbgroup.com
SANFORD C. BERNSTEIN Kevin Kwek 65 6230 4650 Kevin.Kwek@bernstein.com
UBS Joshua Tanja 62 21 574 0111 Joshua.Tanja@ubs.com
UOB KAY HIAN Raphon Prima - Raphonprima@uobkayhian.com

The analysts listed above actively follow Bank Mandiri, but not all have issued research reports or formally initiated coverage.
 Contact Information:
PT Bank Mandiri (Persero) Tbk Investor Relations
Tel: +62 21 524 5085
PLAZA MANDIRI Fax: +62 21 5290 4249
Jl. Jend. Gatot Subroto Kav. 36-38 E-mail: ir@bankmandiri.co.id
https://www.bankmandiri.co.id/web/ir
Jakarta 12190, Indonesia
Tel: 62-21 526 5045
Fax: 62-21 527 4477, 527 5577 Corporate Secretary
Call Center: 14000 Tel: +62 21 524 5740
www.bankmandiri.co.id Fax:: +62 21 526 8246