PT Bank Mandiri Tbk has successfully defied market pessimism, delivering 2025 financial performance that exceeded analyst consensus. Service digitalization and operational efficiency will continue to be performance levers.
Cyborg Score Rationale
Positive sentiment for BMRI in 2026 stems from solid fundamentals and continuous efficiency. The bank faces profit growth challenges in 2026 due to shrinking margins and intense competition from digital banks, but BMRI is projected to be one of resilient banking issuers in 2026.
Top Insights
Net profit growth of 1% YoY to Rp 56.3 trillion in 2025 exceeded both analyst estimates and market consensus
Consolidated credit growth increased 13.4% YoY to Rp1.895 trillion, supported by 23.9% YoY growth in third-party funds reaching Rp2.105.8 trillion
Management projects normalized performance for 2026 with 7-9% credit growth target, NIM 4.6-4.8%, and CoC 0.6-0.8%
Bank faces increasingly competitive climate including from digital banks, though asset quality expected to remain relatively stable due to stricter underwriting
Named Competitors
BCA — Indonesia's largest private bank by assets
BNI — State-owned universal bank with extensive network
Digital Banking Platforms — Growing competition in digital financial services
Recent Developments
(February 2026) Foreign investors accumulated Rp1.38 trillion net buy in BMRI stock, reflecting market confidence in fundamentals
(February 2026) Multiple analysts raised price targets following outperformance; BRI Danareksa revised 2026 net profit forecast up 10%
(February 2026) Q4 2025 results released showing consolidated credit growth at 13.4% YoY and DPK growth at 23.9% YoY
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