In a year marked by volatility across global financial markets, Bank Mandiri, Indonesia’s largest bank by assets, navigated 2024 with steady operational execution, digital adaptation, and a forward-looking business transformation agenda. The bank’s 2024 performance paints a picture of incremental growth supported by a maturing digital strategy and cautious strategic planning for the year ahead.

Financial performance

Bank Mandiri reported a consolidated net profit of USD 3.35 billion (IDR 55.1 trillion) for 2024, registering a 10.7% year-on-year (YoY) increase from USD 3 billion (IDR 49.7 trillion) in 2023. This growth was underpinned by solid expansion in interest income and improvements in asset quality.

Operating income reached USD 6.5 billion (IDR 107.3 trillion) in 2024, up from USD 6.1 billion (IDR 100.2 trillion) in 2023, a 7% YoY growth. Meanwhile, total assets climbed to USD 132 billion (IDR 2,174.5 trillion), up from USD 121 billion (IDR 1,992.5 trillion), a 9.1% increase. The bank also demonstrated discipline on the cost side, with the cost-to-income ratio improving slightly from 42.5% in 2023 to 41.8% in 2024.

Loan growth remained moderate. Consolidated loans grew by 12.3% to USD 86.3 billion (IDR 1,421.3 trillion) in 2024, reflecting a balanced push across the corporate, commercial, and micro segments. Non-performing loans (NPLs) were managed conservatively, ending the year at 1.37%, down from 1.56% in 2023.

Business focus in 2024

Bank Mandiri’s 2024 strategy was anchored around the theme of “Growth through Digital and Ecosystem Synergy.” The bank continued its strategic transformation agenda under the “Mandiri Group Ecosystem” model, emphasizing integrated banking across retail, SME, and corporate segments. This approach was guided by three main pillars - business model transformation, technological optimization, and governance improvements.

The bank prioritized ecosystem-based lending and product bundling, especially through sector-specific initiatives in energy, construction, and agriculture. Strategic collaboration across subsidiaries also intensified, aimed at creating cross-selling opportunities and tapping into underserved customer segments.

Additionally, the bank pursued a cautious expansion strategy in regional markets such as the Philippines and Singapore while enhancing synergies between its core banking operations and subsidiaries, including Mandiri Sekuritas, Mandiri Tunas Finance, and AXA Mandiri.

Digital and AI initiatives

A significant focus in 2024 was on digital acceleration and AI readiness. Bank Mandiri continued investing in Livin’ and Kopra—its flagship digital platforms for retail and wholesale banking, respectively.

Livin’ by Mandiri

• User growth - Surpassed 23 million users, up 39% YoY.

• New Features in 2024:

1. Livin’ Invest - Introduced as a one-stop platform for mutual fund investments and Sukuk, simplifying access to retail investments.

2. Livin’ Sukha expansion - Transformed into a lifestyle hub offering food delivery, entertainment, travel bookings, and telecom/data top-ups all within the banking app.

3. Travel ecosystem integration - Users can now book trains, buses, hotels, and flights from Livin’, elevating it into a lifestyle super-app.

Kopra by Mandiri

• Business client base - Onboarded 155,000 wholesale clients, a 31.3% increase YoY.

• New functionalities:

1. Integration of AI to support financial decision-making for SMEs and corporates.

2. Enhanced multi-product integration including FX, remittance, investment, payroll, and trade finance.

3. Open API infrastructure enabling third-party B2B platform integrations.

4. AI-powered fraud detection and predictive analytics capabilities are embedded within transaction management tools.

The bank launched its Digital Super Platform strategy to unify its digital infrastructure across B2C and B2B segments. A revamped API gateway supported over 600 APIs and onboarded more than 1,200 third-party developers.

AI implementation, while still in its early stages, focused on three main areas:

1. Credit scoring enhancement - AI was used to improve underwriting processes, especially for micro and consumer lending.

2. Fraud detection - Machine learning models were integrated into transaction monitoring systems to reduce false positives.

3. Personalization - AI-driven recommendations were deployed in Livin’ to boost cross-sell and upsell metrics.

Bank Mandiri also expanded its in-house tech capabilities, increasing its digital talent pool to 1,400 personnel across engineering, analytics, and data governance.

Mandiri’s strategic role in Danantara

In 2024, Bank Mandiri strengthened its strategic national footprint by becoming a central player in Danantara, Indonesia’s newly launched sovereign wealth superholding aimed at boosting the performance and integration of top state-owned enterprises (SOEs). Danantara consolidates national champions like Mandiri, BRI, BNI, Telkom, PLN, and Pertamina into a centralized platform to attract investment, enhance governance, and drive economic development.

Reflecting its strategic importance, three senior executives with close ties to Mandiri have been appointed to Danantara’s leadership:

1. Rosan Roeslani, CEO - Former Indonesian Ambassador to the U.S. and seasoned business leader.

2. Pandu Patria Sjahrir, CIO - Investment expert with a background in tech and energy.

3. Dony Oskaria, COO - Also serving as Deputy Minister of SOEs, bridging public-private collaboration.

Their presence ensures Mandiri’s influence in shaping investment priorities and organizational structure. Mandiri’s involvement in Danantara brings multiple strategic advantages:

1. Greater access to large-scale national projects, particularly in infrastructure, energy, and digital sectors.

2. Deeper alignment with government investment goals, enabling Mandiri to play a more influential role in public-private ventures.

3. Improved capital efficiency and governance, driven by Danantara’s centralized management framework.

4. Enhanced investor visibility, positioning Mandiri as a core vehicle for long-term sovereign wealth deployment.

By embedding itself into Danantara’s leadership and strategy, Mandiri extends its reach beyond traditional banking, becoming a key driver of Indonesia’s economic transformation.

Outlook for 2025

Bank Mandiri’s business plan revolves around expanding ecosystem banking, accelerating SME digitization, and consolidating its regional presence. A key objective will be embedding ESG principles meaningfully into financing decisions and operational practices.

The bank has set its sights on:

1. Driving 15% loan growth, led by the productive sectors such as infrastructure, green energy, and digital MSMEs.

2. Expanding Livin’ and Kopra into “digital super apps” with embedded finance capabilities and external API monetization.

3. Further strengthening its AI use cases in risk modeling, HR analytics, and customer lifecycle management.

4. Enhancing its regional ASEAN play, particularly in cross-border B2B payments and syndicated lending.

5. Integrating ESG into core operations by increasing sustainable financing disbursement by 20% over 2024 levels.

Conclusion

Bank Mandiri’s 2024 story is one of incremental progress rather than breakthrough transformation. Financially, the bank delivered consistent results, largely driven by disciplined credit growth and operational efficiency. Digitally, the bank laid a strong foundation for future innovation, although most AI and automation initiatives remain in pilot or early implementation stages.

Its 2025 roadmap appears cautiously ambitious, balancing digital aspirations with risk prudence. While Livin’ and Kopra are scaling well, the bank’s success will ultimately hinge on whether it can deepen customer engagement, operationalize AI across the enterprise, and generate differentiated value in a crowded Southeast Asian financial services landscape.