Bank Mandiri
Owing to another good performance in 2002, Bank Mandiri, which has been in existence for only four years, has once again been selected by the judges as Indonesia’s best bank.
Although profit growth was not as huge as in 2001, when it rose 134%, Bank Mandiri nonetheless increased net profit by 30% in 2002 in a difficult economic environment. It also achieved an ROE of 26.2% and its cost-to-income ratio stood at a low 42.8%.
The bank’s strong performance is largely attributable to a breathtaking expansion in the Indonesian market since its founding in 1999. Last year, for example, the bank opened 52 new branches across the country and 375 new cash machines, helping it to attain its position as Indonesia’s largest bank in terms of assets, deposits and loans.
It has been spending about $200m to bolster its information technology. The benefits of the programme, which ends this year, include an integrated core banking and customer information system plus delivery channels.
“We are delighted to receive this prestigious award for the third consecutive year,” said Bank Mandiri’s CEO Mr ECW Neloe.
“It is a welcome recognition of the continuing efforts of all of our staff and key business partners in working to enhance our operating infrastructure and to institutionalise prudent banking practices. We hope to continue to build on this success as we leverage our corporate banking strength to establish a market leading consumer banking franchise.”
