The Indonesian banking sector has posted robust growth in recent years. In the first half of 2013, Bank Mandiri's net income was up 16.1 percent to IDR 8.29 trillion. The bank's credit growth in 2013 is expected to be around 20 percent, despite some current challenges in the Indonesian economy, such as the central bank's higher benchmark interest rate (7.25 percent), the weakening rupiah and higher inflation.

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Bank Mandiri's Operational Highlights:

     2008    2009    2010    2011    2012
Number of Deposit Accounts¹
  8,831  10,104  10,990  11,992  12,890
Number of Branches
  1,027   1,095   1,370   1,537   1,810

¹ in thousands
Source: Bank Mandiri, Annual Report 2012


Bank Mandiri's Financial Highlights:

      2008     2009     2010     2011     2012
Net Interest Income   14,800   16,777   20,072   23,591   29,694
Operating Income
  19,400   22,442   28,792   35,546   41,931
Operating Profit    7,910   10,434   13,742   16,349   19,625
Net Profit    5,313    7,155    9,218   12,246   15,504
Total Assets
 358,439  394,617  449,775  551,892  635,619
Total Liabilities  327,925  359,508  408,232  489,237  559,086
Earnings per share¹   254.51   341.72   439.38   529.33   664.46
Non Performing Loan Ratio²
    4.7%     2.8%     2.4%     2.2%     1.9%
Capital Adequacy Ratio (CAR)    15.7%    15.7%    13.4%    15.0%    15.3%
Dividend per Share¹ (Gross)    88,90   100,11   120,60   104,97   199,33

in billion IDR rupiah, except otherwise stated
¹ in IDR rupiah
² gross
Source: Bank Mandiri, Annual Report 2012


Future Projection Bank Mandiri's Financial Highlights:

      2011     2012    2013F    2014F    2015F
Net Interest Income   23,591   29,694   30,379   34,142   40,430
Net Profit   12,246   15,504   17,223   19,587   23,504
Earnings per share¹   529.33   664.46   738.00   839.00  1,007.0
P/E Ratio (x)    15.8    12.5    11.2     9.9     8.2

in billion IDR rupiah, except otherwise stated
¹ in IDR rupiah
Source: Danareksa Sekuritas

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