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THE RESILIENT INDUSTRY LEADER: ALWAYS DELIVER ALWAYS AHEAD
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The year 2023 marks 25 years since Bank Mandiri has taken part in fostering the
development of the country, serving customers and advancing the community
with a diverse range of high-quality banking products and services that are
conveniently accessible from anywhere. Over the course of its journey, Bank
Mandiri continues to maintain its consistency as a forerunner in adapting to
changing times.
Today and beyond, Bank Mandiri persistently strives to transform into the forefront
in establishing a green digital ecosystem, ensuring a seamless experience,
and building an ever-accelerating digital lifestyle through the development
of cutting-edge digital products with reliable features on Super App Livin’ by
Mandiri, and Digital Super Platform KOPRA by Mandiri, which includes Branchless
Banking. This endeavor is sustained through reliable, available, scalable, and
secure Information Technology that is accessible at all times from anywhere,
including while travelling overseas.
Bank Mandiri is also at the forefront in supporting the achievement of the
Sustainable Development Goals through Sustainable Banking, Sustainable
Operations, and Sustainability Beyond Banking practices, with eight major
sustainability initiatives, making it the first Bank in Indonesia to issue an ESG
Repurchase Agreement of $500 million, as well as the first Bank to launch Digital
Carbon Tracking as part of environmental impact management. Bank Mandiri
currently manages a “Sustainable portfolio” of up to Rp264.1 trillion, 18.9% of its
consolidated loan portfolio in 2023, and will keep on rising.
These programs are executed in keeping with the commitment to implement
best governance practices, which are regularly assessed internally and by
reputable independent institutions using the most recent assessment methods.
Bank Mandiri has participated in the ranking of the Corporate Governance
Perception Index (CGPI) program for 17 (seventeen) consecutive times by The
Institute Indonesian for Corporate Governance (IICG), with the “The Most Trusted”
rating. The Bank also received “The Best Overall” category, at the “14th IICD
Corporate Governance Conference and Awards 2023” hosted by The Indonesian
Institute for Corporate Directorship (IICD) in 2023.
Despite the sluggish growth of international trade and the economy on a
national and global scale, Bank Mandiri persevered with a remarkable and
rewarding performance in an uncertain 2023. Bank Mandiri’s total assets grew to
Rp2,174 trillion, the largest in Indonesia, with loans portfolio and net profit growing
by double digits, with practically all performance indicators outperformed the
national banking industry average.
All of this was made possible by the discipline of all management in implementing
strategies while constantly adhering to governance best practices, as well as the
support of Mandarian, who carried out their duties with high dedication, loyalty,
and all of their competencies. Bank Mandiri aspires to be declared “The Resilient
Industry Leader: Always Deliver, Always Ahead”.
ANNUAL REPORT 2023 1
Page 4
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
THEME SUSTAINABILITY
2019 2020 2021
INSPIRING NATION’S INTEGRATION AND ENHANCING
NEXT GENERATION COLLABORATION DIGITAL BANKING
Strengthening performance that THROUGH SUSTAINABLE TRANSFORMATION &
has been back on the track in 2018 DIGITALIZATION INNOVATION
is followed by an increase in Bank
Mandiri’s contribution to the focus As a form of Open Banking Bank Mandiri saw the challenges of the
of the Government in 2018, namely implementation in expanding customer COVID-19 pandemic as a momentum to
strengthening human resources (HR). access to Bank products, PT Bank accelerate digital transformation in 2021.
Bank Mandiri continues to spread Mandiri (Persero) Tbk has implemented The shift in people’s behavior to become
inspirations, especially to the millennial as the Leverage Digital Ecosystem strategy more digitally minded demanded fast,
the nation’s next generation. Internally, through collaboration with Fintech and efficient, safe, and convenient financial
in order to improve the quality of human e-Commerce. The initiatives included services. Digitalization had undeniably
capitals, most of whom are millennial to developing Digital Acquisition, Digital become one of today’s society’s
generations, a process of revamp culture Payment, and Digital Financing. In fundamental needs. Therefore, Bank
has been carried out systematically in the Digital Acquisition initiative, Mitra Mandiri was fully committed to digital
order to perfect the Work Culture with application users who are not Bank transformation and innovation to be
the fundamental core values of Trust, Mandiri customers can open a Bank able to compete and meet customer
Integrity, Professionalism, Customer Mandiri account through the Partner needs. Bank Mandiri believes that digital
Focus and Excellence. The revamp platform with attractive offers for those technology would continue to change
culture has resulted in 5 (five) new Work who successfully open an account. The Indonesia’s banking landscape in the
Cultures of Bank Mandiri, namely One Digital Payment Initiative is a means future, along with the rapid migration of
Heart One Mandiri, Tough Mandirian, of payment that provides convenient people’s activities to digital channels. This
Growing Healthy, Meeting Customers’ customer transactions on the Partner was reflected in the significant increase in
Needs and Building the Nation Together platform. One of them is the development the use of digital financial products and
as the guidance in thinking, acting and of Direct Debit which facilitate customers services such as internet banking and
behaving in daily life. Externally, Bank to make digital payment transactions. mobile banking. As evidence, the Super
Mandiri has carried out various innovations Currently, Bank Mandiri has collaborated App Livin’ by Mandiri and the Wholesale
aimed at improving the quality through with the Top 5 (five) e-wallets and Digital Super Platform Kopra by Mandiri
the Mandiri Young Entrepreneur program e-commerce for Direct Debit services. have both been received extremely well
and Mandiri Hackathon program, which Meanwhile, Digital Financing is a process by customers and the public in general
is a recruitment program in the field of of disbursing productive and consumer since their launch in the second semester
information technology that aims to loans through the Partner platform. Bank of 2021. The strong push for digitalization
accommodate innovative ideas that Mandiri has collaborated with the Top by the majority of banks in Indonesia
correspond with digital banking needs 5 (five) e-commerce and Fintech for has also driven customer demand for
and there digital financing services through the integrated digital financial services,
Partner platform. The Digital Ecosystem which Bank Mandiri has addressed
Leverage Strategy is one of the focuses very well through Livin’ and Kopra by
of information technology development Mandiri. With that in mind, strengthening
in supporting the alignment of the and optimizing digital channels have
2020-2024 Corporate Plan. This is a become increasingly important in
digital transformation by implementing building loyalty and growing business.
integration and collaboration through Bank Mandiri believes that digital
continuous digitalization. banking penetration would continue
to increase in line with Indonesia’s
economic growth and financially mature
customers. For this reason, Bank Mandiri
brought the theme “Enhancing Digital
Banking Transformation and Innovation”
for its 2021 Annual Report.
2 PT Bank Mandiri (Persero) Tbk
Page 5
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
THEME SUSTAINABILITY
2023
THE RESILIENT INDUSTRY LEADER:
ALWAYS DELIVER
ALWAYS AHEAD
2022
DIGITAL
TRANSFORMATION WITH
EXCELLENT RESULTS
Bank Mandiri is committed to 2023 marks the starting point of a new phase in Bank Mandiri’s
accelerating digital transformation in an
inclusive and efficient way so as to remain business transformation journey, following the successful
in the digital ecosystem’s orbit. In 2022,
Bank Mandiri placed special attention
establishment of a solid foundation over the previous two
to and be aggressive in working on the years through the 3-3-1 strategy and 8 Strategic Goals. This
digital banking segment to promote
digital transformation as a sustainable transformation addresses six key areas: human resources,
business by capitalizing on opportunities technology, wholesale core competence, retail business
in all sectors and prospective segments.
The Bank’s mission to enforce digital growth in urban areas, synergy with subsidiaries, and
innovation does not conclude with the
introduction of Livin’ and KOPRA. In 2022, sustainable business.
Bank Mandiri enhanced the features
of Livin’ and Kopra and simultaneously
introduced a Smart Branch, further By focusing on these aspects, Bank Mandiri believes it will
solidifying the Bank’s position as one
of the industry leaders in digitalization
continually provide added value to all customers and remain
through a more thorough corporate at the forefront of this industry. Business transformation that
transformation. The tireless transformation
spirit of Bank Mandiri in digital has yielded prioritizes these aspects is also expected to motivate Mandirian
excellent results and continues to to remain committed to delivering the best and staying at
develop new added value, which have
a significant positive influence on the the forefront of the industry, often known as “always deliver,
Bank’s overall performance in 2022. This
background has allowed us to present
always ahead.”
“Digital Transformation with Excellent
Results” as the theme for our 2022 Annual
Report. Bank Mandiri has successfully navigated an uncertain 2023,
with world trade, global and national economic growth
declining, by implementing the always deliver, always
ahead approach. Bank Mandiri’s total assets increased to
Rp2,174 trillion, while its loan portfolio and net profit grew by
double digits, with practically every performance indicator
exceeding the national banking industry average. This reflects
Bank Mandiri as a “Resilient Industry Leader: Always Deliver,
Always Ahead”.
ANNUAL RREPORT 2023 3
Page 6
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TaBLE OF CONTENTS
Subsidiaries, Sub-Subsidiaries 350 Head Office
MAIN HIGHLIGHTS 184
and/or Associates Operations Review
351
28 198 Shares Listing Chronology Per Geographic Segment
Performance Summary 2023
Bonds Issuance and/or Subsidiary Performance
30 Financial Highlights And 200 354
Listing Chronology Review
Financial Ratios
202 Kronologi Penerbitan Obligasi 368 Financial Review
36 Operational Highlights
Chronology of Other Issuance 370 Statement of Financial Position
38 Shares Information 211
and/or Listing of Securities Consolidated Statement
40 Corporate Actions Public Accountant & 390 of Profit or Loss and Other
217
40 Corporate Actions and/ Public Accountant Firm Comprehensive Income
delisting Name and Addresses of 395 Consolidated Statement
Bonds, Sukuk or Convertible 218 Supporting Institutions and/or of Cash Flow
41 Professions
Bonds Information 396 Solvency and Receivables
42 Company Rating 2023 218 Credit Rating Agency Collectibility
43 Analyst Report 220 Awards and Certification 400 Capital Structure
44 Events Highlights 2 2023 Information on 403 Material Commitments
226
Bank Mandiri Website for Capital Goods Investment
Education and/or Training of 404 Capital Goods Investment
Management the Board of Commissioners, in Fiscal Year 2023
Report 227
Directors, Committees,
Corporate Secretary,
405 Transaction Information
Related to Investment,
52 Board of Commissioners Internal Audit Unit and Risk Expansion, Divestment,
Report Management Merger, Acquisition,
67 Board of Directors Report and Restructuring
86 Certificate of Accountability 407 Commitment and
by Members of Board of
Directors in Respect of
MANAGEMENT Contingencies
Pt Bank Mandiri (Persero) Tbk. DISCUSSION 408 Comparison Between
Target & Realization 2023
2023 Annual Report AND ANALYSIS
410 Material Information
87 Certificate of Accountability
and Subsequent Events
by Members of Board of 256 Economic Overview
Commissioners in Respect of 411 Kebijakan Dividen dan
Pt Bank Mandiri (Persero) Tbk. 257 Global Economic Analysis Pembagiannya
2023 Annual Report 259 Indonesia’s Economic 413 Stock Option Program
Analysis By Employees and/or
263 Banking Industry Analysis Management
Company 266 Share of Bank Mandiri’s
415 Realization of the Use of
Profile Consolidated
Proceeds from the Public
Offering
Financial Performance
90 Company Identity Indicators to The Banking Material Transaction
92 Associations Memberships Industry (Commercial Banks) Information Containing
416 Conflicts of Interest
93 Corporate Branding 270 Corporate Strategy
and/or Transactions with
94 Company at A Glance 274 Focus Strategy in 2023 Affiliates/Related Parties
96 Milestones 276 Consistent Digital Review of Mechanism Policy
Vision, Mission & Corporate Transformation on Transactions and
98 422
Culture 278 Maintained Assets Quality Compliance with Related
279 Strategy to Increase Fee Rules and Regulations
104 Line of Business
Based Income in 2023 Lending Policy for
106 Products and Services
280 Response to Changes in the 422 the Board of Commissioners
126 Operational Areas and Board of Directors
Direction of Monetary Policy
128 Structure Organizational Changes in Regulatory
281 Focus Strategy in 2024 423
Profile of The Board of and Their Impact on the Bank
130 282 Business Prospect
Commissioners Changes in Accounting
Profile of The Board of 284 Marketing Aspect
143 434 Policies and Impact
Directors 288 Business Review Implemented in 2023
158 Profile of Executives 292 Digital Banking 436 Bank Soundness Rating
Group Head and/or Operational Review Per 437 Business Continuity Information
163 306
Equivalents Levels Business Segment
439 Prime Lending Rate
167 Employee Demographics 312 Corporate Banking
442 Taxation Aspect
Employees Competence 316 Commercial Banking
169 Maximum Limit for Lending
Development 320 Institutional Relations
443 and Large Exposures
171 Shareholders Composition Treasury & International for Commercial Banks
326
Corporate Group Banking
182 Derivatives and Hedging
Shareholding Structure 332 Retail Banking 446
Facilities
4 PT Bank Mandiri (Persero) Tbk
Page 7
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
TaBLE OF CONTENTS
Earnings Asset Quality Report 614 Risk Monitoring Committee Statement of Good Corporate
448 802
and Other Information Integrated Governance Governance Implementation
622
454 Human Capital Management Committee 850 Risk Management
455 Human Capital Framework Diversity of The Board of
636
Commissioners and Directors
458 Human Capital Strategy
640
Governance In Providing ESG
459
Organizational Structure of
Bank Mandiri Human Capital
Remunerations IMPLEMENTATION
Management
648 Board of Directors REPORT
Committees of The Board of
Human Capital Management 681
461 Directors 992 ESG Practices at Bank
Program in 2023
682 Asset & Liability Committee Mandiri
Employee Development Plan
493 685 Business Committee 953 Environmental Pillars
2024
Capital & Subsidiaries 968 Social Pillars
494 Information Technology 689
Committee 986 Governance Pillars
Information Technology
495 Human Capital Policy
Strategic Plan 692
Committee
Implementation of Information
497 Technology Strategic Plan 694
Information Technology &
Digital Banking Committee
SOCIAL AND
2023
698 Integrated Risk Committee
ENVIRONMENTAL
499
Information Technology
Governance Policy & Procedure
RESPONSIBILITY
701
Information Technology Committee
500 Risk Management & Credit
Security 706 992 Social and Environmental
IT HR Development Policy Committee
506 Responsibility Commitments
710 Transformation Committee and Policies
Information Technology
507 712 Credit Committee Meeting
Plan 2024
Social & Environmental
714 Responsibility Committee Conformity of the
(SERC) 1012
CORPORATE 716 Corporate Secretary
Implementation
GOVERNANCE 729 Investor Relations
of Corporate
Governance
510 GCG Awards 2023 732 Internal Audit
Towards the
511 Corporate Governance 739 Public Accountant
ASEAN Corporate
Practices 743 Internal Control System
Governance
512 Corporate Governance 749 Compliance Functions
Commitment Scorecard
Implementation of Anti-Money
514 Corporate Governance Laundering, Counter-
Principles Terrorism Financing, and
760
518 Corporate Governance Prevention of The Weapons OJK Reference
Roadmap of Mass Destruction Programs 1024
Proliferation Financing Index
Governance Implementation
521 Granting of Funds To Social
in 2023 & 2024 Plan 764
and/or Political Activities
523 Governance Assessment
765 Litigation
Application of Corporate 1048 MSCI Index
529 Governance Guidelines To Information Access and
773
Public Companies Corporate Data
Implementation of Corporate 774 Code of Conduct
Governance Aspects and 780 Anti-Corruption Program 1054 Financial
Principles Application Based 781 Prevention of Insider Trading StatementS 2023
on Guidelines of Corporate
540 783 Internal Fraud
Governance Principles gor
Banks Published by Basel 785 Prevention of Insider Trading
Committee in Banking Whistleblowing System - Letter
Supervision 786
to Ceo
Structure and Mechanism Management of State
542 789
of Corporate Governance Property Assets (Lhkpn)
General Meeting of Buyback Shares and Buyback
548 790
Shareholders Bonds
563 Board of Commissioners 790 Funding To Related Parties
Organ and Committee Under 790 Bank Strategic Plan
590
The Board of Commissioners
Transparency of Financial and
Secretary To The Board of 791
591 Non-Financial Conditions
Commissioners
Integrated Governance
594 Audit Committee 792
Report
Nomination and Bad Corporate Governance
604 802
Remuneration Committee Practices
ANNUAL RREPORT 2023 5
Page 8
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
2023 SOLID PERFORMANCE:
THE RESILIENT
INDUSTRY LEADER
TOTAL LOANS
Rp
1,398
Trillion
16.3% YoY
NIM
LOW-COST
FUNDS
RATIO 5.48%
(Bank-Only)
1bps YoY
79.4 %
NET PROFIT
4.70 (after tax and
non-controlling interest)
pts YoY
Rp
55.1triliun
PPOP
33.7% YoY NPL RATIO
Rp
84.9 1.19%
Trillion
17.6% YoY 73bps YoY
ROE – Tier 1
(Bank-Only)
27.3%
4.70pts YoY
6 PT Bank Mandiri (Persero) Tbk
Page 9
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
LIQUIDITY
• Total Third-Party Funds
ASSETS amounted to Rp1,577 Trillion or
grew by 5.78% YoY
Total assets amounted to
• Total Low-Cost Funds
Rp
2,174 Trillion, amounted to Rp1,172 Trillion or
or grew by grew by 7.05% YoY
9.12% YoY
EARNINGS
BOPO Bank-only by
51.9%, or decreased by
-5.47pts YoY
ASSET QUALITY
• CoC by 0.85%, decreased by
59bps YoY
• Loan at Risk (LaR) of 8.62%, or
improved by 3.25pts YoY
• NPL Coverage of 326%, up
41.1pts YoY
CAPITAL
• Total CAR by 21.99%, or an
increase of 2.34pts YoY
• Total Tier-1 CAR of 20.79%,
or an increase of 2.24pts YoY
INCOME
• Net Interest Income of Rp95.9 Trillion,
or grew 9.08% YoY
• Non-Interest Income amounted
to Rp40.6 trillion, or grew 15.5% YoY
ANNUAL RREPORT 2023 7
Page 10
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
THE GOOD PERFORMANCE OF
BANK MANDIRI’S SHARE PRICE
WAS SUPPORTED BY GOOD
FUNDAMENTALS, SUCH AS
LOANS AND DEPOSIT GROWTH
ABOVE THE INDUSTRY
Year-to-date until December 2023, the increase in BMRI’s
stock value is higher than JCI & other major banks
25.0%
21.9%
20.0%
15.0%
10.0%
6.2%
5.0%
5.7%
0%
-5.0%
-10.0%
2
23
23
3
3
3
23
23
3
3
3
3
3
3
3
-2
-2
-2
-2
l-2
-2
-2
-2
-2
-2
-2
n-
b-
n-
n-
ec
ar
pr
ay
ug
p
ct
ov
ec
ec
Ju
Ja
Ju
Ju
Fe
Se
M
A
O
N
M
A
D
D
D
Stock Price Stock Price
Closing Closing Change YtD (%)
30 Dec-22 (Rp) 29 Dec-23 (Rp)
BMRI 4,963 6,050 6,0506,050
JCI 6,851 7,273 6.2
10 Banks in Indonesia with the Largest Assets
6,386 7,136 5.7
(other than BMRI) (a)
Note:
(a) The aggregation technique uses the total of the stock prices weighted based on the market cap value of each bank
8 PT Bank Mandiri (Persero) Tbk
Page 11
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Bank Mandiri recorded the highest stock price
in its history, reaching Rp6,125 per share
(after a stock split on 6 April 2023). Bank Mandiri’s
outstanding fundamental performance received
appreciation from the public and investors.
Bank Mandiri’s Loans and Third-Party Funds Growth Against Industry
LOANS Growth
16.3%
14.5%
12.4% 12.7%
11.8%
11.6%
10.2% 8.99% 10.4%
7.80%
Dec-22 Mar-23 Jun-23 SEP-23 Dec-23
Third-Party Funds Growth
15.5%
9.62% 8.47%
6.64% 5.78%
9.01%
7.00% 6.54%
5.79%
3.80%
DeC-22 Mar-23 Jun-23 SEP-23 DeC-23
YoY Loans Growth - BMRI (Consolidated)
YoY Loans Growth - Industry
ANNUAL RREPORT 2023 9
Page 12
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
LOANS AND THIRD-PARTY FUNDS ARE
SIGNIFICANTLY INCREASED
Bank Mandiri’s third-party funds growth was supported
by low-cost funds...
TPF Ending balance
Consolidated [Rp Trillion]
Yoy
Total 1,145 1,291 1,491 1,577 5.78%
Savings 432 487 553 587 6.19%
Demand
Deposits 320 413 542 585 7.92%
Time
Deposits 393 391 396 405 2.26%
Dec-20 Dec-21 Dec-22 Dec-23
... There by the ratio of low-cost funds can reach a
good level
74,3%
73.4%
69.7%
79.4%
64.2% 65.6% 77.6%
65.6% 65.3%
64.2% 64.1%
74.0%
67.3% 68.4% 67.8% 68.5%
66.0% 66.6%
2015 2016 2017 2018 2019 2020 2021 2022 2023
Consolidated Low-Cost
Bank-Only Low-Cost Funds Ratio
10 PT Bank Mandiri (Persero) Tbk
Page 13
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Bank Mandiri realized a solid performance through
the achievement of consolidated Third-Party Funds
(TPF) of Rp1,577 trillion, grew 5.78 YoY.
This achievement was driven by an increase in
consolidated low-cost funds which reached 7.05% YoY with
the composition of low-cost funds or current account and
saving account (consolidated CASA) reaching 74.30%, the
highest since Bank Mandiri was established.
Loans in all segments grows healthily
Credit Ending balance
Consolidated [Rp Trillion]
YoY
965 1,050 1,202 1,398 Total 16.3%
201 222 270 312 Subsidiaries 15.8%
86 92 103 113 Consumer 10.4%
121 132 152 168 Micro 10.4%
55 60 67 77 SME 14.0%
158 174 196 238 Commercial 21.2%
343 370 414 490 Corporate (a) 18.3%
Dec-20 Dec-21 Dec-22 Dec-23
(a) Including Institutional Relations and International Banking
ANNUAL RREPORT 2023 11
Page 14
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
ASSET QUALITY IS
VERY WELL
MAINTAINED
Rasio Loans at Risk (LAR)
12.1% 11.7%
10.5% 9.87%
8.74%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
LAR Ratio - Bank Only
Cost of Credit (YTD)
1.21%
1.00% 0.98%
0.73%
0.63%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
CoC - Bank Only
12 PT Bank Mandiri (Persero) Tbk
Page 15
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Amidst uncertainty over global economic conditions
during 2023, Bank Mandiri is able to consistently maintain
asset quality. This is reflected in the gross bank only NPL position,
which has decreased to a level of 1.02% as of December 2023.
This position is strongly improved than December 2022 which was
at the level of 1.88% or decreased by 86 basis points (bps).
Rasio NPL AND NPL Coverage
384%
342% 339%
337%
311%
1.88% 1.70% 1.53% 1.36%
1.02%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
NPL Ratio Gross - Bank Only
NPL Coverage Ratio - Bank Only
COVID-19 Loans Restructuring per Segment
(Rp Trillion)
35.9
31.2
26.6
29.4 23.8 17.2
26.0
22.6
20.7 14.8
3.15 2.42
6.54 5.18 4.01
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
MSME Non MSME
ANNUAL RREPORT 2023 13
Page 16
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INITIATIVES TO FOSTER DIGITAL
INNOVATION THROUGH KOPRA,
LIVIN’ SUPER APP, LIVIN’ MERCHANT
& SMART BRANCH TO BECOME
“THE MOST DIGITAL”
Launched Oct-21 Launched Oct-21
Wholesale super digital Meet all your financial
platform, to meet all your and lifestyle needs, with
business needs in single a simple and easy-to-use
access. interface!
14 PT Bank Mandiri (Persero) Tbk
Page 17
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Livin’ by Mandiri, which has been downloaded
nearly 37 million times, and has managed more than
2.82 billion transactions, an increase of 45.0% yoy with a
transaction value of Rp3,265.4 trillion or grew 34.10% yoy.
Meanwhile, KOPRA by Mandiri has been used by more
than 182 thousand users and has succeeded in increasing
frequency by 19.4% yoy with a transaction value of more
than Rp19.09.9 trillion.
Launched Jun-23 Launched Jul-22
Helping MSME sales from Live a seamless day
recording to disbursing with smart branches
sales income, in single integrated with Livin’ and
application. Practical! KOPRA..
ANNUAL RREPORT 2023 15
Page 18
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STRENGTHENED LIVIN’ POSITION
AS THE BEST SINGLE SUPER APP
WITH SOLID PERFORMANCE,
IN JUST 2 YEARS!
The most complete financial features,
all in single application
Launched on Oct-21
Highest user growth in Indonesia
by Dec-23
#Registered
Monthly Active
User
Users
~23 Million
44% YoY ~60%
Highest account opening per Livin’ Excellent Fee Income
day in Indonesia Growth
25%
25 2.2
1.7
21
20
18
17
2021 1Q23 2Q23 3Q23 4Q23 2022 2023
# New to Bank QTD accounts Livin’ Fee Income
on average per day opened (Rp Tn)
through Livin’ (Thousands)
16 PT Bank Mandiri (Persero) Tbk
Page 19
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Transaction growth supported by consistent
feature rollouts
43+ Feature 45+ Feature 100+ Feature
Livin’ launched on in 2022 in 2023
Oct-21
1.66%
2.37% 1.29%
3.61%
9.29% 6.60%
13.8% 11.7%
11.8%
1
23
2
1
23
22
3
23
3
-2
-2
-2
-2
-2
n-
n-
p-
p-
ec
ec
ar
ar
ec
Ju
Ju
Se
Se
M
M
D
D
D
Value of Livin’ Trx (Rp Trillion, accumulated 12 months back)
Bank Mandiri’s savings continue to grow above the industry
15.9% 15.4%
12.5% 14.0%
12.5%
13.8%
8.44%
11.8% 11.7%
6.03% 5.79% 5.92%
9.29%
6.60% 2.37% 1.29%
3.61% 1.66%
1
23
2
1
23
2
3
3
3
-2
-2
-2
-2
-2
-2
-2
n-
n-
ec
ec
ar
p
ar
p
ec
Ju
Ju
Se
Se
M
M
D
D
D
YoY Growth of BMRI Savings (Bank-Only)
YoY Growth of Industrial Savings* (excluding BMRI Bank-Only)
ANNUAL RREPORT 2023 17
Page 20
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
ELEVATING PENETRATION
TO GROW TRANSACTION VALUE IN BANK
MANDIRI WHOLESALE ECOSYSTEM
The highest digital transaction value for
the Wholesale business
Non-Interest Income
KOPRA FY23
(in Rp Billion)
2,201
Grew 10% YoY
Value of KOPRA FY23 vs Big Bank
(in Rp Trillion)
1.21% Transaction Value
KOPRA FY23
(in Rp Trillion)
1.00%
0.98%
19,100
0.73%
Grew 4% YoY
Other Major Banks
18 PT Bank Mandiri (Persero) Tbk
Page 21
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
Bank Mandiri’s customers’ digital transactions are driven
by KOPRA and KOPRA Embedded Finance
Serving top wholesale clients in all industries, > 1K+ companies using
KOPRA Embedded Finance
... and much more
YoY Current Accounts Growth Above Industry
33.3% 31.6%
23.3%
21.8% 23.7%
21.0% 20.5%
25.8% 15.0% 16.0%
9.3% 10.1%
5.3% 7.0%
15.3% 6.9%
5.9% 6.6% 1.4%
1
1
23
2
23
2
3
3
3
-2
-2
-2
-2
-2
-2
-2
n-
n-
ec
ar
ec
p
ar
p
ec
Ju
Ju
Se
Se
M
M
D
D
D
BMRI (Bank-Only) Industry (outside BMRI Bank-Only)
*Industry data used Nov-23 figures as Dec-23 industry figures are not yet available as of 31-Jan-24.
ANNUAL RREPORT 2023 19
Page 22
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
BANK MANDIRI ESG PERFORMANCE AT A
GLANCE WE HAVE A COMMITMENT TO SUSTAINABILITY
ALIGNED WITH BUSINESS TRANSFORMATION INITIATIVES &
STRATEGIES
ENVIRONMENTAL
ASSETS
Green Portfolio Sustainable Credit Facility
>30%
• Sustainable Linked Loan (SLL)
• Transitional Corporate Financing
• Green Loan
Market Share of 4
major banks worth:
Total
Rp
129Trillion Rp
6.3 Trillion
LIABILITIES
2021 2022 2023
USD
300 Million
Rp
5 Trillion Rp
5 Trillion
Sustainability Bond with
USD
500 Million Green
46% allocation to finance ESG Repo with 71% allocation Bonds Level I
Green Projects to finance Green Projects PublicationI
RETAIL PRODUCTS & FINANCING
EV Financing
Cardless Credit Card Pioneer Banking Industry’s First Prepaid &
Rp
393 Billion
Recycled Debit Card
OPERATIONAL
Pioneer of Lower carbon footprint Initiation of calculation of
through digitization scope 3 carbon emissions
1st with PCAF standards
Digital
Carbon
Tracking
20 PT Bank Mandiri (Persero) Tbk
Page 23
SOCIAL
ASSETS
Social Portfolio Government Subsidy Microloans
Rp
135 Trillion
Rp
62.3 Trillion
to more than 2.88 million borrowers
Loans disbursement through Financing disbursed
Rp
3.58 Trillion Fintech that focuses on
sustainable financing
245 Thousand
to women in rural
areas
LIABILITIES
2021 Sustainability Bonds With
2022 ESG Repo with 29%
USD
300 Million 54% allocation to finance
social projects
USD
500 Million allocation to finance
social projects
CSR & FINANCIAL INCLUSION GENDER DIVERSITY
Have a positive impact on more than 5.9 % female employees to total employees
million people. Through programs such Board of Directors Manager Level Total
and Commissioners and above Employees
as Mandiri Sahabatku, Wirausaha Muda
Mandiri, Rumah BUMN and others.
22% 46% 52%
GOVERNANCE
GOVERNANCE SCORE ESG GOVERNANCE
Score Top performer dalam Corporate Established a dedicated ESG
95.22
Governance & Perception Index (CGPI) Group with direct supervision of
“Most Trusted Company” the Vice President Director
*) From the previous rating of 95.11
COMPLAINT MECHANISM
We have developed a Letter to CEO as a whistleblowing
system and managed by an independent third party to
ensure confidentiality
DATA PRIVACY & SECURITY
Alignment with Best Practices:
√ ISO 2000 Certified for IT application support
√ ISO 37001 Certified for anti-bribery management systems
√ ISO 9001 Certified for quality management systems
√ ISO 27001 Certified for the provision of application development and IT
operations related to Livin’ by Mandiri
√ ISO 27001 Certified for security operations centers for managing cyber
security threats in banking systems and cyber operations
√ ISO/IEC 17025 Certified for Digital Forensics Laboratories
Page 24
BANK MANDIRI APPLIES
SUSTAINABLE FINANCING
PRINCIPLES IN LENDING
Sustainable Financing Portfolio (Rp Trillion)
264
228
175 205
46% 49%
47%
46%
54% 53% 54% 51%
2020 2021 2022 2023
Social Green
% to Total Loans (Bank Only)
23% 25% 24% 24%
Sustainable Financing Classification Based on POJK 51/2017
MSMEs & Social Sustainable Eco-Friendly
Activities Agriculture Building
Rp
135 Trillion Rp
102 Trillion Rp
6.6 Trillion
Eco-Saving Clean Energy Other Green
Products Transport Activities
Rp
135 Trillion Rp
3.9 Trillion Rp
10.8 Trillion
Page 25
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
New Renewable Energy Sector Financing* (Rp Trillion)
32
16 21
25%
10 13 20%
8% 11% 16%
75%
84% 80%
92% 89%
2018 2019 2020 2021 2023
Non- New Renewable Energy New Renewable Energy (EBT))
*Hanya Unit Pembangkit Swasta/IPP, Tidak Termasuk PLN
New Renewable Energy Project Financed by Bank Mandiri
PLTA Poso PLTA Kerinci PLTA Malea
515MW 305MW 2x45MW
Ongoing
Project
Solar Power Geothermal Geothermal
Plant Power Plant Power Plant
Next
Sustainability
Project
ANNUAL RREPORT 2023 23
Page 26
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
THE NET PROFIT OF
BANK MANDIRI
GROUP SUBSIDIARIES
INCREASED
SIGNIFICANTLY
Excellent performance of Bank
Mandiri in 2023 is bolstered by the
performance contribution of the subsidiaries. As
of December 2023, the consolidated net profit of
all subsidiaries amounted to
Rp
10.68
trillion,
representing a growth of approximately
%
25.5
year-over-year. Among this amount, Rp5.68
trillion represented the profit portion under Bank
Mandiri’s ownership.
24 PT Bank Mandiri (Persero) Tbk
Page 27
CORPORATE SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE RESPONSIBILITY StatementS
BMRI Total Assets (Rp Billion)
Subsidiaries
Ownership 2021 2022 2023 YoY
Banking
Bank Syariah Indonesia 51.5% 265,289 305,727 353,628 15.7%
Mandiri Taspen 51.1% 45,542 53,915 60,537 12.3%
Bank Mandiri Europe Limited 100% 2,613 3,770 4,058 7.64%
Financing
Mandiri Tunas Finance 51.0% 18,711 23,729 29,726 25.3%
Mandiri Utama Finance 51.0% 6,097 7,567 10,625 40.4%
Insurance
AXA Mandiri Financial
51.0% 40,497 40,041 41,018 2.44%
Services
Mandiri Inhealth 80.0% 2,519 2,683 2,825 5.27%
ecurities, Venture Capital, and Others
Mandiri Sekuritas 99.9% 3,069 3,897 4,512 15.8%
Mandiri Capital 99.9% 3,681 5,761 5,988 3.94%
Mandiri Remittance 100% 23 24 24 0.12%
Total 388,041 447,114 512,941 14.7%
a) Net Profit After Tax and Non-Controlling Interest, Total net profit from subsidiaries based on Bank Mandiri’s ownership:
Rp3,229 billion (2021), Rp4,680 billion (2022), Rp5,691 billion (2023)
b) Since October 2023, BMRI has divested 100% of MAGI, hence an adjustment was made to the Total Net Profit of the
Subsidiary for 2021 & 2022
c) Total Net Profit of Unaudited Subsidiaries
Total Net Profit a) Mandiri Group Subsidiaries
(Rp Billion)
24.7%
YoY
1,032
1,161
1,135 1,327
750
757 1,410
1,172
246 1,206
1,036
646
4,260 5,701
3,028
2021 2022 2023
Bank Syariah Indonesia
AXA Mandiri Financial Services
Mandiri Taspen
Mandiri Tunas Finance
Others
ANNUAL RREPORT 2023 25
Page 28
Page 29
MAIN HIGHLIGHTS Bank Mandiri realized a solid performance by achieveing Third-Party Funds (TPF) of Rp1,242.15 trillion (bank only), grew 4.11% YoY. This achievement was driven by an increase in low-cost funds which reached 6.46%YoY (bank only) with the composition of low-cost funds or current account and saving account (CASA) reaching 79.40%, the highest since Bank Mandiri was established.
Page 30
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
PERFORMANCE
SUMMARY
2023
Consolidated Consolidated Total Consolidated
Net Profit Third Party Funds Assets
Rp
55.06
trillion
Rp
1,576.95
trillion
Rp
2,174.22
trillion
grew 33.74% yoy in 2023 grew 5.78% yoy in 2023 grew 9.12% yoy in 2023
from Rp41.17 trillion in from Rp1,490.84 trillion in from Rp1,992.54 trillion in
2022 2022 2022
Consolidated Consolidated Consolidated Net
Loans*) Casa Ratio Interest Income
Rp
1,398.07 74.30%
trillion
Rp
98.01
trillion
grew 16.29% yoy in strengthened to 74.30% grew 8.45% yoy in 2023
2023 from Rp1,202.23 yoy in 2023 from 73.42% from Rp90.37 trillion in
trillion in 2022 in 2022 2022
*) Consolidated Loans include Consumer Financing Receivables and Net Investment in Lease Financing
28 PT Bank Mandiri (Persero) Tbk
Page 31
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PERFORMANCE SUMMARY 2023
PPOP Consolidated Non-
Interest Income
Rp
84.79
triliun
Rp
40.65
trillion
grew 17.29% yoy in 2023 grew 15.54% yoy in 2023
from Rp72.29 trillion in from Rp35.18 trillion in 2022
2022
ROE Gross NPL Ratio
27.31% 1.02%
increased in 2023 decreased by 86bps yoy in
from 22.62% in 2022 2023 from 1.88% in 2022
ANNUAL REPORT 2023 29
Page 32
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
FINANCIAL HIGHLIGHTS
AND FINANCIAL RATIOS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In Rp Million)
Description 2023 2022 2021 2020 2019
ASSETS
Cash 26,431,740 27,212,759 23,948,485 26,225,089 28,712,595
Current Accounts
108,605,322 107,349,158 99,023,492 52,238,679 49,793,311
with Bank Indonesia
Current Accounts
with Other Banks 36,606,090 47,809,985 25,441,661 26,499,072 13,065,627
- Net
Allowance for
(32,205) (20,285) (24,043) (77,112) (7,698)
Impairment Losses
Placements with
Bank Indonesia and 73,888,157 95,324,112 47,785,191 82,442,619 44,493,675
other Banks
Allowance for
(957) (3,601) (1,675) (46,772) (47,675)
Impairment Losses
Marketable
94,696,116 82,841,009 98,203,174 90,714,936 75,935,668
Securities
Allowance for
(150,275) (41,191) (99,504) (144,863) (82,688)
Impairment Losses
Government Bonds 309,182,971 329,211,764 289,054,774 178,743,845 145,632,539
Other Receivables -
26,044,553 33,793,264 29,298,268 29,995,864 30,415,702
Trade Transactions
Allowance for
(1,494,653) (1,604,705) (1,480,721) (1,687,776) (1,311,591)
Impairment Losses
Securities Purchased
Under Agreements 22,692,928 11,705,989 27,317,000 55,094,456 1,955,363
to Resell
Derivative
1,994,931 2,252,141 1,669,838 2,578,947 1,617,476
Receivables
Loans and Sharia
Receivables/ 1,359,832,195 1,172,599,882 1,026,224,827 942,067,687 944,040,016
Financing
Allowance for
(53,098,619) (64,612,645) (68,588,680) (65,016,458) (31,794,908)
Impairment Losses
Consumer Financing
32,749,796 23,757,727 19,108,322 19,078,408 18,565,706
Receivables
Allowance for
(713,044) (610,361) (475,015) (428,509) (354,618)
Impairment Losses
Net Investment in
5,489,242 5,872,560 4,823,773 3,581,422 3,055,071
Lease Financing
Allowance for
(70,170) (139,173) (129,967) (58,955) (7,982)
Impairment Losses
Acceptance
14,793,888 11,781,581 10,273,444 10,232,855 10,281,220
Receivables
Allowance for
(122,212) (61,963) (196,693) (123,609) (221,804)
Impairment Losses
Investments in
1,861,487 2,757,594 2,446,988 2,264,636 618,929
Shares
Allowance for
(34,123) (68,640) (14,595) (14,619) (12,919)
Impairment Losses
Prepaid Expenses 2,719,789 1,895,503 1,470,251 1,626,435 3,372,914
Prepaid Taxes 436,532 1,164,925 2,073,725 2,178,758 1,112,520
30 PT Bank Mandiri (Persero) Tbk
Page 33
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
Description 2023 2022 2021 2020 2019
Fixed Assets 82,315,031 77,969,898 67,503,267 64,322,488 58,923,176
Accumulated
(24,337,324) (21,429,332) (18,358,475) (16,015,645) (13,582,228)
Depreciation
Intangible Assets 13,669,071 11,712,040 10,623,089 9,280,780 7,228,188
Accumulated
(7,794,473) (6,618,431) (5,511,330) (4,735,341) (3,880,481)
Amortisation
Other Assets 39,474,741 30,423,172 25,538,392 24,697,296 20,928,422
Allowance for
(1,596,320) (1,725,528) (1,690,929) (1,645,915) (1,573,205)
Impairment Losses
Deferred Tax Assets
10,179,244 12,045,479 10,354,794 8,095,869 4,373,721
- Net
Total Assets 2,174,219,449 1,992,544,687 1,725,611,128 1,541,964,567 1,411,244,042
LIABILITIES
Obligations Due
4,484,956 4,056,029 5,380,474 4,286,333 3,169,451
Immediate
Deposits from
1,351,448,149 1,295,575,929 1,115,278,713 995,200,668 871,035,187
Customers
Deposits from Other
17,684,780 14,847,409 12,800,392 7,391,225 13,436,627
Banks
Liabilities to Unit-
29,194,702 29,710,227 30,657,570 27,850,536 24,037,658
Linked Policyholders
Securities Sold
Under Repurchased 36,330,064 24,325,475 5,427,998 1,330,068 3,782,055
Agreement Payable
Derivative Payables 2,113,853 2,126,769 1,018,751 1,570,506 1,195,022
Acceptance
14,793,888 11,781,581 10,273,444 10,232,855 10,281,220
Liabilities
Debt Securities
50,517,764 45,774,139 45,138,342 39,111,473 33,149,270
Issued - Net
Estimated Losses on
Commitment and 1,143,758 2,073,429 2,295,241 3,475,979 388,751
Contingencies
Accrued Expenses 4,799,446 6,493,794 6,526,489 5,748,405 6,320,066
Taxes Payable 2,690,902 3,590,522 2,862,716 2,059,214 1,477,872
Employee Benefit
11,894,629 12,607,759 11,205,546 8,319,149 8,626,762
Liabilities
Provisions 286,081 323,365 413,876 546,237 405,312
Other Liabilities 37,399,213 27,336,753 25,276,602 26,321,079 19,508,201
Borrowings 95,445,459 62,840,118 51,398,940 52,810,689 54,128,562
Subordinated Debts
215,171 633,333 637,143 650,966 664,217
- Net
Total Liabilities 1,660,442,815 1,544,096,631 1,326,592,237 1,186,905,382 1,051,606,233
ANNUAL REPORT 2023 31
Page 34
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
Description 2023 2022 2021 2020 2019
Temporary Syirkah Funds
Deposits from Customers 225,501,470 195,268,663 175,897,406 149,439,073 139,986,134
Deposits from other Banks 780,202 933,938 1,010,203 920,444 799,606
Total Temporary Syirkah Funds 226,281,672 196,202,601 176,907,609 150,359,517 140,785,740
EQUITY
Share Capital 11,666,667 11,666,667 11,666,667 11,666,667 11,666,667
Additional paid-in capital/agio 17,643,264 17,643,264 17,643,264 17,316,192 17,316,192
Treasury Stock - - (150,895) (150,895) -
Differences arising from translation of
(146,299) (60,427) (88,985) (116,031) 13,388
financial statements in foreign currencies
Net unrealised (loss)/gain from
(decrease)/increase in fair value
of financial assets through other (1,837,760) (2,768,553) 1,692,145 4,430,511 -
comprehensive income - net of deferred
tax
Fair value through other comprehensive
- - - - 1,385,450
income
Effective portion of cash flow hedges 1,429 (3,156) (370) (15,319) (30,045)
Net differences in fixed assets revaluation 34,716,693 34,716,693 30,140,345 30,115,479 30,112,151
Net actuarial gain from defined benefit
1,517,183 1,510,016 1,217,456 1,040,657 630,412
program - net of deferred tax
Other comprehensive income 85,052 85,052 85,052 85,052 85,052
Merging Entities Equity - - - 5,555,377 5,004,875
Difference in transactions with
(97,202) (97,202) (106,001) (106,001) (106,001)
noncontrolling parties
Retained earnings 197,303,757 166,986,432 142,587,934 119,556,775 138,986,941
Noncontrolling interest in net assets of
26,642,178 22,566,669 17,424,670 15,321,204 13,786,987
consolidated Subsidiaries
TOTAL EQUITY 287,494,962 252,245,455 222,111,282 204,699,668 218,852,069
TOTAL LIABILITIES, TEMPORARY SYIRKAH
2,174,219,449 1,992,544,687 1,725,611,128 1,541,964,567 1,411,244,042
FUNDS AND EQUITY
32 PT Bank Mandiri (Persero) Tbk
Page 35
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In Rp Million)
Description 2023 2022 2021 2020 2019
Income and Expenses From Operations
Net Interest and Sharia Income - Net 95,886,574 87,903,354 73,062,494 62,520,805 59,440,188
Net Premium Income - Net 2,123,046 2,467,698 1,787,933 1,513,715 1,807,503
Net Interest, Sharia and Premium Income - Net 98,009,620 90,371,052 74,850,427 64,034,520 61,247,691
Other Operating Income 40,522,846 34,280,703 29,028,020 28,594,397 26,490,398
Allowance for Impairment Losses (11,152,853) (16,096,382) (20,428,352) (23,355,311) (11,742,986)
Provision for Impairment Losses on Commitments and
918,531 255,268 1,162,993 (1,223,263) (262,215)
Contingencies
Provision for Other Allowances 85,615 (282,073) (277,942) (276,133) (67,262)
Unrealized Gain/(Loss) from Increase/(Decrease) in Fair
- - 2,824 12,487 8,205
Value of Policyholders Investment in Unit-Link Contracts
Gains on Sale of Marketable Securities and Government
125,295 899,579 3,242,400 999,026 853,850
Bonds
Other Operating Expenses (53,867,491) (53,260,058) (49,140,167) (44,530,236) (40,076,167)
Income From Operation 74,641,563 56,168,089 38,440,203 24,255,487 36,451,514
Non-Operating Income/(Expense) - Net 43,318 209,637 (81,782) 136,918 (10,074)
Income Before Tax Expense and Noncontrolling Interest 74,684,881 56,377,726 38,358,421 24,392,405 36,441,440
Tax Expense - Net (14,633,011) (11,425,358) (7,807,324) (5,993,477) (10,074)
Net Income for The Year 60,051,870 44,952,368 30,551,097 18,398,928 36,431,366
Items that will not be Reclassified to Profit or Loss (15,051) 4,929,043 536,055 383,703 4,252,631
Items that will be Reclassified to Profit or Loss 921,140 (4,534,869) (2,767,231) 3,003,448 2,958,445
Other Comprehensive Income/(Expense) for the Year 906,089 394,174 (2,231,176) 3,387,151 7,211,076
Total Comprehensive Income for the Year 60,957,959 45,346,542 28,319,921 21,786,079 43,642,442
Net income for The Year Attributable to:
Parent Entity 55,060,057 41,170,637 28,028,155 16,799,515 27,482,133
Noncontrolling Interests 4,991,813 3,781,731 2,522,942 1,599,413 973,459
60,051,870 44,952,368 30,551,097 18,398,928 28,455,592
Total Comprehensive Income for The Year Attributable to:
Parent Entity 55,916,730 41,604,619 25,638,536 20,121,679 34,655,095
Noncontrolling Interests 5,041,229 3,741,923 2,681,385 1,664,400 1,011,573
60,957,959 45,346,542 28,319,921 21,786,079 35,666,668
Basic and Diluted Earnings Per Share Attributable to Equity
589.93 441.26 601.06 360.18 588.90
Holders of The Parent Entity (full amount of Rupiah)
ANNUAL REPORT 2023 33
Page 36
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Rp Million)
Description 2023 2022 2021 2020 2019
Net Cash (Used In)/Provided by Operating Activities (69,622,480) 99,975,305 129,892,493 109,894,642 23,967,890
Net Cash Provided by/(Used In) Investing Activities 16,010,540 (41,889,931) (132,477,052) (41,558,403) (16,251,888)
Net Cash Provided by/(Used in) Financing Activities 23,470,655 13,329,320 (3,435,459) (14,392,185) (6,872,016)
Net (Decrease)/Increase in Cash and Cash Equivalents (30,141,285) 71,414,694 (6,020,018) 53,944,054 843,986
Effects of Exchange Rate Changes on Cash and Cash
(946,566) 9,843,138 (269,997) 1,411,999 (1,728,922)
Equivalents
Cash and Cash Equivalents at The Beginning of Year 274,889,544 193,631,712 199,921,727 144,565,674 124,677,686
Cash and Cash Equivalents at The End of Year 243,801,693 274,889,544 193,631,712 199,921,727 123,792,750
FINANCIAL RATIOS
Description 2023 2022 2021 2020 2019
Capital
Capital Adequacy Ratio (CAR) 21.48% 19.46% 19.60% 19.90% 21.39%
CAR into Account Credit and Operational Risk 21.69% 19.57% 19.73% 20.16% 22.09%
CAR including Credit, Operational and Market Risk 21.48% 19.46% 19.60% 19.90% 21.39%
Fixed Assets to Capital 23.16% 29.47% 28.04% 29.34% 22.62%
Earning Assets
Non-Performing Earnings Assets and Non-Earnings Assets
0.70% 1.11% 1.63% 1.91% 1.68%
to Total Earnings and Non-Earnings Assets
Non-Performing Earnings Assets to Total Earnings Assets 0.68% 1.09% 1.60% 2.36% 2.15%
Allowance for Impairment Losses for Financial Assets to
2.87% 3.91% 5.04% 5.36% 2.88%
Earnings Assets
Allowance for Impairment Losses on Earning Assets
43,958,509 55,999,971 62,233,447 60,458,260 29,562,191
fulfilment (in Rupiah Million)
Allowance for Impairment Losses on Non-Earning Assets
541,819 539,972 332,415 397,231 369,300
fulfilment (in Rupiah Million)
Gross NPL 1.02% 1.88% 2.81% 3.29% 2.39%
Net NPL 0.29% 0.26% 0.41% 0.43% 0.84%
Ratio of Credit to Total Earning Assets 70.93% 65.08% 67.05% 67.67% 78.10%
Ratio of Core Debtors to Total Loans 29.97% 54.20% 31.04% 31.14% 31.89%
34 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
FINANCIAL HIGHLIGHTS AND FINANCIAL RATIOS
Description 2023 2022 2021 2020 2019
Earnings
Return on Assets (ROA) 4.03% 3.30% 2.53% 1.64% 3.03%
Return on Equity (ROE) 27.31% 22.62% 16.24% 9.36% 15.08%
Net Interest Margin (NIM) 5.25% 5.16% 4.73% 4.48% 5.46%
Operating Expense to Operating Income (BOPO) 51.88% 57.35% 67.26% 80.03% 67.44%
Profit (Loss) to Total Assets Ratio 3.03% 2.40% 1.87% 1.17% 2.25%
Profit (Loss) to Total Equity Ratio 21.43% 17.84% 13.39% 8.06% 13.09%
Liabilities to Total Assets Ratio 85.88% 86.55% 86.00% 85.47% 82.77%
Liabilities to Equity Ratio 608.39% 643.38% 614.41% 588.11% 480.42%
Fee Based Income to Total Operating Income Ratio 31.30% 29.32% 29.20% 28.14% 25.95%
Liquidity
Loan to Deposit Ratio (LDR) 86.75% 77.61% 80.04% 82.95% 96.37%
Macroprudential Intermediation Ratio (RIM) 83.73% 75.98% 78.35% 80.84% 93.93%
Liquid Assets to Total Assets Ratio 11.46% 15.13% 14.60% 17.27% 13.97%
Total Liquid Assets to Short-Term Funding Ratio 15.11% 19.40% 18.76% 22.38% 18.85%
The Ratio of MSMES Loans to Total Loans 8.90% 9.52% 8.82% 7.18% 6.23%
Total CASA (in Rupiah Million) 986,242,957 926,358,185 759,312,828 622,685,004 552,250,444
Liquidity Coverage Ratio (LCR) 176.24% 191.02% 200.56% 217.53% 181.43%
Net Stable Funding Ratio (NSFR) 116.59% 119.93% 126.20% 126.10% 116.56%
Compliance
a. Percentage of Violation of Legal Lending Limit
i. Related Parties 0.00% 0.00% 0.00% 0.00% 0.00%
ii. Third Parties 0.00% 0.00% 0.00% 0.00% 0.00%
b. Percentage of Excess of Legal Lending Limit
i. Related Parties 0.00% 0.00% 0.00% 0.00% 0.00%
ii Third Parties 0.00% 0.00% 0.00% 0.00% 0.00%
Primary Reserve Requirement Rupiah 7.32% 8.53% 3.97% 3.50% 6.21%
Secondary Reserve Requirement Rupiah 19.25% 21.14% 27.57% 23.50% 13.02%
Reserve Requirement Foreign Currencies 4.10% 4.10% 4.10% 4.10% 8.10%
Reserve Requirement LFR 0,68% 0.87% 1.17% 0.00% 0.00%
Net Open Position 1.28% 9.78% 4.27% 0.91% 1.09%
Other Ratios
LLR / Gross NPL (Coverage Ratio) 384.36% 310.98% 261.52% 234.90% 147.69%
Cost to Income Ratio (CIR) 34.36% 38.19% 42.54% 44.89% 45.68%
Profit Before Tax/Employee (in Rupiah Million) 1,611.37 1,224.57 838.30 496.65 830.17
ANNUAL REPORT 2023 35
Page 38
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
OPERATIONAL HIGHLIGHTS
OPERATIONAL PERFORMANCE OF CORPORATE BANKING SEGMENT
(In Rp Million)
Products 2023 2022 2021 2020 2019
Third Party Funds 299,754,584 313,632,966 219,773,632 163,651,031 146,854,572
Current Accounts 256,481,994 260,843,103 173,563,471 120,560,259 100,667,400
Savings 16,495,482 12,153,395 9,012,168 7,086,785 7,451,380
Deposits 26,777,108 40,636,468 37,197,993 36,003,987 38,735,792
Total Credit 409,857,020 364,163,362 333,835,899 309,632,987 329,763,941
Total Fee Based Income 3,198,531 2,792,542 2,211,409 2,436,942 2,258,288
OPERATIONAL PERFORMANCE OF COMMERCIAL BANKING
(In Rp Million)
Products 2023 2022 2021 2020 2019
Third Party Funds 149,761,354 134,931,439 107,986,168 82,758,990 75,664,398
Current Accounts 91,227,532 82,519,567 65,553,114 47,216,651 41,898,718
Savings 21,306,778 15,592,192 10,378,976 8,177,198 10,698,060
Deposits 37,227,044 36,819,680 32,054,078 27,365,141 23,067,620
Total Credit 237,952,186 196,304,490 173,756,396 156,501,772 151,424,144
Total Fee Based Income 973,759 908,999 825,498 679,287 804,199
OPERATIONAL PERFORMANCE OF RETAIL BANKING SEGMENT
(In Rp Million)
Products 2023 2022 2021 2020 2019
Third Party Funds 679,380,210 302,526,234 614,853,074 558,884,289 507,383,373
Current Accounts 115,236,424 101,871,549 89,643,757 68,831,715 60,358,283
Savings 414,655,290 157,981,554 360,351,355 322,109,076 296,554,444
Deposits 149,488,496 42,673,131 164,857,962 167,943,498 150,470,646
Total Loans 358,074,141 322,250,318 284,190,952 262,713,556 275,953,020
Total Fee Based Income 13,331,310 11,703,398 9,979,710 9,377,457 10,181,349
36 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
OPERATIONAL HIGHLIGHTS
OPERATIONAL PERFORMANCE OF TREASURY AND INTERNATIONAL BANKING SEGMENT
(In Rp Million)
Products 2023 2022 2021 2020 2019
Third Party Funds 11,865,642 10,005,241 9,348,764 9,086,812 13,428,580
Current Accounts 4,902,962 5,045,475 4,641,769 4,443,589 8,013,579
Savings 190,222 198,973 220,714 109,541 77,073
Deposits 6,772,458 4,760,793 4,486,281 4,533,682 5,337,928
Total Loans 7,162,500 5,801,787 6,609,657 8,620,596 6,820,070
Total Fee Based Income 3,037,317 3,820,246 6,401,909 5,002,745 4,344,102
OPERATIONAL PERFORMANCE OF GOVERNMENT & INSTITUTIONAL SEGMENT
(In Rp Million)
Products 2023 2022 2021 2020 2019
Third Party Funds 97,894,109 64,974,646 73,099,461 94,575,184 71,744,618
Current Accounts 63,703,665 43,765,257 44,265,271 42,933,853 25,459,231
Savings 1,062,603 850,155 913,213 1,216,337 1,072,276
Deposits 33,127,841 20,359,234 27,920,977 50,424,994 45,243,111
Total Credit 72,741,580 44,119,013 29,720,884 24,577,377 27,027,984
Total Fee Based Income 531,462 409,243 449,635 347,986 390,289
ANNUAL REPORT 2023 37
Page 40
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
SHARES INFORMATION
SHARES TRANSACTION PERFORMANCE
Bank Mandiri Share Price, Volume and Capitalization 2015-2023
Price per Share (Rp)
Total Shares Transaction Market
Year Opening Closing Outstanding Volume Capitalization
Tertinggi Terendah
(Share) (Share) (Rp Trillion)
2023
Quarter I 9,925 10,950 8,900 10,325 46,666,666,666 3,135,250,700 477.02
Quarter II 10,400 10,525 4,950 5,200 93,333,333,332 4,839,504,200 480.48
Quarter III 5,125 6,150 5,125 6,025 93,333,333,332 5,516,568,700 556.71
Quarter IV 6,025 6,200 5,625 6,050 93,333,333,332 4,306,109,100 559.02
2022
Quarter I 7,100 8,100 6,925 7,900 46,666,666,666 3,142,711,100 368.67
Quarter II 7,900 9,075 7,575 7,925 46,666,666,666 4,082,877,600 369.83
Quarter III 7,875 8,850 7,175 9,425 46,666,666,666 2,198,726,700 439.83
Quarter IV 9,325 11,000 9,225 9,925 46,666,666,666 3,205,615,100 463.17
2021
Quarter I 4,650 6,325 6,125 6,150 46,666,666,666 3,667,738,100 287.00
Quarter II 5,025 5,950 5,800 5,900 46,666,666,666 2,637,732,900 275.33
Quarter III 5,100 6,150 6,000 6,150 46,666,666,666 4,809,424,400 287.00
Quarter IV 6,525 7,125 7,025 7,025 46,666,666,666 2,857,196,200 327.83
2020
Quarter I 4,650 4,820 4,450 4,680 46,666,666,666 3,913,769,100 218,40
Quarter II 5,025 5,050 4,950 4,950 46,666,666,666 4,949,912,800 231,00
Quarter III 5,100 5,150 4,860 4,960 46,666,666,666 3,127,719,800 231,47
Quarter IV 6,525 6,525 6,325 6,325 46,666,666,666 3,545,255,800 295,17
2019
Quarter I 7,400 8,050 6,650 7,450 46,666,666,666 3,037,818,600 347.67
Quarter II 7,500 8,125 6,975 8,025 46,666,666,666 2,667,258,100 374.50
Quarter III 8,050 8,175 6,825 6,975 46,666,666,666 2,600,509,300 325.50
Quarter IV 6,900 7,825 6,275 7,675 46,666,666,666 2,656,448,300 358.17
2018
Quarter I 7,975 9,050 7,675 7,675 46,666,666,666 2,391,994,300 358.17
Quarter II 7,575 8,075 6,500 6,850 46,666,666,666 2,471,927,000 319.67
Quarter III 6,975 7,350 6,300 6,725 46,666,666,666 2,181,434,200 313.83
Quarter IV 6,600 7,700 6,200 7,375 46,666,666,666 2,387,837,400 344.17
2017
Quarter I 11,300 11,900 10,900 11,700 23,333,333,333 2,210,511,800 273.00
Quarter II 11,750 12,900 11,400 12,750 23,333,333,333 2,044,842,000 297.50
Quarter III 6,750 6,825*) 6,475*) 6,725*) 46,666,666,666*) 2,135,509,000 313.83
Quarter IV 6,725 8,000 6,600 8,000 46,666,666,666 2,611,076,700 373.33
2016
Quarter I 9,200 10,350 9,100 10,300 23,333,333,333 1,575,788,096 240.33
Quarter II 10,225 10,357 8,700 9,525 23,333,333,333 1,369,132,900 222.25
Quarter III 9,500 11,800 9,400 11,200 23,333,333,333 1,683,095,896 261.33
Quarter IV 11,325 11,575 10,100 11,575 23,333,333,333 1,268,503,900 270.08
2015
Quarter I 10,775 12,475 10,700 12,475 23,333,333,333 1,281,646,000 291.08
Quarter II 12,475 12,275 9,425 10,050 23,333,333,333 1,644,480,096 234.50
Quarter III 10,125 10,400 7,525 7,925 23,333,333,333 1,584,873,000 184.92
Quarter IV 8,000 9,650 7,675 9,250 23,333,333,333 1,296,309,704 215.83
*) Bank Mandiri exercised the corporate action of stock split which became effective as of 6 April 2023
38 PT Bank Mandiri (Persero) Tbk
Page 41
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHARES INFORMATION
SHARE PRICE MOVEMENT CHART
Chart Of Bank Mandiri Stock Price Movements For 2021 – 2023
Stock Opening, Highest Closing, Lowest Closing, and Closing Prices in Every Quarter (IDR)
Bank Mandiri Share Price Performance
Rp
7.000
6.000
5.000
4.000
3.000
2.000
1,000
-
21
21
21
21
22
22
22
22
23
23
23
23
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Opening price per share Highest price per share
Lowest price per share Closing price per share
Bank Mandiri Shares Transaction Volume 2021 – 2023
Bank Mandiri Shares Transaction Volume Bank Mandiri Shares Price and Transaction
2021 – 2023 Volume Movement 2023
Transaction Volume Transaction Volume
Rp Bn Share
9.00 9.00 9.00
8.00 8.00 8.00
7.00 7.00 7.00
6.00 6.00 6.00
5.00 5.00 5.00
4.00 4.00 4.00
3.00 3.00 3.00
2.00 2.00 2.00
1.00 1.00 1.00
- - -
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
Transaction Volume Closing Share Price
Transaction Volume (Bn Shares)
Bank Mandiri Shares Market
Capitalization 2021 – 2023
600,00
500,00
400,00
300,00
200,00
100,00
-
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
Market Capitazation (Rp Tn)
ANNUAL REPORT 2023 39
Page 42
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
CORPORATE ACTIONS
Issuance of Bank Mandiri Euro Medium Term Repayment/Principal Payment of Bank Mandiri
Notes in 2023 Shelf-Registration Bond I Phase I Year 2016
On 4 April 2023, Bank Mandiri issued its fourth Euro Series B
Medium Term Notes (EMTN), with a par value On 30 September 2023, Bank Mandiri has paid off
of USD300,000,000 (full value) on the Singapore the principal of Bank Mandiri Shelf-Registration
Exchange (SGX). Bond I Phase I Year 2016 Series B with a value of
Rp1,500,000,000,000 (one trillion five hundred billion
Issuance of Bank Mandiri Green Shelf- rupiah) through PT Kustodian Sentral Efek Indonesia.
Registration Bonds I Phase I Year 2023
On 4 July 2023, Bank Mandiri issued Bank Mandiri Additional Capital Participation of PT Bank
Green Shelf-Registration Bonds I Phase I Year Syariah Indonesia Tbk
2023 (“Green Bonds I Phase I”) with a par value Bank Mandiri as one of the Controlling Shareholders
of Rp5,000,000,000,000 (five trillion rupiah). Bank of PT Bank Syariah Indonesia Tbk (BSI) has increased
Mandiri Public Offering of Green Shelf-Registration its capital participation to BSI on 19 December
Bonds I Phase I Year 2023 is effective in accordance and 28 December 2022 with a total value of
with Capital Market OJK Letter No. S-137/D.04/2023 Rp2,835,389,057,000 (two trillion eight hundred
dated 21 June 2023. thirty-five billion three hundred eighty-nine million
fifty-seven thousand rupiah). The additional capital
Repayment/Principal Payment of Bank Mandiri participation was carried out to implementing the
Shelf-Registration Bond I Phase III Year 2018 right to Increase Capital with Preemptive Rights
On 21 September 2023, Bank Mandiri has paid off the (HMETD) of BSI. The additional capital participation
principal of Bank Mandiri Shelf-Registration Bond I to BSI is expected to foster BSI’s business and
Phase III Year 2018 with a value of Rp3,000,000,000,000 operational activities as part of the Mandiri Group
(three trillion rupiah) through PT Kustodian Sentral engaged in Sharia financing.
Efek Indonesia.
STOCK TRADING SUSPENSION
AND/OR DELISTING
As of 31 December 2023, Bank Mandiri has not ever
been subjected to any stock trading sanction either
in the form of stock trading suspension and/or stock
delisting.
40 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS, SUKUK OR CONVERSION
BONDS INFORMATION
Nominal Interest Ratings
Bonds Series Due Date
(Rp million) Rate 2023 2022
Rupiah Denominations
30 September
A 1,100,000 7.95%
2021
Bank Mandiri Shelf AAA id
AAA id 30 September
Registration Bond I B 1,500,000 8.50% (Pefindo)
(Pefindo) 2023
Phase I Year 2016
30 September
C 2,400,000 8.65%
2026
A 1,000,000 8.00% 15 June 2022
Bank Mandiri Shelf B 3,000,000 8.50% AAA id 15 June 2024
AAA id
Registration Bond I (Pefindo)
C 1,000,000 8.65% (Pefindo) 15 June 2027
Phase II Year 2017
D 1,000,000 7.80% 15 June 2020
Bank Mandiri Shelf
AAA id AAA id 21 September
Registration Bond I - 3,000,000 8.50%
(Pefindo) (Pefindo) 2023
Phase III Year 2018
Bank Mandiri Shelf A 350,000 7.75% 12 May 2025
AAA id AAA id
Registration Bond II
B 650,000 8.30% (Pefindo) (Pefindo) 12 May 2027
Phase I Year 2020
Bank Mandiri Green A 1,950,000 5.80% 4 July 2026
AAA id
Shelf Registration Bond -
B 3,050,000 6.10% (Pefindo) 4 July 2028
I Phase I Year 2023
Bank Mandiri
idAA idAA
Medium Term Notes - 500,000 8.50% 31 July 2023
(Double A) (Double A)
Subordinated I 2018
Bank Mandiri
Medium Term Notes - 100,000 6.95% idAA (Pefindo) - 23 June 2028
Subordinated II 2023
Foreign Currency Denominations
Euro Medium Term Baa2 (Moody’s) Baa2 (Moody’s)
- USD750,000,000 3.75% 11 April 2024
Notes I 2019 & BBB- (Fitch) & BBB- (Fitch)
Euro Medium Term Baa2 (Moody’s) Baa2 (Moody’s)
- USD500,000,000 4.75% 13 May 2025
Notes II 2020 & BBB- (Fitch) & BBB- (Fitch)
Euro Medium Term
Notes III (Bank Mandiri Baa2 (Moody’s) Baa2 (Moody’s)
- USD300,000,000 2.00% 19 April 2026
Sustainability Bonds & BBB- (Fitch) & BBB- (Fitch)
2021) in 2021
Euro Medium Term Baa2 (Moody’s)
- USD300,000,000 5.50% - 4 April 2026
Notes IV 2023 & BBB- (Fitch)
ANNUAL REPORT 2023 41
Page 44
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
CORPORATE RATING 2023
Rating Agency Ratings Validity
Moody’s (1 March 2023)
Outlook STABLE 1 year
LT Counterparty Risk Rating Baa2
LT Debt Baa2
LT Deposit Baa2
Pefindo (9 February 2023)
Corporate Rating STABLE 1 year
LT General Obligation idAAA
MSCI (23 November 2022)
ESG Rating BB 1 year
Fitch Rating (16 October 2023)
Outlook STABLE 1 year
International LT Rating BBB-
International ST Rating F3
National LT Rating AA+(idn)
National ST Rating F1+(idn)
Viability Rating bb+
Support Rating Floor BBB-
Standard & Poor (7 December 2023)
Outlook BBB-/Stable/A-3 1 year
42 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
ANALYST REPORT
No. Sekuritas Rekomendasi Target Resume Tanggal
1. Indo BUY 8,000 FY23 net profit of Rp55.1trillion (+34% YoY/+16% QoQ) came ahead 31 January
Premier at 110/107% of ours/consensus, the strongest among big 4. Loan 2024
grew 16% YoY while CASA (Current Account/Saving Account) grew
by 7% YoY (savings at 6% YoY) – all are the strongest in the industry.
This proves our re-rating thesis. Cost of Credit stood at 0.9% (still 2x
of BCA) as Loan At Risk dropped to 8.6% vs. BCA’s 7%. Maintain BUY
with higher Target Price of 8,000 based on 2.4x P/B multiple.
We increase our FY24/25F EPS by +12/+14% this also resulted
in higher Target Price of Rp8,000 based on 2.4x P/B multiple. It is
currently trading at 2.0x FY24F P/B (vs. 10Y average of 1.6x) and
9.9x FY24F P/E (vs. 10Y average of 11.9x), we think the strong loan/
CASA growth warrants a re-rating. Risk is weak loan growth and
further NIM compression from tight liquidity.
2. DBS BUY 7,500 BMRI’s ongoing efforts to enhance Livin’ and Kopra in order to drive 31 Januay
Vickers retail and wholesale banking outcomes continue to power growth 2024
across various segments. We also expect BMRI to show continuous
yield improvement due to changes in loan mix and re-repricing
strategy, BSI contribution, and ongoing economy recovery to
support the company’s NIM by expanding 23bps in 2024F to 5.9%.
BMRI is also working to drive CIR down as various digital initiatives
continue to drive efficiency, with a longer term target of ~36%.
With digitalization, BMRI gathered a higher CASA level which also
led to an increased deposit level. Therefore, they can disburse
steady and high loan growth. In our forecast, Mandiri will deliver a
11% YoY loan growth in FY24F while maintaining LDR at 85%.
We believe BMRI will be able to continue delivering ROE
improvement as it tweaked its asset and yield mix and gained
market share through the ecosystem’s value chain growth strategy
and digital innovations, all while working to bring structural costs
down. With these factors, we forecast Mandiri will have an ROE of
23% in 2024F.
Our TP of Rp7,500 implies a 2.5x FY24F P/BV, slightly below +2SD of its
10- year average P/BV. Our TP assumes a ROE of c.23% (prev: 21%),
a growth rate of 9%, and cost of equity of 15% (prev: 14%).
3. CLSA OUTPERFORM 6,700 Mandiri booked 15.6% QoQ earnings growth in 4Q23 driven by 1 February
6% loan growth and a 34% decline in provision expenses, albeit 2024
its margin corrected 11bps. Its FY23 results beat our estimate and
Bloomberg consensus by 10% and 7%. This year is about sustaining
its margin in the midst of continuing tight liquidity in 1H24, while
pushing for low to mid-teen loan growth. Credit costs are also
expected to normalise.
Overall, this was another strong result from Mandiri on the back
of the lower CoC. Key guidance items for 2024 were in-line with
our 24CL estimates, except for loan growth. We factor in a c.11%
growth given it is an election year. If Mandiri could grow loans as
targeted, there is 1.5%-2.5% upside to our 24CL earnings estimates.
ANNUAL REPORT 2023 43
Page 46
MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
EVENT HIGHLIGHTS 2023
January
February
13 January 2023
Bank Mandiri through the Bank
Mandiri CSR Center renovated
5 uninhabitable houses in the
capital city of Jakarta. It is
hoped that with this program,
underprivileged people can 1 – 2 February 2023
have a better quality of life
and can support productive The 2023 Mandiri Investment Forum (MIF) with the theme
community activities. “Prevailing Over Turbulence” was opened directly by President
Joko Widodo and attended by more than 20 thousand
participants from within and outside the country, including more
than 8,500 foreign investors.
3 February 2023
Bank Mandiri cooperates with Wise to provide money transfer
services overseas, it is hoped that with this collaboration
customers can make more convenient, fast and affordable
transactions. Bank Mandiri has a focus on building integrated
financial solutions for customers, and this partnership is a step
towards that focus.
31 January 2023
Exposure to Bank Mandiri’s
9 February 2023
performance in January 2023.
As a step to continue its commitment to support the development
of micro, small and medium enterprises (MSMEs), Bank Mandiri
optimizes the existence of Rumah BUMN (RB) which is part of the
Social and Environmental Responsibility Program (TJSL). One of
the implementations of the optimization strategy is to relocate
the Bogor Rumah BUMN to a more strategic area in the Taman
Kencana Area, Central Bogor.
44 PT Bank Mandiri (Persero) Tbk
Page 47
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EVENT HIGHLIGHTS 2023
March
6 March 2023
In realizing the company’s commitment
to provide financial and investment
services to the public, Bank Mandiri
through Livin’ by Mandiri adds an
investment instrument, namely Initial
Retail Government Securities (SBN) which
can be an attractive investment option
for customers.
7 March 2023
14 March 2023
To increase the digitalization of banking
AGMS of Bank Mandiri. It is reported that Bank
services in the country, Bank Mandiri
Mandiri managed to score solid performance
established synergy with a number of
growth throughout 2022 through a consistent
rural banks (BPR) and Sharia rural banks.
business strategy for potential segments and a digital
This is done to expand public access to
optimization process.
financial services.
April
17 April 2023
To realize its commitment to foster MSME
loans growth through digital services that are
easily accessible to the public, Bank Mandiri
collaborates with financial technology
(Fintech) company PT Berdayakan Usaha
Indonesia (Batumbu). With this collaboration,
Bank Mandiri is expected to expand access to
financing for MSMEs and accelerate financial
inclusion and digital ecosystem among
businesses.
18 April 2023
Public Expose for quarterly financial statements.
ANNUAL REPORT 2023 45
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MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
EVENT HIGHLIGHTS 2023
May
2 May 2023 23 May 2023
To achieve sustainable business
Bank Mandiri once again received appreciation and entered as
growth, Bank Mandiri continues
the best place to work to develop a career in Indonesia according
to accelerate by applying
to LinkedIn Top Companies, ranked first out of 15 other companies.
Environmental, Social and
Governance (ESG) principles. Bank
Mandiri proves its commitment to
Net Zero Emission (NZE) initiated
by the Government of Indonesia
Bank Mandiri presented
through the issuance of Bank
appreciation to the Indonesian
Mandiri Shelf-Registration Public
Women’s Basketball National
Offering (PUB) Phase I of 2023
Team who received a gold
Green Bond with an indicative
medal at the 2023 SEA GAMES
target of Rp5 trillion.
in Cambodia. This is one form of
Bank Mandiri’s commitment to
coaching national basketball
athletes.
24 May 2023
June
16 June 2023
Bank Mandiri is again included in the
World’s Best Bank 2023 list released by
Forbes international economic media and
Bank Mandiri has been named the best
state-owned bank in Indonesia.
28 June 2023
Bank Mandiri received 10 awards from 18 June 2023
Financeasia and became the best bank
in the sustainable bank and ESG category. The implementation of Mandiri Jogja Marathon (MJM)
raises and promotes cultural wealth and local products,
so as to spur tourism development and economic growth
of Yogyakarta Province.
46 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
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EVENT HIGHLIGHTS 2023
July
4 July 2023
Bank Mandiri and the Directorate
General of State Assets (DJKN) agreed
on cooperation in the implementation of
collateral auctions in accordance with
the provisions of Article 6 of Law No. 4 of
1996 on Dependent Rights and Fiduciary
Guarantee Execution Auctions
12 July 2023
Bank Mandiri launched Digital Carbon 31 July 2023
Tracking and Recycled Plastic Cards for
Net Zero Emission 2060 at the Mandiri ESG Public Expose of Quarterly Financial Report II/2023
Festival.
August
1 August 2023 9 August 2023 28 August 2023
Hosting of Mandiri Indonesia The signing of a Memorandum of Mandiri Entrepreneur Expo 2023
Open Understanding with the National which presents 28 booths from
Capital Authority (OIKN) with various local MSMEs, particularly
the aim of facilitating financial the six finalists of the uRBan
transactions for institutions. The Festival and works created by
Memorandum of Understanding elementary school students of
that has been signed is the the WMM Junior finalists. This
initial basis for the preparation of event was held as a commitment
further cooperation agreements to support national economic
which include Payroll Payment growth.
Cooperation, e-Money Co-
branding Cooperation as OIKN
Employee ID Card.
ANNUAL REPORT 2023 47
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EVENT HIGHLIGHTS 2023
September
18 September 2023 18 September 2023 18 September 2023
Bank Mandiri presented Bank Mandiri signed a Bank Mandiri conducts ESG
appreciation to the Central cooperation that made PT Bank activities at TPST Bantar Gebang,
Paskibraka Members. DBS Indonesia and PT Bank which is the largest waste
Mandiri (Persero) Tbk as the book processing site in Asia which
runner and lead arrangers of the stands on an area of 104.7
credit agreement of PT TBS Energi hectares.
Utama Tbk (TBS) worth USD33
million.
October
2 October 2023 7 – 8 October 2023 30 October 2023
Bank Mandiri’s 25th Independent Carnival. Public Expose of Financial Report
Anniversary thanksgiving Quarter III/2023 in which Bank
event. Mandiri set a new record in
Indonesia by penetrating total
assets of Rp2,007 trillion.
48 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EVENT HIGHLIGHTS 2023
November
10 November 2023
Greener Action Money Fest.
21 November 2023
Movement to accelerate inclusive economy
December
5 December 2023
Bank Mandiri signed a cooperation
agreement with the Directorate
General of Immigration of the
Ministry of Law and Human Rights
(Kemenkumham) in developing
services to support the Golden Visa
Program which is one of the main
services of the Directorate General of
Immigration – Kemenkumham RI.
7 December 2023
The 2023 Mandiri Sustainability Forum (MSF) carries
the theme ‘Sustainable Acts: Why Now, What’s
Next?’.
20 December 2023
Public Expose in Desember.
ANNUAL REPORT 2023 49
Page 52
Page 53
Management
Report
Consolidated
Net Profit
Rp
55,06 trillion
grew 33.74% yoy in 2023
from Rp41.17 trillion in
2022
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MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
BOARD OF
COMMISSIONERS
REPORT
The year 2023 marks 25 years since Bank Mandiri’s
establishment, and it has become one of the leading
banks in supporting national economic development
and enhancing the welfare of society, while also
preserving the environment. This has been made
possible with the support of competent Mandirian
workforce equipped with various innovative banking
products, with comprehensive digital-based services
accessible anytime and anywhere. The dedication,
loyalty, and hard work of all Mandirian workforce
have led Bank Mandiri to once again achieve
outstanding performance, surpassing the industry
average, amidst the challenging, dynamic, and
uncertain global and national economic conditions.
The achievements in performance and consistency
in implementing digital business transformation have
placed Bank Mandiri at the forefront of advancing
the nation.
52 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
Muhamad
Chatib Basri
President Commissioner/
Independent
ANNUAL REPORT 2023 53
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BOARD OF COMMISSIONERS REPORT
Dear Distinguished Shareholders and Stakeholders,
Please allow us to begin by expressing gratitude benchmark interest rates, resulting in a decrease
and praise to the Almighty God for His blessings and in aggregate demand and hindered economic
grace, which have enabled all of us, PT Bank Mandiri growth.
(Persero) Tbk, and Indonesia as a whole, to navigate
the year 2023 with its dynamics, challenges, and Global trade volume was ultimately affected and
uncertainties. Hence, at this valuable opportunity, declined. In the World Economic Outlook report of
please allow me, on behalf of the Board of January 2024, the IMF forecasted that the world’s
Commissioners, present the supervisory report on the trade volume in 2023 would only grow by 0.4%, a
management of Bank Mandiri’s business for fiscal significant decrease from 5.2% in 2022. The IMF also
year 2023. released predictions that the global economy in
2023 would grow by 3.1%, down from 3.5% in 2022.
The Board of Commissioners’ report includes our These growth forecast figures increased from the
assessment of the Board of Directors’ performance IMF’s October 2023 forecast of 3.0%.
in managing the company and its basis for
evaluation, supervision of the Board of Directors’ The economies of advanced countries appear to
strategy formulation and implementation, be more pressured by the prolonged geopolitical
perspectives on the company’s business prospects conflicts compared to developing countries,
drafted by the directors and their underlying particularly Emerging Markets in the Asian region.
considerations, and supervision of corporate Through the report, the IMF predicts that the
governance implementation and governing economic growth of advanced countries in 2023 will
structure performance. decrease to 1.6% from 2.6% in 2022, while developing
countries will maintain at 4.1%. Developing countries,
GLOBAL AND NATIONAL including India, China, and Indonesia, on average,
record an increase in growth to 5.4% from 4.5% in
ECONOMIC CONDITIONS 2022.
The prolonged political fragmentation in Europe,
combined with the Israel-Hamas conflict that The realization of the United States (US) economy
erupted in the beginning of the fourth quarter of grew by 2.5% (yoy) in 2023, which is higher than
2023, has led to continued food crises and kept the realization in 2022 at 1.9% (yoy). The faster
global inflation high despite its decline, reaching economic growth of the US than anticipated is
6.8% in 2023 compared to 8.7% in 2022. In order to primarily attributed to the increase in government
contain inflation levels that still remain above the and private spending, coupled with the prolonged
long-term target during 2023, developed countries relaxation of various post-pandemic restrictive
have responded by maintaining the implementation policies compared to other advanced countries.
of high interest rate policies for an extended period Meanwhile, the economies of Eurozone countries
(higher for longer), including the Federal Funds Rate continue to weaken due to the ongoing energy
(FFR). The Fed gradually raised the FFR to 525 basis supply disruptions resulting from the prolonged
points, from 0.25% in January 2022 to around 5.25- conflict between Russia and Ukraine, which keeps
5.50% by the end of December 2023. inflation high and forces the European Central Bank
(ECB) to maintain high interest rates. As a result, the
The increase in the FFR was followed by a rise in economies of Eurozone countries are projected to
long-term bond yields of developed countries, grow only by 0.5% compared to 3.4% in the previous
particularly the US Treasury. This condition has year. Core inflation issues due to high energy prices
triggered capital outflows from emerging markets to are also experienced in the UK, which is predicted
developed countries and significantly strengthened to have its economy grow only by 0.5% compared
the US dollar against various world currencies. To to 4.3% in 2022.
mitigate this, Emerging Market countries raised their
54 PT Bank Mandiri (Persero) Tbk
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BOARD OF COMMISSIONERS REPORT
Meanwhile, the stimulus policies implemented by growth was driven by a 10.05% (yoy) increase in
the Chinese government could provide a cushion working capital loans and a 12.26% (yoy) increase
for the economy to grow better than the previous in investment loans. Based on the user group, in
year. The IMF forecasts that the Chinese economy November, loans to Micro, Small, and Medium
will grow to 5.2% in 2023 from 3.2% in 2022. Enterprises (MSMEs) grew by 8.46% (yoy) while
corporate loans grew by 10.56% (yoy). Third-party
In the midst of the global economic uncertainty funds (TPF) also significantly slowed down, grew only
and high interest rates, but accompanied by the 3.73% (yoy) in 2023 compared to 9.01% (yoy) in 2022.
strengthening of the regional economy, the national
economy continues to show resilience thanks to the Nevertheless, the liquidity position of the banking
implementation of fiscal, macro-prudential, and industry in 2023 remained at an adequate level.
anticipatory monetary policies by the Ministry of The Liquid Assets to Non-Core Deposit and Liquid
Finance and Bank Indonesia. The continuation of Assets to TPF ratios stood at 127.07% and 28.73%,
social assistance programs, coupled with ongoing respectively, in 2023, well above the respective
connectivity infrastructure projects within the thresholds of 50% and 10%. The banking sector’s
National Strategic Projects (PSN), has maintained credit risk, as reflected by the Gross Non-Performing
domestic demand and the purchasing power of the Loan (NPL) ratio, remained stable, decreasing from
society, with inflation under control. 2.44% in 2022 to 2.19% in 2023. The decrease in credit
risk is partly due to the improvement in the quality
To maintain exchange rate stability and the of restructured loans as a result of the pandemic.
momentum of economic recovery in 2023, Bank Furthermore, the capital resilience of the financial
Indonesia (BI) has only raised the benchmark interest services sector increased, with the Capital to
rate (BI Rate) twice, reaching 6.00% as of December Adequacy Ratio (CAR) reaching 27.69% in 2023, up
2023, an increase of only 50 basis points from the from 25.68% in 2022.
2022 position of 5.50%. This decision is supported
by the continued strength of Indonesia’s trade In contrast to the slowdown in banking
balance, which recorded a surplus of US$36.9 billion intermediation, the disbursement of financing
amid the downward trend in the prices of primary receivables by Multifinance companies remained
commodities such as coal, tin, and Crude Palm Oil resilient, recording a growth rate of 14.96% (October
(CPO) over the past year. 2023) compared to 14.18% (YoY) in 2022. This growth
was supported by an increase in working capital,
The surplus in trade over the past few years since investment, and consumer financing by 13.96%,
the pandemic has led to an increase in Indonesia’s 15.75%, and 14.19% (yoy), respectively, in October
foreign exchange reserves, reaching US$146.38 2023. However, financing risk tended to slightly
billion, equivalent to financing for 6.7 months of increase, with the Non-Performing Finance (NPF)
imports or 6.5 months of imports and payments of ratio rising to 2.57% compared to 2.32% in 2022. The
Government’s foreign debt. The strong foundation gearing ratio of the financing companies stood at
of the national economy has led to a 1.10% 2.25 times in October 2023, well below the threshold
appreciation in the value of the Indonesian Rupiah, of 10 times.
reaching Rp15,397/US$, compared to Rp15,568/US$
at the end of 2022. The insurance industry has shown mixed
developments. Total premium collection increased
RESILIENCE OF THE INDONESIAN by Rp19.92 trillion (yoy) as of October 2023, however
Life Insurance premiums decreased by Rp9.74 trillion
FINANCIAL SYSTEM (yoy), while General Insurance premiums increased
The tight competition and reduced liquidity in the by Rp16.96 trillion (yoy) as of October 2023. However,
market, coupled with high interest rates, have the capital resilience of the insurance industry
led to varying performance in the resilience of remained intact, with the Risk-Based Capital (RBC)
the domestic financial system. Bank loans in 2023 for life insurance and general insurance at levels
continued to grow by 10.38% (yoy) in December of 435.98% and 340.5%, respectively, in 2023, both
2023, slightly slower than 11.35% (yoy) in 2022. This exceeding the threshold of 120%.
ANNUAL REPORT 2023 55
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MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
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BOARD OF COMMISSIONERS REPORT
Fundraising in the capital market continued to We have observed that Bank Mandiri has navigated
increase, reaching a total of Rp181.11 trillion from through the challenging and uncertain landscape
new equity and bond issuances. 79 new companies of 2023 while consistently delivering outstanding
raised funds through the capital market, setting a performance, with the majority of its indicators
new record for the Indonesian Stock Exchange (IDX). exceeding the banking industry. For instance,
The stock index also strengthened by 6.62% (year- Bank Mandiri’s consolidated loan balance grew
to-date/ytd) to reach 7,303.89 as of 29 December by 16.29% (yoy), while the gross Non-Performing
2023. Loan (NPL) ratio was successfully kept at 1.02%. In
comparison, the industry’s loan growth and gross
The growth of the Indonesian capital market is NPL ratio reached 11.38% (yoy) in December 2023
supported by the increasing number of investors, and 2.19% in November 2023, respectively.
reaching 12.16 million investors, with the number of
stock investors currently reaching 5.25 million. Amidst increasing competition and declining
liquidity in the third-party funds acquisition market,
Total investors in the capital market reached 10.31 Bank Mandiri also exhibited growth of 5.78% (YoY) in
million in 2023, which is a new milestone for the its third-party funds, surpassing the industry’s growth
industry. The ease of access to capital market rate of 3.80% in 2023. Bank Mandiri’s consolidated
instruments and the expansion of distribution Low-Cost Funds Ratio (Current Account and Saving
channels, especially through digital means, have Account/CASA) also strengthened from 73.42% in
supported a 17.94% (yoy) growth in the number of 2022 to 74.30% in 2023.
investors.
We believe that Bank Mandiri’s excellent
Throughout 2023, COVID-19 bank loan restructuring performance in 2023 is attributable to the
decreased significantly to Rp265.8 trillion from consistent implementation of adaptive strategies
its peak of Rp830 trillion at the end of 2022. This by the Directors, their astute approach in
indicates that the end of the restructuring period is targeting potential segments, and their ability to
approaching, in line with the target to conclude by optimize digital transformation throughout various
March 2024. operational phases. As a result, Bank Mandiri’s
efficiency level increased, driving business volume
BOARD OF DIRECTORS’ growth across all segments and enabling the Bank
to close 2023 on a high note. Notably, Bank Mandiri
PERFORMANCE ASSESSMENT achieved a consolidated net profit of Rp55.06 trillion,
The Board of Commissioners’ assessment on the Board representing a remarkable growth rate of 33.74%
of Directors’ performance is reflected in the Key (yoy).
Performance Indicators (KPIs) of the Directors, both
individually and collectively, which are presented
to the Shareholders through the mechanism of the
General Meeting of Shareholders (GMS).
The Board of Commissioners evaluates that
the Directors have performed their duties and
responsibilities exceptionally well during 2023, as
evidenced by the overall performance of the
Company, which has met the targets set in the
Corporate Work Plan and Budget (RKAP) and other
established criteria, resulting in a total score of
107.28%.
56 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
BOARD OF COMMISSIONERS REPORT
OVERSIGHT IN THE STRATEGY BUSINESS PROSPECTS
FORMULATION AND DEVELOPED BY THE BOARD OF
IMPLEMENTATION BY THE BOARD DIRECTORS
OF DIRECTORS The global economy in 2024 is anticipated to remain
uncertain due to ongoing geopolitical conflicts and
Referring to OJK Regulation No. 5/POJK.03/2016
relatively high interest rates aimed at addressing
regarding Bank Business Plans, the Board of
inflation. However, with the decline in energy prices
Commissioners oversees the implementation
resulting from monetary tightening in 2023, inflation
of the Bank Business Plan (RBB), which includes
is expected to decrease, accompanied by lower
management policies and strategies. We submit
interest rates. These developments will lead to varied
the Supervision Report on the Implementation of
growth rates across different regions.
RBB to the Financial Services Authority (OJK) every
semester. The Board of Commissioners also submits
According to the IMF’s World Economic Outlook
a Supervision Report on the achievement of the
Report in January 2024, the economic growth
Company’s performance and KPIs to the Ministry
of the United States is projected to slow down to
of State-Owned Enterprises (SOES) as the Series A
2.1% in 2024 from 2.5% due to the tight monetary
Dwiwarna Shareholder on a quarterly basis.
policy implemented since 2022, fiscal tightening,
and a decrease in the labor market as aggregate
The reports on the supervision of the Bank Business
demand declines. However, this decline will be
Plan implementation presented to the OJK and the
offset by increased economic growth in Europe, due
Responses on Performance Achievement and KPIs
to energy subsidies, decreasing inflation, and lower
of the Company submitted to the Ministry of SOEs
benchmark interest rates. The growth of developing
include assessments on:
countries in Asia will be affected by China’s slowing
1. The assessment of the Board of Commissioners
growth, however this will be compensated by the
on the implementation of Bank Mandiri’s Business
strong economies of India and other emerging
Plan, encompassing both quantitative and
countries in the region, resulting in a growth rate
qualitative aspects concerning the realization
of 4.1% in 2023. Overall, global economic growth
of the Business Plan.
is projected to remain at 3.1%, but global inflation
2. The assessment of the Board of Commissioners
is projected to decrease from 6.8% to 5.8% in 2024,
on the factors influencing Bank Mandiri’s overall
primarily due to the decline in energy and food
performance, particularly capital factors,
prices.
earnings, risk profiles, especially credit risk,
market risk, and liquidity risk.
In the midst of global economic dynamics and
3. The assessment of the Board of Commissioners
uncertainties, Indonesia’s economy is expected
regarding efforts to improve the performance
to continue to grow positively. The consistency in
of Bank Mandiri indicates a decline in
implementing macro-prudential policies by the
performance, as mentioned in point 2 above.
Ministry of Finance and accommodative and
responsive monetary policies implemented by Bank
The assessments made by the Board of
Indonesia have been supporting the strength of
Commissioners on points 1-3 are complemented
Indonesia’s economy. Several factors that will have
by evaluations of external factors that impact Bank
a positive impact on Indonesia’s economy in 2024
Mandiri’s performance.
and the following years include improved domestic
consumption, realization of private and government
investments, continued infrastructure connectivity
and telecommunications development, and the
peaceful conduct of elections.
ANNUAL REPORT 2023 57
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Downstreaming is expected to continue, not only external assessments such as the ASEAN Corporate
limited to nickel but also to other basic primary Governance Scorecard (ACGS) and Corporate
commodities, particularly CPO, copper, bauxite, Governance Perception Index (CGPI) during 2023.
tin and others, which will strengthen the balance
of trade. The marine fishery industry, which has yet Here is a summary of the assessment results of Bank
to be tapped, is expected to be developed in the Mandiri’s governance implementation in 2023:
future. All of these potentials will have a significant
impact over different time periods, be it the short, • Individual Governance Self-Assessment
medium, or long term. The self-assessment of Individual Governance
implementation was conducted based
Referring to these indicators and various on POJK No. 17/2023 and SEOJK No.
achievements in 2023, coupled with the latest 13/POJK.03/2017 regarding Corporate
consumer confidence and PMI surveys, Bank Governance Implementation for Commercial
Indonesia and the government agree that Banks. The self-assessment was conducted
Indonesia’s economy will continue to grow above twice a year (June and December).
5% in 2024, with a range between 4.7% and 5.5%,
accompanied by controlled inflation at around The self-assessment results for the first semester
3%. The IMF, in its World Economic Outlook 2024, of 2023 obtained a score of 1 (one), then
also projected Indonesia’s economic growth to be receiving feedback from the OJK with a score
around 5.0%, relatively similar to the growth in 2023. of 2 (two). This indicates that Bank Mandiri’s
management has generally implemented
Considering the dynamics of the global and good corporate governance practices,
national economies, and taking into account the as reflected in the adequate fulfillment
work plans and strategic plans developed by the of governance principles. In the second
Board of Directors for the period 2024, as well as the semester of 2023, the self-assessment score for
outstanding performance of Bank Mandiri in 2023, individual governance was 1 (one), reflecting
the Board of Commissioners believes that there the excellent implementation of corporate
remains room for Bank Mandiri and its subsidiaries governance by Bank Mandiri. Bank Mandiri
to grow sustainably in every line of business. As has not received feedback from OJK for the
such, we encourage all members of the Board of self-assessment of the second semester of
Directors to collectively strengthen the foundation 2023.
of growth, optimize digital transformation, enhance
business synergy among all subsidiaries by improving • Integrated Governance Self-Assessment
the quality of risk mitigation, and prioritize the The self-assessment of Integrated Governance
implementation of best corporate governance implementation was conducted based
practices at every operational phase. on POJK No. 18/POJK.03/2014 and OJK
Circular No. 15/sEOJK.03/2015 regarding
OVERSIGHT OF CORPORATE Integrated Governance. The self-assessment
was conducted twice a year (June and
GOVERNANCE IMPLEMENTATION December) and involved all Financial Service
The Board of Commissioners acknowledges that Bank Institutions (LJK) within the Bank Mandiri
Mandiri is committed to consistently implementing Financial Conglomeration.
best corporate governance practices throughout its
operational activities. This commitment is reflected
in the results of self-assessment of Individual
Governance, Integrated Governance, and
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The self-assessment results for both the • Corporate Governance Perception Index
first and second semesters of Integrated Bank Mandiri participated in the research
Governance implementation received and ranking program of the Corporate
a score of 1 (one). This indicates that the Governance Perception Index (CGPI) in
Financial Conglomeration has implemented 2023, with the theme of “Building Agility within
excellent integrated governance practices, the Framework of Corporate Governance.”
as reflected in the highly adequate fulfillment The assessment process of CGPI includes
of integrated governance principles. If there self-assessment, document completeness
are any weaknesses in the implementation evaluation, and observation. The aspects
of Integrated Governance principles, they assessed in CGPI include Governance
are generally minor and can be promptly Structure, Governance Process, and
addressed through normal actions and Governance Outcome.
improvements by the Parent Entity and/or
LJKs within the Financial Conglomeration.
• ASEAN Corporate Governance Scorecard
Bank Mandiri has adopted the assessment
of corporate governance implementation
based on the principles developed by the
Organization for Economic Cooperation and
Development (OECD) and agreed upon by
the ASEAN Capital Market Forum (ACMF),
known as the ASEAN Corporate Governance
Scorecard (ACGS).
Bank Mandiri’s participation in CGPI in 2023
score marks its 20th participation since 2003, and Bank
Mandiri has maintained the title of a “The Most
95.22 Trusted” company for 17 consecutive times, with
a score of 95.22.
Advisory Mechanisms to the Board of Directors
In addition to overseeing the management of the Company by the Board of Directors, the Board of
Commissioners also carries out periodic monitoring and provides advice to the Board of Directors. The
monitoring and advisory duties are carried out by the Board of Commissioners’ Supporting Committees.
The monitoring and advisory mechanisms are implemented through meetings organized by the Board
of Commissioners and joint meetings between the Board of Commissioners and the Board of Directors.
During 2023, the Board of Commissioners held 29 Internal Meetings, 12 Joint Meetings between the Board
of Commissioners and the Board of Directors, 28 Audit Committee meetings, 25 Risk Monitoring Committee
meetings, 12 Remuneration and Nomination Committee meetings, and 6 Integrated Governance Committee
meetings. The number of each Board of Commissioners meeting has met or even exceeded the minimum
ANNUAL REPORT 2023 59
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BOARD OF COMMISSIONERS REPORT
requirements as stipulated in OJK Regulation No. As a precautionary measure against declining
17/2023 on the Implementation of Corporate macroeconomic stability, worsening climate change
Governance for Commercial Banks. impacts, and the accompanying social conditions,
Bank Mandiri has regularly conducted stress testing
Anti-Corruption Policy and Anti- both individually and in collaboration with its
subsidiaries, based on macroeconomic scenarios
Fraud Strategy Implementation developed by the Office of Chief Economist, taking
To support the ongoing efforts to combat corruption, into account scenarios of increased climate-related
in 2023 Bank Mandiri obtained the ISO 37001:2016 risks and social conditions.
Anti-Bribery Management System certification on 13
October 2023, which has been expanded to include Bank Mandiri has also updated its Recovery Plan,
Procurement, Vendor Management, and Internal particularly the Recovery Options, to prevent,
Audit Processes. restore, and improve the Bank’s financial condition
and business continuity in the event of financial
Furthermore, to comply with OJK Regulation No. 39/ stress, as regulated by OJK Regulation No. 14/
POJK.03/2019 on the Implementation of Anti-Fraud POJK.03/2017 on Recovery Plan for Systemic Banks.
Strategy for Commercial Banks, and as part of the Bank Mandiri also has a Resolution Plan in place as
continuous improvement of Internal Control Policy, a precaution in case the recovery efforts outlined in
Bank Mandiri continues to develop and refine these the Recovery Plan fail to restore the Bank’s condition
provisions. The improvement of the Internal Control to meet the minimum regulatory requirements as
Policy is also carried out in every related policy, stipulated in LPS Regulation No. 1 of 2021 regarding
such as Standard Operating Procedures (SOPs), the Resolution Plan for Commercial Banks.
Operational Technical Instructions (OTIs), and other
regulations. Bank Mandiri’s Anti-Fraud Strategy The Board of Commissioners assesses that Bank
encompasses four pillars: Mandiri has actively identified, measured, monitored,
1. Pillar 1 (Prevention) includes Anti-Fraud and controlled Mandiri Group’s risks through self-
Awareness, such as the dissemination of an assessment, using an integrated information system
Anti-Fraud Statement, Employee Awareness called the Risk Assessment Consolidation Generator
Program, and Customer Awareness Program; (RACER) System, to support the implementation of
Vulnerability Identification, such as the such self-assessment.
application of Risk Management principles;
and Know Your Employee (KYE) Policy. The proposals of the self-assessment results
2. Pillar 2 (Detection) includes the Whistleblowing of Consolidated/Integrated Risk Profile and
System-Letter to CEO; Fraud Detection System; Consolidated RBBR are recommended by the
Surprise Audit; and Surveillance System. Integrated Risk Committee (IRC) and approved by
3. Pillar 3 (Investigation, Reporting, Sanctions, and the Risk Management & Credit Policy Committee
Legal Processes). (RMPC) Category A. Subsequently, the approved
4. Pillar 4 (Monitoring, Evaluation, and Follow-up self-assessment results of Consolidated/Integrated
Actions). Risk Profile and Consolidated RBBR are reported
to the Regulator and submitted to the Integrated
Risk Management Practices Governance Committee.
The Bank’s risk management is governed by a Bank
Risk Management Policy, which is formulated with Internal Control System
reference to regulations from the Central Bank and
the Financial Services Authority, Basel requirements,
Effectiveness
The Board of Commissioners has the authority
the implementation of IFRS S2 Climate Related
to approve the Internal Control System (ICS)
Disclosures, and other international best practices.
established by the Board of Directors. The Board
This policy is periodically reviewed to anticipate
of Commissioners, through the Audit Committee,
changes in business conditions, regulations, the
actively evaluates the ICS by reviewing the results of
Bank’s internal conditions, and the social and
internal audits.
environmental impact.
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BOARD OF COMMISSIONERS REPORT
Based on the evaluations conducted throughout Based on the work programs outlined in the
2023, we confidently believe that Bank Mandiri’s 2023 Annual Plan, the Board of Commissioners
ICS is sufficiently adequate and effective. However, assesses that all four Committees of the Board of
we also acknowledge the need for continuous Commissioners have executed their duties and
improvement in line with the expanding scale of functions effectively. The Board of Commissioners
operations and the increasingly complex challenges has received all recommendations from each
that need to be anticipated and addressed. committee, which have served as considerations
in the decision-making process regarding proposals
View on Whistleblowing System from the Board of Directors, as well as in the
formulation of guidance and recommendations to
Implementation be implemented by the Board of Directors.
Bank Mandiri has implemented a whistleblowing
policy and mechanism, known as the Letter to The Board of Commissioners believes that the Reports
CEO (WBS-LTC), to promote the implementation and Recommendations from the committees
of the code of conduct and support the Anti- have been prepared based on sufficient in-depth
Fraud Strategy program. The WBS-LTC has been analysis of each topic discussed, due to various
implemented since 2009, with continuous updates meetings, discussions, and even site visits to gather
through Operational Technical Instructions. The most information from the first party. We also note that
recent update occurred on 3 October 2022. the four committees have had good and intensive
communication with relevant parties in discussing
The management of the WBS-LTC involves emerging issues within Bank Mandiri and following up
independent parties to create a safe environment on the progress of recommendations and decisions
that encourages employees and stakeholders to made by the Board of Commissioners. The following
report violations. Whistleblowers can choose to are summary of the activities carried out by each
provide their full identity or remain anonymous (with Committee of the Board of Commissioners.
identity known only to the independent party).
Furthermore, in 2023, Bank Mandiri enhanced The Audit Committee is responsible for providing
the quality of WBS-LTC management by opening opinions to the Board of Commissioners regarding the
access to the Corruption Eradication Commission’s reports and/or other matters presented by the Board
Whistleblowing System (KWS) to report Corruption of Directors, as well as identifying areas that require
Crimes (TPK), as part of the implementation of the Anti- the attention of the Board of Commissioners in the
Corruption Strategy and Bank Mandiri’s commitment areas of Financial Reporting, Internal Controls, and
to prevent and combat corruption. With these Compliance. The activities of the Audit Committee
developments, the Board of Commissioners believes during 2023 were as follows:
that Bank Mandiri has effectively implemented the 1. Held 28 Audit Committee meetings, including
WBS throughout 2023. drafting meeting minutes.
2. Conducted 107 internal discussions, discussions
Board of Commissioners’ with relevant Units, and joint discussions with the
Risk Oversight Committee, including drafting and
Committees Assessment documenting discussion minutes.
In carrying out their duties of providing guidance, 3. Reviewed both in-house/unaudited and audited
supervision, monitoring, and advice on the financial reports and information to be published.
management of the Company, the Board of 4. Reviewed more than 30 Reports/ Proposals/
Commissioners is assisted by four Supporting Directors’ Submissions requiring written approval
Committees. These committees are the Audit from the Board of Commissioners and prepared
Committee, Remuneration and Nomination recommendations.
Committee, Risk Oversight Committee, and 5. Compiled 4 quarterly reports on the activities of
Integrated Governance Committee. Bank Mandiri the Committee and presented them to the Board
has periodically reviewed all of the Charters of these of Commissioners.
Supporting Committees. 6. Prepared the Evaluation Report on the
Implementation of the Provision of Audit
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Services for the Bank Mandiri’s Annual Historical Apart from the nomination system, the Remuneration
Financial Information for the Fiscal Year 2022 by and Nomination Committee has also assisted the
Tanudiredja, Wibisana, Rintis & Rekan (PwC). Board of Commissioners in proposing a suitable
7. Conducted 5 site visits, including preparing the remuneration system for the Directors and Board
Site Visit Report. of Commissioners of Bank Mandiri, including salary/
8. Prepared the Audit Committee’s Work Plan for honorarium, facilities/allowances, and bonuses for
2024. 2023.
9. All Committee members have participated in
at least 1 competency development activity
related to Banking/Audit. The Risk Oversight Committee was established to
assist the Board of Commissioners in carrying out
The Remuneration and Nomination Committee was the oversight and advisory roles to ensure that the
established to assist the Board of Commissioners in Bank’s risk management practices continue to
carrying out the supervision function and ensure meet the adequacy principles of risk management
that the process of nominating strategic positions procedures and methodologies, thereby maintaining
in management and determining remuneration the Bank’s business activities within acceptable limits
is done objectively, effectively, and efficiently, in and profitability.
accordance with OJK Regulation.
The following were activities of the Risk Oversight
In 2023, as stipulated in the Committee’s Charter, Committee during 2023:
through discussions held in 12 meetings, the Bank 1. Held 25 Risk Monitoring Committee meetings,
Mandiri Remuneration and Nomination Committee including preparing and documenting meeting
has provided recommendations/proposals for minutes.
qualified candidates as Members of the Board 2. Conducted 85 internal discussions, discussions
of Commissioners and Directors of Bank Mandiri with relevant Units, and joint discussions with
to the Board of Commissioners for submission the Audit Committee, including preparing and
to the General Meeting of Shareholders. These documenting discussion minutes.
recommendations are obtained through a series 3. Reviewed more than 25 reports, including Risk
of processes carried out by the Remuneration and Profile Reports, Bank Soundness Rating Reports,
Nomination Committee, including the formulation Individual Debtor Reports with Credit Limits of
of policy, criteria, and qualifications required in the over Rp3 trillion, Wholesale Segment Watchlist
nomination process for candidates for Members Debtor Reports, and Anti-Fraud Strategy
of the Board of Commissioners and Directors that Implementation Reports.
align with the Company’s strategic plan. The 4. Reviewed more than 15 Proposals/Submissions
Remuneration and Nomination Committee also from the Board of Directors requiring written
assists the Board of Commissioners in obtaining and approval from the Board of Commissioners.
analyzing data on potential Director candidates
from the talent pool of officials one level below the
Board of Directors, as well as identifying qualified
candidates for the Board of Commissioners.
62 PT Bank Mandiri (Persero) Tbk
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5. Compiled 4 quarterly reports on the activities Changes in the Board of
of the Committee and presented them to the
Board of Commissioners. Commissioners Composition
6. Conducted 6 site visits, including preparing the Pursuant to the decision of the Annual GMS held
Site Visit Report. on 14 March 2023, there have been changes
7. Developed the Risk Monitoring Committee’s in the composition of the Company’s Board of
Work Plan for 2024. Commissioners. The Annual GMS has respectfully
8. All Committee members have participated in discharged Mr. Boedi Armanto of his duties as an
at least 1 competency development activity Independent Commissioner and subsequently
related to Banking/Risk Management. appointed Mr. Heru Kristiyana and Mr. Zainudin
Amali as Independent Commissioners.
The Integrated Governance Committee was
established to assist the Board of Commissioners in The termination of Mr. Boedi Armanto’s position is a
carrying out oversight duties and functions in the result of the expiration of his term on 14 March 2023,
Governance implementation at each Financial in line with the decision made during Bank Mandiri
Services Institution (LJK) within the Bank Mandiri Annual GMS. The Board of Commissioners expresses
Financial Conglomeration to align with the Integrated its utmost appreciation to Mr. Boedi Armanto for
Governance Guidelines and the implementation of his dedication and contributions during his tenure.
duties and responsibilities of Bank Mandiri’s Board Additionally, the Board of Commissioners extends
of Directors. The committee also serves to provide a warm welcome to Mr. Heru Kristiyana and Mr.
guidance or advice to the Bank Mandiri Board of Zainudin Amali, as they join us on the journey ahead
Directors on the implementation and evaluation of for Bank Mandiri.
the Integrated Governance Guidelines, as well as to
provide direction for improvements. Based on the Annual GMS decision held on 14 March
2023, the composition of Bank Mandiri’s Board of
The Integrated Governance Committee has Commissioners currently consists of 11 members,
conducted the following activities in 2023: comprising 1 President Commissioner/Independent,
1. Held 6 Integrated Governance Committee 1 Vice President Commissioner/Independent, 4
meetings, including preparing Minutes of Independent Commissioners, and 5 Commissioners.
Meeting. All members of the Board of Commissioners are
2. Conducted 8 internal discussions and discussions based within the working area of Bank Mandiri’s
with relevant Work Units. Head Office.
3. Evaluated the adequacy of the implementation of
integrated internal controls, compliance, and risk Following the Annual GMS held on 14 March
management, and provided recommendations 2023, the composition of the Company’s Board of
for future improvements. Commissioners is as follows.
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Appointment
Name Position Effective Date Period
References
President Commissioner/ Annual GMS dated 19 09 December
Muhamad Chatib Basri 2019 - 2024
Independent February 2020 2019
Vice President Commissioner/ Annual GMS dated 19
Andrinof A. Chaniago 23 June 2020 2020 - 2025
Independent February 2020
Loeke Larasati Annual GMS dated 19 2 September
Independent Commissioner 2020 - 2025
Agoestina February 2020 2020
Annual GMS dated 10
Muliadi Rahardja Independent Commissioner 22 June 2022 2022 - 2027
March 2022
Annual GMS dated 14
Heru Kristiyana*) Independent Commissioner 21 August 2023 2023 - 2028
March 2023
Annual GMS dated 14 06 November
Zainudin Amali*) Independent Commissioner 2023 - 2028
March 2023 2023
Extraordinary GMS 12 February
Rionald Silaban Commissioner 2019 - 2024
dated 28 August 2019 2020
Annual GMS dated 19
Faried Utomo Commissioner 04 August 2020 2020 - 2025
February 2020
Annual GMS dated 19
Arif Budimanta Commissioner 4 August 2020 2020 - 2025
February 2020
Annual GMS dated 19
Nawal Nely Commissioner 24 August 2020 2020 - 2025
February 2020
Muhammad Yusuf Annual GMS dated 15
Commissioner 18 August 2021 2021 - 2026
Ateh March 2021
*) Appointed as Independent Commissioner at the Annual GMS dated 14 March 2023.
APPRECIATION
All members of the Board of Commissioners and I would like to express our full appreciation to the entire Board
of Directors and all Mandiri employees for their strong determination and dedication in carrying out their
duties throughout 2023. With the support and aspirations, Bank Mandiri has been able to navigate through
the challenging, dynamic, and uncertain 2023, achieving outstanding and commendable performance. This
further strengthens the foundation of the Bank as a preparation to seize every opportunity available and to
subsequently achieve the best performance in the future.
Representing the Board of Commissioners, we would also like to express our gratitude to the Shareholders,
Customers, and other Stakeholders for their trust and support, which have enabled Bank Mandiri to navigate
through 2023 with remarkable performance. This further strengthens our confidence that Bank Mandiri will be
able to journey and overcome the challenges of 2024 and beyond with optimism.
Jakarta, February 2024
On Behalf of the Board of Commissioners
Muhamad Chatib Basri
President Commissioner/Independent
64 PT Bank Mandiri (Persero) Tbk
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11 10 09 08 01
01 Muhamad Chatib Basri 02 Andrinof A. Chaniago 03 Loeke Larasati Agoestina
President Commissioner/ Vice President Commissioner/ Independent Commissioner
Independent Independent
07 Zainudin Amali 08 Nawal Nely 09 Rionald Silaban
Independent Commissioner Commissioner Commissioner
ANNUAL REPORT 2023 65
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02 03 04 05 06 07
04 Faried Utomo 05 Muliadi Rahardja 06 Heru Kristiyana
Commissioner Independent Commissioner Independent Commissioner
10 Arif Budimanta 11 Muhammad Yusuf Ateh
Commissioner Commissioner
ANNUAL REPORT 2023 66
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Board of
Directors
REPORT
Bank Mandiri has demonstrated its strong fundamentals
after weathering a challenging and uncertain year of
2023, achieving impressive performance milestones. The
Bank’s assets continued to grow, reaching Rp2.174 trillion,
driven by double-digit loan growth of 16.3% yoy with
maintained quality. Despite a weakening third-party funds
growth in the banking industry, Bank Mandiri managed to
achieve a 5.8% yoy growth, owing primarily by the growth
of low-cost funds. Notably, Bank Mandiri’s bank-only low
cost of funds ratio reached an impressive 79.4%, enabling
the Bank to maintain a low cost of funds at 1.91% by
the end of 2023. Bank Mandiri’s commitment to digital
transformation has also improved operational efficiency.
As a result, the Bank recorded a consolidated net profit
of Rp55.1 trillion, representing a significant growth of
33.7% yoy. Moreover, Bank Mandiri successfully delivered
innovative digital financial products and services, catering
to the diverse needs of customers across various segments,
including both wholesale and retail banking. Bank Mandiri
exceptional achievements throughout 2023 is presented
in this report titled “The Resilient Industry Leader: Always
Deliver, Always Ahead”.
67 PT Bank Mandiri (Persero) Tbk
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Darmawan
Junaidi
President Director
ANNUAL REPORT 2023 68
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Dear Esteemed Shareholders and Stakeholders,
First and foremost, we would like to extend our (FFR) as of December 2023 stood at a level of 5.25%
gratitude and praises to the Almighty God for His - 5.50%, an increase of 525 basis points (bps) from
abundant blessings, which have enabled PT Bank 0.25% in January 2022. The global interest rate hike
Mandiri (Persero) Tbk to successfully navigate is expected to be followed by long-term tenors
through the dynamic and uncertain year of 2023, with an increase in the yield of bonds of developed
achieving remarkable growth and performance. countries, particularly the United States (US Treasury).
This achievement aligns with Bank Mandiri’s mission This condition certainly triggers outflows of foreign
to provide reliable, simple, and trustworthy digital capital from Emerging Markets to developed
banking solutions that become an essential part of countries and drives significant strengthening of the
our customers’ lives. US dollar against various world currencies.
The cessation of the pandemic in 2023 did not result These conditions led the IMF, through the World
in an instantaneously favorable environment. The Economic Outlook report as of January 2024, to
governments and businesses in various countries forecast global economic growth in 2023 to reach
continued to exert considerable effort in addressing only 3.1% (yoy), decreased from 3.5% in 2022. High-
the numerous crises precipitated by the pandemic interest rate policies have caused economic growth
of the previous two years. Simultaneously, a number in advanced countries to decline to 1.6% (yoy),
of factors including prolonged geopolitical tensions however the economies of developing countries
in the Middle East, high inflation stemming from food have remained at the level of 4.1% (yoy) in 2023
and energy crises, and the implementation of high- compared to the previous year. World trade volume is
interest rate policies by numerous nations, presented also forecasted to weaken, with a growth projection
the world with new and more complex challenges. of 0.4%, significantly lower than the achievement of
As a consequence, the rate of worldwide These 5.2% in 2022.
factors have led to a slowdown in global economic
growth and ultimately a decrease in demand for In its release, the IMF also predicted global inflation,
goods and services. although it is starting to decline, it remains at a high
level, around 6.8% from 8.7% in 2022. This condition
Nevertheless, Bank Mandiri has successfully caused the Global Manufacturing PMI for 2023,
weathered these conditions through the delivery according to J.P. Morgan and S&P Global, to show a
of various performances that bolstered the Bank’s weakening trend and linger in the contraction zone
foundation and firmly established its position as the (below 50.0), decreasing from the previous level of
leading Wholesale Bank. As Bank Mandiri Board of 49.3 in November 2023 to 49.0 in December 2023.
Directors, it is our honor to present the management
report for the 2023 fiscal year. Amidst the uncertainty and turmoil in the global
economy, the national economy continues to
GLOBAL AND NATIONAL demonstrate resilience by recording positive
growth. By the end of the fourth quarter, Indonesia’s
ECONOMIC CONDITIONS economy registered a growth of 5.05% (yoy), driven
The prolonged conflict between Russia and by most sectors. The sectors that posted significant
Ukraine, coupled with the Israel-Hamas conflict growth were Transportation and Warehousing by
since the second half of 2023, has hindered global 14.74%, followed by Other Services by 11.14%. On
economic growth due to persistent high inflation, the other hand, Indonesia’s economic growth in
leading central banks of various major countries, the third quarter of 2023 was supported by private
including the United States Federal Reserve (The consumption, including the consumption of the
Fed), implementing a prolonged high-interest rate younger generation, as well as the continued
policy (higher for longer). The Federal Funds Rate
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realization of National Strategic Projects (PSN). The COVID-19 banking restructuring loans also
The national inflation rate has been successfully significantly declined, with the position staying
managed and decreased to 2.61% from 5.51% in the at Rp265.8 trillion, decreased from Rp469 trillion
previous year. at the end of 2022. This suggests that the trend of
lowering restructuring loans continues in line with
Responding to the implementation of high-interest the government’s target, and that the restructuring
rates by The Fed and other advanced economies, period for COVID-19-affected loans may conclude
but considering the low inflation rate, Bank in 2024.
Indonesia (BI) only raised the BI 7-Day Reverse Repo
Rate (BI7DRR) to 6.00% from 5.50% per December The improvement in loan quality can counterbalance
2023. BI’s decision was made to maintain exchange the increase in loans in 2023. This is reflected in the
rate stability while also preserving the momentum Gross Non-Performing Loan (NPL) ratio, which was
of national economic growth. The combination reduced to 2.38% in 2023, down from 2.44% in 2022.
of macroprudential policy implementation by the Meanwhile, the Capital Adequacy Ratio (CAR)
Ministry of Finance and monetary flexibility from Bank strengthened from 25.68% in 2022 to 27.97% in 2023.
Indonesia resulted in Indonesia’s trade balance
recording a surplus of US$36.9 billion, leading to Banking Third-Party Funds (TPF) only grew by 3.8%
foreign exchange reserves reaching US$146.38 (yoy) in 2023, driven by increases in demand
billion at the end of 2023, equivalent to financing for deposits, savings, and time deposits, each grew by
6.7 months of imports or 6.5 months of imports and 2.96% (yoy), 2.57%, and 3.50% (yoy) respectively, as
government external debt payments, and above of November. Meanwhile, the liquidity of the banking
the international adequacy standard of around 3 industry was well maintained at adequate levels.
months of imports. The Liquidity Ratio to Non-Core Deposit (AL/NCD)
and Liquidity Ratio to TPF (AL/TPF) were recorded at
The strength of the economic foundation resulted 127.07% and 28.73% in 2023, respectively, far above
in the exchange rate of the Indonesian rupiah the threshold limits of 50% and 10%, respectively.
by the end of December 2023 at Rp15,399/USD,
appreciating by 1.10% from Rp15,568/USD at the The Indonesian capital market expanded robustly,
end of 2022. notwithstanding the numerous obstacles posed by
the global economic climate. This is reflected in the
NATIONAL BANKING AND NON- performance of the Composite Stock Price Index
(JCI), which continued to rise, reaching the level of
BANK FINANCIAL INDUSTRY 7,272.8 on 29 December 2023, an increase of 6.16%
OVERVIEWS from the position on 30 December 2022. Meanwhile,
market capitalization reached Rp11,708.0 trillion in
The national banking performance exhibited strong
2023, an increase of 22.86% compared to the end
results in 2023, specifically with regard to financing
of 2022 figure of Rp9,529.86 trillion, and also briefly hit
(lending), fund raising, and profit generation. The
a new record of Rp11,792.0 trillion on 28 December
Financial Services Authority (OJK) data stated that
2023.
bank loans increased by 10.4% year on year (yoy)
in December 2023. This growth was driven by an
The continued recovery of the Non-Bank Financial
increase in working capital loans of 10.14% (yoy)
Industry (IKNB) is evident in the insurance and
in November, investment loans of 9.25% (yoy), and
financing company (multifinance) sectors.
consumer loans of 9.40%. According to the user
Multifinance financing receivables grew 14.96%
group, loans to Micro, Small, and Medium Enterprises
(yoy) in October 2023, in line with the improving
(MSMEs) grew by 8.46% (yoy), while corporate loans
increased by 9.99%.
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performance of the banking sector. The growth a CASA ratio reaching 74.3% on a consolidated
in multifinance financing is mainly supported basis and 79.4% on a bank-only basis. With these
by investment, working capital, and consumer achievements, Bank Mandiri CASA market share
financing, each grew by 13.96%, 15.75%, and among the banking industry continues to increase
14.19% (yoy) in October 2023. However, the quality to 21.72%. Bank Mandiri has also been able to
of multifinance financing is affected by economic maintain its cost of funds low at 1.91%. Moreover,
conditions, as reflected in the Non-Performing Bank Mandiri has been able to sustain profitability
Finance (NPF) ratio, which tended to increase from at a stable level, with a NIM ratio reaching 5.48%.
3.32% in 2022 to 2.57% in October 2023. Meanwhile, As a result, Bank Mandiri successfully recorded a net
the gearing ratio of financing companies stood at profit of Rp55.06 trillion as of the end of 2023, or grew
2.25 times in October 2023, well below the threshold by 33.7% yoy.
of 10 times.
Bank Mandiri’s outstanding performance has been
The performance of the insurance industry, on the appreciated by the market, as reflected in its stock
other hand, is typically variable. As of October 2023, price, which grew by 21.9% year to date by the end
total premium collection increased by Rp19.92 trillion of 2023. Bank Mandiri’s market capitalization has
(yoy), while Life Insurance premiums decreased by also increased significantly, reaching 2.3 times during
Rp9.74 trillion (yoy) as of October 2023. However, the last three years. This noteworthy achievement is
General Insurance premiums increased by Rp16.96 unquestionably due to Bank Mandiri’s perseverance
trillion (yoy) as of October 2023. Meanwhile, the in pursuing a well-planned business strategy.
insurance sector witnessed a notable increase in
capitalization in 2023, as evidenced by the Risk- Bank Mandiri successfully outpaced the national
Based Capital (RBC) of the life insurance and banking industry growth in 2023, allowing it to
general insurance industries, which stood at 435.98% maintain its market dominance. The Wholesale
and 340.5%, respectively, surpassing the threshold of segment, as the Bank’s core competence, managed
120%. to disburse loans amounting to Rp727.7 trillion,
grew by 19.2% yoy. This growth was driven by the
PERFORMANCE ANALYSIS excellent performance of the corporate segment,
which disbursed loans amounting to Rp409.8 trillion
Overall, Bank Mandiri has achieved outstanding
(12.6% yoy). With this achievement, Bank Mandiri’s
performance in 2023. Bank Mandiri also made a
corporate segment increasingly dominates the
milestone as the first bank in Indonesia to achieve
market in Indonesia, with a market share reaching
Rp2.174 trillion in assets, which increased by 9.1%
30.5% by the end of 2023. Additionally, the growth
yoy. This asset growth is being driven by an increase
of Bank Mandiri’s Wholesale segment was also
in loan volume across all segments, with asset quality
supported by the growth of several other segments,
steadily improving. Bank Mandiri’s consolidated
including Commercial Banking with loans of Rp237.9
loans reached Rp1.398 trillion, grew by 16.3% yoy
trillion (21.2% yoy), Institutional Relations with loans of
with an NPL ratio of 1.19%, decreased 72 bps from
Rp72.7 trillion (64.9% yoy), and International Banking
the previous year. Additionally, amidst tightening
with loans of Rp7.2 trillion (23.5% yoy).
liquidity conditions and a slowdown in industry
third-party funds growth, Bank Mandiri successfully
In recent years, the Bank has also implemented a
acquired third-party funds of Rp1.576 trillion, grew
strategy to shift towards the high-yield segment.
by 5.8% yoy. This growth was driven by low-cost
As a result, Bank Mandiri’s retail segment recorded
funds, namely savings and current accounts, which
loan disbursements amounting to Rp358.1 trillion,
grew by 7.05% yoy to reach Rp1,171.7 trillion, with
grew by 11.1% yoy. This growth was driven by the
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SME segment amounting to Rp76.8 trillion (14.0% of Bank Mandiri, which recorded the highest stock
yoy), the productive micro segment amounting to price in its history, reaching Rp6,125 per share on 4
Rp167.9 trillion (10.4% yoy), and the consumer loan October 2023 (after the stock split on 6 April 2023).
segment amounting to Rp113.4 trillion (10.4% yoy).
Loan growth performance is balanced by the
To Become the Leading and Best
Bank’s ability to maintain asset quality through a Bank in Digitalization
disciplined application of cautious principles. As a Bank Mandiri continues to demonstrate its consistency
result, the NPL ratio (bank only) is maintained at a in developing the Digital Banking segment to support
low level, even reaching an all-time low of 1.02% digital transformation as a sustainable business,
(-86bps) in December 2023. Bank Mandiri also aiming to seize every opportunity across all sectors
continues to prepare sufficient allowances with an and potential segments. Building on the success of
NPL Coverage Ratio (bank only) of 384.36%. The digital transformation initiatives started in 2021, Bank
discipline in applying prudent risk management has Mandiri has realized various digitalization initiatives in
led to a decrease in the cost of credit (bank only) 2023 as part of an evolving digital banking roadmap
by 58bps to 0.63% as of December 2023, improved tailored to customer needs. Bank Mandiri continues
significantly than the previous period of 1.21%. to develop innovative digital services by launching
new features and applications to meet industry
Aside from the successful loan growth, the handling demands and fulfill customer needs through KOPRA
of COVID-19-affected loans has made substantial by Mandiri, Livin’ by Mandiri, and Smart Branch,
progress as the economic recovery momentum aiming to establish Bank Mandiri as the forefront and
continues. By the end of 2023, the total restructuring best bank in digitalization.
of COVID-19-affected loans (bank only) had
reached Rp17.2 trillion, a considerable decrease In 2023, Bank Mandiri introduced a new
from the Rp35.90 trillion recorded at the end of 2022. breakthrough as evidence of its commitment to
providing a seamless experience through KOPRA
In addition to achieving significant growth in third- Beyond Borders. This innovation is aimed at meeting
party funds acquisitions, the Bank also diversified the needs of corporate customers in Indonesia and
its funding sources through various financial overseas for integrated digital financial services as
instruments, including bond issuances. In 2023, Bank an expansion of the customer’s business ecosystem.
Mandiri issued its fourth Global Bond program Euro The new innovation is believed to contribute to the
Medium Term Notes (EMTN) with a par value of increase in KOPRA users, which by the end of 2023
USD300 million on the Singapore Exchange (SGX) had reached more than 182 thousand users and had
and Shelf-Registration Green Bonds I Phase I (Green successfully increased the frequency of corporate
Bonds in Rupiah) with a par value of Rp5 trillion on the digital transactions by 19.4% yoy with transaction
Indonesia Stock Exchange (IDX). The bonds issued value exceeding Rp19,100.0 trillion.
by Bank Mandiri received ratings of Baa2 (Moody’s)
and BBB- (Fitch) for USD-denominated bonds, and Bank Mandiri also introduced new features in Livin’
AAA.id from Pefindo for Rupiah-denominated by Mandiri such as Livin’ Sukha to fulfill lifestyle
bonds. needs and Livin’ Investasi feature to complement
customer financial services. Livin’ Sukha currently
The outstanding fundamental performance of the offers new features, enriching entertainment
Bank has been appreciated by both the public and content accessible to all Livin’ by Mandiri users.
investors. This is reflected in the stock performance The consistent development of these features has
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led Livin’ by Mandiri to be used by nearly 23 million Simple Digital Banking Solutions that Become a Part
users by the end of 2023, managing over 2.82 billion of Customer Life.” To realize this vision and mission,
transactions, a 45.0% increase yoy, with transaction Bank Mandiri has identified three main focus areas:
value reaching Rp3.271 trillion, grew by 32% yoy.
1. Become the Prominent Wholesale Bank,
The increase in digital-based transactions has led beyond lending, by leveraging Bank Mandiri’s
to a continuous high growth in Bank Mandiri’s Fee strength as a Wholesale bank to go beyond
Based Income (FBI). The total FBI of Bank Mandiri lending, by acquiring potential new revenue
(bank only) in 2023 reached Rp32.5 trillion, grew by streams from customers.
20.2% yoy. Digital transactions through Livin’ that 2. Drive Robust and Sustainable Growth in the
serves the Bank’s retail customers contributed Rp2.2 SME & Micro segments.
trillion, grew by 25% yoy compared to the same 3. Become the Best Modern Digital Bank by
period the previous year. Meanwhile, transactions developing comprehensive digital banking
from the Bank’s wholesale customers through solutions to meet customer needs.
KOPRA recorded fee-based income of Rp2.2
trillion, grew by 8% yoy. Bank Mandiri’s digitization Bank Mandiri also remained consistent in
has also improved the efficiency of its operational implementing the 3-3-1 strategy throughout 2023
activities, as evidenced by a decrease in the ratio in order to achieve these three main focus areas,
of operating expenses to operating income (BOPO) drive sustainable growth, and build a holistic
of Bank Mandiri (bank only) from 63.61% in 2022 to customer ecosystem. This strategic direction, which
58.13% in 2023. optimizes 3 strengths, 3 main focuses, and 1 gesture,
aimed at accelerating the development of Digital
We believe that KOPRA, Livin’, and Branchless Banking innovations to suit customers’ dynamic
Banking will continue to drive Bank Mandiri’s growth financial service needs. Furthermore, to address the
in three key areas: increasing revenue, both interest uncertain global and national economic conditions
and fee-based revenue, and improving Bank in 2023 and secure sustained performance growth,
Mandiri’s CASA ratio, which will ultimately impact Bank Mandiri developed and implemented three
keeping the cost of funds low. KOPRA and Livin’s main strategic focuses. These include a focus on
services are also projected to further broaden the sustainable growth, optimal margin and liquidity
potential value chain of both wholesale and retail management, and progressive undertaking of
banking ecosystems. As such, we are committed to initiatives.
continuously implementing the various digitalization
service development programs outlined in Bank The strategy for sustainable growth is implemented
Mandiri’s digitalization roadmap. through effective liquidity management and low
cost of funds, achieved by executing several
Strategies and Strategic Policies strategic initiatives. One of these initiatives involves
increasing market share in loan disbursement and
Bank Mandiri’s strategic direction aligns with the
third-party funds acquisition both in the Wholesale
achievement of the Government’s Medium-Term
Banking segment with its unique all-rounder
Development Plan aimed at driving national growth
ecosystem potential, and Retail Banking, which
and enhancing the country’s prosperity. Bank
is supported by an extensive network such as 241
Mandiri has established the Corporate Plan Vision
Smart Branches, Livin’, and KOPRA.
2020-2024, which is to “Be Your Preferred Financial
Partner”. Bank Mandiri complements this vision
by setting the mission of “Providing Reliable, and
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The strategy for optimal improvement of margins Bank’s response to the growing global and national
and liquidity management is achieved by, among concerns regarding sustainability issues, as well as
others, maintaining a low Cost of Funds (CoF) by the Bank’s support for the Sustainability programs
bolstering low-cost funds to ensure the Current implemented by the Indonesian Government to
Account Saving Account (CASA) ratio remains achieve the targets of the Sustainable Development
strong through transaction optimization and digital Goals (SDGs).
innovation. Meanwhile, the strategy of initiating
progressive initiatives and innovations is realized by The Board of Directors with the Board of
expanding the user base of Livin’ and KOPRA with a Commissioners also define performance metrics
focus on enhancing customer service and venturing for all programs outlined in the Business Plan and
into beyond banking, such as lifestyle services. SFAP, taking into account their alignment with the
corporate core values. This entails setting up a
To continue driving increased digital transactions system of rewards and punishments for all levels to
that provide optimal benefits for the Bank while foster the execution of strategies with all available
reducing negative environmental impacts, Bank competencies.
Mandiri has launched several new digital services,
including Livin’ Merchant, a refreshed and more
engaging interface for Livin’ Sukha, and the latest
The Process Undertaken by the
feature of KOPRA by Mandiri called KOPRA Beyond Board of Directors to Ensure
Borders, aimed at facilitating wholesale customers’
transactions overseas.
Strategy Implementation
Under the guidance and oversight from the Board of
Commissioners, the Board of Directors coordinates
The Role of the Board of Directors the implementation of all programs and work plans
in Formulating Strategy and established in the Business Plan and Sustainable
Financial Action Plan with all executives under their
Strategic Policies authority. They delegate authority to execute each
Bank Mandiri adheres to GCG principles in program according to the designated duties and
developing and implementing strategies to provide authorities. The Board of Directors then periodically
optimal results in accordance with industry needs holds meetings with the Executive Committees,
and advancements, as well as competencies as well as the heads of divisions and departments
and prospective business expansion. Bank Mandiri to ensure that all program implementations and
always formulates strategies and strategic policies business activities of Bank Mandiri are conducted
in accordance with the Bank’s vision, mission, and in line with the approved business strategy, risk
strategic plans. The Board of Directors actively appetite, and other policies agreed upon by the
communicates work plans to shareholders and Board of Commissioners and the Board of Directors.
employees at all levels of the Bank.
The meetings are conducted regularly, not only
These strategies are developed by taking into to formulate program implementation decisions
account the driving and inhibiting factors of success, but also to discuss, evaluate, and establish the
with a focus on the company’s competitiveness, Annual Corporate Work Plan and Budget (RKAP),
and accompanied by implementation stages. The Bank Business Plan, Long-Term Corporate Plan, as
Board of Directors with the Board of Commissioners well as Sustainable Financial Action Plan for the
also consider external conditions that must future periods. This comprehensive approach yields
be addressed to ensure the strategies can be tangible results, specifically the achievement of
performed with optimal results, as outlined in the several predetermined performance targets.
Bank’s Business Plan, particularly the Sustainable
Financial Action Plan (SFAP). Bank Mandiri’s SFAP is
formulated, implemented, and evaluated as the
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Realization vs. Targets
Bank Mandiri has once again achieved remarkable performance amidst global and national economic
uncertainties, as reflected in the total assets of Bank Mandiri (bank only) in 2023, which reached Rp1,688.8
trillion, up 7.55% (yoy) from Rp1,570.3 trillion in 2022. This figure successfully surpassed the 2023 RKAP target of
Rp1,654.7 trillion.
The Bank’s net profit also increased to Rp51.1 trillion, grew 35.56% (yoy) from Rp37.7 trillion in 2022. The Bank’s
profit also exceeded the 2023 RKAP target of Rp39.3 trillion. The driving factors behind this net profit achievement
include Net Interest Income reaching Rp71.2 trillion, grew 9.40% yoy, and Fee Based Income that increased by
20.17% yoy to reach Rp32.5 trillion. The achievement of NII and FBI also successfully exceeded the 2023 RKAP
targets of Rp70.03 trillion and Rp28.57 trillion respectively.
Bank Mandiri has also proven its ability to maintain consistency in preserving corporate efficiency, as reflected
in the achievement of a Cost to Income Ratio that successfully decreased by 385 basis points (bps) year-on-
year to 34.31% in 2023. Through prudent loan disbursement and regular monitoring, the Bank’s credit quality
continues to improve, with a Non-Performing Loan (NPL) ratio of 1.02%, down 86 bps from 1.88% in 2022. This
NPL ratio has surpassed the 1.66% target set in the 2023 RKAP.
2023
Financial Parameters and Ratios (bank only)
Target Realization
Loan Growth 10.0%-12.0% 12.62%
Third-Party Funds Growth 7.0%-9.0% 16.26%
Net Profit Growth 7.5%-8.0% 48.34%
Cost of Credit 1.3%-1.5% 1.25%
Gross NPL 2.0%-2.2% 1.02%
Net Interest Margin 5.0%-5.5% 5.25%
Challenges and Mitigation
High interest rate policies that remain in force in various major countries to curb inflation ultimately impact
the banking industry’s tight liquidity. However, the Indonesian banking industry, including Bank Mandiri, has
effectively managed this situation, as indicated by the maintained CASA and LDR ratios. Mitigation against
the main challenges is addressed by implementing sectoral loan portfolio management using Loan Portfolio
Guideline (LPG) tools, which are structured and reviewed regularly (at least twice a year) to monitor the
development of macroeconomic conditions and the latest loan portfolios. As a result, the Bank Mandiri’s loan
growth can be directed towards sectors that remain prospective and have reasonably fast recovery rates.
Bank Mandiri also consistently implements a policy of forming a larger Allowance for Impairment Losses during
the COVID-19 relaxation period, referring to the assessment results of the credit risk level of borrowers, as an
anticipation of credit quality decline post-COVID-19 relaxation (Build up CKPN). Additionally, as a mitigation
against the risk of increasing NPLs (Non-Performing Loans) and LaR (Loan at Risk), Bank Mandiri prepares an
action plan for borrowers who are potentially downgraded to NPLs.
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BUSINESS PROSPECT ANALYSIS In so far as domestic economic stability is sustained,
The global economy in 2024 is projected to the increase in the intermediation role of the
be overshadowed by various challenges and banking sector is also expected to continue. Loan
uncertainties. The IMF predicts that the global disbursement is projected to continue its upward
economy would slow in 2024 compared to 2023. The trend in resilient sectors. Third-party funds growth
IMF forecasts that the global economy will grow by in the banking industry is also expected to remain
3.1% in 2024, which is the same as the 3.1% growth robust, ensuring that banking liquidity remains
projection for 2023. adequate.
The global economic growth is influenced by several Given these considerations, Bank Mandiri anticipates
factors, including the slowing pace of the Chinese that its performance in 2024 will continue to improve
economy due to weakening consumption and a sustainably. The Bank will consistently refine the
crisis in its property sector. This condition can impact strategies that have been deployed. We will focus
the slowdown in Indonesia’s export performance, on maintaining our wholesale market dominance
given that China is one of Indonesia’s major trading and expanding through a value chain approach
partners. Additionally, conflicts such as the Israel- focused on ecosystems, while continuing to drive
Hamas conflict in the second half of 2023 and the digital platform optimization to strengthen our
ongoing Russia-Ukraine war increase pressure on low-cost funding base. Furthermore, we will urge
the global economy. These geopolitical risks have all branch networks and subsidiaries to explore
the potential to disrupt the trajectory of the world potential business opportunities in their respective
economy if they continue, and they are vulnerable regions.
to triggering increases in global energy and food
prices, leading to inflation. Furthermore, as a loan growth guideline, Bank
Mandiri employs techniques such as the Loan
On the other hand, global benchmark interest rates, Portfolio Guideline (LPG) to identify low-risk sectors.
which increased throughout 2023, are predicted By expanding in accordance with the LPG design,
to begin decreasing in 2024, with an expected the Bank can increase its loan portfolio while
corresponding decrease in the benchmark interest enhancing credit quality. Prospective sectors
rates of Bank Indonesia. This, of course, will have include the government, food and beverage
a positive impact on the Indonesian economy, industry, telecommunications, energy and water,
particularly in increasing demand for bank loans. healthcare services, and downstream mineral and
coal processing industries.
Amidst the global economic uncertainty, the
Indonesian economy remains resilient. Bank Given the public’s rising digital adoption, Bank
Indonesia forecasts that Indonesia’s economic Mandiri continues to optimize low-cost fund
growth in 2024 will be in the range of 4.75% to 5.5%, acquisition by utilizing multi-transaction digital
supported by accommodative monetary policies services such as Livin’ and KOPRA, which provide
aimed at stability and growth. In 2024, consumption transactional convenience and flexibility. Bank
performance, both private and governmental, and Mandiri’s advantage in CASA acquisition is further
investment are expected to continue to increase, in deepened with various innovative features and
line with the strong consumer consumption pattern, new services from Livin’ and KOPRA. As such, Bank
the positive impact of the election implementation, Mandiri remains optimistic that third-party funds will
and the continuity of the National Strategic Projects continue to grow optimally in 2024, driven by low-
(PSN) development. cost funds.
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GOOD CORPORATE To continue the process of improving the quality
of governance implementation, Bank Mandiri
GOVERNANCE PRACTICES actively participates in governance quality rankings
Bank Mandiri has continually demonstrated its conducted by External Parties to receive feedback
commitment to establishing Good Corporate on enhancing the Bank’s governance quality. The
Governance (GCG) as the foundation for performing External Party assessing the quality of Bank Mandiri’s
business activities. To fulfil its duties and responsibilities governance implementation is The Indonesian
and ensure compliance with all principles of best Institute for Corporate Governance (IICG), with
management practices to address dynamically reference to the Corporate Governance Perception
evolving and challenging business conditions, the Index (CGPI) assessment criteria and the ASEAN
Board of Directors held 48 (forty-eight) meetings in Capital Market Forum (ACMF) which releases
2023, consisting of 45 (forty-five) Board of Directors the assessment results of the ASEAN Corporate
Meetings and 3 (three) Board of Directors Meetings Governance Scorecard (ACGS).
Inviting the Board of Commissioners.
Bank Mandiri’s GCG implementation quality has
In line with the latest developments in governance been improved in a structured manner and adopted
concepts, in addition to prioritizing the principles the defined roadmap stages. The following were
of TARIF, which are Transparency, Accountability, results of the implemented stages in 2023:
Responsibility, Independence, and Fairness, Bank
Mandiri has also begun to implement the four 1.
ACGS assessment, Bank Mandiri once again
pillars of Governance as outlined in the General received the ASEAN Asset Class designation
Guidelines for Indonesian Corporate Governance and was awarded “The Best Overall” at the 14th
(PUGKI) 2021, which have been updated by Indonesian Institute for Corporate Directorship
the National Committee on Governance Policy (IICd) Corporate Governance Award 2023.
(KNKG). These four pillars are Ethical Conduct, 2.
Bank Mandiri’s participation in the Corporate
Accountability, Transparency, and Sustainability. Governance Perception Index (CGPI) program
These governance pillars are aligned with the ranking conducted by The Indonesian Institute
concept of integrated governance implementation, for Corporate Governance (IICG) successfully
which combines quality corporate management maintained “The Most Trusted” designation for
with the achievement of sustainability goals. In order the 17th consecutive time.
to continuously improve the quality of governance 3.
Three Bank Mandiri subsidiaries received “The
implementation, Bank Mandiri also regularly Most Trusted” designation, four subsidiaries
conducts self-assessments both individually and received the “Trusted” designation, and one sub-
integrated, which are reviewed from the aspects of subsidiary received the “Trusted” designation in
Governance Structure, Governance Process, and the Corporate Governance Perception Index
Governance Outcome. (CGPI) ranking for 2022 held in 2023.
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4. Bank Mandiri conducted self-assessments risk profile, governance implementation, profits
of Governance implementation individually characteristics, and capital. If any weaknesses are
based on POJK No. 17 of 2023 and SEOJK No. discovered, they may usually be rectified during
13/POJK.03/2017 on the Implementation of normal business activities.
Governance for Commercial Banks, which is
conducted twice a year.
5. Bank Mandiri conducted self-assessments of Assessment for Committees of the
Governance implementation in an integrated Board of Directors
manner based on POJK No. 18/POJK.03/2014 In carrying out its management duties, the Board
and SEOJK No. 15/SEOJK.03/2015 on the of Directors is assisted by 11 Committees. The Board
Implementation of Integrated Governance for evaluated these Committees throughout 2023 and
Financial Conglomerates, which is conducted determined that they had effectively carried out
twice a year. their duties and responsibilities.
Soundness Ratings The Asset & Liability Committee (ALCO) was
Bank Mandiri conducted another self-assessment established to assist the Board of Directors in
of the Bank’s Soundness Rating (TKB) regarding determining asset and liability management
the Bank’s risks and performance, following the strategies, setting interest rates, maintaining liquidity,
guidelines of OJK Regulation No. 4/POJK.03/2016 and other matters concerning the company’s
on the Assessment of the Soundness Rating of assets and liabilities. The Committee also monitors
Commercial Banks, and based on a risk-based the Recovery Plan, which has enabled Bank Mandiri
approach (Risk-Based Bank Rating). The final result overcome the financial crisis following COVID-19. In
is reflected in the Composite Rating (PK), which 2023, ALCO held 3 meetings.
includes assessments of risk profile factors, GCG,
earnings, and capital. The Business Committee (BC) was established to assist
the Board of Directors in setting integrated business
Bank Mandiri’s TKB self-assessment as of 31 management strategies, organizing products and/or
December 2023 yielded a Composite Rating 1 company activities, as well as determining strategies
(PK-1). This demonstrates the Bank’s overall very and the effectiveness of marketing communication
robust condition, demonstrating its excellent ability in Wholesale banking and Retail banking segments.
to withstand significant negative influences from To carry out its duties, the BC held 8 meetings in 2023.
changes in business conditions and other external
factors. This is reflected in the generally excellent
ratings for several assessment factors such as
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The Capital & Subsidiaries Committee (CSC) effectively through 49 PPC meetings in 2023.
was established to assist the Board of Directors
in managing the capital of Bank Mandiri and The Risk Management & Credit Policy Committee
overseeing its subsidiaries. The CSC aids the Board (RMPC) was established in two categories. Category
by determining capital management strategies, A is responsible for identifying, measuring, and
recommending corporate actions, establishing monitoring risks, setting risk management policies and
strategies and managing subsidiaries, including strategies. Category B is responsible for formulating
capital injections, divestments, appointing credit policies, overseeing the implementation of
directors and/or commissioners of subsidiaries, and credit policies, monitoring the development and
remuneration for directors and/or commissioners of condition of the credit portfolio, and providing
subsidiaries. To carry out its duties, the CSC held 25 recommendations for improvement. The RMPC has
meetings in 2023, both in-person and via circular. successfully carried out its duties, by providing the
recommendations and advice through 12 virtual
The Human Capital Policy Committee (HCPC) was meetings and 9 circular meetings held in 2023.
established to assist the Board of Directors in setting
human capital management strategy, developing The Transformation Committee (TFC) was established
and enhancing the organization, and determining to assist the Board of Directors in in monitoring and
the strategic direction for the development of the determining the Bank’s transformation needs. In
Human Capital Information System to ensure its 2023, the TFC held 2 meetings, while discussions
effective implementation. In 2023, the HCPC held 4 regarding business transformation were also held 15
meetings. times in the Board of Directors meetings.
The Information Technology & Digital Banking The Credit Committee (RKK) has the duty to assist
Committee (ITDC) was established to assist the the Board of Directors in deciding on lending (new,
Board of Directors in determining the portfolio of IT additional, reduction, and/or extension) managed
initiatives, allocating IT budgets, aligning IT Strategy by Business Units according to their authorized
& Execution Plan (ISP), and planning IT development. limits, including the determination/change of loan
In 2023, the ITDC held 12 meetings. structure. In 2023, the RKK successfully carried out
its duties through the decision-making on loan
The Integrated Risk Committee (IRC) has performed termination of 3,219 decisions, comprising 541
effectively in assisting the Board of Directors decisions in the Corporate segment, 2,366 decisions
in drafting, among others, the Integrated Risk in the Commercial segment, 76 decisions in the
Management policy and improving or refining the Financial Institution segment, 42 decisions in the
policy based on implementation evaluations results. Institutional segment, and 194 decisions in the SAM
In 2023, the performance evaluation basis of the segment.
IRC was achieved through 7 virtual meetings and 4
circular meetings. The Social & Environmental Responsibility
Committee (SERC) was established to assist the
The Policy & Procedure Committee (PPC) was Board of Directors in mapping and formulating the
established to discuss and recommend to the Board TJSL Program. The SERC has successfully executed its
of Directors in the formulation and/or adjustment/ duties by providing recommendations regarding the
refinement of Bank Mandiri’s policies and to establish TJSL Program, based on the outcomes of 2 meetings
corporate procedures, as well as to discuss and held in 2023.)
decide on the delegation of authority to corporate
officers (ex-officio). The duties were carried out
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CHANGES OF THE BOARD OF DIRECTORS COMPOSITION
The Board of Directors’ composition has changed in 2023. By the decision of the Annual General Meeting of
Shareholders on 14 March 2023, Eka Fitria was appointed as Director of Treasury and International Banking,
succeeding Panji Irawan. Thereby, the composition of the Board of Directors as of 31 December 2023, is as
follows:
Name Position Appointment References Effective Date
Darmawan Junaidi* President Director Annual GMS dated 10 March 2022 23 December 2020
Alexandra Askandar* Vice President Director Annual GMS dated 14 March 2023 23 December 2020
Ahmad Siddik*
Director of Risk Management Annual GMS dated 19 February 2020 25 June 2015
Badruddin
Director of Compliance and
Agus Dwi Handaya* Annual GMS dated 14 March 2023 12 September 2018
HR
Director of Commercial
Riduan* Annual GMS dated 14 March 2023 15 May 2019
Banking
Director of Network and Retail Extraordinary GMS dated 21 October
Aquarius Rudianto 15 January 2021
Banking 2020
Extraordinary GMS dated 21 October
Toni Eko Boy Subari Director of Operation 21 January 2021
2020
Susana Indah K. Extraordinary GMS dated 21 October
Director of Corporate Banking 24 August 2020
Indriarti 2020
Director of Institutional Extraordinary GMS dated 21 October
Rohan Hafas 23 December 2020
Relations 2020
Director of Finance and Extraordinary GMS dated 21 October
Sigit Prastowo 23 December 2020
Strategy 2020
Director of Information
Timothy Utama Annual GMS dated 15 March 2021 24 Mei 2021
Technology
Director of Treasury and
Eka Fitria ** Annual GMS dated 14 March 2023 21 Agustus 2023
International Banking
*) Serves as Member of the Board of Directors for the Second Term.
**) Appointed as Director at the Annual GMS dated 14 March 2023.
ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) MANAGEMENT
Bank Mandiri continues to demonstrate its consistency in upholding and implementing sustainable financial
principles through the vision of “Becoming Indonesia’s Sustainability Champion for a Better Future” by
establishing sustainability strategies based on three pillars: sustainable banking, sustainable operations, and
sustainability beyond banking, including the sustainability framework for 2024-2028.
Bank Mandiri’s sustainability framework outlines strategic initiatives to lead Indonesia’s transition to a low-
carbon economy, achieve Net Zero Emissions from operational activities by 2030, and catalyze various growth
opportunities that provide optimal social benefits in pursuit of the Sustainable Development Goals.
In the Sustainable Banking pillar, Bank Mandiri has developed and implemented loan policies that integrate
Environmental, Social, and Governance (ESG) aspects into sectoral loan policies for business activities with
relatively higher environmental and social risks. In 2023, Bank Mandiri reviewed and integrated sectoral
loan policies for six new sectors: pulp & paper, telecommunications, transportation, other transportation
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equipment industry (shipbuilding), pharmaceuticals and restoration efforts. These efforts have
& healthcare services, and oil and gas. These successfully reduced operational emissions by 6.7%
policies were also incorporated into the Industry yoy compared to the previous year or by 17.57%
Acceptance Criteria (IAC) technical guidelines. compared to the 2019 baseline.
As a manifestation of implementing these ESG In terms of gender equality implementation at Bank
policies, by the end of 2023, Bank Mandiri had Mandiri through the “Broaden Gender Diversity and
disbursed sustainable financing amounting to Rp264 Equality” initiative, which is one of the focuses of the
trillion, marking a 15.4% yoy growth. The green Sustainable Operation pillar, Bank Mandiri provides
financing portion reached Rp129 trillion, while social equal opportunities for career development to all
financing reached Rp135 trillion. The achievement employees regardless of gender, ethnicity, religion,
in sustainable financing was driven by a 58.2% yoy or other factors, starting from the recruitment stage,
growth in the renewable energy sector, aligning with career development, to salary, facilities, and other
Indonesia’s plans for energy transition. benefits. As of December 2023, the proportion
of female employees reached 52%, while male
Bank Mandiri’s strategy in realizing the employees reached 48%. At the manager level and
implementation of sustainable finance involves above, female employees reached 46%, while at
active collaboration with customers, industry the commissioner and director levels, they reached
practitioners, and regulators. In 2023, Bank Mandiri 22%. The achievement of a heterogeneous work
established an ESG Desk as an extension of the environment is supported by programs to retain the
wholesale segment, focusing on understanding best female talents, such as the Women Leadership
customer needs through advisory solutions in ESG Program, which develops personal and professional
Framework development. The Bank also provides skills, offers equal remuneration at a 1:1 ratio
innovative financial solutions, including Green between women and men, maternity and paternity
Loans, Sustainability-Linked Loans, and Corporate- leave, Mandiri Daycare to support employees’
in-Transition Financing. On fund raising, Bank Mandiri roles as parents at the office, and the Respectful
has issued various financial instruments, including Workplace Policy (RWP), which does not tolerate
Green Bonds Phase I amounting to Rp5 trillion, ESG discrimination, sexual harassment, and violence
Repo totaling US$500 million, and sustainability in the workplace. The implementation of RWP is
bonds worth US$300 million. monitored by the Board of Commissioners as part of
its oversight function and reported every semester
In the second pillar, Sustainable Operation, Bank to the Minister of State-Owned Enterprises. Through
Mandiri focuses on eco-friendly operational initiatives in Human Capital, Bank Mandiri aims to
initiatives, gender diversity in the workplace, and be synonymous with being the best talent pool and
strengthening data security and privacy. Regarding leader in Indonesia.
eco-friendly operations, Bank Mandiri has targeted
Net Zero Emission by 2030 through the installation Moreover, on security and data privacy, Bank Mandiri
of 727 solar panels, the use of 136 Battery-Based recognizes the importance of information security as
Electric Motor Vehicles (BBEMVs) for operational a driver in the digitization process and adoption of
transportation, the implementation of 241 smart technology, with the goal of providing convenient
branches using 100% LED lighting, digitalization of and secure banking services to customers. This is
banking transactions to reduce carbon footprint, realized through the enhancement of digital business
implementation of 4 eco-friendly buildings, and processes while upholding the security of customer
carbon offsetting initiatives through participation data. These efforts are achieved through policy
in the Indonesian carbon exchange by purchasing updates and the implementation of current data
3,027 Voluntary Carbon Units (VCUs) and Nature protection practices to ensure maximum protection
Based Solutions (NBS) through land conservation of customer data, with efforts to minimize the risk of
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SOCIAL & ENVIRONMENTAL
data breaches. As a concrete step to ensure the
security and integrity of customer data, a series of
digital transformations have adopted international/ RESPONSIBILITY
ISO certifications, including ISO 27001:2013, ISO Bank Mandiri carries out Social and Environmental
9001:2015, ISO 20000-1:2018, ISO 37001:2016, and Responsibility (TJSL) programs as a demonstration
ISO/IEC 17025:2017. The results of these measures of its commitment to achieving various Sustainable
include obtaining a Top Score in the Information Development Goals. The implementation of
Security Index by BSSN and the Indonesia Industry TJSL programs is a tangible expression of Bank
4.0 Readiness Index. Mandiri’s accountability to all stakeholders. Bank
Mandiri’s deployment of these programs illustrates
The Sustainability Beyond Banking pillar is that current business development is focused on
implemented to catalyze various growth potentials harmonizing performance across economic, social,
to provide optimal social impact in support of and environmental aspects.
achieving the Sustainable Development Goals
(SDGs). Bank Mandiri is committed to making a Bank Mandiri adopts four principles in carrying out
positive impact on society through financial inclusion its TJSL programs to achieve performance in line
initiatives and our corporate social responsibility. We with priorities and work plans. The principles are:
have disbursed Rp62.3 trillion in People’s Business Integrated; Directed; Measurable; and Emphasizing
Loans (KUR) to more than 2.88 million micro borrowers accountability. The strategic initiatives of Bank
and established 130,100 Mandiri Agents, resulting Mandiri’s TJSL programs are formulated based on
in the opening of more than 2.8 million accounts. four main pillars, namely social, environmental,
Additionally, we have provided training for more economic, and legal and governance, in line
productive, effective agriculture and premium with the Regulation of the Minister of State-Owned
pricing to over 12,552 farmers (a 14.1% increase yoy), Enterprises No. PER-01/MBU/03/2023 on the Social
as well as other financial inclusion and CSR programs. and Environmental Responsibility Program of State-
In this pillar, Bank Mandiri strives to enhance access Owned Enterprises.
to financial services for the community, particularly
those classified as priority groups designated by Bank Mandiri set a target of Rp150 billion to foster the
the government, empowering MSMEs through implementation of TJSL programs in 2023, focusing
Digipreneurship. on the social, economic, environmental, and legal
and governance pillars. The actual funds disbursed
To promote effective implementation of sustainable for TJSL programs until the end of 2023 was Rp174.6
finance performance, Bank Mandiri has taken billion, an increase of 16.4% from the allocated
strategic steps by establishing a dedicated target of Rp150 billion. This allocation breakdown
group called the ESG (Environmental, Social, and includes Rp74.0 billion or 42.4% for social programs,
Governance) Group, which operates under the Rp70.4 billion or 40.3% for economic programs,
coordination of the Vice President Director. This Rp23.3 billion or 13.3% for environmental programs,
decision reflects the Bank’s strong commitment and Rp6.9 billion or 4% for legal and governance
to integrating ESG principles into all operational programs.
aspects and decision-making processes.
Overall, Bank Mandiri implemented a total of 961
programs across the four TJSL pillars, which include
426 programs in the Social pillar, 280 programs in the
Economic pillar, 232 programs in the Environmental
pillar, and 23 programs in the Legal and Governance
pillar.
ANNUAL REPORT 2023 82
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MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
BOARD OF DIRECTORS REPORT
APPRECIATION
Representing the Board of Directors of Bank Mandiri, we would like to express our gratitude to the Board
of Commissioners for their guidance, direction, and oversight, to our shareholders and customers for their
significant trust, which enabled Bank Mandiri to sustain significant growth and achieve outstanding operational
and financial performance in a year marked by uncertainty and dynamics. We also extend our appreciation
to regulators and other stakeholders for their support and collaboration throughout 2023.
Last but not least, we extend our appreciation to all employees for their dedication and hard work, which
have enabled Bank Mandiri to continue to grow and successfully realize the vision and mission we uphold
together. Let us make this outstanding performance in the current year the foundation for even greater
achievements in the years to come, ensuring that together we can realize Bank Mandiri’s aspiration as
“Indonesia’s Sustainability Champion for a Better Future,” leaving a legacy of prosperity and inspiring future
generations to thrive even further.
In closing, to all our customers and business partners, we would like to express our heartfelt pride, on behalf
of the entire Bank Mandiri family, in being able to serve and meet all of your expectations regarding financial
products and services tailored to the dynamic developments in both business scale and lifestyle.
Jakarta, February 2024
On Behalf of the Board of Directors
Darmawan Junaidi
President Director
83 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
12 11 10 09 08 01
01 Darmawan Junaidi 02 Alexandra Askandar 03 Agus Dwi Handaya
President Director Vice President Director Director of Compliance and HR
07 Sigit Prastowo 08 Ahmad Siddik Badruddin 09 Susana Indah K. Indriati
Director of Finance and Strategy Director of Risk Management Director of Corporate Banking
ANNUAL REPORT 2023 84
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
02 03 04 05 06 07
04 Eka Fitria 05 Aquarius Rudianto 06 Toni E. B. Subari
Director of Treasury and Director of Network Director of Operation
International Banking and Retail Banking
10 Rohan Hafas 11 Riduan 12 Timothy Utama
Director of Institutional Director of Commercial Banking Director of Information Technology
Relations ANNUAL REPORT 2023 85
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MAIN MANAGEMENT COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE ANALYSIS
Certificate of Accountability
by Members of Board of Directors in Respect of
Pt Bank Mandiri (Persero) Tbk. 2023 Annual Report
We, the undersigned, declare that all of the information contained in the PT Bank Mandiri (Persero) Tbk.
Annual Report year 2023 has been reviewed and delivered completely and are fully responsible for the
correctness of the contents of the Company’s Annual Report.
Jakarta, February 2024
Board of Directors
Darmawan Junaidi Alexandra Askandar
President Director Deputy Director
Agus Dwi Handaya Riduan Aquarius Rudianto
Director of Compliance & Director of Commercial Banking Director of Network &
Human Resources Retail Banking
Toni E. B. Subari Susana Indah K. Indriati Rohan Hafas
Director of Operation Director of Corporate Banking Director of Institutional
Relation
Sigit Prastowo Timothy Utama Eka Fitria
Director of Finance Director of Information Director of Treasury &
& Strategy Technology International Banking
86 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
Certificate of Accountability
by Members of Board of Commissioners in Respect of
Pt Bank Mandiri (Persero) Tbk. 2023 Annual Report
We, the undersigned, declare that all of the information contained in the PT Bank Mandiri (Persero) Tbk.
Annual Report year 2023 has been reviewed and delivered completely and are fully responsible for the
correctness of the contents of the Company’s Annual Report.
Jakarta, February 2024
Board of Commissioners,
Muhamad Chatib Basri Andrinof A. Chaniago
President Commissioner/ Deputy Commissioner/
Independent Independent
Loeke Larasati Agoestina Muliadi Rahardja Heru Kristiyana
Independent Commissioner Independent Commissioner Independent Commissioner
Zainudin Amali Rionald Silaban Arif Budimanta
Independent Commissioner Commissioner Commissioner
Faried Utomo Nawal Nely Muhammad Yusuf Ateh
Commissioner Commissioner Commissioner
ANNUAL REPORT 2023 87
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Page 91
COMPANY
PROFILE
Total Consolidated
Assets
Rp
2,174.219 trillion
grew 9.12% yoy in 2023
compared Rp1,992.545
trillion in 2022
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
COMPANY IDENTITY
Product Updates
Company Name Banking
PT Bank Mandiri (Persero) Tbk.
Establishment
Short Name 02 October 1998
Bank Mandiri
Shareholdings
52% Governance
of the Republic of
Indonesia
48% Public
Authorized Capital
Rp16,000,000,000,000 (sixteen trillion Rupiah) consisted of 1 (one) Dwiwarna series
A share and 127,999,999,999 (one hundred twenty seven billion nine hundred and
ninety-nine thousand nine hundred and ninety-nine) B series share, each having a
nominal value of Rp125,- (one hundred and twenty five Rupiah).
Issued and Fully Paid-up Capital Stock Code
From the authorized capital, 93,333,333,332 (ninety- BMRI
three billion three hundred thirty-three million three
hundred thirty-three thousand three hundred thirty-
two) shares have been subscribed and fully paid-up
with a total nominal value of Rp 11,666,666,666,500
(eleven trillion six hundred sixty-six billion six hundred SWIFT code
sixtysix million six hundred sixty-six thousand and five BMRIIDJA
hundred Rupiah) consisted of 1 (one) Dwiwarna Series
A share with a nominal value of Rp125,- (one hundred
and twenty five Rupiah) and 93,333,333,331 (ninety-
three billion three hundred thirty-three million three Listing on Indonesia
hundred thirty-three thousand three hundred thirty- Stock Exchange
one) B Series share.
14 July 2003
Legal Basis of Establishment
Deed No. 10 dated 2 October 1998, made before Number of Employees
Sutjipto, S.H., a Notary, and has been approved by
the Minister of Justice of the Republic of Indonesia 38,940 Personnel
No. C2-16561. HT.01.01.Th.98 dated 2 October 1998, as of December 2023
and has been announced in the State Gazette of the
Republic of Indonesia Number 97 dated 4 December
1998, and its Supplement No. 6859.
90 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
COMPANY IDENTITY
Website Call Center
www.bankmandiri.co.id 14000 ; (021) 52997777
Office Network Data Corporate Secretary
• 1 Head Office Teuku Ali Usman
• 10 Subsidiaries Website : http://www.bankmandiri.co.id
Email : c o r p o r a t e . c o m m u n i c a t i o n @
• 5 Sub-Subsidiaries (include 1 bankmandiri.co.id
Sub-Subsidiary)
• 139 Branch Offices
• 2.104 Sub-Branch Offices
• 12.906 ATM
• 7 Overseas Branch Office
Consisted of 5 Overseas Head Office Address
Plaza Mandiri
Branches and 2 Subsidiaries
Jl. Jenderal Gatot Subroto
Kav. 36-38 Jakarta 12190 INDONESIA
Tel : 62-21 5265045
Fax :62-21 5274477, 527557
Subsidiaries
• PT Bank Syariah Indonesia Tbk (BSI) Contact Address
• PT Bank Mandiri Taspen (Bank Mantap) Corporate Secretary
• Bank Mandiri (Europe) Limited (BMEL) corporate.communication@bankmandiri.co.id
• PT Mandiri Tunas Finance (MTF)
• PT Mandiri Utama Finance (MUF) Investor Relation
• PT AXA Mandiri Financial Services (AXA Mandiri) Email : ir@bankmandiri.co.id
• PT Asuransi Jiwa Inhealth Indonesia (Mandiri
Inhealth)
• PT Mandiri Sekuritas (Mansek) Customer Care
• PT Mandiri Capital Indonesia (MCI) Email : mandiricare@bankmandiri.co.id
• Mandiri International Remittance Sdn. Bhd. (MIR) Whatsapp : +62 811 8414 000 (MITA)
Social Media
www.twitter.com/bankmandiri
www.twitter.com/mandiricare
Sub-Subsidiaries
www.instagram.com/bankmandiri
• PT Mandiri Manajemen Investasi (MMI) www.facebook.com/bankmandiri
• Mandiri Securities Pte Ltd (MSPL) www.facebook.com/bankmandiricare
• PT Mitra Transaksi Indonesia (MTI)
• PT FitAja Digital Nusantara (FDN)
• Mandiri Investment Management Pte. Ltd. (MIMS)
ANNUAL REPORT 2023 91
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
ASSOCIATIONS MEMBERSHIPS
No. Associations Position (Members/Board) Scopes
1. Indonesian Issuers Association (AEI) Member National
2. Banking Compliance Director Communication Forum
Board of Management National
(FKDKP)
3. National Bank Association (Perbanas) Board of Management National
4. State-Owned Banks Association (Himbara) Member National
5. Indonesian Bankers Association (IBI) Member National
6. Financial Services Sector Settlement Alternative Institution
Member National
(LAPS SJK)
7. Bank Association for Risk Management (BARA) Board of Management National
8. World Economic Forum (WEF) Member International
9. APEC Business Advisory Council (ABAC) Member Asia Pacific
10. Indonesian Chief Information Officer Association (ICIO) Board of Management National
11. Forum Human Capital Indonesia (FHCI) Board of Management National
12. Indonesia Foreign Exchange Market Committee (IFEMC) Board of Management National
13. Indonesian Sustainable Finance Initiatives Board of Management National
14. Association Cambiste International - Financial Markets Board of Management &
National
Association (ACI FMA) Indonesia Member
15. Bonds Traders Association (HIMDASUN) Board of Management &
National
Member
16. Banking Archives Communication Forum (FKKP) Member National
17. Indonesian Archives Association (AAI) Member National
18. Indonesia Contact Center Association (ICCA) Board of Management National
19. International Council of Museums (ICOM) Member International
20. Indonesian Museums Association (AMI) Member National
21. Regional Museums Association (AMIDA) Board of Management &
National
Member
22. International Chamber of Commerce (ICC) Indonesia Board of Management International
23. Association of Indonesian Mutual Fund Selling Agent Banks
Board of Management National
(ABAPERDI)
24. Indonesian Custodian Banks Association Board of Management National
25. Association of Indonesian Mutual Fund Selling Agent Banks
Board of Management National
(ABAPERDI)
26. Indonesian Custodian Banks Association Board of Management &
National
Member
27. Indonesian Board of Trustees Association Member National
28. Indonesian Banking Human Capital Forum Nasional
Board of Management
National
92 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
CORPORATE BRANDING
The brand identity of Bank Mandiri consists
of symbol, fonts, colours and tagline. Each
element is elaborated as follows:
Logo with Lowercase Fonts
The use of lowercase letters signifies a friendly message towards all business segments of Bank Mandiri
and features a profound commitment to serve all customers courteously (customer centric).
Dark Blue Coloured Font
Symbolizes sense of comfort, calm, soothing, noble heritage, stability, serious (respect) and resistance to
challenges (reliable). It symbolizes professionalism, strong foundation, loyal, trustworthy and high honour.
Leading, Trustworthy, Grow with You
Philosophy of the Tagline
“Leading, Trustworthy, Grow with You”
The word “Leading” symbolizes hard work and professionalism to place Bank Mandiri at the forefront.
The word “Trusted” symbolizes the integrity of the transparency conduct to place Bank Mandiri as a
trusted banking institution. The word “Grow with You” symbolizes customer focus and dedication from all
Bank Mandiri personnel to grow with the Nation.
Golden Yellow
Precious metal colour that indicates grandeur, glory, prosperity and wealth. Symbolizes activeness,
creativity, festivity, friendliness, fun and comfort.
Liquid Gold Wave
Symbolizes financial wealth in Asia that puts forward the nature of agility, progressive, forward looking,
excellence, flexible, and resilient in addressing future challenges.
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COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
COMPANY AT A GLANCE
PT Bank Mandiri (Persero) Tbk.
hereinafter referred to as Bank
Mandiri was established on 2
October 1998 in the Republic
of Indonesia under notary
deed of Sutjipto, S.H., No. 10 in
conjunction to Government
regulation No. 75 Year 1998
dated 1 October 1998. The Deed
of Establishment was ratified
by the Minister of Justice of the
Republic of Indonesia in Decree
N o . C 2 - 1 6 5 6 1 . H T. 0 1 . 0 1 . T h . 9 8
dated 2 October 1998, and was
announced on the State Gazette
of the Republic of Indonesia No.
97 dated 4 December 1998 and
Supplement No. 6859.
94 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
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COMPANY AT A GLANCE
Bank Mandiri was established through the merger structurization of the Merged Bank into Bank Mandiri
of PT Bank Bumi Daya (Persero) (BBD), PT Bank also includes:
Dagang Negara (Persero) (BDN), PT Bank Ekspor
Impor Indonesia (Persero) (Exim Bank) and PT Bank
Pembangunan Indonesia (Persero) (Bapindo) • Restructuring of loan;
(hereinafter collectively referred to as Merged Bank). • Restructuring of non-credit assets;
Pursuant to Clause 3 of the Articles of Association of • Rationalization of domestic and overseas branch
Bank Mandiri, the scope of activities of Bank Mandiri offices;
is to conduct business in the banking sector in • Rationalization of human resource.
accordance with the prevailing laws and regulations.
Bank Mandiri commenced its operations on 1 August Under the notarial deed made by Sutjipto, S.H., No.
1999. The Bank’s Parent Entity is the Government of 100 dated 24 July 1999, the Merged Banks were
the Republic of Indonesia through the Ministry of legally incorporated into Bank Mandiri. The Deed of
State-Owned Enterprises which is the Ministry within Merger was ratified by the Minister of Justice of the
the Indonesian Government in charge of fostering Republic of Indonesia under the Decree No. C-13.781.
state-owned enterprises. HT.01.04.TH.99 dated 29 July 1999 and approved by
Bank Indonesia Governor under the Decree No. 1/9/
The Articles of Association of Bank Mandiri have been KEP.GBI/1999, dated 29 July 1999. Such merger was
amended several times, as lastly amended based deemed valid by the Head of Department of Industry
on the Deed No. 12 dated 16 March 2023, made and Trade of South Jakarta through Decree No.
before Utiek R. Abdurachman, S.H., M.Kn., Notary 09031827089 dated 31 July 1999 that was an effective
in Jakarta. The amendments were made in relation date of the merger.
to the stock split carried out by the Company and
also adjustments to the provisions of the Indonesian On the effective date of the merger:
Standard Business Field Classification (KBLI) Year 2020. • All assets and liabilities of the Merged Banks were
transferred to Bank Mandiri as the Surviving Bank;
The amendment has been ratified by the Minister of • All operations and business activities of the
Law and Human Rights of the Republic of Indonesia in Merged Banks were transferred and operated by
accordance with the letter of receipt of notification Bank Mandiri;
No. AHU-AH.01.03-0041000 and decree No. AHU- • Bank Mandiri received an additional paid-in
0016584. AH.01.02.Tahun 2023 both dated 16 March capital at Rp1,000,000 (one million Rupiah) (full
2023 and registered in the Company Register No. value) or equivalent to 1 (one) share of the
AHU-0054153. AH.01.11.Tahun 2023 dated 16 March remaining shares owned by the Government in
2023. each Merged Banks. On such effective date,
the Merged Banks were legally dissolved without
Information on Business Merger any liquidation process and Bank Mandiri as the
At the end of February 1998, the Government of the Surviving Bank received all rights and liabilities of
Republic of Indonesia (hereinafter referred to as the the Merged Banks.
Government) announced a plan to restructure the
Merged Bank. In connection with the restructuring Information of Name Change
plan, the Government established Bank Mandiri in In line with the brief history, Bank Mandiri has not
October 1998 by carrying out equity investment changed its name since its inception to date.
and transferring shares to the Merged Bank. The However, the Bank has made changes to its original
difference between the transfer price and book status of a company from private company to a
value of shares at restructuring period was not public company hence the Company name became
calculated due to impracticality. All losses incurred PT Bank Mandiri (Persero) Tbk. The amendment was
during the restructuring period were recognized in effective as of 19 April 2004 in accordance with the
the Recapitalization Program. Decree of Senior Deputy Governor of Bank Indonesia
No. 6/11/KEP.DGS/2004 dated 19 April 2004.
The restructuring plan was designed to incorporate
the Merged Banks’ business into Bank Mandiri in
July 1999 and Bank Mandiri’s recapitalization. The
ANNUAL REPORT 2023 95
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
• Bank Mandiri realized a solid performance by achieveing Third-Party Funds (TPF)
of Rp1,242.15 trillion (bank only), grew 4.11% YoY. This achievement was driven
by an increase in low-cost funds which reached 6.46% YoY (bank only) with the
composition of low-cost funds or current account and saving account (CASA)
MILESTONES
reaching 79.40%, the highest since Bank Mandiri was established.
• Bank Mandiri held the mandiri ESG Festival by launching digital carbon insetting,
2023
the first pre-paid recycle card, and NZE Operational 2030 commitment.
• For 25 years, Bank Mandiri has consistently contributed to the people of
Indonesia. Bank Mandiri’s commitment to continue to provide the best service
and performance has received appreciation from various parties, including
LinkedIn Top Companies 2023 as the Best Place to Work to Develop a Career in
Indonesia, Forbes World’s Best Bank 2023 as the Number 1 State-Owned Bank
in Indonesia, and AIBP Innovation Awards 2023 from the ASEAN Innovation
Business Platform.
2017 2018 2019
Bank Mandiri began • Bank Mandiri implemented the new Bank Mandiri issued Euro Medium
implementing the Corporate culture in early 2018. The application Term Notes (EMTN) with a par
Plan Restart which was of new culture has enabled the value of USD750,000,000 (full
announced in September Bank to reach 11th place out of 500 amount) on the Singapore
2016. As a result, Bank world’s best companies in terms of Exchange (SGX). This is the highest
Mandiri’s annual net profit work environment or “The World Best Global Bond transaction made by
grew significantly by 49.5%. Employers 2018” by Forbes Magazine an Indonesian bank hitherto
version.
• Bank Mandiri issued the Bank Mandiri
Sustainable Bonds Phase III Year 2018
of Rp3 trillion. The Bank also issued
Bank Mandiri Medium Term Notes I in
2018 with the total of Rp500 billion.
2016 2015 2014
Bank Mandiri carried out several The new chapter in Transformation Bank Mandiri successfully carried
corporate actions such as the Phase 3 to become “The Best Bank out the second phase of the
issuance of sustainability bonds, in ASEAN 2020.” The Transformation transformation and prepared to
Asset Backed Securities in the Phase 3 would bring Bank Mandiri implement Corporate Plan 2015-
form of Participation Letters to be regional players that is ready 2020.
(EBA-SP) and the total asset to compete in the ASEAN market to
value of Rp1,000 trillion. provide the best financial services for
all customers and the community as
well as to be the pride of Indonesia
as the ASEAN best financial institution.
1824-1998 1998 1999 2003
The establishment of Bank Established on 2 October In July 1999, 4 (four) State- Bank Mandiri conducted
Mandiri began with the 1998, Bank Mandiri was part Owned Banks, Bank Ekspor the Initial Public Offering
extensive journey of 4 of a banking restructuring Impor Indonesia, Bank (IPO).
(four) State-Owned Banks, program implemented Dagang Negara, Bank
namely Bank Ekspor Impor by the Government of Bumi Daya, and Bank
Indonesia, Bank Dagang Indonesia. Pembangunan Indonesia
Negara, Bank Bumi Daya, were merged into one
and Bank Pembangunan entity called Bank Mandiri.
Indonesia.
96 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
• Digital transformation continues to be carried out, this is done with the launch of the new Livin’ Sukha 2.0 feature
which provides a more interesting experience in accessing entertainment content and daily lifestyle transactions.
As of October 2023, Livin’ by Mandiri has been downloaded 34 million times, with its transaction value reaching
Rp2,600 trillion or an increase of 36% year on year.
• Bank Mandiri also presents a new innovation Kopra beyond borders in meeting the needs of corporate customers
abroad, to ensure convenience access to an integrated digital financial for the customer ecosystem. As of
August 2023, a total of 677 transactions totaling Rp12.466 trillion have been managed by Bank Mandiri. Kopra by
Mandiri’s growth also increased 133% year-on-year (yoy) to 146,000 users within one year
• Bank Mandiri became the market leader in disbursing green financing of Rp115 trillion, up 9.5% year on year
(YoY). This is a tangible form of the implementation of sustainable finance by Bank Mandiri, as well as a form of
our commitment to support Indonesia’s transition to net zero emission (NZE) by 2060 and the achievement of the
United Nations Sustainable Development Goals (UN SDGs).
2020 2021 2022
Bank Mandiri • L aunching of Livin’ • Bank Mandiri refined the Livin’ by Mandiri application by
issued Bank launching the Livin’ Sukha feature as a one-stop solution for all
Mandiri Bonds II your lifestyle, which provides easy transactions in customers’
Phase I 2020 with daily lives.
a nominal value of
• Launching of Kopra • Bank Mandiri’s share price reached an All-time high level of Rp
Rp1,000,000.
10,900 per share on 6 December 2022 and as of 30 December
2022 posted a growth of 41.3% YoY.
• Bank Mandiri has exercised equity investment addition to PT
Bank Syariah Indonesia Tbk amounted to Rp2.8 trillion to support
• Issuance of Bank Mandiri business and operations activities, as well as to foster Indonesia’s
first Sustainability Bond sharia economy.
with a nominal value of
USD300 million • Execution of the first Environmental, Social, and Governance
(ESG) Repurchase Agreement (Repo) transaction in Indonesia
with a nominal value of USD500
2012 2011 2010
Continued transformation in • Bank Mandiri conducted a rights Bank Mandiri implemented
2012 was carried out through issue by issuing 2,336,838,591 shares Transformation Program Phase 2
Business Transformation, at a price of Rp5,000 per share. “Outperform the Market” which
which focused on 3 (three) focused on business expansion to
main areas, namely • The initial stage of the implementation ensure significant growth in various
Wholesale Transaction, of the Advanced Transformation business segments and achieve the
Retail Deposit and Payment of 2010-2014. Bank Mandiri had level of profitability that exceeds the
and Retail Financing. revitalized its vision of becoming market average target.
the “most admired and progressive
Indonesian Financial Institution”.
2005 2006-2007 2008-2009
Became a turning point period by launching Bank Mandiri Bank Mandiri implemented
Transformation Phase 1 to 2010, to become the implemented the “Back Transformation Program Phase 2
bank of excellent at the regional level (regional on Track” Transformation “Outperform the Market” which
champion). Transformation was carried out Program as part of focused on business expansion to
with 4 (four) main strategies, which are cultural Transformation Phase ensure significant growth in various
implementation, aggressive control of non- 1 which focused on business segments and achieve the
performing loans, improving business growth that reconstructing the level of profitability that exceeds the
exceeds market growth averages, and developing fundamentals of Bank market average target.
and managing alliance programs between Mandiri.
directorates.
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
VISION,
MISSION &
CORPORATE
CULTURE
98 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
2003-2005 Domestic Power House
Regional Champion Bank
2005-2009 Dominant Multi Specialist
Regional Champion Bank
2010-2014 Indonesia’s Most Admired and
Progressive Financial Institution
2015-2020 The Best Bank in ASEAN by 2020
2020-2024 To Be Your Preferred
Financial Partner
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MAIN
IKHTISAR MANAGEMENT
LAPORAN PROFIL
COMPANY
COMPANY
PERUSAHAAN MANAGEMENT DISCUSSION &
ANALISIS & PEMBAHASAN
HIGHLIGHTS
UTAMA REPORTS
MANAJEMEN PERUSAHAAN
PROFILE
PROFILE Profile
Company ANALYSIS
MANAJEMEN
VISION To Be Your Preferred
Financial Partner
With the purpose of the Spirit of Prospering the Country, Bank Mandiri’s long-term
vision for 2020 - 2024 is “To be your preferred financial partner” with the following
description of the vision:
a. Commitment to building long-term relationships based on trust with both
business and individual customers. Bank Mandiri served all customers with
international service standards by providing innovative financial solutions.
Bank Mandiri wants to be known for its best performance, human resources
and teamwork.
b. Taking an active role in driving Indonesia’s long-term growth and always
produce consistently high returns for shareholders.
100 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
VISION, MISSION & CORPORATE CULTURE
Mission
To Provide Reliable and
Simple Digital Banking
Solutions that Became a Part
of Customer Life
To support the vision, Bank Mandiri’s mission had also been established, which was to Provide
Reliable and Simple Digital Banking Solutions that Became a Part of Customer Life - “Seamlessly
integrate our financial products and services into our costumers’ lives by delivering simple, fast
digital banking solutions” with the description as follows:
a. Oriented to meeting market needs
1. Prioritizing the interests of customers by providing the best service by building a
professional and friendly attitude
2. Providing one stop financial solution services to customers through synergies with
Subsidiaries.
3. Offering competitive and guaranteed products and focus on product development and
digital banking networks to accommodate customer needs.
b. Develop professional resources
1. Recruiting, training and developing human resources based on their talents and abilities.
2. Providing growth opportunities for all employees fairly and providing awards and
promotions based on merit and dedication.
c. Provide maximum benefits to stakeholders
1. Providing maximum benefits to shareholders while still paying attention to the interests of
other stakeholders.
2. Ensuring sustainable growth and increase in profit.
d. Implement open management
1. Having a high work commitment and responsibility.
2. Implementing open management and effective cooperation.
e. Care for the interests of society and the environment Considering the interests of society and
the environment in every decision making.
Review of Vision and Mission by the Board of Commissioners and Board of
Directors
To ensure the conformity of the existing Vision and Mission of Bank Mandiri, the Bank periodically reviews
its Vision and Mission. The Bank’s vision and mission have been discussed and approved by the Board
of Commissioners and Directors. The Bank’s new vision and mission have been prepared in line with
the preparation of Corporate Plan 2020-2024, which continues to prioritize the Bank Mandiri’s purpose,
namely “Spirit of Prosperity of the Country”. The new vision and mission have been outlined in the Bank’s
Business Plan (RBB) 2020-2023.
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COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
CORPORATE CULTURE
Bank Mandiri makes AKHLAK’s Core Values as a fundamental aspect in human resource management as
outlined through Human Capital strategies and initiatives to ensure the formation of Mandirian’s character
as a Strategic Business Leader who is AKHLAK and globally competitive, thereby making Bank Mandiri a
talent factory creator, as part of Bank Mandiri’s efforts to foster the role of SOEs as engines of economic
growth and accelerators of social welfare.
As part of SOEs, Bank Mandiri has implemented AKHLAK’s Core Values through cultural programs organized
to shape the mindset and behaviour of each employee based on the application of AKHLAK Core Values
(Trustworthy, Competent, Harmonious, Loyal, Adaptive, & Collaborative) in providing contribution through
daily work behaviour. This is done to create a Resilient Mandirian character in realizing Bank Mandiri’s
Employee Value Proposition (EVP), namely Learning, Synergizing, Growing, and Contributing to Indonesia.
Employee Value Proposition (EVP) Bank Mandiri:
1. Learn
Provide understanding to acquire/strengthen differed new knowledge, behaviours, skills or
values.
2. Synergy
Provide understanding to work together and collaborate for the benefit of the company
for the achievement of the Vision and Mission.
3. Grow
Provide understanding to develop personally and professionally.
4. Contribute to Indonesia
Provide understanding to have a contribution and contribution, as well as provide meaning
and benefits for Indonesia.
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Since 2020, every State-Owned Enterprise (SOE) is required to implement the main
values called AKHLAK, in accordance with the Circular of the Minister of SOEs No. SE 7/
MB/07/2020 dated 1 July 2020 concerning the Core Values of Human Resources of State-
Owned Enterprises.
AKHLAK Core Values and 18 Bank Mandiri Code of Conduct:
Trustworthy
Uphold the trust given
Amanah
“Trustworthy” value code of conduct:
• Deliver on agreements and commitments
• Responsible for the duties, decisions and actions performed
• Firmly upholding the moral and ethical values
Competent
Continue to learn and develop capabilities.
Panduan perilaku nilai “Kompeten”:
• Improving self-competence to overcome ever-changing challenges
• Helping others learn
• Complete tasks of the highest quality
Harmonious
Care for each other and respect differences.
“Harmonious” value code of conduct:
• Respect everyone regardless of backgroun
• Fond to help others
• Building a favourable work environment
Loyal
Dedicated and to first put the interests of the nation and the country.
“Loyal” value code of conduct:
• Maintaining the good name of fellow employees, leaders, SOEs, and the Nation
• Willing to sacrifice to achieve greater goals
• Be obedient to the leadership as long as it does not conflict with law and ethics
Adaptive
Continue to innovate & be enthusiastic in enforcing or overcoming
change.
“Adaptive” value code of conduct:
• Quickly adjust to perform better
• Constantly make improvements following technological developments
• Act proactively
Collaborative
Build synergistic cooperation.
“Collaborative” value code of conduct:
• Provide opportunities for various parties to contribute
• Open to working together togenerate added value
• Drive the utilization of multiple resources for a common goal
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LINE OF BUSINESS
BUSINESS LINES ACCORDING
TO THE ARTICLES
ASSOCIATION
AND BUSINESS ACTIVITIES
Based on Clause 3 of the Articles of Association of Bank Mandiri, the scope of activities of Bank
Mandiri is to conduct business in banking sector according to the prevailing laws and regulations.
Information on business activities based on Articles of Association on the scope of the Company’s
activities are:
Business Activities Based On Articles Of Association
Main Business Activities
1. Collecting funds from public in forms of current accounts, term deposits, deposit certificates, savings,
and/or other equivalent forms;
2. Providing loans;
3. Issuing promissory note;
4. Purchasing, selling, or guaranteeing on own-risk or for the interest of and upon orders of the customers;
a. Bills of exchange including drafts and acceptance by the bank which validity periods are no more
than the customary in the trade of the intended bills;
b. Promissory note and other commercial papers which validity periods are no more than the customary
in the trade of the intended bills;
c. State treasury papers and government guarantee instruments;
d. Bank Indonesia Certificates;
e. Bond;
f. Term commercial papers in accordance with the laws and legislations; and
g. Other securities in accordance with the laws and legislations.
5. Money transfer for self- interest or customers’ interest;
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LINE OF BUSINESS
6. Investing funds to, borrowing fund from, or lending fund to other bank(s), both by means of letters,
telecommunication facilities, or a sight draft, check, or other means;
7. Receiving payment from the collection of commercial papers and make calculation with or between
the third party;
8. Providing place to store securities and valuable items;
9. Providing custodial service for the interest of other parties under contract;
10. Investing funds of one customer to another customer in the form of securities not listed on the Stock
Exchange;
11. Implementing factoring, credit card business, and trustee activities;
12. Financing and/or performing other activities based on sharia principles, in accordance with the provisions
stipulated by the authorities; and
13. Carrying out other activities commonly performed by banks provided that such activities comply with
laws and regulations.
1. Activities in foreign exchange by fulfilling provisions stipulated by the authorized;
2. Conduct capital participation in bank or other company in the financial
sector, such as leasing, venture capital, securities companies, insurance,
and institutions clearing settlement and institutions clearing settlement and
authorized;
3. Temporary capital participation activities to overcome the consequences of
credit failure or financing failure based on principle sharia, provided that they
must be withdrawn participation, by fulfilling the provisions determined by the
authorities*);
4. Acting as founder of a pension fund and pension fund administrators according
Supporting to provisions in legislation pension fund; and
5. Buy collateral, all or both in part, by auction or by other ways in which the
Business debtor does not fulfill its obligations to Bank Mandiri, with the provision of
collateral purchased is mandatory cashed as soon as possible.
Activities
All business activities under the Articles of Association have been carried out, both
directly by the Company and through the Subsidiaries.
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PRODUCTS AND SERVICES
Bank Mandiri’s business activities include various deposit products, loan products, and various services
described as follows:
INDIVIDUAL
SAVINGS
Mandiri Savings Tabungan Investor (Investment Saving)
Mandiri Savings is a savings product in Rupiah for Mandiri Investor Savings is an account used by
individuals that offered convenience and comfort in customers to hold funds intended for use in the
financial transactions. investment transaction process at Securities
Companies.
Foreign Currency Saving
Foreign Currency Saving is a savings product in Tabungan Mitra Usaha (TabunganMU)
foreign currency for individuals that provided TabunganMu is a savings product in Rupiah currency
benefits and convenience in making transactions as for Individuals with affordable pricing to cater
well as investing to meet customer needs. Mandiri transaction banking needs.
Foreign Currency was available in 8 (eight) types of
foreign currencies, namely USD, JPY, EUR, SGD, AUD, Tabunganku
CHF, GBP, and HKD with various benefits in the form Tabunganku is a savings product for Individuals, with
of competitive currency exchange rates and easy simple and convenient requirements and jointly
transactions at Mandiri Online. organized by banks in Indonesia. It aims to foster
saving culture and improve the community welfare.
Mandiri Tabungan Rencana (Saving Plan)
Mandiri Tabungan Rencana (Saving Plan) is a Tabungan TKI
savings product for planning purposes equipped Tabungan TKI is a savings in Indonesian Rupiah
with free insurance coverage to ensure savings for Indonesian Workers or Prospective Indonesian
plans. Workers/Migrant Workers and their families, subject
to the terms and conditions set by the bank.
Multicurrency Savings
Multicurrency Savings is a deposit in foreign Tabungan Branchless Banking
currency for individuals, consisting of 2 (two) types Individual savings account in Indonesian Rupiah
of accounts, namely Main Account and Sub that utilizes technology and information facilities
Account, where charges are only applied to the provided by branchless banking agents (Mandiri
Main Account. Multicurrency Savings is available in Agents) in collaboration with Bank Mandiri, enabling
10 currencies, namely USD, SGD, JPY, EUR, CHF, GBP, the entire community to access banking services
AUD, HKD, THB, and MYR. Multicurrency Savings also easily (financial inclusivity).
offers convenience and comfort for customers as it
can be opened online through Livin’ by Mandiri.
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PRODUCTS AND SERVICES
Tabungan NOW
Tabungan NOW is a savings product in Rupiah
currency for individuals that offered convenience
and comfort, from opening an account anywhere
and anytime through Livin’ by Mandiri aplication
or via join.bankmandiri.co.id to online and offline
transactions using various features and channels
from Bank Mandiri.
Tabungan Simpanan Pelajar (SimPel)
Mandiri Tabungan Simpanan Pelajar (SimPel) is
a type of Mandiri Savings product designed for
students in Early Childhood Education (PAUD/TK/RA),
Elementary School (SD/MI), Junior High School (SMP/
MTs), Senior High School (SMA/MA), or equivalent,
to teach children in Indonesia the importance of
saving from an early age.
Time Deposit in Rupiah Currency
Time deposit products in rupiah, which can
only be withdrawn at a certain period of time
according to the agreement between the
customer and the Bank. The opening and closing
of Mandiri Deposito Rupiah can be opened via
all Bank Mandiri Branches and e-banking Livin’ by
Mandiri (Mandiri Online). Mandiri Deposito Rupiah
provides convenience and security in investing with
competitive interest rates and various other facilities.
Giro Rupiah (Rupiah Current Account)
A deposit account in Rupiah that can be withdrawn
at any time by using Checks, Bilyet Giro, other
payment order facilities or by transfer.
Giro Valas (Foreign Currency Current Account)
A deposit account in foreign currency that
can be withdrawn every time by using Letter of
Authorization (LOA)
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PRODUCTS AND SERVICES
LOANS
Mandiri Multipurpose Loans
Financing facilities provided to individual customers • Mandiri KPR Top Up
who have a fixed income or permanent profession, Feature of Mandiri KPR, which is the addition
retirees or to certain target markets to finance various of credit limit to existing Mandiri KPR with fixed
kinds of needs. This financing facility can be used for loan tenure or additional loan tenure so that
various needs such as: education, marriage, health, the additional limit can be used to meet other
home renovation and other family needs. necessities.
Motorcycle Loans Mandiri KPR Multiguna
A motor vehicle financing facility for individual Consumer loans provided by the bank to individuals
customers which is processed through Mandiri’s by using residence/shop house/ office house/
subsidiary, i.e. Mandiri Tunas Finance and Mandiri apartment used for consumer needs.
Utama Finance.
• Mandiri Regular Motor Vehicle Loans Mandiri KPR Multiguna Take Over
New Motorcycle financing facilities for the A feature of Mandiri KPR Multiguna is in the form of the
purchase of passenger car and motorcycle takeover of similar loans withMandiri KPR Multiguna
categories. from other banks or companies that have been
running for a certain period of time, with a maximum
• Mandiri Multipurpose Motor Vehicle Loans
credit limit according to the Bank’s calculation.
Financing facilities for the purchase of goods and
services with vehicle collateral, in the form of a
Mandiri KPR Multiguna Top Up
passenger car or motorcycle category owned
A feature of Mandiri KPR Multipurpose is the addition
by the customer.
of a credit limit to the Mandiri KPR Multipurpose
credit facility that has been running for a certain time
Mortgage Loans
(existing) which is used for consumptive purposes.
Consumer loans provided by the Bank to individuals
to finance the purchase of residential houses/shop
houses (ruko)/office houses (rukan)/residential flats
(apartments) in new or used condition through
developer or non-developer.
• Mandiri KPR Take Over
One of the features of Mandiri KPR is in the form
of credit takeovers that are similar to Mandiri
KPR products from other banks, with a maximum
credit limit equal to the last outstanding at the
original bank or the new credit limit according to
bank calculations.
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PRODUCTS AND SERVICES
CREDIT CARDS
Travel to support cardholder lifestyle, traveling, and
• Mandiri Skyz Credit Card transaction abroad especially in Singapore,
Credit card products that offered competitive China, Hongkong, and Taiwan.
benefits to meet customers’ traveling needs.
• Mandiri Shopee Credit Card
• Mandiri Traveloka Credit Card Credit card products suitable for online
Credit card products that provide more transactions offering facilities such as Koin
benefits for customers to purchase tickets, Shopee for every transaction.
hotel, experience in Traveloka and get Traveloks
Points for every transactions. • Mandiri JCB Precious Credit Card
A credit card product that supported
Automotive cardholders lifestyle, with the main benefit for
• Mandiri Pertamina Credit Card traveling and transactions abroad especially in
Credit card products to meet the daily needs Jepang.
of customers that provided more benefits in
every transaction at all merchant especially at • Mandiri Livin’ Everyday Credit Card
merchant category Automative. Virtual credit card (cardless) suitable for daily
needs transaction with benefit free for life.
Golf
• Mandiri Golf Signature/Platinum/Gold Credit Prioritas
Card • Mandiri World Prioritas Credit Card
Credit card products are specially presented Credit card products that were given specifically
for the golf lovers with special promos at various to Bank Mandiri priority banking customers, and
golf merchants. this card provided privilege in travel, shopping,
and leisure experience services.
Lifestyle • World Elite Mandiri Credit Card
• Mandiri Signature Credit Card Credit card products that were given specifically
Credit card products that were suitable for to Bank Mandiri private banking customers, and
supporting a classy lifestyle, for dining, shopping, this card provided the best service facilities and
hobbies at home and abroad. rewards for customers.
• Mandiri Platinum Credit Card Corporate
Credit card products suitable for customers’ • Corporate Card Mandiri Credit Card
modern lifestyle, whether for dining, shopping Credit card products issued to meet company
or other lifestyle needs. transaction needs, such as business trips,
operational spending, and made it easy for
• Mandiri Fengshui Credit Card companies to monitor budget usage.
Credit card products with special designed of
customers fengshui element, giving benefits
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PROFILE ANALYSIS
PRODUCTS AND SERVICES
INVESTMENT AND ASSURANCE
Mutual Funds • Index Mutual Funds
• Money Market Mutual Funds Investment products that are managed to get
Investment products that only invest in domestic investment results similar to an index used as a
money market instruments and/or debt securities reference.
with a maturity of less than one year • Mutual Funds Limited Participation
• Fixed Income Mutual Funds Investment Products that collect funds from
Investment products with a minimum placement professional financiers which are then invested
of 80% in debt securities. by the Investment Manager in a portfolio of
• Mixed Mutual Funds securities based on real sector activities.
Investment products with a maximum fund
placement of 79% in stocks and/or bonds and/ Retail Government Securities (SBN)
or money markets. • Retail Government Bonds (ORI)
• Stock Mutual Funds Government Securities (SBN) instruments offered
Investment products with a minimum placement to individuals or persons of Indonesian citizens
of 80% in equity securities. through Distribution Partners in the Primary
• Protected Mutual Funds Market.
Investment products that provide protection
for the initial investment (principal) at maturity
through the portfolio management mechanism.
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PRODUCTS AND SERVICES
• Retail Government Sukuk Health Insurance – Mandiri Inhealth
Government Sharia Securities (SBSN) instruments • Mandiri Inhealth Managed Care, a group health
issued by the Government of the Republic of insurance product with a comprehensive service
Indonesia through SBSN Issuing Companies, system according to medical needs, referral
based on Sharia principles offered to individuals patterns, structured and tiered by selected
or persons of Indonesian citizens in the Primary providers, accompanied by efforts to control
Market. costs and quality through utilization reviews and
• Savings Sukuk case management techniques.
Government Sharia Securities which are
investment savings of individuals of Indonesian Mandiri Inhealth offers top up benefits in the
citizens offered in Rupiah currency, issued era of National Health Insurance (JKN) through
without bond, and cannot be traded and coordination of Coordination of Benefit (CoB)
transferred. benefits in synergy with BPJS Healthcare hence
• Sukuk Bond Retail the company can provide more optimal health
Government Bonds sold to individuals or persons services to employees and their families.
of Indonesian citizens through Distribution
Partners in the Domestic Primary Market that The following are schemes for Mandiri Inhealth
cannot be traded in the Secondary Market. Managed Care insurance products:
»» Non-CoB scheme
Asuransi – AXA Mandiri »» Smart Plus scheme
Currently, AXA Mandiri’s business generally offer »» Smart scheme
several categories of solutions, which are: »» Scheme I Flexy
• Providing investment-linked insurance products »» I Flexy Smart Scheme
(conventional and sharia) that provides life »» I-Pro scheme
insurance benefits, fund value benefits and
various choices of riders and investment • Mandiri Inhealth Indemnity, a group health
protection benefits for Bank Mandiri and Bank insurance product that provides reimbursement
Syariah Indonesia customers. for health care costs with a choice of benefits
• Providing traditional insurance products that according to the ceiling. These are health
provide protection and/or cash value benefits service options of Mandiri Inhealth Indemnity
for life, critical illness or health coverage. insurance products: Inpatient, Outpatient,
• Providing insurance protection for credit card Dental Care, Maternity Care, Glasses with a
holders, savings customers, consumer loan choice of reimbursement of costs both on an
customers and micro credit customers of Bank ipperlimit basis and an ascharge.
Mandiri and Bank Mandiri subsidiaries. • nhealth Inhospital Cash Plan, a Group Health
• Providing Corporate Solution insurance products Insurance Product that provides daily inpatient
for Company employees. benefits to the Insured according to the length of
• Providing comprehensive protection solutions treatment that is medically deemed reasonable
for Bank Mandiri Group customers to meet the for an illness or injury suffered by the Insured.
needs of protection, health, education, critical
illness and old age funds. Life and Accident Insurance
• Inhealth Group Term Life
• Inhealth Group Personal Accident
• Inhealth Endowment Regular
• Inhealth Credit Life
• Inhealth Riders
• Mandiri Inhealth Rider Critical Protection
• Instividual
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PRODUCTS AND SERVICES
DIGITAL BANKING
featuring articles, live streaming, and reels. It serves
as a one-stop solution fulfilling both entertainment
and shopping needs, ensuring an all-encompassing
lifestyle experience.
Mandiri e-Money
Mandiri e-Money is a chip-based Electronic Money
Livin’ by Mandiri is a financial super app that provides
solution issued by Bank Mandiri, designed as a secure
comprehensive banking services accessible through
alternative to cash for various payment transactions.
a smartphone. Livin’ by Mandiri offers cutting-edge
It serves as a convenient payment method for services
solutions tailored to both the financial and non-
such as toll roads, parking facilities, TransJakarta,
financial needs of customers. Various conveniences
trains, grocery stores, and various other merchants.
are integrated into Livin’ by Mandiri, including
account opening in more than 120 countries,
Mandiri Paylater
cardless deposit and withdrawal, e-wallet linkage,
Mandiri Paylater, offered by Bank Mandiri, is a
smart payment options, instant transfer through
convenient loan facility designed to facilitate
BI FAST, instant access, QR code payments and
payments for QR transactions at all merchants. With
receipts, tap-to-pay functionality, paylater services,
the concept of “buy now and pay later,” customers
foreign exchange transfers, investment product
have the flexibility to settle their payments within 1, 3,
purchases, Livin’ Sukha, and various other attractive
6, 9, or 12 months. The application for Mandiri Paylater
features that undoubtedly simplify the customer
can be conveniently completed online through the
experience.
Livin’ by Mandiri platform.
Livin’ Merchant
Mandiri API
Livin’ Merchant is an application that offers
Mandiri Application Programming Interface (API)
comprehensive Point of Sale (POS) services. Our
offers effortless access to a diverse range of banking
platform facilitates sales recording, efficient product
products and services provided by Bank Mandiri. This
stock management, acceptance of various
empowers business entities within the Bank Mandiri
payment methods, and the seamless disbursement
digital ecosystem, enabling them to easily and
of sales proceeds.
securely leverage a variety of banking services.
Livin’ Sukha
Mandiri Direct Debit
Livin’ SUKHA stands out as a key feature within Livin’
Mandiri Direct Debit is a service that streamlines the
by Mandiri, designed to cater to customers’ diverse
acceptance of Mandiri Card transactions, whether
lifestyle needs. It enables seamless purchases of
at merchants in collaboration with Bank Mandiri.
airplane and train tickets, access to medicines and
This service enhances transactional convenience by
medical equipment, acquisition of game vouchers,
processing payments within an integrated transaction
subscriptions to streaming services, acquisition of
flow.
concert and entertainment tickets, shopping for
daily necessities and electronics, ordering food
and beverages, and scheduling health check
appointments. Additionally, SUKHA offers a rich
blend of entertainment and educational content,
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PRODUCTS AND SERVICES
Mandiri Chat Banking Mandiri EDC
Mandiri Chat Banking is a communication service Mandiri EDC is a service offering Electronic Data
connecting Bank Mandiri with customers through Capture (EDC) machines at stores and merchants
our official WhatsApp business account at in collaboration with Bank Mandiri. This service
+6281184140000. This service facilitates the exchange streamlines the electronic processing of various
of information, notifications, and interactions transactions, including purchases, payments, cash
between Bank Mandiri and its customers. Additionally, withdrawals, and e-money top-ups. Mandiri EDC
customers can inquire about Bank Mandiri’s products supports transactions with both Mandiri cards
and services by using the same WhatsApp number. and cards from other banks, utilizing the domestic
network, International Payment Network, and the
ATM Services Bank Mandiri network.
Banking transactions via ATMs provide customers
with convenient access to their accounts, allowing Mandiri Customer Service Machine (CSM)
for various actions such as cash transactions, The Mandiri Customer Service Machine (CSM)
balance inquiries, transfers, and payments using represents Bank Mandiri’s cutting-edge digital
Mandiri Cards. Mandiri ATMs are integrated with banking service, featuring advanced biometric
both domestic and international payment networks, verification technology. It offers convenient card
facilitating transactions with cards from other banks. replacement services, allowing customers to change
Furthermore, Bank Mandiri has upgraded its ATMs card types, replace damaged cards, or address lost
to accommodate cash deposit and withdrawal cards. Additionally, customers can efficiently open
transactions. new accounts through these machines. The CSM
enables self-service transactions with simplified steps,
eliminating the necessity for form filling. It operates
24/7, ensuring fast and efficient service without the
need to wait at the branch.
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PRODUCTS AND SERVICES
BUSINESS
SAVINGS
Savings Business Deposit in Foreign Exchange
This product is a savings product intended for This product is temporary saving product in which
individual or nonindividual business persons. It comes the withdrawal may only be made at a certain
with features and benefits i.e., ease of transactions period according to the agreement between the
with Mandiri Debit Bisnis and Kopra by Mandiri, customer and the Bank. The opening and closing
transaction details on savings book, sweep and auto of Mandiri Deposito Valas can be made via Bank
debit services. Mandiri branches and e-banking (Livin’ by Mandiri,
Mandiri SMS, Mandiri Internet, or Mandiri Call for USD).
Tabungan Investor (Investment Saving) Mandiri Deposito Valas provides comfort, security,
Mandiri Investor Savings is an account used by and benefits in investment. It comes with competitive
customers to hold funds intended for use in the interest rates and various other benefits.
investment transaction process at Securities
Companies. Giro Rupiah (Rupiah Current Account)
A deposit account in Rupiah that can be withdrawn
Deposit in Rupiah Currency at any time by using Cheque, Bilyet Giro, or other
This product is a time deposit in rupiah currency. The payment order facilities.
withdrawal may only be made at a certain period
according to the agreement between the customer Giro Valas (Foreign Currency Current Account)
and the Bank. The opening and closing of Mandiri A deposit account in foreign currency that can be
Deposito Rupiah can be made via Bank Mandiri withdrawn at any time by using Letter of Authorization
branches and e-banking (Livin’ by Mandiri , Mandiri (LOA).
SMS, Mandiri Internet, or Mandiri Call). Mandiri
Deposito Rupiah provides comfort and security in
investment. It comes with competitive interest rates
and various other benefits.
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PRODUCTS AND SERVICES
LOANS
MSME financing facility can be provided to all micro-
• Working Capital Loans business owners and household businesses in
Loans facilities provided to meet the needs of the form of companies, business groups, and
working capital for one business cycle and or individuals (such as traders, farmers, breeders,
special working capital needs such as to finance and fishermen). In 2020, channel acquisition
inventory/receivables/projects or other special of KUM has been developed through digital
needs. platforms such as Mandiri Pintar mobile apps,
• Investment Loans through channelling patterns with fintech
Loans facilities provided to finance the needs of companies, and through e-commerce.
capital goods for rehabilitation, modernization,
expansion, establishment of new projects and or Corporate
specific needs related to investment. • Working Capital Loans
• People’s Business Loans (KUR) Loans facilities provided to meet the needs of
Working capital and/or investment financing to working capital such as inventory/ receivables/
individual/ borrowers, business entities and/or projects or other special needs.
business groups that are productive and feasible • Investment Loans
but do not yet have additional collateral or Loans facilities provided to finance the needs
additional collateral is not enough. of capital goods in the context of rehabilitation,
• Micro Business Loans (KUM) modernization, expansion, establishment of
Investment Credit Facility and/or Working new projects and or special needs related to
Capital Loans for the development of productive investment
and consumptive micro-scale businesses. This
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PROFILE ANALYSIS
PRODUCTS AND SERVICES
KOPRA by Mandiri is a wholesale
digital super platform that provides
digital single access services and acts
as center of information, activities,
and financial transactions for business
community and its entire ecosystem.
KOPRA consists of 3 variants, including:
1. KOPRA Portal: A front-end web-
based digital access that acts
as a a single sign on portal.
2. KOPRA Host to Host: A variant
of a digital service based on
integration between customer’s
system and the Bank’s system.
3. KOPRA Partnership: A solution to
provide transactional services for
customer’s business ecosystem
with specific added value, one
of them is through partnerships.
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PRODUCTS AND SERVICES
CASH MANAGEMENT VALUE CHAIN
• Kopra Cash Management
Kopra Value Chain
Internet-based electronic banking services
Kopra Value Chain is a web-based channel
provided by the Bank to corporate clients to
provided by Bank to cater customer needs
carry out financial activities include access to
for supply chain transactions from Invoice
information, domestic and international transfers,
Submission/Creation, Invoice Acceptance,
bill payments, payroll, tax payments, purchase of
Invoice Payment Instruction, as well as
Pertamina’s products and liquidity management
financing request. Benefits of Kopra Value
(cash concentration).
Chain for customers:
• Kopra Host to Host Payment • Security Guarantee, with a certified system
Sending transaction instructions from the and implementation of authorization
Customer’s system/ERP directly to the Bank matrix approval for every transaction
Mandiri payment system through customer and conducted through Kopra Value Chain.
Bank system integration concept. • Real-time transaction and limit monitoring,
• Mandiri Bill Collection ease access of transaction history, push
Provides easy identification and reconciliation of notification, and report.
biller receipts for bills using a unique number as
• Efficient and convenient service for
the destination of payment by the payer.
invoice processing, payment initiation,
and financing application accessible
• Mandiri Auto Debit
anywhere and anytime.
Automatically debiting funds from the Customer’s
Account to the Company’s Account based on
the agreement between the Customer and the Kopra Value Chain provides two types of
Company. supply chain financing, namely:
• Account Payable Financing, a credit
• Mandiri Smart Account facility provided by Bank Mandiri to Debtor
Transactional virtual account service that (as a Buyer) to ensure on time payment of
functions as an identification and limitation of Seller’s invoice.
funds in (credit) and out (debit) of an account
• Account Receivable Financing, a credit
or subsidiary account in lieu of current accounts.
facility provided by Bank Mandiri to Debtor
to accelerate Seller’s invoice payment.
• Mandiri Electronic Banking Statement (MEBS)
Solutions for providing financial information in the
form of electronic current accounts.
• Online Notification
Notification service of transaction activity/
movement of funds in the account to customers
in real time or periodically on a host-to-host basi
• Kopra Money Pick-Up Service (LAJU)
Digital services for delivering, picking-up and
processing customer cash to/from banks are
carried out digitally.
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
PRODUCTS AND SERVICES
TRADE FINANCE
Kopra Trade Moreover, Bank Mandiri can also provide financing
Kopra Trade is a web-based online application that for Customer export transactions starting from the
can be used by customers to submit trade and BG stage prior to the delivery of export goods (pre-
transactions, such as: issuing Letters of Credit (LC), shipment financing) to the stage after the delivery
Local Letters of Credit (SKBDN), Standby Letters of goods (post-shipment financing) by offering Pre-
of Credit (SBLC), Shipping Guarantees, and BG, Export Financing and Export Money Order Takeover
including financing for trade transactions. (PWE) solutions, both on the basis of LC and Non-LC
(bill purchase).
Customers who have trade or BG facilities can
monitor total facilities, usage, and availability of the Bank Mandiri’s Export Services, including:
facilities in Kopra Trade. Customers will also receive 1. Outward Documentary Collection
reminders regarding transactions maturity date and Outward documentary collection is a document
track transactions status. Kopra Trade also provides collection service without a customer’s Letter of
document upload and save template features for Credit to importers in export or domestic trade to
ease and convenience of transactions. obtain payment/acceptance.
Host to Host (H2H) Trade and Bank Guarantee 2. Letter of Credit
Bank Mandiri also offers H2H Trade and Bank Letter of Credit (LC) is the service of issuing an
Guarantee, which integrates customer’s system with LC (a written agreement of the Bank that is
Bank Mandiri system to facilitate export, import, and irrevocable) or its amendment (if any) at the
Bank Guarantee transactions seamlessly. request of the customer in export or domestic
trade, the content of which guarantees payment
Export to the beneficiary on the basis of submission of
The company’s liquidity is restrained due to export documents in accordance with the terms and
bills that have not been paid by importers or require conditions of the LC or its changes. For the LC,
additional liquidity because receiving soaring export Bank Mandiri has an LC notification service
orders is a variety of exporter issues that Bank Mandiri issued, forwarding LC, or amendment of LC-to-
seeks to provide solutions for. Bank Mandiri provides LC recipients (exporters/sellers).
integrated and complete export services at every
stage of the transaction, from the process of realizing
3. Letter of Credit Confirmation
export orders, preparation of export documents,
Bank Mandiri guarantees as the first payer of
presentation of documents to accelerating the
LC issued by other banks in accordance with
receipt of export results.
the conditions that the LC documents are
presented to the Bank and the documents are in
Bank Mandiri Trade Specialists spread throughout
compliance condition.
Indonesia can assist customers in carrying out
international trade transactions using various
payment methods, such as Letter of Credit (LC),
Documentary Collection, and Open Account.
118 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PRODUCTS AND SERVICES
Bank Mandiri’s Export Financing includes: 2. Banker’s Acceptance (Avalist) Inward
1. Pre-Export Financing Documentary Collection
Trade financing provided by the Bank to exporters The provision of acceptance/agreement of the
in preparation for pre-shipment financing, either Bank to pay term documents at maturity for
on an LC or Non-LC basis. inward documentary collection with the type
of document submission, namely document
2. Export Money Order Takeover (Bill Purchase) against acceptance (D/A).
A short-term trade financing to accelerating the
receipt of receivables for exporters in providing 3. Issuance of Import Letter of Credit
down payments with the right to collect (with A written agreement issued by Bank Mandiri and
recourse) on export money orders, both LC and is irrevocable to suppliers abroad if the Supplier
non-LC transactions. can present documents in accordance with the
Letter of Credit issued.
3. Forfaiting
A transaction of buying and selling bill rights 4. Shipping Guarantee
between Bank Mandiri and Customers/ Acceleration of the issuance of goods at the port
Correspondent Banks based on futures trading without the presentation of shipping documents,
documents at discounted prices without the right based on the Guarantee issued by Bank Mandiri.
of regress. This can reduce the risk of damage to goods and
high demurrage costs.
Imports
In addition to requiring the allocation of working Bank Mandiri’s import financing includes:
capital, import activities also require negotiations with 1. Trust Receipt
exporters to agree on payment terms and payment Post-import/delivery trade financing of goods,
methods that are appropriate for both parties. which helps the Customer as a buyer, to pay the
Customer’s obligations for the payment of Letter
Bank Mandiri provides an Import solution, where of Credit (LC) and documentary collection.
customers can purchase goods more securely,
because payment will be made after the goods arrive 2. Deferred Payment
at the port, or if the documents are in accordance Post-import financing product to cover the
with the requirements. In addition to facilitating payment of the Customer’s obligations for the
the issuance of Letters of Credit (LC), Bank Mandiri Customer’s open account or Letter of Credit (LC)
also provides bridging payments for the purchase issued by the Bank that is due.
of imported goods and domestic trade. Bank
Mandiri’s import solution allows customers to be able
to negotiate payment terms flexibly and maintain
customer credibility with suppliers.
Bank Mandiri’s Import Services include:
1. Inward Documentary Collection
Collecting documents related to the delivery of
goods to the Customer, as an importer, in import
or domestic trade according to the instructions
of the sending bank for payment and/or
acceptance.
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
PRODUCTS AND SERVICES
Domestic Trade 2. Account Payable Financing
The vastness of Indonesia opens up great opportunities a) Trust Receipt
for trade between islands, between provinces, Post-import trade financing/delivery
between cities in Indonesia. Transactions can be of goods that helps the Customer
made using SKBDN (Domestic Documented Letter of as a buyer, to cover the payment of
Credit), or by Open Account. Similar to export and the Customer’s obligations for the
import transactions, Bank Mandiri also has solutions payment of Letter of Credit (LC) and
specifically for domestic trade transactions. documentary collection.
b) Deferred Payment
Post-delivery financing products to
a. SKBDN as a solution for Bank Mandiri’s Local
cover the payment of Customer’s
Trade services obligations for the customer’s open
SKBDN is a written agreement of the Bank that is account or SKBDN issued by other
irrevocable or amended (if any) at the request of banks.
the Customer in domestic trade, where the content
guarantees payment to the beneficiary on the basis Bank Guarantee
of submitting documents in accordance with the Bank Mandiri Bank Guarantee provides convenience
terms and conditions of the SKBDN and its changes. transactions to customers. This service is the issuance
The services provided start from the issuance of of a guarantee issued by Bank Mandiri to guarantee
SKBDN to the forwarding of SKBDN. the recipient of the guarantee (bowheer) if the
guaranteed party does not fulfill the obligations to the
b. Local trade financing solution recipient of the guarantee (bowheer) in accordance
1. Account Receivable Financing with the agreement/contract.
a) Receivables Financing
Trade financing by Bank Mandiri The advantages of issuing a Bank Guarantee include:
to Customers who act as sellers in 1. Issuance and confirmation online using Kopra
preparation for the delivery of goods Trade
(purchase of raw materials, expenditure 2. Bank Guarantee issuing branches are located
of production costs or preparation throughout Indonesia
of delivery of other goods, and/or 3. Bonds can be picked up at different branches
procurement of goods for resale) and with the issuing branch of the Bank Guarantee
acceleration of bill payments from 4. Same day service standards
buyers for the sale of goods/services 5. Variety selection of covers
for local trade transactions. Consists of 6. Scan QR Code for BG Confirmation
Purchase Order Financing and Invoice
Financing. Not only does it offer various advantages, with the
b) Takeover of Export Money Orders spirit of building the country and accelerating budget
Trade financing to accelerating the absorption, Bank Mandiri has a variety of programs
receipt of receivables for sellers on that offer affordable collateral deposits. Moreover,
export money orders, both SKBDN and Bank Mandiri has collaborated with the Ministry of
non-SKBDN transactions. Finance in an interconnection system to speed up
c) Forfaiting SKBDN the BG confirmation process in order to accelerate
A transaction of buying and selling BG confirmation.
bill rights between Bank Mandiri and
Customers/ Correspondent Banks
based on futures trading documents at
discounted prices without the right of
regress.
120 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PRODUCTS AND SERVICES
TREASURY
Cash Transaction/Liquidity • e-fx by Mandiri
• FX Today Mandiri e-fx is an online platform to conduct
A transaction to exchange a currency against foreign exchange transactions at special rates
another currency on a same-day delivery basis. directly from Treasury Group.
• FX Tom
A transaction to exchange a currency against Hedging Products
another currency on the day of the transaction. • FX Forward
The money will be delivered in one business day A hedging product which is a transaction/
following the date of the transaction. contract of sale or purchase of a currency against
• FX Spot other currency in certain amount and price with
A transaction to exchange a currency against the submission and receipt of such funds are
another currency on the day of the transaction. going to be exercised more than 2 (two) working
The money will be delivered in two business days following the date of the transaction.
days following the date of the transaction. • Par Forward
• Banknote in Foreign Currency A series of FX forward transactions that have
The banknote in foreign currency legally different due dates using a single rate as agreed
issued by a country outside Indonesia and is at the beginning of transaction date, and both
recognized as a valid payment instrument of transactions are made at once with the same
the country concerned. counter-party.
• FX Order • FX Swap
Service for customers who wanted to place A hedging product which is a transaction/
orders or buy/sell foreign currency orders at contract to exchange currency against another
certain exchange rates. If the rate of exchange currency on a certain value date as well as an
was reached during the order period, an agreement to exchange it back to the original
exchange of customer funds from one currency currency on a different value date in the future.
to another could be made according to the The price/rate used for both transactions was
order placed. determined on the transaction date, and both
• Mandiri Repo transactions were executed simultaneously with
A contract to sell or buy Government Securities the same counter-party.
(SBN), with a promise to buy or resell it at a • FX Option
predetermined time and price. This product A hedging product which is a transaction/
was intended for customers of Non-Bank contract entitling rights (instead of liabilities) to
Financial Services Institutions to meet the needs the option buyer to purchase or sell a currency
or utilization of liquidity. against another currency at a predetermined
• Local Currency Settlement (LCS) price (strike price) for a certain period by paying
A transaction to exchange certain currency significant amount of premium to the seller
which occurred between Indonesia and LCS’s option.
partner countries using the currency of each
country in a bilateral framework.
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
PRODUCTS AND SERVICES
• Interest Rate Swap (IRS) • Corporate Securities
A hedging product which is a contract/ The securities issued by companies, including
transaction between two parties to change banks, both government and private, at home
interest rate payment from floating rate to fixed and abroad. Corporate Securities Transactions
rate or vice versa without principal payment and could be carried out for Individual, Corporate
within the same currency. and Non-Bank Financial Services Institutions
• Cross Currency Swap (CCS) customers on the secondary market, provided
A hedging product which is a contract/ that the payment of coupons, principal and term
transaction between two parties to exchange was set by the securities issuers.
principal and interest payment in two different • Mandiri Deposit Swap (MDS)
currencies over an agreed period of time and in This is an investment product in foreign currency
the same currency. which is a combination of deposit product and
• Mandiri Call Spread foreign exchange transaction. The proceeds
A hedging product which is a combination of from the placement funds in a non-rupiah
Buy Call Option and Sell Call Option transactions replacement currency at the beginning of the
with two different conversion rates. transaction are then exchanged back into the
• Domestic Non-Deliverable Forward (DNDF) original currency at the maturity date of the
A hedging product which is a transaction/ transaction with the aim of increasing the return
contract of sale or purchase of one currency on deposit products. MDS provides higher yields
against another currency in a certain amount than conventional savings products and has the
and price with delivery/receipt of funds carried characteristic of principal protected (protected
out more than 2 (two) working days from the deposit placement).
date of the transaction by netting and with fixing • Mandiri Dual Currency Investment (MDCI)
mechanism carried out in the domestic market. An investment product in foreign currency which
is a combination of deposit product and FX option
Investment Product exchange sales transaction by the customers. At
• Government Securities Notes (SBN) the beginning of the transaction, the customer
The securities issued by the government in the determines the currency pair and the conversion
form of acknowledgment of indebtedness letter of the exchange rate (strike price). On the
the payment of interest and principal of which is maturity date, the customer will receive the
guaranteed by the Republic of Indonesia based investment proceeds in the original currency or
on its validity period. the replacement currency. MDCI provides higher
• Government Sharia Securities Notes (SBSN) yields than conventional savings products. It has
The securities based on sharia principles issued by the characteristic of non- principal protected
the government in the form of acknowledgment (non-protected deposit placement) as well.
of indebtedness letter the payment of interest • Mandiri Market Linked Deposit (MMLD)
and principal of which is guaranteed by the An investment product in foreign currency
Republic of Indonesia based on its validity period. which is a combination of deposit product and
• Retail Securities Notes FX digital option. The interest rate of customer’s
The securities issued by the government deposit product will be converted to the digital
particularly intended for retail investor/ individual option’s variable rate. The customer will receive
by determining minimum nominal terms of a yield that depends on the number of working
purchase in small quantities The term of retail days, where the movement of the exchange
secures is at most 6 (six) years. The payment of rate is within the agreed range. MMLD provides
principal and coupon is guaranteed by the potentially higher yield than conventional saving
government. products, and it has the characteristic of principal
protected (protected deposit placement).
122 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PRODUCTS AND SERVICES
FINANCIAL INSTITUTION
Custodial Services • Custody Euroclear
1. Types of Custodial Services The bank, as a direct member, provided custodial
Settlement of Securities Transactions Receiving services for securities listed on Euroclear Brussels.
and or delivering securities transacted by a • Custody for American Depository Receipts (ADR)/
customer to a party appointed by the customer. Global Depository Receipts (GDR) Program
2. Storage and Administration The Bank acts as a local custodian for share
• Keeping physical securities in kluis/vault or transactions that do dual/multi listings.
scripless securities in securities accounts at • Custody Mutual Fund/Discretionary Fund
KSEI/BI/Euroclear. Investment administration services from mutual
funds (including KIK-EBA, EBA-SP and ETF) and/
• Administering securities according to the
or discretionary funds issued by the Investment
owner of each customer.
Manager.
3. Management of Right (Corporate Action)
• Securities Lending & Borrowing
Managing investor rights with respect to Securities
Facilitating borrowing of securities owned
held at the Custodian, such as interest and
by clients to Exchange Members through an
principal on bonds, dividends and distribution of
bonus shares intermediary, PT KPEI.
4. rusteeship Services (Proxy)
Trust Services
Acting on behalf of/representing investors
(shareholders/bonds) to attend the GMS • Trustee
(General Meeting of Shareholders) and RUPO Services provided by Bank Mandiri to Legal and
(General Meeting of Bondholders). Institutional Institutions The government will issue
5. Reporting and Information Bonds/Sukuk or other Debt Notes.
• Send reports to customer: • Monitoring agents
- Securities kept at the custodian. Services provided by the Bank to Legal Entities
- Transactions conducted by customers and Government Agencies that issued debt
and already settled by the custodian. securities or Sukuk without going through a public
• Send information related to securities stored offer.
by customers.
• Paying Agent
- Services provided by the Bank to:
Bank Mandiri Custodian Business Line Legal Institution and Government Institution
• General Custody that will issue Bonds/MTNs with a draft in
This product is a custodial service for securities which coupon payment and Bonds/MTNs
listed in BEI, shares investment, securities, etc. with a draft in which coupon payment and
• Sub Registry Surat Utang Negara (SUN) dan Bonds/MTN Notes are made without going
Sertifikat Bank Indonesia (SBI) through KSEI.
This product is a custodial service for depository - Company that makes payment for
and settlement of SUN and SBI transactions. dividends to their shareholders that do not
have Securities Account in a Custodian or
Securities Company.
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
PRODUCTS AND SERVICES
• Security Agent parties need an independent party to save and
Services provided by Bank Mandiri to customers administer funds the transaction is in accordance
who will conduct bilateral transactions/ with the provisions agreed by the parties.
multilateral where in the transaction there are
collateral items that must be stored and managed • Receiving Bank
by the Security Agent as an independent party Services provided by Bank Mandiri to Legal Entity
under the Trustee/Security Agreement Agent that Institutions that will exercise Initial Public Offering
has been signed by the parties. (IPO) of shares.
• Escrow Agent
Services provided by Bank Mandiri to parties who
conduct bilateral/multilateral transactions where
DIGITAL BANKING
Mandiri EDC Mandiri ATM Setor Tarik
Electronic Data Capture (EDC) machine provisioning One of ATM machine types for transactions such as
service available at shops/merchants that cooperate cash deposits, cash withdrawals, inter banks transfer
with Bank Mandiri. Mandiri EDC can facilitate the transactions, and payment/purchasing transactions
acceptance for the transactions of purchasing, for all Customers of Bank Mandiri that owned savings
payments, cash withdrawals and top-up of e-money accounts. Other banking transaction services in the
using Mandiri Cards or other Banks electronically Mandiri ATM also can be accessed in the Mandiri
through the Domestic Network, International Payment ATM deposits-withdrawal machines.
Network, and the Bank Mandiri Network.
Mandiri E-Commerce
Mandiri ATM Receiving services for Mandiri Card transactions
Banking transaction services through ATM machines and other banks at online stores / merchants that
that facilitated customers to access their Mandiri cooperated with Bank Mandiri. Mandiri e-commerce
Savings or Mandiri Current Accounts in making cash provided transaction convenience because
transactions, checking balances, transfers, payments payments were made in an integrated transaction
and purchases using Mandiri Cards. Through the flow without the need to access other banking
Domestic Network and International Payment channels. Customers could use Mandiri Cards or
Network, Mandiri ATM also served transactions with other banks through the International Payment
other bank cards. Network.
124 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PRODUCTS AND SERVICES
Mandiri Direct Debit Mandiri Application Programming Interface
A frictionless and secure Mandiri Debit payment Mandiri Application Programming Interface (API)
facility at e-commerce merchants by using a provided easy access to banking products and
transaction ID in the form of a card number and services for players of the digital ecosystem integrated
expiry date and authorization using OTP in which into the Partner application to take advantage of
authorization was carried out by the Bank itself as an banking services conveniently and safely.
issuing without involving the principal, and the OTP
was sent by the Bank. Digital Lending for Ecommerce and Fintech
Bank Mandiri was working with digital companies
Mandiri QRIS in Indonesia to provide working capital loans (non-
The QR Code transaction acceptance services at revolving) to MSMEs registered as online sellers/
Bank Mandiri merchants with server-based electronic merchants. The submission process was done online
money and other sources. QR is standardized by through the partner platform and sent to Bank
Bank Indonesia thereby it enables an interoperability Mandiri via API. Funds would be received in the
transaction with Livin’ by Mandiri or other apps of customer’s account after the loan was approved. In
the Bank and/or Non-Banks (fintech) registered and addition, for digital companies that did not yet have
approved by Bank Indonesia. Mandiri QRIS provides a platform for applying for financing, Bank Mandiri
cashless transactions convenience at merchants. had an onboarding website that could process loan
applications.
Mandiri Customer Service Machine (CS Machine)
Bank Mandiri’s newest digital banking service Digital Lending for Value Chain Business
complemented with biometric verification technology It was a business financing product provided by
for cards replacement service (replacement of Bank Mandiri to its customers who sold through the
card types, replacement of damaged cards, and Digital Platform. Customers could withdraw the loan
replacement of lost cards), including new account according to the desired nominal value repeatedly
opening service. The customer can perform self- (revolving), as long as it had not reached the loan
service transaction in the CS Machine with practical limit. The submission process was carried out online
transactions (without completing the forms), fast, through a partner platform in collaboration with
24 hours service, and without the need to queue at Bank Mandiri and sent to Bank Mandiri via API.
branches. Furthermore, customers could check the status of
their loan application through the partner platform.
ANNUAL REPORT 2023 125
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
Operational Areas
Region I/Sumatera 1
Jl. Pulau Pinang No. 1
Medan, 20111
Telp : (061) 43000200
Fax : (061) 4153273
REGION III/JAKARTA 1
Jl. Lapangan Stasiun No. 2
Jakarta Barat, 11110
Telp : (021) 6922004.
6922005
Fax : (021) 6922006
REGION IV/JAKARTA 2 REGION IX/KALIMANTAN
Jl. Kebon Sirih No. 83 Jl. Lambung Mangkurat
Jakarta Pusat, 10340 No. 3
Telp : (021) 39832918 Banjarmasin, 70111
Fax : - Telp : (0511) 3365767
Fax : -
REGION V/JAKARTA 3
REGION II/SUMATERA 2 Jl. Jend. Sudirman
Jl. Kapten A. Rivai No. 1008 Kav. 54-55
Palembang, 30137 Jakarta Selatan, 12190
Telp : (021) 5267368.
Telp : (0711) 5229300 5267337
Fax: (0711) 310992. 358262 REGION VIII/JAWA 3
Fax : (021) 5267371.5267365 Jl. Basuki Rahmat No. 2-4
Surabaya, 60271
Telp : (031) 599205001. REGION X/SULAWESI
599205600 DAN MALUKU
Jl. R.A. Kartini No. 12-14
Makassar, 90111
REGION VI/JAWA 1
Telp : (0411) 3629096.
Jl. Soekarno Hatta No. 486
3629097. 3634811
Bandung, 40266
Fax : (0411) 3629095.
Telp : (022) 7506242. 7511878 REGION VII/JAWA 2
3650367
Fax : (022) 7505810. Jl. Pemuda No. 73
Semarang, 50139
Telp : (024) 3520484, 3520486
Fax : (024) 3520485
REGION XI/BALI DAN
NUSA TENGGARA
Jl. Surapati No. 15-17
Denpasar, 80238
Telp : (0361) 236118
Fax : (0361) 224077.
261453. 235924
Tabel Jaringan Kantor per Wilayah Tahun 2023
Branch Other Networks
Region Sub Branch Office
Offices
ATM
Region I/Sumatera 1 15 189 1.091
Region II/Sumatera 2 14 204 845
Region III/Kalimantan 1 12 219 1.696
Region IV/Kalimantan 2 11 197 1.570
Region V/Kalimantan 3 8 171 1.462
Region VI/Jawa 1 9 192 1.192
Region VII/Jawa 2 11 230 1.203
Region VIII/Jawa 3 13 263 1.610
Region IX/Kalimantan 12 135 683
Region X/Sulawesi dan Maluku 19 164 748
Region XI/Bali dan Nusa Tenggara 5 104 523
Region XII/Papua 10 36 256
Kantor Luar Negeri 7 1 20
126 TOTAL
PT Bank Mandiri (Persero) Tbk 146 2.105 12.899
Page 129
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
Overseas Branch
Offices
Bank Mandiri Cabang Singapura
12 Marina View,
#19-01 Asia Square Tower 2,
Singapore 018961
Telp : 65-6213-5688/65-6213-5680
Fax : 65-6844-9833/65-6844-9808
Website : www.ptbankmandiri.com.sg
SWIFT Code : BMRISGSG
Bank Mandiri Cabang Hong Kong
7th Floor
REGION XII/PAPUA Far East Finance Centre 16 Harcourt Road, Hong
Jl. Dr. Sutomo No. 1 Kong
Jayapura, 99111 Telp : +852-2881-3632
Telp : (0967) 537081. Fax : 852-2529-8131/852-2811-0735
537183-4. 537189
Website : www.bankmandirihk.com
Fax : (0967) 537181
SWIFT Code : BMRIHKHH
Remittance Office Hongkong
Shop 3. G/F. Keswick Court
3 Keswick Street Causeway Bay Hongkong
Telp : +852-2881-6650
Fax : +852-2881-5386
Bank Mandiri Cabang Cayman Islands
Cardinal Plaza 3rd Floor, #30 Cardinal Avenue. PO
BOX 10198, Grand Cayman KY 1 – 1002 Cayman
Islands
Telp : +1-345-945-8891
Fax : +1-345-945-8892
SWIFT Code : BMRIKYKY
Bank Mandiri Cabang Dili - Timor Leste
Office Networks for the past 5 (five) years 25 Rua de Abril No.10 Colmera
Dili-Timor Leste
Telp : +670-331-7777/+6221-526-3769/+6221-527-1222
Office Types 2023 2022 2021 2020 2019 Fax : +670-331-7190/+670-331-7444/+6221-252-1652/
+6221-526-3572
Head Office 1 1 1 1 1
Branch Office 139 138 137 140 139 Bank Mandiri Cabang Dili - Timor Plaza - Timor Leste
Timor Plaza – Unit #/Unidade No. #203; 233; 204; 230;
Overseas Branch 7 7 7 7 7 231; 232 Jl. Nicolau Lobato.
Comoro Dili - Timor Leste
Office Telp : +670-7307-7777
Sub-Branch Office 2.104 2.225 2.465 2.280 2.304 Bank Mandiri Cabang Shanghai
Cash Office - - - 90 140 Room 4101, Shanghai Tower No. 501, Yin Cheng
Zhong Road. Pudong New District, Shanghai 200120,
Other Type of Office: People’s Republic of China
Telp : +86-21-2033-2625/+86-21-2028-2806/
• Payment Point 36 42 - 113 145 +86-21-5037-2509
Fax : +86-21-5037-2707/ +86-21-5037-2547
• Kas Mobile 77 77 - 58 59 SWIFT Code : BMRICNSH
• Kas Mobile Mikro 21 22 - 27 27
Overseas Subsidiaries
ATM 12.906 13.027 13.087 13.217 18.291
Bank Mandiri (Europe) Limited. London
*) Pada tahun 2021 sesuai POJK No. 12/POJK.03/2021 tanggal 30 Juli 2022 tentang Bank Umum bahwa
4 Thomas More Square
jaringan Kantor Kas, Payment Point, Kas Mobil dan Kas Mobil Mikro dimasukan dalam kategori Kantor
Cabang Pembantu. Pada tahun 2022, sesuai surat OJK No. S-30/PB.11/2022 tanggal 6 Maret 2022 hal London E1W 1YW, United Kingdom
Pelaporan APOLO – Jaringan Kantor sesuai dengan POJK No. 12/POJK.03/2021 tentang Bank Umum Telp : +44-207-553-8688
bahwa jaringan kantor Payment Point, Kas Mobil dan Kas Mobil Mikro tidak lagi dicatatkan sebagai Fax : +44-207-553-8699
Kantor Cabang Pembantu, melainkan hanya dicatatkan sebagai data internal bank. Website : www.bkmandiri.co.uk
SWIFT Code : BMRIGB2L
Mandiri International Remittance Sdn. Bhd
Wisma MEPRO
Ground & Mezzanine Floor 29 & 31 Jalan Ipoh 51200
Kuala Lumpur
Telp : +603-4045 498
Call Center: +6019-261-9200
Website : www.mandiriremittance.com
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PROFILE ANALYSIS
ORGANIZATIONAL
STRUCTURE
Board of Commissoners
Risk Monitoring
Audit Committee
Committee President Director
Remuneration & Integrated Corporate
Nomination Committee Governance Committee
Vice President
Director
Corporate Commercial Institutional Treasury &
Risk
Banking Banking Relations International
Management
Banking
Special Int’l Banking
Asset Corporate Commercial Wholesale
& Financial Risk
Management Banking Banking Institutions
Environmental, Corporate Corporate Commercial Commercial Gov & Corporate
SAM I Overseas Market Risk
Social & Banking 1 Banking 4 Banking 1 Banking 5 Institutional 1 Treasury Risk
Governance Banking
Network
Corporate Corporate Commercial Commercial Gov & Operational Commercial
SAM II Transaction
Digital Banking 2 Banking 5 Banking 2 Banking 6 Institutional 2 Financial Risk Risk 1
Banking
Marketing Institutions
Wholesale
Business
Corporate Corporate Commercial Government Credit Commercial
SAM III Banking 3 Banking 6 EBO & ERO Risk 2
Banking 3 Solution Strategic Portfolio Risk
Procurement
Corporate Corporate Policy &
Legal EBO & ERO Commercial ECO &
Solution Secretary Procedure Wholesale Risk
Banking 4 Solution
Office of Chief
Corporate Economist Consumer Credit
SORH Commercial
EBO & Executive Wholesale Risk & Analytics
Legal Litigation Solution Real Estate
Banking
SME &
Government Micro Risk
Project &
ERO
Retail Collection
& Recovery
Retail Product
Delivery & Fraud
Risk
Bank Mandiri
Mandiri Bank Cayman Island,
BSI Mantap
Sekuritas Hong Kong, Singapore
& Shanghai
Inhealth MTF Bank Mandiri Dili
-Timor Leste
MUF BMEL
MIR
Board of Commissioners and Directors & SEVP Group
Director
Committees under the Committees Head
Commissioner under the Directors
128 PT Bank Mandiri (Persero) Tbk
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STRUCTURE ORGANIZATIONAL
Directors
Information
Assets & Liabilities Business Capital & Subsidiaries Human Capital Policy Technology & Digital Integrated Risk
Committee Committee Committee Committee Banking Committee Committee
Risk Management
Policy & Procedure Transformation Credit Committee/ Social & EnvironmentalResponsibility
& Credit Policy
Committee Committee Rapat Komite Kredit Committee
Committee
Information Kepatuhan Keuangan Jaringan &
Operation
Technology & SDM & Strategi Retail Banking
Micro &
Teknologi Digital Consumer Internal
Informasi Banking Finance Audit
IT Digital
Strategy & SME Micro Wholesale &
Wholesale Credit IT Compliance & Regional CEO
Strategy & Wholesale Performance Banking Development & Corporate
Operations Infrastructure AML - CFT 1 - 12
Architecture Banking Management Agent Banking Center Audit
IT HC Strategy
Retail Credit CISO Applications Digital Wealth
Development Retail & Talent Management Micro
Operations Office Banking Management Accounting Retail Audit
Personal Loan
Head of Front End Distribution
Retail Credit Application Enterprise Human Capital Investor
Engineering Data Analytics Strategy Credit
Center Development Services Relations
Cards IT Audit
Cash & Trade SORH Back End Mandiri Strategic Transaction
Information Application University Banking Retail
Operations Technology Investment
Development
Sales Consumer
& Subsidiaries Senior
Management Loans Investigator
Electronic HC Engagement
Channel & Outsource Retail Deposit
Operations Management Business Product &
Transformation Solution
Customer HC Performance
Care & Remuneration SORH
Corporate Distribution &
Transformation Consumer
Business
Continuity Sr HCBP & Head
Management of Improvement
Project SORH
Corporate
Center
SORH
Operation
MCI AMFS
MMI
Functional Officer and Not Subsidiaries Entity
Deputy Group Head Structural Branch Offices
Affiliated
ANNUAL REPORT 2023 129
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PROFILE ANALYSIS
PROFILE OF THE
BOARD OF
COMMISSIONERS
In 2023, the composition of the Board of Commissioners was
amended. Pursuant to the resolution of the Annual GMS dated 14
March 2023 Heru Kristiyana and Zainudin Amali were appointed
as Independent Commissioner replacing Boedi Armanto. As such,
the Board of Commissioners’ structure as of 31 December 2023 is as
follows:
• President Commissioner/Independent: Muhamad Chatib Basri
• Vice President Commissioner/Independent: Andrinof A. Chaniago
• Independent Commissioner: Loeke Larasati Agoestina
• Independent Commissioner: Muliadi Rahardja
• Independent Commissioner: Heru Kristiyana
• Independent Commissioner: Zainudin Amali
• Commissioner: Rionald Silaban
• Commissioner: Arif Budimanta
• Commissioner: Faried Utomo
• Commissioner: Nawal Nely
• Commissioner: Muhammad Yusuf Ateh
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PROFILE OF THE BOARD OF COMMISSIONERS
Education Background
• Ph.D. in Economics from The Australian National
University in Canberra, Australia (2001).
• Master of Business Administration in Economic
Development from The Australian National
University in Canberra, Australia (1996).
• Bachelor of Economics from University of
Indonesia (1992).
Certification
Banking Risk Management Certification Program
Level 2 held by the Banking Professional Certification
Institute (LSPP) (2020).
Legal Basis of Appointment
Appointed for the first time as Vice President
Commissioner/Independent Commissioner based
on the resolution of the Extraordinary GMS dated
9 December 2019 in accordance with the Deed
of Minutes of the Extraordinary GMS No. 5 dated
9 December 2019 then served as President/
Independent Commissioner of Bank Mandiri based
on the resolution of the annual GMS dated 19
February 2020 in accordance with the Deed of
Minutes of the Annual GMS No. 56 dated 19 February
2020.
Employment Period
9 December 2019 until the closing of 2024 Annual
GMS (First Period).
Concurrent Position
• Lecturer at the Faculty of Economics and
Business, University of Indonesia.
• President Commissioner/Independent
Commissioner at PT XL Axiata Tbk. (2016–present). M. Chatib Basri
President Commissioner/Independent
Professional Background Place and Date of Birth
• President Commissioner/Independent of PT
Born in Jakarta in 1965
Bank Mandiri (Persero) Tbk (19 February 2020 -
present). 58 years old as of December 2023
• President Commissioner/Independent of PT XL Domicile
Axiata Tbk (2016 – present). Jakarta
• Vice President Commissioner/Independent Citizenship
Commissioner of PT Bank Mandiri (Persero) Tbk (9
Indonesia
December 2019 - 18 February 2020).
• President Commissioner/Independent
Commissioner of PT Indonesia Infrastructure
Finance (2016-2019). • Special Advisor of the Minister of Finance at the
• Non-Executive Director of Axiata Group Sdn Bhd Ministry of Finance of the Republic of Indonesia
(2015-2019). (2006-2010).
• Senior Partner and Founder of PT Creco
Consulting (2015-2019). Declaration of Independence
• Lecturer at the University of Indonesia (2015- He has declared his independence statement on 3
2019). March 2020.
• Independent Commissioner of PT Indika Energy
Tbk (2015-2019). Affiliations
• Independent Commissioner of PT Astra No affiliations with any members of the Board of
International Tbk (2015-2019). Directors, Board of Commissioners, nor controlling or
• Minister of Finance of the Republic of Indonesia principal shareholders.
(2013-2014)
• Head of the Investment Coordinating Board Shareholding in BMRI
(2012-2013). Nil as of 31 December 2023
• Vice Chairman of the Economic Committee at
the National Economic Committee (2010-2012).
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PROFILE OF THE BOARD OF COMMISSIONERS
Legal Basis of Appointment
Appointed as Vice President Commissioner/
Independent Commissioner of Bank Mandiri for the
first period pursuant to the Annual GMS resolution
on 19 February 2020 according to the Deed of the
Annual GMS No. 56 dated 19 February 2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
Lecturer in Political Science at the University of
Indonesia (2006 - present)
Professional Background
• Vice President Commissioner/Independent PT
Bank Mandiri (Persero) Tbk (19 February 2020 -
present).
• Lecturer at the Department of Political Science,
at the University of Indonesia (2006 - present).
• President Commissioner at PT Bank Rakyat
Indonesia (Persero) Tbk (2017-2020).
• President Commissioner at PT Angkasa Pura I
(Persero) (2015-2017).
• Minister of the Ministry of National Development
Planning/BAPPENAS (2014-2015).
• Executive Director at CIRUS Surveyors (2008-2014).
• Research Manager at The Habibie Center (2000-
2005).
• Researcher and Author (1999-2000).
• Head of the Research Desk and Data Bank at
NERACA (1996-1999).
Andrinof A. Chaniago
• Head of Research Desk and Data Bank at UMMAT
Vice President Commissioner/Independent
News Magazine (1994-1996).
Place and Date of Birth
Born in Padang in 1962 Declaration of Independence
61 years old as of December 2023 He has declared his independence statement on 1
Citizenship April 2020.
Indonesian
Domicile Affiliations
Depok No affiliations with any members of the Board of
Directors, Board of Commissioners, nor controlling or
principal shareholders.
Education Background
• Masters in Planning and Public Policy, Faculty Shareholding in BMRI
of Economics from the University of Indonesia Nil as of 31 December 2023
(2004).
• Bachelor degree in Social and Political Science
from the University of Indonesia (1990).
Certification
Banking Risk Management Certification Level
2 Commissioner held by the Banking Profession
Certification Institute (LSPP) (2017) and has been
refreshed (2020).
132 PT Bank Mandiri (Persero) Tbk
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PROFILE OF THE BOARD OF COMMISSIONERS
Education Background
• Master in Management from the IPWI School of
Economics (2001).
• Bachelor degree in Law from Parahyangan Catholic
University (1984).
Certification
Level 2 Commissioner Banking Risk Management
Certification held by the Banking Professional Certification
Institute (LSPP) (2020).
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank Mandiri
for the first period pursuant to the Annual GMS resolution
on 19 February 2020 according to the Deed of the Annual
GMS No. 56 dated 19 February 2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS (First
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• Independent Commissioner at PT Bank Mandiri
(Persero) Tbk (19 February 2020 - present).
• Commissioner of PT Bank Rakyat Indonesia (Persero)
Tbk (September 2019-February 2020).
• Special Staff V of the Minister of SOE at the Ministry of
State-Owned Enterprises (September 2019- October
2019).
• Junior Attorney General for Civil and State
Administration, Attorney General’s Office of the
Republic of Indonesia (2017-2019).
• Head of the West Java High Prosecutor’s Office at the
RI Prosecutor’s Office (September 2017-October 2017).
• Head of the Asset Recovery Center at the RI Loeke Larasati Agoestina
Prosecutor’s Office (2015-2017). Independent Commissioner
• Head of Yogyakarta High Prosecutor’s Office at the RI Place and Date of Birth
Prosecutor’s Office (2014-2015). Born in Bandung in 1959
• Deputy Head of Riau Islands High Prosecutor’s Office
64 years old as of December 2023
(2012-2014).
• Coordinator of the Deputy Attorney General for Domicile
Intelligence at the RI Prosecutor’s Office (2011-2012). Jakarta
• Assistant for Development at the West Java High Citizenship
Prosecutor’s Office of the RI Prosecutor’s Office (2009- Indonesian
2011).
• Head of Yogyakarta State Prosecutor’s Office at the
Yogyakarta High Court (2008-2009). • Functional Prosecutors at the West Jakarta District
• Head of Employee Development Division at JAM Attorney (1990-1993).
Coaching at the Attorney General’s Office of the • Administrative staff at the DKI Jakarta High Court
Republic of Indonesia (2005-2008). (1987-1990).
• Head of the Rangkas Bitung District Prosecutor’s Office
at the Head of the Banten High Prosecutor’s Office Declaration of Independence
(2004-2005). She has declared his independence statement on 4
• Head of Administration Section of the JAMDATUN May 2020.
Secretariat at the Attorney General’s Office of the
Republic of Indonesia (2002-2004). Affiliations
• Head of Section of YANKUM 1, Sub-Directorate of Civil No affiliations with any members of the Board of
Affairs at the JAMDATUN Civil Directorate at JAMDATUN, Directors, Board of Commissioners, nor controlling or
the Indonesian Prosecutor’s Office (1996-2002). principal shareholders.
• Head of the Sub-Section for the Restoration and
Protection of Rights in the Civil and Administrative Shareholding in BMRI
Section at the West Jakarta District Prosecutor’s Office Nil as of 31 December 2023
(1993-1996).
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PROFILE OF THE BOARD OF COMMISSIONERS
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual
GMS resolution on 10 March 2022 according to the
Deed of the Annual GMS No. 12 dated 24 March 2022.
Employment Period
10 March 2022 until the closing of 2027 Annual GMS (First
Period).
Concurrent Position
Independent Commissioner of PT XL Axiata Tbk
Professional Background
• Independent Commissioner of PT Bank Mandiri
(Persero) Tbk (March 2022-present)
• Independent Commissioner of PT XL Axiata Tbk
(August 2017-present)
• Commissioner of PT Adira Dinamika Multi Finance
Tbk (May 2017-March 2022)
• Vice President Director of PT Bank Danamon
Indonesia Tbk (February 2015-April 2017)
• Commissioner of PT Adira Dinamika Multi Finance
Tbk (April 2010-May 2015).
• Director of Operation at PT Bank Danamon
Indonesia Tbk (April 2008-May 2015).
• Director of HR at PT Bank Danamon Indonesia Tbk
(February 2004-April 2008).
• Director of Operation and Technology at PT Bank
Danamon Indonesia Tbk (April 1999-February 2004).
• Branch Manager, Area Manager, and Regional
Muliadi Rahardja Office of PT Bank Danamon Indonesia Tbk
Independent Commissioner (September 1989-April 1999).
Place and Date of Birth • Deputy Group Head of PT Bank Lippo Tbk
Born in Bandung in 1959 (September 1988-September 1989).
64 years old as of December 2023 • Finance Director of PT Indopanca Garment
Citizenship (October 1987-August 1988).
Indonesian • Finance Manager of PT Asuransi Lippo Life (April
1985-September 1987).
Domicile
• Banking Supervisor of PT Sepatu Bata Indonesia
Jakarta
(Oktober 1984-April 1985).
• Senior Consultant at MAS Consultant (March 1983-
July 1984).
Education Background
• Master of Business Administration from Declaration of Independence
Massachusetts Institute of Technology (1998). He has declared his independence statement on 6 April
• Bachelor of Accounting from University of 2022.
Indonesia (1984).
Affiliations
Certification No affiliations with any members of the Board of
Risk Management Certification Level 2 Commissioner Directors, Board of Commissioners, nor controlling or
held by Banking Profession Certification Institution principal shareholders.
(LSPP) (2022).
Shareholding in BMRI
Nil as of 31 December 2023
134 PT Bank Mandiri (Persero) Tbk
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PROFILE OF THE BOARD OF COMMISSIONERS
Education Background
• Bachelor degree in Law from Dipenogoro
University. (1981)
• Master of Management from IPWIJA College of
Economics (Institut Pengembangan Wiraswasta
Indonesia Jakarta) (2000)
Certification
Risk Management Certification Level 5 Commissioner
held by Banking Profession Certification Institution
(LSPP) (2022).
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual
GMS resolution on 30 August 2023 according to the
Deed of the Annual GMS No. 23 dated 30 August
2023.
Employment Period
14 March 2023 until the closing of 2028 Annual GMS
(First Period).
Concurrent Position
• President Director Indonesian Banking
Development Agency (LPPI).
• Commissioner of PT Sarana Meditama
Metropolita Tbk.
Work Experience
• Independent Commissioner of PT Bank Mandiri
(Persero) Tbk (14 March 2023 - present). Heru Kristiyana
• President Director Indonesian Banking Independent Commissioner
Development Agency (LPPI) (January Place and Date of Birth
2023-present) Born in Salatiga in 1956
• Commissioner of PT Sarana Meditama 67 years old as of December 2023
Metropolita Tbk (December 2022-present) Domicile
• Members of The Board of Commissioners Ex 2
South Tangerang
Officio of the Financial Services Authority at the
Citizenship
Deposit Insurance Corporation (July 2017 – July
2022) Indonesian
• Chief Executive of Banking Supervision
Concurrently Serving as a Board of Commisioner
of the Financial Services Authority (July 2017 –
July 2022) Declaration of Independence
• Deputy Commissioner of the Financial Services He has declared his independence statement on 6
Authority June 2023.
• Executive Director of Bank Indonesia (2010 –
January 2013) Shareholding in BMRI
• Director of Bank Indonesia (2007 – 2010) Nil as of 31 December 2023
• Deputy Director of Bank Indonesia (2001 -2007)
• Assistant Director of Bank Indonesia (1994)
• Bank Inspector (1989)
• Staff Bank Indonesia Ambon (1985)
• Credit Bureau Staff of Bank Indonesia (1983)
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PROFILE OF THE BOARD OF COMMISSIONERS
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual
GMS resolution on 21 November 2023 according
to the Deed of the Annual GMS No. 10 dated 21
November 2023.
Employment Period
14 March 2023 until the closing of 2028 Annual GMS
(First Period).
Concurrent Position
• First Vice Chairman of the All-Indonesia Football
Association (PSSI) (16 February - present)
• Lecturer at Semarang State University
(2020 - present)
• Lecturer at Surabaya State University
(2020 - present)
• Lecturer at Prof. Dr. Moestopo (Beragama)
University (2019 - present)
Work Experience
• Independent Commissioner of PT Bank Mandiri
(Persero) Tbk (14 March 2023 - present).
• First Vice Chairman of the All-Indonesia Football
Association (PSSI) (16 February - present)
• Lecturer at Semarang State University (2020 -
present)
• Lecturer at Surabaya State University (2020 -
present)
• Lecturer at Prof. Dr. Moestopo (Beragama)
University (2019 - present)
Zainudin Amali • Minister of Youth and Sports, (2019-March 2023)
Independent Commissioner • Chairperson of Commission II of the People‘s
Place and Date of Birth Representative Council (2014 - 2019)
Born in Gorontaloin 1962 • Vice Chairperson of Commission VII of the
People’s Representative Council (2009 - 2014)
61 years old as of December 2023
• Member of the People’s Representative Council
Citizenship • (1 October 2004 – 23 October 2019)
Indonesian • Commissioner at PT Wirabuana Dwijaya Persana
Domicile (October 2000 – Desember 2020)
East Jakarta • Director at PT. Putra Mas (January 2000 –
October 2002)
• Commissioner at PT. Gitrana Sendiko (November
Education Background 1996 – April 1997)
• Honorary Professor Sport Policy from Universitas • Director at PT. Surya Terang Agung
Negeri Semarang (Unnes), 2022. (Oktober 1996 – October 2003)
• Doctor of Political Science from Institut • Director at PT. Makmur Triagung (February 1996 –
Pemerintahan Dalam Negeri (IPDN), 2019. March 1998)
• Master of Public Policy from Universitas • Staff at PT. Supra Dinakarya (June 1993 – October
• Prof. Dr. Moestopo, Jakarta, 2016. 1996)
• Bachelor of Accounting from STIE Swadaya, 1992.
Declaration of Independence
Certification He has declared his independence statement on 27
Risk Management Certification Commissioner July 2023.
Program held by Indonesia’s Banking Development
Institute (LPPI) (2023). Shareholding in BMRI
Nil as of 31 December 2023
136 PT Bank Mandiri (Persero) Tbk
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PROFILE OF THE BOARD OF COMMISSIONERS
Education Background
• Master degree in Law Center from Georgetown
University, Washington DC, USA (1993).
• Bachelor degree in Law from University of
Indonesia (1989).
Certification
Level 1 Risk Management Certification for
Commissioner held by the Banking Professional
Certification Institute (LSPP) (2019).
Legal Basis of Appointment
Appointed as Commissioner of Bank Mandiri for
the first period pursuant to the Extraordinary GMS
resolution on 28 August 2019 according to the Deed
of the Extraordinary GMS No. 59 dated 28 August
2019.
Employment Period
28 August 2019 until the closing of 2024 Annual GMS
(First Period).
Concurrent Position
Director General of State Treasury.
Professional Background
• Commissioner of PT Bank Mandiri (Persero) Tbk
(2019 - present).
• Director General of State Treasury, Ministry of
Finance (2021 – present).
• Acting President Director of the Education
Fund Management Institution at the Secretariat
General, Ministry of Finance (2018 - 2021).
• Head of the Financial Education and Training
Agency, Ministry of Finance (2018 - 2021).
• Acting President Director of Indonesian Rionald Silaban
Endowment Fund for Education at Secretariat
Commissioner
General of Ministry of Finance (2018 - present).
• Head of Financial Education and Training Place and Date of Birth
Agency, Ministry of Finance (2018 - present). Born in Pekanbaru in 1966
• Commissioner of PT PLN (Persero) (2017-2019). 57 years old as of December 2023
• Acting Expert Staff of Minister of Finance for Domicile
Macroeconomics and International Finance,
Jakarta
Ministry of Finance (2016-2018).
• Expert Staff of Minister of Finance for Citizenship
Macroeconomics and International Finance, Indonesian
Ministry of Finance (2016-2018).
• Executive Director, SEAVG at World Bank,
Washington DC, USA (2014-2016). • Head of Division/SVP Asset Monitoring at AMI,
• Commissioner of PT Indosat Tbk (2014). IBRA (2000-2002).
• Expert Staff of Minister of Finance for Organization, • Head of Legal Department, Legal and Public
Bureaucracy, and Information Technology, Relations Bureau at General Secretariat,
Ministry of Finance (2012-2014). Department of Finance (1998-2000).
• Head of Center for Policy Analysis and • Head of Sub Directorate of Privatization,
Harmonization at Secretariat General of the Directorate of Privatization at DGTSOE,
Ministry of Finance (2008-2012). Department of Finance (1997-1998).
• Head of Fiscal Risk Guarantee Center at Fiscal
Policy Agency, Department of Finance (2006- Affiliations
2008). No affiliations with any members of the Board of
• Senior Advisor, SEA VG ED Office at World Bank, Directors, Board of Commissioners, nor controlling or
Washington DC, USA (2004-2006). principal shareholders.
• Head of TU Pim Department, General Bureau
at the Secretariat General of Department of Shareholding in BMRI
Finance (2002-2004). 2,017,700 shares (0.0021618 %) as of 31 December
2023
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PROFILE OF THE BOARD OF COMMISSIONERS
Certification
Commissioner Level 1 Risk Management Certification
held by Banking Professional Certification Institute
(LSPP) (2020).
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual
GMS resolution on 19 February 2020 according to the
Deed of the Annual GMS No. 56 dated 19 February
2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
Special Staff to the President of the Republic of
Indonesia for Economic Affairs.
Professional Background
• Commissioner of PT Bank Mandiri (Persero) Tbk
(19 February 2020 - present).
• Special Staff to the President of the Republic of
Indonesia for Economic Affairs (2019 - present).
• Management at Paramadina Waqf Foundation
(2016-present).
• Commissioner/Board of Directors at Indonesia
Eximbank (2015-2020).
• Vice Chairman of Indonesian People’s
Consultative Assembly Research Institute (2015-
2020).
Arif Budimanta • Vice Chairman of National Economy and Industry
Commissioner Committee (2016-2019).
• Member of House of Representatives - RI,
Place and Date of Birth Commission XI (2009-2014).
Born in Medan in 1968
55 years old as of December 2023 Affiliations
Citizenship No affiliations with any members of the Board of
Indonesian Directors, Board of Commissioners, nor controlling or
Domicile principal shareholders.
Jakarta
Shareholding in BMRI
1,703,900 shares (0.0018256 %) as of 31 December
Education Background 2023
• Doctorate in Social and Political Sciences from
University of Indonesia (2006).
• Master of Science in Natural Resource Economics
from University of Indonesia (1996).
• Bachelor degree in Soil Science from Bogor
Agricultural University (1990).
138 PT Bank Mandiri (Persero) Tbk
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PROFILE OF THE BOARD OF COMMISSIONERS
Education Background
• Master degree in Law from University of Indonesia
(2003)
• Bachelor degree in Law from Sebelas Maret
University (1988).
Certification
Commissioner Level 1 Risk Management Certification
held by the Banking Professional Certification Institute
(LSPP) (2020).
Legal Basis of Appointment
Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual GMS
resolution on 19 February 2020 according to the Deed of
the Annual GMS No. 56 dated 19 February 2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
Deputy for Administration at Cabinet Secretariat of the
Republic of Indonesia.
Work Experience
• Commissioner at PT Bank Mandiri (Persero) Tbk (19
February 2020 - present).
• Deputy for Administration at Cabinet Secretariat of
the Republic of Indonesia (2015 - present).
• Commissioner of PT Pertamina Geothermal Energy
(2016-February 2020).
• Head of Secretariat of Final Assessment Team (TPA)
Appointment, Transfer, and Dismissal of and in Main
High Leadership and Intermediate High Leadership Faried Utomo
Positions at Cabinet Secretariat of the Republic of Commissioner
Indonesia (2015-2020). Place and Date of Birth
• Acting Deputy for Administration at Secretariat of
Cabinet of the Republic of Indonesia (March 2015- Born in Jakarta in 1964
May 2015). 59 years old as of December 2023
• Expert Staff to Cabinet Secretary for Research, Domicile
Technology, Communication and Information at Jakarta
Cabinet Secretariat of the Republic of Indonesia Citizenship
(2014-2015).
• Assistant Deputy for Session Materials at Cabinet Indonesian
Secretariat of the Republic of Indonesia (2011-2014).
• Head of State Apparatus Bureau, Regional
Government and People’s Welfare at Secretariat of • Staff at the Research Subdivision IV of the Law
Cabinet of the Republic of Indonesia (2006-2011). and Legislation Bureau at the State Secretariat of
• Acting Head of Legislative Regulations Bureau at the Republic of Indonesia (1989-1993).
State Secretariat of the Republic of Indonesia (2004-
2006). Affiliations
• Head of State Apparatus Section at Secretariat of No affiliations with any members of the Board of
Cabinet of the Republic of Indonesia (2004-2006). Directors, Board of Commissioners, nor controlling or
• Head of People’s Welfare and Personnel Section at principal shareholders.
Cabinet Secretariat of the Republic of Indonesia
(2001-2004). Shareholding in BMRI
• Head of Sub Division of People’s Welfare at State 1,703,900 shares (0.0018256 %) as of 31 December
Secretariat of the Republic of Indonesia (1999-2001). 2023
• Head of Sub Division of Research on Draft PUU 7
Regulations at State Secretariat of the Republic of
Indonesia (1999-1999).
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COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
PROFILE OF THE BOARD OF COMMISSIONERS
Legal Basis of Appointment
Appointed as Commissioner of Bank Mandiri for the
first period pursuant to the Annual GMS resolution
on 19 February 2020 according to the Deed of the
Annual GMS No. 56 dated 19 February 2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
Deputy for Finance and Risk Management at Ministry
of State-Owned Enterprises.
Professional Background
• Commissioner of PT Bank Mandiri (Persero) Tbk
(19 February 2020 - present).
• Deputy for Finance and Risk Management at
Ministry of State-Owned Enterprises (February
2020 - present).
• Partner at Ernst & Young, Indonesia (March 2010
- February 2020).
• Senior Manager at Ernst & Young, Egypt (2009-
2010).
• Manager at Ernst & Young, Qatar (2007-2008).
• Manager at National Bank of Kuwait (2005-2006).
• Financial Analyst at Ernst & Young, Kuwait (2002-
2005).
• Associate at Boston Consulting Group, Indonesia
(2000-2002).
• Equity Analyst at Indosuez W.I. Carr Securities
Nawal Nely (1998-1999).
Commissioner • Assistant Manager at Citibank NA, Jakarta (1996-
Place and Date of Birth 1997).
Born in Pekalongan in 1973
50 years old as of December 2023
Affiliations
No affiliations with any members of the Board of
Citizenship
Directors, Board of Commissioners, nor controlling or
Indonesian principal shareholders.
Domicile
Jakarta Shareholding in BMRI
1,703,900 shares (0.0018256 %) as of 31 December
2023
Education Background
• Executive Master of Business Administration from
INSEAD, Fontainebleu, France (2019).
• Bachelor degree in Accounting from Gadjah
Mada University (1996).
Certification
• Commissioner Level 1 Risk Management
Certification held by Banking Professional
Certification Institute (LSPP) (2020).
• Chartered Financial Analyst held by CFA Institute
(2001).
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Education Background
• Doctorate in State Administrative from University of
Indonesia (2020).
• Master of Business Administration (MBA) in Business of
Administration from University of Adelaide (2001).
• Diploma 4 in Accounting from State Accounting Academy
(STAN) (1992).
• Diploma 3 in Accounting from State Accounting Academy
(STAN) (1986).
Certification
• Commissioner Level 1 Risk Management Certification held
by Banking Professional Certification Institute (LSPP) (2021).
• Head of Team of Auditor Ranking Certification held by
Supervisory Education and Training Center (BPKP) (2002).
• Expert Auditor Formation Certification held by Supervisory
Education and Training Center (BPKP) (1999).
Legal Basis of Appointment
Appointed as Commissioner of Bank Mandiri for the first period
pursuant to the Annual GMS resolution on 15 March 2021
according to the Deed of the Annual GMS No. 13 dated 15
March 2021.
Employment Period
15 March 2021 until the closing of 2026 Annual GMS (First Period).
Concurrent Position
Chairman of Financial and Development Supervisory Agency
(BPKP).
Work Experience
• Commissioner of PT Bank Mandiri (Persero) Tbk
(15 March 2021 - present)
• Chairman of Financial and Development Supervisory
Agency (BPKP) (February 2020 - present).
• Commissioner of PT Perusahaan Listrik Negara (Persero)
(September 2020-March 2021).
• Supervisory Board of Perusahaan Umum (Perum) Percetakan
Uang of the Republic of Indonesia (May 2019-August 2020).
• Deputy of Bureaucratic Program and Reformation at the Muhammad Yusuf Ateh
Ministry of Apparatus Empowerment and Bureaucratic
Reformation (October 2013-February 2020). Commissioner
• Acting Deputy of Bureaucratic Program and Reformation at Place and Date of Birth
the Ministry of Apparatus Empowerment and Bureaucratic Born in Pekalongan in 1964
Reformation (September 2013-October 2013).
• Deputy of Apparatus Supervisory and Accountability at 59 years old as of December 2023
the Ministry of Apparatus Empowerment and Bureaucratic Domicile
Reformation (June 2013-September 2013).
• Inspector at the Ministry of Apparatus Empowerment and Bekasi
Bureaucratic Reformation (June 2010-June 2013). Citizenship
• Head of Performance Accountability Monitoring and
Evaluation of Eastern II Region Apparatus at the Ministry of Indonesian
Apparatus Empowerment and Bureaucratic Reformation
(February 2006-June 2010).
• Head of Performance Accountability Evaluation of Central • Head of Sub Directorate of Accountability Supervisory
and Eastern Regions Agencies at the Ministry of State of State Agencies at Financial and Development
Apparatus Empowerment and Bureaucratic Reformation Supervisory Agency (BPKP) (December 2002-August
(August 2004-February 2006). 2004).
• Deputy of Bureaucratic Program and Reformation at the • Junior Expert Auditor at Deputy Supervisory of
Ministry of Apparatus Empowerment and Bureaucratic Accountability of Financial and Development
Reformation (October 2013-February 2020). Supervisory Agency (BPKP) (April 1999-December 2002).
• Acting Deputy of Bureaucratic Program and Reformation at • Assistant to Finance and Development Supervisor at
the Ministry of Apparatus Empowerment and Bureaucratic Financial and Development Supervisory Agency (BPKP)
Reformation (September 2013-October 2013). (July 1993-March 1999).
• Deputy of Apparatus Supervisory and Accountability at
the Ministry of Apparatus Empowerment and Bureaucratic Affiliations
Reformation (June 2013-September 2013). No affiliations with any members of the Board of Directors,
• Inspector at the Ministry of Apparatus Empowerment and Board of Commissioners, nor controlling or principal
Bureaucratic Reformation (June 2010-June 2013). shareholders.
• Head of Performance Accountability Monitoring and
Evaluation of Eastern II Region Apparatus at the Ministry of Shareholding in BMRI
Apparatus Empowerment and Bureaucratic Reformation 1,261,100 shares (0.0013512 %) as of 31 December 2023
(February 2006-June 2010).
• Head of Performance Accountability Evaluation of Central
and Eastern Regions Agencies at the Ministry of State
Apparatus Empowerment and Bureaucratic Reformation
(August 2004-February 2006).
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• Deputy Commissioner for Banking Supervision IV at the
Financial Services Authority (2016-2017).
• Deputy Commissioner for Banking Supervision II at the
Financial Services Authority (2015-2016).
• Head of Department of Development of Crisis Supervision
and Management at the Financial Services Authority
(2012-2015).
• Executive Director of Accounting and Payment Systems at
the Financial Services Authority (April 2012-May 2012).
• Head of Department of Bank Supervision 1 at the Financial
Services Authority (2008-2012).
• Head of Department of Banking Licensing and Information
at Bank Indonesia (April 2008-December 2008).
• Deputy Director of DPI (Internal Control Department) at
Bank Indonesia (2005-2008).
• Senior Executive Analyst DPSHM (Department of Strategic
Planning and Public Relations) at Bank Indonesia (February
2005-August 2005).
• Project Leader/Deputy Director of UKPT (Special Unit for
Transformation Program) at Bank Indonesia (2003-2005).
• Deputy Director of DPwB 1 (Department of Bank Supervision
1) at Bank Indonesia (2002-2003).
• Head of DPwB Section 1 (Department of Bank Supervision
1) at Bank Indonesia (2001-2002).
• Supervisory Executive Bank DPwB 1 (Department of Bank
Supervision 1) at Bank Indonesia (1999- 2001).
• Executive Bank Supervision UPwB 1 (Bank Supervision 1) at
Bank Indonesia (February 1999-August 1999).
• Supervisor of the Executive Bank DSDM (Human Resources
Department) at Bank Indonesia (1998- 1999).
• Senior Bank Supervisor UPB 1 (Bank Supervision I) at Bank
Indonesia (1995-1998).
• UPB Bank Supervisor 1 (Bank Supervision I) at Bank Indonesia
(August 1994-December 1994).
• UPSD Level III Bank Examiner (Foreign Exchange Private
Bank Audit Affairs) at Bank Indonesia (1990- 1994).
• UKK (Small Credit Affairs) Staff at Bank Indonesia (1989-
Boedi Armanto*) 1990).
Independent Commissioner • DSDM (Human Resources Department) staff at Bank
Place and Date of Birth Indonesia (February 1989-May 1989).
• Study Officer/Staff at Bank Indonesia (1987-1989).
Born in Malang in 1959 • Staff of UPPS (Development and Supervision Affairs for
64 years old as of December 2023 Private Banks) at Bank Indonesia (1986-1987).
Citizenship • UPPB staff (Bank Development and Supervision Affairs) at
Bank Indonesia (January 1984-June 1984).
Indonesian
Domicile Appointment History
Jakarta Appointed as Independent Commissioner of Bank Mandiri for
the first period pursuant to the Annual GMS resolution on 19
February 2020 according to the Deed of the Annual GMS No.
Education Background 56 dated 19 February 2020.
• Doctorate in Economics from the University of
Indonesia (2005). Employment Period
• Master in Applied Economics from the University of 19 February 2020 until 14 March 2023.
Minnesota Minneapolis, USA (1989).
• Bachelor degree in Agronomy from Bogor Agricultural Concurrent Position
University (1982). No concurrent positions in other companies or institutions.
Certification Declaration of Independence
Commissioner Level 2 Risk Management Certification held He has declared his independence statement on 29 April 2020.
by the Banking Professional Certification Institute (LSPP)
(2020). Affiliations
No affiliations with any members of the Board of Directors, Board
Work Experience of Commissioners, nor controlling or principal shareholders
• Independent Commissioner at PT Bank Mandiri
(Persero) Tbk (19 February 2020 -14 March 2023). Shareholding in BMRI**)
• Expert Staff of Banking Supervision at the Financial Nil As of 14 March 2023.
Services Authority (2019-February 2020).
• Deputy Commissioner for Banking Supervision I at the
Financial Services Authority (2017-2019).
*) Tenure was ended based on the resolution of the Annual GMS 14 March 2023
**) Total shares as of the end of tenure
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DIRECTORS
In 2023, the composition of the Board of Directors was amended.
Pursuant to the resolution of the Annual GMS dated 14 March 2023
Eka Fitria was appointed as Director of Treasury dan International
Banking replacing Panji Irawan. As such, the Board of Directors’
structure as of 31 December 2023 is as follows:
• President Director: Darmawan Junaidi
• Vice President Director: Alexandra Askandar
• Risk Management Director: Ahmad Siddik Badruddin
• Compliance and HR Director: Agus Dwi Handaya
• Commercial Banking Director: Riduan
• Network and Retail Banking Director: Aquarius Rudianto
• Operation Director: Toni E.B. Subari
• Corporate Banking Director: Susana Indah Kris Indriati
• Institutional Relations Director: Rohan Hafas
• Finance and Strategy Director: Sigit Prastowo
• Information Technology Director: Timothy Utama
• Treasury and International Banking Director: Eka Fitria
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the Deed of the Annual GMS Resolution No. 16 dated 21 October
2020. He was reappointed for the second period as President
Director of Bank Mandiri at the Annual GMS dated 10 March
2022 according to the Deed of the Annual GMS No. 12 dated
24 March 2022.
Employment Period
• 21 August 2017 until the closing of 2022 Annual GMS (First
Period).
• 10 March 2022 until the closing of 2027 Annual GMS (Second
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• President Director at PT Bank Mandiri (Persero) Tbk. (21
October 2020 - present).
• Chairman Indonesia Foreign Exchange Market Committee
(IFEMC) (2017 - present).
• Director of Treasury, International Banking & Special Asset
Management at PT Bank Mandiri (Persero) Tbk. (9 December
2019 - 20 October 2020).
• Director of Treasury and International Banking at PT Bank
Mandiri (Persero) Tbk. (21 March 2018 - 9 December 2019).
• Treasury Director at PT Bank Mandiri (Persero) Tbk. (August
2017- March 2018).
• Acting President Director of PT Semen Indonesia (Persero)
Tbk (May 2017 - August 2017).
• Director of Finance and as President Commissioner at PT
Semen Kupang Indonesia, at the same time (2016- August
2017).
• Senior Vice President - Group Head of Treasury (Executive
Officer in Funding and Lending) at PT Bank Mandiri (Persero)
Tbk (January - May 2016).
Darmawan Junaidi • Regional Senior Vice President CEO of Bali and Nusa
President Director Tenggara (Executive Officer in Funding and Lending) at PT
Place and Date of Birth Bank Mandiri (Persero) Tbk (2015-2016).
• Senior Vice President - Deputy Group Head of Treasury
Born in Palembang in 1966
(Executive Officer in Funding and Lending) at PT Bank
57 years old as of December 2023 Mandiri (Persero) Tbk (2012-2015).
Citizenship • Vice President - Department of Banking Book Management,
Indonesian Treasury Group at PT Bank Mandiri (Persero) Tbk (2011- 2012).
Domicile • Vice President - Department Head of Marketing West,
Treasury Group at PT Bank Mandiri (Persero) Tbk (2009- 2011).
Jakarta
• Assistant Vice President - Chief Dealer of Marketing II,
Treasury Group at PT Bank Mandiri (Persero) Tbk (2007- 2009).
Education Background • Senior Manager - Professional Staff of Treasury Marketing I,
Bachelor of Law from Sriwijaya University, Palembang Treasury Group at PT Bank Mandiri (Persero) Tbk (2005- 2007).
(1990). • Treasury Manager of Cayman Islands Branch at Bank Mandiri
(1999-2005).
Certification • Professional Staff in Treasury Affairs at PT Bank Bumi Daya
• Risk Management Refreshment Certification for (Persero) (1997-1999).
Directors and Executive Officers (LPPI) (2023) • Professional Staff of Internal Control Affairs at PT Bank Bumi
• Level 5 Risk Management Certification held by the Daya (Persero) (1996-1997).
Banking Professional Certification Institute (LSPP) • Credit Recovery Officer at PT Bank Bumi Daya (Persero)
(2020). (1994-1996).
• Advance Treasury Dealer Certification held by the • Administration of the Head Office at PT Bank Bumi Daya
Banking Professional Certification Institute (LSPP) (Persero) (1992-1994).
(2018).
Affiliations
Legal Basis of Appointment No affiliations with any members of the Board of Directors, Board
Appointed as Director of Bank Mandiri for the first period of Commissioners, nor controlling or principal shareholders.
pursuant to the Extraordinary GMS on 21 August 2017
according to the Deed of the Extraordinary GMS No. Shareholding in BMRI
25 dated 23 January 2018. He further appointed as 6,762,300 shares (0,0072453%) as of 31 December 2023
President Director of Bank Mandiri pursuant to the
Extraordinary GMS on 21 October 2020 according to
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Education Background
• Master of Business Administration (MBA) in Finance
from Boston University, USA (1999).
• Bachelor in Economics from the University of
Indonesia (1995).
Certification
• Risk Management Refreshment Certification for
Directors and Executive Officers (LPPI) (2023)
• Refreshment Program for Risk Management
Certification by BARa Risk Forum (2022).
• Refreshment Program for Risk Management
Certification by BARa Risk Forum (2020).
• Level 5 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP)
(2018).
Legal Basis of Appointment
• Appointed as Director of Bank Mandiri for the first
term based on the decision of the Annual GMS on
21 March 2018, in accordance with the minutes
of the Annual GMS No. 57 dated 21 March 2018.
Served as Vice President Director of Bank Mandiri
based on the decision of the Extraordinary GMS on
21 October 2020, in accordance with the minutes
of the Extraordinary GMS No. 16 dated 21 October
2020.
• Appointed as Director of Bank Mandiri for the
second term based on the decision of the Annual
GMS on 14 March 2023, in accordance with the
minutes of the Annual GMS No. 11 dated 14 March
2023.
Alexandra Askandar
Vice President Director
Employment Period
• 21 March 2018 until the closing of 2023 Annual GMS Place and Date of Birth
(First Period). Born in Medan in 1972
• 14 March 2023 until the closing of 2023 Annual GMS 51 years old as of December 2023
(Second Period). Domicile
Jakarta
Concurrent Position Citizenship
No concurrent positions in other companies or Indonesian
institutions.
Professional Background • Senior Relationship Manager for Corporate
• Vice President Director at PT Bank Mandiri (Persero) Banking Group at Bank Mandiri (2000-2006).
Tbk (21 October 2020 - present). • Account Manager at the Loan Work Out Division
• Director of Corporate Banking at PT Bank Mandiri of the Indonesian Bank Restructuring Agency
(Persero) Tbk (December 2019-20 October 2020). (1999-2000).
• Institutional Relationship Director at PT Bank Mandiri • ISO 9000 & 14000 Consultant at PT Surveyor
(Persero) Tbk (March 2018-December 2019). Indonesia (1996-1997).
• Senior Executive Vice President of Corporate • Manager of Finance Division at PT Surveyor
Banking at PT Bank Mandiri (Persero) Tbk Indonesia (1995-1996).
(2016-March 2018).
• Commissioner of PT Mandiri Sekuritas (2011- March Affiliations
2018). No affiliations with any members of the Board of
• Corporate Banking Group Head V Group at PT Directors, Board of Commissioners, nor controlling or
Bank Mandiri (Persero) Tbk (2015-2016). principal shareholders.
• Group Head Syndication, Oil & Gas at PT Bank
Mandiri (Persero) Tbk (2009-2015). Shareholding in BMRI
• Corporate Banking III Group Department Head at 7,425,200 shares (0.0079556%) as of 31 December
PT Bank Mandiri (Persero) Tbk (2007-2009). 2023
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• Risk Management Certification Refresher Program
for Cyber Risk Management and Financial Crime in
Banking Industry: Get to Know More and Prepare for
These Emerging Risks held by BARa Risk Forum (2018).
• Risk Management Certification Refresher Program
on Tapping Potential Opportunities in Indonesian
Sustainable Palm Oil Industry held by BARa Risk Forum
(2018).
• Risk Management Certification Refresher Program held
by BARa Risk Forum (2017).
• Level 5 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP) (2015).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period
pursuant to the resolution of the Annual GMS on 16 March
2015 in accordance with the Deed of the Annual GMS No.
14 dated 16 March 2015. Reappointed as Director of Bank
Mandiri based on the resolution of the Annual GMS on 19
February 2020 in accordance with the Deed of the Annual
GMS No. 56 dated 19 February 2020.
Employment Period
• 16 March 2015 until the closing of 2020 Annual GMS (First
Period).
• 19 February 2020 until the closing of 2025 Annual GMS
(Second Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Ahmad Siddik Badruddin
Director of Risk Management
Professional Background
• Director of Risk Management at PT Bank Mandiri
Place and Date of Birth
(Persero) Tbk (March 2018-present).
Born in Bandung in 1965 • Director of Risk Management and Compliance PT Bank
58 years old as of December 2023 Mandiri (Persero) Tbk (2015-March 2018).
Citizenship • SEVP Retail Chief Risk Officer PT Bank Mandiri (Persero)
Indonesian Tbk (2014-2015).
Domicile • Managing Director Global Unsecured Product Risk
Jakarta Management at Citibank, New York (2011-2014).
• Managing Director Regional Senior Credit Officer for
Central & Eastern Europe and Middle East Africa Region
Education Background at Citibank, London (2008-2011).
• Master of Business Administration (MBA) di • Country Risk Director and Deputy Country Risk Director
bidang Sistem Informasi Manajemen dari at Citibank, Germany (2004-2008).
University of Texas Austin. USA (1990). • Country Risk Director at Citibank, Philippines (2001-2004).
• Sarjana Teknik Kimia dari University of Texas, • Head of Risk Management at ABN AMRO Bank, Hong
Austin, USA (1988). Kong (1999-2001).
• Retail Bank Risk Director of Global Consumer Bank (VP)
Certification at Citibank, Jakarta (1997-1998).
• ERM and Cyber Security Risk Management • Regional Risk Officer of Global Consumer Bank (AVP) at
Certification Refresher Program: How to Mitigate Citibank, Singapura (1995- 1997).
and Protect held by BARa Risk Forum (2023). • Management Associate at Citibank, Jakarta (1990-
• COVID Restructuring Loan Risk Management 1995).
Certification Refresher Program after
Implementation of POJK 48/2020 held by BARa Affiliations
Risk Forum (2021). No affiliations with any members of the Board of Directors,
• Risk Management Certification Refresher Board of Commissioners, nor controlling or principal
Program for Visualizing the New Normal in Bank shareholders.
Lending held by BARa Risk Forum (2020).
Shareholding in BMRI
8,715,900 shares (0.0093385%) as of 31 December 2023
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Education Background
• Master of Business Administration in Strategy & Finance
from the Nanyang Fellows National Technological
University Singapore (2013).
• Bachelor in Economics/ Accounting from the
University of North Sumatra (1995).
Certification
• Level 7 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP)
(2023).
• Level 5 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP)
(2022).
• Banking Compliance Certification held by LSPP
(2020).
• Certified Behavior Analyst held by Pinasthika (2018).
• Level 5 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP)
(2018).
• Certified Chartered Accountant Indonesia held by
the Indonesian Institute of Accountants (IAI) (2015).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period
pursuant to the resolution of the Annual GMS on 21 March
2018 in accordance with the Deed of the Annual GMS
No. 57 dated 21 March 2018. Reappointed as Director of
Bank Mandiri based on the resolution of the Annual GMS
on 14 March 2023 in accordance with the Deed of the
Annual GMS No. 11 dated 14 March 2023.
Employment Period Agus Dwi Handaya
• 21 March 2018 until the closing of 2023 Annual GMS Director of Compliance and HR
(First Period). Place and Date of Birth
• 14 March 2023 until the closing of 2023 Annual GMS Born in Medan in 1970
(Second Period). 53 years old as of December 2023
Domicile
Concurrent Position
Jakarta
No concurrent positions in other companies or institutions.
Citizenship
Professional Background Indonesian
• Compliance and HR Director at PT Bank Mandiri
(Persero) Tbk (16 May 2019 - present).
• Compliance Director at PT Bank Mandiri (Persero) Tbk • Senior Strategic Plan at PT Bank Mandiri (Persero)
(21 March 2018 - 16 May 2019). Tbk (2003-2005).
• Senior Executive Vice President of Corporate • Section Head of Commercial Banking Controller
Transformation & Finance at PT Bank Mandiri (Persero) at PT Bank Mandiri (Persero) Tbk (2001-2003).
Tbk (2017 - 21 March 2018). • Section Head Regional Banking Controllers at PT
• Group Head Office of the CEO at PT Bank Mandiri Bank Mandiri (Persero) Tbk (1999-2001).
(Persero) Tbk (2016-2017). • Branch Officers of Medan Medan City Hall for
• Director of Finance & Strategy at PT Bank Syariah Small & Corporate Loans and Medium-Term
Mandiri (2015-2016). Loans at Import Export Banks (1996-1999).
• Director of Finance & Strategy at PT Bank Syariah
Mandiri (2015-2016). Affiliations
• Group Head Strategy & Performance Group at PT No affiliations with any members of the Board of
Bank Mandiri (Persero) Tbk (2013-2014). Directors, Board of Commissioners, nor controlling or
• Study Tasks at the Nanyang Fellows National principal shareholders.
Technological University Singapore (2012-2013).
• Group Head Strategy & Performance Group at PT Shareholding in BMRI
Bank Mandiri (Persero) Tbk (2009-2012). 6,755,100 shares (0.0072376%) as of 31 December
• Department Head Strategy & Financial Analysis at PT 2023
Bank Mandiri (Persero) Tbk (2007-2009).
• Commercial Controller Head at PT Bank Mandiri
(Persero) Tbk (2005-2007).
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Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period
pursuant to the resolution of the Extraordinary GMS on
7 January 2019 in accordance with the Deed of the
Extraordinary GMS No. 3 dated 7 January 2019.
Employment Period
7 January 2019 until the closing of 2023 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• PT Bank Mandiri (Persero) Tbk Commercial Banking
Director (January 2019 - present).
• Commissioner of PT Mandiri Sekuritas (2018-2019).
• PT Bank Mandiri (Persero) Tbk. Middle Corporate
Senior Executive Vice President (2017 - January 2019).
• Senior Vice President/Regional CEO II/Sumatra 2 PT
Bank Mandiri (Persero) Tbk (2016-2017).
• Director of Finance and Investment at PT Askes
(Persero)/BPJS Kesehatan (2013-2016).
• Commissioner of PT Mandiri AXA General Insurance
(2012-2014).
• Senior Vice President (Group Head) of PT Bank
Mandiri (Persero) Tbk Business Banking I (2011-2013).
• Vice President (Commercial Banking Center
Manager) of the Regional Office II/Palembang PT
Bank Mandiri (Persero) Tbk (2007-2009).
• Assistant Vice President (Micro Banking District Center
Riduan Manager) of the Regional Office II/Palembang PT
Director of Commercial Banking
Bank Mandiri (Persero) Tbk. (2005-2006).
Place and Date of Birth • Head of Class 2 Branch (Senior Manager) at Regional
Born in Palembang in 1970 Office II/Palembang PT Bank Mandiri (Persero) Tbk
53 years old as of December 2023 (2005).
Citizenship • Head of Class 3 Branch (Senior Manager) at Regional
Indonesian Office II/Palembang PT Bank Mandiri (Persero) Tbk
Domicile (2004).
Jakarta • Cash Outlet Manager (Senior Manager) at Regional
Office II/Palembang of PT Bank Mandiri (Persero) Tbk
(January 2003 - December 2003).
Education Background • Internal Control & Compliance Head in the Regional
• Master in Management from Sriwijaya University Office II/Palembang PT Bank Mandiri (Persero) Tbk
(2007). (2000-2003).
• Bachelor in Accounting Economics from • Internal Auditor at PT Bank Mandiri (Persero) Tbk
Sriwijaya University (1995). (1999-2001).
• Internal Auditor (SPI) PT Bank Dagang Negara
Certification (Persero) (1996-1999).
• Risk Management Certification Level 7 Refresher
Program on Indonesian Banking in Supporting Affiliations
Indonesia Towards a Low Carbon Economy held No affiliations with any members of the Board of Directors,
by BARa Risk Forum (2023). Board of Commissioners, nor controlling or principal
• Refreshment Program “Managing Commercial shareholders.
Crisis Facing Potential Recession 2023” held by
PT Asta Konsultan Indonesia (2023). Shareholding in BMRI
• Risk Management Certification Level 5 held by 7,000,000 shares (0.0075000%) as of 31 December 2023
the Banking Professional Certification Institute
(LSPP) (2021).
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Education Background
Bachelor in Social Science and Political Science from
Padjajaran University (1990).
Certification
• Risk Management Certification Level 7 Refresher
Program on Indonesian Banking in Supporting
Indonesia Towards a Low Carbon Economy held by
BARa Risk Forum (2023).
• Chief Business Development Officer (CBDO) Cohort II
Year 2023, organized by the Ministry of SOEs.
• Banking Risk Management Certification Level 5 held
by the Banking Professional Certification Institute
(LSPP) (2022).
• Banking Risk Management Certification Level 5 held
by the Banking Professional Certification Institute
(LSPP) (2020).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period
pursuant to the resolution of the Annual GMS on 19
February 2020 in accordance with the Deed of the Annual
GMS No. 56 dated 19 February 2020.
Employment Period
19 February 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• Director of Network and Retail Banking at PT Bank Aquarius Rudianto
Mandiri (Persero) Tbk (19 February 2020 - present).
• Commissioner at PT Bank Syariah Mandiri (12 February Director of Network and Retail Banking
2020 - 19 February 2020). Place and Date of Birth
• Senior Executive Vice President for Business & Networks Born in Jakarta in 1967
at PT Bank Mandiri (Persero) Tbk (10 December 2019 - 56 years old as of December 2023
19 February 2020). Domicile
• Commissioner at Mandiri AXA General Insurance (29
March 2019-19 February 2020). Jakarta
• Senior Executive Vice President (SEVP) Operations at Citizenship
PT Bank Mandiri (Persero) Tbk (2018-2019). Indonesian
• Regional CEO, Regional 3 Jakarta Kota at PT Bank
Mandiri (Persero) Tbk. (2015-2018).
• Group Head Regional Commercial Sales 1 Group at • Senior Officer, Corporate & Commercial Credit
PT Bank Mandiri (Persero) Tbk (2010-2014). Division Surabaya at PT Bank Mandiri (Persero)
• Commercial Banking Manager, Regional Commercial Tbk (1999-2000).
Sales 1 Group, Commercial Banking Center Medan • Head of Credit Division, Head of Cash for Certain
at PT Bank Mandiri (Persero) Tbk (2009-2010). Periods According to Internal Movements of
• Commercial Banking Manager Regional Commercial Bank Exim, Cakranegara Branch, Mataram - NTB
Sales 1 Group Banjarmasin - South Kalimantan at PT at PT Bank Export Import (1995-1999).
Bank Mandiri (Persero) Tbk (2006-2009). • Head of Credit Division, Head of Export Import,
• Assistant Regional Risk Manager, Commercial Credit Head of Cash, Head of Business Development for
Risk Management Group, Regional Risk Management Certain Periods According to Internal Movements
VIII Denpasar - Bali at PT Bank Mandiri (Persero) Tbk of Exim Bank Samarinda Branch, East Kalimantan
(2004-2006). at PT Bank Export Import (1991-1995).
• Professional Staff Authority, Retail Credit Risk
Management Group, Regional Risk management Affiliations
VIII Surabaya at PT Bank Mandiri (Persero) Tbk (2003- No affiliations with any members of the Board of
2004). Directors, Board of Commissioners, nor controlling or
• Professional Staff (Reorganization), Retail Credit Risk principal shareholders.
Approval Group Management VIII Surabaya at PT
Bank Mandiri (Persero) Tbk (2001-2003). Shareholding in BMRI
• Senior Officer Holders of authority for West Kalimantan 4,137,300 shares (0.0044328%) as of 31 December
Credit Decisions, Commercial Credit Division III at the 2023
Pontianak West Kalimantan Hub at PT Bank Mandiri
(Persero) Tbk (2000-2001).
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PROFILE OF THE BOARD OF DIRECTORS
Employment Period
21 October 2020 until the closing of 2025 Annual GMS (First Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• Director of Operations at PT Bank Mandiri (Persero) Tbk (21
October 2020 - present).
• President Director at Bank Mandiri Syariah (2017-2020).
• SEVP Special Asset Management at PT Bank Mandiri (Persero)
Tbk (2016-2017).
• Regional CEO 1/Sumatera 1 Regional I Medan at PT Bank
Mandiri (Persero) Tbk (2015-2016).
• PJ Regional CEO 1/Sumatera 1 Regional I Medan at PT Bank
Mandiri (Persero) Tbk (January 2015-June 2015).
• Group Head Business Banking I Board of Commissioners
Business Banking I Group at PT Bank Mandiri (Persero) Tbk
(2014-2015).
• PJ Group Head Business Banking I Group Board of
Commissioners Business Banking I Group at PT Bank Mandiri
(Persero) Tbk (2013-2014).
• PJ Group Head Business Banking III Group Board of
Commissioners Business Banking III Group at PT Bank Mandiri
(Persero) Tbk (September 2013-December 2013).
• Executive Business Officer - Category B Board of
Commissioners PKMK Commercial & Business Banking at PT
Bank Mandiri (Persero) Tbk (February 2011-August 2013).
• Corporate Banking Manager Medan Board of Commissioners
Corporate Banking Medan at PT Bank Mandiri (Persero) Tbk
(2009-2011)
• Client Service Team Manager Board of Commissioners CST
3 PHS, CARGILL, LONSUM at PT Bank Mandiri (Persero) Tbk
(2008-2009).
• Senior Recovery Manager Board of Commissioners Loan
Workout I at PT Bank Mandiri (Persero) Tbk (2006-2007).
• Senior Recovery Manager Credit Recovery 2 Loan Workout I
Toni E. B. Subari at PT Bank Mandiri (Persero) Tbk (September 2005-December
Director of Operation 2005).
• Senior Recovery Manager for Corporate Credit Recovery C
Place and Date of Birth at PT Bank Mandiri (Persero) Tbk (2003-2005).
Born in Magetan in 1964 • Credit Recovery Officer Credit Recovery for Corporate
59 years old as of December 2023 Governance and Capital Market Recovery at PT Bank
Mandiri (Persero) Tbk (2001-2003).
Citizenship • Senior Officer Cru: Loan Workout I Group III at PT Bank Mandiri
Indonesian (Persero) Tbk (2000-2001).
Domicile • Manager Cru: Loan Workout III Group 1 at PT Bank Mandiri
(Persero) Tbk (May 2000-October 2000).
Jakarta • Senior Officer Cru: Loan Workout II at PT Bank Mandiri
(Persero) Tbk (1999-2000).
• Head of Medan Middle Branch Team Credit Financing Team
Education Background (MDN) at PT Bank Mandiri (Persero) Tbk (1996-1999).
Sarjana di bidang Teknologi Industri Pertanian dari Institusi • WPT. KTM.MDY Banda Aceh Project Financing Team (BDA) at
Pertanian Bogor (1988). PT Bank Mandiri (Persero) Tbk (1993-1996).
• WDS Tarakan Project Financing Team (TRK) at PT Bank Mandiri
Certification (Persero) Tbk (1990-1993).
• Refresher Program Level 7 held by the Banking • Non-Executive Regional Affairs II (UWL II) Credit Team 4
Professional Certification Institute (2023). (Textile/Clothing) (Upp II) at PT Bank Mandiri (Persero) Tbk
• Refresher Program Level 7: Indonesian Banking in (February 1990-May 1990).
Supporting Indonesia towards a Low Carbon Economy • Non-Executive Regional Affairs II (UWL II) at PT Bank Mandiri
held by Bankers Association for Risk Management (Persero) Tbk (1989-1990).
(BARa) (2023).
• Refresher Program: ESG Risk and Mitigation for
Sustainability held by the Banking Professional Affiliations
Certification Institute (2023). No affiliations with any members of the Board of Directors, Board
• Level 5 Risk Management Certification held by the of Commissioners, nor controlling or principal shareholders.
Banking Professional Certification Institute (LSPP)
(2021). Shareholding in BMRI
3,117,500 shares (0.0033402%) as of 31 December 2023
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period
pursuant to the Extraordinary GMS on 21 October 2020 in
accordance with the Deed of the Extraordinary GMS No.
16 dated 21 October 2020
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Education Background
Born in Semarang in 1965,
58 years old as of December 2023
Certification
Level 5 Risk Management Certification held by the
Banking Professional Certification Institute (LSPP)
(2020).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first
period pursuant to the resolution of the Extraordinary
GMS on 21 October 2020 in accordance with the
Deed of the Extraordinary GMS No. 16 dated 21
October 2020.
Employment Period
21 October 2020 until the closing of 2025 Annual
GMS (First Period).
Concurrent Position
No concurrent positions in other companies or
institutions.
Professional Background
• Director of Corporate Banking at PT Bank Mandiri
(Persero) Tbk. (21 October 2020 - present).
• Senior Executive Vice President Wholesale Risk at
PT Bank Mandiri (Persero) Tbk (8 September 2020
- 20 October 2020).
• Senior Executive Vice President of Commercial
Banking at PT Bank Mandiri (Persero) Tbk
Susana Indah K. Indriati
Director of Corporate Banking
(February 2020-September 2020).
• Group Head of Corporate Banking 5 at PT Bank Place and Date of Birth
Mandiri (Persero) Tbk (2017-2020). Born in Semarang in 1965,
• Executive Business Officer - B Corporate Banking 58 years old as of December 2023
at PT Bank Mandiri (Persero) Tbk (2016-2017). Domicile
• Department Head of Sector Commodities Jakarta
Trading 1 at PT Bank Mandiri (Persero) Tbk Citizenship
(January 2016-April 2016). Indonesian
• Department Head of the Media & Technology
Sector at PT Bank Mandiri (Persero) Tbk (2015-
2016). • Officer Crew: Loan Workout I Group I at PT Bank
• Department Head of Multinational Company at Mandiri (Persero) Tbk (1999-2000).
PT Bank Mandiri (Persero) Tbk (2010-2015). • Executive Officers, Corporation II at PT Bank
• Senior Account Manager Department II at PT Ekspor Impor Indonesia (Bank Exim) (1995-1999).
Bank Mandiri (Persero) Tbk (2007-2010).
• Relationship Manager VIII Relationship VIII at PT Affiliations
Bank Mandiri (Persero) Tbk (2005-2007) No affiliations with any members of the Board of
• Credit Analyst Corporate Relationship I at PT Directors, Board of Commissioners, nor controlling or
Bank Mandiri (Persero) Tbk (2003-2004). principal shareholders.
• Credit Analyst for Corporate Relationship
Management at PT Bank Mandiri (Persero) Tbk Shareholding in BMRI
(2001-2003). 4.438.400 shares (0.0047554%) as of 31 December
• Officer Corporate Banking at PT Bank Mandiri 2023
(Persero) Tbk (June 2001-August 2001).
• Officer Crew: Loan Workout I Group II at PT Bank
Mandiri (Persero) Tbk (November 2000-June
2001).
• Officer Crew: Loan Workout I Group 3 at PT Bank
Mandiri (Persero) Tbk (May 2000-October 2000).
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PROFILE OF THE BOARD OF DIRECTORS
Employment Period
21 October 2020 until the closing of 2025 Annual GMS
(First Period).
Concurrent Position
No concurrent positions in other companies or institutions.
Professional Background
• Director of Institutional Relations at PT Bank Mandiri
(Persero) Tbk (21 October 2020 - present).
• Chairman of the BUMN Social and Environmental
Responsibility Forum (TJSL), Period 2022 - 2025.
• Chairman of the BUMN Public Relations Forum for
the period 2019-2021.
• Senior Executive Vice President of Corporate
Relations at PT Bank Mandiri (Persero) Tbk (20
February 2020-20 October 2020).
• Group Head Corporate Secretary Group at PT Bank
Mandiri (Persero) Tbk (2014-20 February 2020).
• Corporate Secretary Division Head at PT Bank
Mutiara (2010-2014).
• Operational Director at PT Daria Dharma (2005-
2010).
• Commissioner at PT Bank Perkreditan Rakyat
Tridharma (2009-2010).
• President Director at PT Deo Gratia Communication
(2004-2008).
• Advisor at PT Marga Permata Bumi Property (2004-
2005).
• Vice President at the Indonesian Banking
Restructuring Agency (2003-2004).
• Vice President Assistant - Group Head
Communication Division at the Indonesian Banking
Restructuring Agency (2002-2003).
Senior Manager - Team Leader Communication
Rohan Hafas •
Division at the Indonesian Banking Restructuring
Director of Institutional Relations Agency (2002).
Place and Date of Birth • Senior Manager - Team Leader Asset Management
Born in Jakarta in 1961 Credit Unit in the Indonesian Banking Restructuring
62 years old as of December 2023 Agency (2001-2002).
• Senior Manager - Senior Officer of Asset
Citizenship Management Credit at the Indonesian Banking
Indonesian Restructuring Agency (1998-2000).
Domicile • Vice President - Main Branch Manager at PT Bank
Jakarta Subentra (1997-1998).
• Assistant Vice President - Branch Manager at PT
Bank Subentra (1993-1997).
Education Background • Senior Manager - Branch Manager at PT Bank
Bachelor of Economics from the University of Indonesia Subentra (1992-1993).
(1987). • Senior Manager - Marketing Head at PT Bank
Subentra (1991-1992).
Certification • Senior Manager - Marketing Head at PT Bank Susila
• Level 7 Risk Management Certification (2023). Bakti (1990-1991).
• Level 5 Risk Management Certification held by the • Manager - SME Account Officer at PT Bank Susila
Banking Professional Certification Institute (LSPP) Bakti (1988-1990).
(2020). • Assistant Manager - Junior Account Officer at PT
• Level 4 Risk Management Certification held by the Bank Susila Bakti (1987-1988).
Banking Professional Certification Institute (LSPP)
(2020). Affiliations
• PRISM Brain Mapping Certification (PRISM No affiliations with any members of the Board of
Practitioner) held by PRISM (2017). Directors, Board of Commissioners, nor controlling or
principal shareholders.
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first period Shareholding in BMRI
pursuant to the Extraordinary GMS on 21 October 2020 3,000,500 shares (0.0032148%) as of 31 December 2023
in accordance with the Deed of the Extraordinary GMS
Resolution No. 16 dated 21 October 2020.
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PROFILE OF THE BOARD OF DIRECTORS
Education Background
• Bachelor degree in Geography/Regional
Planning from Gadjah Mada University (1995).
• Master of Management from Gadjah Mada
University (1992).
Certification
• Banking Risk Management Refreshment Program
from the Indonesian Bankers Association -
Banking Competency Center (IBI-BCC) (2020).
• Advance Level Treasury Dealer Certification
held by LSPP & BNSP (2019).
• Level 5 (Five) Risk Management Certification -
Cyber Security Awareness in Industry 4.0 held by
LSPP (2019).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first
period pursuant to the resolution of the Extraordinary
GMS on 21 October 2020 in accordance with the
Deed of the Extraordinary GMS No. 16 dated 21
October 2020.
Employment Period
21 October 2020 until the closing of 2025 Annual
GMS (First Period).
Concurrent Position
No concurrent positions in other companies or
institutions
Professional Background
Sigit Prastowo
Director of Finance and Strategies
• Director of Finance and Strategy at PT Bank
Mandiri (Persero) Tbk (21 October 2020 - present) Place and Date of Birth
• Director of Finance at PT Bank Negara Indonesia Born in Cilacap in 1971
(Persero) Tbk (February 2020-September 2020). 52 years old as of December 2023
• Director of Finance at PT Bank DKI (July Domicile
2019-February 2020). Jakarta
• PLT President Director at PT Bank DKI (2018-2019). Citizenship
• Director of Finance at PT Bank DKI (2015-2018). Indonesian
• Division Leader (Senior Vice President) of
Budgeting and Financial Control Division at
PT Bank Negara Indonesia (Persero) Tbk (2012- • Credit Analyst and Corporate Credit Marketing
2015). Analyst Communication and Secretarial Division
• President Commissioner of PT Inter Motor Sport at PT Bank Negara Indonesia (Persero) Tbk (1998-
(2010-2015). 2003).
• Deputy Head of the Financial Control Division at
PT Bank Negara Indonesia (Persero) Tbk. (2009- Affiliations
2012). No affiliations with any members of the Board of
• Leader of the Performance Analysis Group of Directors, Board of Commissioners, nor controlling or
the Financial Control Division at PT Bank Negara principal shareholders.
Indonesia (Persero) Tbk (2005-2009).
• Personal Assistant to the Deputy President Shareholding in BMRI
Director of the Communication and Secretariat 6,305,100 shares (0.0067555%) as of 31 December
Division at PT Bank Negara Indonesia (Persero) 2023
Tbk. (2003-2005).
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PROFILE OF THE BOARD OF DIRECTORS
• Citi Country Officer (CCO) Certification Program
(pre-requisite for CEO Position) held by Sanford
I Weill Center for Strategy and Executive
Development, New York (2017).
• Banking Risk Management Level 5 Certification
held by Banking Profession Certification Institute
(LSPP) (2012).
• Senior Executive Leadership Certification held by
Templeton College University of Oxford, United
Kingdom (2004).
• Service Excellence Certification: Delivering
Value for Profit held by Wharton Business School,
Philadelphia (2003).
• International Management Program Certification
held by Insead (2000).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first
period pursuant to the resolution of the Annual GMS
on 15 March 2021 in accordance with the Minutes of
the Annual GMS No. 13 dated 15 March 2021.
Employment Period
15 March 2021 until the closing of 2026 Annual GMS
(First Period).
Concurrent Position
No concurrent positions in other companies or
institutions.
Professional Background
Timothy Utama • Director of Information Technology, PT Bank
Director of Information Technology
Mandiri (Persero) Tbk (March 2021 - present).
Place and Date of Birth • Managing Director, Head of Operations and
Born in Jakarta in 1965 Technology - Citibank (2016-2021).
58 years old as of December 2023 • Chief Operations and Technology Officer -
Citizenship Singapore Exchange (2012-2015).
Indonesian • Director of Operation & Technology - Bank
Domicile Permata (2010-2012).
Jakarta • Head of Wholesale Bank Operations, Global
Shared Service Center – Standard Chartered
Bank, India (2008-2010).
Education Background
S1 Bachelor of Business Administration in Accounting Affiliations
and Finance - Texas A&M University, USA (1988). No affiliations with any members of the Board of
Directors, Board of Commissioners, nor controlling or
Certification principal shareholders.
• Risk Management Certification Refreshment
Level 7 Program held by LSPP (2023). Shareholding in BMRI
• Managing Innovation Certification held by 3,621,900 shares (0.0038806%) as of 31 December
Harvard Business Schoold, Boston (2023). 2023
• Risk Management Certification Refreshment
Program held by LSPP (6 June 2022).
• Risk Management Certification Refreshment
Program held by LSPP (13 July 2020).
• Leading Innovative Change Certification held by
UC Berkeley Executive Education (2018).
• Be The Change Certification held by Senn
Delaney Culture Shaping, New York (2017).
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PROFILE OF THE BOARD OF DIRECTORS
Education Background
• Master of Business Administration, IE Business
School (2010-2011)
• Bachelor of Law, International Law, Universitas
Padjajaran (1996-2000)
Certification
• Risk Management Providing Certification for
Level 5 Prospective Board of Directors Members
(2023)
• Level 4 Risk Management Certification
Refreshment Program held by MAISA Education
(2022).
• Banking Risk Management Level 4 Certification
held by BNSP (2021).
• Treasury Dealer Level Advance certification held
by BNSP (2021).
Legal Basis of Appointment
Appointed as Director of Bank Mandiri for the first
period based on the resolution of the Annual GMS
dated 14 March 2023 pursuant to the Deed of Minutes
of the Annual GMS No. 11 on 14 March 2023.
Employment Period
14 March 2023 until the closing of the 2028 Annual
GMS (First Period).
Concurrent Position
No concurrent positions in other companies or
institutions.
Eka Fitria
Director of Treasury and International Banking
Professional Background
• Director of Treasury and International Banking of Place and Date of Birth
PT Bank Mandiri (Persero) Tbk (14 March 2023 – Born in Medan in 1978
present) 45 years old as of December 2023
• Group Head International Banking & Financial Domicile
Institution PT Bank Mandiri (Persero) Tbk (Agustus Jakarta
2021 – Maret 2023) Citizenship
• Deputy Group Head Treasury of PT Bank Mandiri Indonesian
(Persero) Tbk (October 2020 –August 2021)
• General Manager Hong Kong Branch PT Bank
Mandiri (Persero) Tbk (April 2017 – September • Forex Dealer PT Bank Mandiri (Persero) Tbk (May
2020). 2007 – January 2008)
• General Manager Overseas - International • Junior PS Money Market Trading PT Bank Mandiri
Banking & Finaancial Institution Group – (April – (Persero) Tbk (September 2004 – April 2007)
Juy2017). • Customer Service Officer Medan City Hall PT Bank
• Department Head Talent Acquisition – Human Mandiri (Persero) Tbk (April 2004 – August 2004)
Capital Services Group PT Bank Mandiri (Persero) • Officer Development Program PT Bank Mandiri
Tbk (April 2015 – April 2017) (Persero) Tbk (January 2003 – April 2004)
• Department Head Reward & Performance • Associate in Adhyaksa & Co. Lawyers (May 2001
Management PT Bank Mandiri (Persero) Tbk – January 2003)
(January 2014 – April 2015)
• Chief Dealer Product Development & Alliance PT Affiliations
Bank Mandiri (Persero) Tbk (March 2012 – January No affiliations with any members of the Board of
2014) Directors, Board of Commissioners, nor controlling or
• Chief Dealer Cash & Liquidity PT Bank Mandiri principal shareholders.
(Persero) Tbk (February 2012 – March 2012)
• Officer Postgraduate Study Program (4 October Shareholding in BMRI
2010 – 31 January 2012) 170,000 shares (0.0001821%) as of 31 December 2023
• Cash & Liquidity Dealer PT Bank Mandiri (Persero)
Tbk (February 2008 – October 2010)
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• Certified Professional Management Accountant
held by The Indonesian Institute of Management
Accountant (2019).
Professional Background
• PT Bank Mandiri (Persero) Tbk Director of Treasury and
International Banking (21 October 2020 - present).
• PT Bank Mandiri (Persero) Tbk Director of Operations
(December 2019 - October 2020).
• PT Bank Mandiri (Persero) Tbk Finance Director (21
March 2018- May 2019).
• Treasury & International Director at PT Bank Negara
Indonesia (Persero) Tbk (January 2016 - March 2018).
• PT Bank Mandiri (Persero) Tbk Treasury Group Head
(2011-2016).
• Commissioner at PT Mandiri Sekuritas (October
2010-January 2016).
• Official Treasury Group Head at PT Bank Mandiri
(Persero) Tbk (2010-2011).
• PT Bank Mandiri (Persero) Tbk Debt & Capital Market
Department Head (2008-2010).
• PT Bank Mandiri (Persero) Tbk Treasury Trading
Department Head (2003-2008).
• Chief Dealer at Treasury Management Group PT Bank
Mandiri (Persero) Tbk (2001-2003).
• Group Head of Foreign Exchange in the PT Bank Mandiri
(Persero) Tbk Global Market Division (2000-2001).
• Group Head of Foreign Exchange in the Global Market
& Sales Division at PT Bank Mandiri (Persero) Tbk (1999-
2000).
• Leadership Officer in the Grand Cayman Work Unit of
PT Bank Indonesia Import Export (1997- 1999).
Panji Irawan*) • Leadership Staff in PT Bank Indonesia’s Import Export
Director of Treasury and International Banking Fund Management Unit (1993-1997).
Place and Date of Birth • Dealer Trainee at PT Bank Indonesia Import Export
Born in Jakarta in 1965 (1991-1992).
58 years old as of December 2023 • Chief Inspector at NIKE Inc. Representative Office
Citizenship (1989-1991).
Indonesian
Appointment History
Domicile Appointed as Director of Bank Mandiri for the first period
Jakarta pursuant to the resolution of the Annual GMS on 21 March
2018 in accordance with the Deed of the Annual GMS No.
57 dated 21 March 2018.
Education Background
Bachelor/Engineer in Agricultural & Resource
Economics from Bogor Agricultural Institute (1989).
Employment Period
21 March 2018 until 14 March 2023.
Certification
• Certified International for Geo Strategic held by
Concurrent Position
No concurrent positions in other companies or institutions.
LSP Quantum HRM International (2021).
• Risk Management Level 5 Certification held by
Banking Profession Certification Institution (LSPP)
Affiliations
No affiliations with any members of the Board of Directors,
(2021).
Board of Commissioners, nor controlling or principal
• Certification for Competency Assessors in
shareholders.
Banking held by the National Professional
Certification Agency (BNSP) (2020).
• Level 5 Risk Management Certification held by
Shareholding in BMRI
2,779,200 shares (0.0059554%) as of 14 March 2023**)
the Banking Professional Certification Institute
(LSPP) (2019).
• Advanced Level Treasury Dealer Certification
held by the Banking Professional Certification
Institute (LSPP) (2019). *) Tenure was ended based on the resolution of the Annual GMS 14 March 2023
**) Total shares as of the end of tenure
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PROFILE OF
EXECUTIVES
Senior Executive Vice President
Arief Ariyana
Senior Executive Vice President/SEVP Corporate Banking
Place and Date of Birth/Age
Born in Denpasar in 1966, 57 years old as of December 2023.
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor in Business Management Science from the University of New York, United States
(1992).
Legal Basis of Appointment
Serves as SEVP Corporate Banking based on the Board of Directors’ Decree No. KEP.DIR/116/2020
dated 9 September 2019.
Professional Background
Joined Bank Mandiri in 2018 as General Manager and Country Head, Singapore Branch.
Shareholding in BMRI
240,000 shares (0.000257143%) as of 31 December 2023.
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Danis Subyantoro
Senior Executive Vice President/SEVP Internal Audit
Place and Date of Birth/Age
Born in Sragen in 1968, 55 years old as of December 2023
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor in Agriculture from the University of Gadjah Mada, Indonesia (1993).
Legal Basis of Appointment
Serves as SEVP Internal Audit based on the Board of Directors’ Decree No. KEP.DIR/045/2021 dated
23 August 2021.
Professional Background
Joined Bank Mandiri in 2003 as PS Middle Market Credit Risk Officer Regional Risk Management X
Makassar.
Shareholding in BMRI
344,800 shares (0.0003694%) as of 31 December 2023.
Totok Priyambodo
Senior Executive Vice President/SEVP Commercial Banking
Place and Date of Birth/Age
Born in Surabaya in 1974, 49 years old as of December 2023.
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor in Civil Engineering from the Institute of Technology Bandung, Indonesia (1997).
Legal Basis of Appointment
Serves as SEVP Commercial Banking based on the Board of Directors’ Decree No. KEP.DIR/040/2021
dated 23 August 2021.
Professional Background
Joined Bank Mandiri in 2004 as SRM: PS Credit Analyst Middle Commercial, Commercial Banking
Centre Bandung.
Shareholding in BMRI
370,000 shares (0.0003964%) as of 31 December 2023.
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Josephus Koernianto Triprakoso
Senior Executive Vice President/SEVP Micro & Consumer Finance
Place and Date of Birth/Age
Born in Jakarta in 1967, 56 years old as of December 2023
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor in Economics from the University of Sebelas Maret, Indonesia (1991) and Master
in Management Accountancy from University of Persada Indonesia YAI, Indonesia (2001).
Legal Basis of Appointment
Serves as SEVP Micro & Consumer Finance based on the Board of Directors’ Decree No. KEP.
DIR/043/2021 dated 23 August 2021.
Professional Background
Joined Bank Mandiri in 2009 as Deputy General Manager
Shareholding in BMRI
583,200 as of 31 December 2023.
M. Rizaldi
Senior Executive Vice President/SEVP Special Asset Management
Place and Date of Birth/Age
Born in Jambi in 1981, 42 years old as of December 2023.
Domicile : Tangerang
Citizenship: Indonesian
Education Background
Obtained Bachelor Degree in Informatics & Computer Engineering from the Institute of Technology
Bandung, Indonesia (2004).
Legal Basis of Appointment
Serves as SEVP Special Asset Management based on the Board of Directors’ Decree No. KEP.
DIR/050/2020 dated 9 September 2021.
Professional Background
Joined Bank Mandiri in 2004 as Credit Analyst Commercial Banking Center Banjarmasin.
Shareholding in BMRI
262,200 shares (0,0002809%) as of 31 December 2023.
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PROFILE OF EXECUTIVES
Adi Pranantias
Senior Executive Vice President/SEVP Wholesale Risk
Place and Date of Birth/Age
Born in Malang in 1967, 56 years old as of December 2023.
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor Degree in Informatics & Computer Engineering from the Institute of Technology
Bandung, Indonesia (2004).
Legal Basis of Appointment
Serves as SEVP Wholesale Risk based on the Board of Directors’ Decree No. KEP.DIR/045/2022 dated 22
December 2022.
Professional Background
Joined Bank Mandiri in 2004 as Credit Analyst Commercial Banking Center Banjarmasin.
Shareholding in BMRI
100,000 shares (0,0001071%) as of 31 December 2023.
Daniel Setiawan Subianto
Senior Executive Vice President/SEVP Teknologi Informasi
Place and Date of Birth/Age
Born in Jakarta in 1974, 49 years old as of December 2023.
Domicile : Tangerang
Citizenship: Indonesian
Education Background
Obtained Bachelor Degree in Computer Engineering from the STMIK Bina Nusantara, Indonesia (1997).
Legal Basis of Appointment
Serves as SEVP Information Technology based on the Board of Directors’ Decree No. KEP.DIR/046/2022
dated 22 December 2022.
Professional Background
Joined Bank Mandiri in 2016 as Department Head IT Business Partner 4 of IT Strategy & Architecture
Group.
Shareholding in BMRI
100,000 shares (0,0001071%) as of 31 December 2023.
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PROFILE ANALYSIS
PROFILE OF EXECUTIVES
Abu Santosa Sudradjat
Senior Executive Vice President/SEVP International Banking & Financial
Institutions
Place and Date of Birth/Age
Born in Sukabumi in 1969, 54 years old as of December 2023.
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Magister Degree in M.B.A (Master In Business Management) from Southeastern University
(1997).
Legal Basis of Appointment
Serves as SEVP International Banking & Financial Institutions based on the Board of Directors’
Decree No. KEP. DIR/036/2023 dated 26 September 2023.
Professional Background
Joined Bank Mandiri in 2016 as Senior Vice President in Bank Mandiri Head Office, Jakarta
Shareholding in BMRI
Nil as of 31 December 2023.
Sunarto Xie
Senior Executive Vice President/SEVP Digital Banking
Place and Date of Birth/Age
Born in Tanjung Balai in 1982, 41 years old as of December 2023.
Domicile : Jakarta
Citizenship: Indonesian
Education Background
Obtained Bachelor in Computer Science from the Bina Nusantara University, Indonesia (2004)
and Master in Master in Business Administration from Tepper School of Business, Carnegie Mellon
University, Pittsburg, US (2013).
Legal Basis of Appointment
Serves as SEVP Digital Banking based on the Board of Directors’ Decree No. KEP.DIR/037/2023 dated
25 September 2023.
Professional Background
Joined Bank Mandiri in 2005 as Assistant Manager I&T Planning Security .
Shareholding in BMRI
Nil as of 31 December 2023.
162 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
Group Head and/or
Equivalents Levels
WORK UNITS HEAD OF UNITS
Under the Supervision of President Director
Region I /Sumatera 1 Lourentius Aris Budiyanto
Region II/Sumatera 2 Azahari Fikri
Region III/Jakarta 1 I Gede Raka Arimbawa
Region IV/Jakarta 2 Jan Winston Tambunan
Region V/Jakarta 3 Sulaeman
Region VI/Jawa 1 M. Wisnu Trihanggodo
Region VII/Jawa 2 Hendra Wahyudi
Region VIII/Jawa 3 Tri Nugroho
Region IX/Kalimantan Ferry Kurnia Budianto
Region X/Sulawesi & Maluku M. Ashidiq Iswara
Region XI/Bali & Nusa Tenggara Winardi Legowo
Region XII/Papua Tinno Susilo
IT Audit Group Deni Hendra Permana
Retail Audit Group Ade Hasballah Abdullah
Wholesale & Corporate Center Audit Group Mindha Erdismina
Senior Investigator Asep Syaeful Rochman
Under the Supervision of Vice President Director
Environmental, Social, & Governance Group Citra Amelya
Digital Marketing Group Serlina Sari Wijaya
Special Asset Management 1 Group Faiz Firdausi
Special Asset Management 2 Group Prihanto Herbowo
Special Asset Management 3 Group Chandra
Legal Group Dedy Teguh Krisnawan
Executive Business Officer B Nur Susilo Wibowo
Executive Business Officer B Taufik Hidayat
Executive Legal Litigation Eman Suherman
Under the Supervision of Corporate Banking
Corporate Banking 1 Group Nina Sukanti Ekawati
Corporate Banking 2 Group Budi Purwanto
Corporate Banking 3 Group Helmy Afrisa Nugroho
Corporate Banking 4 Group Dolly Roza Evelina Pasaribu
Corporate Banking 5 Group Midian Samosir
Corporate Banking 6 Group Fauziah Anna
Senior Operational Risk Wholesale Banking Jhon R.H. Pangaribuan
Corporate Solution Group Erwanza Nirwan
Under the Supervision of Commercial Banking
Commercial Banking 1 Group Saptari
Commercial Banking 2 Group Iwan Tri Imawan
Commercial Banking 3 Group Ferdianto Munir
Commercial Banking 4 Group Erwin Khristianto
Commercial Banking 5 Group Frans Gunawan L. Tobing
Commercial Banking 6 Group Freddy Iwan S. Tambunan
Commercial Solution Group Ade Arief Mochtar
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HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
Group Head and/or Equivalents Levels
WORK UNITS HEAD OF UNITS
Executive Business Officer Achmad Nu’Man Annafis
Executive Business Officer Muhammad Machmuddin
Executive Relationship Officer M. Abi Kustomi
Under the Supervision of Institutional Relations
Government & Institutional 1 Group Dadang Ramadhan P.
Government & Institutional 2 Group -
Government Solution Group Nila Mayta Dwi Rihandjani
Corporate Secretary Group Teuku Ali Usman
Corporate Real Estate Group Koga Husin
Government Project 1 -
Government Project 3 Hendrianto Setiawan
Executive Relationship Officer Aland Rinny Patity
Executive Relationship Officer R. Putut Putranto S.
Under the Supervision of Treasury & International Banking
Treasury Group Ari Rizaldi
Financial Institutions Banking Group -
Transaction Banking Wholesale Group Dini Isnarti
Strategic Procurement Group Danang Kuantana Cahya Kusuma
Office of Chief Economist Group Andry Asmoro
Overseas Banking Network Group Venda Yuniarti
Under the Supervision of Risk Management
Market Risk Group Bily Arkan
Operational Risk Group Upik Trisda Leawaty
Credit Portfolio Risk Group Alfanendya Safudi
Policy & Procedure Group Mardiana
Consumer Credit Risk & Analytics Group Reza Adriansyah
SME & Micro Risk Group Muhamad Gumilang M
Retail Collection & Recovery Group Jugie Sugiarto
Retail Product Delivery & Fraud Risk Group Adityo Wicaksono
Corporate Risk Group Eny Kurniasih M. Mukarromah
Commercial Risk 1 Group Wildan Sanjoyo
Commercial Risk 2 Group Estiningsih
Wholesale Risk Solution Group Dyota Mahoedara
Executive Credit Officer - Kategori A Budi Kurniawan
Executive Credit Officer - Kategori A Aried Riadi Bakri
Executive Credit Officer - Kategori A Sumanggam T.P. Simanjuntak
Executive Credit Officer - Kategori A Iswandi
Executive Credit Officer - Kategori B Andry Yusuf
Executive Credit Officer - Kategori B Nurul Akhsani Sulistyawati
Executive Credit Officer - Kategori B Pangondian Omarmubarak Pasaribu
Executive Credit Officer - Kategori B Ferry Tobing
Executive Credit Officer - Kategori B Rommy Syailendra
Executive Credit Officer - Kategori B Tjahjadi Harlianto
164 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
Group Head and/or Equivalents Levels
WORK UNITS HEAD OF UNITS
Executive Credit Officer - Kategori B Deru Widyarto
Executive Credit Officer - Kategori B Athur Donald Hutagaol
Executive Credit Officer - Kategori B Masyuda Derita
Executive Credit Officer - Kategori B Maria Nuringati
Executive Credit Officer - Kategori B Yandril
Under the Supervision of Operation
Wholesale Credit Operations Group Sugiharto
Retail Credit Operations Group Harsono Rudi Firnadi
Retail Credit Center Group Prasetyo Mahanani
Cash & Trade Operation Group Yuda Nurseta Dewi
Electronic Channel Operations Group Dimas Ardianto
Customer Care Group Asih Samihadi
Business Continuity Management Group I Made Wahyu Arjaya
Senior Operational Risk Operation Rori Achir
Under the Supervision of Information Technology
Digital Retail Banking Group Yanto Masyap
Digital Wholesale Banking Group Bernardus Dwi Budi Prasetyo
IT Strategy & Architecture Group Herdiana Achdan
IT Infrastructure Group Susila Hardiyantono
Back End Application Devt Group Fajar Anggoro
Front End Application Devt Group Ferry Hidayat
Head of Engineering Rambabu Achanta
IT Applications Support Group Abdurachman
Chief Information Security Office Group Riza Hariawan
Enterprise Data Analytics Group Kurnia Sofia Rosyada
Senior Operational Risk Information Technology Wafdan Metha Firdaus
Under the Supervision of Compliance & HC
Compliance & AML-CFT Juliser Sigalingging
Human Capital Strategy & Talent Management Group -
Human Capital Services Group Putu Dewi Prasthiani
Mandiri University Group Dindin Rosyidin
Human Capital Engagement & Outsource Management Harjito Hasto Prasojo
Group
Human Capital Performance & Remuneration Group Votivia Mardinna
Senior HCBP Distribution & Retail Banking Hendro Subekti
Senior HCBP Wholesale Banking Rasbianto Hidajat
Senior HCBP Supporting Sapri
Improvement Project Nurulloh Priyo Sembodo
Improvement Project (external assignment) Sriyani Puspa Kinasih
Improvement Project Muhamad Sudrajat
Improvement Project (external assignment) Ariotejo Bayuaji
Improvement Project (external assignment) Ita Tetralastwati
Improvement Project (external assignment) Ferry Muhammad Robbani
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HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
Group Head and/or Equivalents Levels
WORK UNITS HEAD OF UNITS
Improvement Project (external assignment) Nur Hidayat Udin
Improvement Project (external assignment) Ignatius Susatyo Wijoyo
Improvement Project Nur Eko Pujiastuti H
Under the Supervision of Finance & Strategy
Strategy & Performance Management Group Antonius Kunta Widyatmaka
Accounting Group Freddy Kurnianto
Investor Relations Group Laurensius Teiseran
Strategic Investment & Subsidiaries Management Group Indra Soaloon Situmorang
Business Transformation Thontowy Jauhari
Corporate Transformation Minette Rivelina
Senior Operational Risk Corporate Center Syafelda Indrayuni
Under the Supervision of Network & Retail Banking
Small Medium Enterprise Group Alexander Dippo P.J.S.
Wealth Management Group Ursula Sista Pravesthi
Distribution Strategy Group Trilaksito Singgih Hudanendra
Transaction Banking Retail Sales Group Thomas Wahyudi
Retail Deposit Product & Solution Group Evi Dempowati
Micro Development & Agent Banking Group Ashraf Farahnaz
Micro Personal Loan Group Rheyna Anggun Marnala
Credit Cards Group Erin Young
Consumer Loans Group Dessy Wahyuni
Senior Operational Risk Distribution & Consumer Tina Setiawati Sentoso
166 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EMPLOYEE DEMOGRAPHICS
Employee by Organization Level
2023 2022
Description
Male Female Total Male Female Total
Senior Executive Vice President
(SEVP), Executive Vice President
116 33 149 113 30 143
(EVP), Senior Vice President
(SVP)
Vice President (VP),Assistant
2,583 1,431 4,014 2,501 1,314 3,815
Vice President (AVP)
Manager* 7,129 6,769 13,898 6,865 6,581 13,446
Staff 8,593 12,141 20,734 8,632 11,928 20,560
Others 145 - 145 211 1 212
Total 18,566 20,374 38,940 18,322 19,854 38,176
*) Manager adalah pegawai dengan level organisasi assistant Manager, Manager, First senior Manager dan senior Manager
Pegawai Berdasarkan tingkat Pendidikan
2023 2022
Description
Male Female Total Male Female Total
Doctoral Degree 11 2 13 10 2 12
Master Degree 1,194 730 1,924 1,166 693 1,859
Bachelor Degree and equivalent 16,038 18,342 34,380 15,616 17,695 33,311
Diploma 588 1,130 1,718 649 1,274 1,923
Senior High School 725 170 895 868 190 1,058
Junior High School 10 - 10 12 - 12
Primary School - - - 1 - 1
Total 18,566 20,374 38,940 18,322 19,854 38,176
Employee by Employment Status
2023 2022
Description
Male Female Total Male Female Total
Permanent Employee 16,601 17,762 34,363 16,630 18,017 34,647
Non-Permanent Employee 1,721 2,416 4,137 1,478 1,701 3,179
(contract)
Trainee 244 196 440 214 136 350
Total 18,566 20,374 38,940 18,322 19,854 38,176
ANNUAL REPORT 2023 167
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PROFILE ANALYSIS
EMPLOYEE DEMOGRAPHICS
Employee by Age
2023 2022
Description
Male Female Total Male Female Total
20-24 Tahun 1,116 1,528 2,644 847 978 1,825
25-29 Tahun 3,274 4,201 7,475 3,568 4,999 8,567
30-34 Tahun 5,936 7,293 13,229 6,056 7,270 13,326
35-39 Tahun 3,441 3,501 6,942 2,914 2,794 5,708
40-44 Tahun 1,833 1,824 3,657 1,750 1,858 3,608
45-49 Tahun 990 875 1,865 1,082 874 1,956
50-54 Tahun 1,612 979 2,591 1,747 939 2,686
>54 Tahun 364 173 537 358 142 500
Total 18,566 20,374 38,940 18,322 19,854 38,176
Employee by Generation
2023 2022
Description
Male Female Total Male Female Total
Gen X 4,060 3,202 7,262 4,577 3,446 8,023
Gen Y 10,924 12,587 23,511 11,127 13,147 24,274
Gen Z 3,582 4,585 8,167 2,618 3,261 5,879
Total 18,566 20,374 38,940 18,322 19,854 38,176
Employee by Tenure
2023 2022
Description
Male Female Total Male Female Total
<3 Years 3,024 3,279 6,303 2,404 2,308 4,712
3-5 Years 2,741 2,952 5,693 2,961 3,363 6,324
6-10 Years 5,440 6,292 11,732 6,274 7,618 13,892
11-15 Years 3,877 4,479 8,356 2,927 3,164 6,091
16-20 Years 1,154 1,436 2,590 1,082 1,535 2,617
21-25 Years 353 726 1,079 884 790 1,674
26-30 Years 1,428 910 2,338 1,104 706 1,810
>30 Years 549 300 849 686 370 1,056
Total 18,566 20,374 38,940 18,322 19,854 38,176
Employee by Tenure
2023 2022
Description
Male Female Total Male Female Total
Kriya Mandiri Penyandang 5 4 9 10 8 18
Difabel
Total 5 4 9 10 8 18
168 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EMPLOYEES COMPETENCE
DEVELOPMENT
To facilitate the enhancement of employee requirements. Talent management and succession
competencies for the purpose of attaining global are focused on developing employee talents to be
competitiveness, Bank Mandiri has designed a ready to become successors who occupy critical
number of ongoing talent development initiatives for positions within the Bank’s management.
employees in order to acquire outstanding human
capital. Enhancing employee aptitude entails Talent management and succession have 5 elements
prioritizing the career development and competency in Mandirian Propeller which consist of Technical
development of employees. Capability (skill), Leadership Capability, Culture,
Learning Agility and Purpose. The framework is used
as a basis for talent development to ensure that
Employee Career Development these five aspects are carried out in a balanced and
Career development of Bank Mandiri employees comprehensive manner.
is carried out through the Talent Management
and Succession program based on the principle A thorough explanation of HR development is
of fair opportunity, namely the existence of equal presented in the Human Capital Chapter of this
opportunities for every employee to grow and Annual Report.
develop while still paying attention to the factors
of Bank Mandiri’s needs, job family of the intended
position, ability, level of performance, value rating,
talent group (talent classification), job title, and other
Competencies Development by Program
2023 2022
Enhancement Programs
Batch Participants Batch Participants
Leadership Developmet
Program
Officer Development Program 21 640 24 614
Staff Development Program 16 568 11 357
SESPIBANK Program 1 1 2 3
Mandiri People Manager (MPM) 2 615 1 15
Fundamental
Mandiri People Manager (MPM) Advance 0 0 2 59
Mandiri People Manager (MPM) Mastery 3 81 3 65
Mandiri Advanced Senior Leader (MASLP) 1 23 1 26
Mandiri Advanced Leaders (MALP) 2 65 2 59
Program
Mandiri Advanced First Leaders Program 5 364 5 330
(MAFLP)
Mandiri Executive Leaders Program 5 14 7 8
(MAELP)
S2 Program 2 73 2 29
Women Leadership Program 2 280 1 26
Other Leaderships 58 6,259 368 23,803
Technical Development Programs 2.718 300,228 - 338,236
E-learning & Podcast 3,369 483,598 - 149,394
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MAIN MANAGEMENT COMPANY
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HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EMPLOYEES COMPETENCE DEVELOPMENT
Competencies Development by Job Level
Number of Training Participants
Employee Level
2023 2022
Commissioner 12 0
Director 12 12
SEVP - SVP 158 148
VP - AVP 3,965 3,793
SM - FAM 13,822 13,294
Operative 19,751 20,364
Non-Operative 59 87
Pension/ Terminated 1,738 1,376
Grand Total 39,517 39,074
Days and Hours spent for the Training Programs (Man Hour)
Number of Training Sum of Training Duration Average Training Hours per
Employee Level Participants (hours) Employee
2023 2022 2023 2022 2023 2022
Female 20,623 20,338 2,664,804 2,360,482 124,4 116,1
Male 18,894 18,736 2,674,432 2,270,256 136,6 121,2
Grand Total 39,517 39,074 5,339,236 4,630,738 130,2 118,5
Number of Training Sum of Training Duration Average Training Hours per
Employee Level Participants (hours) Employee
2023 2022 2023 2022 2023 2022
Commissioner 12 0 1,008 0 77.5 0.0
Director 12 12 146 768 12.2 64.0
SEVP - SVP 158 148 15,558 17,392 90.5 117.5
VP - AVP 3,965 3,793 807,516 661,178 202.6 174.3
SM - FAM 13,822 13,293 2,553,630 2,153,892 184.2 162.0
Operative 19,751 20,364 1,839,932 1,713,998 88.5 84.2
Non-Operative 59 87 808 2,640 9.2 30.3
Pension/Terminate 1,738 1,377 120,638 80,870 58.0 58.7
Grand Total 39,517 39,074 5,339,236 4,630,738 130.2 118.5
170 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS
COMPOSITION
Shareholders Composition as of December 2023 as of 1 January 2023 & 31 December 2023
1 January 2023 (Initial Opening of Stock Trading)
Number of
Shareholding Total Shares Shareholding (%)
Shareholders
NATIONAL
Government of the Republic of Indonesia 1 24,266,666,667 52.00000%
Individual 63,985 526,274,509 1.12773%
Cooperatives 9 3,734,433,773 8.00236%
Foundations 20 35,682,598 0.07646%
Pension Fund 111 410,733,574 0.88014%
Insurance 155 994,724,460 2.13155%
Banks 6 31,098,456 0.06664%
Limited Liability Company 155 52,473,653 0.11244%
Government Institutions 1 3,000 0.00001%
Mutual Funds 309 1,011,537,681 2.16758%
Sub Total 64,752 31,063,628,371 66.56491%
FOREIGN
Foreign Individual 191 1,681,876 0.00360%
Foreign Business Entity 1,908 15,601,356,419 33.43148%
Sub Total 2,099 15,603,038,295 33.43508%
Total 66,851 46,666,666,666 100.00%
31 December 2023
Number of
Shareholding Total Shares Shareholding (%)
Shareholders
NATIONAL
Government of the Republic of Indonesia 1 48,533,333,334 52.00000%
Individual 109,226 1,303,295,159 1.39639%
Cooperatives 12 7,470,156,246 0.00374%
Foundations 28 84,783,308 0.09084%
Pension Fund 123 767,082,132 0.82187%
Insurance 178 1,930,265,320 2.06814%
Banks 7 60,076,356 0.06437%
Limited Liability Company 199 97,795,808 0.10478%
Government Institutions 0 0 0%
Mutual Funds 309 1,759,904,423 1.88561%
Sub Total 110,083 62,006,692,086 66.43574%
FOREIGN
Foreign Individual 252 3,255,152 0.00349%
Foreign Business Entity 1,985 31,323,386,094 33.56077%
Sub Total 2,237 31,326,641,246 33.56426%
Total 112,320 93,333,333,332 100.00%
ANNUAL REPORT 2023 171
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HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHAREHOLDERS COMPOSITION
20 Largest Shareholders’ Composition as of 1 January 2023 & 31 December 2023
1 January 2023 (Initial Opening of Stock Trading)
Number of
No Shareholding Total Shares Shareholding (%)
Shareholders
Government of
1 Government of the Republic of Indonesia the Republic of 24,266,666,667 52.0000000
Indonesia
2 INDONESIA INVESTMENT AUTHORITY Cooperatives 3,733,333,333 8.0000000
JPMSE LUX RE UCITS CLT RE-SCHRODER Foreign Business
3 586,069,600 1.3343919
INTERNATIONAL SELECTION FUND Entity
CITIBANK SINGAPORE S/A GOVERNMENT OF Foreign Business
4 544,990,914 0.9825005
SINGAPORE Entity
JPMSE AMS RE AIF CLT RE-STICHTING DEPOSITARY Foreign Business
5 336.587.947 0.8336542
APG EMERGING MARKETS EQUITY POOL Entity
BNYM RE BNYMLB RE EMPLOYEES Foreign Business
6 321,861,700 0.6086432
PROVIDENTFDBOARD-2039927326 Entity
BBH BOSTON S/A GQG PARTNERS EMERGING Foreign Business
7 312,377,337 0.5770532
MARKETS EQUITY FUND Entity
JPMCB NA RE - VANGUARD EMERGING MARKETS Foreign Business
8 295,053,475 0.5472634
STOCK INDEX FUND Entity
JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL Foreign Business
9 290,612,261 0.5415714
STOCK INDEX FUND Entity
Foreign Business
10 JPMCB NA RE-EUROPACIFIC GROWTH FUND 258,084,800 0.5284938
Entity
Foreign Business
11 JPMCB NA RE-NEW WORLD FUND,INC 225,476,400 0.5083459
Entity
Foreign Business
12 MLI GEF ACCOUNT CLIENT GENERAL 192,135,500 0.5073767
Entity
RBC S/A VONTOBEL FUND - MTX SUITANABLE Foreign Business
13 185,452,100 0.3770220
EMERGING MARKETS LEADERS Entity
14 PT. PRUDENTIAL LIFE ASSURANCE - REF Insurance 172,441,818 0.3625033
STATE STREET BANK-ISHARES CORE MSCI EMERGING Foreign Business
15 163,531,500 0.3493817
MARKETS ETF Entity
BNYMSANV RE BNYM RE PEOPLE'S BANK OF Foreign Business
16 156,086,500 0.3444446
CHINA-2039845393 Entity
HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE CO Foreign Business
17 147,932,000 0.3304783
LTD Entity
JPMCB NA RE-VANGUARD FIDUCIARY TRUST Foreign Business
18 131,378,168 0.2957971
COMPANY INSTITUTIONAL TOTAL INTERNATIONAL S Entity
Foreign Business
19 THE BANK OF NEW YORK MELLON DR 129,502,940 0.2892584
Entity
THE NT TST CO S/A GENERAL ORGANISATION FOR Foreign Business
20 128,044,014 0.2856219
SOCIAL INSURANCE Entity
172 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS COMPOSITION
31 December 2023
Number of
No Shareholding Total Shares Shareholding (%)
Shareholders
Negara Republik
1 NEGARA REPUBLIK INDONESIA 48,533,333,334 52.0000000
Indonesia
2 INDONESIA INVESTMENT AUTHORITY Insurance 7,466,666,666 8.0000000
3 JPMSE LUX RE UCITS CLT RE-SCHRODER INTER Foreign Business Entity 1,056,088,400 1.1315233
4 BBH BOSTON S/A GQG PARTNERS EMERGING MAR Foreign Business Entity 873,025,974 0.9353850
5 CITIBANK SINGAPORE S/A GOVERNMENT OF SIN Foreign Business Entity 866,033,828 0.9278934
6 JPMCB NA RE-EUROPACIFIC GROWTH FUND Foreign Business Entity 747,450,700 0.8008400
7 JPMSE AMS RE AIF CLT RE-STICHTING DEPOSI Foreign Business Entity 654,860,090 0.7016358
8 JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL Foreign Business Entity 602,985,150 0.6460555
9 JPMCB NA RE - VANGUARD EMERGING MARKETS Foreign Business Entity 599,184,850 0.6419838
10 JPMCB NA RE-NEW WORLD FUND,INC Foreign Business Entity 582,230,300 0.6238182
11 BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD Foreign Business Entity 473,609,000 0.5074382
12 STATE STREET BANK-ISHARES CORE MSCI EMER Foreign Business Entity 345,111,400 0.3697622
13 BNYMSANV RE BNYM RE PEOPLE'S BANK OF CHI Foreign Business Entity 317,453,100 0.3401283
14 THE BANK OF NEW YORK MELLON DR Foreign Business Entity 301,015,640 0.3225168
15 JPMCB NA RE-VANGUARD FIDUCIARY TRUST COM Foreign Business Entity 287,642,536 0.3081884
16 HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE Foreign Business Entity 265,095,500 0.2840309
17 JPMCB NA RE - BLACKROCK INST TR CO N A I Foreign Business Entity 260,248,762 0.2788380
18 THE BANK OF NEW YORK MELLON DR Foreign Business Entity 250,808,360 0.2687232
19 MLI GEF ACCOUNT CLIENT GENERAL Foreign Business Entity 249,669,500 0.2675030
20 PT. PRUDENTIAL LIFE ASSURANCE - REF Insurance 237,775,436 0.2547594
Composition of Shares Ownership of 5% or More as of 1 January 2023 & 31 December 2023
1 January 2023 (Initial Opening of Stock Trading)
Shareholders Number of Shares Shareholding (%)
Government of the Republic of
24,266,666,667 52.0000000%
Indonesia
Indonesia Investment Authority 3,733,333,333 8.000%
31 December 2023
Shareholders Number of Shares Shareholding (%)
Government of the Republic of
48,533,333,334 52.0000000%
Indonesia
Indonesia Investment Authority 7,466,666,666 8.000%
ANNUAL REPORT 2023 173
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COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHAREHOLDERS COMPOSITION
Public Shareholding Less Than 5% as of 1 January 2023 & 31 December 2023
1 January 2023 (Initial Opening of Stock Trading)
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
Individual 63,985 526,274,509 1.12773%
Cooperatives 8 1,100,440 0,00236%
Foundations 20 35,682,598 0,07646%
Pension Fund 111 410,733,574 0,88014%
Insurance 155 994,724,460 2.13155%
Banks 6 31,098,456 0.13883%
Limited Liability Company 155 52,473,653 0.11244%
Government Institutions 1 3,000 0.00001%
Mutual Funds 309 1,011,537,681 2.16758%
Sub Total 64,750 3,063,628,371 6.6371%
FOREIGN
Foreign Individual 191 1,681,876 0.00360%
Foreign Business Entity 1,908 15,601,356,419 33.43148%
Sub Total 2,099 15,603,038,295 33.43508%
TOTAL 66,849 18,666,666,666 40%
31 December 2023
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
Individual 109,226 1,303,295,159 1.39639%
Cooperatives 11 3,489,580 0.00374%
Foundations 28 84,783,308 0.09084%
Pension Fund 123 767,082,132 0.82187%
Insurance 178 1,930,265,320 2.06814%
Banks 7 60,076,356 0.13410%
Limited Liability Company 199 97,795,808 0.10478%
Government Institutions 0 0 0%
Mutual Funds 309 1,759,904,423 1.88561%
Sub Total 10,081 6,006,692,086 14.50547%
FOREIGN
Foreign Individual 252 3,255,152 0.00349%
Foreign Business Entity 1,985 31,323,386,094 33.56077%
Sub Total 2,237 31,326,641,246 33.56426%
TOTAL 112,318 37,333,333,332 40%
174 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS COMPOSITION
Board of Commissioners and Board of Directors Shareholding as of 1 January 2023 & 31
December 2023
1 January 2023 (Initial Opening of Stock Trading)
Shareholding
No. Name Position Total Shares
(%)
Board of Commissioners
1. Muhamad Chatib Basri President Commissioner/Independent 0 0.0000000%
2. Andrinof A. Chaniago Vice President Commissioner/Independent 0 0.0000000%
3. Boedi Armanto*) Independent Commissioner 0 0.0000000%
4. Loeke Larasati Agoestina Independent Commissioner 0 0.0000000%
5. Rionald Silaban Commissioner 553,200 0.0011854%
6. Arif Budimanta Commissioner 396,300 0.0008942%
7. Nawal Nely Commissioner 396,300 0.0008942%
8. Faried Utomo Commissioner 396,300 0.0008942%
9. Muhammad Yusuf Ateh Commissioner 174,900 0.0003748%
10. Muliadi Rahardja Independent Commissioner 0 0.0000000%
Board of Directors
1. Darmawan Junaidi President Director 2,206,100 0.0047274%
2. Alexandra Askandar Vice President Director 2,700,000 0.0057857%
3. Ahmad Siddik Badruddin Director of Risk Management 3,401,600 0.0072891%
4. Agus Dwi Handaya Director of Compliance and HR 2,060,700 0.0044158%
5. Panji Irawan* Director of Treasury and International 2,025,700 0.0043408%
Banking
6. Riduan Director of Commercial Banking 1,982,000 0.0042471%
7. Aquarius Rudianto Director of Network and Retail Banking 1,112,300 0.0023835%
8. Toni Eko Boy Subari Director of Operation 602,400 0.0012909%
9. Susana Indah K. Indriati Director of Corporate Banking 912.300 0.0019549%
10. Rohan Hafas Director of Institutional Relations 543,900 0.0011655%
11. Sigit Prastowo Director of Finance and Strategy 1,393,400 0.0029859%
12. Timothy Utama Director of Information Technology 622,100 0.0013331%
Total 21,479,500 0.0460275%
*) Tenure was ended based on the resolution of the Annual GMS 14 March 2023.
ANNUAL REPORT 2023 175
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHAREHOLDERS COMPOSITION
31 December 2023
Shareholding
No. Name Position Total Shares
(%)
Board of Commissioners
1. Muhamad Chatib Basri President Commissioner/Independent 0 0.0000000 %
2. Andrinof A. Chaniago Vice President Commissioner/Independent 0 0.0000000 %
3. Rionald Silaban Commissioner 2,017,700 0.0021618 %
4. Arif Budimanta Commissioner 1,703,900 0.0018256 %
5. Faried Utomo Commissioner 1,703,900 0.0018256 %
6. Nawal Nely Commissioner 1,703,900 0.0018256 %
7. Muhammad Yusuf Ateh Commissioner 1,261,100 0.0013512 %
8. Loeke Larasati Agoestina Independent Commissioner 0 0.0000000%
9. Muliadi Rahardja Independent Commissioner 0 0.0000000%
10. Heru Kristiyana*) Independent Commissioner 0 0.0000000%
11. Zainudin Amali**) Independent Commissioner 0 0.0000000%
Board of Directors
1. Darmawan Junaidi President Director 6,762,300 0.0072453%
2. Alexandra Askandar Vice President Director 7,425,200 0.0079556%
3. Ahmad Siddik Badruddin Director of Risk Management 8,715,900 0.0093385%
4. Agus Dwi Handaya Director of Compliance and HR 6,755,100 0.0072376%
5. Riduan Director of Commercial Banking 7,000,000 0.0075000%
6. Aquarius Rudianto Director of Network and Retail Banking 4,137,300 0.0044328%
7. Toni Eko Boy Subari Director of Operation 3,117,500 0.0033402%
8. Susana Indah K. Indriati Director of Corporate Banking 4,438,400 0.0045947%
9. Rohan Hafas Director of Institutional Relations 3,000,500 0.0032148%
10. Sigit Prastowo Director of Finance and Strategy 6,305,100 0.0067555%
11. Timothy Utama Director of Information Technology 3,621,900 0.0038806%
12. Eka Fitria***) Director of Treasury and International 170,000 0.0001821%
Banking
Total 69,839,700 0.0748282%
*) Appointed as an Independent Commissioner pursuant to the resolution of the Annual GMS on 14 March 2023 and has passed the Fit and Proper
Test from OJK as of 21 August 2023.
**) A ppointed as Independent Commissioner pursuant to the resolution of the Annual GMS on 14 March 2023 and has passed the Fit and Proper Test
from OJK as of 6 November 2023.
**) Appointed as Director of Treasury and International Banking pursuant to the resolution of the Annual GMS on 14 March 2023 and has passed the
Fit and Proper Test from OJK as of 21 August 2023
176 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS COMPOSITION
Percentage of indirect ownership of the Company’s Board of Commissioners and Board of
shares by members of Board of Directors and
Directors Shares Trading
members of Board of Commissioners at the beginning
and end of the financial year, including information
Pursuant to the Regulation of the Financial Services
on shareholder register for the interest of indirect
Authority No. 11/POJK.04/2017 on the Board of
ownership of members of Board of Directors and
Commissioners and Board of Directors Shares Trading
members of Board of Commissioners.
Policy, and the Company’s Corporate Secretary
Standard Procedure, each member of the Board of
At the beginning and end of the 2023 Fiscal Year,
Commissioners and Board of Directors shall inform
there are no members of the Board of Directors
their shareholding and any change pertaining to
and Board of Commissioners who indirectly have
shareholding to the Company no later than 3 (three)
share ownership of the Company, including no
days following the trading and must report of such
shareholder registered in the register of shareholders
action to the Financial Services Authority at least 10
of the Company for the benefit of indirect ownership
(ten) days after the disclosure.
by members of the Board of Directors and Board of
Commissioners.
In 2023, 42 (forty-two) trading transactions by the
Commissioners and Directors have been reported, as
follows:
Total Date
Total Total Shares Purpose of the
Shares Transaction Reporting
No. Name Position Transaction Purchases/ Share Price After Transaction
Before
Sales Transaction
Transaction
1. Riduan Commercial Purchase 1,982,000 17,900 shares Rp9,750,- 1,999,900 6 January Investment Has been
Banking shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.110/2023
dated 9 January
2023.
2, Riduan Commercial Purchase 2,753,400 60,000 shares Rp5,137.5 2,813,400 13 April Investment Has been
Banking shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1401/2023
dated 18 April
2023.
3, Sigit Prastowo Finance and Purchase 4,293,800 250,900 Rp5,200,- 4,544,700 26 April Investment Has been
Strategy shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1450/2023
dated 28 April
2023.
4. Riduan Commercial Purchase 5,566,800 75,000 shares Rp5,200,- 5,641,800 26 April Investment Has been
Banking shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1519/2023
dated 5 May
2023.
5. Susana Indah Corporate Purchase 3,331,600 70,000 shares Rp5,025,- 3,401,600 11 May Investment Has been
K. Indriati Banking shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.11622/2023
dated 16 May
2023.
6. Sigit Prastowo Finance and Purchase 4,552,800 200,600 Rp4,980,- 4,753,400 16 May Investment Has been
Strategy shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1647/2023
dated 17 May
2023.
ANNUAL REPORT 2023 177
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHAREHOLDERS COMPOSITION
Total Date
Total Total Shares Purpose of the
Shares Transaction Reporting
No. Name Position Transaction Purchases/ Share Price After Transaction
Before
Sales Transaction
Transaction
7. Timothy Information Purchase 2,751,200 65,000 shares Rp5,175,- 2,816,200 27 April Investment Has been
Utama Technology shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1912/2023
dated 9 June
2023.
8. Agus Dwi Compliance Purchase 5,628,400 200,000 Rp5,000,- 5,828,400 15 May Investment Has been
Handaya and HR shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.1913/2023
dated 9 June
2023.
9, Darmawan President Remuneration 6,185,000 477,300 Rp5,323.64 6,662,300 17 July 2023 In order to fulfill Has been
Junaidi Director in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No.
Implementation HBK. CSC/
of Governance CMA.2501/2023
in Providing dated 27 July
Remuneration 2023.
for Commercial
Banks.
10. Alexandra Vice President Remuneration 6,995,600 429,600 Rp5,323.64 7,425,200 17 July 2023 In order to fulfill Has been
Askandar Director in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
11. Ahmad Risk Remuneration 8,310,200 405,700 Rp5,323.64 8,715,900 17 July 2023 In order to fulfill Has been
Siddik Management in shares shares shares POJK No. 45/ reported to the
Badruddin Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
12. Agus Dwi Compliance Remuneration 5,828,400 405,700 Rp5,323.64 6,234,100 17 July 2023 In order to fulfill Has been
Handaya and HR in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
13. Riduan Commercial Remuneration 5,641,700 405,700 Rp5,323.64 6,047,400 17 July 2023 In order to fulfill Has been
Banking in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
14. Aquarius Network and Remuneration 3,731,600 405,700 Rp5,323.64 4,137,300 17 July 2023 In order to fulfill Has been
Rudianto Retail Banking in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
15. Toni Eko Boy Operation Remuneration 2,711,800 405,700 Rp5,323.64 3,117,500 17 July 2023 In order to fulfill Has been
Subari Director in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
178 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS COMPOSITION
Total Date
Total Total Shares Purpose of the
Shares Transaction Reporting
No. Name Position Transaction Purchases/ Share Price After Transaction
Before
Sales Transaction
Transaction
16. Susana Indah Corporate Remuneration 3,401,600 405,700 Rp5,323.64 3,807,300 17 July 2023 In order to fulfill Has been
K. Indriati Banking in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
17. Rohan Hafas Institutional Remuneration 2,594,800 405,700 Rp5,323.64 3,000,500 17 July 2023 In order to fulfill Has been
Relations in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
18. Sigit Prastowo Finance and Remuneration 4,753,400 405,700 Rp5,323.64 5,159,100 17 July 2023 In order to fulfill Has been
Strategy in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
19. Timothy Information Remuneration 2,816,200 405,700 Rp5,323.64 3,221,900 17 July 2023 In order to fulfill Has been
Utama Technology in shares shares shares POJK No. 45/ reported to the
Director shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
20. Rionald Commissioner Remuneration 1,824,400 193,300 Rp5,323.64 2,017,700 17 July 2023 In order to fulfill Has been
Silaban in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
21. Nawal Nely Commissioner Remuneration 1,510,600 193,300 Rp5,323.64 1,703,900 17 July 2023 In order to fulfill Has been
in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
22. Faried Utomo Commissioner Remuneration 1,510,600 193,300 Rp5,323.64 1,703,900 17 July 2023 In order to fulfill Has been
in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks.
23. Arif Commissioner Remuneration 1,510,600 193,300 Rp5,323,64 1,703,900 17 July 2023 In order to fulfill Has been
Budimanta in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
ANNUAL REPORT 2023 179
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHAREHOLDERS COMPOSITION
Total Date
Total Total Shares Purpose of the
Shares Transaction Reporting
No. Name Position Transaction Purchases/ Share Price After Transaction
Before
Sales Transaction
Transaction
24. Muhammad Commissioner Remuneration 1,067,800 193,300 Rp5,323,64 1,261,100 17 July 2023 In order to fulfill Has been
Yusuf Ateh in shares shares shares POJK No. 45/ reported to the
shares POJK.03/2015 OJK through
on the Letter No. HBK.
Implementation CSC/ CMA.
of Governance 2501/2023 dated
in Providing 27 July 2023.
Remuneration
for Commercial
Banks
25. Agus Dwi Compliance Purchase 6,234,100 350,000 Rp5,775,- 6,584,100 4 August Investment Has been
Handaya and HR shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.2705/2023
dated 9 August
2023.
26. Timothy Information Purchase 3,221,900 100,000 Rp5,775,- 3,321,900 4 August Investment Has been
Utama Technology shares shares shares 2023 reported to the
Director OJK through
Letter No. HBK.
CSC/ CMA.
2706/2023 dated
9 August 2023.
27. Sigit Prastowo Finance and Purchase 5,159,100 389,400 Rp5,875,- 5,548,500 14 August Investment Has been
Strategy shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.2794/2023
dated 16 August
2023.
28. Sigit Prastowo Finance and Purchase 5,548,500 340,300 Rp5,825,- 5,888,800 15 August Investment Has been
Strategy shares shares shares 2023 reported to the
Director OJK through
Letter No. HBK.
CSC/ CMA.
2794/2023 dated
16 August 2023.
29. Timothy Information Purchase 3,321,900 100,000 Rp5,800,- 3,421,900 15 August Investment Has been
Utama Technology shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.2907/2023
dated 16 August
2023.
30. Agus Dwi Compliance Purchase 6,584,100 171,000 Rp5,850,- 6,755,100 7 Investment Has been
Handaya and HR shares shares shares September reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.3416/2023
dated 13
September 2023.
31. Sigit Prastowo Finance and Purchase 5,888,800 225,000 Rp5,875,- 6,113,800 7 Investment Has been
Strategy shares shares shares September reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.3416/2023
dated 13
September 2023.
32. Darmawan President Purchase 6,662,300 100,000 Rp5,800,- 6,762,300 13 Investment Has been
Junaidi Director shares shares shares September reported to the
2023 OJK through
Letter No.
HBK. CSC/
CMA.3547/2023
dated 18
September 2023.
33. Susana Indah Corporate Purchase 3,807,300 200,000 Rp5,875,- 4,007,300 26 Investment Has been
K. Indriati Banking shares shares shares September reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.4326/2023
dated 25
October 2023.
180 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHAREHOLDERS COMPOSITION
Total Date
Total Total Shares Purpose of the
Shares Transaction Reporting
No. Name Position Transaction Purchases/ Share Price After Transaction
Before
Sales Transaction
Transaction
34. Susana Indah Corporate Purchase 4,007,300 150,000 Rp6,000,- 4,157,300 16 October Investment Has been
K. Indriati Banking shares shares shares 2023 reported to the
Director OJK through
Letter No. HBK.
CSC/ CMA.
4326/2023 dated
25 October 2023.
35. Sigit Prastowo Finance and Purchase 6,113,800 191,300 Rp5,650,- 6,305,100 31 October Investment Has been
Strategy shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.4445/2023
dated 1
November 2023.
36. Timothy Information Purchase 3,421,900 200,000 Rp5,712,5 3,621,900 31 October Investment Has been
Utama Technology shares shares shares 2023 reported to the
Director OJK through
Letter No.
HBK. CSC/
CMA.4482/2023
dated 3
November 2023.
37. Riduan Commercial Purchase 6,047,400 300,000 Rp5,650,- 6,347,400 1 Investment Has been
Banking shares shares shares November reported to the
Director 2023 OJK through
Letter No. HBK.
CSC/ CMA.
4482/2023 dated
3 November
2023.
38. Riduan Commercial Purchase 6,347,400 200,000 Rp5,925,- 6,547,400 3 Investment Has been
Banking shares shares shares November reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.4563/2023
dated 8
November 2023.
39. Riduan Commercial Purchase 6,547,400 262,800 Rp5,862,5 6,810,200 17 Investment Has been
Banking shares shares shares November reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.4807/2023
dated 22
November 2023.
40. Riduan Commercial Purchase 6,810,200 189,500 Rp5,900,- 6,999,700 24 Investment Has been
Banking shares shares shares November reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.4885/2023
dated 27
November 2023.
41. Susana Indah Corporate Purchase 4,157,300 150,000 Rp5,850,- 4,307,300 29 Investment Has been
K. Indriati Banking shares shares shares November reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.4847/2023
dated 27
November 2023.
42. Riduan Commercial Purchase 6,999,700 300 shares Rp5,750,- 7,000,000 8 Investment Has been
Banking shares shares December reported to the
Director 2023 OJK through
Letter No.
HBK. CSC/
CMA.5086/2023
dated 11
December 2023.
ANNUAL REPORT 2023 181
Page 184
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
CORPORATE GROUP
SHAREHOLDING STRUCTURE
Republic of Indonesia
52%
Sharia Bank Bank Market Capital Financing
51.47% 51.098% 100% 99.99% 99.99% 51% 51%
100% 99.93% 99.99%
100%
*) The divestment of all PT Bank Mandiri (Persero) Tbk. Shares in PT AXA Insurance Indonesia (previously named
PT Mandiri AXA General Insurance) amounting to IDR 69 Trillion on October 4th, 2023, effecting the shares
ownership of PT Bank Mandiri (Persero) Tbk. in PT Axa Insurance Indonesia decreased from 20% to 0%.
In 2023, Bank Mandiri does not have a Parent Entity and Special Purpose Vehicle (SPV). However, Bank Mandiri
has 6 Joint Venture Subsidiaries, as follows:
1. BSI (PSP, Mayority)
2. Bank Mantap (PSP, Mayority)
3. MTF (PSP, Mayority)
4. MUF (PSP, Mayority)
5. AMFS (PSP, Mayority)
6. Inhealth (PSP, Mayority)
182 PT Bank Mandiri (Persero) Tbk
Page 185
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
CORPORATE GROUP
SHAREHOLDING STRUCTURE
Public
48%
Remittance Service Life insurance Health Insurance
51%
100% 80%
ANNUAL REPORT 2023 183
Page 186
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
SUBSIDIARIES
Company Name PT Bank Syariah Indonesia Tbk (BSI)
Core Business Sharia Banking
Company Profile PT Bank Syariah Indonesia Tbk (Bank Syariah Indonesia) was established as a
result of the merger of three sharia banks owned by the SOEs Banks (HIMBARA),
namely PT Bank Syariah Mandiri, PT Bank BNI Syariah, dan PT Bank BRIsyariah
Tbk, which commenced its commercial operations on 1 February 2021. The
merger was uniting three forces of sharia banks and aimed at optimizing the
huge potential of Indonesian sharia financial and economics.
Fostered by holding entities (Mandiri, BNI, BRI), as well as the government
commitment through the Ministry of SOEs, Bank Syariah Indonesia has the
vision to become one of the top 10 sharia banks in the world by market
capitalization in the next 5 years.
Bank Syariah Indonesia is a public company listed at the Indonesia Stock
Exchange (ticker code: BRIS). Post-merger, Bank Syariah Indonesia becomes
the largest sharia bank in Indonesia. As of September 2023, Bank Syariah
Indonesia total assets stood at around IDR319,8 trillion, third-party funds
reached IDR262,1 trillion, and total financing of IDR231,6 trillion.
Bolstered by this financial performance, Bank Syariah Indonesia is included
in the list of top 10 largest banks in Indonesia by assets. On networks, Bank
Syariah Indonesia is supported by more than 1.144 outlets and more than
2,400 ATM networks across Indonesia.
These assets and forces will be optimized by Bank Syariah Indonesia to
provide a one-stop comprehensive sharia financial services and products
to provide various needs of the customers of various segments, from MSMEs,
retail, commercial, wholesale, and corporate in the country or overseas.
In relation to system migration of three Sharia Banks of State-Owned, namely
Bank Syariah Mandiri, BRIsyariah, and BNI Syariah into PT Bank Syariah
Indonesia Tbk, the transfer’s bank codes for 2 (two) ex-Legacy Banks namely
BNIS (427) and BRIS (422) have now been closed and the naming of the bank
code of ex-legacy BSM/BRIS/BNIS has changed into BSI with the bank code
of 451. The customer may contact the call centre of Bank Syariah Indonesia
to 14040 for any transaction’s issues.
Shareholding 51.47%
Establishment 2021
Operational Status Operating
Total Assets Rp353,628 (billion)*
Address The Tower, Jl. Gatot Subroto No. 27, Kelurahan Karet Semanggi Kecamatan
Setiabudi, Jakarta Selatan 12930
Telp : 021-30405999
Fax : 021-30421888
Email : corporate.secretary@bank.bsi.co.id
Website : www.bankbsi.co.id
184 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Key Management Board of Commissioners
• President Commissioner/Independent Commissioner: Muliaman D.
Hadad
• Vice President Commissioner/Independent
• Commissioner: Adiwarman Azwar Karim
• Commissioner: Suyanto
• Commissioner: Masduki Baidlowi
• Commissioner: Imam Budi Sarjito
• Commissioner: Sutanto
• Commissioner: Abu Rokhman
• Independent Commissioner: Mohamad Nasir
• Independent Commissioner: M. Arief Rosyid Hasan**
• Independent Commissioner: Komaruddin Hidayat
Board of Directors
• President Director: Hery Gunardi
• Vice President Director: Bob Tyasika Ananta
• Director: Ngatari
• Director: Moh. Adib
• Director: Zidan Novari
• Director: Anton Sukarna
• Director: Saladin D. Effendi
• Director: Grandhis
• Director: Tribuana Tunggadewi
• Director: Ade Cahyo Nugroho
Sharia Supervisory Board
• Chairman: Hasanudin
• Member: Oni Sahroni
• Member: Mohamad Hidayat
• Member: Didin Hafidhuddin
*Unaudited cut-off 9 January 2024
**Resignation letter submitted on 6 November 2023
ANNUAL REPORT 2023 185
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name Bank Mandiri (Europe) Limited (BMEL)
Core Business Banking Services
Company Profile Bank Mandiri (Europe) Limited (BMEL) is a British-Corporate subsidiary with its
shares entirely held by Bank Mandiri. BMEL was established on 2 August 1999
under registration number 3793679. BMEL is a commercial bank operating
under the supervision of The Prudential Regulation Authority (PRA) and The
Financial Conduct Authority (FCA) of England. BMEL is also set up to carry on
the business activities of the overseas branch office of Bank Exim previously
operating since 1992 and transformed into Bank Mandiri (Europe) Limited in
1999.
As a commercial bank operating in England, BMEL provides banking products
such as trade financing, encompassing export and import products, and
receivable/invoice financing, as well as remittance service as a corporate
payment solution, in addition to corporate financing products, both working
capital loan and investment loan. Furthermore, BMEL takes part in becoming
the marketing channel of capital market for Bank Mandiri Group. Furthermore,
BMEL collaborates with the stakeholders that act as business gateway in
England and Europe to attract investors to create foreign direct investment
to Indonesia or Indonesian Entrepreneur/Indonesian Corporation intending to
penetrate into England and Europe markets.
Shareholding 100.00%
Establishment 1999
Operational Status Operating
Total Assets Rp4,046 (billion)*
Address 2nd Floor, 4 Thomas More Square Thomas More Street, London E1W 1YW
Telp : +44-207-553-8688
Fax : +44-207-553-8699
Website : www.bkmandiri.co.uk
Key Management Non-Executive Director (NED)
• Independent NED and Chairman: Dian Triansyah Djani
• Independent Non-Executive Director: Geoffrey McDonald
• Non-Executive Director: Venda Yuniarti
Board of Directors
Chief Executive: Aries Syamsul Arifien
*Unaudited cut-off 9 January 2024
186 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Mandiri Sekuritas
Core Business Investment Banking
Company Profile PT Mandiri Sekuritas (Mandiri Sekuritas or Company) is a securities company
resulting from the merger of several securities companies within PT Bank
Mandiri (Persero) Tbk, namely PT Bumi Daya Sekuritas, PT Exim Securities,
and PT Merincorp Securities Indonesia which were formed on 31 July 2000
with the value of paid-in capital of Rp638 billion. Mandiri Sekuritas has the
following business license:
1. Securities Trading Intermediary based on Bapepam and LK Approval
Letter Kep-13/PM/1992 dated 23 January 1992.
2. Underwriter based on Bapepam and LK Approval Letter No. Kep-12/
PM/1992 dated 23 January 1992.
Mandiri Securitas is one of the largest investment banks and most active
brokers in the Indonesian capital market. As part of one of the largest
financial institutions in Indonesia, PT Bank Mandiri (Persero) Tbk, Mandiri
Sekuritas consistently had been present as a trusted partner in the capital
market investment solutions for clients/customers.
Mandiri Sekuritas is supported by 2 (two) subsidiaries, namely PT Mandiri
Manajemen Investasi (MMI), which is an investment management company
founded in 2004, and Mandiri Securities Pte. Ltd. (Mandiri Securities
Singapore) which was established on 17 Decenber 2015. The presence of
Mandiri Securities Singapore had made Mandiri Sekuritas the only Indonesian
securities company that had international business capabilities.
Mandiri Sekuritas operates three business segments, which are investment
banking, capital market and retail. On investment banking, Mandiri Sekuritas
provides securities underwriter and financial advisory services (underwriter
and advisory). On the capital market, the Company provides brokerage
services in bond and stock transactions in the primary and secondary
markets for institutional customers, while in retail, it provides the same service
for individual customers.
Shareholding 99.99%
Establishment 31 July 2000
Operational Status Operating
Total Assets Rp4.726 (miliar)*
Address Menara Mandiri I Lt. 24-25
Jl. Jend. Sudirman Kav. 54-55 Jakarta, 12190
Telp : (021) 526 3445
Fax : (021) 526 3521
Email : corporate.communication@mandirisekuritas.co.id
Website : www.mandirisekuritas.co.id
Key Management Board of Commissioners
• President Commissioner/Independent Commissioner: Hoesen
• Commissioner: Vacant
• Commissioner: Arief Ariyana
Board of Directors
• President Director: Mohamad Oki Ramadhana
• Director: Alex Widi Kristono
• Director: Harold Tjiptadjadja
• Director: Silva Halim
• Director: Theodora Vinca Natalie Manik
*Unaudited cut-off 9 January 2024
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Bank Mandiri Taspen
Core Business Banking Services
Company Profile PT Bank Mandiri Taspen (hereinafter referred to as Bank Mantap) was established
in Denpasar on 3 November 1992, under the Deed of Establishment No. 4, made
before Ida Bagus Alit Sudiatmika, S.H., a Notary in Denpasar, bearing the name
of PT Bank Sinar Harapan Bali. The establishment was an upgrade of legal entity
status, from previously an Indonesian Joint-Stock Company (Maskapai Andil
Indonesia or MAI) into a Limited Liability Company (Perseroan Terbatas or PT).
The deed of establishment was ratified by the Minister of Justice of the Republic
of Indonesia under Decree No. C2-4581 HT.01.01 Th.93 dated 12 June 1993.
On 3 May 2008, Bank Sinar was officially acquired by PT Bank Mandiri (Persero)
Tbk in order to comply with the provisions of capital regulation as a commercial
bank. The acquisition marked the beginning of Bank Mandiri’s ownership of Bank
Sinar and furthermore the management of Bank Sinar is carried out separately
as a stand-alone bank with the status of Subsidiary focusing mainly on micro
business and small business development.
On 24 July 2015, the Financial Services Authority approved the change of name
of PT Bank Sinar Harapan Bali into PT Bank Mandiri Taspen Pos and granted
permission to conduct business activities under the name of Bank Mantap. The
name change was accompanied by a license for logo change from Financial
Services Authority on 31 July 2015. The changes of name and logo were
announced to the public on 7 August 2015.
On 9 October 2017, Bank Mandiri Taspen Pos held Extraordinary General Meeting
of Shareholders (EGMS) that approved the change of shareholders composition
into Bank Mandiri (59.44%), PT Taspen (40%), and individuals (0.56%). The EGMS
also approved the change of company name from PT Bank Mandiri Taspen Pos
to PT Bank Mandiri Taspen.
On 16 December 2020, the Shareholders of Bank Mandiri Taspen signed the
Circular decision to approved the changes of shareholders composition to
become Bank Mandiri (51.098%), PT Taspen (48.437%) and individual shareholders
(0.465%).
Shareholding 51.098%
Establishment 2008
Operational Status Operating
Total Assets Rp60,537 (billion)*
Address Graha Mantap
Jl Proklamasi No 31 RT 11/02, Pegangsaan, Kec Menteng, Jakarta Pusat 10320
Telp : (021) 212 31984
Fax : (021) 212 31984
Email : corporate.secretary@bankmantap.co.id
Website : www.bankmandiritaspen.co.id
Key Management Board of Commissioners
• President Commissioner: Mustaslimah
• Independent Commissioner: Suhajar Diantoro*
• Independent Commissioner: Chandra Arie Setiawan
• Independent Commissioner: Boedi Armanto
• Commissioner: Hendrika Nora Osloi Sinaga
Board of Directors
• President Director: Elmamber Petamu Sinaga
• Director: Widi Nugroho*
• Director: Atta Alva Wanggai
• Director: Maswar Purnama
• Director: Judhi Budi Wirjanto
*Unaudited cut-off 9 January 2024
*Still waiting for OJK F&P test result
188 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Mandiri Tunas Finance (MTF)
Core Business Motor Vehicle and Multipurpose Financing Services
Company Profile The track record of PT Mandiri Tunas Finance, also known as the “Company” or “MTF”, began
in 1989 with the establishment of PT Tunas Financindo Corporation as stated in the deed of
Limited Liability Company PT Tunas Financindo Corporation No. 262 dated 17 May 1989 which
was made before Misahardi Wilamarta, S.H., Notary in Jakarta and was approved by the
Minister of Justice and Human Rights of the Republic of Indonesia (formerly Minister of Justice
of the Republic of Indonesia) in accordance with Decree No. C2-4868.HT.01.01.TH’89 dated 1
June 1989 and has been registered in the register book of the Central Jakarta District Court
under No. 1206/1989 dated 21 June 1989 and has been published in the State Gazette of the
Republic of Indonesia No. 57, dated 18 July 1989, Supplement No. 1369.
On its early establishment, the Company was engaged in motor vehicle financing, which was
initially aimed for consumers from the dealer network owned by the Tunas Ridean Group. In
line with the growth of its business portfolio, PT Tunas Financindo Corporation changed its name
in 2000 to PT Tunas Financindo Sarana based on the PT Tunas Financindo Corporation Limited
Liability Company Deed Number 49, dated 18 August 2000 and was approved by the Minister
of Law and Legislation of the Republic of Indonesia Number C-21195 HT.01.04. TH. 2000 dated
22 September 2000. And further made a name change in 2009 to PT Mandiri Tunas Finance
based on the Deed of PT Tunas Financindo Sarana based on Number 181 dated 26 June 2009
and was approved by the Minister of Justice and Human Rights of the Republic of Indonesia
Number AHU-40506. AH.01.02 Year 2009 dated 20 August 2009. From its initial establishment until
2009, the Company’s share ownership was owned by PT Tunas Ridean Tbk, which was currently
the largest independent automotive group with more than 100 branches across Indonesia.
In 2009, the Company took strategic measures as part of business development to expand
market reach and strengthen capital structure hence to optimize the potential to compete
in the Indonesian automotive financing industry. The action taken was the acquisition of the
Company by PT Bank Mandiri (Persero) Tbk as one of the State-Owned Enterprises in the
banking sector with an extensive business network and expansive customer-base. PT Bank
Mandiri (Persero) Tbk made an acquisition of 51.00% shares of the Tunas Ridean Group and
changed the Company’s name to PT Mandiri Tunas Finance which was followed by a change
in the Company’s logo. With the acquisition, the share percentage of PT Tunas Ridean Tbk
stood at 49.00%.
In the automotive financing segment, the Company provides financing for new cars, large
motorbikes, commercial vehicles and heavy equipment. In following up the Financial Services
Authority Regulation No. 35/POJK.05/2018 in lieu of the Financial Services Authority Regulation
No. 07/POJK.05/2022 in order to create a resilient, contributive, inclusive financing industry and
takes a role in maintaining a stable and sustainable financial system, the Company offers other
financing types, among others, Investment, Working Capital and Multipurpose Financing.
The Company provides easy, innovative and competitive financing facilities and solutions for
consumers in helping to realize the dream of owning a new car, large motorbike, commercial
vehicles and heavy equipment to support business activities, financing and leasing as well
multipurpose by means of funding facilities for education, home renovation, weddings,
traveling and health. The Company continues to prioritize service to consumers by providing
convenience particularly the support of branch offices throughout Indonesia, quality human
resources and adequate infrastructure facilities.
Shareholding 1.00%
Establishment 2009
Operational Status Operating
Total Assets Rp29,726 (billion)*
Address Graha Mandiri Lt. 3A
Jl. Imam Bonjol No. 61 Jakarta, 10310
Telp : (021) 230 5608
Fax : (021) 230 5618
Email : corporate.secretary@mtf.co.id
Website : www.mtf.co.id
Key Management Board of Commissioners
• President Commissioner: Rico Adisurja Setiawan
• Commissioner: Totok Priyambodo
• Independent Commissioner: Fendy Eventius Mugni*
Board of Directors
• President Director: Pinohadi G. Sumardi
• Director: R. Eryawan Nurhariadi
• Director: William Francis Indra
*Unaudited cut-off 9 January 2024
*Still waiting for OJK F&P test result
ANNUAL REPORT 2023 189
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name Mandiri International Remittance Sdn. Bhd. (MIR)
Core Business Remittance Services
Company Profile Mandiri International Remittance Sdn. Bhd. (MIR) is a Malaysian legal subsidiary
whose shares are all owned by Bank Mandiri. MIR was established on March 17,
2009 with registration No. 850077-P. MIR is a remittance service provider operating
under the supervision of Bank Negara Malaysia.
As a remittance service provider operating in Malaysia, MIR has a focus on
remittance services for Indonesian Citizens domiciled in Malaysia either for the
purpose of Bank Mandiri account, other Bank account or cash pick up method,
then MIR has also obtained a business to business (B2B) transaction license from
Bank Negara Malaysia to serve the Company’s remittance transactions located in
Malaysia to the destination country. In addition to serving remittances for Indonesian
citizens located in Malaysia, MIR can also serve the opening of Bank Mandiri TKI
savings account, and provide remittance services to 7 other country corridors.
MIR currently has 14 branch offices spread across Peninsula Malaysia including
Kuala Lumpur, Selangor, Penang, Perak, Melaka, and Johor.
MIR Products and Services:
1. Facilitating the Opening of Savings Accounts for TKI Bank Mandiri
2. Remittance to All Bank in Indonesia
3. Multicorridor Remittance with the destination country:
a. Indonesia
b. Singapore
c. Philippines
d. Thailand
e. India
f. Nepal
g. Bangladesh
h. Pakistan
Shareholding 100.00%
Establishment 2009
Operational Status Operating
Total Assets Rp24.39 (billion)*
Address Wisma Mepro
Ground & Mezzanine Floor 29 and 31
Jalan Ipoh 51200
Kuala Lumpur, Malaysia
Telp : +603-4045 4988 ; +603-4045 8988
Email : mandiri4u@mandiriremittance.com.my
Website : www.mandiriremittance.com
Key Management • President Director: Fitri Wahyu A
• Operation Director: Mohd Fodli Hamzah
• Non-Executive Director: Rolland Setiawan
• Non-Executive Director: Boniangga Anugrah
*Unaudited cut-off 9 January 2024
190 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT AXA Mandiri Financial Services (AXA Mandiri)
Core Business Financial Planning Services through Insurance Products
Company Profile AXA Mandiri, which is engaged in the life insurance business, has obtained a business
license in the life insurance business from the Directorate General of Financial Institutions
through Decree No. KEP-605/KM.13/1991 dated December 4, 1991, which was granted
to PT Asuransi Jiwa Staco Raharja, and then transferred to PT Asuransi Jiwa Mandiri
through Decree of the Directorate General of Financial Institutions No. S-131/MK.6/2002
dated May 3, 2002. The transfer of the insurance business license was in line with the
name change of PT Asuransi Jiwa Staco Mandiri to PT Asuransi Jiwa Mandiri and the
entry of PT Bank Mandiri (Persero) Tbk as a shareholder. The name change was set forth
in Notarial Deed No. 17, dated March 25, 2002, made before Notary Muhani Salim,
S.H., Notary in Jakarta and approved by the Minister of Justice and Human Rights of
the Republic of Indonesia in accordance with Decree No. C-07463 HT.01.04.TH.2002
dated April 30, 2002.
Based on Notarial Deed of Aulia Taufani, S.H., Substitute Notary of Notary Sutjipto, S.H.,
No. 23 dated November 5, 2003, PT Asuransi Jiwa Mandiri changed its name to PT
AXA Mandiri Financial Services after National Mutual International Pty. Limited as part
of AXA Group officially became one of the Shareholders of PT AXA Mandiri Financial
Services. This change was approved by the Minister of Law and Human Rights through
Decree No. C-28747 HT.01.04.TH.2003 dated December 10, 2003 and announced in the
official gazette of the Republic of Indonesia No. 64, Supplement No. 7728, dated August
10, 2004. Accordingly, on February 11, 2004, through Letter No. S-071/MK.6/2004, the
Directorate General of Financial Institutions transferred the insurance business license
issued since the establishment of PT Asuransi Jiwa Mandiri to PT AXA Mandiri Financial
Services.
On 20 August 2010, Bank Mandiri signed a sale and purchase agreement for the
purchase of 2,027,844 shares or 2.00% of the issued and fully paid shares of NMI before
the notary Dr. A. Partomuan Pohan. S.H., LLM. The addition of ownership in AXA Mandiri
had been approved by Bank Indonesia through its letter No. 12/71/DPB1/TPB1-1 dated
22 July 2010. Following the purchase, Bank Mandiri’s ownership percentage in AXA
Mandiri increased to 51.00%.
AXA Mandiri underwent several changes including changes to the Articles of
Association. One of the amendments to the Articles of Association was made to
comply with the Limited Liability Company Law No. 40/2007, which had been ratified
by the Notary Deed of Wahyu Nurani, S.H., No. 35 dated 29 July 2008 relating to Deed
No. 8 dated 20 November 2008 which was approved by the Minister of Justice and
Human Rights of the Republic of Indonesia through Decree No. AHU-08941.AH.01.02.
year 2009 dated 23 March 2009.
The latest amendment to the Articles of Association was ratified by the Notary Deed
of Mala Mukti S.H., LL.M., No. 86 dated 26 July 2023 which has been accepted and
registered in the Legal Entity Administration System of Ministry of Law and Human Rights
of the Republic Indonesia based on Decree No. AHU-AH.01.03-0099062 dated 31 July
2023 and was approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-0044090.AH.01.02.TAHUN 2023 dated July 31, 2023.
Changes in the composition of the Board of Directors and Board of Commissioners
of AXA Mandiri have been authorized by Notarial Deed Mala Mukti S.H., LL.M. No.
79 dated October 25, 2023 which has been accepted and recorded in the Legal
Entity Administration System of the Ministry of Law and Human Rights of the Republic
of Indonesia based on Decree No. AHU-AH.01.09-0181862 dated November 06, 2023.
ANNUAL REPORT 2023 191
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT AXA Mandiri Financial Services (AXA Mandiri)
In general, AXA Mandiri is currently offered several business solutions categories for the
customers of Group Bank Mandiri among others Bank Syariah Indonesia, Mandiri Tunas
Finance etc, which are:
1. Providing unit link insurance products on life insurance and investment protection;
2. Providing traditional insurance products that provide protection and/or cash
values benefits for life or health coverage;
3. Providing insurance protection for credit card holders, savings customers,
consumer loan customers as well as micro credit customers of Bank Mandiri and
Bank Mandiri subsidiaries;
4. Providing corporate Solution insurance products for the company employees; and
5. Providing comprehensive protection solutions for the customers of Bank Mandiri
Group offering protection, health, education, critical illness and old age funds
facilities.
Shareholding 51.00%
Establishment 2003
Operational Status Operating
Total Assets Rp41,114 (billion)*
Address AXA Tower Lt. 9
Jl. Prof. Dr. Satrio. Kav. 18 Kuningan City Jakarta, 12940
Telp : (021) 1500 803
Email : customer@axa-mandiri.co.id
Website : www.axa-mandiri.co.id
Key Management Board of Commissioners
• President Commissioner: Trilaksito Singgih Hudanendra
• Commissioner: Sally Joy O’Hara
• Independent Commissioner: Agus Retmono
• Independent Commissioner: Choky Leonard Tobing
Board of Directors
• President Director: Handojo Gunawan Kusuma
• Compliance Director: Rudy Kamdani
• Director: Rudi Nugraha
• Director: Uke Giri Utama
• Director: Aayush Poddar
Sharia Supervisory Board
• Chairman: Zainut Tauhid Sa’adi
*Unaudited cut-off 9 January 2024
192 PT Bank Mandiri (Persero) Tbk
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GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth)
Core Business Group Health Insurance Services
Company Profile PT Asuransi Jiwa Inhealth Indonesia, hereinafter referred to Mandiri Inhealth, was founded on
6 October 2008 under the Deed of Establishment of PT Asuransi Jiwa Inhealth Indonesia No. 2
Dated 6 October 2008; No. AHU-90399.AH.01.01; Dated 26 November 2008. Mandiri Inhealth
is owned by three state-owned enterprises with the following composition: PT Bank Mandiri
(Persero) Tbk at 80%, PT Kimia Farma (Persero) Tbk at 10%, and PT Bahana Pembinaan Usaha
Indonesia (Persero) at 10%.
Mandiri Inhealth officially began operating on 1 April 2009 and for the last 5 (five) years, the
Company experienced significant business growth compared to the industry average.
Mandiri Inhealth is supported by strong infrastructure throughout Indonesia, which include:
• 12 Marketing Offices, 10 Operational Offices, and 50 Customer Service Offices all over
Indonesia.
• Direct cooperation with approximately 7,000 providers (hospitals, clinics, pharmacies,
opticians, laboratories, PMI, and physicians) throughout Indonesia.
Mandiri Inhealth Products:
a. Mandiri Inhealth Managed Care, which is a group health insurance product with a
comprehensive service system according to medical needs, referral patterns, structured
and tiered by selected providers, accompanied by efforts to control costs and quality
through utilization reviews and case management techniques.
Mandiri Inhealth offers top up benefits in the era of National Health Insurance (JKN)
through coordination of Coordination of Benefit (CoB) benefits in synergy with BPJS
Kesehatan so that companies can provide more optimal health services to employees
and their families.
There is a scheme for Mandiri Inhealth Managed Care insurance products, namely:
• Non-CoB scheme
• Smart Plus scheme
• Smart scheme
• Scheme I Flexy
• I Flexy Smart Scheme
• I-Pro scheme
b. Mandiri Inhealth Indemnity, a group health insurance product that provides reimbursement
for health care costs with a choice of benefits according to the ceiling. There are health
service options on Mandiri Inhealth Indemnity insurance products including: Inpatient,
Outpatient, Dental Care, Maternity Care, Glasses with a choice of reimbursement of
costs both on an ipperlimit basis and an ascharge.
c. Mandiri Inhealth Mycare Ultimate, an individual and/or group health insurance products
designed to provide policyholders with coordinated healthcare services in conjunction
with the BPJS Kesehatan through the Top-Up mechanism for Inpatient Care Class of
Jaminan Kesehatan Nasional participants.
d. Inhealth Inhospital Cash Plan, which is a Group Health Insurance Product that provides
daily inpatient benefits to the Insured according to the length of treatment that is
medically deemed reasonable for an illness or injury suffered by the Insured.
Life and Accident Insurance
a. Inhealth Group Term Life
b. Inhealth Group Personal Accident
c. Inhealth Endowment Regular
d. Inhealth Credit Life
e. Inhealth Riders
f. Mandiri Inhealth Rider Critical Protection
g. Instividual
Shareholding 80.00%
Establishment 2008
Operational Status Operating
Total Assets Rp2,823 (billion)*
Address Mandiri Inhealth Tower Lantai 9
Jl. Prof. Dr. Satrio Kav.E-IV No.6, Jakarta 12940
Telp : (021) 250 95000
Fax : (021) 250 95000
Email : public.relations@mandiriinhealth.co.id
Website : www.mandiriinhealth.co.id
ANNUAL REPORT 2023 193
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth)
Key Management Board of Commissioners
• President Commissioner: Mochamad Rizaldi
• Independent Commissioner: Fathema Djan Rachmat
• Independent Commissioner: Prastuti Soewondo
• Commissioner: Hernando Wahyono
Board of Directors
• President Director: Budi Tua Arifin Tampubolon
• Director: Rahmat Syukri
• Director: Bugi Riagandhy
• Director: Jenni Wihartini
• Director: Marihot Halomoan Tambunan
Company Name PT Mandiri Utama Finance (MUF)
Core Business Customer Financing Services Especially for Motor Vehicle
Company Profile PT Mandiri Utama Finance (MUF) is a subsidiary of Bank Mandiri engages in financing of
goods such as motor vehicles, which established pursuant to the notarial deed Ashoya
Ratam. S.H., M.Kn. No. 19 dated 21 January 2015 dated 21 January 2015, approved by the
Ministry of Justice and Human Rights of the Republic of Indonesia in the Decree No. AHU-
0003452.AH.01.01.tahun 2015 dated 26 May 2015, and MUF has also obtained license from
the Financial Services Authority based on the Decree of the Board of Commissioners of OJK
No. KEP-81/D.05/2015 dated 25 June 2015. As the subsidiary of PT Bank Mandiri (Persero) Tbk,
MUF commences its operations since 24 August 2015 where PT Bank Mandiri (Persero) Tbk
with PT Asco Investindo and PT Tunas Ridean Tbk established MUF with shareholding portion
of Bank Mandiri at 51.00%, PT Asco Investindo at 37.00% and PT Tunas Ridean Tbk at 12.00%.
On 24 August 2015, MUF conducted its initial operational activities through collaborations with
major dealers and loan disbursements for limited customers to meet FSA IKNB requirements.
MUF is currently a financing company focuses on consumer financing, particularly for new
and used motor vehicle financing. During its journey, MUF provides conventional and sharia
for investme financing, working capital financing, multipurpose financing, murabahah&
ijarah, which main focus is currently motor vehicles financing for retail customer and
corporations in the form of consumer and lease financing.
Shareholding 51.00%
Establishment 2015
Operational Status Operating
Total Assets Rp10,626 (billion)*
Address Menara Mandiri 1 Lt. 26
Jl. Jend. Sudirman Kav. 54 – 55
Jakarta 12950
Telp : (021) 1500824
Fax : (021) 5278039
Email : corsec@muf.co.id
Website : www.muf.co.id
Key Management Board of Commissioners
• President Commissioner: Ignatius Susatyo Wijoyo
• Commissioner: Erida
• Independent Commissioner: Kusman Yandi
Board of Directors
• President Director: Stanley Setia Atmadja
• Director: Rita Mustika
• Director: Rully Setiawan
Sharia Supervisory Board:
• Chairman: Abdul Gofarrozin
• Member: M. Ziyad Ulhaq
194 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
Company Name PT Mandiri Capital Indonesia (MCI)
Core Business Venture Capital
Company Profile PT Mandiri Capital Indonesia (MCI) is a subsidiary of Bank Mandiri which was established on
23 June 2015, and is engaged in venture capital. On 26 June 2015, the establishment of MCI
has been approved by the Minister of Justice and Human Rights No. AHU- 2445684.AH.01.01-
year 2015. MCI has obtained a business license for venture capital on 10 November 2015
through Financial Services Authority’s letter No. KEP-113/D.05/2015, as such MCI can fully
perform its operational activities.
The majority of MCI’s shareholder is held by PT Bank Mandiri (Persero) Tbk at 99.99% and
PT Mandiri Sekuritas at 0.01%. In implementing its business, MCI provides various investment
plans for potential FinTech startup companies through equity participation, participation
through convertible notes, and others according to POJK regulation on venture capital.
Shareholding 99.99%
Establishment 2015
Operational Status Operating
Total Assets Rp5,983 (billion)*
Address Menara Mandiri II Lt. 14
Jl. Jend. Sudirman. Kav. 54-55, Jakarta 12190
Telp : (021) 5266661
Email : info@mandiri-capital.co.id
Website : www.mandiri-capital.co.id
Key Management Board of Commissioners
• President Commissioner: Daniel Setiawan Subianto
• Independent Commissioner: Alamanda Shantika Santoso
Board of Directors
• President Director: Ronald Samuel Simorangkir
• Director: I Made Putera Pratistha
• Director: Wisnu Setiadi
Unaudited cut-off 9 Januari 2024
ANNUAL REPORT 2023 195
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
SUB-SUBSIDIARIES
Bank Mandiri has 5 (five) Sub-Subsidiaries through the ownership by the Subsidiaries.
Assets
Operational Domicile
Name Core Business Shareholding Establishment (In Rp
Status
Million)*
Mandiri Investment Ownership 2004 Operating 433,215 Jakarta
Manajemen Manager through Mandiri
Investasi Services Investasi Menara Mandiri II Lt. 15
with 99.93% Jl. Jend. Sudirman Kav.
shareholding 54-55 Jakarta, 12190
Telp: (021) 526 3505
Fax: (021) 526 3506
Website: www.mandiri-
investasi.co.id
Mandiri Investment Ownership 2012 Operating 69,872 Singapore
Investment Manager through Mandiri
Management Services Investasi 12. Marina View #19-05,
Pte. Ltd. with 100,00% Asia Square Tower 2.
shareholding Singapore 018961.
Telp: +65 65111878
Fax: +65 6844 9729
Email: info@mandiri-
investment.com.sg
Website: https://mandiri-
investment.com.sg/
Mandiri Investment Ownership 2015 Operating 355,587 Singapore
Securities Pte. Banking through Mandiri
Ltd. Sekuritas Mandiri Securities Pte
with 100.00% Ltd
shareholding 12. Marina View #19-06.
Singapore 018961
Telp: +65 6589 3880 (DD)
Fax: +65 6844 9236
Website: www.
mandirisekuritas.co.id
PT Mitra Payment Ownership 2016 Operating 912,107 Jakarta
Transaksi Gateway through Mandiri
Indonesia Provider Capital with Millennium Centennial
(Yokke) Services 99.999998% Centre Jl. Jend.
and Business shareholding Sudirman Kav. 25
Support Jakarta Selatan, 12920.
Related to Telp: (021) 80628787
Financial Website: www.yokke.
Services co.id
PT FitAja Healthcare Ownership 2022 Operating 83,244 Jakarta
Digital Digital Services through Mandiri
Nusantara Inhealth Menara Palma, Lantai
with 45.1% 21, Jl. H.R. Rasuna Said
shareholding Blok X2, Kav. 6. Jakarta
and Mandiri Selatan, DKI Jakarta
Capital 12950.
Indonesia
with 14.9%
shareholding
*Data Unaudited
196 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
ASSOCIATES
Name PT Kustodian Sentral Efek Indonesia (KSEI)
Core Business Depository and Settlement Institution (LPP) in Indonesia Capital Market
Company Profile PT Kustodian Sentral Efek Indonesia (KSEI) is a Depository and Settlement
Institution (LPP) in Indonesia capital market, established on 23 December 1997
in Jakarta, and obtained an operating license on 11 November 1998. Pursuant
to Law No. 8 of 1995 regarding the Capital Market, KSEI performs its functions as
LPP in Indonesia capital market by providing centralized custodian services and
well-regulated, proper and efficient Security settlement services. Currently, KSEI’s
shareholders consist of 22 Securities Companies, 8 Custodian Banks, 2 Securities
Administration Agencies and 2 SROs (Self Regulatory Organizations) whereby
Bank Mandiri is one of the custodian banks that holds 10% of KSEI’s shares.
Shareholding 10.00%
Establishment 1997
Operational Status Operating
Total Assets (in Trillion) Rp 3.32 trillion (as of December 2022)
Address Gedung Bursa Efek Indonesia Tower 1 Lt.5
Jl. Jend. Sudirman Kav. 52-53.
Jakarta 12190
Telp : (021) 515 2855
Fax : (021) 5299 1199
Call Center : (021) 0800 186 5734
Website : www.ksei.co.id
Name PT PANN (Persero)
Core Business Financing Services for the Procurement of Commercial Ships in Indonesia
Company Profile PT PANN (Persero) was established on 16 May 1974 based on the Regulation of
the Government of the Republic of Indonesia No. 18 of 1974 for the establishment
of a National Commercial Fleet Development Company. PT PANN was a full-
fledged investment from ex-legacy Bapindo and was established to carrying
out the Commercial Ship investment program. The capital structure and share
ownership composition of PT PANN (Persero) based on Deed No. 04 Tahun 2021
was the Government of the Republic of Indonesia at 93.04% and Bank Mandiri
(ex Bapindo) at 6.96%. PT PANN is a financing company established to finance
the procurement of Commercial Vessels in Indonesia. The Company is engaged
in the financing of national commercial vessels, which focused on financing for
middle to lower class shipping companies with financing mechanisms such as
Financial Lease, Purchase on Installment, Sale and Lease Back, and Factoring.
PT PANN (Persero) is in the liquidation process according to the Minute of
Extraordinary General Meeting of Shareholders PT PANN (Persero) No. 05 of 2023.
Shareholding 6.96%
Establishment 16 May1974
Operational Status Non-Operating
Total Assets (in Trillion) 983.24
Address Jl. Cikini IV No. 11 Jakarta 10350
Telp: (021) 31922003
Website: www.pannmf.co.id/
ANNUAL REPORT 2023 197
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
SHARES LISTING CHRONOLOGY
A Dwiwarna Share owned by the Republic of Chairman of Bapepam and LK’s Letter No S-807/
Indonesia and is not transferable. The shares issued BL/2011 dated 27 January 2011 stated that the LPO
by Bank Mandiri consist of Series A Dwiwarna Shares registration with Bank Mandiri’s Rights Issue has been
and Common Shares on Series B. Name of Common effective and also obtained approval from the
Stock on behalf of Series B offered entirely consisting shareholders in accordance with the decision result
of divested shares of the Republic of Indonesia which of the Extraordinary GMS on 28 January 2011.
give the holders equal and equal rights in all matters
with Common Stock On behalf of other B Series, Bank Bank Mandiri has issued 2,336,838,591 shares with pre-
Mandiri has been placed and fully paid. emptive rights with par value of Rp500 (full amount)
per share determined on 25 January 2011 and trading
Initial Public Offering period starting 14 February 2011 to 21 February 2011
with an offering price of Rp5,000 (full amount) per
On 14 July 2003, Bank Mandiri conducted an Initial share.
Public Offering (IPO) of 4,000,000,000 Ordinary Shares
B Series with a par value of Rp500 (full amount) per The Government of the Republic of Indonesia as
share sold at Rp675 (full amount) per share. The IPO Bank Mandiri’s majority shareholder did not exercise
to the public was a divestment of 20.00% of Bank their right to acquire the Rights Issue, however
Mandiri’s shares owned by the Government. transferred the shares to other public shareholders,
hence the Government’s shareholding percentage
On 14 July 2003, 19,800,000,000 of Bank Mandiri’s composition was reduced or diluted from 66.68%
Ordinary Shares B Series have been listed on Jakarta prior to the Rights Issue period to 60.00% following the
and Surabaya Stock Exchanges based on the letter implementation of the Rights Issue.
of approval from Jakarta Stock Exchange No. S-1187/
BEJ.PSJ/07-2003 dated 8 July 2003 and Surabaya
Implementation of the Stock Split
Stock Exchange No. JKT-028/LIST/BES/VII/2003 dated
10 July 2003. Pursuant to the resolutions of the Extraordinary GMS
dated 21 August 2017 as set forth in the Deed No. 36
Shareholding Divestment by the dated 24 August 2017, made before Ashoya Ratam
Government SH, Mkn, the shareholders of Bank Mandiri, among
others, approved the stock split of the Company
On 11 March 2004, the Government divested an from Rp500 (full amount) per share to Rp250 (full
additional 10.00% ownership in Bank Mandiri or amount) per share hence the issued capital became
amounted to 2,000,000,000 Ordinary Shares B Series 46,666,666,666 shares consisting of 1 share of
through private placements. Dwiwarna Series A and 46,666,666,665 shares of Series
B. The implementation of the stock split was effective
Limited Public Offering on 13 September 2017.
To strengthen its capital structure, Bank Mandiri
increased the issued and paid-up capital through
Limited Public Offering (Rights Issue) with Pre-Emptive
Rights. With regards to this Rights Issue, Bank Mandiri
has submitted the first and second registration
statements to Bapepam-LK on 26 December 2010
and 18 January 2011. Bapepam-LK under the
Bank Mandiri Stock Split in 2017
Shareholders (Number of Outstanding Shares)
Number of
Description Government Public Nominal Outstanding
Shares
Total % Total % (Rp)
Before stock split 14,000,000,000 60 9,333,333,333 40 500 23,333,333,333
After stock split 28,000,000,000 60 18,666,666,666 40 250 46,666,666,666
198 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
SHARES LISTING CHRONOLOGY
After the stock split, the share price of Bank Mandiri total of 93,333,333,332 shares consisting of 1 (one)
share stood at Rp6,700 from the previous Rp13,400, Series A Dwiwarna share and 93,333,333,331 Series
with a stock split ratio of 1: 2. B shares. The Series A Dwiwarna shares owned by
the Government of the Republic of Indonesia will be
Based on the resolution of the Annual GMS dated 14 retained 1 (one) share and the rest will be calculated
March 2023 as set forth in the Deed No. 12, dated to add Series B shares owned by the Government
16 March 2023, made before Utiek R. Abdurachman of the Republic of Indonesia. The stock split will be
S.H., MLI., M.Kn., the shareholders of Bank Mandiri, effective on 6 April 2023.
among others, approved the Bank’s stock split from
Rp250 (full value) per share to Rp125 (full value)
per share, hence the issued capital becomes a
Stock Split Bank Mandiri Tahun 2023
Shareholders (Number of Outstanding Shares)
Number of
Description Government Public Nominal Outstanding
Shares
Total % Total % (Rp)
Before stock split 28,000,000,000 60 18,666,666,666 40 250 46,666,666,666
After stock split 48,533,333,334 52 44,799,999,998 48 125 93,333,333,332
Shares Listing
The entire shares are listed on the Indonesia Stock Exchange
Issued and Paid-up Capital
Par Offer Number of
No Period Description Share Value Price Issued
Amount of Total Nominal Total Offering Price
(Rp) (Rp) Share
Share (Rp) (Rp)
1 Before IPO - - - - - 20,000,000,000 10.000.000.000.000 -
500 13.500.000.000.000
2 14 July 2003 Initial Public Offering Series B shares 675 4.000.000.000 20,000,000,000 10.000.000.000.000
Divestment of
3 11 March 2004 Series B shares 500 1.450 2,000,000,000 20,000,000,000 10,000,000,000,000 29.000.000.000.000
Government Shares
4 2004 MSOP I Conversion*) Series B shares 500 742.50 132,854,872 20,132,854,872 10,066,427,436,000 -
5 2005 MSOP I Conversion*) Series B shares 500 742.50 122,862,492 20,255,717,364 10,127,858,682,000 -
6 2006 MSOP I Conversion*) Series B shares 500 742.50 71,300,339 20,327,017,703 10,163,508,851,500 -
7 2006 MSOP I Conversion*) Series B shares 500 1,190.50 304,199,764 20,631,217,467 10,315,608,733,500 -
8 2007 MSOP I Conversion*) Series B shares 500 742.50 40,240,621 20,671,458,088 10,335,729,044,000 -
9 2007 MSOP I Conversion*) Series B shares 500 1,190.50 343,135 20,671,801,223 10,335,900,611’500 -
10 2007 MSOP I Conversion*) Series B shares 500 1,495.08 77,750,519 20,749,551,742 10,374,775,871,000 -
11 2008 MSOP I Conversion*) Series B shares 500 742.50 8,107,633 20,757,659,375 10,378,829,687,500 -
12 2008 MSOP I Conversion*) Series B shares 500 1,190.50 399,153 20,758,058,528 10,379,029,264,000 -
13 2008 MSOP I Conversion*) Series B shares 500 1,495.08 147,589,260 20,905,647,788 10,452,823,894,000 -
14 2009 MSOP I Conversion*) Series B shares 500 1,190.50 86,800 20,905,734,588 10,452,867,294,000 -
15 2009 MSOP I Conversion*) Series B shares 500 1,495.08 64,382,217 20,970,116,805 10,485,058,402,500 -
16 2010 MSOP I Conversion*) Series B shares 500 1,190.50 6,684,845 20,976,801,650 10,488,400,825,000 -
17 2010 Konversi MSOP III*) Series B shares 500 1,495.08 19,693,092 20,996,494,742 10,498,247,371,000 -
14 February – Limited Public
2,336,838,591
18 21 February Offering through Series B shares 500 5,000 11,666,666,666,500 116,666,666,666,666 5.000
23,333,333,333
2011 HMETD
13 September
19 Stock Split - 250 - - 46,666,666,666 - -
2017
20 14 March 2023 Stock Split Series B shares 125 - - 93,333,333,332 - -
*) Information regarding the date of implementation of the MSOP conversion can be seen in the description of the Employee and/or Management Share
Ownership Program in this Annual Report
ANNUAL REPORT 2023 199
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
To support business growth and strengthen its medium Bank Mandiri Shelf Registration Bonds I Phase I
and long-term funding structure, Bank Mandiri has Year 2016
issued bonds denominated in Rupiah several times. On 30 September 2016, Bank Mandiri issued Bank
The Rupiah Bonds consisted of Bank Mandiri Rupiah Mandiri Shelf Registration Bonds I Phase I Year 2016
Subordinated Bonds I in 2009 then followed by the (Shelf Registration Bonds I Phase I) with par value of
issuance of Bank Mandiri Shelf-Registration Bonds I Rp5,000,000,000,000 consisting of 3 (three) series.
with total proceed amounting to Rp14 trillion with a
tenor of 3 (three) to 10 (ten) years issued gradually The interest of Shelf Registration Bonds I Phase I is
from 2016 to 2018. In 2020, Bank Mandiri issued Shelf- paid quarterly, with the first interest payment on
Registration Bond II with a total proceed of Rp1 trillion 30 December 2016. The last interest payment and
with a tenor of 5 (five) and 7 (seven) years. In 2023, principal repayment, which is the bond’s maturity
Bank Mandiri issued Shelf-Registration Green Bonds I date, is 30 September 2021 for Series-A, 30 September
with a maximum value of Rp10 trillion which will be 2023 for Series-B, and 30 September 2026 for Series-C.
issued in stages, with the realization of Phase I issuance The trustee of Shelf Registration Bonds I Phase I
as of December 2023 amounted to Rp5 trillion. issuance is PT Bank Tabungan Negara (Persero) Tbk.
Bank Mandiri Rupiah Subordinated Bonds I Year Bank Mandiri Shelf Registration Bonds I Phase II
2009 Year 2017
To strengthen the capital structure for business On 15 June 2017, Bank Mandiri issued Bank Mandiri
development, on 14 December 2009, Bank Mandiri Shelf Registration Bonds I Phase II Year 2017 (Shelf
issued Bank Mandiri Rupiah Subordinated Bonds Registration Bonds I Phase II) with par value of
I of 2009 (subordinated bond) amounted to Rp6,000,000,000,000 consisting of 4 (four) series.
Rp3,500,000,000,000. The proceed from this exercise is
allocated as complementary capital (lower tier 2) in Shelf Registration Bonds I Phase II Series A, Series B, and
accordance with Bank Indonesia regulations. Series C are offered at a value of 100% (one hundred
percent) of the principal amount of the bonds. Bond
The subordinated bonds received an approval interest is paid quarterly, with the first interest payment
from Bank Indonesia through letter No. 11/III/DPB1/ on 15 September 2017. The last interest payment and
TPB1-1 dated 14 September 2009 and the effective principal repayment or the bonds’ maturity date are
statement of the Financial Services Authority (formerly 15 June 2022 for Series-A, 15 June 2024 for Series-B,
the Capital Market & Financial Institution Supervisory and 15 June 2027 for Series-C.
Agency-Bapepam and LK) based on a letter from the
Chairman of Bapepam and LK No. S-10414/BL/2009 The D Series bonds were offered without any interest
dated 3 December 2009. at a price of 79.3146% (seventy-nine point three
one four six percent) of the principal amount of the
Bank Mandiri has listed the subordinated bonds in bonds, with a maturity date of 15 June 2020. The
Indonesia Stock Exchange (IDX) on 14 December principal payment of the bonds has been paid in full
2009 in accordance with the announcement of on the maturity date. The trustee of Shelf-Registered
Bank Mandiri subordinated bonds registration by Bonds I Phase II issuance is PT Bank Tabungan Negara
IDX dated 11 December 2009. The maturity period (Persero) Tbk.
of subordinated bonds is 7 (seven) years and have
matured on 11 December 2016, issued without any
draft with a fixed interest rate of 11.85% per annum.
The trustee of subordinated bonds is PT Bank Permata
Tbk.
200 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase III Bank Mandiri Shelf Registration Environmental
Year 2018 Bonds I Phase I Year 2023
On 21 September 2018, Bank Mandiri issued Bank On 4 July 2023, Bank Mandiri issued Bank Mandiri
Mandiri Shelf Registration Bonds I Phase III Year 2018 Shelf-Registration Green Bonds I Phase I Year
(Shelf Registration Bonds I Phase III) with par value of 2023 (“Green Bonds I Phase I”) with a par value of
Rp3,000,000,000,000 consisting of 1 (one) series with a Rp5,000,000,000,000 consisting of 2 (two) series.
tenor of 5 (five) years.
Interest on Green Bonds I Phase I was paid quarterly
The interest is paid quarterly, with the first payment with the first interest payment made on 4 October
made on 12 December 2018. The last interest 2023. The last interest payment and principal
payment and principal repayment or the bonds’ repayment which is the maturity date of the bonds is
maturity date are 21 September 2023. The trustee 4 July 2026 for series A and 4 July 2028 for series B. The
of the Shelf Registration Bonds I Phase III is PT Bank trustee of the issuance of Green Bonds I Phase I is PT
Permata Tbk. Bank Negara Indonesia (Persero) Tbk.
Bank Mandiri Shelf Registration Bonds II Phase I The Exchange Where the Bonds are Listed
Year 2020 All of Bank Mandiri’s bonds have been listed on the
On 12 May 2020, Bank Mandiri issued Bank Mandiri Indonesia Stock Exchange.
Shelf Registration Bonds II Phase I Year 2020 (Shelf
Registration Bonds II Phase I) with par value of
Rp1,000,000,000,000 consisting of 2 (two) series.
The interest of Shelf Registration Bonds II Phase I is
paid quarterly with the first payment made on 12
August 2020. The last interest payment and principal
repayment or the bonds’ maturity date are 12 May
2025 for Series-A and 12 May 2027 for Series-B. The
trustee of the Shelf Registration Bonds II Phase I is PT
Bank Permata Tbk.
ANNUAL REPORT 2023 201
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bonds
Distribution Total Bonds Offering Maturity Interest Payment Ratings
No. Description Currency Trustee
Electronic Tenor (billion) Price Date Rate Status
Date 2023 2022 2021
1. Bank Mandiri 14 7 years Rp 3,500 100% 11 11,85% Completed - - - Bank
Rupiah December from total December Permata
Subordinated 2009 bonds 2016
Bonds I Year principal
2009
2. Bank 30 Series A: Rp 5,000 100% Series A: 30 Series Series A idAAA by Pefindo Bank
Mandiri Shelf September 5 years from total September A: and B Tabungan
Registration 2016 bonds 2021 7.95% Completed Negara
Bonds I Phase I Series B: principal
Year 2016 7 years Series B: 30 Series B: Series C
September 8.50% Outstanding
Series C: 2023
10 years Series
Series C: 30 C:
September 8.65%
2026
3. Bank 15 June Series A: Rp 6,000 A, B and Series A: 15 Series Series A idAAA by Pefindo Bank
Mandiri Shelf 2017 5 years C Series June 2022 A: and D Tabungan
Registration 100% 8.00% Completed Negara
Bonds I Phase Series B: from total Series B: 15
II Year 7 years bonds June 2024 Series B: Series B
2017*) principal 8.50% and C
Series C: Series C: 15 Outstanding
10 years D Series June 2027 Series
79.3146% C:
Series D: from total Series D: 15 8.65%
3 years bonds June 2020
principal Series
D:
7.80%*
4. Bank Mandiri 21 5 years Rp 3,000 100% 21 8.50% Completed idAAA by Pefindo Bank
Shelf September from total September Permata
Registration 2018 bonds 2023
Bonds I Phase III principal
Year 2018
5. Bank 12 May Series Rp 1.000 100% Series A: 12 Series Outstanding idAAA by Pefindo Bank
Mandiri Shelf 2020 A: 5 from total May 2025 A: Permata
Registration years bonds 7.75%
Bonds II Phase I principal Series B: 12
Year 2020 Series B: May 2027 Series B:
7 years 8.30%
6. Bank 4 July 2023 Series Rp 5.000 100% Series A: 4 Series Outstanding id
AAA oleh Pefindo Bank
Mandiri Shelf A: 3 from total July 2026 A: Negara
Registration years bonds 5.80% Indonesia
Environmentally principal Series B: 4
Conscious Series B: July 2028 Series B:
Bonds I Phase I 5years 6.10%
Year 2023
*Bank Mandiri Shelf Registration Bonds I Phase II Year 2017 Series D were held without coupons (zero coupon bonds) with an issued value of Rp1 trillion.
202 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Sustainable Bonds Interest Payment Chronology
Bank Mandiri Shelf Registration Bonds I Phase I Year 2016
Interest
Payment Date Payment Status
Series A
1. 30 December 2016
2. 30 March 2017
3. 30 June 2017
4. 30 September 2017
5. 30 December 2017
6. 30 March 2018
7. 30 June 2018
8. 30 September 2018
9. 30 December 2018
10. 30 March 2020
Completed
11. 30 June 2020
12. 30 September 2019
13. 30 December 2019
14. 30 March 2020
15. 30 June 2020
16. 30 September 2020
17. 30 December 2020
18. 30 March 2021
19. 30 Juni 2021
20. 30 September 2021
Series B
1. 30 December 2016
2. 30 March 2017
3. 30 June 2017
4. 30 September 2017
5. 30 December 2017
6. 30 March 2018
7. 30 June 2018
8. 30 September 2018
9. 30 December 2018
10. 30 March 2020 Completed
11. 30 June 2020
12. 30 September 2019
13. 30 December 2019
14. 30 March 2020
15. 30 June 2020
16. 30 September 2020
17. 30 December 2020
18. 30 March 2021
19. 30 June 2021
20. 30 September 2021
ANNUAL REPORT 2023 203
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase I Year 2016
Interest
Payment Date Payment Status
21. 30 December 2021
22. 30 March 2022
23. 30 June 2022
24. 30 September 2022
Completed
25. 30 December 2022
26. 30 March 2023
27. 30 June 2023
28. 30 September 2023
Series C
1. 30 December 2016
2. 30 March 2017
3. 30 June 2017
4. 30 September 2017
5. 30 December 2017
6. 30 March 2018
7. 30 June 2018
8. 30 September 2018
9. 30 December 2018
10. 30 March 2019
11. 30 June 2019
12. 30 September 2019
13. 30 December 2019
14. 30 March 2020
15. 30 June 2020 Completed
16. 30 September 2020
17. 30 December 2020
18. 30 March 2021
19. 30 June 2021
20. 30 September 2021
21. 30 December 2021
22. 30 March 2022
23. 30 Juni 2022
24. 30 September 2022
25. 30 December 2022
26. 30 March 2023
27. 30 June 2023
28. 30 September 2023
29. 30 December 2023
30. 30 March 2024
31. 30 June 2024
32. 30 September 2024 Not yet due
33. 30 December 2024
34. 30 March 2025
204 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase I Year 2016
Interest
Payment Date Payment Status
35. 30 June 2025
36. 30 September 2025
37. 30 December 2025
Not yet due
38. 30 March 2026
39. 30 June 2026
40. 30 September 2026
Bank Mandiri Shelf Registration Bonds I Phase II Year 2017
Interest
Payment Date Payment Status
Series A
1. 15 September 2017
2. 15 December 2017
3. 15 March 2018
4. 15 June 2018
5. 15 September 2018
6. 15 December 2018
7. 15 March 2019
8. 15 June 2019
9. 15 September 2019
10. 15 December 2019
Completed
11. 15 March 2020
12. 15 June 2020
13. 15 September 2020
14. 15 December 2020
15. 15 March 2021
16. 15 Juni 2021
17. 15 September 2021
18. 15 December 2021
19. 15 March 2022
20. 15 June 2022
ANNUAL REPORT 2023 205
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase II Year 2017
Interest
Payment Date Payment Status
Series B
1. 15 September 2017
2. 15 December 2017
3. 15 March 2018
4. 15 Juni 2018
5. 15 September 2018
6. 15 December 2018
7. 15 March 2019
8. 15 June 2019
9. 15 September 2019
10. 15 December 2019
11. 15 March 2020
12. 15 June 2020
13. 15 September 2020
Completed
14. 15 December 2020
15. 15 March 2021
16. 15 June 2021
17. 15 September 2021
18. 15 December 2021
19. 15 March 2022
20. 15 June 2022
21. 15 September 2022
22. 15 December 2022
23. 15 March 2023
24. 15 June 2023
25. 15 September 2023
26. 15 December 2023
27. 15 March 2024
Not yet due
28. 15 June 2024
206 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase II Year 2017
Interest
Payment Date Payment Status
Series C
1. 15 September 2017
2. 15 December 2017
3. 15 March 2018
4. 15 June 2018
5. 15 September 2018
6. 15 December 2018
7. 15 March 2019
8. 15 June 2019
9. 15 September 2019
10. 15 December 2019
11. 15 March 2020
12. 15 June 2020
13. 15 September 2020
14. 15 December 2020
15. 15 March 2021
Completed
16. 15 June 2021
17. 15 September 2021
18. 15 December 2021
19. 15 March 2022
20. 15 June 2022
21. 15 September 2022
22. 15 December 2022
23. 15 March 2023
24. 15 June 2023
25. 15 September 2023
26. 15 December 2023
27. 15 March 2024
28. 15 June 2024
29. 15 September 2024
30. 15 December 2024
31. 15 March 2025
32. 15 June 2025
33. 15 September 2025
34. 15 December 2025
35. 15 March 2026
Not yet due
36. 15 June 2026
37. 15 September 2026
38. 15 December 2026
39. 15 March 2027
40. 15 June 2027
ANNUAL REPORT 2023 207
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds I Phase III Year 2018
Interest
Payment Date Payment Status
1. 21 December 2018
2. 21 March 2019
3. 21 June 2019
4. 21 September 2019
5. 21 December 2019
6. 21 March 2020
7. 21 June 2020
8. 21 September 2020
9. 21 December 2020
10. 21 March 2021
Completed
11. 21 June 2021
12. 21 September 2021
13. 21 December 2021
14. 21 March 2022
15. 21 June 2022
16. 21 September 2022
17. 21 December 2022
18. 21 March 2023
19. 21 June 2023
20. 21 September 2023
Bank Mandiri Shelf Registration Bonds II Phase I Year 2020
Interest
Payment Date Payment Status
Series A
1. 12 August 2020
2. 12 November 2020
3. 12 February 2021
4. 12 May 2021
5. 12 August 2021
6. 12 November 2021
7. 12 February 2022
Completed
8. 12 May 2022
9. 12 August 2022
10. 12 November 2022
11. 12 February 2023
12. 12 May 2023
13. 12 August 2023
14. 12 November 2023
208 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Bonds II Phase I Year 2020
Interest
Payment Date Payment Status
15. 12 February 2024
16. 12 May 2024
17. 12 August 2024
Not yet due
18. 12 November 2025
19. 12 February 2025
20. 12 May 2025
Series B
1. 12 August 2020
2. 12 November 2020
3. 12 February 2021
4. 12 May 2021
5. 12 August2021
6. 12 November 2021
7. 12 February 2022
Completed
8. 12 May 2022
9. 12 August 2022
10. 12 November 2022
11. 12 February 2023
12. 12 May 2023
13. 12 August 2023
14. 12 November 2023
15. 12 February 2024
16. 12 May 2024
17. 12 August 2024
18. 12 November 2025
19. 12 February 2025
20. 12 May 2025
21. 12 August 2025
Not yet due
22. 12 November 2025
23. 12 February 2026
24. 12 May 2026
25. 12 August 2026
26. 12 November 2026
27. 12 February 2027
28. 12 May 2027
ANNUAL REPORT 2023 209
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
BONDS ISSUANCE AND/OR
LISTING CHRONOLOGY
Bank Mandiri Shelf Registration Environmental Bonds I Phase I Year 2023
Interest
Payment Date Payment Status
Series A
1. 4 October 2023 Completed
2. 4 January 2024
3. 4 April 2024
4. 4 July 2024
5. 4 October 2024
6. 4 January 2025
7. 4 April 2025 Not yet due
8. 4 July 2025
9. 4 October 2025
10. 4 January 2026
11. 4 April 2026
12. 4 July 2026
Series B
1. 4 October 2023 Completed
2. 4 January 2024
3. 4 April 2024
4. 4 July 2024
5. 4 October 2024
6. 4 January 2025
7. 4 April 2025
8. 4 July 2025
9. 4 October 2025
10. 4 January 2026
11. 4 April 2026 Not yet due
12. 4 July 2026
13. 4 October 2026
14. 4 January 2027
15. 4 April 2027
16. 4 July 2027
17. 4 October 2027
18. 4 January 2028
19. 4 April 2028
20. 4 July 2028
210 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
CHRONOLOGY OF OTHER ISSUANCE
AND/OR LISTING OF SECURITIES
Negotiable Certificates of Deposit (NCD)
On 25 May 2015, Bank Mandiri issued a Negotiable Certificate of Deposit (NCD) I PT Bank Mandiri (Persero) Tbk
Phase I 2015 Series A, B, C, D, and E with a total of Rp2,600,000,000,000.
On 16 December 2016, Bank Mandiri issued a Negotiable Certificate of Deposit (NCD) II PT Bank Mandiri
(Persero) Tbk Year 2016 Series A, B, C, and D with a total of Rp2,662,000,000,000.
The Exchanges Where the NCDs are Listed
All of Bank Mandiri’s NCDs are listed on the Indonesia Stock Exchange.
Negotiable Certificates of Deposit Issuance Chronology
Interest
Description Issuance Date Tenor Currency Value (Rp) Maturity Date Payment Status
Rate
NCD Phase
NCD I PT Bank Mandiri 25 May 2015 184 Calendar Rp 848 25 November 8.00% Completed
(Persero) Tbk Year 2015 Day 2015
Series A
NCD I PT Bank Mandiri 25 May 2015 276 Calendar Rp 440 25 February 8.10% Completed
(Persero) Tbk Year 2015 Day 2016
Series B
NCD I PT Bank Mandiri 25 May 2015 367 Calendar Rp 987 26 May 8.50% Completed
(Persero) Tbk Year 2015 Day 2016
Series C
NCD I PT Bank Mandiri 25 May 2015 458 Calendar Rp 175 25 August 8.65% Completed
(Persero) Tbk Year 2015 Day 2016
Series D
NCD I PT Bank Mandiri 25 May 2015 550 Calendar Rp 150 25 November 8.75% Completed
(Persero) Tbk Year 2015 Day 2016
Series E
NCD Phase II
NCD II PT Bank Mandiri 16 December 370 Calendar Rp 927 21 December 7.55% Completed
(Persero) Tbk Year 2016 2016 Day 2017
Series A
NCD II PT Bank Mandiri 16 December 546 Calendar Rp 500 15 June 8.00 % Completed
(Persero) Tbk Year 2016 2016 Day 2018
Series B
NCD II PT Bank Mandiri 16 December 728 Calendar Rp 350 14 December 8.20 % Completed
(Persero) Tbk Year 2016 2016 Day 2018
Series C
NCD II PT Bank Mandiri 16 December 1092 Rp 885 13 December 8.40 % Completed
(Persero) Tbk Year 2016 2016 Calendar 2019
Series D Day
ANNUAL REPORT 2023 211
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
CHRONOLOGY OF OTHER ISSUANCE AND/OR
LISTING OF SECURITIES
ASSET-BACKED SECURITY OF PARTICIPATION LETTER BMRI 01 CLASS A
On 26 August 2016, Asset-backed Security of Participation Letter BMRI 01 Class A (EBA-SP) has been registered
to Indonesia Stock Exchange with the total principal amount of Rp456.5 million with PT Sarana Multigriya
Finansial (Persero) as the issuer.
The Exchange Where the EBA-SPs are Listed
All of Bank Mandiri’s EBA-SP has been listed at Indonesia Stock Exchange.
Kronologis Penerbitan Efek Lainnya
Weighted
Share Value Payment
No Description Issued Date Effective Date Average Currency Maturity Interest Rate Trustee
(billion) Status
Live
1 EBA SP SMF-BMRI 26 19 3 years Rp 103.5 27 Fixed 8.6% Current BRI
01 Class August August 2016 October per Annum
A Series A1 2016 2029
EBA Code:
SPSSMFMRI01A1
ISIN Code:
IDU0000011A5
2 EBA SP SMF-BMRI 26 19 5 years Rp 353 27 Fixed 9.1% Current BRI
01 Kelas August August 2016 October per annum
A Seri A2 2016 2029
Kode EBA:
SPSSMFMRI01A2
Kode ISIN:
IDU0000012A3
The first interest payment has been made on 27 November 2016. Interest is paid with principal payments every
three months on the 27th of November, February, May and August each year through KSEI. The first interest
payment has been made on 27 November 2016. The EBA SP SMF-BMRI 01 Class A Series A1 is expected to
be paid off early (before 27 October 2029) as the collection of bills has a weighted average live of 3 years.
Similarly, the SMFBMRI EBA SP 01 Class A Series A2 is expected to be paid off early as the collection of bills has
a weighted average live of 5 years.
212 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
CHRONOLOGY OF OTHER ISSUANCE AND/OR
LISTING OF SECURITIES
BANK MANDIRI SUBORDINATED MEDIUM Issuance Agreement of Mandiri Subordinated MTN
TERM NOTES No. 17 dated 14 Juni 2023, made before Nanette
Cahyanie Handari Adi Warsito, SH, Notary in Jakarta,
by the Company (as Issuer), PT Bahana Sekuritas, PT BNI
Bank Mandiri Subordinated Medium Term Notes
Sekuritas, PT BRI Danareksa Sekuritas, PT CIMB Niaga
I Year 2018
Sekuritas, PT Mandiri Sekuritas, PT Trimegah Sekuritas
On 27 July 2018, Bank Mandiri Subordinated Medium
Indonesia Tbk. (jointly acting as as Arrangers), and
Term Notes (MTN) I Year 2018 (Mandiri Subordinated
PT Bank Negara Indonesia (Persero) Tbk. (acting as
MTN) was issued valued at Rp500,000,000,000 based on
Monitoring Agent). The Bank Mandiri Subordinated
Issuance Agreement and Appointment of Monitoring
MTN II Year 2023 was carried out through private
Agent of Mandiri Subordinated MTN No. 65 dated 27
placements.
July 2018, made before Nanette Cahyanie Handari
Adi Warsito, SH, Notary in Jakarta, by the Company
The Bank Mandiri Subordinated MTN II Year 2023 was
(as Issuer), PT Bahana Sekuritas, PT BCA Sekuritas, PT BNI
issued to fulfill POJK No. 14/POJK.03/2017 regarding
Sekuritas, PT Danareksa Sekuritas, PT Mandiri Sekuritas
the Recovery Plan of Systemic Banks. On 20 July
and PT Trimegah Sekuritas Indonesia Tbk (jointly acting
2023, Subordinated MTN II has obtained the approval
as Arrangers and Monitoring Agents). The Mandiri
from FSA to be treated as supplementary capital
Subordinated MTN was carried out through private
components (Tier 2).
placements.
The Exchange Where the MTNs are Listed
Bank Mandiri Subordinated Medium Term Notes
Bank Mandiri’s Subordinated MTNs have been listed at
II Year 2023
Indonesia Stock Exchange.
On 23 June 2023, Bank Mandiri issued the Bank Mandiri
Subordinated Medium Term Notes (MTN) II Year 2023
with a par value of Rp100,000,000,000 based on
Bank Mandiri Medium Term Notes (MTN) Issuance Chronology
Bonds Ratings
Disbursement Total Maturity Interest Payment Monitoring
Description Tenor Currency
Electronic (Billion) Date Rate Status Agents
Date 2023 2022 2021
Bank Mandiri 31 July 2018 5 Rp 500 31 July 8.50% Completed - idAA idAA Bank
Subordinated Years 2023 per Permata
(Double A) (Double A)
Medium Term annum
Notes (MTN) I Year (fixed)
2018
Bank Mandiri 23 June 2023 5 Rp 100 23 June 6.95% Outstanding IdAA - - PT Bank
Subordinated Years 2028 per (Double Negara
Medium Term annum A) Indonesia
Notes (MTN) II Year (fixed) (Persero)
2023 Tbk.
ANNUAL REPORT 2023 213
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
CHRONOLOGY OF OTHER ISSUANCE AND/OR
LISTING OF SECURITIES
Bank Mandiri Subordinated Medium Term Notes (MTN) I Year 2018 Payment Chronology
Interest Payment Date Payment Status
1 31 October 2018
2 31 January 2019
3 31 April 2019
4 31 July 2019
5 31 October 2019
6 31 January 2020
7 31 April 2020
8 31 July 2020
9 31 October 2020
10 31 January 2021 Completed
11 31 April 2021
12 31 July 2021
13 31 October 2021
14 31 January 2022
15 31 April 2022
16 31 July 2022
17 31 October 2022
18 31 January 2023
19 31 April 2023
20 31 July 2023
Bank Mandiri Subordinated Medium Term Notes (MTN) II Year 2023 Payment Chronology
Interest Payment Date Payment Status
1 23 September 2023
Completed
2 23 December 2023
3 23 March 2024
4 23 June 2024
5 23 September 2024
6 23 December 2024
7 23 March 2025
8 23 June 2025
9 23 September 2025
10 31 January 2021
11 31 April 2021
Not yet due
12 23 June 2026
13 23 September 2026
14 23 December 2026
15 23 March 2027
16 23 June 2027
17 23 September 2027
18 23 December 2027
19 23 March 2028
20 23 June 2028
214 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
CHRONOLOGY OF OTHER ISSUANCE AND/OR
LISTING OF SECURITIES
EURO MEDIUM TERM NOTES (EMTN)
On 11 April 2019, Bank Mandiri issued Euro Medium Term with the first interest payment on 19 October 2021.
Notes (EMTN) with a nominal value of US$750,000,000 The last interest payment and principal repayment,
(full amount) on the Singapore Exchange (SGX). The which is the bond’s maturity, will be on 19 April 2026.
interest rate was 3.75% per year with a tenor of 5 years. The proceeds from Sustainability Bonds issuance
The bonds were issued at a value of 98.998% of the will be used to finance or re-finance environmental
principal amount. Bond interest is paid semi-annually, and social projects or activities according to the
with the first interest payment on 11 October 2019. criteria set out in Bank Mandiri’s Sustainability Bond
The last interest payment and principal repayment, Framework.
which is the bond’s maturity, will be on 11 April 2024.
On 4 April 2023, Bank Mandiri issued Euro Medium Term
On 13 May 2020, Bank Mandiri issued Euro Medium Term Notes (EMTN) with a nominal value of US$300,000,000
Notes (EMTN) with a nominal value of US$500,000,000 (full amount) on the Singapore Exchange (SGX). The
(full amount) on the Singapore Exchange (SGX). The interest rate was 5.50% per year with a tenor of 3 years.
interest rate was 4.75% per year with a tenor of 5 years. The bonds were issued at a value of 98.58% of the
The bonds were issued at a value of 99.255% of the principal amount. Bond interest is paid semi-annually,
principal amount. Bond interest is paid semi-annually, with the first interest payment on 4 October 2023.
with the first interest payment on 13 November 2020. The last interest payment and principal repayment,
The last interest payment and principal repayment, which is the bond’s maturity, will be on 4 April 2026.
which is the bond’s maturity, will be on 13 May 2025.
The trustee of the EMTN issuance is the Bank of New
On 19 April 2021, Bank Mandiri issued Euro Medium York Mellon. As of 31 December 2023, Bank Mandiri
Term Notes (EMTN), Bank Mandiri Sustainability Bonds EMTN’s ratings are Baa2 (Moody’s) and BBB- (Fitch).
2021, with a nominal value of US$300,000,000 (full
amount) on the Singapore Exchange (SGX). The The Exchange where the EMTNs are Listed
interest rate was 2.00% per year with a tenor of 5 Bank Mandiri’s EMTNs are listed on the Singapore
years. The bonds were issued at a value of 98.913% Exchange (SGX).
of the principal. Bond interest is paid semi-annually,
Nominal Ratings
Interest
Bonds Series Due Date
Rate
(Rp million) 2023 2022 2021
Euro Medium Term Baa2 (Moody’s) Baa2 (Moody’s) Baa2 (Moody’s)
- USD750,000,000 3.75% 11 April 2024
Notes I 2019 & BBB- (Fitch) & BBB- (Fitch) & BBB- (Fitch)
Euro Medium Term Baa2 (Moody’s) Baa2 (Moody’s) Baa2 (Moody’s)
- USD500,000,000 4.75% 13 Mei 2025
Notes II 2020 & BBB- (Fitch) & BBB- (Fitch) & BBB- (Fitch)
Euro Medium
Term Notes III
(Bank Mandiri Baa2 (Moody’s) Baa2 (Moody’s) Baa2 (Moody’s)
- USD500,000,000 2.00% 19 April 2026
Sustainability & BBB- (Fitch) & BBB- (Fitch) & BBB- (Fitch)
Bonds 2021) in
2021
Euro Medium Term Baa2 (Moody’s) Baa2 (Moody’s) Baa2 (Moody’s)
- USD500,000,000 5.50% 4 April 2026
Notes IV 2023 & BBB- (Fitch) & BBB- (Fitch) & BBB- (Fitch)
ANNUAL REPORT 2023 215
Page 218
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
CHRONOLOGY OF OTHER ISSUANCE AND/OR
LISTING OF SECURITIES
Euro Medium Term Notes (EMTN) Issuance Chronology
Bank Mandiri Euro Medium Term Notes (EMTN) 2019
Interest
Payment Date Payment Status
1 11 October 2019
2 11 April 2020
3 11 October 2020
4 11 April 2021
5 11 October 2021 Completed
6 11 April 2022
7 11 October 2022
8 11 April 2023
9 11 October 2023
10 11 April 2024 Not Yet Due
Bank Mandiri Euro Medium Term Notes (EMTN) 2020
Interest
Tanggal Pembayaran Bunga Status Pembayaran Bunga
1 13 November 2020
2 13 May 2021
3 13 November 2021
4 13 May 2022 Completed
5 13 November 2022
6 13 May 2023
7 13 November 2023
8 13 May 2024
9 13 November 2024 Not Yet Due
10 13 May 2025
Bank Mandiri Euro Medium Term Notes (EMTN) 2021 Sustainability Bonds
Interest
Payment Date Payment Status
1 19 October 2021
2 19 April 2022
3 19 October 2022 Completed
4 19 April 2023
5 19 October 2023
6 19 April 2024
7 19 October 2024
8 19 April 2025 Not Yet Due
9 19 October 2025
10 19 April 2026
Bank Mandiri Euro Medium Term Notes (EMTN) 2023
Interest
Payment Date Payment Status
1 4 October 2023 Completed
2 4 April 2024
3 4 October 2024
4 4 April 2025 Not Yet Due
5 4 October 2025
6 4 April 2026
216 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
PUBLIC ACCOUNTANT &
PUBLIC ACCOUNTANT FIRM
Public Accountant Firm
Tanudiredja, Wibisana, Rintis & Rekan
(member firms of the PwC global network)
The World Trade Centre (WTC) Building 3, Floors 33-43 , Jend. Sudirman Street Kav Kav. 29-31, South
Jakarta Karet Village, Setiabudi District, administrative city
DKI Jakarta 12920
Tel : (021) 5099 2901 / 3119 2901
Fax : (021) 5290 5555 / 5290 5050
Website: www.pwc.com/id
Public Accountant: Lucy Luciana Suhenda
Service rendered & Other Services:
• Audit for Consolidated Financial Statements of PT Bank Mandiri (Persero) Tbk and Its Subsidiaries,
Audit for Financial Statements of the Micro and Small Business Funding Program Audit for Financial
Statements of Social and Environmental Responsibility Program and Other Services assignment as of
and for The Years Ended 31 December 2023.
• Other service assignments related to the Agreed Upon Procedure (AUP) for the Information Package
and Corporate Structure of PT Bank Mandiri (Persero) Tbk as of 31 December 2022.
• Other service assignments related to Corporate Action of PT Bank Mandiri (Persero) Tbk in 2023.
Assignment Period: February 2023 - June 2024
Fees: Rp33,514,444,813 (include OPE and VAT)
ANNUAL REPORT 2023 217
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
NAME AND ADDRESSES OF SUPPORTING
INSTITUTIONS AND/OR PROFESSIONS
Share Registrar
PT Bursa Efek Indonesia PT Datindo Entrycom
Gedung Bursa Efek Indonesia. Tower 1 Jl. Jend. Jl. Hayam Wuruk No. 28. Jakarta 10120
Sudirman Kav. 52-53 Tel : (021) 3508077
Jakarta 12190. Indonesia Fax : (021) 350 8078
Tel : (021) 5150515 Website : www.datindo.com
Fax : (62-21) 5154153 Email : corporatesecretary@datindo.com
Website : www.idx.co.id
Email : listing@idx.co.id Service rendered:
The Company’s Cash Dividend Payment Services for
Service rendered: Fiscal Year 2022 and Secondary Share Administration
14 March 2023 Annual GMS Organization Securities Services for the July 2023 - June 2023 Period
Administration Bureau Service
Assignment Period: May 2003 – June 2023
Assignment Period: 14 March 2023 Fees: : Rp681.055.680
Fees: Rp39.960.000
CREDIT RATING AGENCY
PT Pemeringkat Efek Indonesia (Pefindo) PT. Fitch Ratings Indonesia
Equity Tower Lt.30 DBS Bank Tower, 24th Floor, Suite 2403
Sudirman Central Business District, Lot.9 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta 12940, Indonesia
Jl. Jend. Sudirman Kav.52-53 Tel : +62 21 2988 6808
Jakarta 12190, Indonesia Website : www.fitchratings.com/region/indonesia
Tel : +62 21 509 68469 Email : -
Fax : +62 21 509 68468
Website : www.pefindo.com
Email : - Service rendered:
Corporates Ratings
Service rendered:
Corporates Ratings, Ratings for Bank Mandiri Assignment Period: 2002 – December 2023
Sustainable Bonds I.
Assignment Period: March 2006 – December 2023
218 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
NAME AND ADDRESSES OF SUPPORTING
INSTITUTIONS AND/OR PROFESSIONS
Standard & Poor’s Global Ratings Moody’s Investors Service
12 Marina Boulevard 71 Robinson Road
Level 23, MBFC Tower 3 #05-01 / 02
Singapore 018982 Singapore 068895
Tel : +65 6239 6317 Tel : 65 6398 8300
Website : www.spglobal.com/ratings Fax : 65 6398 8301
Email : ratings.request@spglobal.com Website : www.moodys.com/indonesia
Email : clientservices@moodys.com
Service rendered:
Corporates Ratings Assignment Service rendered:
Corporates Ratings
Period: 2002 – December 2023
Service rendered: 2002 – Desember 2023
CUSTODIAN
PT Kustodian Sentral Efek Indonesia
Gedung Bursa Efek Indonesia. Tower 1. Lantai 5
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190. Indonesia
Tel : (021) 5152855
Fax : (021) 52991199
Website : www.ksei.co.id
Email : helpdesk@ksei.co.id
Service rendered:
Annual Fee Year 2023, Bond Interest and Subordinated MTN Payment
Assignment Period: July 2003 – December 2023
Fees: Rp330,888,773
ANNUAL REPORT 2023 219
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
AWARDS AND CERTIFICATION
January March
31 January
16 March 29 March
Indonesia Excellence Good Corporate
SOE Corporate Communications Digital Technology & Innovation
Governance Awards 2023
and Sustainability Summit (BCOMSS) (Digitech) Award 2023
Indonesia Excellence Good Corporate Awarding Night 2023
1. The Greatest Champions of Digital
Governance Ethics in Providing Precise
1. Best Milenial TJSL Transformation & Innovation of The
and Reliable Banking Services (Category:
2. Community Involvement & Year (Banking Industries)
Conventional Bank
Development Kesehatan 2. The Best IT Governance & The
Warta Ekonomi Best Digital Workplace (Banking
Ministry of SOEs
Industries)
3. The Best CEO for Corporate Digital
January 2023 Transformation of The Year - Bapak
16 March Darmawan Junaidi, Direktur Utama
Satisfaction, Loyalty & Engagement
Award Solo Best Brand and Innovation PT Bank Mandiri (Persero) Tbk
(SBBI) 2023 4. The Best Chief Information
Stage 2 – SLE Index KBMI 4 Technology Officer of The Year -
Best Brand Kartu Bayar Digital Bapak Timothy Utama, Direktur
Majalah Infobank
(Mandiri E-Money) dan Best Digital Information Technology PT Bank
Performance SuperApp Perbankan Mandiri (Persero) Tbk
(Livin by Mandiri) 5. The Best Millennial Digital Leader of
Februari Solopos The Year – BD Budi Prasetyo
Itech
7 February
17 March
Alpha Southeast Asia 16th Annual
Best Deal & Solution Awards 2022 PR Indonesia Awards (PRIA) 2023 30 March
Transaction Banking - Best Cash 1. Owned Media Category Print Indonesia Digital Innovation Awards
Management Solution in Indonesia 2022 Media Sub Category MANDIRI 2023
MAGAZINE - #509 July 2022
Alpha Southeast Asia The Most Innovative Conventional Bank
GOLD WINNER
for The Encourage One Stop Financial
2. Owned Media Sub Category
Solution by Digitization, (Category:
Video Profile SILVER WINNER
22 February Conventional Bank).
3. CSR Program Sub Category
Foreign Exchange Awards 2023 Community Based Warta Ekonomi
Development uRban Festival
Best Foreign Exchange Banks in
BRONZE WINNER
Indonesia 2023
4. Most Popular Categories in Print
Global Finance and Online Media 2022
PR Indonesia
February 2023
Contact Center Service Excellence
25 March
Award (CCSEA)
CNBC Indonesia Top Women Fest
1. 1st Place – Regular Credit Card
2023
(Exceptional Rating)
2. 2nd Place – Priority Banking Most Inspiring and Adorable Women
(Predicate Exceptional) Leader in Banking - Ibu Alexandra
3. 2nd Place – Home Ownership Askandar, Wakil Direktur Utama PT
Credit Services (Exceptional Rating) Bank Mandiri (Persero) Tbk
4. 2nd Place – EDC Services CNBC Indonesia
(Exceptional Predicate)
5. 3rd Place – Personal Loan Services
(Exceptional Rating)
Majalah Marketing
220 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
AWARDS AND CERTIFICATION
April May
6 April 12 May
Finance Asia Award 2023 Top 100 Most Outstanding Women 2023
7 Awards on Asia’s Best Companies: 100 Influential Women in the Indonesian Financial Industry according to
1. The Best CFO - Bpk Sigit Infobank Magazine - Mrs. Alexandra Askandar, Vice President Director of PT
Prastowo, Direktur Keuangan Bank Mandiri (Persero) Tbk
dan Strategi PT Bank Mandiri
Infobank
(Persero) Tbk - Silver
2. The Best Corporate ESG
Strategy - Silver
14 May
3. The Best DEI Strategy - Bronze
4. The Best Investor Relations - 20th Bank Service Excellence Awards
Bronze 1. 3rd Place – 10 Best Banks in Excellent Service
5. The Best Large-cap - Silver 2. 1st Place - Best Performance Mobile Banking
6. The Best Overall Company - 3. 1st Place - Best Performance of ATMs in Branch Offices
Bronze 4. 1st Place - Best Performance Comfort at Prioritas Branch Office
7. The Best Financial Company – 5. 1st Place - Best Performance Chatbot
Silver 6. 2nd Place - Digital Branch Best Performance
7. 2nd Place - Best Performance SMS Banking
3 Awards in Southeast Asia: 8. 3rd Place - Excellent Service Walk-in Channel
1. The Best ESG Impact 9. 3rd Place - Best Performance of Email Service
2. The Best Sustainable Bank 10. 4th Place - Best Performance of Security Guards
3. Most Innovative Use of 11. 4th Place - Best Performance Customer Service
Technology 12. 4th Place - Best Performance of Prioritas Staff
Finance Asia 13. 5th Place - Best Performance Teller
14. 5th Place - Best Performance CRM in Public Area
15. 6th Place - Social Media Management
16. 7th Place - Best Performance Convenience in Branch Office
17. 7th Place - Best Performance Account Opening via Website
12 April 18. 7th Place - Best Performance Account Opening via Mobile App/Mobile
Browser
12th Digital Brand Awards 2023 19. 10th Place - Best Performance of ATMs in Public Area
The Best Mobile Banking Marketing Research Indonesia & Infobank
Conventional Bank (KBMI 4)
Infobank
22 May
GlobalCCU Award 2023
18 April The Best Corporate University for The Branding & Durability Category (MANDIRI
UNIVERSITY) - Gold Winner
LinkedIn Top Companies 2023
GlobalCCU
Top Companies 2023: Tempat Kerja
Terbaik Untuk Mengembangkan
Karir di Indonesia 22 May
LinkedIn CNBC Indonesia Green Business Ratings 2023
Best Green Business Banking Sector 2023
CNBC Indonesia
22 April
The Asset Award 26 May
1. 2nd Best Top Sellside Firms in Best Bank Awards 2023
the Secondary Market for IDR
Government Bonds Best Bank 2023, category: KBMI 4: (CORE CAPITAL > Rp70 TRILLION)
2. 2nd Best Top Arrangers - B-Universe Media
Investors’ Choice for Primary
Issues - IDR Government bonds
The Asset 31 May
Bisnis Indonesia Award (BIA) 2023
Best Bank in the Persero Bank Category
Bisnis Indonesia
ANNUAL REPORT 2023 221
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
AWARDS AND CERTIFICATION
June
July
2 June
5 July 25 July
The Banker’s Top 30 Asean Banks 2023
Indonesia Customer Service Quality Asia Banking Finance Awards
6th Place in ASEAN Survey 2023
2nd Place in Indonesia 1. M obile Banking & Payment
Mandiri Agen (Agen Laku Pandai Initiative of the Year
The Banker Terbaik - Predikat Excellent) 2. T he New Consumer Lending
Majalah SWA Product of the Year
13 June 3. B est Indonesia Trade Finance
Bank of the Year
World’s Best Bank 2023
24 July 4. B est Indonesia Domestic Cash
Bank Mandiri Becomes Number 1 Management Bank of the Year
Global Contact Center World
State-Owned Bank
Awards (GCWWA) Asia Banking Finance
Forbes Global 2000
1. The Best Social Media - Gold
Award
23 June 2. The Best Contact Center - Gold 26 July
Award ESG Award 2023
Tempo Index - IDN Financials 52
3. The Best Helpdesk – Gold Award
Constituent Index Tempo - IDN 4. The Best Technology Innovation - Sektor Debt and Project Financing,
Financials 52 in category: Gold Award Kategori Issuer
1. Main Index 5. The Best Use of Self Service KEHATI Foundation
2. High Dividend Technology – Silver Award
3. High Growth 6. The Best Organizational Customer
4. High Market Capitalization Service – Silver Award
7. The Best Employee Engagement 27 July
Tempo - IDN Financials
– Silver Award ESG Award 2023
Asosiasi Contact Center dan Sector Debt & Project Financing
27 June Customer Engagement Kategori Best Issuer/Borrower
Indonesia Most Powerful Women Yayasan Kehati
Business Leader 2023
25 July
Indonesia Most Extraordinary Women
Business Leaders 2023 – Mrs. Alexandra Euromoney Award for Excellence
Askandar, Vice President Director Best Bank in Indonesia
PT Bank Mandiri (Persero) Tbk
Euromoney
SWA and SWANETWORK Magazines
August
20 August 25 August
Best KEJAR Implementation Bank in 2023 KEJAR BANGKIT ASEAN Energy Award 2023
Activities
Energy Efficient Building, Retrofitted Building Category - Plaza
BUMN Mandiri
Financial Services Authority ASEAN
24 August
28 August
Bisnis Indonesia Financial Award (BIFA) 2023
Appreciation of Influential Women
Most Popular Digital Banking Application, (Category: Survey)
Influential Women in Corporate Banking Category - Mrs.
Bisnis Indonesia Alexandra Askandar, Vice President Director of PT Bank Mandiri
(Persero) Tbk
25 August Dream.co.id Dan Diadona.id
28th Infobank Banking Appreciation 2023
1. B
est of the best financial performance bank in 2022
2. B
est of the best financial performance bank KBMI 4 in 2022
3. E
xcellence financial performance bank in 15 consecutive
years (2008-2022)
4. E
xcellence financial performance bank in 2022
Bisnis Indonesia
222 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
AWARDS AND CERTIFICATION
September
2 September 21 September
PR Excellence Awards 2023 Global Transaction Banking Innovation Awards 2023
1. 3rd Place of Corporate PR of ESG Theme Best Corporate Mobile Banking App (Kopra Mobile
2. Finalist of CSR of General Theme
The Digital Banker
Indonesian Public Relations
21 September
7 September Detikcom Awards 2023
Alpha Southeast Asia Awards 2023 Category: The Most Complete Super Apps - Livin by
1. Best Foreign Exchange Bank for Corporates & Mandiri
Financial Institutions Detikcom
2. Best Foreign Exchange Bank for Hedging
Requirements 26 September
3. Best Cash Management Bank
4. Best Digital Bank Asiamoney Awards 2023
5. Best Wealth Management Bank Best Bank for Digital Solution in Indonesia
Alpha Southeast Asia Asiamoney
19 September 26 September
AIBP Innovation Awards 2023 Katadata Corporate Sustainability Award (KCSA) 2023
AIBP Enterprise Innovation Awards Finance Category - Overall Winner
ASEAN Innovation Business Platform (AIBP) Katadata
27 September
20 September
The Best SOE 2023
IDX Channel Anugerah Inovasi Indonesia (ICAII) 2023
Excellence Financial Performance SOE in 10
SUSTAINABILITY CATEGORY: Best Company with Consecutive Years (2013-2022)
innovation titled Mobilizing ESG for Sustainable Future
Infobank
IDX Channel
30 August 30 August
Merdeka Award 2023 TrenAsia ESG Award 2023
Innovative Program Categories for the Country: 1. Best of The Best CEO - Mr. Darmawan Junaidi,
President Director of PT Bank Mandiri (Persero) Tbk
1. Innovative Program of Economic Independence 2. The SOE Bank Category for Sustainability
a. Independent Innovation of Hassle-Free Loans
TrenAsia
(Smart)
b. Mandiri Digipreneur Hub (MDH) in Solo Techno
Park (STP) August 2023
c. Rumah BUMN
d. Program Rice Milling Unit (RMU) The Best Contact Center Indonesia Tahun 2023
e. Program Mandiri Sahabatku 1. T he Best Contact Center Operations - Platinum
Award
2. Innovative Program in Public Service 2. T he Best Technology Innovation - Platinum Award
a. Branch of the Future 3. The Best Business Contribution – Gold Award
4. The Best Digital Media - Gold Award
3. Innovative Programs to Support Digitalization
a. Super Apps Livin Mandiri Indonesia Contact Center Association
b. Kopra by Mandiri
c. Additional Account Opening
d. Mandiri Smart Branch
Merdeka.com
ANNUAL REPORT 2023 223
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
AWARDS AND CERTIFICATION
October November
11 October 14 November
Local Media Summit Appreciation Top 20 Financial Institution 2023
2023
1. Category: Assets Rp500 Trillion and Above with VERY GOOD rating
Best Communication and Information 2. Best CFO Category Bank version of The Finance – Mr. Sigit Prastowo,
Innovation Director of Finance and Strategy of PT Bank Mandiri (Persero) Tbk
Suara.com The Finance of Infobank Media Group
16 November
25 October Asia Marketing Excellence Awards 2023
1. Highest Debit Card Volume Marketing Company of the Year - PT Bank Mandiri (Persero) Tbk
2. Highest Active CIF for Debit Card
3. H
ighest Approval Rate Increment Asia Marketing Federation (AMF)
Debit Card
Visa Indonesia 23 November
CSA Awards 2023
Analyst’s Favorite in the Financial Sector
Asosiasi Analis Efek Indonesia
26 October
Republican CSR Awards 2023 24 November
Category: CSR for MSMEs - uRBan Sky-High Appreciation
Festival Mandiri “ACHIEVE MORE THAN TARGET” Category
Republic Dream.co.id
27 October 27 November
PR INDONESIA Jamboree (JAMPIRO) Best 50 Financial Institution Awards 2023
2023 Best Brand Popularity Digital Bank Category
Most Popular Leader Category The Iconomics
on Social Media 2023 - Mr. Rudi As
Aturridha, Corporate Secretary of PT
Bank Mandiri (Persero) Tbk 27 November
PR Indonesia Annual Report Award (ARA) 2022
1st Place, Category: Go Public Finance
Financial Services Authority, Coordinating Ministry for Affairs
31 October Economy, Ministry of SOEs, Directorate General of Taxes-Ministry of Finance,
The Best Investortrust Companies 2023 Indonesia Stock Exchange, National Committee for Government Policy
and Institute of Accountants
Best Issuer Company in Financial Indonesia
Sector
Investortrust.id
29 November
Bank Indonesia Award 2023
31 Oktober 1. Best Supporter of Rupiah Money Market Development in 2023 (Repo
Indonesia Public Relations Top Leader Award)
Awards 2023 2. Best Forex Market Development Supporters in 2023 (FX Award)
3. Conventional Banks Support the Best Forex Monetary Operation
Encouraging Positive Business Impact, Innovation in 2023
(Category: KBMI 4) - Bapak Rudi As
Aturridha, Corporate Secretary PT Bank Indonesia
Bank Mandiri (Persero) Tbk
Warta Ekonomi.co.id 30 November
Top BUMN Awards 2023
The Best CEO Category Excellent in Strategic Leadership - Mr. Darmawan
Junaidi, President Director of PT Bank Mandiri (Persero) Tbk
The Best CFO Category Excellent in Finance Transformation - Mr. Sigit
Prastowo, Director of Finance and Strategy of PT Bank Mandiri (Persero) Tbk
Indonesian Business
224 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2024
AWARDS AND CERTIFICATION
December
1 December 14 December
Top CEO Indonesia Award 2023 Digital Banking Award 2023
The Best CEO in the Largest Bank in Indonesia – Mr. KBMI Category 4 Dimensions of Collaboration
Darmawan Junaidi, President Director of PT Bank
Mandiri (Persero) Tbk InvestorTrust
Tempo & IDN Financials
14 December
5 December Investor Meeting
Mitra BUMN Champion 2023 1. Top performing SUN Main Dealers in 2022
2. Main Dealer with the best SUN quotes in 2023
Category: Best SOE Creditor/ Investor 3. Best performing SBSN Main Dealers in 2023
Ministry of SOEs 4. T he best performing SBSN Main Dealer in the primary
market in 2023
6 December Ministry of Finance
LPS Banking Awards 2023
Category: Best Bank in SCV Compliance Report: KBMI 4 20 December
(commercial banks only) Public Information Disclosure Award
Savings Guarantor Board (LPS) As a Public Body with Qualifications Towards Informative
Central Information Commission of the Republic of
7 December Indonesia
Marketeer of The Year Award
Best Commercial Banking Industry and Marketeer of The 20 December
Year - Mr. Darmawan Junaidi, President Director of PT Indonesia Most Trusted Companies Award 2023
Bank Mandiri (Persero) Tbk
Most Trusted Company Based on Corporate
Marketeer Magazine Governance Perception Index (CGPI)
IICG & SWA
13 December
CNBC Indonesia Awards 2023 22 December
1. Top Bank Consistent Profit with Best GCG and Solid Global Finance Award 2023
Performance.
2. Best inventive Banking Super App in Indonesia. Best Private Bank in Indonesia
3. Most Influential & Adaptive Financial Leader Majalah Global Finance
Marketeer Magazine
Certification
• ISO 37001:2016 Anti-Bribery management System
• ISO 9001:2015 Operation and Development of Data Center, DRC & IT Infrastructure
• ISO 20000-1:2018 IT Service Management
• ISO/IEC 27001 Provision and Development of Infrastructure and Operational DC & DRC
• ISO 27001:2013 Information Security Management System
• ISO 17025:2017 for CISO Office Group Digital Forensic Laboratory
ANNUAL REPORT 2023 225
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
INFORMATION ON
BANK MANDIRI WEBSITE
In compliance with POJK No. 8/POJK.04/2015
regarding the websites of issuers or public companies,
Bank Mandiri official website http:// www.
BUSINESS
bankmandiri.co.id. has been updated with various This menu provides information related to Bank
latest information related to the company. In addition Mandiri’s banking service for business community
to disclosing general information, the company’s including: Deposits, Loan, Corporate Card, Cash
website also discloses more specific information as Management, Trade Finance, and Treasury.
follows:
1. Group Structure of Bank Mandiri
2. Bank Mandiri stock ownership information PRIORITY
3. Board of Directors and Board of Commissioners
Menu containing information about Wealth
Profile
Management services and products at Bank Mandiri,
4. Financial performance analysis
which is specifically for the Mandiri Prioritas and
5. Annual and quarterly financial statement in the Mandiri Private customer segments.
last 5 years or more.
6. Annual report within past 5 years or more
(downloadable).
7. Annual GMS and/or EGMS Invitations. ABOUT MANDIRI
8. Annual GMS and/or EGMS Resolutions.
9. Disclosure for Media and Analyst Briefing This menu provides information about: Corporate,
10. Charter of the Board of Commissioners, Directors, Mandiri Group, Investor Relations, Good Corporate
Governance, Mandiri CSR and Career.
Committee and Internal Audit Unit.
11. Code of Conduct Good Corporate Governance sub-menu discloses
information about Governance Structure,
Bank Mandiri website is updated with an informative Governance Process, and Governance Outcome
and interactive feature to help customers find as well as other Corporate Governance information
information about Bank Mandiri, particularly such as ASEAN Corporate Governance Scorecard,
GMS, and GCG Implementation.
regarding products and services. Website menu is
The Investor Relation submenu effectively, efficiently,
grouped as follows: and transparently provides investors with information
that includes Annual Report, Sustainability Report,
and Bank Mandiri’s current financial condition and
stock.
Bank Mandiri has also provided menu on public
HOMEPAGE information to fulfil information transparent rules that
stipulated according to the role of Information and
Bank Mandiri website homepage displays several Documentation Management Executive (PPID).
menus including Mandiri Highlight, Economic Review,
News and Release, Foreign Currency Information,
calculator, and Mandiri Chat.
HELP
This menu provides Frequently Asked Question (FAQ)
related to all products and services provided by the
Company, as well as online applications that help
INDIVIDUAL customers report card lost.
This menu provides information related to Bank
Mandiri’s banking service for individual customers
including: Deposits, Loan, Credit Card, e-Banking, MANDIRI CHAT-MITA
and Investment & Insurance.
To improve its customer service quality, Bank Mandiri
introduces Mandiri Intelligence Assistant (MITA)
feature, a chatting application-based information
service to provide customers with live, easy, and
quick access of information.
226 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD
OF COMMISSIONERS, DIRECTORS, COMMITTEES,
CORPORATE SECRETARY, INTERNAL AUDIT UNIT
AND RISK MANAGEMENT
Competence Development for the Board of Coomissioners
Name Position Training / Seminar Organizers Location Date
Muhamad Chatib President World Economic Forum World Economic Davos, Swiss 16-20 January
Basri Commissioner/ Forum 2023
Independent
Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 Februari 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 Juni 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 Juli 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 Juli 2023
Security
GRC Masterclass: Risk BUMN Leadership Jakarta 07 September
Management Effectiveness & Management 2023
Evaluation Institute (BLMI)
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 Desember
2024 & m-DNA 2023
Andrinof A. Vice President Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 Februari 2023
Chaniago Commissioner/
Asean Global Leadership SRW & Co. Barcelona 15 - 19 Mei 2023
Independent
Programme (AGLP): Shapping
The Future With Leadership
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Pemeringkat BLMI Jakarta 10 August 2023
dan Penerbitan Efek Bersifat
Utang & Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September
Management Effectiveness 2023
Evaluation
Risk Management Certification LPPI Jakarta 29 September
Refreshment - Executive Program 2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Rionald Commissioner Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Silaban
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Boedi Independent The Urgency of Extending Credit LPPI Jakarta 19 January 2023
Armanto* Commissioner Restructuring Policy
Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Faried Utomo Commissioner Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
ANNUAL REPORT 2023 227
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Arif Commissioner Refreshment Program: ESG Risk BSMR Jakarta 22 February 2023
Budimanta Management
Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
GRC Masterclass: Risk BLMI Jakarta 07 September
Management Effectiveness 2023
Evaluation
Asean Global Leadership SRW & Co. Chicago - USA 15-22 September
Programme (AGLP): Leading 2023
Innovation in Global Economic
Recovery
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December
2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Nawal Nely Commissioner Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
GRC Masterclass: Risk BLMI Jakarta 07 September
Management Effectiveness 2023
Evaluation
Forum for Strengthening Ministry of SOE - OJK DI Yogyakarta 26 September
Governance & Integrity 2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Loeke Independent Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Larasati Commissioner
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Agoestina
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September
Management Effectiveness 2023
Evaluation
Executive Risk Management LPPI Amsterdam, 21-29 October
Refresher Program: ESG and Paris 2023
Business Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 Desember
2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
228 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Muliadi Rahardja Independent Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Commissioner
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
Executive Risk Management LPPI Amsterdam, 21-29 October
Refresher Program: ESG and Paris 2023
Business Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December
2023
BOC Retreat : Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Dissemination of Technical Ministry of SOE Jakarta 20 December
Guidelines on Risk Maturity 2023
Index (RMI) Assessment in SOE
Environment
M. Yusuf Ateh Commissioner Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
Heru Kristiyana**) Independent Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Commissioner
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
Webinar: Carbon Exchange and LPPI Jakarta 21 November
Its Opportunities for Indonesia’s 2023
Financial Sector
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December
2023
Seminar Jenjang 6: Climate Risk BARa Risk Forum Jakarta 07 December
Stress Testing, Carbon Pricing, 2023
Bursa Karbon Indonesia
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
Zainudin Amali***) Independent Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Commissioner
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
Risk Management Training for LPPI Jakarta 29-30 May, 05
Commercial Bank Commissioner Juni 2023
Candidates
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December
2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December
2024 & m-DNA 2023
*) Tenure was ended as of 14 March 2023 based on the Resolution of Bank Mandiri’s Annual GMS.
**) Appointed at the Annual GMS and has passed the fit and proper test on 21 August 2023.
***) Appointed at the annual GMS and has passed the fit and proper test on 6 November 2023.
ANNUAL REPORT 2023 229
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for the Board of Directors
Name Position Training / Seminar Organizers Location Date
Darmawan President Director Risk Management Certification LSPP Jakarta 29 September
Junaidi Refreshment 2023
Alexandra Vice President Risk Management Certification LSPP Jakarta 29 September
Askandar Director Refreshment 2023
Ahmad Siddik Director of Risk ERM and Cyber Security : How BARa Risk Forum Jakarta 26 July 2023
Badruddin Management to Mitigate and Protect
Agus Dwi Director of Pelatihan Refreshment LPPI Jakarta 29 November 2023
Handaya Compliance & HR Manajemen Risiko Jenjang 7
Panji Irawan*) Director of Treasury
& International - - - -
Banking
Riduan Director of Managing Commercial Credit Asta Jakarta 6 January 2023
Commercial in the Face of Potential 2023
Banking Webinar
Aquarius Director of Network Chief Business Development Kementerian BUMN Bali 11 March 2023
Rudianto & Retail Banking Officer (CBDO) Cohort II in
2023
Risk Management Certification BARa Risk Forum Online 7 December 2023
Refreshment 9 Level 6 & 7 in
2023
Susana Indah K Director of Kick Off Global Banking Bank Mandiri Jakarta 20 January 2023
Indrianti Corporate Program
Banking
Workshop Esg Financing & Bank Mandiri Jakarta 5 April 2023
Energy Transition Mechanism
Financing
Risk Management Refreshment LPPI Jakarta 29 November 2023
Training Level 7
Rohan Hafas Director of Risk Management Refreshment LPPI Jakarta 29 November 2023
Institutional Training Level 7
Relations
Toni Eko Boy Director of Operation Talks - Vol 2 Bank Mandiri Jakarta 10 February 2023
Subari Operation
Operation Talks - Vol 3 Bank Mandiri Jakarta 10 March2023
Operation Talks - Vol 6 Bank Mandiri Jakarta 28 July 2023
Operation Talks - Vol 7 Bank Mandiri Jakarta 27 October 2023
Risk Management Refreshment LPPI Jakarta 29 November 2023
Training Level 7
Sigit Prastowo Director of Finance The Importance of Maisa Edukasi Jakarta 22 February 2023
& Strategy Cybersecurity in Bank
Digitalization and Its Relation
to Operational Risk
Timothy Utama Director of Kick Off Global Banking Bank Mandiri Jakarta 20 Januariy 2023
Information & Program
Technology
Risk Management Refreshment LPPI Jakarta 29 November 2023
Training Level 7
Eka Fitria**) Director of Treasury Risk Management Debriefing LPPI Jakarta 20 June 2023
& International Training for Prospective
Banking Directors
*) Tenure was ended as of 14 March 2023 based on the Resolution of Bank Mandiri’s Annual GMS.
**) Appointed at the Annual GMS and has passed the fit and proper test on 21 August 2023.
230 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for the Audit Committee
Name Position Training / Seminar Organizers Location Date
Heru Kristiyana Chairman Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
concurrently Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
Member
Refreshment Program: Creating Value BARa Risk Forum Jakarta 24 August 2023
in A Fast Changing Banking World
Webinar: Carbon Exchange and Its LPPI Jakarta 21 November 2023
Opportunities for Indonesia’s Financial
Sector
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
Seminar Jenjang 6: Climate Risk Stress BARa Risk Forum Jakarta 07 December 2023
Testing, Carbon Pricing, Bursa Karbon
Indonesia
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Muhamad Chatib Member World Economic Forum World Economic Davos, Swiss 16-20 January 2023
Basri Forum
Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 Juli 2023
GRC Masterclass: Risk Management BUMN Leadership Jakarta 07 September 2023
Effectiveness Evaluation & Management
Institute (BLMI)
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Andrinof A. Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Chaniago Asean Global Leadership Programme SRW & Co. Barcelona 15 - 19 May 2023
(AGLP): Shapping The Future With
Leadership
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and Issuance BLMI Jakarta 10 Agustus 2023
of Debt Securities & Sukuk (EBUS)
GRC Masterclass: Risk Management BLMI Jakarta 07 September 2023
Effectiveness Evaluation
Risk Management Certification LPPI Jakarta 29 September 2023
Refreshment - Executive Program
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Muliadi Rahardja Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and Issuance BLMI Jakarta 10 August 2023
of Debt Securities & Sukuk (EBUS)
Executive Risk Management LPPI Amsterdam, 21-29 October 2023
Refresher Program: ESG and Business Paris
Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
BOC Retreat : Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Dissemination of Technical Guidelines Ministry of SOE Jakarta 20 December 2023
on Risk Maturity Index (RMI) Assessment
in SOE Environment
ANNUAL REPORT 2023 231
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Loeke Larasati A. Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and Issuance BLMI Jakarta 10 August 2023
of Debt Securities & Sukuk (EBUS)
GRC Masterclass: Risk Management BLMI Jakarta 07 September 2023
Effectiveness Evaluation
Executive Risk Management LPPI Amsterdam, 21-29 October 2023
Refresher Program: ESG and Business Paris
Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Rasyid Darajat Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Coordination Meeting: Bringing BPKP Jakarta 08 February 2023
P3DN Towards Domestic Industry
Independence
Webinar: Lesson Learned of Silicon LPPI Jakarta 06 April 2023
Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and Issuance BLMI Jakarta 10 August 2023
of Debt Securities & Sukuk (EBUS)
GRC Masterclass: Risk Management BLMI Jakarta 07 September 2023
Effectiveness Evaluation
Forum for Strengthening Governance Kementerian BUMN DI Yogyakarta 26 September 2023
& Integrity – OJK
Webinar: Carbon Exchange and Its LPPI Jakarta 21 November 2023
Opportunities for Indonesia’s Financial
Sector
Pembekalan Certification in Audit Ikatan Komite Jakarta 28-30 November
Committee Practices (CACP) Audit Indonesia 2023
(IKAI)
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
Refreshment Program: ESG Maturity BARa Risk Forum Jakarta 08 December 2023
Assessment, Climate Disclosure
Standards, Sustainability Disclosure
Standards
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
232 PT Bank Mandiri (Persero) Tbk
Page 235
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Rubi Pertama Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Coordination Meeting: Bringing BPKP Jakarta 08 February 2023
P3DN Towards Domestic Industry
Independence
Webinar: Lesson Learned of Silicon LPPI Jakarta 06 April 2023
Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and Issuance BLMI Jakarta 10 August 2023
of Debt Securities & Sukuk (EBUS)
GRC Masterclass: Risk Management BLMI Jakarta 07 September 2023
Effectiveness Evaluation
Webinar: Carbon Exchange and Its LPPI Jakarta 21 November 2023
Opportunities for Indonesia’s Financial
Sector
Training for Certification in Audit Ikatan Komite Jakarta 28-30 November
Committee Practices (CACP) Audit Indonesia 2023
(IKAI)
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
Refreshment Program: ESG Maturity BARa Risk Forum Jakarta 08 December 2023
Assessment, Climate Disclosure
Standards, Sustainability Disclosure
Standards
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
ANNUAL REPORT 2023 233
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for the Remuneration & Nomination Committee
Name Position Training / Seminar Organizers Location Date
Muhamad Chairman World Economic Forum World Economic Davos, Swiss 16-20 January 2023
Chatib Basri concurrently Forum
Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 1 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: Risk Management BUMN Leadership Jakarta 7 September 2023
Effectiveness Evaluation & Management
Institute (BLMI)
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Andrinof A. Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 1 February 2023
Chaniago Asean Global Leadership SRW & Co. Barcelona 15 - 19 May 2023
Programme (AGLP): Shapping The
Future With Leadership
Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities & Sukuk
(EBUS)
GRC Masterclass: Risk Management BLMI Jakarta 7 September 2023
Effectiveness Evaluation
Risk Management Certification LPPI Jakarta 29 September 2023
Refreshment - Executive Program
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Muliadi Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 1 February 2023
Rahardja Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For Auditor BLMI Jakarta 13 July 2023
Refreshment Program: Cyber Security BARa Risk Forum Jakarta 26 July 2023
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities & Sukuk
(EBUS)
Executive Risk Management LPPI Amsterdam, Paris 21-29 October 2023
Refresher Program: ESG and Business
Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 7 December 2023
BOC Retreat : Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Dissemination of Technical Guidelines Jakarta 20 December 2023
on Risk Maturity Index (RMI) Ministry of SOE
Assessment in SOE Environment
Rionald Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 1 February 2023
Silaban Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing Banking
World
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
234 PT Bank Mandiri (Persero) Tbk
Page 237
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Arif Member Refreshment Program: ESG Risk BSMR Jakarta 22 February 2023
Budimanta Management
Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
GRC Masterclass: Risk Management BLMI Jakarta 7 September 2023
Effectiveness Evaluation
Asean Global Leadership Programme SRW & Co. Chicago - USA 15-22 September
(AGLP): Leading Innovation in Global 2023
Economic Recovery
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 7 December 2023
BOC Retreat: Economy Outlook 2024 Bank Mandiri Bali 15 December 2023
& m-DNA
Steven Non-Voting Redesiging Employee Experince - Bank Mandiri Jakarta 15 February 2023
Augustino Y.*) Member Bootcamp (Visioning Workshop)
Concurrently Mandirian DNA Retreat Bank Mandiri Jakarta 21 July 2023
Secretary
Co Creating Future Mandirian 2023 : Bank Mandiri Jakarta 29 August 2023
Business Leaders Who Always Deliver
And Ahead
Bara Risk Forum : Creating Value In A BARa Risk Forum Jakarta 24 August 2023
Fast Changing Banking World
Risk Management Refreshment BARa Risk Forum Jakarta 24 August 2023
Levels 4, 5, 6, and 7: Asset Liability
Management
AKHLAK Town Hall Mandiri Group Bank Mandiri Jakarta 24 July 2023
ESG Awareness Level 1 - Tahap 2 Bank Mandiri Jakarta 10 August 2023
Votivia M. **) Anggota Redesiging Employee Experince - Bank Mandiri Jakarta 15 February 2023
Non Voting Bootcamp (Visioning Workshop)
Member Bank Mandiri Jakarta 21 March 2023
Merangkap Compliance & HR Directorate
Sekretaris Working Meeting
Non-Voting Workshop Business Bank Mandiri Jakarta 28 March 2023
Member Transformation Plan 2023-2032
Concurrently Mandirian Siap Jadi Digital : Digital Bank Mandiri Jakarta 14 June 2023
Secretary Governance
Advancing The World Of Work Forum Human Bali 24 August 2023
Through Sustainable Business Capital Indonesia
Enterprise (FHCI)
Strategic Awareness : Pelindungan Bank Mandiri Jakarta 19 October 2023
Data Pribadi
Human Capital Operating Model Bank Mandiri Jakarta 21 November 2023
Business Transformation Plan 2023 - Bank Mandiri Jakarta 17 May 2023
2032
Bank Mandiri Jakarta 9 June 2023
Security Awareness Level 2
Certification
Bank Mandiri Jakarta 6 October 2023
Compliance Test in 2023
*) Ended his tenure since 30 November 2023
**) Started his tenure since 01 December 2023
ANNUAL REPORT 2023 235
Page 238
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for the Risk Monitoring Committee
Name Position Training / Seminar Organizers Location Date
Andrinof A. Chairman & Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Chaniago
Asean Global Leadership SRW & Co. Barcelona 15 - 19 May 2023
Programme (AGLP): Shapping
The Future With Leadership
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Risk Management Certification LPPI Jakarta 29 September 2023
Refreshment - Executive
Program
Arif Member Refreshment Program: ESG Risk BSMR Jakarta 22 February 2023
Budimanta Management
Sharing Session: Cyber Attack Bank Mandiri Jakarta 8 June 2023
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Asean Global Leadership SRW & Co. Chicago - 15-22 September
Programme (AGLP): Leading USA 2023
Innovation in Global Economic
Recovery
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
Heru Kristiyana Member Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 Juli 2023
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing
Banking World
Webinar: Carbon Exchange and LPPI Jakarta 21 November 2023
Its Opportunities for Indonesia’s
Financial Sector
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
Seminar Jenjang 6: Climate Risk BARa Risk Forum Jakarta 07 December 2023
Stress Testing, Carbon Pricing,
Bursa Karbon Indonesia
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
236 PT Bank Mandiri (Persero) Tbk
Page 239
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Nawal Nely Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
Refreshment Program: Creating BARa Risk Forum Jakarta 24 August 2023
Value in A Fast Changing
Banking World
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Forum for Strengthening Kementerian BUMN DI 26 September 2023
Governance & Integrity – OJK Yogyakarta
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
Loeke Larasati A. Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Executive Risk Management LPPI Amsterdam, 21-29 October 2023
Refresher Program: ESG and Paris
Business Sustainability
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
Chrisna Pranoto Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Financial Services Risk Indonesia Risk Jakarta 03 March 2023
Management Profession Management
Annual Kick off Meeting 2023: Professional
Challenges and Opportunities Association
of the Risk Management (IRMAPA)
Profession and Achievement of
Sustainable Financial Goals
Webinar: Lesson Learned of LPPI Jakarta 06 April 2023
Silicon Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
ANNUAL REPORT 2023 237
Page 240
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
POJK Socialization on the OJK Jakarta 19 September 2023
Implementation of Governance
for Commercial Banks
Socialization of Technical Kementerian BUMN Jakarta 14 November 2023
Guidelines for the Preparation
of Key Performance Indicators
(KPI) in SOEs
Webinar: Carbon Exchange and LPPI Jakarta 21 November 2023
Its Opportunities for Indonesia’s
Financial Sector
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
Caroline Halim Member Mandiri Investment Forum 2023 Bank Mandiri Jakarta 01 February 2023
Financial Services Risk Indonesia Risk Jakarta 03 March 2023
Management Profession Management
Annual Kick off Meeting 2023: Professional
Challenges and Opportunities Association
of the Risk Management (IRMAPA)
Profession and Achievement of
Sustainable Financial Goals
Webinar: Lesson Learned of LPPI Jakarta 06 April 2023
Silicon Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post IPO BLMI Jakarta 10 August 2023
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass : Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Socialization of Technical Kementerian BUMN Jakarta 14 November 2023
Guidelines for the Preparation
of Key Performance Indicators
(KPI) in SOEs
Webinar: Carbon Exchange and LPPI Jakarta 21 November 2023
Its Opportunities for Indonesia’s
Financial Sector
Risk & Governance Summit 2023 OJK Jakarta 30 November 2023
Mandiri Sustainability Forum 2023 Bank Mandiri Jakarta 07 December 2023
Refreshment Program: BARa Risk Forum Jakarta 08 December 2023
ESG Maturity Assessment,
Climate Disclosure Standards,
Sustainability Disclosure
Standards
BOC Retreat: Economy Outlook Bank Mandiri Bali 15 December 2023
2024 & m-DNA
238 PT Bank Mandiri (Persero) Tbk
Page 241
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for the Integrated Governance Committee
Name Position Training / Seminar Organizers Location Date
Muhamad Chatib Chairman and World Economic Forum World Economic Forum Davos, Swiss 16-20 January 2023
Basri Member
Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: Risk BUMN Leadership & Jakarta 07 September 2023
Management Effectiveness Management Institute
Evaluation (BLMI)
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
Andrinof A. Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
Chaniago 2023
Asean Global Leadership SRW & Co. Barcelona 15 - 19 May 2023
Programme (AGLP): Shapping
The Future With Leadership
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
GRC Masterclass: IPO & Post BLMI Jakarta 10 August 2023
IPO
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 7 September 2023
Management Effectiveness
Evaluation
Risk Management LPPI Jakarta 29 September 2023
Certification Refreshment -
Executive Program
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
ANNUAL REPORT 2023 239
Page 242
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Loeke Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
Larasati 2023
Agoestina
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
Mandiri ESG Festival Bank Mandiri Jakarta 12 July 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post BLMI Jakarta 10 August 2023
IPO
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Executive Risk Management LPPI Amsterdam, 21-29 October 2023
Refresher Program: ESG and Paris
Business Sustainability
Mandiri Sustainability Forum Bank Mandiri Jakarta 07 December 2023
2023
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
Zainudin Amali*) Member Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: BARa Risk Forum Jakarta 24 August 2023
Creating Value in A Fast
Changing Banking World
Risk Management Training LPPI Jakarta 29-30 May, 05 June
for Commercial Bank 2023
Commissioner Candidates
Mandiri Sustainability Forum Bank Mandiri Jakarta 07 December 2023
2023
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
Faried Utomo Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
2023
Refreshment Program: BARa Risk Forum Jakarta 24 August 2023
Creating Value in A Fast
Changing Banking World
M. Yusuf Ateh Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
2023
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: BARa Risk Forum Jakarta 24 August 2023
Creating Value in A Fast
Changing Banking World
Chrisna Pranoto Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
2023
Financial Services Risk Indonesia Risk Jakarta 03 March 2023
Management Profession Management
Annual Kick off Meeting 2023: Professional Association
Challenges and Opportunities (IRMAPA)
of the Risk Management
Profession and Achievement
of Sustainable Financial Goals
240 PT Bank Mandiri (Persero) Tbk
Page 243
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Webinar: Lesson Learned of LPPI Jakarta 06 April 2023
Silicon Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post BLMI Jakarta 10 August 2023
IPO
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
POJK Socialization on OJK Jakarta 19 September 2023
the Implementation of
Governance for Commercial
Banks
Socialization of Technical Kementerian BUMN Jakarta 14 November 2023
Guidelines for the Preparation
of Key Performance Indicators
(KPI) in SOEs
Webinar: Bursa Karbon dan LPPI Jakarta 21 November 2023
Peluangnya bagi Sektor
Keuangan Indonesia
Mandiri Sustainability Forum Bank Mandiri Jakarta 07 December 2023
2023
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
Rasyid Darajat Member Mandiri Investment Forum Bank Mandiri Jakarta 01 February 2023
2023
Coordination Meeting: BPKP Jakarta 08 February 2023
Bringing P3DN Towards
Domestic Industry
Independence
Webinar: Lesson Learned of LPPI Jakarta 06 April 2023
Silicon Valley Bank Case
Sharing Session: Cyber Attack Bank Mandiri Jakarta 08 June 2023
GRC Masterclass: Audit TI BLMI Jakarta 27 June 2023
GRC Masterclass: ESG For BLMI Jakarta 13 July 2023
Auditor
Refreshment Program: Cyber BARa Risk Forum Jakarta 26 July 2023
Security
GRC Masterclass: IPO & Post BLMI Jakarta 10 August 2023
IPO
GRC Masterclass: Rating and BLMI Jakarta 10 August 2023
Issuance of Debt Securities &
Sukuk (EBUS)
GRC Masterclass: Risk BLMI Jakarta 07 September 2023
Management Effectiveness
Evaluation
Forum for Strengthening Kementerian BUMN DI 26 September 2023
Governance & Integrity – OJK Yogyakarta
Webinar: Carbon Exchange LPPI Jakarta 21 November 2023
and Its Opportunities for
Indonesia’s Financial Sector
Pembekalan Certification in Ikatan Komite Audit Jakarta 28-30 November 2023
Audit Committee Practices Indonesia (IKAI)
(CACP)
ANNUAL REPORT 2023 241
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Mandiri Sustainability Forum Bank Mandiri Jakarta 07 December 2023
2023
Refreshment Program: BARa Risk Forum Jakarta 08 December 2023
ESG Maturity Assessment,
Climate Disclosure Standards,
Sustainability Disclosure
Standards
BOC Retreat: Economy Bank Mandiri Bali 15 December 2023
Outlook 2024 & m-DNA
Boedi Armanto Representative Refreshment IT Cyber Risk for LPPI Online 10 July 2023
Member of PT Board of Commissioners
Mandiri Sekuritas
Carbon Exchanges and Their LPPI Online 21 November 2023
Opportunities
for the Financial Sector
Indonesia
Hoesen Representative Sustainable Finance Rotterdam School of Belanda 12 December 2023
Member of PT Management Erasmus
Mandiri Sekuritas University
Agus Retmono Representative Potential Global Economic ISEA Online 31 October 2023
Member of PT Recession and impact on
AXA Mandiri Insurance Business Risk in
Financial Indonesia
Services
Fendy Eventius Representative Basic Certification of LSPPI Jakarta 30 August 2023
Mugni Member of PT Commissioners
Mandiri Tunas
Finance
Kusman Yandi Representative Basic Certification of APPI Jakarta 30 August 2023
Member of PT Commissioners
Mandiri Utama
Risk Management SPPI Jakarta 23 November 2023
Finance
Certification
Alamanda Representative HBS online leading with Harvard Business School Online June 2023
Shantika Member of PT finance
Mandiri Capital
Indonesia
Prastoeti Representative The 15th IHEA World Congress International Health Online 9 July 2023
Soewondo Member of on Health Economics Experts Association
PT Asuransi (IHEA)
Jiwa Inhealth
Indonesia
Mohamad Nasir Representative Knowlldge Sharing Forum (KSF PT. Bank Syariah Jakarta 23 August 2023
Member of PT pengendalian Gratifikasi Indonesia
Bank Syariah
Top Executive Learning PT. Bank Syariah Jakarta 19 September 2023
Indonesia
Program : Professional Indonesia
Judgment and Decision
Making
Mohamad Representative BSI Global Islamic Finance PT. Bank Syariah Jakarta 15 Februariy 2023
Hidayat Member of PT Indonesia
Bank Syariah
Indonesia
242 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for Corporate Secretary
Name Position Training / Seminar Organizers Location Date
Rudi As’ Aturridha Corporate Secretary 28 February
Workshop Spc Group Tahun 2023 Mandiri University Bogor
2023
The Rising Tide Of Third-Party Virtual
Mandiri University 26 June 2023
(Vendor) Risk (Operapodcast) Classroom
Co Creating Future Mandirian
2023 : Business Leaders Who Mandiri University Jakarta 29 August 2023
Always Deliver And Ahead
Strategic Business Leaders - 9 September
Mandiri University Yogyakarta
Leading For Impact 2023
Sharing Session Board Of Virtual 3 October
Mandiri University
Commissioners (BOC) Classroom 2023
Teuku Ali Usman Corporate Secretary Webinar Edukasi Investasi Road To Virtual 20 January
Mandiri University
Livin Investasi Sbn Classroom 2023
20 January
Kick Off Global Banking Program Mandiri University Jakarta
2023
Wholesale Coverage Solution 23 February
Mandiri University Jakarta
Development Program 2023
27 s.d 28
Workshop Spc Group Tahun 2023 Mandiri University Bogor
February 2023
Postur & Flow Apbn Mandiri University Jakarta 9 August 2023
Co Creating Future Mandirian
2023 : Business Leaders Who Mandiri University Jakarta 29 August 2023
Always Deliver And Ahead
7 s.d 9
Strategic Business Leaders -
Mandiri University Yogyakarta September
Leading For Impact
2023
Virtual
Akhlak Town Hall Mandiri Group Mandiri University 24 July 2023
Classroom
ANNUAL REPORT 2023 243
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Competence Development for Internal Audit and Risk Management
Name Position Training / Seminar Organizers Location Date
Danis Subyantoro Internal Audit IIA Indonesia National Conference Institute of Internal Offline 30 August 2023
2023 Auditors Indonesia
Standard Workshops Don’t Have to Institute of Internal Offline 1 September 2023
Be Rigid Auditors Indonesia
Risk Management Refreshment Mandiri University Offline 29 November
Training Level 7 2023
Ade Hasballah Retail Audit Data/Information Security & Mandiri University Offline 28 March 2023
Abudullah Responsibility of All Individuals
Popcorn Podcast: Latest Tax Mandiri University Offline 21 March2023
Regulation Updates and Its Impact
on Banking
Mandirian Ready to Go Digital: Mandiri University Online 12 April 2023
Digital Based Product and Service
Mandirian Ready to Go Digital: Mandiri University Online 3 May 2023
Mandirian Ready to Go Digital: Mandiri University Online 17 May 2023
Artificial Intelligence
Mandirian Ready to Go Digital: Mandiri University Online 14 June 23
Digital Governance
Mandirian Ready to Go Digital: Mandiri University Online 12 July 2023
Digital Risk Management
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Learning about the PDP (Personal Mandiri University Online 24 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 3 August 2023
Management
Deni Hendra IT Audit Financial Services Sector Regulation Mandiri University Hybrid 31 January 2023
Permana Update (Personal Data Protection)
Risk Management Certification LSP Online 16 February 2023
Refreshment
IIA Indonesia National Conference Institute of Internal Offline 30 August 2023
2023 Auditors Indonesia
Standard Workshops Don’t Have to Institute of Internal Offline 1 September 2023
Be Rigid Auditors Indonesia
Execution of New Products (PPB) Mandiri University Online 30 January 2023
Mindha Erdismina Wholesale & Financial Technology & Badan Sertifikasi Online 16 March 2023
Corporate Cybersecurity for Sustainable Manajemen Risiko
Center Audit Business Development
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Execution of New Products (PPB) Mandiri University Online 28 January 2023
Operalearning : Operational Risk Mandiri University Online 11 August 2023
Management
Asep Syaeful Senior CAFM (Certified Anti Fraud Asia Anti Fraud Online 10 May 2023
Rochman Investigator Manager) Refreshment and Manajemen
Recertification
IIA Indonesia National Conference Institute of Internal Offline 30 August 2023
2023 Auditors Indonesia
Standard Workshops Don’t Have to Institute of Internal Offline 1 September 2023
Be Rigid Auditors Indonesia
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
244 PT Bank Mandiri (Persero) Tbk
Page 247
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Partnership Investigation with CPC Mandiri University Offline 23 November
2023
Execution of New Products (PPB) Mandiri University Online 30 January 2023
Learning about the PDP (Personal Mandiri University Online 4 August 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 9 August 2023
Management
Rossiyana Internal Audit Oil & Gas Expertise: “Assessing Oil Mandiri University Online 15 March 2023
and Gas Operator Companies That
Are Worthy of Bank Financing”
Webinar of Legal Series “Risk Mandiri University Online 12 September
Mitigation and Law Enforcement of 2023
Digital-Based Financial Crimes”
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Mandirian Ready to Go Digital: Mandiri University Online 18 October 2023
Artificial Intelligence
Mandirian Ready to Go Digital: Mandiri University Online 1 November 2023
Cyber Security
Anti-Fraud Strategies Mandiri University Online 25 May 2023
Security Awareness Level 2 Mandiri University Online 27 July 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 26 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 10 August 2023
Management
Mandatory E-Learning of Anti Fraud Mandiri University Online 31 October 2023
Strategy - Phase 2
Harry Santoso Retail Audit Training & Sertfikasi Competency Mandiri University Offline 15 June 2023
Based Interview (CBI)
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Webinar Risk Series Mandiri University Online 13 July 2023
Bank Internal Auditor Association Ikatan Auditor Intern Offline 12 July 2023
2023 National Conference Bank (IAIB)
Webinar Risk Series Mandiri University Online 7 September 2023
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Mandirian Ready to Go Digital: Mandiri University Online 18 October 2023
Artificial Intelligence
Anti-Fraud Strategies Mandiri University Online 25 May 2023
Security Awareness Level 2 Mandiri University Online 5 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 26 Juli 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 3 August 2023
Management
Compliance Test 2023 Mandiri University Online 8 September 2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 17 Oktober 2023
Strategy - Phase 2
ANNUAL REPORT 2023 245
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Rosyihan Anwar Retail Audit Financial Services Sector Regulation Mandiri University Hybrid 31 January 2023
Update (Personal Data Protection)
Training and Certification of Mandiri University Offline 13 June 2023
Competency Based Interview (CBI)
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Bank Internal Auditor Association Ikatan Auditor Intern Offline 12 July 2023
2023 National Conference Bank (IAIB)
Webinar Risk Series Mandiri University Online 7 September 2023
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Mandirian Ready to Go Digital: Mandiri University Online 4 October 2023
Data Analytics
Mandirian Siap Jadi Digital: Artificial Mandiri University Online 18 October 2023
Intelligence
Execution of New Products (PPB) Mandiri University Online 25 January 2023
Anti-Fraud Strategies Mandiri University Online 26 May 2023
Security Awareness Level 2 Mandiri University Online 5 June 2023
(Leaders) Certification
Operalearning: Operational Risk Mandiri University Online 11 August 2023
Management
Compliance Test 2023 Mandiri University Online 7 September 2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 30 October 2023
Strategy - Phase 2
Susilo Parnanto Retail Audit The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Webinar Risk Series Mandiri University Online 7 September 2023
Mandirian Ready to Go Digital: UX Mandiri University Online 6 September 2023
Analysis
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Mandirian Ready to Go Digital: Mandiri University Online 15 November
Digital Governance 2023
Execution of New Products (PPB) Mandiri University Online 20 January 2023
Anti-Fraud Strategies Mandiri University Online 22 May 2023
Security Awareness Level 2 Mandiri University Online 5 Juni 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 4 August 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 4 Agustus 2023
Management
Compliance Test 2023 Mandiri University Online 5 September 2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 18 October 2023
Strategy - Phase 2
246 PT Bank Mandiri (Persero) Tbk
Page 249
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Upik Trisda Operational Risk Update Regulasi Sektor Jasa
Leawaty Keuangan (Perlindungan Data Mandiri University Jakarta 31 January 2023
Pribadi)
IT Risk Management: The Virtual
Mindzallera 27 February 2023
Accelerated Approach Classroom
27-28 February
Workshop Spc Group Tahun 2023 Mandiri University Bogor
2023
Leadership Mnr : The Abc For
Dynamic Risk Management To Mandiri University Bali 3 March 2023
Strive Through 2023 And Beyond
Financial Technology &
Badan Sertifikasi Virtual
Cybersecurity For Suistanable 16 March 2023
Manajemen Risiko Classroom
Business Development
IT Risk & Cyber Security Forum Mandiri University Jakarta 14 June 2023
Mandiri Advanced Senior Leaders
Mandiri University Bali 3-7 July 2023
Program (Maslp) Modul 1
Virtual
Akhlak Town Hall Mandiri Group Mandiri University 24 July 2023
Classroom
Mandiri Advanced Senior Leaders
Mandiri University Bali 7-11 August 2023
Program (Maslp) Modul 2
Co Creating Future Mandirian 2023
: Business Leaders Who Always Mandiri University Jakarta 29 August 2023
Deliver And Ahead
Sharing Session Board Of Virtual
Mandiri University 3 October 2023
Commissioners (BOC) Classroom
Strategic Awareness Pelindungan
Mandiri University Jakarta 19 October 2023
Data Pribadi
19 December
Audittalks Series Mandiri University Jakarta
2023
Dewi Sartika Retail Audit Bank Mandiri Audit Course Mandiri University Offline 30 January 2023
Mandirian Ready to Go Digital: Mandiri University Online 31 May 2023
Cyber Security
Mandirian Ready to Go Digital: Mandiri University Online 14 June 2023
Digital Governance
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Webinar Risk Series Mandiri University Online 7 September 2023
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Forensic Auditor Certification Mandiri University Offline 23 October 2023
Mandirian Ready to Go Digital: Mandiri University Online 18 October 2023
Artificial Intelligence
Security Awareness Level 2 Mandiri University Online 5 June 2023
(Leaders) Certification
Strategi Anti Fraud Mandiri University Online 12 August 2023
Operalearning: Operational Risk Mandiri University Online 10 August 2023
Management
Anti-Fraud Strategies Mandiri University Online 10 August 2023
Compliance Test 2023 Mandiri University Online 13 September
2023
ANNUAL REPORT 2023 247
Page 250
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Rebiyan Muharana IT Audit Bank Internal Auditor Association Bank Internal Offline 12 July 2023
2023 National Conference Auditor Association
(IAIB)
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Google Cloud: Controlling Cost Mandiri University Online 17 January 2023
CRISC Cert Prep: 1 Governance Mandiri University Online 11 January 2023
Execution of New Products (PPB) Mandiri University Online 27 January 2023
GDPR Compliance: Essential Mandiri University Online 15 February 2023
Training
Cybersecurity For Executives Mandiri University Online 14 February 2023
CRISC Cert Prep: 3 Risk Response Mandiri University Online 2 February 2023
and Reporting
E-Learning Mandatory End to Mandiri University Online 11 May 2023
End Project Management Capex
Initiatives - Module 1 Prioritization
Security Awareness Level 2 Mandiri University Online 31 May 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 3 August 2023
Data Protection) Law
Compliance Test 2023 Mandiri University Online 7 September 2023
Certified Information Privacy Mandiri University Online 30 October 2023
Manager (CIPM) Cert Prep: 1
Privacy Program Development
Operalearning: Operational Risk Mandiri University Online 17 October 2023
Management
Siti Nur Hidayah IT Audit Mandirian Ready to Go Digital: Mandiri University Online 15 Maret 2023
Dinarti Digital Marketing
Training and Certification of Mandiri University Offline 8 June 2023
Competency Based Interview (CBI)
The Rising Tide of Third-Party Mandiri University Online 26 Juni 2023
(Vendor) Risk (Operapodcast)
Preparation of Exam for Certified Mandiri University Offline 23 June 2023
Information Systems Auditor (CISA)
Anti-Fraud Strategies Mandiri University Online 26 Mei 2023
Security Awareness Level 2 Mandiri University Online 7 Juni 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 28 Juli 2023
Data Protection) Law
Compliance Test 2023 Mandiri University Online 15 September
2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 19 Oktober 2023
Strategy - Phase 2
Indra Fachri IT Audit Strategic Awareness of Personal Mandiri University Hybrid 19 Oktober 2023
Data Protection
Strategic Business Leader - Leading Mandiri University Offline 2 November 2023
for Result
IT Control Awareness Assessment Mandiri University Online 3 Maret 2023
- DDL
Anti-Fraud Strategies Mandiri University Online 24 Mei 2023
Security Awareness Level 2 Mandiri University Online 7 Juni 2023
(Leaders) Certification
248 PT Bank Mandiri (Persero) Tbk
Page 251
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Buddy Setiawan IT Audit Mandirian Ready to Go Digital: Mandiri University Online 14 June 2023
Digital Governance
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Preparation of Exam for Certified Mandiri University Offline 23 June 2023
Information Systems Auditor (CISA)
Bank Internal Auditor Association Ikatan Auditor Intern Offline 12 July 2023
2023 National Conference Bank (IAIB)
Forensic Auditor Certification Mandiri University Offline 23 October 2023
Mandirian Ready to Go Digital: Mandiri University Online 15 November
Digital Governance 2023
Execution of New Products (PPB) Mandiri University Online 8 January 2023
Security Awareness Level 1 Mandiri University Online 6 April 2023
(Foundation) 2023 Certification
Anti-Fraud Strategies Mandiri University Online 22 May 2023
Learning about the PDP (Personal Mandiri University Online 26 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 3 August 2023
Management
Compliance Test 2023 Mandiri University Online 7 September 2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 27 October 2023
Strategy - Phase 2
Dila Pramita Putri IT Audit Mandirian Ready to Go Digital: Mandiri University Online 14 June 2023
Digital Governance
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Legal Series Webinar “Legal and Mandiri University Online 3 July 2023
Technical Aspects of Foreign Ship
Procurement: Measurement,
Registration, Nationality of Ships,
Mortgage Encumbrance and Risk
Mitigation”
Bank Internal Auditor Association Bank Internal Offline 12 July 2023
2023 National Conference Auditor Association
(IAIB)
Internal Controls Over Financial PWC Indonesia Offline 20 Juni 2023
Reporting (ICORF)
Webinar Risk Series Mandiri University Online 7 September 2023
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Anti-Fraud Strategies Mandiri University Online 26 May 2023
Security Awareness Level 2 Mandiri University Online 7 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 26 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 3 August 2023
Management
Uji Kepatuhan 2023 Mandiri University Online 12 September
2023
Mandatory E-Learning of Anti-Fraud Mandiri University Online 31 October 2023
Strategy - Phase 2
ANNUAL REPORT 2023 249
Page 252
MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Simun Wholesale & Mandirian Ready to Go Digital: Mandiri University Online 15 March 2023
Corporate Digital Marketing
Center Audit
Mandirian Ready to Go Digital: UX Mandiri University Online 29 March 2023
Analysis
Mandirian Ready to Go Digital: Mandiri University Online 3 May 2023
Digital Marketing
Mandirian Ready to Go Digital: Mandiri University Online 23 August 2023
Digital Marketing
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Strategic Business Leader - Leading Mandiri University Offline 2 November 2023
for Result
Anti-Fraud Strategies Mandiri University Online 24 May 2023
Security Awareness Level 2 Mandiri University Online 30 May 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 27 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 7 August 2023
Management
Compliance Test 2023 Mandiri University Online 14 September 23
Mandatory E-Learning of Anti Fraud Mandiri University Online 24 October 2023
Strategy - Phase 2
Yonaz Adiyono Wholesale & Mandirian Ready to Go Digital: Mandiri University Online 14 June 2023
Corporate Digital Governance
Center Audit
The Rising Tide of Third-Party Mandiri University Online 26 January 2023
(Vendor) Risk (Operapodcast)
Mandirian Ready to Go Digital: Mandiri University Online 12 July 2023
Digital Risk Management
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Execution of New Products (PPB) Mandiri University Online 25 January 2023
Anti-Fraud Strategies Mandiri University Online 24 May 2023
Security Awareness Level 2 Mandiri University Online 5 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 27 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 3 August 2023
Management
Compliance Test 2023 Mandiri University Online 5 September 23
Mandatory E-Learning of Anti-Fraud Mandiri University Online 26 October 2023
Strategy - Phase 2
Hamidah Aprilia Wholesale & Execution of New Products (PPB) Mandiri University Online 1 Februari 2023
Corporate
Anti-Fraud Strategies Mandiri University Online 26 May 2023
Center Audit
Security Awareness Level 2 Mandiri University Online 8 June 2023
(Leaders) Certification
Operalearning: Operational Risk Mandiri University Online 14 August 2023
Management
Compliance Test 2023 Mandiri University Online 14 September
2023
Mandatory E-Learning of Anti-Fraud Mandiri University Online 30 October 2023
Strategy - Phase 2
250 PT Bank Mandiri (Persero) Tbk
Page 253
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Meb Rullyna Wholesale & The Rising Tide of Third-Party Mandiri University Online 26 June 2023
Maharani Corporate (Vendor) Risk (Operapodcast)
Center Audit
Mandirian Ready to Go Digital: Mandiri University Online 26 July 2023
Digital Regulatory Compliance
Webinar Risk Series Mandiri University Online 7 September 2023
Forensic Auditor Certification Mandiri University Offline 23 October 2023
Execution of New Products (PPB) Mandiri University Online 25 January 2023
Anti-Fraud Strategies Mandiri University Online 25 May 2023
Security Awareness Level 2 Mandiri University Online 6 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 26 July 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 1 August 2023
Management
Compliance Test 2023 Mandiri University Online 5 September 2023
Mandatory E-Learning of Anti Fraud Mandiri University Online 17 October 2023
Strategy - Phase 2
Indra Jaka Senior Data/Information Security & Mandiri University Offline 28 March 2023
Apriliyanta Investigator Responsibility of All Individuals
Mandirian Ready to Go Digital: Mandiri University Online 15 March 2023
Digital Marketing
Mandirian Ready to Go Digital: Mandiri University Online 31 May 2023
Cyber Security
Mandirian Ready to Go Digital: Mandiri University Online 14 June 2023
Digital Governance
The Rising Tide of Third-Party Mandiri University Online 26 June 2023
(Vendor) Risk (Operapodcast)
Legal Series Webinar “Legal and Mandiri University Online 3 July 2023
Technical Aspects of Foreign Ship
Procurement: Measurement,
Registration, Nationality of Ships,
Mortgage Encumbrance and Risk
Mitigation”
Webinar Risk Series Mandiri University Online 13 July 2023
ISO SMAP Refreshment - ISO SMAP Mandiri University Online 28 July 2023
Recertification
Mandirian Ready to Go Digital: Mandiri University Online 26 July 2023
Digital Regulatory Compliance
Mandirian Ready to Go Digital: Mandiri University Online 9 August 2023
Collaborative Iteration Skills
Mandirian Ready to Go Digital: Mandiri University Online 23 Agustus 2023
Digital Marketing
Bank Internal Auditor Association Bank Internal Offline 12 July 20223
2023 National Conference Auditor Association
(IAIB)
Legal Series Webinar “Risk Mandiri University Online 12 September
Mitigation and Law Enforcement of 2023
Digital-Based Financial Crimes”
Mandirian Ready to Go Digital: UX Mandiri University Online 6 September 2023
Analysis
Mandirian Ready to Go Digital: Mandiri University Online 20 September
Digital Based Product & Service 2023
Strategic Awareness of Personal Mandiri University Hybrid 19 October 2023
Data Protection
Mandirian Ready to Go Digital: Mandiri University Online 4 October 2023
Data Analytics
ANNUAL REPORT 2023 251
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MAIN MANAGEMENT COMPANY
COMPANY MANAGEMENT DISCUSSION &
HIGHLIGHTS REPORTS PROFILE
PROFILE ANALYSIS
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Mandirian Ready to Go Digital: Mandiri University Online 18 October 2023
Artificial Intelligence
Partnership Investigation with BPK Mandiri University Offline 23 November
2023
Mandirian Ready to Go Digital: Mandiri University Online 15 November
Digital Governance 2023
Execution of New Products (PPB) Mandiri University Online 29January 2023
Anti-Fraud Strategies Mandiri University Online 25 May 2023
Growth Hacking Tips Mandiri University Online 28 October 2023
Artificial Intelligence for Mandiri University Online 21 June 2023
Cybersecurity (2020)
Cybersecurity At Work (2020) Mandiri University Online 8 June 2023
Security Awareness Level 2 Mandiri University Online 9 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 4 August 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 15 August 2023
Management
Compliance Test 2023 Mandiri University Online 15 Sebtember
2023
Mandatory E-Learning of Anti-Fraud Mandiri University Online 17 October 2023
Strategy - Phase 2
Agus Prakarsa Senior Mandirian Ready to Go Digital: Mandiri University Online 18 October 2023
Yuristama Investigator Artificial Intelligence
Partnership Investigation with BPK Mandiri University Offline 23 November
2023
Mandirian Ready to Go Digital: Mandiri University Online 15 November
Digital Governance 2023
Execution of New Products (PPB) Mandiri University Online 26 January 2023
Anti-Fraud Strategies Mandiri University Online 27 May 2023
Security Awareness Level 2 Mandiri University Online 8 June 2023
(Leaders) Certification
Learning about the PDP (Personal Mandiri University Online 4 Agustus 2023
Data Protection) Law
Operalearning: Operational Risk Mandiri University Online 11 August 2023
Management
Mandatory E-Learning of Anti-Fraud Mandiri University Online 31 October 2023
Strategy - Phase 2
252 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY Statemens 2023
EDUCATION AND/OR TRAINING OF THE BOARD OF
COMMISSIONERS, DIRECTORS, COMMITTEES, CORPORATE
SECRETARY, INTERNAL AUDIT UNIT AND RISK MANAGEMENT
Name Position Training / Seminar Organizers Location Date
Bily Arkan Market Risk Undangan CEO Banking Forum Perbanas, IBI dan Classroom 9 January 2023
BARA
Webinar Road to Mandiri Mandiri University Online 10 January 2023
Investment Forum 2023
Kick Off Global Banking Program Mandiri University Online 20 January 2023
Workshop SPC Group Tahun 2023 Mandiri University Online 27 February 2023
Leadership MNR : The ABC For Mandiri University Online 3 March 2023
Dynamic Risk Management To
Strive Through 2023 And Beyond
Mandiri Advanced Senior Leaders Mandiri University Classroom 3 July 2023
Program (MASIP) Modul 1
Akhlak Town Hall Mandiri Group Mandiri University Hybrid 24 July 2023
Classroom
Mandiri Advanced Senior Leaders Mandiri University Classroom 7 August 2023
Program (MASIP) Modul 2
Co Creating Future Mandirian 2023 Mandiri University Classroom 29 August 2023
: Business Leaders Who Always
Deliver And Ahead
Penguatan Framework & BARA Risk Forum Classroom 10 October 2023
Penerapan Manajemen Risiko Online
Menuju Sustainable Bank
Strategic Awareness Pelindungan Mandiri University Hybrid 19 October 2023
Data Pribadi Classroom
Alfanendya Safudi Group Head Refreshment Sertifikasi Manajemen Mandiri University Bali 16 February 2023
Credit Portfolio Risiko
Risk
Workshop Spc Group Tahun 2023 Mandiri University Jakarta 28 February 2023
28 February 2023
Leadership Mnr : The Abc For CFA Society Virtual 3 March 2023
Dynamic Risk Management To Indoensia Classroom
Strive Through 2023 And Beyond
Workshop Esg Financing & Energy Mandiri University Virtual 5 April 2023
Transition Mechanism Financing Classroom
Indonesia Summit Strategies For PERBANAS, IBI Dan Virtual 8 – 9 May 2023
Resilience And Growth BARA Classroom
Akhlak Town Hall Mandiri Group Mandiri University Virtual 24 July 2023
Classroom
ANNUAL REPORT 2023 253
Page 256
Page 257
MANAGEMENT
DISCUSSION
AND
ANALYSIS
Consilidated
Credits
Rp
1,398.07
trillion
grew 16.29%
yoy in 2023
compared to
2022 as much as
Rp1,202.23 trillion.
Page 258
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
ECONOMIC
OVERVIEW
Global economic prospects in 2023
continue to improve despite the pressures
of the pandemic and the spread of
Russia’s war with Ukraine.
256 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
GLOBAL ECONOMIC
ANALYSIS
Global economic prospects in accompanied by growing 2023, a decline from 3.5%
2023 continue to improve despite disparities in economic in 2022. Meanwhile, the IMF
the pressures of the pandemic growth among countries. The projects that economic growth
and the spread of Russia’s war International Monetary Fund in the United States (US) and
with Ukraine. However, the (IMF) estimates that the world China would be 2.5% and 5.2%,
pace is anticipated to drop, economy will reach 3.1% in respectively, in 2023.
Realization & Projection of GDP Growth of Several Major Trading Partner Countries of Indonesia
(in percentage)
8.7
8.0
7.6
7.2
6.7 6.5
6.0 5.8
5.2 5.3
4.6 4.7 4.4
4.3
4.1 4.1 4.1 3.0 4.0
3.5 3.6 3.8
3.1 3.1 3.0
2.5 2.6 2.6 2.5
2.6 2.3 2.4
1.9 2.1 2.1
1.6 1.9 1.8
1.5 1.4 1.4
1.0 0.9 1.0 0.8
Dunia Negara Negara Cina Amerika Jepang India Malaysia singapura Filipina Korea Taiwan Vietnam Thailand Australia
Maju Berkembang Serikat Selatan
2002 2003 2004
*): Projection | Source: IMF World Economic Outlook January 2024, reworked.
Despite the bankruptcy of several banks with high exposure to the technology industry, the US economy
will continue to develop strongly in 2023, fueled primarily by household consumption and a domestic-
oriented service sector. Conversely, China’s economic growth is expected to decrease in 2023 due
to weaker consumption and a property sector crisis. Meanwhile, the European economy continues to
experience stagflation in 2023. On the other hand, India and the ASEAN region proved to be somewhat
resilient as bright spots, with relatively high economic growth compared to other regions, supported by
recovering consumption and export performance.
In terms of global geopolitical risks, the pressure elevates in line with the Israeli and Hamas conflict in the
second half of 2023, as well as the prolonged Russia-Ukraine war. These geopolitical risks certainly have the
potential to significantly disrupt the pace of the global economy if the escalation continues. In addition,
global geopolitical risks are also vulnerable to trigger an increase in world energy and food prices, which
certainly add pressure to the global inflation rate.
ANNUAL REPORT 2023 257
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
GLOBAL ECONOMIC ANALYSIS
To curb inflation that remains above the medium- In terms of global trade volume, the IMF forecasts
long term target for 2023, advanced countries 0.4% growth in 2023, which is lower than the
responded by maintaining the implementation of 5.2% achieved in 2022. Meanwhile, the Global
higher for longer interest rate policies, including Manufacturing PMI, according to J.P. Morgan and
the Federal Funds Rate (FFR). The FFR rate as of S&P Global, continued to show a weakening trend
December 2023 is at the level of 5.25% - 5.50%, at the beginning of the fourth quarter of 2023,
an increase of 525 basis points (bps) from 0.25% struggling in the contraction zone (below 50.0),
in January 2022. The increase in global interest or decreased from 49.3 in November 2023 to 49.0
rates is expected to be followed by long-term in December 2023. This is attributable in part to a
tenors with an increase in yields on government weakening of international trade flows, which has
bonds in developed countries, particularly the US an impact on the tightening of the employment
(US Treasury). This condition certainly triggered market.
foreign capital outflows from Emerging Markets to
developed countries and encouraged significant
strengthening of the US dollar against various
world currencies.
J.P.Morgan Global Manufacturing PMI™
Sa,>50 = improvement since previous month
60
55
50
45
40
35
‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23
Source: J.P.Morgan, S&P Global. | Source: J.P.Morgan, S&P Global.
258 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
INDONESIA’S ECONOMIC
ANALYSIS
Growth PDB (%)
5.31%
Indonesia’s economic development is recorded 5.02%
to keep growing strongly until the third quarter of 4.95%
2023, demonstrating resilience to the influence of
global propagation. The Central Statistics Agency 3.69%
(BPS) noted that Indonesia’s economy grew 4.94%
(yoy) until the third quarter of 2023. Economic
growth was supported by most business areas,
except Government Administration, Defense
and Compulsory Social Security and Education
Services which contracted by 6.23% and 2.07%
respectively. Business fields that grew significantly
were Transportation and Warehousing by 14.74%
and followed by Other Services by 11.14%.
- 2.07%
2019 2020 2021 2022 2023*
*) Projection; Source: BPS, BI, and IMF.
GDP Growth According to Field Efforts and Production as of Quarter III 2023
GDP GROWTH BY BUSINESS GDP GROWTH BY SPENDING
14.74
6.95
6.21
5.77
5.20
5.08 4.54 5.08
1.46
-3.76
-4.26
-6.18
etc
Pertanian Pertambangan Industri Perdagangan Transportasi Lainnya Konsumsi Konsumsi Konsumsi PMTB Ekspor Import
& penggalian pengolahan & Reparasi & Pergudangan Rumah LNPRT Pemerintah
Tangga
Source: BPS
ANNUAL REPORT 2023 259
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INDONESIA’S ECONOMIC ANALYSIS
Meanwhile, Bank Indonesia (BI) considers that Indonesia’s economic growth in the third quarter of 2023 was
driven by private consumption, including consumption among the younger generation, which is increasing
in tandem with rising service sector consumption and high consumer confidence. Investment growth is also
considered by BI to remain sound with the sustainability of the completion of National Strategic Projects (PSN).
However, real growth of goods exports declined in line with weakening demand from major trading partner
countries, particularly China, and falling commodity prices. Meanwhile, service exports continued to grow
strongly in line with the increase in the number of foreign tourists.
In light of these developments, BI forecasts that Indonesia’s economy will grow by 4.5% to 5.3% by the end
of 2023. In the interim, the Indonesian government projects that the national economic growth will expand
by 5.1% in 2023. According to the World Economic Outlook report published by the IMF in January 2024, it is
anticipated that Indonesia’s economy will grow by 5.00% in 2023.
GDP Nominal & GDP/Capita Export & Import (USD Billion)
5,108.94
4,798.12 291.9
4,362.68
4,194.09
258.82
3,932.33
237.52
231.61
221.89
196.19
171.28
161.68 163.19
141.57
1,417.39
1,318.81
1,119.45 1,187.73
1,062.53
2019 2020 2021 2022 2023* 2019 2020 2021 2022 2023*
Nominal PDB (USD Milliar) PDB/Kapita (USD) Eksport Import
*) Projection; Source: IMF, BPS, & Kemendag.
BI forecasted that Indonesia’s Balance of Payments Foreign Exchange Reserves (USD Billion)
(BOP) performance in 2023 continues to sustain
external stability. The trade balance surplus remained
146.38
to continue at USD3.3 billion in 2023 and support a 144.91
healthy current account outlook with predictions in
the range of a surplus of 0.4% to a deficit of 0.4% of
GDP. Meanwhile, in terms of net inflows in the form of 137.23
135.89
portfolio investment to domestic financial markets,
the figure was also recorded to continue at USD5.4
billion at the end of 2023. Meanwhile, the position of 129.18
reserve assets in Indonesia stood at USD146.38 billion
in 2023, equivalent to financing 6.7 months of imports
or 6.5 months of imports and servicing government
external debt, which is above the international
adequacy standard of around 3 months of imports 2019 2020 2021 2022 2023*
Source: BI.
260 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
INDONESIA’S ECONOMIC ANALYSIS
Trade Balance (USD Billion) Current Account Balance
per November 2023 (USD Billion)
54.46
54.46
3.51
35.42 33.63
21.62
-3.72
-4.43
-3.59
2019 2020 2021 2022 2023*
-30,28
2019 2020 2021 2022 2023*
*) Proyeksi; Source: Kemendag, BPS, & IMF.
Current Account Balance Exchange Rate
(% to GDP) (USD/IDR)
0.96 15,537
15,397
0.29
-0.26 14,263
-0.42
14,050
13,866
-2.71
2019 2020 2021 2022 2023* 2019 2020 2021 2022 2023*
*) Proyeksi; Source: Kemendag, BPS, & IMF. *) Source: BI.
In relation to the development of the Rupiah from the strengthening of the Euro currency which
exchange rate, the strong US dollar has caused closed at 1.1037 or recorded an increase of 3.1% in
pressure to weaken various currencies of other 2023, the first appreciation since 2020. Similarly, the
countries, including the Rupiah exchange rate. But pound sterling currency which strengthened against
towards the end of the year, global currencies turned the US dollar closed at 1.2730, or strengthened by
stronger against the US dollar in line with the Federal 5.2% in 2023, its highest appreciation since 2017.
Reserve’s plan to lower its benchmark interest rate in The rupiah also closed up 1.1% (ytd) against the US
2024. In the December 2023 FOMC meeting, the Fed dollar at a level of 15,397. Meanwhile, the policy mix
stated that it would cut its benchmark interest rate adopted by BI will also be continued to maintain
three times to 4.75% in 2024. Compared to the end exchange rate stability and encourage capital flows
of 2022, the US dollar exchange rate index against into the market. Bank Indonesia has issued several
major currencies (DXY) in December 2023 was at new pro-market instruments such as Bank Indonesia
the level of 101.3 or decreased by 2.14% (ytd). The Rupiah Securities (SRBI), Bank Indonesia Foreign
decline in the DXY Index provides an opportunity for Exchange Securities (SVBI), and Bank Indonesia
appreciation of major currencies, as can be seen Foreign Exchange Sukuk (SUVBI).
ANNUAL REPORT 2023 261
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INDONESIA’S ECONOMIC ANALYSIS
Meanwhile, in terms of inflation, conditions are under control within the target range of 3.0±1% in 2023.
BPS records low inflation of 2.61% (yoy) with the Consumer Price Index (CPI) of 116.6 as of December 2023.
Controlled inflation is a tangible result of monetary policy consistency to ensure inflation remains within the
target corridor, government policy as a shock absorber of global turmoil, as well as close synergy in inflation
control between Bank Indonesia and the Government (Central and Regional) in the Central and Regional
Inflation Control Teams (TPIP and TPID) through strengthening the National Movement for Food Inflation Control
(GNPIP) in various regions.
Annual Inflation Comparison
5,95 5,71
5,47 5,42 5,51
5,28
4,97 4,94
4,69
4,33 4,35
4,00
3,55 3,52
3,47
3,27
3,08
2,86
2,64 2,61
2,56
2,28
2,18 2,06
1,87
1,66 1,75
1,55 1,68 1,59 1,60
1,52
1,38 1,42
1,37 1,33
Jan-jan Feb - Feb Mar - Mar Apr - Apr May - May Jun - Jun Jul - Jul Ags - Ags Sept - Sept Oct - Oct Nov - Nov Dec - Dec
y-on-y 2021 y-on-y 2022 y-on-y 2023
Source: BPS
Inflation in 2023 occurred due to an increase in the impact of increasing global uncertainty, as well
prices indicated by an increase in all expenditure as pre-emptive and forward-looking measures to
group indexes, namely the food, beverage and mitigate the impact on imported inflation, hence
tobacco group by 6.18%; clothing and footwear inflation remains within the target corridor. In
group by 0.78%; housing, water, electricity and December 2023, BI changed the term BI7DRRR back
household fuel groups at 0.50%; household to the BI Rate, but the amount will be maintained
equipment, equipment and routine maintenance at 6.00% taking into account the latest economic
group at 1.57%; health group by 1.94%; transport conditions, especially with inflation still within target
group by 1.27%; information, communication and in the range of 2% - 4%.
financial services group at 0.20%; leisure, sports
and cultural groups at 1.69%; education group by
1.97%; food and beverage/restaurant supply group
by 2.07%; and the personal care and other services B17DRR Vs Inflasi
per October
group at 3.55%.
To maintain economic stability and growth in 2023, 6.00
5.50
Bank Indonesia continued to strengthen monetary 5.00 5.51
policy to mitigate the impact of global economic 3.75 3.50
turmoil on rupiah stability. After maintaining
the Bank Indonesia 7-Days Reverse Repo Rate 2.72
2.56
1.87
(BI7DRRR) at 5.75% from the beginning to the third
1.68
quarter of 2023, BI in October 2023 has raised
2019 2020 2021 2022 2023
BI7DRRR by 25bps to 6.00%, the Deposit Facility rate
by 25bps to 5.25%, and the Lending Facility rate by B17DRR (%) Inflasi (% yoy)
25bps to 6.75 %. The hike is aimed at strengthening Source: BI & BPS.
rupiah exchange rate stabilization policy against
262 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
BANKING INDUSTRY ANALYSIS
Key Financial Indicators of Indonesian Banking
Assets, Loans, & Third-Party Funds of Commercial Banks (Rp Trillion)
11,113 11,428
10,112
9,178
8,563
8,154 8,217
7,479
6,665 6,966
6,424
5,999 5,769
5,617 5,482
2019 2020 2021 2022 Nov 23
Assets Loans Third-Party Funds
Source: Indonesian Banking Statistics November 2023 Financial Services Authority (assets data), BI, and KSSK.
The overall performance of the banking industry (commercial banks)
continues to demonstrate positive developments, particularly in
supporting the national economy in 2023, both in terms of financing
(credit), raising funds, and earning profits. Commercial bank LDR (%)
intermediation recorded growth of 10.38% (yoy) to Rp7,090 trillion in 93.64
November 2023, with the highest growth occurring in working capital 82.24 78.78
84.78
77.13
loans of 10.05% and 12.26% (yoy) respectively. This growth was supported
by loose bank appetite and increasing demand for financing (credit)
in line with good corporate performance. With this credit growth
achievement, the Loan to Deposits Ratio (LDR) position of commercial
banks increased to a level of 84.78% as of November 2023.
By sector, credit growth according to Bank Indonesia (BI) is primarily
supported by the Business Services, Trade and Social Services sectors.
2019 2020 2021 2022 Nov 2023
Sharia financing also continued to increase to 14.12% (yoy) in November
2023. In the Micro, Small and Medium Enterprises (MSMEs) segment,
credit growth reached 8.46% (yoy), supported by the Trade, Agriculture
and Social Services sectors.
NPL (%)
New loan disbursement in December 2023 is indicated to increase
compared to November 2023
The results of the survey to banks indicate that the SBT on new loans
disbursed in December 2023 was 73.3%, higher than 70.4% in the
previous month. New loan disbursements in December 2023 were
indicated to increase in almost all types of loans. The main factors
influencing the expected increase in new loan disbursement are 2.53
3.06 3.00
2.44
financing demand from customers, the prospect of future monetary 2.36
and economic conditions, and the level of business competition from
other banks. Meanwhile, new loan disbursement is expected to slow
down for January 2024, affecting all categories of banks and all types 2019 2020 2021 2022 Nov 2023
of loans. The risk of lending as reflected in the ratio of Non-Performing
Loans Gross (NPL gross) can be well controlled by commercial banks at
a safe level, which was at 2.36% as of November 2023.
ANNUAL REPORT 2023 263
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
BANKING INDUSTRY ANALYSIS
The increase in financing (credit) also had a positive Profit After Tax
effect on increasing commercial banks’ net profit (Rp Trillion)
or profit after tax which reached Rp222 trillion as 222
of November 2023 or grew 18.15% (yoy) compared 202
to the same period the previous year. Commercial
banks’ profitability is also reflected in, among 156
140
others, the Return on Assets (ROA) and Net Interest
150
Margin (NIM) ratios increasing to 2.76% and 4.93%
respectively as of November 2023. In addition,
the ratio of operating expenses to operating
income (BOPO) also reduced to level 76.79% as of
November 2023.
2019 2020 2021 2022 Nov 23
ROA (%) NIM (%) BOPO (%)
2.76
4.93
86.54
2.44 4.80 4.80
2.45
83.55
4.63
78.70
1.85 79.58 76.79
1.59
4.45
2019 2020 2021 2022 Nov 2023 2019 2020 2021 2022 Nov 2023 2019 2020 2021 2022 Nov 2023
In terms of fund raising, commercial banks’ Third-Party Funds (TPF) recorded an increase to Rp8,458 trillion in
2023, or grew 3.73% (yoy) compared to the same period the previous year which reached Rp8,154 trillion.
Demand deposits were the largest contributor to third-party funds growth at 4.57% (yoy). Moderated deposit
growth was partly due to increasing public consumption and increasing corporate investment needs after the
lifting of the Covid-19 pandemic status, as well as other instruments that were better than banking products.
The liquidity in the banking industry as of the end of
2023 was generally at an adequate level with liquidity
ratios well above the level of supervisory needs. The CAR (%)
ratio of Liquid Instruments/Non-Core Deposits (AL/
NCD) and Liquid Instruments/Deposits (AL/DPK) were
127.07% and 28.73%, respectively, remained well 27.97
above the thresholds of 50% and 10% respectively.
25.66 25.62
Meanwhile, the Capital to Adequacy Ratio (CAR) 23.89
position of banks (commercial banks) continued 23.31
to improve to a high level of 27.69%. According to
OJK, the CAR position is far above the average CAR
of other countries which is below 20%. This indicates
2019 2020 2021 2022 Nov 2023
that prudential policies of national banks that
remain conservative are very helpful in handling the
global situation which remains overshadowed by
uncertainty.
264 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
ANALYSIS OF BANK MANDIRI’S POSITION
IN THE BANKING INDUSTRY
In general, Bank Mandiri successfully sustained and enhanced its consolidated financial performance in 2023.
The following table compares the growth of Bank Mandiri’s consolidated financial performance against the
banking industry (commercial banks).
Comparison of Bank Mandiri’s Consolidated Financial Performance Growth (as of December
2023) compared to Banking Industry (Commercial Banks) as of November 2023 (yoy)
Performance Banking Industry Bank Mandiri
(Commercial Bank) (Consolidated)
Assets 5.09% 9.12%
Loans 10.38% 16.29%
Third Party Funds 3.73% 5.78%
Low-Cost Funds 2.76% 7.05%
Interest Income* 22.00% 17.94%
Interest Expense** 41.45% 49.75%
Net Interest Income*** 9.42% 8.45%
Fee Based Income 13.03% 15.42%
Total Operating Income **** 10.51% 10.41%
Total Operating Expense Non
4.46% -7.75%
Interest *****
Operating Profit 5.42% 32.89%
Net Income 18.15% 33.74%
Source: OJK as of November 2023, Industrial Credit and DPK uses BI RDG as of December 2023 and Bank Mandiri Publication
Report as of December 2023.
*) including interest income and sharia income
**) including interest expense and sharia expense
***) including interest income and expense, sharia income and expense, premium income and claim expense
****) total for Net Interest Income and Fee Based Income
*****) including CKPN fee
ANNUAL REPORT 2023 265
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SHARE OF BANK MANDIRI’S CONSOLIDATED
FINANCIAL PERFORMANCE INDICATORS
TO THE BANKING INDUSTRY
(COMMERCIAL BANKS)
ASSETS
As of December 2023, Bank Mandiri’s total assets have exceeded Rp2.000 trillion or precisely reached Rp2,174.22
trillion, grew 9.12% yoy. The total asset again recorded higher growth than the growth of the banking industry
(commercial banks) which was 2.83% ytd or reached Rp11,427.96 trillion as of November 2023. With this
achievement, Bank Mandiri’s asset market shares also continued to increase to 18.21%.
Assets Growth BMRI Assets Market Shares
18.21%
15.47% 17.93%
11.91%
10.18% 9.90%
9.30%
17.06%
5.09%
2021 2022 2023* 2021 2022 2023*
Bank Umum Bank Mandiri
*): Commercial Banks data as of November 2023 & Bank Mandiri data as of Desember 2023;
BMRI assets market share compared to banking industry assets
LOANS
In December 2023, Bank Mandiri’s loans reached Rp1,398.07 trillion or double-digit growth of 16.29% yoy
compared to Rp1,202.23 trillion in December 2022. Bank Mandiri’s loan growth also managed to surpass the
loan growth of the banking industry (commercial banks) by 10.38% yoy in December 2023. With this positive
loan growth, Bank Mandiri’s loan market shares has successfully increased to 19.72% as of December 2023.
Loan Growth Loan Market Shares
19.72%
16.29%
14.48%
11.35% 18.72%
10.38%
8.86% 18.20%
5.24%
2021 2022 2023 2021 2022 2023
Bank Umum Bank Mandiri
BMRI loan market share compared to banking industry loan
266 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
SHARE OF BANK MANDIRI’S CONSOLIDATED FINANCIAL PERFORMANCE
INDICATORS TO THE BANKING INDUSTRY (COMMERCIAL BANKS)
THIRD PARTY FUNDS
As of December 2023, Bank Mandiri managed to raise public funds of Rp1,576.95 or grew 5.78% yoy from the
same period in the previous year of Rp1,490.85 trillion. The deposit growth was maintained to exceeding the
deposit growth of the banking industry (commercial banks) which reached 3.73% yoy in 2023. Bank Mandiri’s
third-party funds market share reached 18.64% in 2023.
Third Party Funds Growth Third Party Funds Market Shares
18.64%
18.28%
15.46%
12.80%
12.21% 17.26%
9.01%
5.78%
3.73%
2021 2022 2023 2021 2022 2023
Bank Umum Bank Mandiri
BMRI third-party funds market share compared to banking industry deposits
ANNUAL REPORT 2023 267
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SHARE OF BANK MANDIRI’S CONSOLIDATED FINANCIAL PERFORMANCE
INDICATORS TO THE BANKING INDUSTRY (COMMERCIAL BANKS)
CASA RATIO (LOW-COST FUNDS)
Amidst slowing deposit growth, Bank Mandiri was still able to strengthen the ratio of low-cost funds (CASA)
to total deposits by 74.30% as of December 2023 or Rp1,171.71 trillion. The ratio increased by 88 basis points
compared to the same period in 2022 which was 73.42%. With this achievement, Bank Mandiri’s CASA market
share among the banking industry (commercial banks) continued to increase to 21.72%.
CASA Growth (Low-Cost Funds) CASA Market Shares (Low-Cost Funds)
22.81%
21.63% 21.21%
19.79%
18.52%
19.67%
12.80%
7,05%
2.76%
2021 2022 2023 2021 2022 2023
Bank Umum Bank Mandiri
*): Commercial Banks data as of November 2023 & Consolidated Bank Mandiri data as of Desember 2023;
BMRI CASA market share compared to banking industry’s CASA
NET PROFIT
As of December 2023, Bank Mandiri managed to record a net profit of Rp55.06 trillion or grew 33.74% yoy
compared to the achievement in December 2022 of Rp41.17 trillion. Bank Mandiri’s profit achievement was
maintained to exceeding the profit growth of the banking industry (commercial banks) which grew 18.15% yoy
in November 2023. With this growth, Bank Mandiri’s net profit market share in the banking industry (commercial
banks) increased to 22.17% in November 2023.
Net Profit Growth Net Profit Market Shares
22.17%
66.84%
20.40%
19.99%
46.89%
43.94%
33.89% 31.09%
18.15%
2021 2022 2023 2021 2022 2023
Bank Umum Bank Mandiri
*): Commercial Banks data as of November 2023 & Consolidated Bank Mandiri data as of Desember 2023;
BMRI net profit market share compared to banking industry net profit
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SHARE OF BANK MANDIRI’S CONSOLIDATED FINANCIAL PERFORMANCE
INDICATORS TO THE BANKING INDUSTRY (COMMERCIAL BANKS)
Comparison of Bank Mandiri’s Financial Ratio (bank only) compared to Banking Industry
Financial Ratios Banking Industry
Bank Mandiri
(Commercial Bank)
Capital Adequacy Ratio (CAR) 27.86% 21.48%
Non-Performing Loan Gross (Gross NPL) 2.19% 1.02%
Non-Performing Loan Net (Net NPL) 0.71% 0.29%
Return on Assets (ROA) 2.72% 4.03%
Net Interest Margin (NIM) 4.83% 5.25%
Operating Expenses to Operating Income (BOPO) 76.80% 51.88%
Loan to Deposit Ratio (LDR) 84.78% 86.75%
Source: OJK as of November 2023, Bank Mandiri Publication Report as of December 2023, and KKSK as of December 2023
With respect to financial ratios, Bank Mandiri’s Furthermore, Bank Mandiri maintained a level of
achievements until December 2023 remained profitability that surpasses the achievements of the
generally improved compared to the banking banking industry (commercial banks), reflected in
industry (commercial banks). At 21.42%, Bank Bank Mandiri’s NIM and ROA ratios of 5.25% and
Mandiri’s Capital Adequacy Ratio (CAR) remains in 4.03%, respectively, higher than the NIM and ROA
excess of the regulatory minimum requirements. ratios of the banking industry of 4.83% and 2.72%.
Bank Mandiri’s asset quality also remained improved Bank Mandiri has also managed to control more
than that of the banking industry (commercial efficient operating expenses, particularly when
banks), reflected by its Gross NPL ratio of 1.02%, compared to the banking industry (commercial
which is lower than the banking industry’s Gross NPL banks). Bank Mandiri’s Operating Expenses to
ratio of 2.36%. Operating Income (BOPO) ratio stood at 51.88%
much lower than the industry’s BOPO of 76.80%.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CORPORATE
STRATEGY
• Being the Prominent Wholesale Bank
• Driving Sound and Sustainable SME & Micro
Segment Growth
• Being the Best Modern Digital Bank
• 3-3-1 Strategy
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The preparation of the long-term strategy (Corporate There are three main targets of Bank Mandiri in the
Plan) for the 2020-2024 period refers to Presidential focus of the Corporate Plan 2020-2024 strategy, as
Regulation No. 18 of 2020 concerning the National follows:
Medium-Term Development Plan (RPJMN) for 2020- 1. To be the Prominent Wholesale Bank, beyond
2024 and the SOEs Roadmap 2020-2024 which is lending, which is by leveraging Bank Mandiri’s
outlined in five priority formulations of the Ministry of strength as a Wholesale bank to go beyond
SOEs, as follows: lending, by acquiring potential new revenue
streams from customers through:
1. Economic and Social Value for Indonesia • Provision of beyond lending solutions
Increase economic value added and social such as Structured Finance and Trade
impact on the people and economy of through collaboration with Bank Mandiri’s
Indonesia. subsidiaries, namely Mandiri Sekuritas and
2. Business Model Innovation Foreign Office.
Restructuring business models through • Improvement of transaction banking
ecosystem development, cooperation, services, including cash management,
consideration of stakeholder needs, and focus forex, and trade.
on core business. • Focus on anchor client penetration and
3. Technology Leadership progressive sectors.
Leading globally in strategic technologies and • Enhancement of the Relationship Manager
institutionalizing digital capabilities. (RM) capability to enable them to serve
4. Increased Investment as financial advisors for Bank Mandiri
Optimize asset value and create a robust customers of.
investment ecosystem. • Strengthening the service capability of
5. Talent Development Wholesale Digital Super Platform KOPRA by
Educating and training the workforce, Mandiri.
developing quality human resources (HR) for
Indonesia, professionalizing governance and HR 2. Promote sustainable SME & Micro Growth in the
selection system. following ways:
• Strengthening the SME network through
Based on the Spirit of Prospering the Country, Bank strengthening the capabilities of the Sales
Mandiri’s Vision is To Be Your Preferred Financial Team and supporting tools.
Partner. To support the achievement of this vision, • Enhancing the effectiveness of data
Bank Mandiri has a mission To Provide Reliable and analytics usage through the Early Warning
Simple Digital Banking Solutions that Became a Part System (EWS).
of Customer Life.
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Transfer
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
Auto Installment
CORPORATE STRATEGY
• Business process streamlining and value chain process improvement as well as the use of technology
in the process of accelerating loan acquisition and analysis.
• Improving branch capabilities through one-stop solution services for customers.
• Mentoring micro customers to upgrade in class.
• Improving the micro financing process.
• Expanding partnerships with FinTech and utilizing branchless banking agents.
3. Being the Best Modern Digital Bank, with the following steps:
• Dominating the digital banking market share with a focus on the salaried-employee segment.
• Increased penetration of payroll customers and growth of retail CASA through digital channels.
• Development of a financial superstore app that is able to serve the needs of Bank Mandiri customers.
• Strengthening partnerships with e-commerce in Indonesia.
• Development of Bank Mandiri’s digital application integrated in the back-end core system.
• Increased digital service capabilities of retail banks.
• Acceleration of transaction migration to digital channels and optimization of branch networks.
Extracting Business From Our Corporate Value Chain Ecosystem Through Digital Capabilities
Assets Retail Transactions
Supplier & Distributor Financing Top-Up e-Wallet
Mortgage Payment
Credit Card Remittance
Employees SME
Micro Loans New Acc. Opening
Auto Loan Transfer
Payroll Loan Auto Installment
CORPORATE
Suppliers Distributors
CLIENTS
Wholesale
Liabilities Cash Operations
Time Deposit Bank Guarantee
Sharia Account End User Retailers Supply Chain Fin
Payroll Account Trade Finance
Plan Savings Account E-FX
Supplier Checking Account Distributor Financing
FX Deposit Account Cash Mgmt.
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CORPORATE STRATEGY
To ensure the achievement of business targets To be able to continue to drive sustainable growth
and main aspirations, Bank Mandiri has developed and build a holistic customer ecosystem, Bank
additional bank-wide strategic support mechanisms Mandiri also consistently implements the 3-3-1
(enablers), including the following: strategy during 2023. This strategy departs from the
need to improve Bank Mandiri’s internal aspects
• Improving the ability of digital banking services
in responding to increasingly intensive market
both back-end and front-end to increase
challenges, as well as the strength of Bank Mandiri’s
efficiency as shown by decreasing the level of
identity as a wholesale bank with Unique All-Rounder
efficiency ratio.
Ecosystem Potential.
• Risk management alignment to balance growth
and quality. The direction of the strategy that optimizes 3
• Development of HR capabilities and corporate strengths, 3 focuses and 1 gesture is to accelerate
culture to support strategy achievement. the development of Digital Banking innovation in
order to meet the dynamic financial service needs
of customers. An overview of Bank Mandiri 3-3-1
strategy can be seen in the chart as follows:
BANK MANDIRI STRATEGI 3-3-1
Strength 1 People
Wholesale Banking & Cultivating Strategic
Value Chain Business Leaders
Strength 2 Aggressive but System
Regional Sector Prudent Gesture Strengthening Core
Champion Banking Svstem
Strength 3 Culture
Liquidity and Financial Nurturing Strong
Institution Business Mindset
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
FOCUS STRATEGY IN 2023
Bank Mandiri is committed to maintaining its sustainable performance growth
throughout 2023, despite the prevailing uncertainty in the global economy. Hence,
in 2023, Bank Mandiri fortifies and refines its strategy through the formulation of three
main strategic objectives, thereby ensuring the achievement of this commitment.
The three main strategic focuses are to emphasize • Optimizing derivative business growth
on optimal liquidity management and keeping the opportunities from the wholesale customer
cost of funds to remain low, focus on continuing ecosystem in a close-loop manner ranging from
sustainable performance growth, and focus on wholesale customers, distributors, suppliers, to
accelerating digital initiatives progressively. payroll, one of which is by prioritizing the KOPRA
platform, and working on the potential of
In implementing the first strategy, namely focusing on regional-based superior businesses in expanding
optimal liquidity management and keeping low cost of loans;
funds, Bank Mandiri carries out the following initiatives: • Maintain competitive lending rates and deposits
adjusted to market conditions;
• Bolstering low-cost fund growth to ensure that • Maintain the Loan to Deposit Ratio (LDR) at an
the Current Account Saving Account (CASA) optimal level; and
ratio remains strong and sustainable through • Maintain a healthy level of Capital Adequacy
transaction optimization and digital innovation Ratio (CAR).
for acquisitions and boosting customer
transactional improvements;
All-Rounder Ecosystem Bank Empowered By Digital Innovations
Market Leader In
ESG
Wholesale Business
Bank Mandiri continuously
Bank Mandiri is the largest supports and promotes
Wholesale Bank in Indonesia with sustainable banking practices,
unique access to its ecosystem good govemance and
value chain. bring significant positive
impact to society in general
through our ESG initiatives.
Unique & Captive Unique & Captive
Ecosystem
Ecosystem Venturing Into The Open
Strong multi-years relationship Ecosystem
with the Wholesale corporates
and our large pool of customers Through progressive transformation,
Bank Mandiri has embarked into a
provide us access to High Value digital joumey, continuously offering
Captive Ecosystem. Digital Innovations & Superior Digital
Solutions to customers and business
partners.
We have launched our Super
Strong Retail Ecosystem and App Livin’ By Mandiri and Super
Platform KOPRA, both of which have
Urban Presence contributed significantly to our financial
performance.
With more than 36Mn deposit
ENABLERS
customers, Mandiri stands also Bank Mandiri openly partners with Top
as a strong retail player in the Industry Players in the Open Ecosystem,
that includes our very own Subsidiaries.
market.
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FOCUS STRATEGY IN 2023
As of December 2023, the realization of first strategy ROE (Avg Equity) position increased to 23.18% from
implementation by Bank Mandiri also delivered 19.73% in 2022, and the ratio of Operating Expenses
positive results. This is reflected in Bank Mandiri CASA to Operating Income (BOPO) which could be
market share (consolidated) of Commercial Banks suppressed to 58.13% from the previous 63.61% at
CASA which continues to increase by 21.72% as of the end of 2022.
November 2023 from 21.21% in December 2022,
with growth reaching 8.99% (yoy) or higher than Regarding the focus on progressively accelerating
Commercial Banks which on average only grew by digital initiatives as the third main strategy, Bank
2.76% (yoy) as of November 2023. In addition, LDR Mandiri implements various initiatives, as follows:
was also relatively maintained and controlled at
88.24% as of December 2023, up from 80.19% in the • Expanding and strengthening the user base
same period the previous year. Meanwhile, CAR’s of Livin’ and KOPRA with a focus on improving
position increased to 21.91% from the previous service to customers and entering beyond
19.65% in 2022 in line with Bank Mandiri net profit banking, namely lifestyle;
growth. • Launching new features and business models
that integrate with the ecosystem of top leading
In the second strategy, which is to focus on players such as SUKHA and Paylater; and
continuing sustainable performance growth, Bank • Strengthening synergy with all subsidiaries.
Mandiri carries out several initiatives, including:
As of December 2023, the implementation of this
• Bolstering an increase in the market share of third strategy has also delivered significant results
loans and third-party funds (TPF), particularly for Bank Mandiri, such as Livin’ by Mandiri, which
low-cost funds, both in the Wholesale segment has been downloaded nearly 37 million times, and
and in the Retail segment; has managed more than 2.82 billion transactions,
• Maintaining asset quality through credit quality an increase of 45.0% yoy with a transaction value
monitoring discipline of Rp3,265.4 trillion or grew 34.10% yoy. Meanwhile,
• Maintaining Return on Equity (ROE) at a KOPRA by Mandiri has been used by more than 182
competitive level; and thousand users and has succeeded in increasing
• Implementing cost leadership effectively frequency by 19.4% yoy with a transaction value of
to keep JAWS positive in order to maximize more than Rp19.09.9 trillion.
profitability.
To continue promoting digital transactions, Bank
As of December 2023, the realization of the Mandiri has launched a number of the latest
implementation of this second strategy has shown digital services in 2023 such as the presence of an
positive results for Bank Mandiri. This is reflected entrepreneurial application that facilitates business
in, among others, Bank Mandiri loans growth customers, Livin’ Merchant; a more attractive new
which increased 16.29% year on year (yoy) driven look than Livin’ Sukha; and KOPRA by Mandiri’s
by a value chain strategy and qualified digital latest feature titled KOPRA Beyond Borders which
capabilities, enabling Bank Mandiri loans market is intended to facilitate wholesale customers for
share of commercial bank loans also increased to overseas transactions.
19.72% in December 2023 from 18.72% at the end
of 2022. Further, the consolidated Non-Performing Bank Mandiri’s synergy with various subsidiaries is
Loan gross (NPL gross) ratio decreased to 1.19% also getting closer and stronger, both in terms of
compared to the previous year’s end of 1.92%, the providing various products and services, as well as in
supporting Bank Mandiri’s main business.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CONSISTENT DIGITAL
TRANSFORMATION
Bank Mandiri, in the course of its digital transformation is carried out to ensure that Bank Mandiri can
efforts in 2023, has established a digital banking provide end-to-end digital banking services.
road map that is continuously updated in response
to evolving consumer demands. The roadmap 3. Modernizing Distribution Channels, Bank
comprises the subsequent five major sections: Mandiri modernizes digital channels to improve
customer experience both in terms of User
1. Levelling Up Digital Readiness, as a basis Interface (UI) and User Experience (UX), as well as
for carrying out digital transformation, Bank to answer various customer needs. Bank Mandiri
Mandiri focuses on improving the reliability of undertakes this by continuing to develop Livin’,
IT System fundamentals, such as core banking KOPRA, and Smart Branch.
improvement, business process re-engineering,
provision of high-performance infrastructure 4. Digital Ecosystem Expansion, Bank Mandiri
and so forth. continues to increase collaboration with third
parties or strategic partners in developing its
2. Developing Digital Native Products, Bank Mandiri digital ecosystem, as well as expanding access
develops digital native service products through and digital ecosystem for customers. Thereby
various innovations with customers as the focus. customers can directly access Bank Mandiri
The development of digital native products products and services on other channels.
Solidifying Our Wholesale Dominance Using Artificial Intelligence
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5. Data Driven Decision Making Process, Bank governance and data analytics. Bank Mandiri
Mandiri continues to optimize data utilization to undertakes this to support more accurate and
drive business growth. Bank Mandiri achieves this, sustainable business decision making, as well as
among others, by utilizing artificial intelligence, deliver sustainable revenue sources.
visual analytics, robust data management
Leverage Our Data Assets & Al-driven Technology To Generate Retail’s Growth And Revenue
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
MAINTAINED ASSETS QUALITY
Bank Mandiri has implemented independent risk management and in compliance with standards of OJK,
Bank Indonesia and best practices applied in international banking. Bank Mandiri applies the Enterprise Risk
Management (ERM) concept as one of the comprehensive and integrated risk management strategies, and is
tailored to Bank Mandiri’s business and operational needs during 2023. The implementation of ERM will provide
value added for Bank Mandiri and stakeholders.
Amidst uncertainty over global economic conditions during 2023, Bank Mandiri is able to consistently maintain
asset quality. This is reflected in the gross bank only NPL position, which has decreased to a level of 1.02% as
of December 2023. This position is strongly improved than December 2022 which was at the level of 1.88% or
decreased by 86 basis points (bps).
Consolidated Total Covid-19 Restructured Loans
4.22%
3.72%
3.06%
2.65%
1.86%
50.7
44.8
38.9
14.8 34.9
13.6
12.3 26.0
11.0
35.9 31.2
26.6 8.79
23.8
17.2
Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Bank-Only Covid-19 Restru (Rp Tn) Subsidiaries Covid-19 Restru (Rp Tn) % to Consolidated Loan
Bank Mandiri has established restructuring affected by payments by debtors supported
appropriate reserves to sustain Covid-19 until December 2023, by their businesses has begun
asset quality throughout 2023. As has decreased to Rp17.2 trillion, to return to normal. Discipline in
of December 2023, Bank Mandiri which is already much lower than implementing risk management
has prepared sufficient reserves December 2022 of Rp35.9 trillion, has made Bank Mandiri succeed
with the bank’s NPL Coverage or decreased by -52.09% (yoy). in reducing Cost of Credit (CoC)
ratio reaching 384.36%, an on a bank-only basis. From the
increase from December 2022 The decrease in loans restructuring previous 1.21% in December
position of 310.98%. Meanwhile, impacted by Covid-19 due to 2022, to strongly improve at 1.58%
Bank Mandiri position of loan repayments and installment in December 2023.
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STRATEGY TO INCREASE FEE BASED
INCOME IN 2023
Bank Mandiri consolidated Fee Based Income value of KOPRA digital transactions which reached
amounted to Rp40.7 trillion, successfully grew 15.42% Rp19,099 trillion from more than 1 billion transactions.
yoy. On a bank-only basis, Fee Based Income KOPRA offers various transaction conveniences
reached Rp32.5 trillion or managed to grow by supported by data analytics and adequate risk
20.17% yoy. The growth of Fee Based Income was management.
mainly driven by FBI recurring (bank only) which
amounted to Rp14.2 trillion or grew 8.81% yoy, Bank Mandiri also provides holistic treasury solutions
while FBI non-recurring reached Rp18.2 trillion or for customers for investment, structured funding
grew by 30.8% yoy. Bank Mandiri will continue to and hedging needs through product development
foster recurring fee-based growth by optimizing its and improving customer experience. Bank Mandiri
channels. strives to continuously increase trade product
intensification for Bank Mandiri anchor customers in
Bank Mandiri digitalization has played a major the Corporate and Commercial segments through
role in the FBI’s achievements in 2023. Livin’ which the Value Chain Cluster. To increase revenue from
serves Bank Mandiri retail customer transactions has BG trades, Bank Mandiri has intensified targeting the
recorded fee-based income of Rp2.2 trillion, grew target market of existing customers with set-up limits
25.2% yoy compared to the same period previous for special transaction facilities and tariffs and by
year. This revenue growth is in line with the increasing providing more efficient transaction solutions.
number of customers and transaction volume on
Livin’. Going forward, Livin’ will continue to innovate Going forward, Bank Mandiri continues to be
to present a complete range of transaction committed to providing the best banking services
conveniences, including customer journey in cross- to ensure transactional fee-based contributions
border transactions and meet customer needs with to continue increase. The banking service is a
various products, for a wider customer segment. In combination of digital services and face-to-
order to meet the lifestyle needs of customers, we face services to improve customer experience in
present Livin’ Sukha and Livin’ paylater. As a form conducting banking activities at Bank Mandiri.
of our commitment to continue to promote the For example, Bank Mandiri has adjusted its 241
digitization of MSME communities, we have released office networks to Smart Branches that provide
the Livin’ Merchant application which will digitize convenience for customers in conducting banking
payment transactions at MSME merchants. transactions with integrated service processes with
Livin’. Bank Mandiri believes that the Smart Branch’s
Meanwhile, Bank Mandiri’s wholesale customer features will provide customers with a banking
transactions through KOPRA managed to record experience that is fast, convenient, safe, and,
fee-based income of Rp2.2 trillion or grew 8.01% yoy. certainly, transparent with the support of digital
This revenue growth is the result of the growth in the technology.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
RESPONSE TO CHANGES IN THE
DIRECTION OF MONETARY POLICY
The BI Board of Governors Meeting (RDG) continues to maintain the BI Rate at 6.00% as of December 2023 or
the same as November 2023 at 6.00%. In line with the decision, BI also maintained the Deposit Facility rate at
5.25% and the Lending Facility rate at 6.75% as of December 2023. This decision remains consistent with rupiah
exchange rate stabilization policy impacted by high global uncertainty as well as pre-emptive and forward-
looking measures to mitigate the impact on imported inflation, thus controlling inflation within the target corridor
of 3.0±1% in 2023 and 2.5±1% in 2024 to support sustainable economic growth. Loose macroprudential policy will
continue to stimulate bank lending to businesses and households. Payment system digitalization acceleration
will also continue to be encouraged to increase transaction volume and expand digital economy-finance
inclusion, including digitalization of central and local government financial transactions.
Despite the benchmark interest rate starting to increase as of October 2023, Bank Mandiri prime lending rate
(SBDK) as of December 2023 is set to remain the same as in December 2022, namely the base interest rate
for corporate loans at 8.05%, retail loans at 8.30%, microloans at 11.30%, consumer loans at 7.30% and non-
mortgage consumer loans at 8.80%.
Bank Indonesia Bank Mandiri
Benchmark December December Basic Rupiah November December
interest rate 2023 2022 Lending Rate 2023 2022
BI7DRR 6.00% 5.50% Corporation 8.05% 8.05%
Deposit Facility 5.25% 4.75% Retail 8.30% 8.30%
Loan Facility 6.75% 6.25% Micro 11.30% 11.30%
Mortgage 7.30% 7.30%
Non-Mortgage 8.80% 8.80%
Bank Indonesia continues to strengthen its monetary, 3. Strengthening prime lending rate (SBDK)
macroprudential and payment system policy mix to transparency policy with a focus on lending
maintain stability and support sustainable economic rates per economic sector.
growth through the following efforts:
4. Accelerating payment system digitalization and
1. Rupiah exchange rate stabilization through expanding cooperation between countries
intervention in the foreign exchange market in to increase transaction volume and promote
spot transactions, Domestic Non-Deliverable Digital Economy and Finance (ECD) inclusion,
Forwards (DNDF), as well as purchases of through:
Government Securities (SBN) in the secondary • Expansion of QRIS implementation by: (a)
market. setting a QRIS usage target of 55 million
users by 2024; (b) set a target of 2.5 billion
2. Strengthening a “pro-market” monetary QRIS transaction volume by 2024; and
operations strategy for monetary policy (c) strengthening the interstate QRIS
effectiveness, including optimization of Bank implementation strategy to accelerate
Indonesia Rupiah Securities (SRBI) and Bank transaction acceptance.
Indonesia Foreign Exchange Securities (SVBI), • Strengthening the implementation of the
as well as issuance of Bank Indonesia Foreign Indonesian Credit Card (KKI) Government
Exchange Sukuk (SUVBI). Segment by developing the Online
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
RESPONSE TO CHANGES IN THE DIRECTION OF MONETARY POLICY
Payment feature KKI, as well as expanding and support economic growth. Bank Indonesia has
socialization, coordination and more strengthened policy coordination with the Central
intensive monitoring. Government, Regional Governments and strategic
partners, including the National Movement to Control
5. Expansion of international cooperation with Food Inflation (GNPIP) program in various regions
central banks and partner country authorities, within the Central and Regional Inflation Control
particularly through cross-border QRIS and Teams (TPIP and TPID), as well as the Acceleration
Local Currency Transactions (LCT), as well as and Expansion of Digitalization of Central and Local
facilitation of investment, trade and tourism Government Transactions (P2DD).
promotion in priority sectors in collaboration with
relevant institutions. Policy synergy between Bank Indonesia and the
Financial System Stability Committee has also been
Policy coordination between Bank Indonesia and strengthened in order to maintain financial system
fiscal policy of the Government will continue to be stability and stimulate lending to the corporate
enhanced to maintain macroeconomic stability sector, particularly in priority sectors.
FOCUS STRATEGY IN 2024
In 2024, Bank Mandiri’s business strategy is focused on 3. Digital optimization of the platform to increase
accelerating business growth in all potential sectors the transactional CASA base, to ensure the
to achieve dominance in the banking industry. As cost of funds to be kept at a low level. Digital
such, in addressing challenges, opportunities, and platform optimization is carried out from the
business competition, Bank Mandiri has formulated acquisition of new customers to the addition of
4 Focuses as a 2024 strategy which is a continuation excellent features to increase stickiness in order
of Bank Mandiri’s series of strategy sharpening, as to increase Bank Mandiri’s operational funds.
follows:
4. Increase synergy with all subsidiaries by aligning
1. Accelerate growth in the wholesale segment to the strategy of the subsidiary against the
dominate the principal business and open new strategy of the parent company. This is done
opportunities for other segments to optimize through sharpening cross selling strategies
business potential in the derivative ecosystem. and streamlining business processes by utilizing
technology, as well as prudently carrying out
2. Accelerate growth of the retail segment the principles of risk management of the parent
through an ecosystem-based value chain company.
approach by effectively executing all derivative
business potentials from the wholesale segment. These focuses are key to Bank Mandiri in continuing
In addition, the retail segment will also grow to achieve good performance to ensure sustainable
by paying attention to the leading sectors in business growth.
each region by utilizing digital platforms as an
expansion of acquisition channels.
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HIGHLIGHTS Report Profile AND ANALYSIS
FOCUS STRATEGY IN 2024
Bank Mandiri’s business strategy in 2024 in 4 Focuses 4. Optimizing Fee Based Income growth as
can be further described as follows: a revenue driver by fostering recurring fee
growth and increasing intensification of existing
1. Maintain credit growth in 2024 by fostering customers and focusing on top players in each
principal growth in the long-term potential industry group.
sector, resilient/defensive sectors, and sector
expertise to continue to increase Bank Mandiri’s 5. Maintain optimal level of Coverage Ratio & Cost
market share and dominance. of Credit to anticipate credit quality decline by
maintaining coverage ratio.
2. Expand credit prudently by paying attention
to the potential, capacity, and capability of 6. Effective cost management by reducing cost
each segment to capture all derivative business of funds and maintaining cost of credit at a low
potential in the wholesale customer business level in order to achieve optimal returns.
ecosystem.
3. Maintain adequate liquidity through sustainable
growth of low-cost funds to ensure in keeping
low cost of funds through increased product
holding, transaction optimization, and customer
acquisition.
BUSINESS PROSPECT
In 2024, the global economy will be dominated On the other hand, the global benchmark interest
by a variety of challenges and uncertainties. The rate, which has increased throughout 2023, is
IMF predicts the global economy to weaken in predicted to begin to decline in 2024, which is
2024 compared to 2023. The IMF forecasts that the also expected to be followed by a reduction in
global economy would increase by 2.4% in 2024, Bank Indonesia’s benchmark interest rate. This will
down from the projected growth in 2023 of 3.0%. certainly have a positive impact on the Indonesian
economy, specifically on increasing demand for
The decline in global economic growth rate bank loan.
is driven by a number of factors, including the
Chinese economy’s tendency to decelerate Amidst global economic uncertainty, Indonesia’s
due to weakening consumption and a property economy remains one of the resilient. Bank
market crisis. This scenario may have an impact on Indonesia predicts economic growth in Indonesia
Indonesia’s export performance, given that China in 2024 in the 4.75%-5.5% range, supported by
is one of its primary trading partners. Furthermore, monetary policy that is accommodative to stability
the conflict between Israel and Hamas in the and growth. In 2024, consumption performance,
second half of 2023, as well as the ongoing Russia- both private and governmental, and investment
Ukraine war, put strain on the global economy. If are expected to continue to increase in line with
such geopolitical concerns persist, they have the strong public consumption patterns, the positive
ability to disrupt the global economy’s pace and to impact of the elections, and the sustainability of
cause increases in global oil and food prices, which National Strategic Project (PSN) development.
will lead to an increase in inflation.
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BUSINESS PROSPECT
With maintained domestic economic stability, In addition, as a guideline in carrying out credit
the increasing role of bank intermediation is also expansion, Bank Mandiri has a tool in the form
expected to continue. Loan disbursement will of a Loan Portfolio Guideline (LPG) to identify
continue the positive trend with several driving prospective sectors with low risk. By growing
sectors, such as the household sector, the trade according to LPG design, Bank Mandiri can expand
sector, and the manufacturing industry sector. credit while maintaining improved credit quality.
Deposit growth in the banking industry is also Some sectors classified as prospective sectors
expected to grow healthily to ensure bank liquidity include the Government sector, Food & Beverage
to be maintained at an adequate ratio. Industry, Telecommunications, Energy & Water,
Health Services, and processing industries related
Bank Mandiri is therefore optimistic that its to the downstream mineral and coal program.
performance will continue to grow sustainably
in 2024. Bank Mandiri will perpetually refine its Seeing the increasingly massive digital development
consistently implemented strategy. We will focus on in the community, Bank Mandiri continues to
maintaining dominance in the wholesale segment optimize the collection of low-cost funds by
and growing through an ecosystem-based value utilizing multi-transaction digital services that offer
chain approach, while encouraging digital transactional convenience and flexibility through
platform optimization to strengthen the low-cost Livin and KOPRA. Bank Mandiri’s excellence in CASA
fund base, and encouraging all branch networks collection continues to be deepened with various
and subsidiaries to recognize the exceptional innovations, new features and services from Livin and
business opportunities in each region. KOPRA. With this, Bank Mandiri remains optimistic
that deposits in 2024 can continue to grow optimally
with low-cost funds as a growth driver.
Projections of Indonesia’s Economy & Banking Industry in 2024
Description IMF World Bank OECD ADB government Bank Indonesia OJK
PDB 5.0% 4.9% 5.2% 5.0% 5.2% 4.5% - 5.3% -
Inflation 3.3% - 2.8% 3.0% 2.8% 2.5% ± 1% -
Third Party Funds - - - - - - -
Credits disbursed - - - - - 10% - 12% -
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MARKETING ASPECT
To meet the increasingly diverse customers’ needs and aspires, Bank Mandiri
has implemented business strategies both in the short and long term. Marketing
strategy has become one aspect of Bank Mandiri’s business strategy in reaching
and serving customers with its excellent products and services, reaching the targets
to be achieved, and strengthening Bank Mandiri’s market share in the Indonesian
banking industry.
Marketing Strategy
Bank Mandiri continues to innovate in the Bank Mandiri products and services are developed
development of financial products and services to based on a holistic marketing strategy, which
respond to customer needs, both from the wholesale not only increases customer awareness and
and retail segments. Bank Mandiri also focuses on knowledge of banking products and services, but
the potential and opportunities that occur in the also strengthens customer loyalty and fosters new
market, including monitoring market challenges customer acquisition by establishing a positive
and the development of digital technology. customer experience.
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MARKETING ASPECT
A positive Customer Experience can be formed social media channels. As such, Bank Mandiri strives
with several aspects of brand building including the to optimize all existing communication channels for
following: the effectiveness and efficiency of communication
activities.
1. Perceived Ease of Use
Promoting the sense of being at ease in using The use of conventional media as well as online
Bank Mandiri products. This is supported by the or digital media is adjusted to each portion. The
ease of obtaining these products or services. utilization of digital media (including social media,
online publishers, search engine optimization, key
2. Perceived Usefulness opinion leader partnerships, messenger platforms
Promoting the features of Bank Mandiri’s such as WhatsApp, and so forth) reached 65%.
products and services that support the Conventional media such as print ads on print
development of customers’ financial needs media, advertisements on TV, radio, outdoor
anywhere and anytime. media, and other conventional media. Some of
the social media used by Bank Mandiri including
3. All-In-One Ecosystem Instagram, Facebook, Twitter, Youtube, and TikTok
With an all-rounder-ecosystem, Bank Mandiri contributed 35%.
comes with all services that are integrated
with each other so as to support overall lifestyle Bank Mandiri also actively directs digital
and financial needs. transformation by conducting digital collaboration
4. Building Connection That Mandiri Elevate my and synergy with various partners to expand the
Living Norm digital ecosystem. This business transformation step is
We are beyong banking. Bank Mandiri not carried out to ensure that Bank Mandiri can continue
only meets customers’ financial needs, but to provide more value for customers in all segments
also improves customers’ living norms, as a and have a positive impact on the community’s
sustainable bank and agent of development economy.
for Indonesia.
5. Always Here For You! In 2023, Bank Mandiri received awards in the
We grow together with our customers. Providing marketing sector, including the “Marketing
the best to customers will always be Bank Company of the Year” version of the Asia Marketing
Mandiri’s top priority and identity. As such, Bank Federation (AMF) at the Asia Marketing Excellence
Mandiri hopes to always see customers develop Awards 2023 held in Bangkok, Thailand. This award
and grow hand-in-hand. is given to companies that are considered to have
innovative, creative, and effective marketing
Bank Mandiri considers the opportunity to expand strategies in facing market challenges in the Asian
and market digital banking services in Indonesia region. In addition, this award is also proof of
remain very large. Bank Mandiri optimizes marketing Bank Mandiri’s commitment to actively innovate
through attractive and relevant digital campaigns and transform with a focus on meeting customer
and promotions on various official Bank Mandiri transaction needs.
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MARKETING ASPECT
Market Shares
As of December 2023, Bank Mandiri managed to strengthen its performance as reflected in the indicators of
assets, loans, deposits, or CASA which were able to grow above the industry average. The growth of Bank
Mandiri’s four performance indicators have boosted respective market share of the industry to also increase,
except for deposits. The following are graphs of Bank Mandiri assets, loans, third-party funds, and CASA market
shares over the last three years:
Assets Market Shares Loans Market Shares
19.72%
19.03%
17.93% 18.72%
18.20%
17.06%
2021 2022 2023* 2021 2022 2023*
Third-Party Funds Market Shares CASA Market Shares
22.81%
18.64%
21.21%
18.28%
19.67%
17.26%
2021 2022 2023* 2021 2022 2023*
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DAILY SHARES GROWTH YTD
BMRI Share Performance Versus JCI - YTD December 2023 Trend
30,00%
25,00% 41,3%
20,00%
15,00%
10,00%
4,1%
5,00%
0,00%
-5,00%
-10,00%
Throughout 2023, Bank Mandiri's (BMRI) stock price Mandiri's share price performance is better when
performance also scored a brilliant performance compared to the Jakarta Composite Index (JCI)
and was marked by high market capitalization value which grew by 4.1%. We believe that this stock
growth on the stock exchange. BMRI's share price performance is a reflection of Bank Mandiri's business
grew by 41.3% YtD where the market capitalization growth and performance during 2023 which is also
value managed to reach Rp564.67 trillion. Bank complemented by a solid and targeted strategy.
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BUSINESS
REVIEW
Amidst the escalating global economic
instability, Indonesia managed to sustain an
annual growth rate of 4.94% until the third quarter
of 2023. Strong household consumption and
rising investment, coupled with the sustainable
completion of National Strategic Projects,
contribute to this growth.
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BUSINESS REVIEW
Notwithstanding various uncertainties, several key indicators of the domestic
economy continuously exhibit a positive trajectory, as reflected by the Purchasing
Managers’ Index (PMI) remaining at an expansive 52.2, the Retail Sales Index (RSI)
attaining 217.9, consumer confidence maintained at an optimistic level with the
Consumer Confidence Index (CCI) reaching 123.8, and the Mandiri Spending
Index (MSI) reaching 220.8.
In line with Indonesia’s economic growth, the bank This good performance is a success of Bank Mandiri’s
intermediation function has demonstrated robust commitment to continue to grow sustainably
progress, as evidenced by the 10.38% yoy increase by synergizing Bank Mandiri’s core strength as a
in national bank loans as of December 2023 and the Wholesale Bank and sharpening Bank Mandiri’s
3.04% growth in deposits as of November 2023. As strategy in 2023 through a strategy of 3 main focuses.
a result of credit growth outpacing deposit growth This strategy has led Bank Mandiri to record various
throughout 2023, the LDR of the national banking positive performance achievements, such as:
sector increased 518 basis points yoy to 84.78% as of
November 2023. 1. As of December 2023, Bank Mandiri’s
consolidated NIM is relatively stable at 5.48% with
Furthermore, Bank Mandiri achieved a noteworthy a low cost of funds of 1.91%. This achievement
performance in 2023, which was in line with the was mainly driven by the growth of low-cost
robust Indonesia’s economic conditions, followed funds which remained sustainable at 6.46% yoy
by a comprehensive business transformation. with a CASA ratio on a bank-only basis reaching
79.40%. This aggressive CASA growth strengthens
In 2023, Bank Mandiri generated a consolidated net Bank Mandiri’s position as the CASA market
profit of Rp55.06 trillion, or grew by 33.7% compared leader with a CASA market share of 18.39% as of
to the same period previous year. The increase in November 2023.
net profit was derived by the growth of excellent
profit constituent components. Bank Mandiri’s 2. Strengthening Bank Mandiri’s core competence
consolidated revenue in 2023 grew by 10.41% yoy, as a wholesale bank with a wholesale loan
or Rp138.8 trillion, influenced by good growth in Net market share reaching 19.1% in October 2023,
Interest Income which reached 8.45% yoy, or Rp98.0 driven by wholesale loan growth of 19.21% yoy,
trillion and non-interest income (Fee Based Income) or Rp727.7 trillion with a portion reaching 67% of
at 15.4% yoy, or Rp40.7 trillion. This is also supported total bank-wide loans.
by Bank Mandiri’s operational improvements with
OPEX growth that can be maintained at a low level 3. Bank Mandiri’s retail loans in 2023 grew
of 0.42% yoy. In addition, align with the continuously aggressively by 11.1% yoy, above the industry
improving credit quality, allowance for impairment average growth. This growth was mainly driven
losses (CKPN) costs decreased by 35.40% yoy or by the ecosystem-based growth strategy of
Rp10.23 trillion. In line with the achievement of good wholesale customers’ value chain as well as
performance in 2023, Bank Mandiri’s consolidated optimizing growth in leading sectors in the region.
ROE (Return on Equity) profitability ratio was 23.18%,
or grew by 345bps yoy.
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In addition, Bank Mandiri’s digital transformation In addition, as a form of Bank Mandiri’s
efforts have delivered positive results, such as: commitment to continue to foster digitalization
1. Livin by Mandiri has further strengthened into of micro, small and medium enterprises (MSMEs),
a financial super app with various banking Bank Mandiri has launched the Livin’ Merchant
features and complete beyond banking, where by Mandiri application which will digitize
all the conveniences are contained in one payment transactions at MSME merchants.
application including:
a. Account opening from 120 countries with In more detail, by the end of 2023, Livin users
local SIM card, including rupiah account have reached 22.5 million users with a growth
opening and 10 other foreign currencies of 44.6% yoy. In addition, livin transactions have
such as USD, EUR, SGD, JPY, AUD, GBP, HKD, also managed more than 2.82 billion transactions
CHF, MYR and THB or an increase of 45.0% yoy with a transaction
b. In terms of loans, Livin presents credit value of Rp3,265.4 trillion or grew 34.1% yoy.
card solutions ranging from applications,
installments, to cash withdrawals. 2. KOPRA by Mandiri is a one stop financial
c. Livin has a wide selection of investment platform to meet the needs of Bank Mandiri’s
products such as bonds and mutual funds corporate customers. KOPRA has supported
through the Livin Investment feature. the acquisition and improvement of business
d. Payment reminder feature as a form of performance, particularly the wholesale
synergy of digital solutions between KOPRA segment. In 2023, KOPRA has been used by more
and Livin. than 182 thousand users and has succeeded
e. The All New Sukha feature, which carries the in increasing transaction frequency by 19.4%
concept of a one stop solution for all your yoy with a transaction value of more than
lifestyle, is equipped with three excellent Rp19,091 trillion.
features, namely SukhaTV, SukhaReels, and
SukhaNews. Bank Mandiri as the first bank to
have this feature.
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BUSINESS REVIEW
KOPRA continues to innovate to provide relevant level, even reaching an all-time low position of
excellent features such as KOPRA Mobile 1.02% (-86bps) in December 2023, and has also
biometric access, consolidated dashboard, prepared sufficient reserves with a bank-only NPL
integration of several features between Livin Coverage Ratio of 384.36%. Due to the discipline
and KOPRA. Currently, KOPRA is available in the implementation of risk management, Bank
overseas to meet the needs of wholesale Mandiri on a bank-only basis managed to reduce
customers for cross-border transactions that are the cost of credit by 58bps to 0.63% as of December
available in Singapore, Hong Kong, Shanghai 2023. This figure is much better than the previous
and Dili Timor Leste. year’s period which reached 1.21%.
3. 241 Smart Branches are present throughout Meanwhile, in terms of fund raising, Bank Mandiri
Indonesia to provide fast, seamless, and recorded consolidated Third-Party Funds (TPF) of
paperless digital branch services. Smart Rp1,577.0 trillion (+5.78% yoy). This growth was driven
branches are divided into 3 types, namely by low-cost funds, namely savings and current
Digital Box, Hybrid Branch and Upgrade Branch, accounts which managed to reach 7.05% yoy, or
where each type of branch provides a different Rp1,171.7 trillion. In terms of the wholesale segment,
experience to meet customer needs the corporate segment has raised funds of Rp299.8
trillion (-9.4% yoy), the commercial segment of
In 2023, Bank Mandiri set a record as the first bank Rp149.8 trillion (+7.8% yoy), the institutional relations
in Indonesia to penetrate assets reaching Rp2,174.2 segment of Rp97.9 trillion (+50.7% yoy), and the
trillion, or grew by 9.12% year-on-year. The increase International Banking of Rp11.9 trillion (+18.6% yoy).
in assets was driven by consolidated credit growth Meanwhile, in terms of retail segment, the SME
of 16.29% yoy, or reached Rp1,398.1 trillion. Bank segment managed to raise funds of Rp266.9 trillion
Mandiri’s credit growth achievement remained (+13.63% yoy), the micro segment of Rp52.9 trillion
above Industrial credit growth which reached (14.0% yoy), and consumer deposits of Rp212.1
10.38% yoy in December 2023. trillion (3.94% yoy).
In detailed, Bank Mandiri recorded positive credit Bank Mandiri’s good performance is also
growth evenly in all segments. In terms of the inseparable from the contribution of the
wholesale segment, in 2023 Bank Mandiri disbursed Subsidiaries’ performance. On a consolidated
loans of Rp727.7 trillion, or grew by 19.2% compared basis, all subsidiaries booked a total net profit of
to the same period the previous year. This was driven Rp10,690 trillion, or grew by 26.21% yoy in December
by the performance of the corporate segment 2023, of which Rp5,691 trillion was Bank Mandiri’s
which managed to disburse loans of Rp409.9 trillion portion of ownership. Currently, Bank Mandiri has
(+12.5% yoy), commercial segment Rp238.0 trillion 10 subsidiaries and 1 associate entity engaged in
(+21.2% yoy), institutional relations Rp72.7 trillion sharia banking, insurance, consumer financing,
(+64.9% yoy) and treasury & international banking remittance services, securities, banking and
Rp7.2 trillion (+23.5% yoy). Meanwhile, in terms venture capital. Bank Mandiri continues to focus
of the retail segment, Bank Mandiri posted loan on increasing the contribution of the Subsidiaries,
disbursement of Rp358.1 trillion, or grew by 11.1% including supporting the capital aspects of the
yoy. This growth was driven by the SME segment Subsidiaries for business expansion.
of Rp76.8 trillion (14.0% yoy), the micro segment of
Rp167.9 trillion (10.4% yoy) and the consumer loan Bank Mandiri’s positive performance in 2023
segment of Rp113.4 trillion (10.36% yoy). has received appreciation from the public and
investors. This is reflected in the performance of
In expanding credit, Bank Mandiri continues to Bank Mandiri’s shares, which recorded the highest
prioritize the principle of prudence. This can be stock price in history, touching a price of Rp6,125
seen from Bank Mandiri’s NPL ratio on a bank-only on 4 October 2023.
basis which continues to be maintained at a low
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DIGITAL BANKING
WHOLESALE BANKING PERFORMANCE HIGHLIGHTS
Description 2021 2022 Sep-23 Dec-23
Cash Management Tx Value (Rp Trillion) 7,259 8,304 13,354 18,277
Trade & Bank Guarantee Tx Value (Rp Trillion) 94,3 102,8 511.9 717.2
E-FX Tx Value (Rp USD Billion) 7.74 14.00 78.00 105.00
Total Fee Based Income* (Rp Billion) 1,859 2,038 1,622 2,201
*Fee Based KOPRA include Cash Management, Trade & Bank Guarantee, and Value Chain
Cash Management Tx Value (Rp Trillion) Trade & Bank Guarantee Tx Value (Rp Trillion)
18,277 717.2
13,354 511.9
8,304
7,259
102.8
94.3
2021 2022 Sep-23 Dec-23 2021 2022 Sep-23 Dec-23
E-FX Tx Value (Rp Trillion) Total Fee Based Income* (Rp Billion)
2,201
2,038
105.00
1,859
1,622
78.00
14.00
7.74
2021 2022 Sep-23 Dec-23 2021 2022 Sep-23 Dec-23
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DIGITAL BANKING
RETAIL BANKING PERFORMANCE HIGHLIGHTS
Description 2021 2022 Sep-23 Dec-23
Active User ('000) 6,780 9,702 12,030 13,180
Livin' Transaction Amount (Million) 1,224 1,944 2,022 2,819
Livin' Transaction Value (Rp Trillion) 1,640 2,435 2,400 3,264
Total Livin’ Fee Based Income (Rp Billion) 1,432 1,737 1,605 2,256
Active User (‘000) Total Livin’ Fee Based Income (Rp Billion)
2,819
13,180
12,030
1,944 2,022
9,702
6,780 1,224
2021 2022 Sep-23 Dec-23 2021 2022 Sep-23 Dec-23
Livin’ Transaction Value (Rp Trillion) Total Livin’ Fee Based Income (Rp Billion)
3,264 2,256
1,737
2,435 2,400 1,605
1,432
1,640
2021 2022 Sep-23 Dec-23 2021 2022 Sep-23 Dec-23
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KEY HIGHLIGHTS
The increase in digital transactions and the growth of financial technology (fintech)
and e-commerce companies are triggering digital innovation, particularly in the
financial industry. This is a catalyst for conventional banks to compete for digital
transformation to present various digital services and solutions.
As stated in the Corporate Plan 2022-2024, Bank Mandiri will continue to carry out
digital transformation through a digital banking framework, starting from increasing
Bank Mandiri’s infrastructure capacity to support the surge in digital transactions,
developing end-to-end digital products and services, and modernizing channels
transactions by presenting Livin’ by Mandiri for retail customers, KOPRA by Mandiri
for wholesale customers, as well as branch digitalization through the Smart Branch
initiative, expanding the digital ecosystem through collaboration with top digital
players to utilizing the latest data and technology for business development.
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DIGITAL BANKING
DIGITAL BANKING STRATEGY & INNOVATION IN 2023
In 2023, Bank Mandiri continued to be committed to improving the features in the superior products and
services of the financial super app Livin’ by Mandiri and the super platform KOPRA by Mandiri as part of its
strategy to strengthen Bank Mandiri’s digital banking.
The strategies implemented by Digital Banking in the Wholesale and Retail segment in 2023 are as follows:
Digital Banking – Wholesale Segment
During 2023, additional features and capabilities of KOPRA were available as follows:
• KOPRA LAJU (Money Transfer Service)
• KOPRA Host to Host Trade & Bank Guarantee
• Reserve for Branch Transaction
• Expansion of KOPRA by Mandiri implementation at the Foreign Office
Wholesale Segment Digital Banking Products and Services
The following digital banking products and services for Wholesale segment customers are existing e-channel
products accompanied by a number of innovations and developments in accordance with the needs of
Wholesale segment customers.
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DIGITAL BANKING
KOPRA by Mandiri
Bank Mandiri continues to innovate following the In 2023, Bank Mandiri presents a new breakthrough
latest digitalization developments to meet customer as proof of its commitment to providing a seamless
needs. One of them is by providing end-to-end experience through KOPRA Beyond Borders. This
solutions for the customer ecosystem and its value innovation is available to address the needs of
chain through the Wholesale Digital Super Platform corporate customers in Indonesia and overseas for
KOPRA by Mandiri. integrated digital financial services as an expansion
of the customer’s business ecosystem.
KOPRA by Mandiri, which has been launched since
2021, is a single access platform service to provide The presence of KOPRA Beyond Borders with the
convenience for customers in accessing banking tagline ‘Your Super Platform to The Future of Global
transaction needs ranging from Cash Management, Business’ is part of the development of KOPRA by
Trade Finance, Supply Chain Management, Foreign Mandiri, which carries the mission of improving
Exchange, Custody to various other services through customer user experience and digital journey by
one platform. Not only that, in 2022, Bank Mandiri eliminating borders and becoming a liaison for
launched the KOPRA Mobile App to facilitate corporate customers’ transactions overseas in one
customers to access KOPRA by Mandiri anytime and consolidated portal, https://koprabymandiri.com.
anywhere.
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DIGITAL BANKING
KOPRA Beyond Borders is equipped with excellent features, namely: Global Access and Consolidated
Financial Dashboard to facilitate customers in monitoring their cash flow and financial transactions. With its
various advantages, KOPRA by Mandiri is prepared to be a comprehensive Wholesale transaction solution of
choice and customer trust.
Wholesale Digital Super Platform KOPRA by Mandiri has a major role in the overall growth of Bank Mandiri’s
Wholesale transactions. In 2023, various awards have also been received by Bank Mandiri due to the continuous
innovation of KOPRA by Mandiri, including: Best Cash Management Bank in Indonesia and Best Digital Banking
App in Indonesia: KOPRA by Mandiri from Alpha Southeast Asia, Best Trade Finance Bank in Indonesia from
Global Business Outlook, Best Corporate Mobile Banking App from The Digital Banker, Cash Management
as Market leader from Euromoney, Indonesia Domestic Cash Management Bank of the Year and Indonesia
Trade Finance Bank of The Year from Asian Banking & Finance Award.
KOPRA consists of three variants, among which are:
1. KOPRA Portal: A front-end access-based digital service variant in the form of a single access portal.
2. KOPRA Host to Host: A variant of digital single access service based on integration between customer
system and Bank system.
3. KOPRA Partnership: Solution for providing transactional services with specific added value for customers
and their business ecosystem.
KOPRA by Mandiri has the following excellent features:
Ease of tracking the status of fund transfers and the amount of fees charged at each
Remittance Tracking intermediary bank for foreign currency remittance transactions made to other banks based
on Bank Mandiri's transaction reference number.
Online registration feature for suppliers to join the KOPRA by Mandiri ecosystem for principal
Onboarding Suppliers
customers.
Easy access to communication with the bank through audio calls, video calls, and online
Virtual Assistant chat in order to explain a product and submit complaints regarding the services of Bank
Mandiri products registered with KOPRA by Mandiri
Feature to view financial information of customers. Some of the information displayed on this
financial dashboard is as follows:
a. Cash position: displays balance information and transaction history for all customer
accounts either in Bank Mandiri or other Bank accounts
b. Limit Information: displays limit trade, guarantee, and value chain information.
Consolidated Financial
c. Custody: displays information on total security assets owned by customers.
Dashboard
d. Transaction Reminder: displays expiry dates and other important dates related to trade
transactions, value chains, and custody.
e. Exchange Rate Information: displays exchange rate information of 15 foreign currencies
with special rate rates.
f. Billing Information: displays Active Billing & History information.
Feature to allow customers to fill out a digital form for opening a checking account. For new
customers (New to Bank), direct presence to the relevant branch is required for the KYC
Current Account Opening
process. As for Bank Mandiri customers, the process of opening a current account can be
done directly through KOPRA by Mandiri.
Online Onboarding Ease of registration for Bank Mandiri Wholesale channels through filling out digital forms and
Transactional Product signatures done online.
Online Subsidiaries Feature to register subsidiaries online with the aim that the Holding Company can see a
Registration summary of the subsidiary's financial information through the KOPRA by Mandiri dashboard.
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DIGITAL BANKING
KOPRA by Mandiri has the following excellent features:
Features that allow customers to get an overview of the market outlook such as:
Market Overview Macroeconomic Forecast, Market Highlight, and Economic Review that have been provided
by Bank Mandiri's Chief Economist team.
User independent features are used only to view information on the KOPRA portal, namely
Independent User
Dashboard and 3rd Party Information.
A feature that allows customers to obtain information on relevant Bank product offerings
Product Recommendation
according to their profile on the KOPRA portal page.
Wholesale Segment Digital Banking products that have been integrated with KOPRA Portal consist of:
Internet-based electronic banking services provided by the Bank to corporate customers
to carry out financial activities include access to information, domestic and international
KOPRA Cash Management
transfers, bill payments, payroll, tax payments, purchases of Pertamina products and liquidity
management (cash concentration).
Internet-based banking facilities to meet the needs of trade transactions and bank
KOPRA Trade
guarantees, both local and international.
Web-based services that can be used to meet the needs of invoice-based financing
KOPRA Value Chain
transactions for corporate customers and their supply chains.
Web-based services that facilitate customers to make portfolio inquiries, transaction inquiries
KOPRA Custody
and Corporate Action information and send instructions to the Bank.
Portal-based service that facilitate Mandiri Bill Collection (MBC) Biller customers to activate
KOPRA Billing
billing data, identify billing data, report and reconcile receipt transactions equipped with an
Reconciliation
executive dashboard.
Web-based services that are connected to the Hospital Information System (SIRS) to ensure
that they can provide convenience to hospitals in monitoring cash and non-cash payment
receipts from General Patients (who do not use Insurance and/or BPJS Health), provide
detailed reports, in the form of daily receipt reports, reconciliation reports & BPJS Health
KOPRA Hospital Solutions
claim reports, and can display executive dashboards payment receipt from hospital patients
to BPJS Health claim monitoring dashboard (including diagnosis dashboard, procedures,
average length of stay & patient severity level) for decision making by the management
line.
Features for forex transactions. This feature also offers convenience in monitoring forex
KOPRA Forex
exchange rate movements in real time.
KOPRA Mobile App
KOPRA smartphone application version that can be used to check financial information and approve
transactional and non-transactional activities on KOPRA by Mandiri and can be downloaded on the App
Store (iOS) and Play Store (Android) based on customer needs to approve transactions or other activities
quickly and safely.
The features available in KOPRA Mobile App are as follows:
1. Approval of wholesale transactions through the application
2. Financial Dashboard inquiry to obtain Customer Financial Information includes:
a. Total Balance
b. Transaction history and balance
c. Limit Trade, Bank Guarantee, and Value chain
d. Information from accounts at other banks
e. Transaction reminders
3. Consent of Application for Limit Management and Online Subsidiaries Registration
4. Check the validity of the Bank Guarantee through the QR Code scan feature listed on the Bank Guarantee
instrument
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DIGITAL BANKING
Wholesale Segment Other Existing Digital Banking Products consist of:
KOPRA Host to Host
Service to send transaction instructions from the customer’s system/ERP directly to Bank
Payment
Mandiri’s payment system through the concept of customer and Bank system integration.
Mandiri Bill Collection Service that provides easy identification and reconciliation of biller receipts for bills using a
unique number as the purpose of payment by the payer
Mandiri Auto Debit Service debits funds automatically from the Customer’s Account to the Company’s Account
based on an agreement between the Customer and the Company.
Transactional virtual account service that functions as identification and limitation of
Mandiri Smart Account
incoming (credit) and outgoing (debit) funds of an account or substitution of Current
Account
Mandiri Electronic Banking
Service of providing financial information via electronic current accounts.
Statement
Notification service of transaction activity/movement of funds in the account to customers
Online Notification
in real time or periodically on a host-to-host basis.
KOPRA Layanan Antar
Digital services for delivery, collection and processing of customer cash to/from the Bank
Jemput Uang (LAJU)
carried out digitally.
KOPRA Layanan Antar
Digital services for delivery, collection and processing of customer cash to/from the Bank
Jemput Uang (LAJU)
carried out digitally.
Customer system integrated services with Bank Mandiri system to facilitate export, import
Host to Host Trade & Bank
and Bank Guarantee transactions easily, quickly, and efficiently. Hence, customers get a
Guarantee
faster experience of trade transaction services and Bank Garage
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DIGITAL BANKING
DIGITAL BANKING – RETAIL SEGMENT Remittance has now become one of the most popular
features for customers at Livin’ by Mandiri in managing
Throughout 2023, Bank Mandiri continued to foreign exchange (forex) transaction needs. Moreover,
innovate by presenting several new and excellent foreign currency transfers at Livin’ by Mandiri can now
features on the Livin’ by Mandiri super app, such as: be done in 9 foreign currencies ranging from US Dollars
1. Cross-border money transfer feature that (USD), Euros (EUR), Singapore Dollars (SGD), Australian
facilitate customers to send foreign currencies Dollars AUD, Pound sterling (GBP), Hong Kong Dollars
to various countries. (HKD), Canadian Dollars (CAD), Thai Baht (THB) to
2. Paylater feature that can be used as a source Indian Rupees (INR).
of funds for QRIS payments for transaction
payments at various merchants. With foreign currency transfer feature, Bank Mandiri
3. Investment feature that allows customers to aims to provide practical and efficient solutions for
manage investments end-to-end, ranging from customers in conducting foreign currency transactions,
monitoring investment portfolios including stock particularly in today’s digital era. Through Livin’ by
portfolios at Mandiri securities to purchasing Mandiri, transfer transactions to foreign currencies
coupon bonds and mutual funds starting from by customers can be done anytime, anywhere only
Rp100 thousand. In addition, the investment through smartphones.
feature is equipped with the convenience of
auto debit at a period of your choice. Livin’ by Mandiri features will continue to be developed
4. QR Payment feature that provides convenience to become a solution for financial transaction needs for
in payments at various merchants with various the community as a whole. In line with Bank Mandiri’s
sources of funds, namely savings, credit cards, vision to be your preferred financial partner. Not only
and paylater. that, to expand acceptance and acquisition of digital
5. QR Receive Transfer feature that makes it easy services, Bank Mandiri has also held the Livin’ Around
for customers who prefer to make transfers to the World program in 15 countries, one of which is in
and from Bank Mandiri accounts. Sydney, Australia in 2023.
6. Second Account Opening feature for Bank
Mandiri customers to be able to open a second
rupiah account, including card delivery requests
without the need to visit a branch.
7. Livin’ SUKHA feature presents a complete range
of lifestyle needs, ranging from purchasing
airline tickets, train tickets, to purchasing
concert hype tickets and entertainment. Livin’
SUKHA also offers a variety of entertainment
and educational content through articles, live
streaming, and reels, an industry first.
8. The convenient contactless payments using the
Tap To Pay feature, customers can simply tap a
smartphone to make transactions.
Retail Segment Digital Banking
Products and Services
Bank Mandiri continues to innovate to provide easy,
fast and safe financial services for customers through
reliable features in Super App Livin’ by Mandiri.
Features that continued to be updated during 2023
include foreign currency transfers that allow customers
to make remittance transactions to various countries
at competitive rates, quickly, and funds are received
in full in the destination country.
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In routine activities held overseas, Bank Mandiri also available, among others, SukhaTV, SukhaReels, and
introduces account opening services for Indonesian SukhaNews, have provided new experiences to
Citizens (WNI) who are abroad directly in the Livin’ customers when accessing Livin’ by Mandiri.
by Mandiri application. Bank Mandiri fully promotes
all digitalized services to be present as a one stop Bank Mandiri understands that the current shopping
financial solution for customers, including Livin’ trend is Shoppertainment, which is shopping while
by Mandiri which has been able to directly greet enjoying entertaining content and in line with
Indonesian in various parts of the world. customer needs. At Livin’ Sukha, many choices of
entertainment content are available for customers
During 2023, Bank Mandiri also continued to to enjoy anytime and anywhere. Moreover, Bank
introduce several excellent features of Livin’ by Mandiri has also collaborated with many selected
Mandiri such as Livin’ Sukha to meet lifestyle needs merchants who provide exclusive promos. Customers
to the Livin’ Investasi feature to complement can choose entertainment content according to
customers’ financial services. Livin’ Sukha now offers their interests, ranging from Entertainment, Fashion
new features by further enriching entertainment & Beauty, Travel & Culinary, Gadget & Technology,
content that can be accessed by all Livin’ by Mandiri Health & Wellness, and many other categories.
users. Three excellent features that have been
In addition, Livin’ by Mandiri has the following excellent features:
Just Take a Selfie, Kemudahan pembukaan rekening tabungan tanpa perlu datang ke kantor cabang.
Savings is Done semua dilakukan dalam hitungan menit langsung dari aplikasi Livin’ by Mandiri,
One account for all
Check all Bank Mandiri savings products, loans, credit cards to your favorite e-wallets
(savings, loans, credit
directly from the Livin' by Mandiri dashboard.
cards, & favorite e-wallets)
Users can set preferred features, which are accessed most frequently, to appear on the
Quick Pick Favorite Deals
home page.
This feature allows customers to manage and connect all e-wallet accounts owned.
Check Balance & Top Up
In addition, users can set the frequency and nominal of top ups that can be done
Automatic E-Wallet
automatically according to their needs.
Cash Withdrawal and
Livin' by Mandiri provides convenience in the form of cardless cash withdrawals and
Deposit
deposits. Solution for customers who do not have a debit card.
No Card
Set and determine your own nominal amount of Mandiri Savings Plan and Mandiri Deposit
Goal Saving & Deposito
for a better life in the future.
Late fees can be avoided with smart reminders. In addition, customers who use Livin' by
Smart Reminder,
Mandiri can check their previous transaction history up to 15 months back. For Mandiri
E-Statement & E-Billing
Credit Cards, Livin' by Mandiri also provides monthly customer transaction reports.
Livin' by Mandiri was developed with the concept of open ecosystem. Bank Mandiri
Open Ecosystem
presents digital services that are commonly used by customers in their daily lives.
Indonesian citizens who are abroad can feel the convenience of using Livin' by Mandiri
Open an Overseas Account using a local number, including opening a rupiah account. Currently, Livin' by Mandiri can
be used in 121 countries in the world.
Branch reservation Reservation service at the branch without queuing
Personal Loan Selected customers can apply and top up personal loans directly from the application
Customers can directly apply for a credit card, installment transactions with a tenor of up to
Credit card
36 months, including cash loans from the available credit card limit.
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DIGITAL BANKING
Retail Segment Existing Digital Banking Products:
Chip-based electronic money issued by Bank Mandiri as a substitute for cash in payment
Mandiri e-Money transactions such as toll roads, parking, busways, trains, minimarkets, and various other
merchants.
A server-based electronic payment platform managed by a group of SOEs. LinkAja is an
integration product of similar products at state-owned banks, including Mandiri Pay from Bank
Mandiri. LinkAja launching was carried out on 30 June 2019. LinkAja is committed to strengthening
Indonesia's digital economy ecosystem in general and SOEs in particular. LinkAja can now be
LinkAja
used at various merchants. Bank Mandiri supports the LinkAja program, by expanding LinkAja
transaction acceptance at EDC and Bank Mandiri merchants. The Bank also expanded LinkAja's
acceptance ecosystem with a focus on expanding cashless transactions in transactional areas
and establishing an ecosystem of LinkAja usage in those locations.
Chat communication service between Bank Mandiri and customers through Bank Mandiri's
official WhatsApp account at number 08118414000. In this service, Bank Mandiri uses a chat
Mandiri Chatbanking bot system in delivering information, notifications, and interacting with customers. Conversely,
customers can also ask for information on Bank Mandiri products and services through the same
WhatsApp number.
Electronic data capture (EDC) machine provision services available at stores/merchants in
collaboration with Bank Mandiri. Mandiri EDC can facilitate the acceptance of Mandiri Card
Mandiri EDC
transactions and other banks electronically through domestic networks, international payment
networks, and Bank Mandiri networks.
Banking transaction services through automated teller machines that facilitate customers to
access Mandiri Tabungan or Mandiri Giro accounts in making cash transactions, balance
Mandiri ATM
inquiry, transfers, payments and purchases using Mandiri cards. Through domestic networks and
international payment networks, Mandiri ATM can also serve transactions with other bank cards.
A service that accepts Mandiri card transactions and other banks at online stores/merchants
that collaborate with Bank Mandiri. Mandiri e-commerce provides transaction convenience
Mandiri e-Commerce as payments are made in an integrated transaction flow, without the need to access other
banking channels. Customers can use Mandiri cards or other banks through international
payment networks.
Frictionless and safe Mandiri Debit payment facilities at e-commerce merchants using
transaction IDs in the form of card numbers and expiry dates as well as authorization using OTP.
Mandiri Direct Debit
For authorization, Bank Mandiri acts as issuing, without involving the principal by sending OTP
directly to the customer.
QR-based transaction acceptance services use server-based electronic money and other
sources of funds at stores/merchants in collaboration with Bank Mandiri. Mandiri QRIS (Quick
Mandiri QRIS Response Indonesia Standard) provides convenience for transactions at stores/merchants
without using cash or cards. Transactions can be carried out interoperably using Mandiri Online,
other mobile banking, or fintech applications that have been approved by Bank Indonesia.
Bank Mandiri's latest digital banking service that facilitate customers to replace cards
Mandiri Customer (damaged cards, or lost cards) and open new accounts. Customers can transact in self-service
Service Machine on a customer service machine with practical and fast transaction stages, without the need to
queue at the branch.
Mandiri Application Mandiri API provides easy access to banking products and services to digital financial service
Programming Interface ecosystem players who are integrated into bank partner applications to utilize banking services
(API) safely and in real time.
Bank Mandiri collaborates with digital companies in Indonesia to provide working capital loans
(non-revolving) to MSMEs registered as online sellers/merchants. The application process is
carried out online through the partner platform and sent to Bank Mandiri via API. Funds will be
Seller Financing
received in the customer's account after the loan is approved. In addition, for digital companies
that do not yet have a platform for applying for financing, Bank Mandiri has an onboarding
website that can process loan applications.
A business financing product provided by Bank Mandiri to its customers who sell through digital
platforms. Customers can disburse loans according to the desired nominal repeatedly (revolve),
as long as they have not reached the loan limit. The application process is carried out online
KUM Bridging Purchase
through a partner platform in collaboration with Bank Mandiri and sent to Bank Mandiri via
API. Furthermore, customers can check the status of their loan application through the partner
platform.
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DIGITAL BANKING
DIGITAL BANKING CHALLENGES IN DIGITAL BANKING PERFORMANCE
2023 IN 2023
Bank Mandiri identified several main challenges Wholesale Segment Digital Banking
during 2023, namely the rapid development of fintech Performance
and Digital Banks, as well as diverse and dynamic Bank Mandiri’s move to launch KOPRA by Mandiri on
customer needs. Other challenges are the increase 2 October 2021 is the right step. KOPRA by Mandiri
in smartphone users which is estimated to reach 190 is a digital single access service serves as the center
million people by 2024 and the acceleration of the of information activities and financial transactions
use of digital platforms due to changes in people’s for the business ecosystem of business practitioners
shopping behavior due to the pandemic. in the Wholesale segment and its comprehensive
value chain from upstream to downstream (end
On the other hand, the Bank also faces challenges to end). KOPRA by Mandiri application has
related to EDC, e-commerce, and QRIS. For EDC, competitive advantage that able to integrate all
Bank Mandiri encounters a shift in people’s shopping digital Wholesale services into a single portal access.
behavior from using cards to online shopping, Thereby, business practitioners are able to meet all
particularly in urban areas, shifting business to online, corporate needs, such as online forex transactions,
and merchant resilience in addressing business trade and guarantee, value chain, smart accounts,
challenges in their respective industries. cash management, and online custody in one app.
For e-commerce transactions, Bank Mandiri identified The KOPRA by Mandiri application is expected to
the rampant social engineering fraud transactions increase Bank Mandiri’s growth and profitability. In
and theft of customer data in the e-commerce addition, the KOPRA by Mandiri application is also
industry, e-commerce transactions are vulnerable to expected to be the foundation in realizing Wholesale
transaction disputes due to factors such as shipping beyond lending. The advantages of the KOPRA by
delays, goods disputes, and transaction cancellations Mandiri application are able to increase customer
due to pandemic uncertainty. In addition, current account deposits and increase transaction
e-commerce transactions are still dominated by volume in addition to increasing loan and becoming
payment transactions using wire transfers/VA rather an anchor for the customer’s supply chain. In
than using cards. addition, KOPRA by Mandiri will increase the Bank’s
Fee Based Income generation. Bank Mandiri can
For QRIS, Bank Mandiri encounters the challenge of also measure the financial health of debtors from the
many MSMEs that have not yet transacted digitally number of transactions they make through KOPRA
even though the government takes an active by Mandiri. In the end, KOPRA by Mandiri is believed
role in supporting the empowerment of MSMEs. In to be able to support Bank Mandiri’s dominance in
addition, other challenges are fintech aggressiveness the Wholesale business segment.
in acquiring QRIS merchants, and the shift in public
behavior from card payments to digital payments.
The achievements of the Wholesale segment in 2023 are as follows:
Trade & Bank
Year Description Cash Management Value Chain
Guarantee
Dec-2023 Transaction amount Rp18,277 trillion Rp717,2 trillion Rp70,6 trillion
Sep-2023 Transaction amount Rp13,354 trillion Rp511,9 trillion Rp53,3 trillion
2022 Transaction amount Rp102,8 trillion Rp878,6 trillion Rp58,2 trillion
2021 Transaction amount Rp94,3 trillion Rp647,1 trillion Rp50,1 trillion
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
DIGITAL BANKING
KOPRA by Mandiri’s Wholesale Digital Super Bank’s performance. The application, which is a
Platform service has managed Rp19,100 trillion super app as it provides all comprehensive banking
in transactions until December 2023 or grew 3.6% services in one app, is able to attract new users. As
throughout 2023. The growth of KOPRA by Mandiri of December 2023, the number of registered users
users, which is now also available in the mobile app of super app Livin’ was recorded at 22.8 million or
version, also increased 2.19 times YoY to more than grew 44% (yoy). With this achievement, Livin’ by
182 thousand users. Mandiri has become the highest growing mobile
application in Indonesia.
Retail Segment Digital Banking
Performance Backed by Bank Mandiri’s continuous innovation,
Bank Mandiri’s move to add a number of new Livin’ by Mandiri has been able to manage more
innovations to the mobile banking program to than 2.82 billion transactions during 2023, or soared
become New Livin’ in 2021 is able to strengthen the 45% compared to the previous year.
Online
Onboarding
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Gl oing
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GOMESTIC &
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The increase in Livin’ by Mandiri users cannot be separated from the provision of comprehensive services,
including customers who can access digital teller services, digital sales, and digital customer service.
Customers are also treated to superstore services, everything from insurance product offerings, investments
to consumer loan.
The increase in active users of the application contributed positively to Bank Mandiri’s Fee Based Income.
Fee Based Income derived from the Livin’ application reached Rp2,256 billion in 2023 compared to Rp1,737
billion in the previous year.
In addition, Bank Mandiri’s digital transformation strategy is the right step supported by the large number of
customers who switch their transactions using the Livin’ application from transactions using ATMs.
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DIGITAL BANKING
Digital Banking Strategy 2024
In 2024, Bank Mandiri continues to be committed to improving the features in the superior products and services
of the financial super app Livin’ by Mandiri and the super platform KOPRA by Mandiri as part of its strategy to
strengthen Bank Mandiri’s digital banking.
For the Livin’ by Mandiri super app, several new innovations that will be implemented, among others:
1. Present account opening innovations to expand the reach for expansion into new segments that have
never been targeted before.
2. Various new features to facilitate customer transactions both at home and abroad.
3. Completing the journey of customer digital loan solutions at Livin’ by Mandiri where currently various loans
can be accessed by customers, ranging from applying for credit cards, applying for multipurpose loans,
to paylater.
4. The addition of investment products to continue to complete the customer’s investment journey in Livin’.
5. Present service innovations to increase customer engagement with various attractive offers.
In addition to developing new features, user experience improvements will also continue to be carried out,
to provide customer convenience in conducting financial transactions at Livin’ by Mandiri.
Meanwhile, the KOPRA by Mandiri application is planned to add the following features and capabilities:
1. Electronic Invoicing Payment and Presentment (EIPP)
2. Cashflow Forecasting
3. Integrated ordering and financing solution
4. Interactive client service
5. Risk manager for anomaly transactions
The implementation of the Digital Banking strategy is scheduled for 2024.
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HIGHLIGHTS Report Profile AND ANALYSIS
OPERATIONAL REVIEW
PER BUSINESS SEGMENT
Bank Mandiri divides work units into two main units, namely business units and supporting units, both
of which function in carrying out activities in the banking industry. The two main units are further
divided into several segments and also business sub-segments.
OPERATIONAL SEGMENTS
Bank Mandiri’s operational segments are described in the following chart:
Wholesale Segment
• Corporate Banking
• Commercial Banking
• Institutional relations
• Treasury & International Banking
Retail Segment
• Retail Banking
Main Segments –– Consisting of consumer/individual segment
–– Micro & business segment
–– Wealth segment
Segmen Geografis
• The Group’s primary operations are managed in the region of:
–– Indonesia
–– Asia (Singapura, Hong Kong, Timor Leste, Shanghai, Malaysia),
–– Western Europe (UK)
–– Cayman Islands
Entitas Anak
• PT Bank Syariah Indonesia Tbk (BSI)
• Bank Mandiri (Europe) Limited (BMEL)
• PT Mandiri Sekuritas (Mansek)
Supporting • PT Bank Mandiri Taspen (Bank Mantap)
Segments • PT Mandiri Tunas Finance (MTF)
• Mandiri International Remittance Sdn. Bhd. (MIR)
• PT AXA Mandiri Financial Services (AXA Mandiri)
• PT Asuransi Jiwa Inhealth Indonesia (Mandiri Inhealth)
• PT Mandiri Utama Finance (MUF)
• PT Mandiri Capital Indonesia (MCI)
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OPERATIONAL REVIEW PER BUSINESS SEGMENT
OPERATIONAL SEGMENT interest and sharia income was able to grow
PROFITABILITY double-digit by 17.94% (yoy) to Rp132.54 trillion.
Whereby the segment that contributed significantly
The increase in Bank Mandiri’s net profit which to this growth was the Wholesale Banking segment
reached Rp55.06 trillion with growth of 33.74% (yoy) with an increase of Rp28.35 trillion or grew 39.57%
in 2023 was mainly supported by net profit in the (yoy) to Rp99.99 trillion.
Retail Banking segment which reached Rp44.07
trillion, followed by the Wholesale Banking segment Sub-segments also contributed significantly to the
and subsidiaries which reached a net profit of increase in interest and sharia income of Wholesale
Rp36.00 trillion and Rp10.64 trillion, respectively. Banking in 2023 sequentially, namely Corporate
Banking which increased by Rp15.06 trillion with a
Of the three segments that recorded the highest growth of 50.21% (yoy) to Rp45.06 trillion, Treasury
net profit growth in nominal and percentage terms & International Banking increased by Rp3.06 trillion
in 2023 is the Retail Banking segment. Meanwhile, or grew 14.62% (yoy) to Rp23.96 trillion, Commercial
the Wholesale Banking sub-segment which net Banking increased Rp6.63 trillion or grew 40.67%
profit recorded a large growth in nominal terms (yoy) to Rp22.92 trillion, and Institutional Relations
was Corporate Banking which increased by Rp4.44 increased Rp3.60 trillion or grew 80.94% (yoy) to
trillion to Rp19.15 trillion. Meanwhile, the Wholesale Rp8.06 trillion.
Banking sub-segment with the highest percentage
of profit growth was Institutional Relations up to Meanwhile, the Retail Banking segment posted
80.60% (yoy) to Rp3.21 trillion. an increase in interest and sharia income in 2023
in nominal terms of Rp14.75 trillion or grew 25.07%
The increase in Bank Mandiri’s net profit is certainly (yoy) to Rp73.57 trillion. Meanwhile, interest and
inseparable from the achievement performance in sharia income from the subsidiaries segment grew
interest and sharia income. In 2023, Bank Mandiri’s by 16.06% (yoy) to Rp35.12 trillion.
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HIGHLIGHTS Report Profile AND ANALYSIS
OPERATIONAL REVIEW PER BUSINESS SEGMENT
Operating Segment Profitability 2023 (as of 31 December 2023)
Corporate Commercial Institutional Retail
Banking Banking Relations Banking
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest Income and Sharia Income **) 45,062,477 22,918,692 8,057,705 73,572,015
Interest Expense and Sharia Expense **) (30,279,973) (16,104,740) (4,928,572) (27,618,272)
Net Interest and Sharia Income 14,782,504 6,813,952 3,129,133 45,953,743
Net Premium Income - - - -
Net Interest, Sharia and Premium Income 14,782,504 6,813,952 3,129,133 45,953,743
Other Operating Income:
Fees and Commissions 2,802,116 828,477 485,844 7,397,841
Others 396,415 145,282 45,618 5,933,469
Total 3,198,531 973,759 531,462 13,331,310
Reversal/(Provision) Allowance for Impairment
2,046,409 1,650,569 (12,738) (9,013,714)
Losses of Financial Assets and Others
Unrealized Gain/(Loss) from Increase/ (Decrease)
in Fair Value of Policyholders Investment in Unit- - - - -
Link Contracts
Gains on Sale of Marketable Securities and
- - - -
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (223,524) (341,091) (110,771) (2,347,645)
General and Administrative Expenses (95,607) (110,462) (171,253) (2,033,553)
Others (563,287) (261,325) (153,238) (1,821,926)
Total (882,418) (712,878) (435,262) (6,203,124)
Net Non-Operating Income/(Expenses) - - - -
Tax Expense - - - -
Net Profit 19,145,026 8,725,402 3,212,595 44,068,215
Net Profit Attributable To:
Owners of Parent Entity - - - -
Noncontrolling interests - - - -
Consolidated statement of financial position
Gross Loans 409,857,020 237,952,186 72,741,580 358,074,141
Total Assets 424,358,483 229,139,153 73,595,383 240,050,664
Demand Deposits and Wadiah Demand Deposits (256,481,994) (91,227,532) (63,703,665) (115,236,424)
Saving Deposits and Wadiah Saving Deposits (16,495,482) (21,306,778) (1,062,603) (414,655,290)
Time Deposits (26,777,108) (37,227,044) (33,127,841) (149,488,496)
Total Deposits from Customer (299,754,584) (149,761,354) (97,894,109) (679,380,210)
Total Liabilities (300,286,798) (150,621,915) (99,279,109) (681,149,184)
*) This includes elimination of internal transfer pricing or reclassification between operating segments and elimination of Subsidiaries.
**) Includes internal transfer pricing components between operating segments.
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OPERATIONAL REVIEW PER BUSINESS SEGMENT
Subsidiary
Adjustment
Treasury & Subsidiary - Subsidiary - non-
Head Office and Total
International Banking Sharia -insurance Insurance
Elimination*)
and Sharia
23,955,016 273,499 22,266,780 456,576 12,396,296 (76,414,586) 132,544,470
(21,432,754) (265,903) (5,993,167) - (4,466,631) 74,432,116 (36,657,896)
2,522,262 7,596 16,273,613 456,576 7,929,665 (1,982,470) 95,886,574
- - - 2,677,680 - (554,634) 2,123,046
2,522,262 7,596 16,273,613 3,134,256 7,929,665 (2,537,104) 98,009,620
282,570 3,909,218 2,766,757 - 2,333,237 (657,650) 20,148,410
2,754,747 7,315,708 2,014,757 1,282,189 2,184,912 (1,698,661) 20,374,436
3,037,317 11,224,926 4,781,514 1,282,189 4,518,149 (2,356,311) 40,522,846
(26,561) (33,011) (3,220,873) - (1,538,788) - (10,148,707)
- - - - - - -
- 47,701 74,434 19,340 (16,180) - 125,295
(146,412) (12,889,547) (5,035,077) (562,463) (3,321,193) 554,634 (24,423,089)
(127,053) (11,965,900) (4,748,386) (900,857) (2,579,823) - (22,732,894)
(338,731) (1,792,243) (725,852) (1,206,267) (521,296) 672,657 (6,711,508)
(612,196) (26,647,690) (10,509,315) (2,669,587) (6,422,312) 1,227,291 (53,867,491)
- 98,094 100 - (54,876) - 43,318
- (11,690,331) (1,695,729) (256,165) (990,786) - (14,633,011)
4,920,822 (26,992,715) 5,703,744 1,510,033 3,424,872 (3,666,124) 60,051,870
- - - - - - 55,060,057
- - - - - - 4,991,813
7,162,500 - 237,907,537 - 42,066,502 (5,929,271) 1,359,832,195
307,078,639 414,628,061 353,624,125 43,938,924 114,843,074 (27,037,057) 2,174,219,449
(4,902,962) (980,003) (20,847,525) - (1,192,752) 2,213,701 (552,359,156)
(190,222) - (47,026,375) - (8,554,739) - (509,291,489)
(6,772,458) (2,509,694) - - (35,470,457) 1,575,594 (289,797,504)
(11,865,642) (3,489,697) (67,873,900) - (45,217,948) 3,789,295 (1,351,448,149)
(55,329,532) (163,775,636) (88,202,768) (38,734,998) (95,226,939) 12,164,064 (1,660,442,815)
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
OPERATIONAL REVIEW PER BUSINESS SEGMENT
Operating Segment Profitability 2022 (as of 31 December 2022)
Corporate Commercial Institutional Retail
Banking Banking Relations Banking
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest Income and Sharia Income **) 29,999,243 16,292,295 4,453,246 58,823,019
Interest Expense and Sharia Expense **) (16,304,561) (8,854,226) (2,650,349) (23,458,737)
Net Interest and Sharia Income 13,694,682 7,438,069 1,802,897 35,364,282
Net Premium Income - - - -
Net Interest, Sharia and Premium Income 13,694,682 7,438,069 1,802,897 35,364,282
Other Operating Income:
Fees and Commissions 2,404,288 764,847 360,542 6,901,623
Others 388,254 144,152 48,701 4,801,775
Total 2,792,542 908,999 409,243 11,703,398
Reversal/(Provision) Allowance for Impairment
(1,078,508) (1,984,881) (15,925) (7,436,292)
Losses of Financial Assets and Others
Unrealized Gain/(Loss) from Increase/(Decrease)
in Fair Value of Policyholders Investment in Unit- - - - -
Link Contracts
Gains on Sale of Marketable Securities and
- - - -
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (176,725) (303,368) (96,897) (2,345,298)
General and Administrative Expenses (89,590) (89,296) (168,560) (1,445,613)
Others (435,343) (218,615) (151,904) (1,517,449)
Total (701,658) (611,279) (417,361) (5,308,360)
Net Non-Operating Income/(Expenses) - - - -
Tax Expense - - - -
Net Profit 14,707,058 5,750,908 1,778,854 34,323,028
Net Profit Attributable To:
Noncontrolling Interests - - - -
Owners of Parent Entity - - - -
Consolidated statement of financial position
Gross Loans 364,163,362 196,304,490 44,119,013 322,250,318
Total Assets 382,797,323 179,089,341 44,971,040 313,385,081
Demand Deposits and Wadiah Demand Deposits (260,843,103) (82,519,567) (43,765,257) (101,871,549)
Saving Deposits and Wadiah Saving Deposits (12,153,395) (15,592,192) (850,155) (157,981,554)
Time Deposits (40,636,468) (36,819,680) (20,359,234) (42,673,131)
Total Deposits from Customer (313,632,966) (134,931,439) (64,974,646) (302,526,234)
Total Liabilities (321,701,933) (138,032,614) (66,083,263) (668,925,401)
310 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
OPERATIONAL REVIEW PER BUSINESS SEGMENT
Subsidiary
Adjustment
Treasury & Subsidiary - Subsidiary - non-
Head Office and Total
International Banking Sharia -insurance Insurance
Elimination***)
and Sharia
20,898,828 298,082 19,687,046 363,593 10,208,820 (48,642,054) 112,382,118
(17,446,151) (212,674) (4,032,169) - (3,429,472) 51,909,575 (24,478,764)
3,452,677 85,408 15,654,877 363,593 6,779,348 3,267,521 87,903,354
- - - 2,886,272 - (418,574) 2,467,698
3,452,677 85,408 15,654,877 3,249,865 6,779,348 2,848,947 90,371,052
520,797 3,145,773 2,507,051 - 2,842,500 (645,273) 18,802,148
3,299,449 3,398,103 1,360,143 1,037,323 2,218,724 (1,218,069) 15,478,555
3,820,246 6,543,876 3,867,194 1,037,323 5,061,224 (1,863,342) 34,280,703
3,909 (22,840) (4,119,048) - (1,469,602) - (16,123,187)
- - - - - - -
- 696,462 114,642 27,242 61,233 - 899,579
(137,792) (12,987,631) (4,948,878) (506,384) (3,557,347) 418,574 (24,641,746)
(110,430) (12,127,172) (4,437,736) (913,666) (2,720,489) - (22,102,552)
(389,435) (1,989,311) (724,848) (1,300,987) (448,541) 660,673 (6,515,760)
(637,657) (27,104,114) (10,111,462) (2,721,037) (6,726,377) 1,079,247 (53,260,058)
- 113,094 98,449 - (1,906) - 209,637
- (9,086,007) (1,254,621) (278,369) (806,361) - (11,425,358)
6,639,175 (28,774,121) 4,250,031 1,315,024 2,897,559 2,064,852 44,952,368
- - - - - - 3,781,731
- - - - - - 41,170,637
5,801,787 81 206,207,005 - 37,392,602 (3,638,776) 1,172,599,882
318,811,657 331,277,620 305,727,438 42,870,806 98,955,587 (25,341,206) 1,992,544,687
(5,045,475) (3,946,286) (21,797,853) - (1,164,001) 1,875,129 (519,077,962)
(198,973) (241,590,679) (44,214,405) - (7,901,413) - (480,482,766)
(4,760,793) (121,556,835) - - (31,871,718) 2,662,658 (296,015,201)
(10,005,241) (367,093,800) (66,012,258) - (40,937,132) 4,537,787 (1,295,575,929)
(38,306,214) (126,040,049) (75,813,992) (38,197,072) (81,660,894) 10,664,801 (1,544,096,631)
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CORPORATE BANKING
PERFORMANCE SUMMARY
Rp 28.02 trillion Rp 3.20 trillion 16.16
Rp trillion
INTEREST INCOME FEE BASED INCOME NET INTEREST INCOME
Increased by Increased by Increased by
31.49% 14.54% 15.70%
KEY HIGHLIGHTS
• Corporate Banking provides financing to Global MNC Group, such as
CNGR (Hong Kong), Jiangsu Delong (China), Road King (Hong Kong),
Temasek (Singapore), Thiess (Australia), and Olam (Singapore)
• Becoming a leading role in Sustainability Linked Loan (SLL) advisory for
Semen Baturaja and Dharma Satya Nusantara, Green Loan for PLN,
and Project Finance Advisory for GNI and Dexin Steel
• Top 5 ASEAN Loan Mandated Lead Arranger League Table 2023
Bloomberg
312 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CORPORATE BANKING
The focus of Corporate Banking segment business activities is to serve the needs of
large corporate customers, both to meet the financing needs of large-scale and
long-term projects, as well as for the placement of funds. Bank Mandiri Corporate
Banking business activities are also supported by Mandiri Sekuritas.
The parameters of Corporate Banking customer profile are as follows:
Parameter Corporate Banking
Company Size Companies with Gross Annual Sales (GAS) of > Rp2 trillion including its business groups.
Domestic:
Private companies, listed SOEs and business groups, business groups/sponsors of
business groups including the best company categories in Indonesia or Asia.
Foreign:
Customer • Fund customers registered at Hongkong, Shanghai, Singapore, and Cayman
Island branches.
• Overseas companies affiliated with Bank Mandiri customers in Indonesia or
overseas companies that meet the criteria to obtain financing in accordance with
the provisions in Indonesia and abroad.
Corporate Banking is the core competency and the CORPORATE BANKING STRATEGY
main driving force of Bank Mandiri’s performance.
FOR 2023
As such, Corporate Banking strives to exercise
prudence in loan disbursement amidst the ongoing To address challenges while maximizing opportunities
domestic situation impacted by the pandemic. in the coming year, Corporate Banking implemented
the following strategic plan:
1. Portfolio Strategy
CORPORATE BANKING Selection of sectors or debtors that have
COMPETITIVE ADVANTAGES AND robust performance and have recovered from
the pandemic recession. Besides, sectors are
INNOVATIONS chosen based on the choice of products or
services that are widely used by people during
Bank Mandiri Corporate Banking is the market the pandemic and the new normal life.
leader in terms of lending in the corporate sector. 2. Business Strategy
This is supported by an excellent reputation Increasing competitive advantage to ensure
and experience in the field of corporate with that customers continue to choose Bank Mandiri
a customer base, which includes state-owned as the main bank in transactions, including
enterprises and the largest business conglomerate through new financing techniques in the form of
in Indonesia. In conducting its business, Corporate structured financing offers to customers. Synergy
Banking strives to maintain a good and fairly close with Mandiri Group and subsidiaries will continue
relationship with debtors at home and overseas. to be carried out in order to strengthen networks,
Moreover, the corporate segment received support develop human resources, and improve the
from Bank Mandiri overseas branch offices and quality of technology and digitalization.
correspondence bank networks, as well as an 3. Operational Strategy
extensive syndicated network. Implementation of disciplined strategy execution
through good monitoring and planning of
lending, cost efficiency and improvement of
banking transactions with customers.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CORPORATE BANKING
CORPORATE BANKING PRODUCTIVITIES AND REVENUES
Effective strategy implementation of the above strategies plays an important role in the productivity and
revenue of Corporate Banking which is presented as follows.
Corporate Banking Performance
(in Rp Million)
December December Growth
Description
2023 2022 (Rp Million) %
Total Loans 409,857,020 364,163,362 45,693,658 12.5
NPL Ratio (%) 0.37% 1.02% - -0.65
Total Third-Party Funds 299,754,584 330,742,799 -30,988,215 -9.37
Total Fee Based Income 3,198,530 2,792,541 405,989 14.54
Total Net interest Income 16,157,773 13,965,067 2,192,706 15.70
Bank Mandiri loan growth, which was able to grow correction of 9.37% compared to December 2022.
above the banking industry average, was partly With an increase in Yield of Loans and interest cost
supported by an increase in loans disbursed by efficiency, Corporate Banking was able to increase
the Corporate Banking segment until December Net Interest Income by 15.70% to reach Rp16.16 trillion
2023. Corporate Banking loans stood at Rp409.86 in December 2023.
trillion, grew 12.50% compared to December 2022
of Rp364.16 trillion. This growth achievement is in line Furthermore, the implementation of digitalization
with Indonesia’s economy which continues to grow through the KOPRA application in this segment was
in 2023. able to increase Fee Based Income from Rp2.79
trillion as of December 2022 to Rp3.19 trillion as of
Meanwhile, Corporate Banking third-party funds December 2023 or grew 14.54% (yoy).
stood at Rp299.75 trillion until December 2023, a
Corporate Banking Loans by Product
(in Rp Million)
31-Dec-23 31-Dec-22 Growth
Produk
Rp Forex Total Rp Forex Total Rp Forex Total
Investment Loan (IP) 145,889 92,973 238,861 128,910 101,578 230,488 16,979 (8,605) 8,374
Working Capital Loan
(KMK)
106,214 64,781 170,996 80,454 53,221 133,676 25,760 11,560 37,320
Total 252,103 157,754 409,857 209,364 154,799 364,163 42,739 2,955 45,694
Corporate Banking identifies various industries that have the largest financing productivity which is dominated
by the mining industry both individually and in groups. The following table presents loan disbursements to the
10 largest industry sectors for individual credit customers and group credit customers by the end of 2023.
Business Sector of Corporate Individual Debtors
(in Rp Billion)
No Business Sector of Corporate Individual Debtors Outstanding
1 Electricity 13,395
2 Plantation 11,055
3 Financial Services 10,749
4 Plantation 10,401
5 Mining 9,690
6 Mining 9,186
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CORPORATE BANKING
No Business Sector of Corporate Individual Debtors Outstanding
7 Construction 7,880
8 Construction 6,954
9 Manufacturing 6,574
10 Earth Oil and Gas 6,375
Total 92,258
Business Sectors of Debtor Group Corporation
(in Rp Billion)
No Business Sector of Corporate Group Debtors Outstanding
1 Retailer, F&B, Plantation, Mining, Financial Services 30,344
2 Mining, Oil and Gas, Electricity 22,493
3 Road 21,833
4 Pulp & Paper, Mining, Energy, Property, Plantation 17,293
5 Electricity, Energy 15,933
6 Plantation 12,749
7 Plantation, Petrochemical & Fertilizer, Manufacturing 12,429
8 Road, Financial Services, Automotive 11,511
9 Financial Services 10,749
10 Mining, Property, Plantation 9,971
Total 165,306
CORPORATE BANKING BUSINESS 1. Portfolio Strategy
PROSPECTS IN 2024 Corporate Banking will maintain the quality of its
already strong portfolio by focusing on sectors in
which the company has extensive expertise and
In 2024, Corporate Banking will continue to focus experience. Furthermore, Corporate Banking will
its business activities on aligning loan growth focus on sectors that are classified as green and
in sectors capable of rapid expansion, such as have significant long-term potential.
plantations, mining, and roads. Subsequently 2. Business Strategy
maintain credit quality by monitoring a watchlist Human Resource Development and technology
whose performance is adequate to lower NPL levels. are the main keys in optimizing business with
In addition, developing a higher-quality business customers including New Financing Technique
process to deliver the best service to customers, in the form of advance structured financing. In
as well as continuing the implementation of the addition, synergy between subsidiaries in Mandiri
KOPRA super platform to optimize the value chain Group will continue to be carried out to expand
and transactional banking to enhance Fee Based the solutions and services provided to customers.
Income in 2024 and beyond. 3. Operation Strategy
The implementation of a faster lending
CORPORATE BANKING WORK process with Bionic Credit Workflow elevates
PLAN 2024 Bank Mandiri’s competitive advantage while
increasing cost and time efficiency
In addressing challenges while maximizing
opportunities in the coming year, Corporate Banking
has set a strategic work plan for 2024 as follows:
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
COMMERCIAL BANKING
PERFORMANCE SUMMARY
Rp 149.76 trilion Rp 957.88 trilion Rp 16.65 trilion
THIRD PARTY FUNDS FEE BASED INCOME INTEREST INCOME & SHARIA
INCOME
Increased by Increased by Increased by
7.54% 5.27% 44.92%
KEY HIGHLIGHTS
• The improvement in the Commercial Banking segment lending
performance in 2023 also contributed to Bank Mandiri’s loan growth.
• Commercial Banking posted a 21.18% increase in loans to Rp237.95
trillion in December 2023 compared to Rp196.36 trillion in December
2022 in line with Indonesia’s economic recovery and post-pandemic
control.
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
COMMERCIAL BANKING
The focus of Commercial Banking segment business activities is to serve the needs
of medium-scale industrial customers with gross annual sales of more than Rp50
billion to Rp2 trillion. Bank Mandiri Commercial Banking also provides products
and services by providing comprehensive transaction solutions that can facilitate
customers’ business activities
Commercial Banking customer profile parameters are as follows:
Parameter Commercial Banking
Company Companies with Gross Annual Sales of more than Rp50 billion to Rp2 trillion or with a credit limit
Size of >Rp25 billion including business groups.
Loans and Funds in Overseas Branches which GAM Management is Commercial Unit, Loans
and Funds in Non-GAM Overseas Branches initiated by Commercial units, BUMDs including
Customer RSUD and PDAM, multifinance business entities, local governments, private universities,
rural banks, other non-individual fund customers that meet the criteria to be acquired by
Commercial Banking.
COMMERCIAL BANKING customers who have conducted transactions
COMPETITIVE ADVANTAGES AND with Bank Mandiri.
2. The acquisition focuses on sectoral top players
INNOVATIONS for Commercial Banking work units in each
industrial sector which are subsequently
Commercial Banking has the following competitive acquired as new debtors at Bank Mandiri.
advantages and innovations: 3. Strengthening Credit Execution Discipline,
• Provide the best solution through total product namely:
solutions assets, liabilities, and transactions a. A timely and adequate pipeline discipline.
in accordance with customer needs and b. Monitoring discipline to maintain credit
supported by e-channel services. quality.
• Provide a solution structure that is fit and in c. Billing discipline in collaboration with the
accordance with customer needs. Special Asset Management (SAM) unit in
conducting intensive billing and conducting
early warning restructuring.
STRATEGI COMMERCIAL 4. Business optimization through the acquisition
of the Wholesale deepening client relationship
BANKING TAHUN 2023
business ecosystem in each region.
Commercial Banking has prepared a strategic 5. Utilization of Bank Mandiri’s potential through
plan in order to continue one of the Corporate territorial strengthening where commercial
Plan 2021-2024 strategies prepared based on the solutions as a business enabler that provides
focus of each segment, namely “Be The Prominent regular sectoral and regional studies support
Wholesale Bank, Beyond Lending”. The formulation every month to business units.
of robust growth strategies is as follows: 6. Organization and people development,
1. The loan growth was bolstered through the supported by organizations that will be
implementation of a transaction-oriented developed in the plantation sector and plans for
approach that prioritizes extending credit to the fulfillment of competent human resources.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
COMMERCIAL BANKING
COMMERCIAL BANKING PRODUCTIVITIES AND REVENUES
Effective strategy implementation of the above strategy plays a significant role in Commercial Banking
productivity and revenue which is presented as follows.
Commercial Banking Performance
(in Rp Million)
December December Growth
Description
2023 2022 (Rp Million) %
Total Loans 237,952,186 196,360,207 41,591,979 21.18
NPL Ratio (%) 1.73% 4.92% - -3.19
Total Third-Party Funds 149.761,354 139.257,779 10,503,575 7.54
Total Fee Based Income 956,882 909,000 47,882 5.27
Total Net interest Income 6,813,952 7,518,743 (704,791) (9.37)
The improvement in loan disbursement performance of the Commercial Banking segment until December
2023 also contributed to Bank Mandiri’s loan growth. Commercial Banking posted an increase in loans to
Rp237.95 trillion, grew 21.18% compared to Rp196.36 trillion in December 2022.
The expansion of this segment of lending was supported by the collection of third-party funds, with total
deposits grew 7.54% from Rp139.26 trillion in December 2022 to Rp149.76 trillion. Most of the Commercial
Banking segment’s deposits derive from low-cost funds, which has a positive impact on the cost of funds in
Commercial Banking. Meanwhile, net interest income stood at Rp6.81 trillion as of December 2023.
Furthermore, the implementation of digitalization through the KOPRA application in this segment was able to
increase Fee Based Income from Rp905.00 billion in December 2022 to Rp956.88 billion in December 2023 or
grew by 5.27% (yoy).
Commercial Banking Segment Loans by Product
(in Rp Million))
31-Dec-23 31-Dec-22 Growth
Product
Rp Forex Total Rp Forex Total Rp Forex Total
Investment Non
103,655 43,867 147,522 83,827 33,721 117,548 19,828 10,146 29,974
Loans (KI) Revolving
Revolving - - - - - - - - -
Total KI 103,655 43,867 147,522 83,827 33,721 117,548 19,828 10,146 29,974
Working
Non
Capital 54,969 4,044 59,013 43,091 4,938 48,029 11,877 (894) 10,984
Revolving
Loans (KMK)
Revolving 28,345 3,072 31,417 26,916 3,811 30,727 1,429 (739) 690
KMK Total 83,313 7,116 90,430 70,007 8,749 78,756 13,306 (1,633) 11,673
Total 186,969 50,983 237,952 153,835 42,470 196,304 33,134 8,514 41,648
Commercial Banking also identified various industries that have the largest financing productivity, most of
which come from the plantation/agribusiness industry of Rp59 trillion individually and the mining & energy
industry of Rp4 trillion as a group. The following table describes loan disbursement to the 10 (ten) largest industry
sectors for individual credit customers and group credit customers by the end of 2023.
318 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
COMMERCIAL BANKING
Business Sector of Corporate Individual Debtors business from customer payroll. The competence of
(Dalam Rp Trilion) units in the region continues to be improved to better
No Business Sector of Corporate understand the potential and grow the business in
Outstanding
Individual Debtors accordance with the region potential.
1 PLANTATION / AGRO BISNIS 59
2 TRANPORTATION & SEAPORT 35 COMMERCIAL BANKING WORK
3 CONTRUCTION. PROPERTY. HOTEL 26
PLAN 2024
4 MULTIFINANCE & OTOMOTIF 21
Commercial Banking has prepared a strategic
5 MINING & ENERGY 17 plan in order to continue one of the Corporate
6 INDUSTRY 14 Plan 2021-2024 strategies prepared based on the
7 OIL & GAS 8 focus of each segment, namely “Be The Prominent
8 FMCG. FOOD & TEMBAKAU 8 Wholesale Bank, Beyond Lending”. The formulation
of robust growth strategies is as follows:
9 TELCO 7
10 HEALTHCARE 6
1. The loan growth was bolstered through the
Total 201 implementation of a transaction-oriented
approach that prioritizes extending credit to
Business Sector of Corporate Group Debtors customers who have conducted transactions
(Dalam Rp Trilion) with Bank Mandiri.
No Business Sector of Corporate
Outstanding
Individual Debtors 2. The acquisition focuses on sectoral top players
1 MINING & ENERGY 4 for Commercial Banking work units in each
2 INDUSTRY 4 industrial sector which are subsequently
acquired as new debtors at Bank Mandiri.
3 TRANPORTATION & SEAPORT 3
4 OIL & GAS 3
3. Strengthening Credit Execution Discipline,
5 PLANTATION / AGRO BISNIS 3 namely:
6 CONTRUCTION. PROPERTY. HOTEL 2 a. A timely and adequate pipelindiscipline.
7 TRADING 2 b. Monitoring discipline to maintain credit
8 JASA LAINNYA 1 quality.
c. Billing discipline in collaboration with the
9 FMCG. FOOD & TEMBAKAU 1
Special Asset Management (SAM) unit
10 HEALTHCARE 1
in conducting intensive collection and
Total 24 conducting early warning restructuring.
4. Business optimization through the acquisition
COMMERCIAL BANKING BUSINESS of the Wholesale deepening client relationship
PROSPECTS IN 2024 business ecosystem in each region.
The focus of Commercial Banking business activities 5. Utilization of Bank Mandiri’s potential through
in 2024 is business development concentrated on territorial strengthening where commercial
regions and sectors that have growth potential solutions as a business enabler that provides
based on a consolidation strategy, minimal growth, regular sectoral and regional studies support
moderate growth and maximum growth. In addition, every month to business units.
the execution of the Corporate Plan will also be
carried out appropriately with a strategic focus on 6. Organization and people development,
optimizing the potential value chain of Wholesale supported by organizations that will be
customers that can be utilized to work on the developed in the plantation sector and plans for
potential of participating businesses, including retail the fulfillment of competent human resources
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INSTITUTIONAL RELATIONS
PERFORMANCE SUMMARY
Rp 97.89 trilion Rp 531.46 billion Rp 3.40 trilion
THIRD PARTY FUNDS FEE BASED INCOME INTEREST INCOME &
SHARIA INCOMEI
Increased by Increased by Increased by
50.71% 29.86% 140.70%
KEY HIGHLIGHTS
• Settlement and Handling of ATTB (settlement of abandoned property,
settlement of vacant & securing assets, recovering ex. Legacy assets
that have not been recorded by the Bank and negotiations in the
context of Upgrading Rights of 7 SHGB to SHM.
• The total result of the utilization cooperation amounted to Rp167.20
billion (PNO from asset optimization of Rp68.39 billion & Cost Saving
from the Head Office Building amounted to Rp98.81 billion).
• The ability to maintain market share advantage in defense equipment
loans of 46% in foreign financing and 76% in domestic financing.
• Based on the results of Nielsen research, Livin managed to rank first in
the brand awareness of the m-banking category with a percentage
achievement of 91%, the impact of 3 communication channel
contributions, namely Outdoor Media, Digital Media and Brand
Activation.
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
INSTITUTIONAL RELATIONS
The establishment of the Institutional Relations Directorate in 2017 was intended
to achieve the aspirations as the “Preferred Bank of choice for Institutional
customers” through financial solutions supported by the collaborative efforts of
Mandiri Group.
The functions carried out by this customers of Government Institutional Relations also
business segment are business institutions through payroll functions as added value to
functions, agent of development packages, bulk pre-approved the Bank, namely related to the
functions and supporting KSM, bulk approval Corporate management of ATTB to the
functions that add value to the Card – Credit Card – ID Card management of customers’
Bank, such as the management and BG Cash Loan of Partners’ top of mind for Bank Mandiri
of intangible fixed assets (ATTB). Units. and its products. Institutional
The Institutional Relations Relations manages ATTB in
Directorate managed more Institutional Relations also more than 1,101 location points
than 779 customers of Ministries/ actively participates in enforcing throughout Indonesia with asset
Institutions, Public Service government programs as a spirit values reaching more than
Agencies, non-listed State- to bring prosperity to the nation Rp45.2 trillion including ADP. In
Owned Enterprises; more than through the management addition, Institutional Relations
1,832 value chain customers of of special units. The active also manages the top of mind
government institutions, more contribution of the Institutional customers, particularly retail
than 900 thousand payroll Relations unit in the government products such as Individual
customers of government programs includes basic food Savings and Mandiri Online
institutions, more than 1,101 ATTB assistance, Keluarga Harapan by issuing various promotional
points worth Rp45.2 trillion, apart Program (PKH), Kartu Tani, programs on various media
from Bank Mandiri’s top of mind Wage Subsidy Assistance, channels.
and its products. Social Rehabilitation Assistance
Program, Rumah Sejahtera
Institutional Relations provides Terpadu Program, Natural INSTITUTIONAL
the placement of funds (current Disaster & Social Disaster Social
RELATIONS STRATEGY
accounts and time deposits), Handling Assistance, Education
financing facilities (investment Assistance, and Urban Livin FOR 2023
and working capital), system Program. In daily activities, the
solutions for state revenues Institutional Relations manages The strategy and focus of
(taxes, customs, PNBP) and 3.99 million beneficiaries of business activities of Institutional
other transaction solutions, basic food programs, 2.04 Relations in 2023 based on Bank
such as MVA and MHAS million beneficiaries of Keluarga Mandiri’s Corporate Plan 2020-
(Dashboard System Solution) for Harapan programs, 62 thousand 2024 include the following:
vertical hospital institutions and recipients of other programs
educational institutions in order (integrated welfare homes, 1. Increase customer funds
to build holistic relationships social rehabilitation assistance, of Ministries/Institutions and
with more than 779 institutional social handling of natural SOEs as well as their derivative
customers. This segment also disasters & social disasters), businesses in the Wholesale
takes a role as a collaboration 3.75 million recipients of El Nino and Retail segments
leader for the retail segment cash transfer programs, and 2.1 through deepening client
and other segments, especially million recipients of education relationships, optimizing
related to the management assistance programs. customer transactions,
of 900 thousand value chain
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INSTITUTIONAL RELATIONS
comprehensive financial 6. Strengthening organization by supporting SME loan
solutions, as well as payroll and risk management by disbursement by 30.70%
packages of basic salary and increasing the competence yoy to Rp7.59 trillion with
performance allowances. and capability of human 1,289 SME debtors and Bank
2. Increase loan growth of resources, developing Guarantee (BG) distribution
Ministries/Institutions and customer monitoring systems of partners’ task force of
SOE customers by focusing for Ministries/Institutions and Rp44.2 trillion
on sectors that are potential, SOEs, as well as assistance • Increased contribution to
robust, and able to deliver from business expertise in Retail Loans in the form of
value chain businesses, the Institutional Relations KSM, KPR and Credit Cards
such as the financial, segment. through optimization of
healthcare, defense 7. Managing Bank Mandiri’s Civil Servant Payroll with the
equipment and education ATTB optimization by number of payrolls grew by
sectors. This healthy credit digitizing to ensure that 13% yoy to 900,642 accounts.
growth is also supported more than 1,101 ATTB points .
by comprehensive credit are able to self-finance and
monitoring, procedures other assets. Institutional Relations also
and policies, as well as performs its function as an agent
sharpening of credit of development and supporting
information systems from INSTITUTIONAL functions that increase the added
upstream to downstream. value of the Bank related to ATTB
RELATIONS
3. Increase Fee Based management and top of mind
Income through COMPETITIVE management of customers/Bank
increased cooperation ADVANTAGES AND Products including innovation in
in financial services/ digitalization with achievements
financial transactions,
INNOVATIONS including:
such as custodian bank
cooperation, remittance, Institutional Relations innovates • Settlement and Handling
and cooperation in the by changing its business of ATTB (settlement of
distribution and receipt focus from what was initially a abandoned property,
of State Budget (APBN) very dominated portfolio on settlement of vacant &
and Non APBN through collecting Institutional Customer securing assets, recovering
optimization of e-channel. Funds (TPF) to rebalance shifting ex. Legacy assets that have
4. Sharpening relationship to Credit with the following not been recorded by the
models and account milestones: Bank and negotiations in the
strategies by improving context of Upgrading Rights
customer business processes • Loan disbursement growth of 7 SHGB to SHM.
in the Ministry/Institution and of 64.88% to Rp72.74 trillion in • The total result of the
SOE sectors, particularly 2023 with very well managed utilization cooperation
in terms of derivative credit quality with an NPL amounted to Rp167.20 billion
business management in ratio of 0%. (PNO from asset optimization
the Wholesale and Retail • Maintain the composition of of Rp68.39 billion & Cost
segments. the Low-Cost Fund ratio of Saving from the Head Office
5. Leading collaboration 66.16%. Building of Rp98.81 billion).
for the new core business • The achievement of • The ability to maintain
segment, Wholesale, Fee Based Income (FBI) market share advantage in
affiliated companies, and amounted to Rp531.46 billion defense equipment loans of
subsidiaries of Bank Mandiri with contributions mostly 46% in foreign financing and
through bundling product deriving from FBI Trade BG, 76% in domestic financing.
cooperation and payroll FBI Credit Admin and FBI • Based on the results of Nielsen
package solutions to Custodian. research, Livin managed
customers in the Ministry/ • Optimization of Work Units to rank first in the brand
Institution and SOE sectors. and partners’ task force awareness of the m-banking
322 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
INSTITUTIONAL RELATIONS
category with a percentage (NCCR) are part of a total of healthy homecoming
achievement of 91%, the 21 award achieved by the program with SOEs, the
impact of 3 communication Corporate Secretary Group. MSME infrastructure
channel contributions, • CSR distribution amounted improvement program, the
namely Outdoor Media, to Rp174.7 billion for 965 waste to energy program,
Digital Media and Brand activities in 12 regions. The farmer entrepreneurship,
Activation. Wirausaha Muda Mandiri and the bangkit bersama
• Bank Mandiri has received Program (WMM) in 2023 has mandiri program.
more than 120 awards: The succeeded in attracting • Bank Mandiri’s
Gold Winner rating at the PR 8,000 young entrepreneurs, communication in various
Indonesia Awards 2023 in the the Sahabat Mandiri digital media: generated
BUMN Print Media category program, the Rumah BUMN 4.1 billion total impressions,
and Platinum Rating in program, the Mandiri 21 million of which were
the Asia Sustainability education program in 32 the result of Bank Mandiri’s
Reporting Rating 2022 event State Elementary Schools collaboration with Key
by the National Center (SDN) in Indonesia, the Opinion Leader
of Corporate Reporting
INSTITUTIONAL RELATIONS PRODUCTIVITIES AND REVENUES
Effective strategy implementation of the above strategy plays an important role in the productivity and
revenue of Institutional Relations which is explained as follows.
Institutional Relations Performance
(in Rp Million)
Description Growth
2023 2022
(Rp Million) %
Contribution to the Wholesale Segment
Total Loans 72,741,580 44,119,013 28,622,567 64.9%
NPL Ratio (%) 0,00% 0.00% 0 0.0%
Total Third-Party Funds 97,894,110 64,954,271 32,939,839 50.7%
Total Fee Based Income 531,462 409,255 122,207 29.9%
Total Net interest Income 3,129,134 1,802,897 1,326,237 73.6%
Total Revenue (NII + FBI) 3,660,596 2,212,152 1,448,444 65.5%
Contribution Margin 3,034,481 1,563,419 1,471,062 94.1%
Contribution to the Retail segment (Strategy Execution 331)
Total Loans 36,680,773 31,091,944 5,588,829 18.0%
NPL Ratio (%) 0,00% 0.00% 0.00% 0.0%
Total Third-Party Funds 34,617,106 33,048,150 1,568,956 4.7%
Total Fee Based Income 442,953 254,250 188,703 74.2%
Total Net interest Income 2,885,530 2,324,971 560,559 24.1%
Total Revenue (NII + FBI) 3,328,483 2,579,221 749,262 29.0%
Revenue HBK Environment
ANNUAL REPORT 2023 323
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
INSTITUTIONAL RELATIONS
Loan disbursement by Institutional Relations reached Rp72.74 trillion or grew 64.9% YoY compared to Rp44.11
trillion in 2022. This increase was supported by gross expansion of Rp72.1 trillion with growth of 77.3% yoy.
The composition of financing in Rupiah reached 46.3% with the largest contribution coming from defense
equipment and infrastructure sector financing.
In the midst of the credit expansion, the credit quality of Institutional Relations was well maintained at the level
of 0%. This is driven by the provision of highly selective financing by focusing on government projects/programs
related to the State Budget. In addition, to maintain credit quality, Bank Mandiri also conducts:
a. Collectibility review and watchlist analysis on a periodic and orderly basis.
b. Monitoring the fulfillment of credit obligations before maturity to ensure that no customer enters into
collectibility two.
c. Fulfillment of the terms and conditions stipulated in the credit agreement.
d. Improvement of business processes through increasing the effectiveness of the credit extension process
simultaneously, customers in one group of debtors and extending credit facilities three months before
maturity.
The strategy of Institutional Relations to re-balance the loan and institutional portfolio delivered results with the
achievement of the Average Balance of Low-Cost Funds of Rp51.41 trillion in 2023.
Description 2023 Komposisi 2022 Composition Growth
(Rp Million) (%) (Rp Million) (%) (%)
Current 72,741,580 100.00% 44,119,013 100.00% 64,9%
Of special concern - - - - -
Less current - - - - -
Doubtful - - - - -
Bad - - - - -
Total Loans 100.00% 100.00% 44,119,013 100.00% 100.00%
NPL 0.00% 0.00% 0.00% 0.00% 0.00%
INSTITUTIONAL but also to support multiyear The transformation of
State-Owned Enterprises
RELATIONS BUSINESS project funding, defense
equipment modernization, and (SOEs) through improved
PROSPECTS IN 2024 the continuation of budgeting governance, strengthening
reforms by continuing and risk management functions,
Institutional Relations considers sharpening fiscal consolidation and continuous supervision,
that the prospect of business and discipline policies. as well as the implementation
development of this segment of Environmental Social
remains very large in line with The K/L expenditure was Governance (ESG) aspects
the sustainability of Government sourced from Pure Rupiah, in work programs and every
spending in Ministerial/ Companion Pure Rupiah investment made, also provides
Institutional Institutions (K/L). (RMP), PNBP/BLU usage ceiling, positive sentiment for Bank
K/L spending in the 2024 State Foreign Loans and Grants, Mandiri’s business development
Budget is planned to increase Domestic Loans (PDN), and in the Institutional Relations
to Rp1,077.22 trillion. The budget State Sharia Securities (SBSN). In segment in the future.
is not only used to support this case, Bank Mandiri through
sustainability and accelerate Institutional Relations certainly
economic transformation, has a big role.
324 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
In addition, the holding INSTITUTIONAL cooperation as a custodian
bank, as well as cooperation
of elections and regional
RELATIONS WORK
elections in 2024 will also have in the distribution and receipt
a significant impact on the PLAN 2024 of State Budget (APBN)
national economy, particularly and Non-APBN through
through consumption related In addressing 2024, the following optimization of digital
to holding elections. National are challenges for Institutional solutions.
political stability is expected Relations: 4. Sharpening relationship
to be maintained and foster 1. Fostering an increase models and account
public and business optimism in customer funds of strategies to increase
to continue economic activities Ministries/Institutions and business deepening both
and the positive trend of new SOEs, as well as derivative in terms of wholesale and
job opening. As such, Bank businesses in the Wholesale retail.
Mandiri is increasingly optimistic and retail segments 5. Collaborating between
about the business prospects of through deepening client wholesale, retail and
Institutional Relations in 2024. relationships, optimizing Bank Mandiri’s subsidiaries
customer transactions, through product bundling
Nevertheless, Bank Mandiri and also providing more cooperation to address the
remains vigilant of global digital and comprehensive needs of Ministry/Institution
economic risks such as financial solutions. and SOE customers.
geopolitics which remained 2. Increase loan growth of 6. Organizational strengthening
surrounded by uncertainty. ministerial/institutional and and risk management
Strengthening related to state-owned enterprise by increasing human
coordination and joint customers by focusing on resource competencies and
commitment between the potential, robust sectors and capabilities, developing
Government and other large value chains, such as monitoring systems and
institutions and stakeholders the financial and healthcare mentoring business expertise
is needed to anticipate and sectors to ensure that they in the Institutional Relations
prepare mitigation measures can be acquired from segment.
to maintain the current positive upstream to downstream. 7. Managing Bank Mandiri’s
trend of national economic 3. Increase fee-based ATTB optimization to ensure
growth. income through increased that more than 1,000 ATTB
cooperation in transactions points are able to self-
in the financial sector, such as finance and other assets.
ANNUAL REPORT 2023 325
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TREASURY & INTERNATIONAL BANKING
PERFORMANCE SUMMARY
Rp 11.87 trilion Rp 7.16 trillion Rp2.38 trilion
THIRD PARTY FUNDS LOANS FOREIGN OFFICE NET
INTEREST INCOME
Increased by Increased by Increased by
18.60% 23.50% 21.30%
KEY HIGHLIGHTS
• Treasury & International Banking third-party funds increased by 18.6%
in 2023 compared to the previous year. The increase was derived from
deposits in the Non-Banks Financial Institutions customer segment,
which includes Pension Funds, Insurance Companies, Investment
Managers and Securities Companies.
• Foreign Office was able to record Net Interest Income of Rp2.4 trillion
or an increase of 21.3% compared to the previous year.
326 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
TREASURY & INTERNATIONAL BANKING
Bank Mandiri’s Treasury & International Banking segment conducts business activities
related to financial institutions, capital markets, and international business through
its head office, branch offices and subsidiaries at home and abroad. Financial
Institutions Business (FIB) Group manages activities related to the business activities
of financial institutions and capital markets.
Business activities with financial and Retail segment customers. through a number of awards
institutions include transactions Bank Mandiri’s treasury business received from various institutions
related to trade finance, has a variety of businesses during 2023.
remittances, insurance company including foreign exchange
funds, and credit to banks. transactions, money market, Bank Mandiri received three
On the other hand, business fixed income, international awards from Bank Indonesia
activities related to the capital banking business, and capital related to money market
market consist of custodian market which includes financial, development, which are the Best
services, trustees, and short-term corporate, commercial, and Patron of Rupiah Money Market
loans to securities companies. retail institutions. Development, Best Foreign
In addition, business activities Exchange Market Development
also include foreign exchange The Directorate of Treasury Patron, and Conventional
transactions, money markets, & International Banking also Bank as Best Patron of Foreign
securities and derivatives oversees the Overseas Banking Exchange Monetary Operation
managed in trading or banking Network (OBN) Group, which Innovation.
portfolios. This business activity supervises business synergies
is part of the treasury business between Bank Mandiri as the Bank Mandiri was also named
and can be carried out with parent entity with overseas the best in Indonesia at the Alpha
interbank counterparts or with branch offices and subsidiaries Southeast Asia Awards 2023 in
customers of Non-Bank Financial abroad. categories including Best Foreign
Institutions (IKNB). Exchange Bank for Corporates &
Financial Institutions, Best Foreign
The segments included in TREASURY & Exchange Bank for Interest Rates,
financial institutions are Banks and
INTERNATIONAL Foreign Exchange Research
Non-Bank Financial Institutions & Market, and Best Cash
(IKNB). Banks include domestic BANKING Management Bank & Digital
banks and international banks COMPETITIVE Banking App in Indonesia.
and exclude rural banks (BPR).
Meanwhile, IKNB covers private
ADVANTAGES AND
insurance companies and their INNOVATIONS This appreciation and award are
derivative financial institutions an acknowledgement of Bank
(including insurance and Bank Mandiri Treasury & Mandiri’s hard work in carrying
reinsurance brokers), Financial International Banking dominates out digital transformation to
Institution Pension Funds (DPLK), the treasury business segment in meet the increasingly complex
and Employer Pension Funds Indonesia with a market share transactional needs of customers.
(DPPK). related to national foreign In addition, Bank Mandiri is
exchange transaction volume also recognized for being
Bank Mandiri’s Treasury business is reaching 14.7% (interbank and able to innovate and develop
managed by the Treasury Group customer). The recognition customer financial transaction
which has 10 dealing rooms of Bank Mandiri’s Treasury & products and solutions on an
spread throughout Indonesia to International Banking segment ongoing basis. With digital
serve the needs of Wholesale achievements is also shown support, corporate customers
ANNUAL REPORT 2023 327
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TREASURY & INTERNATIONAL BANKING
and financial institutions can regional offices spread across In relation to compliance with
maximize efficiency in the various cities in Indonesia, namely regulatory regulations, Bank
process of buying and selling Medan, Palembang, Batam, Mandiri is always able to meet
foreign currency transactions at Bandung, Semarang, Solo, Bank Indonesia regulations
Bank Mandiri Surabaya, Denpasar, Balikpapan related to reserve requirements.
and Makassar. Bank Mandiri also The realization of the rupiah
Furthermore, Bank Mandiri also provides Mandiri e-fx and Mandiri reserve requirement as of 31
has a variety of hedging products Cash management (MCM) December 2023 was 8.00%,
that can be tailored to customer electronic channels as solutions above Bank Indonesia’s
needs. These products include for customers to conduct foreign regulation of 6.98% and the
FX Forward, FX Par Forward, FX exchange transactions. realization of the foreign
Swap, FX Option, Mandiri Call exchange reserve requirement
Spread, Interest Rate Swap, and Bank Mandiri optimizes its as of 31 December 2023 was
Cross Currency Swap. reciprocity-based cooperation 4.10%, or above Bank Indonesia’s
network with 916 correspondent regulation of 4.00%.
For investment needs, Bank banks in 73 countries resulting
Mandiri also has various in increased utilization of
products, such as Mandiri Deposit business cooperation which TREASURY &
includes treasury, trade finance,
Swap, Mandiri Market Linked
INTERNATIONAL
Deposit, Mandiri Dual Currency remittances, risk sharing and
Investment, and Securities. The bilateral financing. Meanwhile, BANKING STRATEGY
choice of investment products in terms of funding, Bank Mandiri IN 2023
can also be adjusted to the received more than enough
customer’s risk profile and financing from international Bank Mandiri Treasury &
investment objectives. banks and financial institutions International Banking has
which reflected international prepared various strategies to
Online foreign currency buying trust in Bank Mandiri. On the other maximize existing opportunities
and selling transaction services hand, to diversify rupiah fund during 2023. The strategic
can be enjoyed through the placement instruments, Bank plan is intended to provide an
KOPRA by Mandiri digital service. Mandiri added services for selling extensive one stop solution for
Thereby, customers can make and purchasing Corporate counterparties both at the head
foreign exchange buying Securities to customers. office and foreign offices. Bank
and selling transactions online Mandiri’s strategy to develop the
and in real time with various Treasury & International Banking’s Treasury & International Banking
advantages, such as special commitment to innovation in segment in 2023 is as follows:
prices. This digital transformation 2023 is realized through the
also enables the end-to-end KOPRA super platform with the • Optimizing Bank Mandiri’s
exchange rate dealing process addition of features to improve liquidity strength to provide
from uploading underlying customer transaction services, financing and funding
documents, buying and including Biller notification solutions in accordance with
selling rate deals, and making KOPRA with Livin, and KOPRA customer needs, such as
settlements without customers Beyond Borders which aims to Bank Loans. In this initiative,
having to contact dealers or visit improve customer transactions Bank Mandiri also offers a
to branches. experience through KOPRA variety of liquidity solutions,
based on voice of customers. asset development,
Bank Mandiri Treasury & In 2022, the number of users has transaction enhancement
International Banking provides reached 182,000 customers with and synergy in various fields
treasury transaction services to a volume of Rp19,099 trillion with other domestic banks
customers throughout Indonesia and a frequency of 1.1 billion in Indonesia, particularly
through head offices and treasury transactions. Regional Development Banks.
328 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
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TREASURY & INTERNATIONAL BANKING
• Maximizing Mandiri’s • Strengthening treasury business both interbank and
digitalization in capturing transaction activities, with customers, Bank Mandiri
the insurance ecosystem increasing trade financing strives to continue to penetrate
by becoming the main volume, developing more offensive markets. This
operating account of cross border supply chain measure is taken in order to
insurance companies business, developing wealth provide alternative product
through embedded management services solutions to customers. Bank
collection and payment and increasing remittance Mandiri continues to develop
solutions, as well as increasing transaction disbursement. Treasury products through
business reciprocity with • Creating more efficient work structured products with the
insurance companies. processes and providing aim of yield enhancement
• Re-sharpening for business seamless digital services to and hedging, which received
penetration in Capital customers. positive responses from both the
Market by providing • Improvement of other services Wholesale and Retail segments.
extensive solutions to Capital through the provision of
Market customers, and digital services for Indonesian In 2023, Total Treasury revenue
improving seamless digital Migrant Workers (PMI), reached Rp14.26 trillion,
services for both Wholesale implementation of the New supported by Net Interest Income
and Retail customers. Trade System, and so forth of Rp10.25 trillion and Fee Based
• Increased assets by overseas Income of Rp4.01 trillion.
branch offices both through
lending and increasing TREASURY & Treasury Fee Based Income of
the portfolio of securities
INTERNATIONAL Rp4.01 trillion was supported by
and trade assets. The Foreign Exchange Transaction
foreign office pro-actively BANKING Income of Rp1.40 trillion,
cooperates with business PRODUCTIVITIES AND Securities Transaction Income of
units at the head office, as Rp1.36 trillion, and Other Income
well as with partner banks to
REVENUES of Rp1.25 trillion.
seek business opportunities
and channel credit to TREASURY
mentored customers who As one of the dominant players
meet the bank’s criteria. in the foreign exchange
Treasury Productivity and Revenue
(in Rp Million)
Growth
Description 2023 2022
(Rp Million) %
Total Fee Based Income 4,007,321 4,720,230 -712,909 -15.1%
- Forex Transactions 1,395,685 2,694,128 -1,298,443 -48.2%
- Securities Transactions 1,361,450 1,120,402 241,048 21.5%
- Others 1,250,186 905,700 344,486 38.0%
Total Net Interest Income 10,250,617 12,242,878 -1,992,261 -16.3%
Total 14,257,938 16,963,108 -2,705,170 -15.9%
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TREASURY & INTERNATIONAL BANKING
FINANCIAL INSTITUTION BUSINESS DAN OVERESEAS BANKING NETWORK
Financial Institution Business (FIB) Group and Overseas Banking Network (OBN) Group effectively carry out
business activities including business development with international and domestic financial institution (bank
and non-bank) customers. In addition, FIB and OBN also supervise and develop the business activities of
seven foreign offices (KLN) located in Singapore, Hong Kong, Shanghai, Cayman Islands, Dili Timor Leste and
Bank Mandiri (Europe) Limited, as well as Mandiri International Remittance as subsidiaries in order to directly
contribute in term of revenue, as well as indirectly as distribution channels and gateways for the Bank’s overall
business.
FINANCIAL INSTITUTION BUSINESS
FIB and OBN successfully achieved an increase in third party funds by 18.6% to Rp11.9 trillion in 2023. The
increase in third party funds mainly derived from time deposits which increased by 42.2% to Rp6.8 trillion.
Financial Institution Business Productivity and Revenue
(in Rp Million)
Growth
Description 2023 2022
(Rp Million) %
Total Third-Party Funds 11,865,642 10,001,255 1,864,364 18.6%
CASA 5,093,162 5,239,550 -146,388 -2.8%
- Current Accounts 4,902,962 5,045,630 -142,690 -2.8%
- Savings 190,222 193,919 -3,698 -1.9%
- Time Deposits 6,772,458 4,761,705 2,010,753 42.2%
Total Loans 7,162,500 5,801,787 1,360,712 23.5%
Total Revenue 1,170,058 873,257 296,801 34.0%
- Fee Based Income 373,731 327,939 45,791 14.0%
- Net interest Income 796,327 545,318 251,009 46.0%
OVERSEAS BANKING NETWORK
Overseas Banking Network (OBN) supervises and develops the business activities of seven foreign offices
located in Singapore, Hong Kong, Shanghai, Cayman Islands, Dili Timor Leste and Bank Mandiri (Europe)
Limited and Mandiri International Remittance as subsidiaries in order to directly contribute revenue, as well as
indirectly as distribution channels and gateways for the Bank’s business as a whole.
The foreign office managed to disburse loans of Rp86.3 trillion or grew 20.2% from previous year and posted
Net interest income of Rp2.4 trillion in 2023 and Fee Based Income of Rp766 billion
Foreign Office Productivity and Revenue
(in Rp Million)
Growth
Description 2023 2022
(Rp Million) %
Total Third-Party Funds 14,600,678 13,714,720 885,958 6.5%
Total Loans 86,287,129 71,813,797 14,473,332 20.2%
Total Fee Based Income 766,156 624,818 141,337 22.6%
Total Net interest Income 2,380,612 1,963,030 417,582 21.3%
330 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
TREASURY & INTERNATIONAL BANKING
TREASURY & growth. This is evident from Bank of the new core custodian system
INTERNATIONAL Mandiri’s overall performance will be carried out, which also
growth which has continued to includes the implementation of
BANKING BUSINESS improve in the last three years. online custody services that can
PROSPECTS IN 2024 facilitate customers to access
On the other hand, Indonesia’s their portfolios in real time and
economic development is send instructions online. Going
Bank Mandiri will continue to expected to remain resilient forward, the implementation of
strengthen its treasury business amid global dynamics, as driven new core custodian system will
by optimizing digital services and by strengthening household also be integrated with Bank
providing innovative products consumption and export Mandiri’s wealth management
that suit customer needs. Through performance. With a positive service system to ensure that it can
this strategy, Bank Mandiri national economic outlook, provide a better user experience,
believes that it will increase Bank Mandiri is optimistic that particularly for retail customers.
its contribution to non-interest it will be able to boost business
income to maintain profitability. performance in the treasury In terms of foreign offices, Bank
In addition, Bank Mandiri also has and international banking Mandiri also continues to improve
a great commitment in providing segments in the future. This factor its services, among others, by
the best financial services and is also strengthened by the high providing digital services for
products and solutions for confidence of foreign investors Indonesian Migrant Workers (PMI),
customers. Hence it is expected in the Indonesian economy implementing the New Trade
that customer transactions which is considered capable of System as well as increasing
will continue to increase and reducing global financial turmoil assets both through lending
become one of the main pillars in recent years and increasing the portfolio of
of business growth in the treasury securities, and at the same time
and international banking trade assets also continue to be
segments. TREASURY & developed. The foreign office pro-
actively cooperates with business
INTERNATIONAL
In 2024, Bank Mandiri will units at the head office as well as
continue to review various BANKING WORK with partner banks to seek business
business strategy initiatives as PLAN 2024 opportunities and disburse loans
well as innovation of financial to mentored customers who
products and services related meet the bank’s criteria. The
to treasury and international Not only focusing on business Foreign Office will also increase
banking businesses. In order development, with the its participation in international
to foster commitment as an increasing trend of digitalization syndication. Moreover, going
agent of development, Bank of banking services, the Treasury forward the foreign office will also
Mandiri carries sustainable and International Banking strengthen treasury transaction
growth to strengthen its role Segment will also continue activities, increase trade
to contribute to the national to innovate to create more financing volume, develop cross-
economy. For information, efficient work processes and border supply chain business,
Bank Mandiri has consistently provide seamless digital services develop wealth management
been able to maintain positive to customers. On the capital services and increase remittance
and sustainable performance market, optimization of the use transaction distribution.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
RETAIL BANKING
PERFORMANCE SUMMARY
Rp 358.07 trilion Rp679.38 trilion 54.24
Rp trilion
LOANS THIRD PARTY FUNDS INTEREST INCOME &
SHARIA INCOME
Increased by Increased by Increased by
11.14% 5.05% 44.92%
KEY HIGHLIGHTS
As of December 2023, Bank Mandiri Retail Banking loans reached
Rp358.07 trillion, grew 11.14% from Rp322.19 trillion in December 2022.
Bank Mandiri’s success cannot be separated from the optimization of
value chain for retail customers and Wholesale customer ecosystem.
Moreover, the convenient of Bank Mandiri’s individual customers to submit
applications for retail loans through Livin’ also increases the achievement
of Bank Mandiri’s consumer retail loan business. The process of onboarding
productive microfinancing customers in 2023 which is carried out digitally
and through collaboration with e-commerce companies is a game
changer in achieving productive retail microfinancing business.
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Retail Banking was able to achieve third-party funds of Rp679.83 trillion in 2023,
grew 5.05% compared to the previous year’s position of Rp646.72 trillion. The third-
party funds support also contributed to the increase in loans disbursed amounting
to Rp358.07 trillion, up 11.14% from the previous year of Rp322.19 trillion in line with
economic recovery and people’s purchasing power.
In line with the improvement in lending, Retail’s portfolio management) and developing
Net interest income grew 32.41% to Rp45.95 trillion. investment products (Mutual Funds and
Meanwhile, Retail Fee Based Income posted an Securities) according to the needs of bank
increase of 14.60% to Rp17.26 trillion in 2023, driven customers
by increased use of digital banking services by
customers. Retail Banking offers a variety of products, as follows:
1. Loans include consumer financing loans, such
As stated in Bank Mandiri Corporate Plan 2021 – as Mortgage Loans (KPR), Mandiri Multipurpose
2024, the Retail Banking segment, particularly Micro, Loans, Livin’ Paylater, Motor Vehicle Loans (KKB),
Small and Medium Enterprises (MSMEs), is one of credit cards and productive financing loans for
the focuses of Bank Mandiri’s strategy. Bank Mandiri micro, small and medium enterprises (MSMEs)
Retail Banking manages business activities covering loans customers.
several segments as follows: 2. Third Party Funds include Tabungan Mitra Usaha
(TabunganMU) and Tabungan Bisnis.
1. Micro Banking is responsible for managing 3. Transaction services include Mandiri Internet,
individual customers, cooperatives, and other Mandiri InterNet Bisnis and Mandiri Cash
business entities that meet the criteria to obtain a management to meet the transactional needs
maximum loan limit of Rp1 billion and managing of Retail Banking depositor customers
Branchless Banking Agents.
2. Small Medium Enterprises (SME) is responsible for
managing individual customers, cooperatives, RETAIL BANKING COMPETITIVE
business entities, and legal entities that meet the
ADVANTAGES AND
criteria to obtain a maximum loan limit of Rp25
billion. INNOVATIONS
3. Consumer Loan is responsible for managing
individual customers, cooperatives, and business The Bank’s competitive advantage in generating
entities that meet the criteria for obtaining a customers from the wholesale customer business
consumer loan limit for the purchase of homes ecosystem is the main driver of Retail Banking loans
and motor vehicles. growth. In this case, payroll customers from the
4. Credit Card is responsible for managing wholesale customer business ecosystem are the
individual customers and legal entities that main focus of consumer retail loans growth. The
meet the requirements to obtain a credit card. continuously honed application of data analytics
5. Retail Deposit is responsible for managing and big data provides specific offers to retail
savings and deposits. customers. The integration of onboarding retail loans
6. Wealth Management is responsible for customers through the Livin’ by Mandiri application
managing individual customers by delivering in 2023, which is increasingly diverse, has made a
excellent customer service (including customer positive contribution in boosting retail loans business.
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In meeting the needs of retail customers, Bank Mandiri of the Retail Banking segment. The Bank also
continues to optimize its leading business in each continues to expand cooperation with fintech and
region. Bank Mandiri also focuses on working on the e-commerce partners in order to be able to reach
leading sectors of each region in the expansion of the productive loan target market of the retail
productive retail loans. The leading sector of the region segment. Further development of the mandiri pintar
and the cultivation of retail business from the Wholesale application has also been carried out to strengthen
customer business ecosystem are game changers Bank Mandiri’s digital strategy in productive loan in
for the growth of productive retail loans targeting the Retail Banking segment.
entrepreneurs with micro, small and medium enterprise
scale. The payroll-based segment remains the core target
market for the consumer loan business in the Retail
In terms of collaboration, Bank Mandiri has collaborated Banking segment in 2023. In addition, Bank Mandiri
with e-commerce and fintech to reach a wider customer also continues to work on the payroll-based business
base. In addition to sharpening the target market, the potential of Wholesale anchor clients. After the
underwriting process of productive retail loans is also launch of the digital application, digital channels
getting faster and safer at Bank Mandiri. Digitalization of have become the main choice in reaching the
productive retail loan business processes through Digital consumer loan target market of the Retail Banking
Offering, New Los and Mandiri Pintar is able to offset the segment and the service features in the digital
aggressiveness of retail loan business growth while still application will continue to be developed to meet
prioritizing prudent aspects and healthy credit quality. customer needs.
Bank Mandiri’s Retail Banking continues to innovate in Furthermore, developing cooperation with
creating services that can meet customer needs both leading marketplaces and direct offerings through
from digital and non-digital service features. salespeople is the main work plan in 2023 for KSM,
KPR, KKB and Credit Card businesses. The growth
of the credit business is also certainly supported
RETAIL BANKING STRATEGY IN by reliable business processes. Business process
improvements that have been carried out in
2023
the previous period through business process
Bank Mandiri continues to cultivate the value chain reengineering are expected to enforce better Retail
of the derivative business of Wholesale customers Banking business growth through a fast and reliable
and strengthen digital-based business processes, underwriting process, as well as cross-selling credit
one of which is with Livin’ App as the main strategy products in the Retail Banking segment as a whole.
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RETAIL BANKING PRODUCTIVITIES AND REVENUES
Retail Banking productivity and revenue in 2023 are as follows:
Retail Banking Performance
(in Rp Million)
December December Growth
Description
2023 2022 (Rp Million) %
Total Third-Party Funds 679,380,210 646,720,362 32,659,849 5.05
Total Loans 358,074,141 322,194,600 35,880 11.14
Total Fee Based Income 17,264,512 15,064,469 2,200,043 14.60
Total Net interest Income 34,049,164 25,119,862 8,929,302 35.55
Retail Banking was able to achieve third-party funds of Rp679.83 trillion in 2023, grew 5.05% compared to the
previous year’s position of Rp646.72 trillion. The third-party funds support also contributed to the increase in
loans disbursed amounting to Rp358.07 trillion, up 11.14% from the previous year of Rp322.19 trillion in line with
economic recovery and people’s purchasing power.
In line with the improvement in lending, Net interest income grew 35.55% to Rp34.05 trillion. Meanwhile, Fee
Based Income posted an increase of 14.60% to Rp17.26 trillion in 2023, driven by an increase in the use of digital
banking services by customers.
MICRO LOANS
Bank Mandiri’s micro loans and/or Micro Banking segment consist of Micro Business Loans (KUM), People’s
Business Loans (KUR) and Mandiri Multipurpose Loans (KSM). KUM and KUR are business/productive financing
loans that can assist debtors in increasing business scale or meeting working capital financing needs.
Meanwhile, KSM meets various kinds of customer financing needs without collateral. The achievement of
micro loans by credit type as of 31 December 2023 is as follows:
Micro Loans by Loans Type
(in Rp Million)
Description 2023 2022 Growth
(Rp Million) (%) (Rp Million) (%) (%) (Rp Million)
Micro Business Loans (KUM) 20,508,333 12.22 15,432,608 10.25 32.89 5,075,725
People's Business Loans (KUR) 62,311,294 37.11 62,051,851 40.80 0.42 259,443
Mandiri Multipurpose Loans (KSM) 85,058,779 50.67 74,594,420 49.05 14.03 10,464,359
Total Loans 167,878,406 100.00 152,078,879 100.00 10.39 15,799,527
Bank Mandiri micro segment managed to record total loans of Rp167.88 trillion in December 2023. Growth of
10.39% in 2023 was mainly driven by an increase in KSM which managed to reach Rp85.06 trillion, an increase
of 14.03% compared to the 2022 position of Rp74.59 trillion. Meanwhile, KUM and KUR reached Rp20.51 trillion
and Rp62.31 trillion, respectively, up 32.89% (yoy) and 0.42% (yoy) compared to positions in 2022.
In 2023, both KUM and KUR were mostly be disbursed to the Trade sector. KSM in 2023 will be provided to
payroll customers in the government segment (PNS, TNI/POLRI and SOE employees) who are relatively low-
risk, and grow selectively in the private employee segment. Bank Mandiri mapped the excellent potential in
each Region with a focus on acquiring employees of the Wholesale customer value chain ecosystem and
collaborating with subsidiaries to work on target markets.
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In addition to the above, KSM disbursement is also carried out through digital channels (Livin’ by Mandiri) to
ensure that the loan acquisition process can be affordable, fast and close as a form of the Bank’s commitment
to improve the quality of service to customers.
Micro Funds Based on Third-Party Funds
(in Rp Million)
2023 2022 Growth
Description (Rp
(Rp Million) (%) (Rp Million) (%) (%)
Million)
Current Account and Savings Account 48,897,814 92.50 40,281,395 92.73% 8,616,419 21.39
Time Deposits 3,962,052 7.50 3,158,735 7.27% 803,317 25.43
Total TPF 52,859,866 100.00 43,440,130 100.00% 9,419,736 21.68
Branchless Banking
Bank Mandiri reported a total of 130,100 Mandiri Agents consisting of 129,926 individuals and 174 agents
in the form of legal entities. The decrease in the number of agents was caused by the rearrangement of
Mandiri Agent and digitization of processes in order to optimize the Branchless Banking business. The results
of this arrangement are reflected in an increase in agent customer transactions, thereby transactions in 2023
reached 86.83 million transactions with a transaction volume of Rp92.82 trillion, as well as an increase in the
number of agent ecosystem customers by 24.85% yoy, hence in 2023 Mandiri Agent has 2.87 million customers
with funds raised amounted to Rp18.26 trillion, grew 28.56% yoy.
Mandiri Agent
2019 2020 2021 2022 2023
101,744 134,518 162,416 156,191 130,100
The Branchless Banking network continues to be strengthened by implementing the Mandiri Agent Application
as part of digitizing Branchless Banking agent products and services. Mandiri Agent Application users will reach
37,057 agents in 2023 or around 28.5% of the total Mandiri Agent population. The number of users increased
by 16% compared to 2022 and will continue to be enforced going forward to ensure that all Mandiri Agents
use the application.
Bank Mandiri also collaborates with the Ministry of SOEs and Social Services to make Branchless Banking agents
as agents for distributing social assistance, Kartu Tani programs, Keluarga Harapan Programs (PKH) and Non-
Cash Food Assistance (BPNT), as well as Village-Owned Enterprises (BUMDes).
SMALL AND MEDIUM BUSINESS LOANS
In the SME segment, customer profiles with business fields in potential sectors have a credit limit of up to Rp25
billion from Bank Mandiri to meet working capital and investment needs.
2023 2022 Growth
Description
(Rp Million) (%) (Rp Million) (%) (%) (Rp Million)
Working Capital Loans 28,323,177 36.89% 25,943,946 38.52% 9.17% 2,379,231
Investment Loans 10,364,367 13.50% 7,694,117 11.42% 34.71% 2,670,250
KAD 18,981,736 24.72% 16,847,800 25.02% 12.67% 2,133,936
Cooperatives 10,121,940 13.18% 10,054,804 14.93% 0.67% 67,135
TR & Others 8,993,892 11.71% 6,807,287 10.11% 32.12% 2,186,605
Total SME Loans 76,785,112 100.00% 67,347,955 100.00% 14.01% 9,437,157
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Bank Mandiri booked total SME loans of Rp76.78 trillion, grew 14.01% compared to Rp67.34 trillion in 2022. Of this
amount, most of the loans disbursed were in the form of working capital loans which reached 36.89%.
Bank Mandiri focuses the growth of this SME segment on business acquisitions that are value chains from
Wholesale segment customers, which are Bank Mandiri’s core competencies, as well as business acquisitions
from leading sectors or ecosystems in the region. The acquisition continued to be carried out prudently and
managed to maintain portfolio quality with NPL of 0.97%.
The increase in SME loans was supported by an increase in loans disbursed to the Investment Loans sector with
a growth of 31.63% or equivalent to Rp24.28 trillion as explained in the following table:
SME Loans by Type of Economic Sector
(in Rp Million)
2023 2022 Growth
Description (Rp
(Rp Million) (%) (Rp Million) (%) (%)
Million)
Agriculture, Hunting and
10,286,972 13.40% 9,435,756 12.29% 851,215.61 9.02%
Agricultural Facilities
Mining 3,334,402 4.34% 2,686,237 3.50% 648,164.69 24.13%
Industrial 5,784,438 7.53% 5,361,628 6.98% 422,809.61 7.89%
Electricity, Gas and Water 223,790 0.29% 187,755 0.24% 36,035.13 19.19%
Construction 6,704,354 8.73% 6,243,123 8.13% 461,231.43 7.39%
Trade, Restaurants and Hotels 24,283,939 31.63% 21,398,666 27.87% 2,885,273.19 13.48%
Transport, Warehousing and
6,137,602 7.99% 4,752,727 6.19% 1,384,874.89 29.14%
Communications
Business Services 6,091,455 7.93% 6,145,029 8.00% (53,574.27) -0.87%
Social/Community Services 1,245,491 1.62% 958,270 1.25% 287,221.26 29.97%
Other 12,692,670 16.53% 10,178,764 13.26% 2,513,905.58 24.70%
Total Loans SME Banking 76,785,112 100.00% 67,347,955 100.00% 9,437,157.11 4.01%
In terms of third-party funds, Bank Mandiri’s SME Banking segment was able to raise funds of Rp258 trillion in 2023.
Of this amount, low-cost funds such as current accounts and savings accounts have a dominant portion of 87.06%.
SME Funds by Type
(in Rp Million)
2023 2022 Growth
Description
(Rp Million) (%) (Rp Million) (%) (%) (Rp Million)
Current Account and
225,396,663 87.06% 193,625,950 84.73% 16.41% 31,770,712
Savings Account
Time Deposits 33,488,185 12.94% 34,897,990 15.27% -4.04% (1,409,805)
Total SME Funds 258,884,848 100.00% 228,523,940 100.00% 13.29% 30,360,908
CONSUMER LOANS
Bank Mandiri provides financing solutions for home ownership, vehicles, credit cards, and multipurpose
loans for customers through consumer loans. Bank Mandiri in financing new and second home ownership
has collaborated with leading developers, both national and regional scale as well as several well-known
brokerage agencies throughout Indonesia.
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On vehicle financing, Bank Mandiri has cooperated, that it can provide convenience to customers in
among others, with two subsidiaries, namely digital transactions.
Mandiri Tunas Finance (MTF) and Mandiri Utama
Finance (MUF). With this collaboration, Bank Mandiri As of December 2023, Bank Mandiri’s consumer
customers can apply for two- and four-wheeled loans stood at Rp113.41 trillion or grew 10.36% (yoy)
vehicle financing, both new and used, as well as compared to December 2022 of Rp102.77 trillion.
Multipurpose Vehicles throughout Indonesia. This growth was mainly driven by Mandiri Mortgage
Loans (KPR) which increased by Rp5.90 trillion or
Bank Mandiri is also increasingly active in innovating grew 11.76% to Rp56.01 trillion as of December 2023.
credit card products in its retail segment. This is The increase in consumer loans also lifted in terms
done to capture the potential of public spending of fee-based income which rose 21.93% (yoy) to
which is projected to increase in 2023. As such, Bank Rp3.23 trillion from Rp2.65 trillion in the same period
Mandiri increases the synergy of Mandiri Credit Card the previous year.
services with Super App Livin’ by Mandiri to ensure
Outstanding Performance of Consumer Loans
(in Rp Million)
Description Dec-2023 Dec-2022 Growth
(Nominal) (%) (Nominal) (%) (Nominal) (%)
Mortgage Loans 56,009,660 49.39% 50,113,803 48.8% 5,895,857 11.76%
Motor Vehicle Loans 37,957,373 33.47% 36,133,162 35.2% 1,824,211 5.05%
Credit cards 16,689,898 14.72% 14,115,086 13.7% 2,574,811 18.24%
Others 2,753,692 2.43% 2,403,365 2.3% 350,327 14.58%
Total Consumer Loans 113,410,623 100.00% 102,765,416 100.0% 10,645,207 10.36%
Mandiri KPR
Mandiri KPR is Bank Mandiri’s mortgage loan (KPR) offered individually to purchase residential houses/
apartments/shophouses/storehouses, either through developers or non-developers. The features provided by
Mandiri KPR are:
1. Mandiri KPR (New Booking)
Financing for the purchase of residential houses/apartments/shophouses/ storehouses either new or
second. Purchases can be made through developers or non-developers.
2. Mandiri KPR Take Over
Financing for loan takeover from other banks’ mortgages, with a maximum credit limit of the last
outstanding (remaining loan) at the original bank or with an additional new loan limit according to the
bank’s calculation. Hence, if the amount is greater than the last outstanding at the original bank, the
customer can use it to meet various other needs.
3. Mandiri KPR Top Up
The addition of credit limit for mandiri KPR that has been running for at least one year, with collectability
(installment payment status) has been running efficiently for the last six months. The additional credit limit
allows you to meet a variety of other needs.
During 2023, Bank Mandiri has collaborated with a number of leading developers to hold another property
expo titled Find Your Property (FYP) Fest 2023. This expo property show is to accommodate the high enthusiasm
of the community in looking for their dream home, specifically employees who are aiming for first home. In
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addition, it is also a manifestation of Bank Mandiri’s commitment in providing easy purchases and attractive
and special promotions to meet the needs of customers. At FYP Fest 2023, Bank Mandiri offers special promos
in the form of special interest rate programs with several alternatives such as 3-year, 5-year, to 10-year fixed
rates, and life insurance discount programs of up to 10%.
a. FYP Fest 2023
To be able to accommodate the community high enthusiasm in finding their dream residence, Bank
Mandiri held a property expo exhibition entitled Find Your Property (FYP) Fest 2023 on 13-19 February 2023
at Menara Mandiri, Sudirman, Jakarta, which offers 68 projects from 25 property asset developer groups
in Jabodetabek. At this exhibition, visitors can enjoy a variety of special promos in the form of special
interest rate programs starting from 3.65% fixed for 3 years and life insurance discount programs of up to
10% specifically for visitors who apply during the event.
b. 10 Years Tiered Fixed Interest
In the midst of gradually improving economic conditions, the Government has resumed providing Value
Added Tax (PPN DTP) incentives for people who buy houses of up to Rp5 billion from November 2023 to
June 2024. This incentive is certainly expected to effectively increase people’s purchasing power with the
government-borne value-added tax (PPN DTP) incentive for people who buy houses of up to Rp5 billion
from November 2023 to June 2024.
In addition, the incentive is also expected to support the housing sector with a large multiplier effect on
the national economy, and can increase the growth of KPR Mandiri in the future. As such, Bank Mandiri in
responding to government initiatives related to VAT DTP also aligns it with main strategies, such as working
on a derivative business ecosystem from Bank Mandiri’s wholesale customers which is Bank Mandiri’s core
business strength, solidifying and increasing cooperation with leading developers both on a national and
regional scale, and strengthening digital channels in marketing KPR Mandiri products to expand the reach
of customers to have access to Mortgage Loans.
In line with the government, to always provide various facilities, conveniences and financing waivers to
realize the dreams of Bank Mandiri customers to have their dream residence. One of these conveniences
comes in the form of a 10-year tiered fixed interest rate option that can provide long-term certainty. This
10-year Fixed Tiered Interest starts from 5.88% fixed in years 1 to 3, then 8.88% fixed in years 4 to 6 and 9.88%
fixed in years 7 to 10. The 10-year tiered fixed interest period with the option runs until 31 May 2023.
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c. Rumah Idamanku (RIKu) & KPRKu.id
Until 2023, various digital products that support Bank Mandiri’s business in Mortgage Loans include the
Rumah Idamanku (RIKu) application. This application is a mobile application resulting from an exclusive
collaboration between Bank Mandiri and property technology startup Pinhome. RIKu provides solutions
for property transaction needs in a finger-tip, ranging from searching, setting visit schedules, consultations,
simulations/calculations of mortgages, selection of products/financing programs, to applying for Mandiri
KPR. RIKu can be downloaded on Android and iOS-based strings.
Further, Bank Mandiri also had a kprku.id website platform which is a program for Mandiri KPR exsisting debtors
to get convenience in tracking the status of Mandiri KPR Debtor Application submissions via Whatsapp blast.
Program Period and Area Coverage of this program is carried out every month from May 2022 to July 2023
and applies to all regions in Indonesia.
d. Property-Technology (PropTech) Simple, Ideal and Lamudi
PropTech (Property Technology) is now becoming prevalent in rapid technological advances. Disruptions
that occur due to technological developments change the course of the conventional property industry.
The existence of PropTech really supports the enhancement of property sector. The development
of PropTech in Indonesia also continues to run although not as fast as in developed countries. Startup
companies that provide property listings have been developed in Indonesia.
Bank Mandiri continues to carry out digital transformation to ensure that it is always relevant and keeps up
with the times. Collaborating with marketplaces, e-commerce and other digital-based businesses such as
PropTech is one of Bank Mandiri’s pillars in terms of leveraging the digital ecosystem.
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In 2023, Bank Mandiri collaborates to expand Mandiri KPR product offerings through three well-known
PropTech in Indonesia, namely PT Concise Asia Technology (Concise), PT Ideal Prosperous Life (Ideal),
and PT Lamudi Classifieds Indonesia. This collaboration is expected to be a bridge, to be able to carry out
digital transformation in property financing in Indonesia.
Mandiri KKB
Mandiri Kredit Kendaraan Bermotor (Mandiri KKB) is a motor vehicle financing facility for individual customers.
The advantages of this independent KKB include the facilities for customer, such as competitive interest rates,
easy document requirements, fast processes, and flexible payment methods.
Currently, customers and Indonesians can apply for vehicle loans through Livin’ Sukha on the “Nyicil Otomotif
“ menu. In addition, Bank Mandiri has also revamped vehicle financing applications for customers through the
Bank Mandiri website in https://bmri.id/formkkb to provide easy access to applications.
In 2023, Bank Mandiri has held a Mandiri KKB promo event with the theme Mandiri Auto Festival 2023. The
automotive event organized by Bank Mandiri with Mandiri Utama Finance provides various attractive offers for
Bank Mandiri customers and Bank Mandiri employees. These attractive offers include special rates (flat) and
competitive for financing new and used cars and motorcycles, with down payments (DP) starting from 10%.
In addition, financing for certain brands of electric motorcycles is also available valid for 0% DP specifically
for employees of SOEs and government agencies, easier and faster transaction processes, and various other
attractive offers.
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Mandiri Credit Card
Mandiri Credit Card is one of Bank Mandiri’s payment instrument products that provides a variety of products
relevant to today’s needs and lifestyles, providing convenience for customers everywhere with acceptance
at all merchants in the world through Visa, Mastercard, and JCB networks.
The Development of Mandiri Credit Cardt
Credit card 2023 2022 Growth (%)
Outstanding (Rp Million) 16,705,235 14,115,086 18,35%
Sales Volume 51,187,330 40,419,735 26,64%
NPL 1,23% 1,06% 0,17%
Fee Based Income (Rp Billion) 1,949 1,708 14,09%
As of December 2023, active Mandiri credit card and continue to show improvement. The trend of
users are recorded at 1.9 million cards or grew 10.39% online shopping is also one of the driving factors for
(yoy). Meanwhile, the outstanding of Mandiri Credit Mandiri credit card business, especially in terms of
Cards reached Rp16.70 trillion, an increase of 18.35% digital transactions.
compared to the same period the previous year of
Rp14.12 trillion. This achievement is inseparable from Bank Mandiri continues to innovate Mandiri credit
the support of Bank Mandiri’s retail and wholesale card features during 2023 such as the launch of
strength and extensive network distribution. Livin’s Everyday cardless credit card. The process
of applying, transacting, and accessing Livin’
In addition, optimizing the use of Livin’ by Mandiri Everyday credit card information can be done by
also supports the development of Mandiri’s credit customers through Livin’ SuperApp. The presence of
card business during 2023, such as 80% of Mandiri Livin’ Everyday as well as a rebranding of the existing
credit card users have made installments via Livin’ Mandiri Everyday Credit Card.
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With Livin’ Everyday, customers no longer need to Retail Deposit
wait for credit card delivery from couriers and have
the potential to reduce plastic waste and carbon In raising funds, Bank Mandiri continues to focus on
emissions. The switch to virtual credit cards is also the retail segment, particularly in raising low-cost
a manifestation of Bank Mandiri’s commitment to funds (current accounts and savings). The growth
implement the Environment, Social, and Governance of low-cost retail deposits in 2023 shows a positive
(ESG) framework, especially the Environment aspect. trend with the achievement of an average current
account and savings balance of Rp159.00 trillion,
Livin’ Everyday targets millennials and Gen Z by an increase of 5.48% compared to the average
offering various services and benefits, such as balance in 2022 of Rp150.74 trillion.
online shopping, installment payments, cash, QRIS
payments, paying routine bills, and free annual
fees. Various special promos from various selected
merchants can also be enjoyed by customers.
Deposit Funds Based on Product Type
(in Rp Million)
Description 2023 2022 Growth
(Rp Million) (%) (Rp Million) (%) (%) (Rp Million)
Current Account and Savings
174,900,873 82.74% 165,272,204 80.99% 9,628,669 5.83
Account
Time Deposits 37,188,246 17.53% 38,782,667 19.01% -1,594,421 -4.11
Total 212,089,120 100% 204,054,872 100.00% 8,034,248 3.94
Bank Mandiri posted total retail deposit funds of Rp174.9 trillion, an increase of 3.91% compared to 2022 of
Rp204.05 trillion.
WEALTH MANAGEMENT
Bank Mandiri wealth management is a more complete financial service and solution, particularly related
to investment, and in accordance with the needs of priority and private customers who are more diverse.
Bank Mandiri is optimistic that performance in the Wealth Management business continued to grow until the
end of 2023 with the expectation that the number of priority and private customers can grow 5% yoy and
its managed funds will increase by more than 10% yoy. In 2023, Bank Mandiri was also recorded as the “Best
Wealth Management Bank” at the Alpha Southeast Asia Awards 2023 held in Singapore.
The Bank Mandiri Wealth Management products offered to customers are as follows:
Mutual Funds
Bank Mandiri as a Mutual Fund Selling Agent (APERD) is in charge of selling mutual fund securities based on
a cooperation contract with the Investment Manager of the mutual fund manager. Bank Mandiri has been
registered as an APERD at the Financial Services Authority (OJK) since 2007. In offering mutual fund products
to customers, Bank Mandiri has collaborated with nine Investment Managers who have good competence.
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RETAIL BANKING
Mutual fund products marketed through Bank 6. Protected Mutual Fund (RDT) is a mutual fund
Mandiri are as follows: that provides protection for investors’ initial
investment through its portfolio management
1. Money Market Mutual Fund is a mutual fund mechanism. The Protected Mutual Fund
that only invests in domestic money market Investment Manager will invest part of the funds
instruments and/or debt securities with maturities under management in debt securities that fall
of less than one year. into the investment grade category, enabling
2. Fixed Income Mutual Fund is a mutual fund that the value of debt securities at maturity to at
invests at least 80% of Net Asset Value in the least cover the amount of protected value.
form of debt securities, whether issued by the 7. Limited Participation Mutual Fund (RDPT) is a
government or corporations. This mutual fund is mutual fund that collects funds from professional
available in two denominations, namely Rupiah investors which are then invested in Securities
and US Dollar. Portfolios based on Real Sector Activities. Real
3. Mixed Mutual Fund is a mutual fund that invests Sector activities are activities either directly or
in the form of equity securities, debt securities, indirectly, related to the production of goods, the
and/or domestic money market instruments, provision of services in the real sector including
each of which does not exceed 79% of its but not limited to the production of goods, and/
assets, where in its portfolio there must be equity or working capital from these activities.
securities and debt securities.
4. Equity Mutual Fund is a mutual fund that invests To facilitate customers to make mutual fund
at least 80% of its assets in the form of equity product transactions, Bank Mandiri since May 2022
securities. This mutual fund is available in two has launched the Livin’ Investasi feature, enabling
denominations, namely Rupiah and US Dollar. customer access to buy, sell, transfer and monitor
5. Index Mutual Fund is a mutual fund that is mutual fund products and portfolios to be done
managed to get investment returns that are easily. Going forward, the Livin’ Investasi feature will
similar to an Index that is used as a reference, continue to be developed for investment product
both Bond Index and Stock Index. offerings other than mutual funds.
344 PT Bank Mandiri (Persero) Tbk
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RETAIL BANKING
Mutual fund product transaction services can be In addition, to continue to expand investment access
carried out by Bank Mandiri customers through for customers with an increasingly varied and quality
APERD branch offices and the Livin’ Investasi feature. choice of instruments in 2023, Bank Mandiri also
The growth in the number of customers using the collaborates with PT Trimegah Asset Management.
Livin’ Investasi feature is recorded at more than 100% The result of the collaboration presents three
during 2023. Where the average transaction volume selected mutual funds in various asset classes that
of Livin’ Investasi shows an increase, from previously can be accessed through the Livin’ Investasi feature
around Rp400 billion every month in 2022 to more on the Livin’ By Mandiri SuperApp.
than Rp800 billion every month in 2023.
Bank Mandiri customers can purchase Money
In 2023, Bank Mandiri consistently met customers’ Market Mutual Fund products (TRIM Kas 2 Class B)
investment needs, among others, by expanding for customers who have a conservative risk profile.
sustainable products, including sustainable investing Then Fixed Income Mutual Fund (Trimegah Fixed
products. In collaboration with its sub-subsidiary, Income Plan) for customers who have a moderate
Mandiri Manajemen Investasi (MMI), Bank Mandiri risk profile, and Equity Mutual Fund (TRIM Kapital) for
presents the Mandiri index fund FTSE Indonesia ESG customers who have an aggressive risk profile. This
Index which is the first index fund in Indonesia with mutual fund product will complement the types
reference to the FTSE Indonesia ESG Index. of investment products for Bank Mandiri’s Wealth
Management customers in accordance with risk
This Environmental, Social and Governance (ESG)- tolerance and expectations of an increase in the
based mutual fund can be an alternative investment value of the investment portfolio.
while helping to preserve the environment, respect
social rights, and support good governance Other various attractive programs and offers are
practices. The Mandiri index fund FTSE Indonesia ESG available for customers to enjoy in transacting
Index can be bought and sold easily on the Livin’ by mutual funds through Livin’ by Mandiri during 2023,
Mandiri digital application starting 2023. including:
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
RETAIL BANKING
346 PT Bank Mandiri (Persero) Tbk
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Productivity and Revenue of Wealth Management Products – Mutual Funds
(in Rp Million)
Mutual Funds Income
Asset Under with AUM Mutual Fund Products
Management Growth Growth
(AUM) 2023 2022 2023 2022
(Nominal) (%) (Nominal) (%)
Equity Mutual Fund 3,460,914 4,858,147 (1,397,232) -28.76% 64,136 76,033 (11,897) -15.65%
Mixed Mutual Funds 247,991 186,221 61,770 33.17% 2,379 1,981 399 20.13%
Fixed Income Mutual
4,765,550 3,124,203 1,641,347 52.54% 60,265 58,930 1,335 2.27%
Fund
Money Market Mutual
14,888,946 16,929,278 (2,040,332) -12.05% 104,509 120,478 (15,969) -13.25%
Funds
Index Mutual Funds 10,845 1,159 9,686 835.96% 396 9 387 4196.07%
Sub Total 23,374,245 25,099,008 (1,724,762) -6.87% 231,685 257,431 (25,746) -10.00%
Protected Mutual Funds 409,847 1,233,511 (823,664) -66.77% - 205 (205) -100.00%
Limited Inclusion Mutual
83,824 98,311 (14,487) -14.74% 890 954 (64) -6.75%
Funds
PDNI (Individual
Customer Fund 115,713 130,575 (14,863) -11.38% 55 75 (20) -26.94%
Management)
Total 23,983,629 26,561,405 (2,577,776) -9.70% 232,630 258,665 (26,035) -10.07%
In 2023, Bank Mandiri’s Retail Banking has recorded by the Republic of Indonesia, in accordance with the
a total AUM Wealth Management of Rp23.98 trillion, term of the securities. The types of SBN Retail Primary
a decrease of -9.70% compared to the previous Market marketed by Bank Mandiri are divided based
year’s achievement of Rp26.56 trillion. Meanwhile, on two types, namely Government Bonds (SUN) and
the acquisition of Fee Based Income Wealth State Sharia Securities (SBSN). Where SUN consists of
Management amounted to Rp232.63 billion, a Retail Government Bonds (ORI) and Retail Savings
decrease of -10.07% compared to Rp258.67 billion Bonds (SBR), while SBSN consists of Retail Sukuk (SR)
in 2022. and Savings Sukuk (ST).
Primary Market and Secondary Market In addition to offering SBN Retail Primary Market
Retail Government Securities products, Bank Mandiri also offers securities products
Retail Government Securities (SBN) are SBN products in the secondary market to customers. Secondary
issued by the Government specifically for retail market securities transactions are carried out in
investors/customers in the primary market whose collaboration with Treasury Group.
interest and principal payments are made directly
Volume and Revenue of Primary Market Retail Government Securities
(in Rp Million)
Initial Securities with Volume Initial Securities Income
Asset Under Management
(Volume) Growth Growth
2023 2022 2023 2022
(Nominal) (%) (Nominal) (%)
Primary Market Retail
22,810,892 13,707,888 9,103,400 66.4 75.839 44.918 30.921 68.8
Government Securities
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
RETAIL BANKING
Bank Mandiri’s Retail SBN sales in 2023 reached Foreign Exchange Transactions and
Rp22.81 trillion, an increase compared to the Structured Products
previous year of Rp13.70 trillion. Meanwhile, Fee Wealth Management collaborates with Treasury
Based Income from Retail SBN sales activities in Group to provide Foreign Exchange transaction
2023 reached Rp75.84 billion, up 68.8% from Rp44.90 services and offers structured products, such as
billion in 2022. The increase in Retail SBN sales volume Mandiri Deposit Swap, Mandiri Dual Currency
in the Primary Market was influenced by increasing Investment, and Mandiri Market Linked Deposit
liquidity in the general economy. to customers who have registered in excellent
customer service. The choice of this investment
Bancassurance product can be adjusted to the customer’s risk
In selling bancassurance products, Bank Mandiri has profile and investment objectives.
collaborated with a number of insurance companies
to provide products that can provide financial Other Investment Alternatives
protection from health, life, and education costs, In addition to acting as APERD and Government
pension costs, and customer assets. Bank Mandiri’s Securities Distribution Partner, Bank Mandiri also
bancassurance products and services offered to provides access to more advanced investment
customers are Mandiri Elite Plan-Prime Insurance, products, such as Individual Customer Portfolio
Mandiri Legacy Plan Platinum Insurance, Mandiri Management (PDNI), Infrastructure Investment
Legacy Plan Titanium Insurance, Mandiri Investasi Funds in the Form of Collective Investment Contracts
Prestige Insurance, and Mandiri Secure Criticare (DINFRA), Real Estate Investment Funds in the Form of
Insurance. Collective Investment Contracts (DIRE), and Asset-
Backed Securities Collective Investment Contracts
Referral Retail Brokerage (KIK-EBA). Bank Mandiri cooperates with investment
The retail brokerage referral service is a manifestation managers who are authorized to manage these
of Bank Mandiri’s efforts in collaboration with Mandiri investment products.
Sekuritas to become one stop financial services.
This service is available to facilitate customers to Strengthen Collaboration to Foster
get access to the capital market through Mandiri Investment in the Country
Sekuritas, thus providing additional alternative Bank Bank Mandiri also consistently fosters increased
choices of investment instruments for Bank Mandiri investment from local and foreign investors to the
customers’ portfolio management, such as country through strengthening collaboration. During
Corporate Bonds, Medium Term Notes (MTN), stocks, 2023, Bank Mandiri has collaborated, among others,
and others. with the Ministry of Investment/BKPM which is realized
through the collaboration of Investment Promotion
In 2023, Bank Mandiri’s subsidiary, Mandiri Sekuritas, with 7 Bank Mandiri Foreign Offices (Singapore,
has recorded an increase in debt securities Hong Kong, China, UK, Malaysia, Cayman Island,
transaction volume to Rp1,224 billion, an increase and Timor Leste) with the Indonesia Investment
compared to the previous year of Rp919 billion. Promotion Center (IIPC)-Ministry of Investment/
This is in line with the increase in the number of BKPM.
customers transactions triggered by the increased
risk in the company’s debt securities investment. Through this collaboration, investors will attain various
In terms of Fee Based Income, this referral service benefits ranging from easy information channels
recorded revenue of Rp3.82 billion in 2023, which regarding developing investment procedures and
includes transactions from the primary market and opportunities in the country, potential synergies with
secondary market. trusted partners who have become Bank Mandiri
customers, and access to various excellent services
of the Mandiri Group. This is expected to improve
the quality of investment services to investors.
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RETAIL BANKING
Bank Mandiri believes that the cooperation between progressive transformation, offer various innovations
IIPC and Bank Mandiri’s Foreign Office that has been and digital solutions for customers, and strengthen
well established will continue to be improved going relationships with business partners in order to
forward. As it can provide a domino effect and maintain the growth of the Retail Banking business.
multiplication of inbound investment that will occur
and at the same time support Indonesia to become
a developed country in 2045. RETAIL BANKING WORK PLAN FOR 2024
Bank Mandiri already has comprehensive In 2024, Bank Mandiri strives to continue the
capabilities in various industrial sectors from positive trend of Retail Banking performance with
upstream to downstream that can help potential several strategies as follows:
investors to build a footprint, find the right local 1. Maximizing business potential in the customer
partner and develop their investment in Indonesia. ecosystem through synergy between the
Bank Mandiri has also prepared communication retail segment and the wholesale segment
media in the form of investor landing pages and in executing business potential, launching
marketing toolkits that contain various information thematic programs according to market
to facilitate investors in starting and developing their conditions and customer needs, presenting
investments in Indonesia a seamless process to facilitate customers,
enabling loans growth with maintained credit
Retail Banking Business Prospects In quality.
2024 2. To increase liquidity, Bank Mandiri will focus on
Amidst intense competition in the Retail Banking acquiring business potential from the micro,
business in the national banking industry over the business, individual, and payroll segments,
past few years, Bank Mandiri remains optimistic that maximizing cross-selling and transaction
it can maintain and continue to increase the growth potential to optimize customer fund volume,
of the Retail Banking business with a double-digit particularly debtors, and maximizing potential
target or in the range of 11% to 12% every year. This funds from the customer closed loop
growth target has certainly referred to the portfolio transaction ecosystem.
guideline that has been prepared by Bank Mandiri’s 3. The Bank will also continue to optimize digital-
Risk Management Team. platform to increase fee-based income with
several initiatives, including:
As a bank that has the largest Wholesale Banking a. Super App livin’ to acquire business and
segment in Indonesia, Bank Mandiri has a strong individual customers, activate usage daily
relationship over the years that gives banks access transaction and enrich usecase Livin’
to the value chain ecosystem of the Wholesale Sukha, Livin’ Investasi and Mandiri Credit
Corporation to also grow in the retail segment. With Card as source of fund.
leverage from the Wholesale ecosystem and solid b. Optimization of merchant and card
digital channel services, Bank Mandiri believes it business for ecosystem expansion
will be able to strengthen its presence in the Retail through merchant acquisition, Integrated
Banking business in Indonesia in 2024 and in the Solution in the business ecosystem,
future. Game Changer: Livin’ Merchant, Digital
Merchant Activation, Fostering Cross
As of the end of 2023, Bank Mandiri is recorded to Border Transactions with competitive
have more than 35 million deposit customers, as exchange rates and increasing credit
well as more than 6 million customers in retail loans. card installment transactions.
Meanwhile, the Livin’ by Mandiri digital channel has 4. In terms of business processes, process
been downloaded by 32 million customers since improvement is carried out through branch
its launch in October 2021. Bank Mandiri always transformation, network optimization and
has a great commitment to continue to carry out people development.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
HEAD OFFICE
The Head Office segment manages assets and liabilities including assets and liabilities of the Corporate
Banking, Commercial Banking, Institutional Relations, Retail Banking, Treasury and International Banking
segments including receiving cost allocations for the provision of services centrally to other segments and
revenues/costs that are not allocated to other segment reporting. However, productivity and revenue for
the segments discussed in this Annual Report are recorded separately from assets and liabilities managed
by the Head Office.
PRODUCTIVITY AND REVENUE OF THE HEAD OFFICE SEGMENT
Information on Head Office Productivity and Revenue is presented in the Operating Segment Profitability
notes in the audited financial statements as part of this annual report.
Bank Mandiri’s Geographical Segments include Mandiri Indonesia and Mandiri Foreign Office (KLN). The
Group’s main operations are managed in Indonesia, Asia (Singapore, Hong Kong, Dili, Shanghai, Kuala
Lumpur), Western Europe (London) and the Cayman Islands.
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
OPERATIONS REVIEW
PER GEOGRAPHIC SEGMENT
Mandiri Indonesia
Mandiri Indonesia’s Geographical segment includes the Wholesale segment consisting of the Corporate,
Commercial, Financial Institution and Institutional Relations segments; and Retail segment consisting of Small
Medium Enterprise, Micro, Wealth Management and Individual segments; and Subsidiaries which include
Sharia Subsidiaries, Insurance Subsidiaries, Subsidiaries – Non Sharia and Insurance presented in the discussion
of Operating Segments in this Annual Report.
Foreign Office (KLN)
The explanation of the KLN segment has been presented in the International Banking segment as well as Sharia
Subsidiaries, Insurance Subsidiaries, Subsidiaries-Non Sharia and Insurance outside Indonesia as explained in
the Operations Segment section of this Annual Report.
Productivity & Profitability Of Geographic Segments
Consolidated net profit attributable to owners of the parent entity of geographic segment posted an
increase of 33.74% to Rp55.06 trillion in 2023 from the previous Rp41.71 trillion in 2022. The Geographic
segment in Indonesia remains the largest contributor to profit in 2023 which reached Rp57.82 trillion with a
growth of 33.68%.
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MAIN Management Company MANAGEMENT DISCUSSION
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OPERATIONS REVIEW PER GEOGRAPHIC SEGMENT
2023 Geographic Segment Profitability
(in Rp Million)
Western Cayman
Description Indonesia Asia Consolidated
Europe Islands
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest and Sharia Income 126,198,202 4,408,807 167,059 1,770,402 132,544,470
Interest and Sharia Expenses (33,676,303) (2,184,649) (103,294) (693,650) (36,657,896)
Interest and Sharia Income - Net 92,521,899 2,224,158 63,765 1,076,752 95,886,574
Premium Income - Net 2,123,046 - - - 2,123,046
Interest and Sharia and Premium
94,644,945 2,224,158 63,765 1,076,752 98,009,620
Income - Net
Other Operating Income:
Provision and Commission Income 19,690,608 421,664 - 36,138 20,148,410
Others 20,043,935 229,068 11,736 89,697 20,374,436
Total 39,734,543 650,732 11,736 125,835 40,522,846
(Provision)/reversal of allowance for
impairment losses on financial assets (9,868,305) (269,532) (6,513) (4,357) (10,148,707)
and others
Gain on Sale of Securities and
125,295 - - - 125,295
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (24,154,647) (216,132) (36,322) (15,988) (24,423,089)
Other General and Administrative
(29,244,031) (163,475) (17,827) (19,069) (29,444,402)
Expenses
Total (53,398,678) (379,607) (54,149) (35,057) (53,867,491)
Non-Operating Income/ (Expense) - Net 950,259 (427,329) - (479,612) 43,318
Tax Expense (14,371,652) (258,604) (2,755) - (14,633,011)
Net Profit 57,816,407 1,539,818 12,084 683,561 60,051,870
Net Profit Attributable to
Equity holders of the Parent Entity - - - - 55,060,057
Noncontrolling interests - - - - 4,991,813
Consolidated Statement of Financial Position
Loans 1,273,106,236 57,617,329 715,716 28,392,914 1,359,832,195
Total Assets 2,044,454,812 88,426,438 4,047,572 37,290,627 2,174,219,449
Demand Deposits and Wadiah Demand
(544,200,253) (7,917,572) (241,331) - (552,359,156)
Deposits
Saving Deposits and Wadiah Saving
(506,286,183) (3,005,306) - - (509,291,489)
Deposits
Time Deposit (286,387,272) (3,410,232) - - (289,797,504)
Total Deposits from Customers (1,336,873,708) (14,333,110) (241,331) - (1,351,448,149)
Total Liabilities (1,570,259,063) (71,526,098) (3,240,265) (15,417,389) (1,660,442,815)
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
OPERATIONS REVIEW PER GEOGRAPHIC SEGMENT
Geographic Segment Profitability 2022
(in Rp Million)
Western Cayman
Description Indonesia Asia Consolidated
Europe Islands
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest and Sharia Income 109,132,266 2,261,743 92,028 896,081 112,382,118
Interest and Sharia Expenses (23,581,286) (674,160) (37,706) (185,612) (24,478,764)
Interest and Sharia Income - Net 85,550,980 1,587,583 54,322 710,469 87,903,354
Premium Income - Net 2,467,698 - - - 2,467,698
Interest and Sharia and Premium
88,018,678 1,587,583 54,322 710,469 90,371,052
Income – Net
Other Operating Income:
Provision and Commission Income 18,405,858 383,725 - 12,565 18,802,148
Others 15,303,005 129,916 9,956 35,678 15,478,555
Total 33,708,863 513,641 9,956 48,243 34,280,703
(Provision)/reversal of allowance for
impairment losses on financial assets (15,847,746) (260,140) (1,716) (13,585) (16,123,187)
and others
Unrealized gains/(losses) from increase/
(decrease) in fair value of marketable
securities, government bonds, and - - - - -
policyholders’ investment in unit-link
contracts
Gain on Sale of Securities and
832,153 64,180 - 3,246 899,579
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (24,397,802) (203,764) (28,298) (11,882) (24,641,746)
Other General and Administrative
(28,412,582) (159,507) (22,833) (23,390) (28,618,312)
Expenses
Total (52,810,384) (363,271) (51,131) (35,272) (53,260,058)
Non-Operating Income/(Expense) - Net 530,320 (162,519) - (158,164) 209,637
Tax Expense (11,182,908) (240,817) (1,633) - (11,425,358)
Net Profit 43,248,976 1,138,657 9,798 554,937 44,952,368
Net Profit Attributable to
Noncontrolling Interests - - - - 3,781,731
Equity holders of the Parent Entity - - - - 41,170,637
Consolidated Statement of Financial Position
Loans 1,101,016,066 50,305,418 481,634 20,796,764 1,172,599,882
Total Assets 1,883,672,684 74,896,834 3,765,899 30,209,270 1,992,544,687
Demand Deposits and Wadiah Demand
(511,480,446) (7,324,681) (272,835) - (519,077,962)
Deposits
Saving Deposits and Wadiah Saving
(477,616,764) (2,866,002) - - (480,482,766)
Deposits
Time Deposits (293,304,321) (2,710,880) - - (296,015,201)
Total Deposits from Customers (1,282,401,531) (12,901,563) (272,835) - (1,295,575,929)
Total Liabilities (1,482,146,120) (50,463,373) (2,993,330) (8,493,808) (1,544,096,631)
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SUBSIDIARY
PERFORMANCE REVIEW
Excellent performance of Bank Mandiri
in 2023 is bolstered by the performance
contribution of the subsidiaries. As of
December 2023, the consolidated net profit
of all subsidiaries amounted to Rp10.68 trillion,
representing a growth of approximately 25.5%
year-over-year. Among this amount, Rp5.68
trillion represented the profit portion under
Bank Mandiri’s ownership.
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
SUBSIDIARY PERFORMANCE REVIEW
After the first divestment process that changed Bank Mandiri’s ownership in AII to 20% in 2018, a second
divestment was carried out which changed Bank Mandiri’s share ownership in AII to 0% on October 4, 2023.
Hence, AII is no longer a subsidiary of Bank Mandiri. As of December 2023, Bank Mandiri has 10 (ten) Subsidiaries
with various types of businesses as follows:
Ownership
Total Assets (Rp Million)
Year Percentage
No Name of Subsidiary Business Type Commercial Position
Operations 31 Dec 31 Dec 31 Dec 31 Dec
2023* 2022 2023 2022
PT Bank Syariah
Indonesia Tbk Shariah
1 1955 Jakarta 353,624,125 305,727,438 51.47 51.47
(formerly PT Bank Banking
Syariah Mandiri)
Bank Mandiri
2 (Europe) Limited Banking 1999 London 4,047,572 3,765,899 100.00 100.00
(BMEL)
3 PT Mandiri Sekuritas Securities 1992 Jakarta 4,725,946 4,141,024 99.99 99.99
PT Bank Mandiri
4 Taspen (Bank Banking 1970 Jakarta 60,537,057 53,894,750 51.10 51.10
Mantap)
PT Mandiri Tunas Consumer
5 1989 Jakarta 29,727,392 23,742,009 51.00 51.00
Finance (MTF) Finance
Mandiri International
Remittance Remittance
6 2009 Kuala Lumpur 24,393 24,360 100.00 100.00
Sendirian Berhad Services
(MIR)
PT AXA Mandiri
7 Life insurance 1991 Jakarta 41,114,472 40,164,675 51.00 51.00
Financial Services
PT Asuransi Jiwa
8 Inhealth Indonesia Life insurance 2008 Jakarta 2,824,452 2,706,131 80.00 80.00
(Inhealth)
PT Mandiri Utama Consumer
9 2015 Jakarta 10,625,581 7,612,738 51.00 51.00
Finance (MUF) Finance
PT Mandiri Capital Venture
10 2015 Jakarta 5,155,131 5,774,807 99.99 99.99
Indonesia Capital
*Unaudited, except for Mandiri Inhealth
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SUBSIDIARY PERFORMANCE REVIEW
Productivity and Revenues of Subsidiaries in 2023
(in Rp Billion)
Business Volume Growth
No Name of Subsidiary
2023* 2022 Rp %
1 Bank Syariah Indonesia (BSI)
Total Funding 293,776 261,491 32,285 12,4
Total Lending 240,316 207,705 32,611 15,7
Net Income 5,701 4,260 1,441 33,8
2 Bank Mandiri Taspen (MANTAP)
Total Funding 44,977 40,664 4,312 10.6
Total Lending 41,351 36,911 4,440 12.0
Net Interest Income 3,305 3,222 84 2.6
Fee Based Income 372 517 -144 -28.0
Net Income 1,409 1,206 203 16.9
3 Bank Mandiri (Europe) Limited (BMEL)
Earning Assets 3,771 3,259 512 15.7
Net Income 13.2 9.5 2.8 39.0
4 AXA Mandiri Financial Service (AMFS)
Gross Written Premium 11,701 12,209 (508) -4.2
Net Income 1,327 1,172 155 13.3
5 Mandiri InHealth (MI)
GWP 3,436 2,966 470 15.8
Net Income Consolidated 175 146 29 20.0
6 Mandiri Tunas Finance (MTF)
Debit Tray 53,061 45,122 7,939 17.6
Net Income 1.161 750 411 54.6
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
SUBSIDIARY PERFORMANCE REVIEW
Business Volume Growth
No Name of Subsidiary
2023* 2022 Rp %
7 Mandiri Utama Finance (MUF)
Debit Tray 30,822 24,508 6,314 25.8
Net Income 544 333 194 58.3
8 Mandiri International Remittance (MIR)
Remittance Transaction Frequency
74,263 103,316 -29,05 -28.1
('000)
Net Income 0,70 0,95 -0,25 -26.0
9 Mandiri Sekuritas – Consolidation
Trading Volume 541,008 629,778 -98,669 -16%
Underwriting Volume 39,482 36,694 2,988 8%
Net Income Consolidated 290 381 -90 -24%
Mandiri Capital Indonesia (MCI) –
10
Consolidation
Investment Deal 20 18 2 11.1
Net Income 17 265 -248 -93,6
*Unaudited, except for Mandiri Inhealth
Bank Mandiri measures the growth of 12.4% and 10.6% yoy Mandiri Tunas Finance are 2 (two)
productivity of its subsidiaries respectively in 2023. Subsidiaries that recorded the
through business volume. As highest profit growth, which are
of 31 December 2023, in line Meanwhile, in terms of profitability, 58.3% and 54.6% yoy respectively
with the largest asset ownership Bank Syariah Indonesia and in 2023.
compared to other subsidiaries, Bank Mandiri Taspen are 2 (two)
BSI managed to record the Subsidiaries that are able to The following is a summary of
highest total funding of Rp293.78 contribute the largest Net income each subsidiary performance
trillion and was followed by of Rp5.70 trillion and Rp1.41 as of 31 December 2023, in
Bank Mandiri Taspen with total trillion, respectively. However, which the order of explanation
funding of Rp44.98 trillion. The when viewed in terms of growth, is based on the type of business
two subsidiaries reported funding Mandiri Utama Finance and activity.
ANNUAL REPORT 2023 357
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SUBSIDIARY PERFORMANCE REVIEW
PT BANK SYARIAH INDONESIA TBK
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 353,624 305,727 47,897 15.7
Liabilities 314,885 272,226 42,659 15.7
Equity 38,739 33,501 5,238 15.6
*Unaudited cut-off 4 January 2024
Bank Syariah Indonesia (BSI) successfully recorded third party funds also increased BSI’s liabilities from
an increase in assets by 15.7% to Rp353.62 trillion Rp272.23 trillion in 2022 to Rp314.89 trillion.
in 2023 compared to Rp305.73 trillion in 2022. This
increase was driven by BSI’s business expansion, The improvement in BSI’s performance was also
which was able to record (net) financing of Rp237.91 increased in equity to Rp38.74 trillion in 2023. This
trillion in 2023, an increase of Rp31.70 trillion or achievement was 15.6% higher than the previous
15.37% from Rp206.21 trillion in 2022. This financing year of Rp33.50 trillion. The increase in equity was
growth was supported by the third fund acquisition mainly supported by BSI’s net profit which reached
which reached Rp293.78 trillion with a growth of Rp5.7 trillion in 2023.
12.4% from Rp261.49 trillion in 2022. The increase in
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 26,326 23,323 3,003 12.9
Expenses** )
18,759 17,676 1,083 6.1
Net Profit/(Loss) 5,701 4,260 1,441 33.8
*Unaudited cut-off 4 January 2024
**Expenses are profit sharing costs, overhead costs and allowance for impairment losses costs
In line with the increase in financing activities throughout 2023, BSI was able to record operating income of
Rp26.33 trillion or grew 12.9% from Rp23.32 trillion in 2022. Meanwhile, BSI’s operating expenses increased to
Rp18.76 trillion, an increase of 6.1% compared to Rp17.68 trillion in 2022. The increase in operating expenses
occurred amid BSI’s business expansion. The improved performance management was finally able to generate
a net profit of Rp5.70 trillion.
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SUBSIDIARY PERFORMANCE REVIEW
PT BANK MANDIRI TASPEN
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 60,537 53,915 6,622 12.3
Liabilities 54.121 48,832 5,289 10.8
Equity 6,416 5,084 1,332 26.2
*Unaudited cut-off 31 December 2023
Bank Mandiri Taspen (Bank Mantap) total assets an increase in customer deposits to Rp44.98 trillion
reached Rp60.54 trillion in 2023, grew 12.3% from the from Rp40.66 trillion in 2022.
previous year’s Rp53.92 trillion. This asset growth was
mainly supported by an increase in loans which grew Meanwhile, Bank Mandiri Taspen’s equity reached
to Rp41.35 trillion in line with stronger Indonesia’s Rp6.42 trillion in 2023. This achievement increased
GDP growth in 2023. On the other hand, the Bank’s by 26.2% from the previous year of Rp5.08 trillion,
liabilities also increased by 10.8% from Rp48.83 reinforced by an increase in retained earnings in line
trillion to Rp54.12 trillion in 2023. The increase in Bank with a better profitability profile.
Mandiri Taspen’s liabilities was mainly influenced by
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 6,064 5,536 529 9.5
Expenses 4,224 3,965 258 6.5
Net Profit/(Loss) 1,409 1,206 203 16.9
*Unaudited cut-off 31 December 2023
**Expenses are profit sharing costs, overhead costs and allowance for impairment losses costs
Bank Mandiri Taspen was able to increase operating income by 9.5% to Rp6.06 trillion, mainly supported by an
increase in lending activities throughout 2023. In line with increase in operating income, the Bank’s net profit
increased from Rp1.21 trillion in 2022 to Rp1.41 trillion with a growth of 16.9% despite an increase in operating
expenses of 6.5%. The increase in operating expenses to Rp4.22 trillion is in line with the business expansion
carried out in 2023.
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BANK MANDIRI (EUROPE) LIMITED
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 4,048 3,766 282 7.5
Liabilities 3,241 2,993 248 8.3
Equity 807 773 34 4.4
*Unaudited cut-off 31 December 2023
Bank Mandiri (Europe) Limited posted an increase in wholesale and money market funding. Bank Mandiri
total assets to Rp4.05 trillion in 2023 or grew by 7.5% (Europe) Limited’s total liabilities in 2023 increased
year-on-year. The increase in total assets in 2023 by 8.3% year-on-year to Rp3.24 trillion.
mainly derived from earnings assets which increased
15.71% year-on-year to Rp3.7 trillion, supported by In line with aggressive but prudent business
credit growth (gross) which increased 49.77% year- growth in 2023, Bank Mandiri (Europe) Limited
on-year to Rp721.3 billion, all of which were classified posted an increase in equity to Rp807 billion
as financing in current quality. from Rp773 billion in 2022. The increase in equity
derived organically from net income booked
Bank Mandiri (Europe) Limited’s productive asset throughout 2023, which was entirely a component
growth in 2023 is supported by growth in liabilities of retained earnings as well as an increase in
sourced from third party funds (TPF), as well as other comprehensive income.
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 77.8 67.5 10.3 15.3
Expenses 64.6 58.0 6.6 11.4
Net Profit/(Loss) 13.2 9.5 2.6 39.0
*Unaudited cut-off 31 December 2023
**Expenses are profit sharing costs, overhead costs and allowance for impairment losses costs
Bank Mandiri (Europe) Limited’s operating income grew by 15.26% from Rp51.5 billion to Rp67.5 billion in 2023
supported by net interest income which grew by 12.20% year-on-year to Rp65.0 billion. On the other hand,
through its efficiency, Bank Mandiri (Europe) Limited was able to maintain the increase in expenses in 2023 by
6.6% year-on-year which also positively contributes to net profit growth of 39.0% year-on-year to Rp13.2 billion.
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SUBSIDIARY PERFORMANCE REVIEW
PT AXA MANDIRI FINANCIAL SERVICES
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 41,114 40,165 949 2.4
Liabilities 37,495 36,929 566 1.5
Equity 3,619 3,236 383 11.8
*Unaudited cut-off 9 January 2024
AXA Mandiri Financial Services (AMFS) total assets However, AMFS’s equity was able to grow 11.8%
increased by 2.4% to Rp41.11 trillion in 2023. This to Rp3.62 trillion in 2023 from Rp3.24 trillion in the
increase was influenced by the increase in total previous year. This derives from the 13.3% increase
investment, particularly from customer unit link assets, in the company’s net profit in 2023 compared to the
premium receivables and reinsurance. Meanwhile, previous year.
in terms of liabilities, AMFS posted an increase of
1.5% from Rp36.93 trillion in 2022 to Rp37.50 trillion
in 2023 due to an increase in liabilities to non-unit
linked policyholders.
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 13,983 14,628 (645) -4.4
Expenses 12,418 13,210 (792) -6.0
Net Profit/(Loss) 1,327 1,172 155 13.3
*Unaudited cut-off 9 January 2023
AMFS posted a decrease in operating income in line with slowing growth in unit link policy premiums. In
addition, a decrease in expenses by -6.0% to Rp12.4 trillion also affected the increase in net profit by 13.25%.
AMFS’s net profit increased to Rp1.33 trillion in 2023 from Rp1.17 trillion in 2022.
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SUBSIDIARY PERFORMANCE REVIEW
PT ASURANSI JIWA INHEALTH INDONESIA
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 2,824 2,706 118 4.4
Liabilities 1,239 1,269 (30) -2.4
Equity 1,585 1,437 148 10.3
Asuransi Jiwa Inhealth Indonesia was able to In terms of consolidated equity, Asuransi Jiwa
increase consolidated assets by 4.4% to Rp2.82 Inhealth Indonesia managed to record stronger
trillion in 2023 compared to Rp2.71 trillion in the equity to Rp1.59 trillion in 2023. The increase of
previous year. This increase was mainly due to an 10.3% from the previous position of Rp1.44 trillion
increase in total investment to Rp2.39 trillion with was mainly due to an increase in the balance of
a growth of 16.15% in 2023. Meanwhile, in terms profit which reached Rp175 billion in 2023. This was
of consolidated liabilities, an increase in technical driven by improved profitability of Asuransi Jiwa
reserves by 3.3% to Rp1.02 trillion boosted liabilities Inhealth Indonesia during the year.
to Rp1.24 trillion in 2023 compared to Rp1.23 trillion
in 2022.
Consolidated Statement of Profit or Loss
(Dalam Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 2,896 2,585 311 12.0
Expenses 2,681 2,394 287 12.0
Net Profit/(Loss) 175 146 29 20.0
Asuransi Jiwa Inhealth Indonesia revenue grew 12.0% from Rp2.59 trillion to Rp2.90 trillion in 2023. This increase
was mainly driven by an increase in premium income to Rp3.44 trillion. Supported by an increase in revenue,
consolidated net profit stood at Rp175 billion in 2023, grew 20.0% despite at the same time posting an increase
in operating expenses at Rp2.68 trillion.
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SUBSIDIARY PERFORMANCE REVIEW
PT MANDIRI TUNAS FINANCE
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 29,727 23,742 5,985 25.2
Liabilities 25,697 20,690 5,007 24.2
Equity 4,030 3,052 978 32.0
*Unaudited cut-off 31 December 2023
Mandiri Tunas Finance’s (MTF) total assets reached to support financing business expansion in line with
Rp29.73 trillion in 2023. The increase of 25.2% from the stronger economic growth.
previous year was mainly supported by an increase
in consumer financing receivables which rose 25.17% Meanwhile, Mandiri Tunas Finance’s equity
to Rp28.2 trillion in 2023. On the other hand, Mandiri strengthened by 32% to Rp4.03 trillion in 2023 from
Tunas Finance posted an increase in liabilities by Rp3.05 trillion in the previous year. The stronger
24.2% to Rp25.70 trillion in 2023. The increase was equity is in line with the increase in retained earnings
primarily attributable to an increase in bank lending to Rp1,161 billion in the same year.
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 4,753 3,778 975 25.8
Expenses 3,263 2,814 449 16.0
Net Profit/(Loss) 1,161 750 452 54.5
*Unaudited cut-off 31 December 2023
In line with MTF’s financing expansion in 2023, Mandiri Tunas Finance’s revenue reached Rp4.75 trillion, grew
25.8% compared to the previous year of Rp3.78 trillion. The increase was mainly supported by income from
consumer financing.
The above is able to drive an increase in net profit to Rp1,161 billion in 2023 This achievement is 54.5% higher
than the previous year of Rp750 billion.
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PT MANDIRI UTAMA FINANCE
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 10,626 7,613 3,013 39.6
Liabilities 9,239 6,656 2,583 38.8
Equity 1,387 957 430 44.9
*Unaudited cut-off 31 December 2023
In line with the economic recovery in 2022, Mandiri also increased driven by an increase in debt as a
Utama Finance (MUF) was able to record total source of funding to finance business expansion.
assets of Rp10.63 trillion or grew 39.6% from the In addition, the increase in financing activity has a
previous year of Rp7.61 trillion. This increase is in line positive impact on equity, which grew 44.9% from
with financing receivables which increased 25.8% to Rp957 billion in 2022 to Rp1.39 trillion in 2023.
Rp30.82 trillion in 2023. On the other hand, liabilities
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 3,317 2,213 1104 49.9
Expenses 2,791 1,880 911 48.5
Net Profit/(Loss) 544 333 211 63.4
*Unaudited cut-off December 2023
Increased financing activity throughout 2023 has a positive impact on Mandiri Utama Finance’s profitability
performance. Revenue increased 49.9% to Rp3.32 trillion in 2023. This has a direct impact on increased
Mandiri Utama Finance’s net profit by 63.4% to Rp544 billion despite at the same time an increase in expenses
by 48.5% in 2023.
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SUBSIDIARY PERFORMANCE REVIEW
PT MANDIRI INTERNATIONAL REMITTANCE SENDIRIAN BERHAD
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 24.39 24.36 0.03 0.12
Liabilities 4.63 4.28 0.35 8.18
Equity 19.76 20.08 -0.32 -1.59
*Unaudited cut-off 31 December 2023
Mandiri International Remittance Tunggal Berhad liabilities was due to the increase in Lease Liability
(MIR) posted an increase in assets by 0.12% from Payable.
Rp24.36 billion to Rp24.39 billion in 2023. The increase
in assets was mainly influenced by the increase in Furthermore, MIR posted a decrease in equity to
cash at banks. On the other hand, MIR’s liabilities Rp19.76 billion in 2023. This indicator decreased by
also increased to Rp4.63 billion, 8.18% higher than 1.59% from Rp20.08 billion in 2022.
Rp4.28 billion in the previous year. This increase in
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 17.31 19.24 -1.93 -10.0
Expenses 16.61 18.28 1.67 9.1
Net Profit/(Loss) 0.70 0.97 -0.25 -26.0
*Unaudited cut-off 31 December 2023
MIR posted revenue of Rp17.31 billion in 2023 or lower than the previous year of Rp19.24 billion. The decrease in
revenue combined with a decrease in expenses to Rp16.61 billion in 2023 resulted in MIR’s net profit decreased
by 26.0% to Rp0.70 billion.
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SUBSIDIARY PERFORMANCE REVIEW
PT MANDIRI SEKURITAS
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 4,726 4,141 585 14.1
Liabilities 2,635 2,233 402 18.0
Equity 2,091 1,908 183 9.6
*Unaudited cut-off 6 January 2023
Mandiri Sekuritas (Mansek) booked total assets of Furthermore, Mandiri Sekuritas’ equity was increased
Rp4.73 trillion in 2023. This achievement was higher by 9.6% to Rp2.09 trillion in 2023. This was influenced
than the assets in 2022 of Rp4.14 trillion, which was by the increase in retained earnings during the year.
mainly influenced by the increase in customer
receivables accounts at the end of 2023.
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 1,650 2,487 -838 -33.7
Expenses 1,329 1,995 -666 -33.4
Net Profit/(Loss) 290 381 -90 -23.9
*Unaudited cut-off 6 January 2023
Mandiri Sekuritas posted lower revenue compared to the previous year with a decrease of 33.7% to Rp1.65
trillion in 2023. This was accompanied by a decrease in expenses by 33.4% to Rp1.33 trillion, and Mandiri
Sekuritas’ net profit also decreased by 23.9% from 2022’s net profit to Rp290 billion in 2023.
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SUBSIDIARY PERFORMANCE REVIEW
PT MANDIRI CAPITAL INDONESIA
Statement of Financial Position
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Assets 5,155 5,775 (620) -10.7
Liabilities 452 263 189 71.9
Equity 4,703 5,512 (809) -14.7
*Unaudited. cut-off 8 January 2024
Mandiri Capital Indonesia (MCI) total assets MCI’s equity decreased from Rp5.51 trillion in 2022 to
decreased to Rp5.16 trillion or 10.7% from 2022. Rp4.70 trillion in 2023.
Mandiri Capital Indonesia’s liabilities increased by
71.9% from Rp263 billion in 2022 to Rp452 billion in
2023.
Statement of Profit or Loss
(in Rp Billion)
Growth
Description 2023* 2022
Rp %
Operating Income 829 795 35 4.4
Expenses 783 514 268 52.1
Net Profit/(Loss) 17 265 (248) -93.6
*Unaudited. cut-off 8 January 2024
Revenue improved to Rp829 billion in 2023, with a growth of 4.4%. However, MCI’s profitability decreased by
around 93.6% yoy, the majority of which was influenced by investment revaluation hence delivering profit of
Rp17 billion in 2023.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
FINANCIAL
REVIEW
In 2023, Bank Mandiri generated a consolidated
net profit of Rp55.06 trillion, or grew by 33.74%
when compared to the same period previous year.
The increase in net profit was derived by the growth of
excellent profit constituent components. Bank Mandiri’s
consolidated revenue (Include Net Interest Income
and Fee Based Income) in 2023 grew by 10.41% yoy, or
Rp138.8 trillion, influenced by good growth in Net Interest
Income which reached 8.45% yoy, or Rp98.01 trillion and
non-interest income (Fee Based Income) of 15.42% yoy,
or Rp40.76 trillion.
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FINANCIAL REVIEW
The analysis and discussion of the financial performance review refers to the
consolidated financial statements of PT Bank Mandiri (Persero) Tbk and its
Subsidiaries dated 31 December 2023 and 2022, which are also attached to this
annual report. The consolidated financial statements consist of a consolidated
statement of financial position, a consolidated statement of profit or loss and other
comprehensive income, a consolidated statement of changes in equity, and a
consolidated statement of cash flows for the financial year ended on that date.
The consolidated financial statements of PT Bank In the opinion of the Public Accounting Firm, the
Mandiri (Persero) Tbk and its Subsidiaries are audited consolidated financial statements of PT Bank
by Public Accounting Firm (KAP) Tanudiredja, Mandiri (Persero) Tbk as of 31 December 2023 and
Wibisana, Rintis & Rekan (a member firm of the PwC 2022 present fairly, in all material respects, the
global network), whose reporting was signed by Group’s consolidated financial position, as well
auditor Lucy Luciana Suhenda, S.E., Ak., CPA with as its consolidated financial performance and
Public Accountant Practice License No. AP. 0229. consolidated cash flows for the years ended on that
date, in accordance with Financial Accounting
Standards in Indonesia
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HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF
FINANCIAL POSITION
In 2023, Bank Mandiri’s total assets reached Rp2,174.22 trillion with a year-to-date (ytd) growth of 9.12%
compared to the end of 2022 of Rp1,992.54 trillion. Meanwhile, the position of total liabilities reached Rp1,660.44
trillion, up 7.53% (ytd) from the position at the end of the previous year which reached Rp1,544.10 trillion.
Meanwhile, total equity increased by 13.97% (ytd) to Rp287.49 trillion in 2023.
Consolidated Statement of Financial Position
(in Rp Million)
Growth
Account Post 2023 2022 2021 2023-2022
Nominal %
Assets 2,174,219,449 1,992,544,687 1,725,611,128 181,674,762 9.12
Liabilities 1,660,442,815 1,544,096,631 1,326,592,237 116,346,184 7.53
Temporary Syirkah Fund 22,6281,672 196,202,601 176,907,609 30,079,071 15.33
Equity 287,494,962 252,245,455 222,111,282 35,249,507 13.97
Liabilities, Temporary Syirkah Fund and Equity 2,174,219,449 1,992,544,687 1,725,611,128 181,674,762 9.12
The growth of Bank Mandiri’s total assets was supported by total financial assets as well as total non-financial
assets. Bank Mandiri’s total financial assets stood at Rp2.059,15 trillion in 2023 with a growth of 9.12% (ytd)
compared to the achievement in 2022 of Rp1,887.11 trillion. Meanwhile, total non-financial assets reached
Rp115.07 trillion, grew 9.13% (ytd) from the previous Rp105.44 trillion at the end of 2022.
As such, the portion of Bank Mandiri’s total financial assets to total assets in 2023 was 94.71%, which remained
the same figure as the previous year. On the other hand, Bank Mandiri’s portion of total non-financial assets to
total assets in 2023 was 5.29%, which remained the same figure as in 2022.
Financial Assets
(in Rp Million)
Growth
Financial Assets 2023 2022 2021 2023-2022
Nominal %
Cash 26,431,740 27,212,759 23,948,485 (781,019) (2.87)
Current Accounts with Bank Indonesia 108,605,322 107,349,158 99,023,492 1,256,164 1.17
Current Accounts with Other Banks 36,606,090 47,809,985 25,441,661 (11,203,895) (23.43)
Allowance for impairment losses (32,205) (20,285) (24,043) (11,920) 58.76
Placement with Bank Indonesia and other banks 73,888,157 95,324,112 47,785,191 (21,435,955) (22.49)
Allowance for impairment losses (957) (3,601) (1,675) 2,644 (73.42)
Marketable Securities 94,582,122 82,820,726 97,835,275 11,761,396 14.20
Allowance for impairment losses (36,281) (20,908) 268,395 (15,373) 73.53
Government Bonds 309,182,971 329,211,764 289,054,774 (20,028,793) (6.08)
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STATEMENT OF FINANCIAL POSITION
Growth
Financial Assets 2023 2022 2021 2023-2022
Nominal %
Other Receivables - Trading Transactions 26,044,553 33,793,264 29,298,268 (7,748,711) (22.93)
Allowance for impairment losses (1,494,653) (1,604,705) (1,480,721) 110,052 (6.86)
Receivables on Securities Purchased Under
22,692,928 11,705,989 27,317,000 10,986,939 93.86
Agreements to Resell
Derivative Receivables 1,994,931 2,252,141 1,669,838 (257,210) (11.42)
Loans and Sharia Receivables/Financing 1,359,832,195 1,172,599,882 1,026,224,827 187,232,313 15.97
Allowance for impairment losses (53,098,619) (64,612,645) (68,588,680) 11,514,026 (17.82)
Consumer Financing Receivables 32,749,796 23,757,727 19,108,322 8,992,069 37.85
Allowance for impairment losses (713,044) (610,361) (475,015) (102,683) 16.82
Net Investment Finance Leases 5,489,242 5,872,560 4,823,773 (383,318) (6.53)
Allowance for impairment losses (70,170) (139,173) (129,967) 69,003 (49.58)
Acceptance Receivables 14,793,888 11,781,581 10,273,444 3,012,307 25.57
Allowance for impairment losses (122,212) (61,963) (196,693) (60,249) 97.23
Investments in Shares 1,861,487 2,757,594 2,446,988 (896,107) (32.50)
Allowance for impairment losses (34,123) (68,640) (14,595) 34,517 (50.29)
Total Financial Assets 2,059,153,158 1,887,106,961 1,633,608,344 172,046,197 9.12
Cash
Bank Mandiri booked cash of Rp26.43 trillion in and macroprudential liquidity buffers of 7.32%;
December 2023, decreased 2.87% (ytd) compared 4,10%; and 19.25% respectively. In addition, Bank
to the end of 2022 which reached Rp27.21 trillion. This Mandiri has also fulfilled the RIM Current Account
decrease was mainly influenced by the decrease by 0.68%.
in cash denominated in Rupiah of Rp1.31 trillion to
Rp23.22 trillion. However, cash in foreign currencies
increased by Rp0.53 trillion to Rp3.21 trillion. Current Accounts with Other Banks
As of December 2023, current accounts with other
banks reached Rp36.61 trillion, decreased 23.43%
Current Accounts with Bank Indonesia (ytd) from the position at the end of 2022. This
Current accounts with Bank Indonesia increased decline was influenced by current accounts with
by1.17% (ytd) from Rp107.35 trillion in 2022 to other banks in foreign exchange, which fell 24.22%
Rp108.61 trillion in December 2023. The increase was (ytd) to Rp35.75 trillion at the end of 2023. The
primarily attributable to the Rupiah currency rising collectability of this account is current based on Bank
0.05% (ytd) to Rp95.82 trillion and the United States Indonesia’s collectability with adequate impairment
Dollar increased by 10.46% (ytd) to Rp12.78 trillion. loss allowances (CKPN) of Rp0.03 trillion from Rp0.02
trillion in 2022. The average annual interest rate for
As of 31 December 2023, Bank Mandiri has met this account in Rupiah was 3.62% while in foreign
the ratio as stipulated by Bank Indonesia with currency was 2.67%.
rupiah and foreign currency reserve requirements
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HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Placement with Bank Indonesia and to Rp70.81 trillion compared to Rp55.53 trillion in
Other Banks 2022. Meanwhile, based on currency, the increase
Bank Mandiri posted placements with Bank in these marketable securities was mainly due to the
Indonesia and other banks of Rp73.89 trillion in increase in marketable securities denominated in
2023, decreased 22.49% (ytd) from the previous Rupiah from Rp58.81 trillion in 2022 to Rp74.38 trillion
year of Rp95.32 trillion. This decrease was due to in December 2023.
a decrease in placements with Bank Indonesia
and other banks in foreign currencies to Rp40.01 Based on the issuer group, the increase in these
trillion compared to the previous year of Rp64.51 marketable securities was mainly influenced by
trillion. the increase in marketable securities issued by the
Central Bank from Rp8.90 trillion in 2022 to Rp30.58
Of the total placements with Bank Indonesia and trillion in 2023.
other banks, placements with Bank Indonesia and
other banks from third parties decreased to Rp71.84
trillion in December 2023 compared to the end of Government Bonds
the previous year’s Rp92.24 trillion. Bank Mandiri’s government bonds decreased
to Rp309.18 trillion in 2023 from Rp329.21 trillion in
2022. This decline was influenced by a decrease
Marketable Securities in government bond denominated in Rupiah from
Bank Mandiri net marketable securities increased by Rp273.07 trillion in 2022 to Rp256.40 trillion in 2023.
14.31% (ytd) from Rp82.84 trillion in 2022 to Rp94.70 The portion of government bonds denominated in
trillion in 2023. This increase was in line with the Rupiah was 82.93% in 2023 and 82.95% in 2022 as
increase in marketable securities from third parties described in the following chart:
Composition of Government Bonds
17.07% 17.05%
82.93%
82.95%
2023 2022
Rupiah Foreign Currencies
372 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
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STATEMENT OF FINANCIAL POSITION
In addition, the decline in government bonds on currency, other receivables – trading transactions
denominated in Rupiah was also caused by a denominated in Rupiah decreased by 34.65% from
decrease in government bonds measured at Rp21.37 trillion in 2022 to Rp13.97 trillion in December
amortized acquisition cost to Rp138.37 trillion in 2023, 2023. Meanwhile, other receivables – trading
decreased 10.63% (ytd) from the previous year of transactions in foreign currencies decreased by
Rp154.84 trillion. Of these, government bonds with a 2.77% to Rp12.08 trillion in December 2023 compared
tenor of less than 1 year posted the largest decline to Rp12.42 trillion in 2022.
from Rp15.89 trillion in 2022 to Rp9.22 trillion in 2023.
Based on type, this account decline was mainly due
to a decrease in trading transaction receivables
Other Receivables - Trading on Supplier Chain Financing receivables which fell
Transactions 67.64% from Rp9.22 trillion in 2022 to Rp2.98 trillion
Bank Mandiri posted a decrease in other receivables in 2023. Supplier Chain Financing receivables
– trading transactions by 22.93% (ytd) from Rp33.79 contributed 11.46% of total other receivables –
trillion in 2022 to Rp26.04 trillion in 2023. This decrease trading transactions in December 2023, while in 2022
mainly came from related parties by 49.98% from they contributed 27.28%.
Rp15.16 trillion to Rp7.58 trillion. Meanwhile, based
Other Receivables – Trading Transactions Composition
62.30%
51.62%
27.28%
11.46%
26.25% 21.10%
2023 2022
Usance L/C Payable at Sight Supplier Chain Financing Receivables Others
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Receivables on Securities Purchased Under Agreements to Resell
Bank Mandiri posted receivables on securities purchased under agreements to resell of Rp22.69 trillion in 2023.
This achievement increased by 93.86% compared to Rp11.71 trillion in 2022. In 2023 and 2022, there were no
impairment hence the CKPN receivables on securities purchased under agreements to resell was not formed
by Bank Mandiri.
Derivative Receivables
Bank Mandiri’s derivative receivables decreased by 11.42% to Rp1.99 trillion in 2023. In the previous year,
derivative receivables reached Rp2.25 trillion. This decrease mainly came from third parties which decreased
from Rp2.14 trillion to Rp1.80 trillion.
Loans and Sharia Receivables/Financing
As of December 2023, Bank Mandiri’s sharia lending and receivables/financing reached Rp1,359.83 trillion or
grew 15.97% (ytd) compared to the end of 2022 of Rp1,172.60 trillion. Based on currency, the increase in loans
was mainly supported by rupiah denominations with growth of 16.86% (ytd) to Rp1,100.74 trillion in December
2023 from Rp941.96 trillion at the end of 2022. Therefore, in terms of contribution, loans denominated in Rupiah
increased from 80.33% in 2022 to 80.95% in 2023.
Loans and Sharia Receivables/Financing Based on Currency
19.05% 16.96%
80.95% 69.27%
2023 2022
Rupiah Foreign Currencies
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
In terms of type, in 2023 Bank Mandiri’s growth in lending and receivables/sharia financing was driven by an
increase in all types of loans and financing. Where the three types of loans and financing that contributed
significantly to the increase in total loans sequentially were investment loans with an increase of Rp39.31
trillion or grew 11.14% (ytd) to Rp392.15 trillion, consumer loans increased Rp37.74 trillion with a growth of
14.22% (ytd) to Rp303.14 trillion, and working capital loans which increased Rp74.43 trillion or grew 23.76%
(ytd) to Rp387.69 trillion.
Loans and Sharia Receivables/Financing by Type
22.29%
22.63%
28.51% 26.71%
1.02%
1.15%
9.16%
9.58%
30.09%
28.84% 3.53%
3.31%
6.32% 6.86%
2023 2022
Working Capital Consumer Investment Goverment Programs Employees Syndicated Exports
There are also types of sharia loans and receivables/ trillion to Rp115.84 trillion, the social services sector
financing whose portion decreased at the end increased by Rp27.62 trillion to Rp77.82 trillion, and
of 2023 compared to the end of 2022, namely the agricultural sector increased by Rp16.86 trillion to
investment loans from 30.09% to 28.84%, government Rp142 trillion.
program loans from 6.86% to 6.32%, and employee
loans from 3.53% to 3.31%. On the other hand, Bank Mandiri’s sharia loans and
receivables/financing, which are listed as the top
Meanwhile, Bank Mandiri’s sharia loans and three economic sectors with the highest percentage
receivables/financing based on the economic growth as of the end of 2023 against the end of 2022,
sector as of 2023 against the end of 2022, the top are the social services sector with growth of 55.02%
three that support growth in nominal increments (ytd), the business sector grew 32.93% (ytd), and the
are the business service sector increased by Rp28.70 mining sector 21.59% (ytd).
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Loans and Sharia Receivables/Financing Based on Economic Sector
(in Rp Million)
Growth
Description 2023 2022 2023-2022
Nominal %
Trading, Restaurants and Hotels 153,925,951 146,767,896 7,158,055 4.88
Agriculture 142,001,064 125,144,040 16,857,024 13.47
Manufacturing 174,055,460 162,454,645 11,600,815 7.14
Business Services 115,840,605 87,144,044 28,696,561 32.93
Construction 95,176,540 84,167,135 11,009,405 13.08
Transportation, Warehousing and
91,971,475 76,882,756 15,088,719 19.63
Communications
Social Services 77,823,432 50,203,744 27,619,688 55.02
Electricity, Gas and Water 50,017,108 42,342,665 7,674,443 18.12
Mining 104,681,495 86,093,309 18,588,186 21.59
Others 354,339,065 311,399,648 42,939,417 13.79
Total 1,359,832,195 1,172,599,882 187,232,313 15.97
Allowance for impairment losses (53,098,619) (64,612,645) (11,514,026) (17.82)
Net 1,306,733,576 1,107,987,237 198,746,339 17.94
Government Program Loans trillion until the maturity date of time deposits on 25
As one of the banks owned by the Government, September 2020, and then the funds are returned to
Bank Mandiri is actively involved in supporting the Government.
the disbursement of government program loans.
This loan consists of investment loans, permanent Based on Bank Mandiri’s evaluation and proposal,
working capital loans, working capital loans and KPR and in accordance with Minister of Finance
Sejahtera Housing Financing Liquidity Facility (FLPP), Regulation No. 104/PMK.05/2020, the Government
where the Government can provide part and/or all has placed Phase II Government Funds into banks,
of the funds. one of which is Bank Mandiri, in the form of time
deposits with a tenor of 110 days, amounting to
In order to accelerate the National Economic Rp15 trillion on 25 September 2020, which has
Recovery in 2020, the Bank participated in lending to been disbursed in the form of accumulative loans
the National Economic Recovery (“PEN”) program of Rp66.63 trillion until the maturity date of deposits
in accordance with Minister of Finance Regulation on 13 January 2021. The placement of Phase II
No. 70/PMK.05/2020 which was subsequently Government Funds has ended and has been
updated with PMK No. 104/PMK.05/2020 dated 6 returned to the Government on 13 January 2021.
August 2020. The loan disbursement program for
PEN is sourced from the placement of state money As of December 31, 2023, outstanding government
to banks, one of which is at Bank Mandiri, in the form program loans at Bank Mandiri stood at Rp85.90
of time deposits with a 3-month tenor of Rp10 trillion trillion, grew 6.85% from the previous year which
on 25 June 2020. The Government funds have been reached Rp80.39 trillion.
disbursed in the form of loans amounting to Rp39.04
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STATEMENT OF FINANCIAL POSITION
MSME Lending Loans Restructuring
On Micro, Small and Medium Enterprises (MSMEs) As of December 2023, related to the loan
loans, Bank Mandiri also takes an active role in lending restructuring program, Bank Mandiri has
with MSME loans guarantees from the government restructured loans totaling Rp96.98 trillion. In the
in accordance with PMK No.71/PMK.08/2020 dated previous year, loans restructuring reached Rp125.54
23 June 2020. Government guarantee through trillion. Loans restructuring is carried out through
guarantee business entities, namely through PT loan term extension schemes, term extensions and
Jaminan Kredit Indonesia and PT Asuransi Kredit loan interest rate reductions as well as loan term
Indonesia. As of 30 November 2021, MSME loans extensions and other restructuring schemes. Other
with loans guarantees from the government were restructuring schemes mainly consist of restructuring
distributed to 13,352 MSME debtors with a loan schemes to reduce loan interest rates, reschedule
disbursement value of Rp2.84 trillion. delinquent interest and extend the term of payment
of delinquent interest.
In 2022, the disbursement of MSME loans guarantee
program from the government was extended in The composition of loan restructuring and its
accordance with PMK No. 28/PMK.08/2022 dated collectability as of 31 December 2023 and 31
30 March 2022. As of 31 December 2022, MSME December 2022 are described in the following
loans with loans guarantees from the government charts and tables:
were distributed to 3,030 MSME debtors with a loan
disbursement value of Rp0.15 trillion.
2.72% 0.73%
62.93%
27.40% 69.89%
36.34%
2023 2022
Lending terms extension Lending terms extension and Lending terms extension and
interest rate decrease other restructuring scheme
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
The following is the number of loans that have been restructured based on collectability as of 31 December
2023 and 31 December 2022.
Loans Restructuring Collectability
(in Rp Million)
Growth
Description 2023 2022 2023-2022
Nominal %
Current 48,610,295 72,521,126 (23,910,831) (32.97)
Special Mention 38,001,553 34,618,352 3,383,201 9.77
Substandard 1,967,382 2,015,712 (48,330) (2.40)
Doubtful 3,201,907 5,001,561 (1,799,654) (35.98)
Loss 5,203,489 11,378,489 (6,175,000) (54.27)
Total 96,984,626 125,535,240 (28,550,614) (22.74)
Consumer Financing Receivables
In consumer financing receivables, Bank Mandiri through its subsidiaries was able to increase its business until
December 2023. Consumer financing receivables grew 37.85% (ytd), from Rp23.76 trillion in 2022 to Rp32.75
trillion in 2023.
In addition, Bank Mandiri subsidiaries are also able to properly manage earnings assets amid the expansion
of the financing business. This can be seen from the composition of the collectibility of financing receivables
which is dominated by current with a portion of 93.70% in December 2023. The average effective interest
rate charged to consumers for vehicle and motorcycle financing was 12.31% and 23.72% at the end of 2023,
respectively, and 13.79% and 24.77% at the end of the previous year
Details of consumer financing receivables based on Bank Indonesia collectability
(in Rp Million)
Growth
Description 2023 2022 2023-2022
Nominal %
Current 30,685,547 22,426,377 8,259,170 36.83
Special Mention 1,718,882 1,127,591 591,291 52.44
Substandard 156,031 86,362 69,669 80.67
Doubtful 186,996 105,737 81,259 76.85
Loss 2,340 11,660 (9,320) (79.93)
Total 32,749,796 23,757,727 8,992,069 37.85
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
Net Investment Finance Leases
In addition to conducting consumer financing business activities, Bank Mandiri Subsidiaries also carry out net
investment in finance leases activities. This business activity reached Rp5.49 trillion at the end of 2023 or a
correction of 6.53% (ytd) compared to the previous year of Rp5.87 trillion. The term of the financing contract
disbursed by the Subsidiary for motor vehicles ranges from 12 months - 60 months.
The collectability of finance leases until the end of 2023 appears to be dominated in the current category,
which shows that the quality of earnings asset management is well carried out by the Subsidiaries. The portion
of finance leases receivables for the current category reached 95.78% in 2023 and 96.67% in 2022 as illustrated
in the following table:
Collectability of Finance Leases
(in Rp Million)
Growth
Description 2023 2022 2023-2022
Nominal %
Current 5,257,583 5,676,952 (419,369) (7.39)
Special Mention 212,580 168,819 43,761 25.92
Substandard 5,957 8,157 (2,200) (26.97)
Doubtful 13,122 18,632 (5,510) (29.57)
Loss - - - -
Total 5,489,242 5,872,560 (383,318) (6.53)
The average effective interest rate charged to Acceptance receivables from the third-party
consumers for vehicle, heavy equipment and stood at Rp12.54 trillion in 2023 from Rp9.88 trillion
machinery financing as of December 2023 was in the previous year. Meanwhile, based on the
13.26%; 11,53%; and 11.89% respectively. In the type of currency, only acceptance receivables
previous year, the average effective interest rate denominated in Rupiah increased by 105.18% from
for the three types of financing leases was 10.28%; Rp4.48 trillion in 2022 to Rp9.19 trillion in 2023.
11,85%; and 12.39%.
Acceptance Receivables Investments in Shares
In 2023, Bank Mandiri’s acceptance receivables Bank Mandiri posted a 32.50% decrease in
increased to Rp14.79 trillion from Rp11.78 trillion in Investments in Shares from Rp2.76 trillion in 2022 to
2022. This increase mainly derived from receivables Rp1.86 trillion the following year. Of this amount,
to debtors which rose to Rp13.78 trillion in 2023 or third-party Investments in Shares increased 23.15% to
grew 26.11% (ytd) from the previous Rp10.93 trillion Rp1.21 trillion in 2023, while related party Investments
in 2022. In addition, receivables to other banks also in Shares decreased 63.26% to Rp0.65 trillion.
increased to Rp1.01 trillion with a growth of 18.59%
(ytd) from the previous Rp0.85 trillion in 2022. .
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Non-Financial Assets
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Prepaid Expenses 2,719,789 1,895,503 1,470,251 824,286 43.49
Taxes Prepaid 436,532 1,164,925 2,073,725 (728,393) (62.53)
Fixed Assets 82,315,031 77,969,898 67,503,267 4,345,133 5.57
Less: accumulated depreciation (24,337,324) (21,429,332) (18,358,475) (2,907,992) 13.57
Intangible Assets 13,669,071 11,712,040 10,634,761 1,957,031 16.71
Less: accumulated depreciation (7,794,473) (6,618,431) (5,523,002) (1,176,042) 17.77
Other assets 39,474,741 30,423,172 25,538,392 9,051,569 29.75
Less: accumulated depreciation (1,596,320) (1,725,528) (1,690,929) 129,208 (7.49)
Deferred Tax Assets – net 10,179,244 12,045,479 10,354,794 (1,866,235) (15.49)
Total Non-Financial Assets 115,066,291 105,437,726 92,002,784 9,628,565 9.13
Prepaid Expenses Fixed Assets
In 2023, Bank Mandiri posted prepaid expenses of Bank Mandiri posted fixed assets of Rp82.32 trillion,
Rp2.72 trillion or grew by 43.49% from the previous an increase of 5.57% (ytd) compared to the previous
year of Rp1.90 trillion. The largest increase in year’s Rp77.97 trillion. This was mainly due to, among
this account in nominal terms came from loans others, an increase in direct ownership of assets
transaction expenses which reached Rp0.25 trillion. under development of Rp1.32 trillion to Rp4.44 trillion
Followed by an increase in insurance premium from the previous Rp3.12 trillion in 2022. Followed
expenses by Rp0.09 trillion to Rp0.45 trillion, and by an increase in direct ownership of buildings of
building maintenance expenses by Rp0.08 trillion to Rp0.74 trillion to Rp11.90 trillion and an increase in
Rp0.72 trillion. equipment, office equipment and computers of
Rp0.44 trillion to Rp15.59 trillion in 2023 compared to
Meanwhile, the largest increase in percentage Rp15.15 trillion in 2022.
growth occurred in promotional expenses, system
maintenance fee, and loans transaction expenses, Bank Mandiri’s direct ownership of land in 2023
which grew 671.61% (ytd), 330,55% (ytd), and increased by Rp0.06 trillion or to Rp41.42 trillion. In
283.31% (ytd) respectively in 2023 compared to the 2023, right-of-use assets also increased by Rp1.79
end of the previous year. trillion to Rp8.73 trillion compared to the previous
year of Rp6.93 trillion.
Prepaid Taxes Intangible Assets
Bank Mandiri’s prepaid taxes reached Rp0.44 trillion Bank Mandiri’s intangible assets increased by 16.71%
in 2023. This amount is lower than the end of the (ytd) to Rp13.67 trillion in 2023 compared to the end
previous year of Rp1.16 trillion. This decrease was in of the previous year. This increase was in line with the
line with the reduction in Bank Mandiri’s portion by increase in accumulated amortization expenses to
54.92% to Rp0.24 trillion. Meanwhile, the portion of Rp7.79 trillion in 2023 from Rp6.62 trillion in 2022.
subsidiaries increased 45.08% to Rp0.20 trillion.
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
Other Assets Deferred Tax Assets
Bank Mandiri posted total other assets of Rp39.47 Cumulatively, Bank Mandiri recorded net deferred
trillion or grew 29.75% (ytd) in 2023 from the previous tax assets of Rp10.18 trillion or a decrease of 15.49%
year of Rp30.42 trillion. The increase in this account (ytd) compared to the previous year of Rp12.05
was mainly influenced by an increase in accrued trillion. This decrease was mainly due to the impact
income which increased to Rp10.26 trillion in 2023 of a decrease of allowance for impairment losses
compared to 2022 of Rp9.53 trillion, and receivables on loans and sharia receivables/financing of
from sales of marketable securities from Rp0.23 trillion Rp1.35 trillion to Rp5.02 trillion in 2023, as well as
in 2022 to Rp0.57 trillion in 2023. Then, Bank Mandiri the decreasing effect of unrealized gains from an
also posted an increase in Ijarah receivables which increase in the fair value of government securities
rose to Rp0.22 trillion in 2023 from Rp0.01 trillion in the and bonds measured at fair value through other
previous year. comprehensive income of Rp0.12 trillion to Rp0.81
trillion.
Financial Liabilities
Growth
Financial Liabilities 2023 2022 2021 2023-2022
Nominal %
Obligations Due Immediately 4,484,956 4,056,029 5,380,474 428,927 10.58
Deposits From Customers 1,351,448,149 1,295,575,929 1,115,278,713 55,872,220 4.31
Deposits From Other Banks 17,684,780 14,847,409 12,800,392 2,837,371 19.11
Liabilities To Unit-Linked Policyholders 29,194,702 29,710,227 30,657,570 (515,525) (1.74)
Securities Sold Under Agreements to
36,330,064 24,325,475 5,427,998 12,004,589 49.35
Repurchase
Derivative Payables 2,113,853 2,126,769 1,018,751 (12,916) (0.61)
Acceptance Payables 14,793,888 11,781,581 10,273,444 3,012,307 25.57
Debt Securities Issued 50,517,764 45,774,139 45,138,342 4,743,625 10.36
Estimated Losses on Commitments
1,143,758 2,073,429 2,295,241 (929,671) (44.84)
and Contingencies
Accrued Expenses 4,799,446 6,493,794 6,526,489 (1,694,348) (26.09)
Other Liabilities 37,399,213 27,336,753 25,276,602 10,062,460 36.81
Fund Borrowings 95,445,459 62,840,118 51,398,940 32,605,341 51.89
Subordinated Loans and Marketable
215,171 633,333 637,143 (418,162) (66.03)
Securities
Total Financial Liabilities 1,645,571,203 1,527,574,985 1,312,110,099 117,996,218 7.72
ANNUAL REPORT 2023 381
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Obligation Due Immediately
Bank Mandiri’s obligation due immediately reached Rp4.48 trillion in 2023, a 10.58% higher than the previous
year of Rp4.06 trillion.
Deposits from Customer
Bank Mandiri’s consolidated deposits from customer or third-party funds (TPF) consist of demand deposits and
Wadiah demand deposits, savings deposits and Wadiah savings deposits, and time deposits. Bank Mandiri’s
total deposits in 2023 increased 4.31% (ytd) to Rp1,351.45 trillion compared to the previous year of Rp1,295.58
trillion
Of this total deposit, low-cost fund or CASA reached 74.30% or equivalent to Rp1,171.71 trillion in 2023.
Meanwhile, in 2022, the CASA ratio reached 73.42% or equivalent to Rp1,094.55 trillion. The composition of
deposits and the average interest rate on customer deposits per year are as follows:
22.85%
21.44% 37.09%
37.68% 40.87%
40.06%
2023 2022
Demand Deposits and Wadiah Demand Deposits Saving Deposits and Wadiah Saving Deposits Time Deposits
Deposits from Customer Currency 2023 2022
Demand Deposits and Wadiah Rupiah 2.64% 1.88%
Demand Deposits Foreign currency 1.95% 0.44%
Saving Deposits and Wadiah Saving Rupiah 0.50% 0.51%
Deposits Foreign currency 0.18% 0.19%
Rupiah 3.53% 2.63%
Time Deposits
Foreign currency 3.01% 1.01%
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
Deposits from Other Banks
Bank Mandiri also posted deposits from other banks in the form of demand deposits, Wadiah demand deposits
and saving deposits, inter-bank call money, and time deposits. Cumulatively, deposits from other banks
reached Rp17.68 trillion in 2023, grew 19.11% (ytd) from Rp14.85 trillion in 2022. Of these, Inter-Bank Call Money
has the largest portion of 41.18%; then demand deposits, Wadiah demand deposits and savings deposits with
a portion of 37.85%; and the portion of time deposits of 20.97%. The comparison of the portion of each deposit
from other banks per year 2023 against the portion in 2022 is illustrated in the following chart with a table of the
average interest rates per year.
20.97%
38.62%
31.50%
41.18% 37.85%
29.88%
2023 2022
Demand Deposits, Wadiah Demand Deposits Inter - Bank Call Money Time Deposits
and Saving Deposits
Deposits from Other Banks Currency 2023 2022
Demand Deposits and Wadiah Rupiah 2.64% 1.88%
Demand Deposits Foreign currency 1.95% 0.44%
Rupiah 0.50% 0.51%
Saving Deposits
Foreign currency 0.18% 0.19%
Rupiah 3.53% 2.63%
Inter-Bank Call Money
Foreign currency 3.01% 1.01%
Rupiah 3.21% 2.41%
Time Deposits
Foreign currency 3.28% 1.01%
Liabilities to Unit-Link Holders
This account is the Subsidiary’s liabilities to unit-link holders placed on unit-linked investments. Cumulatively,
liabilities to unit-link holders reached Rp29.19 trillion in 2023, decreased 1.74% (ytd) from the previous year of
Rp29.71 trillion
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HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Liabilities on Securities Sold under Agreements to Repurchase
Bank Mandiri posted liabilities on securities sold under agreement to repurchase of Rp36.33 trillion in 2023
compared to the previous year of Rp24.33 trillion. This increase was mainly due to an increase in liabilities on
securities sold under agreement to repurchase in foreign currencies from Rp23.19 trillion in 2022 to Rp36.33
trillion in 2023.
Derivative Liabilities
Bank Mandiri’s derivative liabilities reached Rp2.11 trillion in 2023, decreased 0.61% (ytd) from Rp2.13 trillion in
the previous year. Of this amount, related party derivative liabilities decreased from Rp0.09 trillion in 2022 to
Rp0.08 trillion in 2023. Related parties derivative liabilities on foreign currency related forward-sell of US Dollar
decreased by 91.28% (ytd) or Rp0.04 trillion. On the other hand, related party derivative liabilities on Interest
rate related Swap – other interest rate increased by 296.72% (ytd) or Rp0.01 trillion in 2023.
Acceptance Payables
Bank Mandiri posted acceptance payables of Rp14.79 trillion in 2023, 25.57% (ytd) higher than in 2022 of
Rp11.78 trillion. This increase was driven by an increase in transactions with related parties and third parties to
Rp2.61 trillion and Rp12.18 trillion in 2023, from Rp1.75 trillion and Rp10.03 trillion in 2022, respectively.
Debt Securities Issued
On a consolidated basis, net debt securities issued by Bank Mandiri and subsidiaries that have matured
reached Rp50.52 trillion in 2023. Of this amount, securities issued in Rupiah reached Rp22.17 trillion while in
foreign currencies amounted to Rp28.42 trillion with the following composition:
43.83% 47.58%
56.17% 52.42%
2023 2022
Rupiah Foreign Currencies
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
The securities issued by Bank Mandiri in both Rupiah and foreign currencies are described in the following
table. Meanwhile, securities issued by Subsidiaries are presented in the audited financial statements note No.
30 and 37 of this annual report or the financial and annual statements of each Subsidiary.
Securities Series Nominal Interest Rating
Due Date
(Rp Million) 2023 2022
Rupiah Denomination
A 1,100,000 7.95% - idAAA (Pefindo) 30 September 2021
Bank Mandiri Shelf-
Registration Bond I B 1,500,000 8.50% - idAAA (Pefindo) 30 September 2023
Phase I Year 2016 C 2,400,000 8.65% idAAA (Pefindo) idAAA (Pefindo) 30 September 2026
A 1,000,000 8.00% - idAAA (Pefindo) 15 June 2022
Bank Mandiri Shelf- B 3,000,000 8.50% idAAA (Pefindo) idAAA (Pefindo) 15 June 2024
Registration Bond I
Phase II Year 2017 C 1,000,000 8.65% idAAA (Pefindo) idAAA (Pefindo) 15 June 2027
D 1,000,000 7.80% idAAA (Pefindo) idAAA (Pefindo) 15 June 2020
Bank Mandiri Shelf-
Registration Bond I - 3,000,000 8.50% - idAAA (Pefindo) 21 September 2023
Phase III Year 2018
Bank Mandiri Shelf- A 350,000 7.75% idAAA (Pefindo) idAAA (Pefindo) 12 May 2025
Registration Bond II
Phase I Year 2020 B 650,000 8.30% idAAA (Pefindo) idAAA (Pefindo) 12 May 2027
Bank Mandiri's A 1,950,000 5.80% idAAA (Pefindo) - 4 July 2026
Sustainable
Environmental Bond I B 3,050,000 6.10% idAAA (Pefindo) - 4 July 2028
Phase I Year 2023
Bank Mandiri
Medium Term Notes - 500,000 8.50% idAA (Pefindo) idAA (Pefindo) 31 July 2023
Subordinated I 2018
Bank Mandiri
Medium Term Notes - 100,000 6.95% idAA (Pefindo) - 23 June 2028
Subordinated II 2023
Foreign Currency Denomination (full value)
Baa2 (Moody’s) Baa2 (Moody’s)
Euro Medium Term
- USD750,000,000 3.75% dan BBB- (Fitch dan BBB- (Fitch 11 April 2024
Notes I of 2019
Ratings) Ratings)
Baa2 (Moody’s) Baa2 (Moody’s)
Euro Medium Term
- USD500,000,000 4.75% dan BBB- (Fitch dan BBB- (Fitch 13 May 2025
Notes II of 2020
Ratings) Ratings)
Euro Medium Term
Baa2 (Moody’s) Baa2 (Moody’s)
Notes III (Sustainability
- USD300,000,000 2.00% dan BBB- (Fitch dan BBB- (Fitch 19 April 2026
Bond Bank Mandiri of
Ratings) Ratings)
2021) of 2021
Baa2 (Moody’s)
Euro Medium Term
- USD300,000,000 5.50% dan BBB- (Fitch - 4 April 2026
Notes IV 2023
Ratings)
Estimated Losses on Commitments and Contingencies
Bank Mandiri posted an estimated losses on commitments and contingencies of Rp1.14 trillion in 2023,
decreased 44.84% (ytd) from Rp2.07 trillion in the previous year.
Accrued Expenses
Accrued expenses decreased by 26.09% from Rp6.49 trillion in 2022 to Rp4.80 trillion in 2023. The decline in
accounts was mainly due to a decrease in the procurement of fixed assets, software, operations and ATMs
from Rp2.35 trillion in 2022 to Rp1.42 trillion in 2023, as well as a decrease in accrued expenses related to
marketing from Rp1.08 trillion in 2023 to Rp0.58 trillion in 2023.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Other Liabilities in the form of trade financing facilities (Banker’s
Cumulatively, Bank Mandiri’s other liabilities reached Acceptance) to reach Rp33.25 trillion in 2023, grew
Rp37.40 trillion in 2023 or grew 36.81% (ytd) from the 57.37% from the previous year of Rp21.13 trillion.
previous Rp27.34 trillion in 2022. This increase was
mainly due to liabilities of ATM and credit card Subordinated Loans and Marketable
transactions in Rupiah which increased from Rp2.80 Securities - Net
trillion in 2022 to Rp7.01 trillion in 2023. In addition, Cumulatively, Bank Mandiri’s net subordinated loans
other major increases are liabilities to policyholders and marketable securities reached Rp0.22 trillion in
denominated in Rupiah to Rp6.83 trillion in 2023 from 2023. Of this amount, Rp0.1 trillion was in the form
Rp6.00 trillion in 2022, and Foreign Exchange Term of Bank Mandiri’s Subordinated Medium Term Notes
Deposits from Exports which increased from RpNil in (MTN) II Year 2023 issued on 23 June 2023 with a
2022 to Rp3.72 trillion in 2023. five-year tenor and a fixed interest rate of 6.95% per
year and rated idAA from Pefindo. This subordinated
Fund Borrowings effect will mature on 23 June 2028.
Bank Mandiri fund borrowings reached Rp95.45
trillion in 2023. This account increased 51.89% (ytd) Subordinated MTN II can be recorded as a
from the end of the previous year of Rp62.84 trillion component of decreased complementary capital
in line with the increase in fund borrowings in Rupiah (Tier 2) pursuant to approval from the Financial
from Rp21.62 trillion in 2022 to Rp38.95 trillion in Services Authority through letter No. SR-51/
2023. The Bank also recorded an increase in fund PB.21/2023 dated 20 July 2023
borrowings in foreign currencies from third parties
Non-Financial Liabilities
Growth
Non-Financial Liabilities 2023 2022 2021 2023-2022
Nominal (%)
Tax Payable 2,690,902 3,590,522 2,862,716 (899,620) (25.06)
Employee Benefits Liabilities 11,894,629 12,607,759 11,205,546 (713,130) (5.66)
Provision 286,081 323,365 413,876 (37,284) (11.53)
Total Non-Financial Liabilities 14,871,612 16,521,646 14,482,138 (1,650,034) (9.99)
Taxes Payable
Bank Mandiri’s tax payable decreased by 25.06% to Rp2.69 trillion in 2023 compared to the end of the previous
year of Rp3.59 trillion. This decrease was in line with the decrease in tax payable recorded by Bank Mandiri as
the parent company and subsidiary.
Employee Benefits Liabilities
Bank Mandiri posted employee benefit liabilities of Rp11.89 trillion in 2023, decreased 5.66% (ytd) from the
previous year of Rp12.61 trillion. This decrease was mainly influenced by the decrease in allowances for
bonuses, incentives, leave and THR to Rp8.34 trillion in 2023 from Rp9.36 trillion in 2022.
Provision
Bank Mandiri’s provision decreased by 11.53% (ytd) to Rp0.29 trillion by the end of 2023. In the previous year,
this account was recorded at Rp0.32 trillion.
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STATEMENT OF FINANCIAL POSITION
Temporary Syirkah Funds
Bank Mandiri records temporary syirkah funds originating from deposits from customers and deposits from
other banks as described in the table below:
Growth
Temporary Syirkah Funds 2023 2022 2021 2023-2022
Nominal (%)
Deposits from customers 225,501,470 195,268,663 175,897,406 30,232,807 15.48
Deposits from other Banks 780,202 933,938 1,010,203 (153,736) (16.46)
Total Temporary Syirkah Funds 226,281,672 196,202,601 176,907,609 30,079,071 15.33
Deposits from Customers
Bank Mandiri deposits from customers consist of mudharabah demand deposits, mudharabah saving deposits,
mudharabah time deposits, and mudharabah musytarakah demand deposits. Cumulatively, deposits from
customer reached Rp225.5 trillion in 2023 or grew 15.48% from the previous year of Rp195.27 trillion.
Of the total deposits from customer at the end of 2023, the portion of mudharabah deposits remained the
highest at 51.20% in 2023, followed by mudharabah savings deposits at 34.46%, and mudharabah demand
deposits as well as mudharabah musytarakah demand deposits at 14.34% compared to the previous year
at 51.35%; 37.01%; and 11.64% respectively.
Temporary Syirkah Funds – Deposits from Customer
14.34% 11.64%
51.20%
34.46% 51.35%
37,01%
2023 2022
Demand Deposits – Restricted Saving Deposits – Restricted Time Deposits – Mudharabah
Investment, Mudharabah Demand Investment And Unrestricted – Unrestricted Investment
Deposits - Unrestricted Investment and Investment - Mudharabah
Mudharabah Musytarakah Demand
Deposits
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STATEMENT OF FINANCIAL POSITION
Deposits from Other Banks
Deposits from other banks consist of mudharabah demand deposits, mudharabah saving deposits, and
mudharabah time deposits. Cumulatively, deposits from other banks remained dominated by mudharabah
savings deposits at 74.35% and mudharabah time deposits at 17.52% at the end of 2023. In the previous
year, the portion of the two types of deposits from other banks was 67.20% and 29.38% as described in the
following chart:
Temporary Syirkah Funds – Deposits from Other Banks
17.52%
29.38%
8.13%
3.42%
74.35% 67.20%
2023 2022
Demand Deposits – Mudharabah Mudharabah Savings - Time Deposits – Mudharabah –
– Unrestricted Investment Unrestricted Investment Unrestricted Investment
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STATEMENT OF FINANCIAL POSITION
Equity
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Issued and Fully Paid-in Capital 11,666,667 11,666,667 11,666,667 - -
Additional Paid-in Capital/Agio 17,643,264 17,643,264 17,643,264 - -
Treasury Stock - - (150,895) - -
Differences Arising from Translation
of Financial Statements in Foreign (146,299) (60,427) (88,985) (85,872) 142.11
Currencies
(Loss)/Net Unrealized Gain from
(Decrease)/Increase in Fair Value
of Marketable Securities and
(1,837,760) (2,768,553) 1,692,145 930,793 (33.62)
Government Bonds - Net of Deferred
Tax Fair Value Through Other
Comprehensive Income
Effective Portion of Cash Flow Hedges 1,429 (3,156) (370) 4,585 (145.28)
Net Differences in Fixed Assets
34,716,693 34,716,693 30,140,345 - -
Revaluation
Net Actuarial Gain from Defined
1,517,183 1,510,016 1,217,456 7,167 0.47
Benefit Program - Net of Deferred Tax
Other Comprehensive Income 85,052 85,052 85,052 - -
Difference In Transactions with
(97,202) (97,202) (106,001) - -
Noncontrolling Parties
Retained Earnings 197,303,757 166,986,432 142,587,934 30,317,325 18.16
Noncontrolling Interests in Net Assets
26,642,178 22,566,669 17,424,670 4,075,509 18.06
of Consolidated Subsidiaries
Total Equity 287,494,962 252,245,455 222,111,282 35,249,507 13.97
Bank Mandiri was able to record a stronger amount of equity until 2023, mainly supported by improved earnings
profile, thereby increasing the balance of profit in the year. The Bank’s equity reached Rp287.49 trillion in 2023,
grew 13.97% from the previous year of Rp252.25 trillion. The increase in equity was mainly supported by an
increase in retained earnings by 18.16% (ytd) from Rp166.99 trillion in 2022 to Rp197.30 trillion in 2023.
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CONSOLIDATED STATEMENT
OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Bank Mandiri managed to record an increase in profit for the current period by 33.74% to Rp55.06 trillion in
2023 compared to 2022 of Rp41.17 trillion. The improved profile of profit for the year was mainly supported
by an increase in total net interest and sharia income by 9.08% (yoy) in line with growth in sharia lending and
receivables/financing by 15.97% (ytd) in 2023. In addition, this business expansion can be balanced with the
efficiency of interest expenses and sharia expenses in addition to better management of earnings assets.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Operating Income and Expenses
Net Interest and Sharia Income 95,886,574 87,903,354 73,062,494 7,983,220 9.08
Net Premium Income 2,123,046 2,467,698 1,787,933 (344,652) (13.97)
Net Interest, Sharia and Premium Income 98,009,620 90,371,052 74,850,427 7,638,568 8.45
Other Operating Income 40,522,846 34,280,703 29,028,020 6,242,143 18.21
Allowance For Impairment Losses (11,152,853) (16,096,382) (20,428,352) 4,943,529 (30.71)
Provision For Impairment Losses on Commitments
918,531 255,268 1,162,993 663,263 259.83
and Contingencies
Provision for Other Allowances and operational risk
85,615 (282,073) (277,942) 367,688 (130.35)
losses
Unrealized Gain/(Loss) From the Increase/
(Decrease) In Fair Value of Policyholders - - 2,824 - -
Investment in Unit- Link Contract
Gains On Sale of Marketable Securities and
125,295 899,579 3,242,400 (774,284) (86.07)
Government Bonds
Other Operating Expenses (53,867,491) (53,260,058) (49,140,167) (607,433) 1.14
Income From Operation 74,641,563 56,168,089 38,440,203 18,473,474 32.89
Non-Operating Income/(Expense) - Net 43,318 209,637 (81,782) (166,319) (79.34)
Income Before Tax Expense and Noncontrolling
74,684,881 56,377,726 38,358,421 18,307,155 32.47
Interest
Tax Expense - Net (14,633,011) (11,425,358) (7,807,324) (3,207,653) 28.07
Net Income for The Year 60,051,870 44,952,368 30,551,097 15,099,502 33.59
Items that will not be Reclassified to Profit or Loss (15,051) 4,929,043 536,055 (4,944,094) (100.31)
Items that will be Reclassified to Profit or Loss 921,140 (4,534,869) (2,767,231) 5,456,009 (120.31)
Other Comprehensive Income/(Expense) For the
906,089 394,174 (2,231,176) 511,915 129.87
Year – Net of Income Tax
Total Comprehensive Income for the Year 60,957,959 45,346,542 28,319,921 15,611,417 34.43
Net Income Attributable to:
Parent Entity Owner 55,060,057 41,170,637 28,028,155 13,889,420 33.74
Noncontrolling Interests 4,991,813 3,781,731 2,522,942 1,210,082 32.00
60,051,870 44,952,368 30,551,097 15,099,502 33.59
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Total comprehensive income for the year
attributable to:
Parent Entity 55,916,730 41,604,619 25,638,536 14,312,111 34.40
Noncontrolling Interests 5,041,229 3,741,923 2,681,385 1,299,306 34.72
60,957,959 45,346,542 28,319,921 15,611,417 34.43
Basic and Diluted Earnings Per Share Attributable
to Equity Holders of the Parent Entity (full amount of 589.93 441.26 601.06 149 33.69
Rupiah)
Interest Income
Bank Mandiri successfully posted an increase in interest income by 18.56% (yoy) to Rp113.75 trillion in 2023. This
increase was mainly due to the expansion of loan disbursement which grew by 15.97% (ytd) in the period. This
is reflected in interest income from loans reaching Rp84.34 trillion in 2023 or grew 21.57% (yoy) from the previous
year of Rp69.37 trillion. In addition, the other largest source of interest income came from interest income
placement with Bank Indonesia and other banks which grew by 123.03% (yoy) from Rp1.45 trillion in 2022 to
Rp3.22 trillion in 2023.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Loans 84,335,234 69,373,441 62,112,327 14,961,793 21.57
Government Bonds 16,410,277 16,771,870 11,758,623 (361,593) (2.16)
Consumer Financing Income 6,285,050 4,962,803 3,918,965 1,322,247 (26.64)
Placements with Bank Indonesia and Other Banks 3,224,536 1,445,773 960,413 1,778,763 123.03
Marketable Securities 2,742,203 2,795,951 3,823,529 (53,748) (1.92)
Other Receivables – Trading Transactions 712,280 552,983 - 159,297 28.81
Margin 32,979 32,373 - 606 1.87
Others 5,062 8,681 460,088 (3,619) (41.69)
Total Interest Income 113,747,621 95,943,875 83,033,945 17,803,746 18.56
Sharia income
Bank Mandiri’s sharia income also grew 14.35% (yoy) from Rp16.44 trillion in 2022 to Rp18.80 trillion in 2023. The
increase in sharia revenue was mainly due to an increase in net murabahah and Istishna income by 10.48%
(yoy) to Rp12.65 trillion and an increase in musharakah income sharing by 23.82% (yoy) to Rp5.85 trillion in 2023
as described in the following table.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Murabahah and Istishna Income 12,646,821 11,446,687 10,184,237 1,200,134 10.48
Musharakah Income Sharing 5,853,512 4,727,321 4,237,160 1,126,191 23.82
Ijarah Income 199,037 122,195 75,219 76,842 62.88
Mudharabah Income Sharing 97,479 142,040 218,525 (44,561) (31.37)
Total Shariah Income 18,796,849 16,438,243 14,715,141 2,358,606 14.35
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Interest Expenses
Bank Mandiri’s total interest expenses in 2023 increased to Rp30.66 trillion, grew 49.97% (yoy) compared to
the same period the previous year of Rp20.45 trillion. This increase was mainly due to an increase in demand
deposits interest expenses by 92.13% (yoy) to Rp10.60 trillion in 2023 compared to the previous Rp5.52 trillion
in 2022.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Demand Deposits 10,601,021 5,517,701 4,917,786 5,083,320 92.13
Time Deposits 9,480,299 7,130,837 8,216,845 2,349,462 32.95
Fund Borrowings 4,624,638 2,509,641 2,031,983 2,114,997 84.27
Debt Securities Issued 2,484,487 2,320,021 2,452,537 164,466 7.09
Saving Deposits 2,082,251 1,983,441 2,806,246 98,810 4.98
Securities Sold with Repurchase Agreement (Repo) 1,390,571 983,166 - 407,405 41.44
Loans and Subordinated Securities 1,461 1,788 2,127 (327) (18.29)
Others - - 13,983 - -
Total Interest Expense 30,664,728 20,446,595 20,441,507 10,218,133 49.97
Sharia Expenses
Bank Mandiri’s total sharia expenses in 2023 also increased to Rp5.99 trillion, grew 48.63% (yoy) from the
previous Rp4.03 trillion in 2022. This increase was mainly due to an increase in mudharabah deposit expenses
which increased by 44.28% (yoy) to Rp4.15 trillion in 2023 from Rp2.87 trillion in 2022.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Mudharabah Deposits 4,148,029 2,874,965 3,457,121 1,273,064 44.28
Musytarakah - Mudharabah Musytarakah 812,767 387,406 115,088 425,361 109.80
Mudharabah Savings 466,655 564,411 620,876 (97,756) (17.32)
Accepted Financing 254,035 12,603 0 241,432 1915.67
Certificate of interbank Mudharabah Investment 192,366 132,936 1,098 59,430 44.71
Restricted Investments 119,316 59,848 50,902 59,468 99.37
Total Sharia Expenses 5,993,168 4,032,169 4,245,085 1,960,999 49.63
Interest Income and Sharia Income – Net
In 2023, Bank Mandiri’s net interest income and sharia income stood at Rp95.89 trillion or grew 9.08% (yoy)
from 2022 achievement of Rp87.90 trillion. This growth was mainly driven by the increase in interest income
and sharia income and at the same time Bank Mandiri was able to properly control the increase in interest
expenses and sharia expenses.
Premium Income – Net
Cumulatively, Bank Mandiri’s net premium income reached Rp2.12 trillion in 2023, decreased 13.97% (yoy)
from Rp2.47 trillion in the same period the previous year. This decrease was mainly influenced by a decrease
in premium income by 4.58% (yoy) to Rp13.72 trillion in 2023 from Rp14.38 trillion in 2022.
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Interest, Sharia and Premium Income – Net
Bank Mandiri posted net interest, sharia and premium income of Rp98.01 trillion in 2023, an increase of 8.45%
(yoy) from 2022 of Rp90.37 trillion.
Other Operating Income
Bank Mandiri posted other operating income derived from fees and commissions, income from the fair value
group through net profit and loss and other income. Cumulatively, other operating income grew 18.21% (yoy)
to Rp40.52 trillion in 2023 compared to Rp34.28 trillion in 2022.
The increase in other operating income was mainly supported by an increase in fees and commissions which
reached Rp20.15 trillion in 2023 with a growth of 7.16% (yoy) compared to the same period the previous year of
Rp18.80 trillion. Of the total fees and commissions, those derived from loans grew by 12.91% (yoy) from Rp3.95
trillion in 2022 to Rp4.46 trillion in 2023 as described in the following table:
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Loans 4,464,991 3,954,380 2,530,678 510,611 12.91
E-Channel Transaction 3,891,213 3,821,188 3,150,491 70,025 1.83
Deposits Transactions 3,000,540 2,830,370 2,423,119 170,170 6.01
Credit card 2,772,976 2,305,867 1,788,977 467,109 20.26
Remittances, Clearing and Collections 1,717,102 1,104,758 288,078 612,344 55.43
Trade Transactions 1,570,871 1,464,015 1,281,711 106,856 7.30
Marketable Securities 1,274,341 1,337,244 1,977,427 (62,903) (4.70)
Financial Advisor 398,818 1,288,663 0 (889,845) (69.05)
Custodians and Trustees 277,576 248,109 204,363 29,467 11.88
Bancassurance and mutual funds 97,000 171,623 526,541 (74,623) (43.48)
Restructuring Compensation Income (Ta'wid) 32,214 31,530 0 684 2.17
Others 650,768 244,401 1,237,308 406,367 166.27
Total Provisioning and Commission Revenue 20,148,410 18,802,148 15,408,693 1,346,262 7.16
Allowance for Impairment Losses
Supported by good earnings asset management with lower NPL ratios, Bank Mandiri was able to record
allowance for impairment losses (CKPN) of Rp11.15 trillion in 2023, 30.71% (yoy) lower than Rp16.10 trillion in
2022. The decrease in CKPN was mainly due to a decrease in CKPN loans expenses by Rp5.66 trillion from
Rp15.45 trillion in 2022 to Rp9.79 trillion in 2023.
Reversal of Allowance for Estimated Losses on Commitments and Contingencies
Bank Mandiri posted a reversal of the allowance for estimated losses on commitments and contingencies of
Rp0.92 trillion in 2023, up from the previous Rp0.26 trillion in 2022.
Reversal/(Establishment) of Other Allowances and Losses of Operational Risk
Bank Mandiri posted a decrease in the formation of other allowances and operational risk losses from the
formation of allowances of Rp0.28 trillion in 2022 to a reversal of allowances of Rp0.09 trillion in 2023. This
decline was mainly influenced by the increase in the reversal of allowance for other assets to Rp0.15 trillion in
2023 from Rp(0.19) trillion in 2022.
ANNUAL REPORT 2023 393
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Gains on Sale of Operating Income Total Comprehensive
Marketable Securities Cumulatively, Bank Mandiri was Income for the Year
and Government Bonds able to record an increase in Bank Mandiri’s total
Bank Mandiri posted a operating income by 32.89% (yoy) comprehensive income for the
decrease in gains from the sale to Rp74.64 trillion in 2023 from year increased by 34.43% (yoy) to
of government securities and Rp56.17 trillion in 2022, in line with Rp60.96 trillion in 2023, compared
bonds by 86.07% (yoy) from the increase in interest income to the same period the previous
Rp0.90 trillion in 2022 to Rp0.13 and sharia income during 2023. year of Rp45.35 trillion.
trillion in 2023.
Income Before Tax and Basic and Diluted
Other Operating Noncontrolling Interest Earnings Per Share
Expenses After adding net non-operating Bank Mandiri’s basic and diluted
Other operational expenses income of Rp0.04 trillion, Bank earnings per share grew 33.69%
consist of net salaries and Mandiri managed to record (yoy) from Rp441.26 (full value)
employee benefit expenses, income before tax and non- in 2022 to Rp589.93 (full value) in
general and administrative controlling interests of Rp74.68 2023, supported by an increase in
expenses, and other expenses. trillion in 2023. This achievement is income for the year.
In 2023, Bank Mandiri posted higher than the same period the
an increase in total operating previous year of Rp56.38 trillion.
expenses of Rp0.61 trillion or grew
1.14% (yoy) from Rp53.26 trillion in Income for The Year
2022 to Rp53.87 trillion in 2023. This Bank Mandiri posted income for
increase was mainly due to an the year of Rp60.05 trillion in 2023,
increase in general administrative grew 33.59% compared to the
expenses of Rp0.63 trillion from same period the previous year of
Rp22.10 trillion in 2022 to Rp22.73 Rp44.95 trillion.
trillion in 2023.
Bank Mandiri Earnings (2021-2023)
74.68
38.36
56.38
56.38
44.95 30.55
38.35
30.55
28.31
2023 2022 2021
Income before tax and Income for the Year Total Comprehensive Income
Noncontrolling Interest for the Year
394 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CONSOLIDATED STATEMENT
OF CASH FLOW
Bank Mandiri was able to record final cash and cash equivalents at the end of 2023 of Rp243.80 trillion.
This achievement decreased compared to the achievement of the same period the previous year which
amounted to Rp274.89 trillion.
Growth
Description 2023 2022 2021 2023-2022
Nominal %
Net Cash (Used for)/Provided by Operating
(69,622,480) 99,975,305 129,892,493 (169,597,785) (169.64)
Activities
Net Cash Provided by/(Used for) Investing
16,010,540 (41,889,931) (132,477,052) 57,900,471 (138.22)
Activities
Net Cash Provided by Financing Activities 23,470,655 13,329,320 (3,435,459) 10,141,335 76.08
Net (Decrease)/Increase in Cash and Cash
(30,141,285) 71,414,694 (6,020,018) (101,555,979) (142.21)
Equivalents
Effect of Exchange Rate Changes on Cash
(946,566) 9,843,138 (269,997) (10,789,704) (109.62)
and Cash Equivalent
Cash and Cash Equivalents, Beginning of The
274,889,544 193,631,712 199,921,727 81,257,832 41.97
Year
Cash and Cash Equivalents, End of The Year 243,801,693 274,889,544 193,631,712 (31,087,851) (11.31)
Cash Flow from Operating Activities Cash Flow from Financing Activities
Bank Mandiri posted net cash used for operating Bank Mandiri posted net cash provided by financing
activities of Rp69.62 trillion in 2023. This was influenced activities of Rp23.47 trillion in 2023. In the same period
by, among others, an increase in loans and a the previous year, Bank Mandiri posted net cash
decrease in deposits from customer (demand provided by financing activities of Rp13.33 trillion.
deposits, Wadiah demand deposits, savings deposits, This increase was attributable to, among others, an
and Wadiah savings deposits). In the previous year, increase in net receipts from debt securities issued
Bank Mandiri posted net cash provided by operating and net Receipts from fund borrowings.
activities of Rp99.98 trillion in 2022.
Cash and Cash Equivalents at the End
Cash Flow from Investing Activities of the Year
Bank Mandiri posted net cash provided by investing Bank Mandiri posted a decrease in net cash and
activities of Rp16.01 trillion in 2023. This was primarily cash equivalents of Rp30.14 trillion in 2023, bringing
due to a decrease in government bonds other than cash and cash equivalents at the end of 2023 to
measured at fair value through profit and loss and Rp243.80 trillion
divestment in associated entities. In the previous
year, Bank Mandiri recorded net cash used for
investing activities of Rp41.89 trillion in 2022.
ANNUAL REPORT 2023 395
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SOLVENCY AND RECEIVABLES
COLLECTIBILITY
Solvency
From the Bank’s internal side, Bank Mandiri’s solvency can be seen from its liquidity and solvency profile.
Meanwhile, from an external point of view, in relation to issued MTN and bonds, Moody’s and Fitch have set
Bank Mandiri a rating for the issuance of MTN in foreign currencies listed on the Singapore Stock Exchange. On
the other hand, Pefindo has set ratings for Rupiah-denominated corporate bonds listed on the Indonesia Stock
Exchange as follows:
Rating Agencies Rating Criteria Ratings
Lembaga Pemeringkat Internasional
Long-Term Counterparty Risk Rating Baa2
Moody's (as of March 2023) Long-Term Deposit Baa2
Long-Term Debt Baa2
International Long-Term Rating BBB-
Fitch Ratings (as of February 2023) National Long Term Rating AA+(idn)
National Short-Term Rating F1+(idn)
Standard & Poor's (as of December 2022) Issuer Credit Rating BBB-/STABLE/A-3
National Rating Agency
PT Pemeringkat Efek Indonesia (as of
Long Term General Obligation idAAA
February 2023)
The credibility of the rating can be proven by Bank reserves for the next month. At the end of
Mandiri’s ability to pay maturing bonds on time. December 2023, Bank Mandiri’s liquidity reserves
are above the safety level.
Short-Term Debt Repayment Ability • RIM is a ratio of the results of a comparison
(Bank Liquidity) between loans and corporate securities that
Bank Mandiri’s liquidity adequacy can be seen meet certain requirements held against deposits,
from several indicators used to measure liquidity, securities that meet certain requirements
such as the minimum reserve requirement ratio, issued by banks, and loans that meet certain
macroprudential liquidity buffer, liquidity reserves, requirements.
macroprudential intermediation ratio (MIR), liquidity • LCR is the ratio between High Quality Liquid
coverage ratio (LCR), and Net Stable Funding ratio Assets (HQLA) and estimated total net cash
(NSFR). outflow for the next 30 days in a crisis scenario.
LCR aims to improve banks’ short-term liquidity
• The reserve requirement is set by the central resilience in crisis conditions. Regulators who set
bank based on the percentage of third-party LCR compliance at least 100%.
funds collected by banks, which must be • NSFR is a comparative ratio between available
maintained by banks in current accounts at BI. stable funding and required stable funding.
• Bank Mandiri has a limit in the form of a safety The regulator that sets the NSFR fulfillment is the
level limit, which is a projection of liquidity lowest 100%.
396 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN
The achievements of the ratios mentioned above are as follows:
Liquidity 2023 2022 2021
Rupiah reserve requirement 7.32% 8.53% 3.97%
Macroprudential Intermediation Ratio (MIR) 83.73% 75.98% 78.35%
Liquidity Coverage Ratio (LCR) 176.24% 191.02% 200.56%
Net Stable Funding Ratio (NSFR) 116.59% 119.93% 126.20%
Long-Term Debt Repayment Ability However, alternative funding if market liquidity
(Bank Solvency) conditions become tight or not in accordance
Bank Mandiri Capital Adequacy Ratio or CAR with predictions is still prepared by the Bank.
(Bank Only) reached 21.48% in December 2023,
higher than the CAR ratio for the same period the In addition, Bank Mandiri also conducts periodic
previous year of 19.46%. This ratio indicates that liquidity risk stress-testing in order to determine the
Bank Mandiri’s solvency remains positive as it has impact of changes in market factors and internal
exceeded the minimum CAR ratio requirement factors in extreme conditions (crisis) on liquidity
from the Regulator, enabling the Bank to meet conditions. Bank Mandiri reported that the Bank
credit risk, market risk and operational risk was able to survive the liquidity crisis based on the
results of the stress-testing. In addition to stress-
Bank Mandiri projects its liquidity position in the testing, the Bank also has a Liquidity Contingency
future through the liquidity gap methodology, Plan (LCP) that regulates funding strategies and
which is a maturity mismatch between asset pricing strategies in crisis conditions, including
and liability components (including off balance money market loans, repos, bilateral loans, FX
sheets), which is arranged into time buckets based swaps and wholesale funding. In the LCP, the
on contractual maturity or behavioral maturity. Bank determines liquidity conditions and funding
strategies by considering internal and external
For the next 12 months, Bank Mandiri estimates conditions.
liquidity conditions to be in a surplus position.
ANNUAL REPORT 2023 397
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
SOLVENCY AND RECEIVABLES COLLECTIBILITY
Debt Payment Ability from Issued The structure of debt securities issued by Bank Mandiri
Securities both in Rupiah and foreign currencies with the rating
Bank Mandiri has issued debt securities or corporate of debt securities has been explained in the financial
bonds denominated in Rupiah listed on the Indonesia review section of the issued securities. The meaning
Stock Exchange. The Bank also issues debt securities of the rating that has been determined by the rating
denominated in foreign currencies (US Dollars) in agency is as follows:
the form of global bonds listed on the Singapore
Stock Exchange and offered to investors outside the
United States subject to Regulation S under the US Earnings
Securities Act. Bank Mandiri uses Return on Assets (ROA), Return
on Equity (ROE), Net Interest Income Margin (NIM),
The issued securities have been rated by the rating Operating Expenses to Operating Income (BOPO),
agency and will be periodically reassessed until and Cost Efficiency Ratio (CER) to determine
the debt securities mature. The quality of securities the Bank’s earnings performance. The Bank’s
is largely determined by the ability of the issuing achievements related to these ratios in September
company to pay securities at maturity and the ability 2023 are as follows
to pay interest or coupons during the term of issuance
of the securities.
Profitability 2023 2022 2021
Return on Assets (ROA) 4.03% 3.30% 2.53%
Return on Equity (ROE, Avg Tier 1 Capital) 27.31% 22.62% 16.24%
Net Interest Margin (NIM) 5.25% 5.16% 4.73%
Operating Expenses to Operating Income (BOPO) 51.88% 57.35% 67.26%
Cost Efficiency Ratio (CER) 35.08% 38.90% 44.89%
Cost to Income Ratio (CIR) 34.36% 38.16% 42.50%
The achievement of ROE (Avg Tier 1 Capital) and ROA ratios of 27.31% and 4.03% respectively in December 2023
was supported by operational efficiency reflected by BOPO and CIR ratios of 51.88% and 34.31% respectively
in December 2023. Meanwhile, the Bank’s NIM ratio reached 5.25% in December 2023, up from 5.15% in the
same period the previous year.
398 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
SOLVENCY AND RECEIVABLES COLLECTIBILITY
Receivables Collectability
The receivables collectability is measured by the efficient payment of lending. Bank Mandiri reported the
receivables collectability from lending activities (banks only) as follows:
Category 2023 2022 2021 2020 2019
Current 1,027,406,545 874,645,487 764,469,150 701,951,159 734,848,329
Special Mention 47,381,346 40,549,922 40,525,825 36,796,337 38,663,525
Substandard 2,289,310 1,280,514 1,913,657 2,065,985 3,372,638
Doubtful 4,322,560 5,402,034 4,369,540 938,038 3,533,071
Loss 4,387,666 10,761,094 16,835,691 21,851,897 11,933,553
Total Loans 1,085,787,427 932,639,051 828,113,863 763,603,416 792,351,116
NPL gross*) 10,999,536 17,443,642 23,118,888 24,855,920 18,839,262
NPL (%) 1.02% 1.88% 2.81% 3.29% 2.39%
*) NPL ratio is calculated excluding Loans to Other Banks
Indonesia’s economy appears to be growing stronger Acceptance Criteria and Name Clearance,
until the end of 2023. Bank Mandiri took advantage to produce a pipeline of qualified debtors. This
of the momentum of economic improvement while process is continued with a credit risk assessment
contributing directly to the Indonesian economy by using a series of credit risk tools (credit risk rating,
disbursing loans. Amidst such loan expansion, the spreadsheet, CPA, NAK, and so forth), which is then
Bank always prioritizes the principle of prudence taken a decision by the Credit Approver Authority
in loan management. One indication of improved Holder (through a Credit Committee Meeting) with
loans management is the achievement of the NPL a four-eyes principle involving the Business Unit and
(Gross) ratio of 1.02% in December 2023, lower than Credit Risk Management Unit independently.
the same period the previous year of 1.88%. Net
NPL ratio was also relatively controlled at 0.29% in Meanwhile, for the retail or mass market segment,
December 2023 compared to 0.26% in December the loan management process is carried out more
2022. This improvement in the NPL ratio has a positive automatically using a credit risk scorecard, by
impact on Bank Mandiri’s loans collectability referring to the Risk Acceptance Criteria of each
profile and reduces the expenses of allowance for product, and processed through an automated
impairment losses. work-flow (loan factory).
Bank Mandiri has standard procedures in loans Furthermore, for the credit monitoring process,
management from beginning to end. For the Bank Mandiri applies the Portfolio Quality Review
wholesale segment, Bank Mandiri begins the loans mechanism based on the credit portfolio. This
management process by determining the target process is followed by collection and recovery for
market through the Loan Portfolio Guideline which non-performing parts of the portfolio. The Bank also
establishes the Industry Classification (attractive, conducts what-if analysis of wholesale and retail
neutral, selective) and Industry Limit in accordance portfolios through a stress testing process using
with the Bank’s appetite, as well as selecting certain macroeconomic scenarios to anticipate
and screening target customers through Industry worsening macroeconomic conditions.
ANNUAL REPORT 2023 399
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CAPITAL STRUCTURE
Management Policy on No. 11/POJK.03/2016 concerning the Capital
Capital Structure Adequacy Ratio for Commercial Banks.
• SEOJK No. 26/SEOJK.03/2016 on the Capital
Adequacy Ratio in accordance with Risk
Bank Mandiri’s capital policy is prudently to meet Profile and Fulfillment of Capital Equivalency
regulatory capital requirements, diversify capital maintained assets.
sources to anticipate long-term strategic plans and
allocate capital efficiently to business segments that For the calculation of Risk-Weighted Assets (RWA),
have the potential to provide an optimal risk-return Bank Mandiri applies the Standardized Approach
profile, including placement and participation which refers to Basel III Reforms (Standardized
in Subsidiaries in order to meet stakeholder Approach) for Credit Risk effective from January
expectations including investors and regulators. 2023. For Market Risk, the Bank applies the Basel
II Standard Measurement Method and internally
Bank Mandiri ensures that it has sufficient capital applies Value at Risk. For Operational Risk, the Bank
to be able to meet credit risk, market risk and refers to the Standardized Approach under Basel III
operational risk, both in supporting business growth Reforms effective from January 2023.
under normal conditions and to anticipate stressful
conditions. The Bank’s consolidated capital adequacy ratios as
of 31 December 2023 and 2022, taking into account
In calculating the capital adequacy, Bank Mandiri credit, operational and market risks, were 21.99%
refers to the provisions of the Financial Services and 19.65%, respectively, by calculating credit and
Authority (OJK) including the following: operational risks of 22.21% and 19.75%, respectively.
• POJK No. 27 of 2022 dated 28 December
2022 on the Second Amendment to POJK The tables below describe the results of the RWA
11/POJK.03/2016 concerning the Capital calculation (Credit, Operational, and Market) as
Adequacy Ratio for Commercial Banks. well as the Capital Adequacy Ratio for the positions
• POJK No. 34/POJK.03/2016 dated 22 of 31 December 2023 and 31 December 2022 for
September 2016 on Amendments to POJK Bank Mandiri only.
Bank Mandiri Capital Structure 2021-2023
(in Rp Million)
Capital 2023 2022 2021
Core Capital 209,724,274 181,072,852 165,492,705
Supplemental Capital 12,264,005 10,771,601 9,764,189
Total Capital for Credit Risk, Operational Risk and Market Risk 221,988,279 191,844,453 175,256,894
Credit Risk-Weighted Assets (RWA) 964,706,719 846,394,763 757,497,030
Operational Risk-Weighted Assets (RWA) 58,720,278 133,826,964 130,682,428
Market Risk-Weighted Assets (RWA) 9,980,215 5,829,558 5,849,789
Total RWA for Credit Risk, Operational Risk and Market Risk 1,033,407,212 986,051,285 894,029,247
400 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CAPITAL STRUCTURE
Capital Adequacy Ratio
Capital 2023 2022 2021
CAR for Core Capital 20.29% 18.36% 18.51%
CAR for Credit Risk 23.01% 22.67% 23.14%
CAR for Credit Risk and Operational Risk 21.69% 19.57% 19.73%
CAR for Credit Risk and Market Risk 22.78% 22.51% 22.96%
CAR for Credit Risk, Operational Risk and Market Risk 21.48% 19.46% 19.60%
CAR Minimum Core Capital 6.00% 6.00% 6.00%
CAR Minimum Based on Risk Profile 9.76% 9.86% 9.75%
Quantitative Disclosure of Capital Structure of Commercial Banks
( In Rp million)
31-Dec-23 31-Dec-22
Capital
Bank Consolidated Bank Consolidated
I. Core Capital (Tier 1) 209,724,274 258,956,049 181,072,852 223,271,290
1. Common Equity Tier 1 (CET 1) 209,724,274 258,956,049 181,072,852 223,271,290
1.1 Paid-in capital (net of Treasury Stock) 11,666,667 11,666,667 11,666,667 11,666,667
1.2 Disclosed Reserves 224,692,846 246,380,061 197,742,046 215,475,066
1.2.1 Additional Factor 227,600,355 249,758,383 201,218,418 219,462,416
1.2.1.1 Other Comprehensive Income 34,582,623 34,811,362 34,595,182 34,823,921
1.2.1.1.1 Excess Differences Arising from Translation of Financial
27,284 27,284 80,574 80,574
Statement
1.2.1.1.2 Potential Gain of the Increase in the Fair Value of
Financial Assets Available for Sale 67,385 67,385 26,654 26,654
1.2.1.1.3 Surplus of Fixed Assets Revaluate
1.2.1.2 Other Disclosed Reserves 34,487,954 34,716,693 34,487,954 34,716,693
1.2.1.2.1 Agio 193,017,732 214,947,021 166,623,236 184,638,495
1.2.1.2.2 General Reserves 18,941,550 17,643,264 18,941,550 17,643,264
1.2.1.2.3 Previous Year Profit 2,333,333 2,333,333 2,333,333 2,342,132
1.2.1.2.4 Current Year Profit 120,645,971 139,910,367 107,655,927 123,482,462
1.2.1.2.5 Funds for Paid-in Capital 51,096,878 55,060,057 37,692,426 41,170,637
1.2.1.2.6 Others - - - -
1.2.2 Deduction Factors - - - -
1.2.2.1 Other Comprehensive Income (2,907,509) (3,378,322) (3,476,372) (3,987,350)
1.2.2.1.1 Negative Differences Arising from Translation of
(2,432,966) (1,971,613) (3,183,416) (2,829,093)
Financial Statement
1.2.2.1.2 Potential Losses from the Decrease in the Fair Value of
(461,721) (173,583) (442,327) (141,001)
Financial Assets Available for Sale
1.2.2.2 Other Disclosed Reserves (1,971,245) (1,798,030) (2,741,089) (2,688,092)
1.2.2.2.1 Disagio (474,543) (1,406,709) (292,956) (1,158,257)
1.2.2.2.2 Previous Year Loss - - - -
1.2.2.2.3 Current Year Loss - - - -
1.2.2.2.4 Negative Difference in Allowance for Possible Losses
- - - -
and Allowance for Impairment on Earning Assets
ANNUAL REPORT 2023 401
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CAPITAL STRUCTURE
31-Dec-23 31-Dec-22
Capital
Bank Consolidated Bank Consolidated
1.2.2.2.5 Negative Difference in Adjustment Amounts from Fair
- - - -
Value of financial Assets in Trading Book
1.2.2.2.6 Required Allowance for Non-Earning Asset (474,543) (1,406,709) (292,956) (1,158,257)
1.2.2.2.7 Others - - - -
1.3 Noncontrolling Interests - 21,864,452 - 18,698,700
1.4 Deduction Factor of CET 1 (26,635,239) (20,955,131) (28,335,861) (22,569,143)
1.4.1 Deferred Tax Calculation (7,874,700) (10,100,735) (9,677,161) (11,942,069)
1.4.2 Goodwill - (482,091) - (482,091)
1.4.3 Other Intangible Assets (3,808,411) (5,068,755) (3,673,355) (4,298,288)
1.4.4 Investments in Share (14,952,128) (5,303,550) (14,985,345) (5,846,695)
1.4.5 Shortfall of Capital on Insurance Subsidiaries - - - -
1.4.6 Securitization Exposure - - - -
1.4.7 Other Deduction of CET 1 - - - -
1.4.7.1 Placement of Funds in Instrument AT 1 and/or Tier 2 to
- - - -
Other Bank
1.4.7.2 Cross-Ownership in Another Entity Acquired by the
- - - -
Transition Due to Law, Grants, or Grants Will
1.4.7.3 Exposures that Give Rise to Credit Risk Due the Settlement
- - - -
Risk (Settlement Risk) - Non-Delivery Versus Payment
1.4.7.4 Exposures in Subsidiaries that do Business Activity Based
- - - -
on Sharia Principles (if Available)
2. Additional Tier 1 (AT 1) - - - -
2.1 Instrument which Comply with AT 1 Requirements - - - -
2.2 Agio/Disagio - - - -
2.3 Deduction Factor of AT 1 - - - -
2.3.1 Placement of Funds in Instrument AT 1 and/or Tier 2 to
- - - -
Other Bank
2.3.2 Cross-Ownership in Another Entity Acquired by the
- - - -
Transition Due to Law, Grants, or Grants Will
II. Supplemental Capital (Tier 2) 12,264,005 14,966,831 10,771,601 13,198,928
1. Capital Instrument in the Form of Stock or others which
205,171 405,171 191,666 443,749
Comply with Tier 2 Requirements
2. Agio/Disagio - - - -
3. General Provision on Earning Assets (max. 1.25% Credit Risk -
12,058,834 14,561,660 10,579,935 12,755,179
Weighted Assets)
4. Deduction Supplemental Capital - - - -
4.1 Sinking Fund - - - -
4.2 Placement of Funds in instrument AT 1 and/or Tier 2 to Other
- - - -
Bank
4.3 Cross-Ownership in Another Entity Acquired by the Transition
- - - -
Due to Law, Grants, or Grants Will
III. TOTAL CAPITAL (I+II) 221,988,279 273,922,880 191,844,453 236,470,218
402 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CAPITAL STRUCTURE
Quantitative Disclosure of Capital Structure of Commercial Banks
31-Dec-23 31-Dec-22
Capital
Bank Consolidated Bank Consolidated
Risk-Weighted Assets (RWA)
Credit Risk RWA 964,706,719 1,164,932,800 846,394,763 1,020,414,291
Market Risk RWA 9,980,215 12,359,269 5,829,558 6,232,483
Operational Risk RWA 58,720,278 68,332,364 133,826,964 176,859,897
Total RWA 1,033,407,212 1,245,624,433 986,051,285 1,203,506,671
CAR BASED ON RISK PROFILE (%) 9.76% 9.82% 9.86% 9.90%
CAPITAL ALLOCATION FOR CAR BASED ON RISK PROFILE
From CET 1 (%) 8.57% 8.62% 8.76% 8.80%
From AT 1 (%) 0.00% 0.00% 0.00% 0.00%
From Tier 2 (%) 1.19% 1.20% 1.10% 1.10%
CAR Ratio
CET 1 Ratio (%) 20.29% 20.79% 18.36% 18.55%
Tier 1 Ratio (%) 20.29% 20.79% 18.36% 18.55%
Tier 2 Ratio (%) 1.19% 1.20% 1.10% 1.10%
Capital Adequacy Ratio (%) 21.48% 21.99% 19.46% 19.65%
CET 1 FOR BUFFER (%) 11.72% 12.17% 9.60% 9.75%
PERCENTAGE OF BUFFER MANDATORY FILLED BY BANK (%)
Capital Conservation Buffer (%) 2.50% 2.50% 2.50% 2.50%
Countercyclical Buffer (%) 0.00% 0.00% 0.00% 0.00%
Capital Surcharge for Systemic Banks (%) 2.50% 2.50% 2.50% 2.50%
MATERIAL COMMITMENTS
FOR CAPITAL GOODS INVESTMENT
Bank Mandiri does not have a material bond for capital goods investment in the 2023 financial year. As such,
the Bank does not present information related to this matter, including:
1. The name of the contracting party;
2. The purpose of the engagement;
3. Source of funds prepared to fulfill the engagement;
4. The currency denomination in the bond; and
5. The Bank’s planned measures to hedge the risks of the related foreign currency position.
ANNUAL REPORT 2023 403
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CAPITAL GOODS INVESTMENT
IN FISCAL YEAR 2023
Capital Goods Investment
Bank Mandiri realizes capital goods investment every year which is an activity of issuing funds used to purchase
a number of assets or investments that are expected to provide value benefits in the future.
Types and Value of Capital Goods InvestmenT
Bank Mandiri’s capital goods investment of fixed assets in the form of land, buildings, equipment, office
equipment and computers, motor vehicles, assets under construction, and rights assets stood at Rp5.07 trillion
as of 31 December 2023. The capital goods investment was made in connection with the Bank’s sustainable
business expansion activities.
Types and Value of Capital Goods Investments
(in Rp Million)
Types of Capex Investment Value of Capital Goods
Capital Goods - Fixed Assets 2023 2022
Land 33,518 845,040
Building 154,831 549,251
Supplies, Office Equipment and Computers 403,071 473,980
Motor vehicle 11,322 15,603
Construction in Progress 2,483,635 2,123,973
Right of Use Assets 1,998,278 2,255,067
Purpose of Capital Goods Investment
Bank Mandiri invests in capital goods aimed at fostering and supporting the operational activities of Bank
Mandiri as a whole.
404 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
TRANSACTION INFORMATION RELATED
TO INVESTMENT, EXPANSION,
DIVESTMENT, MERGER, ACQUISITION,
AND RESTRUCTURING
Investment
As one of the business activities in the banking industry, the Bank invests in debt securities both issued by
the Government and corporations. Details of investments in debt securities made by Bank Mandiri as of 31
December 2023 are as follows:
Value
Types of Securities
2023 2022
Related parties
Measured at Fair Value Through Profit and Loss 3,138,746 363,281
Measured at Fair Value Through Other Comprehensive Income 10,625,541 14,060,476
Measured at Amortized Cost of Acquisition 3,668,508 4,834,818
Measured at Cost of Acquisition*) 309,017 281,259
17,741,812 19,539,834
Third parties
Measured at Fair Value Through Profit and Loss 16,116,963 10,724,161
Measured at Fair Value Through Other Comprehensive Income 38,208,496 15,277,832
Measured at Amortized Cost of Acquisition 2,231,038 3,120,999
Measured at Cost of Acquisition *) 991,866 10,967,719
57,548,363 40,090,711
Investments in Unit-Link**)
Related Parties:
Measured at Fair Value Through Profit and Loss 6,032,327 7,750,743
Third Parties:
Measured at Fair Value Through Profit and Loss 13,259,620 15,439,438
19,291,947 23,190,181
Total 94,582,122 82,820,726
Add/(Less):
Unamortized Discounts 8,829 18,986
Unrealized Gains on Increases in the Fair Value of Marketable
105,165 1,297
Securities
Allowance for Impairment Losses (150,275) (41,191)
(36,281) (20,908)
Net 94,545,841 82,799,818
*) Marketable securities owned by Subsidiaries.
**) Investments in unit-link contracts are investments owned by policyholders of unit-link contracts of Subsidiary’s
which are presented at fair value
ANNUAL REPORT 2023 405
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TRANSACTION INFORMATION RELATED TO INVESTMENT, EXPANSION,
DIVESTMENT, MERGER, ACQUISITION, AND RESTRUCTURING
The details of Bank Mandiri’s investment in bonds are as follows:
Value
Types of Securities
2023 2022
Related parties
Government Bonds
Measured at Amortized Cost of Acquisition 163,194,756 180,578,053
Measured at Fair Value Through Other Comprehensive
90,640,924 92,532,086
Income***)
Measured at Cost of Acquisition*) 34,541,812 44,213,180
Measured at Fair Value Through Profit and Loss 12,078,509 6,972,279
Investment in unit-link **)
Measured at Fair Value Through Profit and Loss 8,726,970 4,916,166
309,182,971 329,211,764
*) Government Bonds owned by Subsidiaries classified in accordance with PSAK No. 110 “Sukuk Accounting”.
**) Investment in unit-linked is an investment owned by the policyholder in the unit-linked contract of the Subsidiary
presented at fair value.
***) This includes sukuk, project-based sukuk, and retail sukuk that are classified as measured at fair value through other
comprehensive income.
Expansion share ownership in AII to 0% on 4 October 2023.
Align with the improvement of digital banking Thereby, AII is no longer a subsidiary of Bank Mandiri.
services, Bank Mandiri reduced the number of
branches by 117 sub-branch offices. This step is Acquisition
carried out to optimize banking services to customers Bank Mandiri has no acquisition-related
by considering the level of digital penetration in each transactions or activities with a material value
location. This reflects Bank Mandiri’s commitment to throughout 2023.
always provide the widest possible access to the
public to obtain banking services and products Debt and Capital Restructuring
through the development of digital platforms and Bank Mandiri did not conduct debt restructuring
branchless banking. and/or capital restructuring transactions during
2023.
Divestments
Following the first divestment process that changed Use of Third-Party Services
Bank Mandiri’s ownership in PT AXA Insurance The use of third-party services to assess the fairness
Indonesia or AII (formerly PT Mandiri AXA General of investment transactions, acquisitions, divestments
Insurance) to 20% in 2018, a second divestment has and restructuring is carried out by adhering to
been carried out which changed Bank Mandiri’s prevailing capital market regulations.
406 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
COMMITMENT AND CONTINGENCIES
Bank Mandiri reported commitment and contingency transactions throughout 2023 as follows:
Description Value
2023 2022
Commitment
Commitment Liabilities
Unused Loan Facility *)
Related Parties (82,892,633) (75,635,375)
Third Parties (133,451,445) (121,899,606)
Total (216,344,078) (197,534,981)
Outstanding Irrevocable Letters of Credit
Related Parties (8,039,096) (13,991,579)
Third Parties (12,842,876) (14,325,702)
Total (20,881,972) (28,317,281)
Commitment Liabilities – Net (237,226,050) (225,852,262)
Contingency
Contingency Receivables:
Guarantees Received from Other Banks 29,226,582 28,052,019
Interest Income in Progress 10,576,751 12,467,774
Others 34,338 34,355
Total 39,837,671 40,554,148
Contingent Liabilities:
Guarantees are Given in the Form of:
Bank Guarantee
Related Parties (38,002,449) (36,092,991)
Third Parties (76,598,004) (74,913,516)
Total (114,600,453) (111,006,507)
Standby Letter of Credit
Related Parties (6,810,499) (5,810,458)
Third Parties (7,948,783) (6,019,854)
Total (14,759,282) (11,830,312)
Others (3,268,517) (2,154,323)
Total (132,628,252) (124,991,142)
Contingent Liabilities – Net (92,790,581) (84,436,994)
(330,016,631) (310,289,256)
*) Including unused committed and uncommitted loan facilities.
ANNUAL REPORT 2023 407
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
COMPARISON BETWEEN
TARGET & REALIZATION 2023
Comparison of 2023 For this achievement, Bank Mandiri posted a
Financial Target and consolidated net profit of Rp55.1 trillion, grew 33.73%
yoy from Rp41.2 trillion and has exceeded the 2023
Realization (Bank only) RKAP target of Rp44.3 trillion. Meanwhile, in terms of
bank only, Bank Mandiri’s net profit reached Rp51.1
Bank Mandiri successfully recorded positive trillion or grew 35.56% yoy and has exceeded the
performance until the end of 2023. Bank Mandiri 2023 RKAP target of Rp39.9 trillion. The driving factors
maintained its position as the Bank with the largest for achieving the net profit target include Net Interest
assets in Indonesia, reaching Rp2,174.2 trillion or Income which reached Rp71.2 trillion or grew 9.40%
an increase of 9.12% yoy on a consolidated basis. yoy and Fee Based Income which grew 20.17%
Meanwhile, on a bank-only basis, Bank Mandiri’s yoy to reach Rp32.4 trillion. The achievement of NII
total assets managed to reach Rp1,688.9 trillion, grew and FBI has also succeeded in exceeding the 2023
7.55% yoy. This figure exceeds the 2023 RKAP target RKAP target of Rp70.03 trillion and Rp28.57 trillion,
of Rp1,654.7 trillion. Bank Mandiri also managed to respectively.
record loan disbursements of Rp1,085.8 trillion, an
increase of 16.42% yoy from Rp932.6 trillion in 2022. Bank Mandiri is also proven to be able to maintain
Meanwhile, in terms of third-party funds, Bank Mandiri consistency in maintaining company efficiency as
managed to raise public funds of Rp1,242.1 trillion, an reflected in the Cost to Income Ratio of 34.31% at
increase of 4.11% yoy from Rp1,193.2 trillion in 2022. the end of 2023, decreased 385bps from the same
Bank Mandiri has consistently been able to increase period in 2022. Through prudent lending and regular
its low-cost funds ratio to 79.40% by the end of 2023, monitoring, Bank Mandiri’s credit quality continues to
grew 176bps from the same period in 2022. As such, improve with an NPL ratio of 1.02%, decreased 86bps
the cost of funds was continued to be maintained at from 1.88% in 2022. This NPL ratio has successfully
an optimal level of 1.75%. exceeded the 2023 RKAP target of 1.66%.
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
COMPARISON BETWEEN TARGET & REALIZATION 2023
Financial Parameters and Ratios (bank only) December 2023
Target Realization
Total Assets (Rp billion) 1,654,680 1,688,850
Total Credit (Rp billion) 1,026,695 1,085,787
Net Profit (Rp billion) 39,910 51,097
CAR 20.26% 21.48%
Core Capital 190,912 209,724
ROE 22.02% 27.31%
ROA 3.18% 4.03%
NIM 5.18% 5.25%
BOPO 60.31% 51.88%
CIR 37.32% 34.31%
CASA Ratio 78.24% 79.40%
LDR 82.72% 86.75%
Gross NPL 1.66% 1.02%
Net NPL 0.32% 0.29%
2024 Projections
Bank Mandiri has set bank-only performance targets for 2024 as follows:
Description 2024 Projections
Net Interest Margin 5.4%-5.6%
Cost of Credit 1.4%-1.6%
Loans Growth 9.0%-11.0%
Third-Party Funds Growth 8.0%-10%
Net income 4.0%-6.0%
Operating Expense 6.0%-8.0%
Gross NPL (%) 1.4%-1.6%
Cost to Income Ratio (%) 38.0%-40.0%
Assumptions in Drawing Up the 2024 Projections
Bank Mandiri takes several macro and microeconomic assumptions in preparing the Bank’s Business Plan for
the 2024 period as follows:
Macroeconomics Assumptions 2024 Projections
Macroeconomics Assumptions
GDP Growth (%) 5.06%
Inflation (%) 3.19%
USD/IDR Exchange Rate (RP) 15,418
Microeconomic Assumptions
BI Rate (%) 5.50%
Loan Growth (%) 9.08%
Third-Party Funds Growth (%) 8.00%
ANNUAL REPORT 2023 409
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
COMPARISON BETWEEN TARGET & REALIZATION 2023
Comparison of Marketing Targets and Realization 2023
Overall, marketing activities have successfully contributed to the Bank’s performance. Bank Mandiri’s
consolidated third-party funds acquisition increased to Rp1,242,1 trillion as of December 2023, or exceeding
the target of Rp1,233.3 trillion. Meanwhile, Bank Mandiri’s loans achievement also grew to Rp1,085.8 trillion
in December 2023, exceeding the initial target of Rp1,026.7. trillion. Meanwhile, Fee Based Income grew to
Rp32.5 trillion in December 2023, exceeding the 2023 target of Rp28.6 trillion.
Marketing Target and Realization Comparison 2023
(in Rp Billion)
Target 2023 Realization up to December 2023
Third-Party Funds 1,233,285 1,242,146
Loans 1,026,695 1,085,787
Fee Based Income 28,567 32,452
Comparison of Targets and Realization of Human Resources Development 2023
The manifestation of Bank Mandiri’s commitment in providing equal opportunities for its employees in
terms of competency development can be seen in the target comparison data and the realization of HR
development. In 2023, total employees who have participated in development training was 97% of the total
active employees or as many as 37,779 employees, which has successfully exceeded the target of 80% training
of 31,131 employees.
The training realization cost amounted to Rp351.94 billion, a decrease of 3.2% compared to the previous year’s
realization
Comparison of Target and Realization of Human Resource Development in 2023
Target 2023 Realization Realization
Target 2022
80% of the total 2023 2022
Implementation of Training (Employees) 31,131 37,779 38,200 37,837
Total Training Cost (in Rp Billion) 313.75 351.94 364 207
MATERIAL INFORMATION
AND SUBSEQUENT EVENTS
Based on Bank Mandiri’s dated financial statements position statement date of 31 December 2023,
for the period ended 31 December 2023 prepared until 31 January 2024 which will result in additional
by Management and audited by Public Accounting adjustments or disclosures to the financial statements
Firm Tanudiredja, Wibisana, Rintis & Rekan (a member where the Financial Accounting Standards
firm of the PwC global network) with a public applicable in Indonesia require adjustments or
accountant in charge Lucy Luciana Suhenda, S.E., disclosures.
Ak., CPA, no subsequent events after the financial
410 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
DIVIDEND POLICY
AND DISTRIBUTION
Dividend Policy of the relevant year. In this case, Bank Mandiri
will consider several important factors related to
In general, the dividend distribution carried out by Bank Mandiri’s financial health, level of capital
Bank Mandiri refers to Law No. 40 of 2007 concerning adequacy, Bank Mandiri’s fund needs for further
Limited Liability Companies and the Bank’s articles business expansion, without prejudice to the right of
of association. Based on the law, all net profit Bank Mandiri’s AGMS to determine in accordance
minus allowance for impairment is distributed to with the provisions of the Company’s Articles of
shareholders as dividends, unless otherwise specified Association.
in the General Meeting of Shareholders (GMS).
In addition, dividend payments from net profit
Bank Mandiri distributes dividends once a year are made by Bank Mandiri based on prevailing
preceded by the Annual General Meeting of law in Indonesia and will pay dividends (if any) in
Shareholders (AGMS) which has the authority to cash in Rupiah and always comply with prevailing
determine and approve dividend distribution. Bank regulations on the stock exchange by making
Mandiri’s policy regarding dividend distribution to payments on time. Bank Mandiri has no restrictions
customer holders is to maintain a dividend payout (negative covenants) in connection with restrictions
ratio of around 45% or more of net profit per year, on third parties in the context of dividend distribution
unless the AGMS states otherwise depending on that can detriment the rights of public shareholders.
various considerations related to the performance
Announcement and Payment of Dividends
Bank Mandiri has announced and distributed dividends as stipulated in the AGMS in the last five years as
follows:
Announcement and Payment of Dividends for Financial Year 2018-2022
Description 2023 2022 2021 2020 2019
AGMS AGMS AGMS AGMS Resolution AGMS
Resolution Resolution Resolution dated 19 Resolution
Legal Basis
dated 14 March dated 10 March dated 15 March February 2020 dated 16 May
2023 2022 2021 2019
Audited Audited Audited Audited Audited
Financial Year financial financial financial financial financial
statements 2022 statements 2021 statements 2020 statements 2019 statements 2018
Net Profit (Rp billion) 41,170.64 28,028.16 17,119.25 27,482.13 25,015.02
Dividend (Rp billion) 24,702.38 16,816.89 10,271.55 16,489.28 11,256.76
Dividend by Share (Rp) 529.34 360.64 220 353.34 241.22
Dividend Pay Out Ratio 60% 60% 60% 60% 45%
Cash Dividend 14 March 2023 10 March 2022 15 March 2021 19 February 2020 16 May 2019
Announcement Date
Cash Dividend Payment 12 April 2023 6 April 2022 12 April 2021 20 March 2020 19 June 2019
Date
ANNUAL REPORT 2023 411
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
DIVIDEND POLICYAND DISTRIBUTION
Announcement and Payment of Dividends for hundred forty-five billion two hundred thirty-
Fiscal Year 2022 eight million eight hundred one thousand
Bank Mandiri held an AGMS on 14 March 2023 two hundred and five Rupiah and fifty cents)
which approved and determined the use of will be deposited into the State General
consolidated Net Profit attributable to owners of Treasury Account.
the parent entity for Fiscal Year 2022 amounting b. 48% ownership of public shares of
to Rp41,170,637,183,351.00 (forty-one trillion one Rp11,857,143,508,805.10 (eleven trillion,
hundred seventy billion six hundred thirty million one eight hundred fifty-seven billion, one
hundred eighty-three thousand three hundred fifty- hundred forty-three million, five hundred
one Rupiah) as follows: eight thousand, eight hundred and five
Rupiah and ten cents) will be given to
1. 60% of the Company’s consolidated net Shareholders in accordance with their
profit for the fiscal year 2022 or a total of respective ownership portions.
Rp24,702,382,310,010.60 (twenty-four trillion c. grant power and authority to the Board of
seven hundred two billion three hundred Directors of the Company with the right of
eighty-two million three hundred twenty substitution to determine the schedule and
thousand a single Rupiah and sixty cents) will be procedure for dividend distribution for Fiscal
distributed as cash dividends to the Company’s Year 2022 in accordance with prevailing
Shareholders with the following conditions: regulations
a. specifically, dividends for the State of 2. 40% or a total of Rp16,468,254,873,340.40
the Republic of Indonesia which is the (sixteen trillion four hundred sixty-eight billion two
Company’s Shareholder with ownership hundred fifty-four million eight hundred seventy-
of 52% of the Company’s issued and three thousand three hundred forty Rupiah and
paid-up capital or amounting to forty cents) is designated as Retained Earnings.
Rp12,845,238,801,205.50 (twelve trillion eight
412 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
STOCK OPTION PROGRAM
BY EMPLOYEES AND/OR MANAGEMENT
Pursuant to the Resolution of the Extraordinary GMS amounted to 375,365,957 shares, resulting in an
dated 20 May 2003 as stated in the Notarial Deed increase in Issued and Paid-up Capital of Rp187,683,
of Sutjipto, S.H., No. 142 dated 29 May 2003, Bank an increase in Agio Share of Rp117,193.
Mandiri’s shareholders also approved the share
ownership plan by employees and Directors through Furthermore, at the Annual GMS on 16 May 2005,
the Employee Stock Allocation (ESA) Program and MSOP Phase 2 (two) of 312,000,000 stock options
the Granting of Stock Option to Management Stock was approved. The execution price per share is
Option Plan (MSOP). The ESA program consists of a Rp1,190.50 (full value) for the first year and Rp2,493
Share Plan Bonus program and a Share Purchase (full value) for the second and following years. The
at Discount program. While the MSOP program is nominal value per share is Rp500 (full value). This
intended for Directors and leadership employees at stock option grant is recorded in equity post - stock
certain levels or criteria. The fees and discounts for options with a fair value of stock options of Rp642.28
the ESA program are borne by Bank Mandiri, whose (full value) per share. The options exercised from
expenses comes from the established reserves. MSOP Phase 2 (two) amounted to 311,713,697
The management and implementation of ESA shares, resulting in an increase in issued and paid-
and MSOP programs are carried out by the Board up capital of Rp155,857 and an increase in agio
of Directors, while supervision is carried out by the share of Rp425,233.
Board of Commissioners.
The Annual GMS on 22 May 2006 approved
On 14 July 2003, the Government of the Republic the granting of MSOP Phase 3 (three) totaling
of Indonesia released 4,000,000,000 of its shares, 309,416,215 stock options. The GMS also authorizes
representing 20.00% of its ownership in Bank Mandiri, the Board of Commissioners to determine the
through an Initial Public Offering (IPO). As a follow- implementation and supervision policy for the
up to the Government Regulation of the Republic MSOP Phase 3 (three) program and report it at the
of Indonesia No. 27/2003 dated 2 June 2003 upcoming GMS. The option execution price per
which approved the divestment of up to 30.00% MSOP Phase 3 (three) share is Rp1,495.08 (full value)
of the Government’s ownership in Bank Mandiri with a nominal value of Rp500 (full value) per share.
and based on the decision of the Privatization This stock option grant is recorded in the Equity post
Policy Team of State-Owned Enterprises No. – Stock Options with a fair value of stock options
Kep-05/TKP/01/2004 dated 19 January 2004, the of Rp593.89 (full value) per share. The options
Government of the Republic of Indonesia further exercised from MSOP Phase 3 (three) amounted to
divested 10.00% ownership in Bank Mandiri or as 309,415,088 shares, resulting in an increase in issued
many as 2,000,000,000 Series B ordinary shares on 11 and paid-up capital of Rp154,707 and an increase
March 2004 through private placement. in agio share of Rp491,651.
At the time of the IPO on 14 July 2003, Bank Mandiri On 27 December 2010, the Bank has made its first
granted stock purchase options to management registration to OJK (formerly the Capital Market and
through the MSOP Phase 1 (one) program totaling Financial Institutions Supervisory Agency (Bapepam
378,583,785 options with an execution price of and LK)) in the framework of a Limited Public
Rp742.50 (full value) per share and a nominal value Offering (Rights Issue) to the Bank’s shareholders
of Rp500 (full value) per share. This stock option for the Issuance of Preemptive Rights (HMETD) of
grant is recorded in the Equity - Stock Option item 2,336,838,591 series B shares. The Bank has submitted
with a fair value of Rp69.71 (full value) per share. a notification regarding the Rights Issue to Bank
The options exercised from MSOP Phase 1 (one) Indonesia through a letter dated 17 September
ANNUAL REPORT 2023 413
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
STOCK OPTION PROGRAM BY EMPLOYEES AND/OR MANAGEMENT
2010. This Rights Issue has also been promulgated of Commissioners non-Independent to provide
through Government Regulation of the Republic of motivation in improving performance in the future,
Indonesia No. 75 of 2010 dated 20 November 2010. rewarding efforts to maintain and/or increase stock
The Rights Issue has received effective approval value in the long term. The LTI program for the
from Bapepam and LK through letter No. S-807/ Board of Directors and Board of Commissioners is
BL/2011 dated 27 January 2011, where the Rights given based on the performance period of 2022
Issue became effective after obtaining approval – 2024. The performance measurement period/
from shareholders in the Extraordinary General Performance/ Vesting Period is Annual (January to
Meeting of Shareholders held on 28 January 2011. December) for 3 years (2022-2024). LTI vests fully in
the 4th year (2025) after the financial statements are
Preemptive rights of 2,336,838,591 shares were audited by independent auditors and the annual
traded during the period 14 - 21 February 2011 with report is approved by/determined at the GMS.
an exercise price of Rp5,000 (full value) per share The calculation of achieving performance targets
resulting in an increase in issued and paid-up capital uses a 3-year average calculation (2022-2024) with
of Rp1,168,420. Based on the resolution of the EGMS indicators, namely Total Shareholder Return (TSR),
dated 21 August 2017, Bank Mandiri’s shareholders, Return on Equity (ROE) and Non-Performing Loan
among others, approved a stock split from Rp500 (NPL).
(full value) per share to Rp250 (full value) per share,
hence the issued capital becomes 46,666,666,666 Bank Mandiri also has an Employee Stock Ownership
shares consisting of 1 (one) Dwiwarna Series A Program (ESOP) in order to increase the sense of
share and 46,666,666,665 Series B shares. The stock belonging while motivating employees to make
split par value became effective on 13 September the best contribution in the long term. ESOPs are
2017. given to certain grades and levels of positions
that meet the criteria according to Management
As a continuation of the previously distributed ESOP approval consisting of individual performance,
and MSOP programs, Bank Mandiri provides similar talent classification, and employee track record.
programs to employees and Management with During the period 2015 to 2022, Bank Mandiri has
predetermined grant and vesting requirements. distributed 96,003,800 shares with a vesting period
of 3 – 5 years. In 2023, Bank Mandiri does not have
Bank Mandiri has a Management Stock Ownership an Employee Stock Ownership Program (ESOP).
Program (MSOP) in the form of Long-Term Incentive
(LTI) of shares measured based on the achievement Bank Mandiri will implement a similar shareholding
of company performance targets (Performance program for employees and management in the
Share Plan) for the Board of Directors and Board following years.
414 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
REALIZATION OF THE USE OF PROCEEDS
FROM THE PUBLIC OFFERING
Realization of the Use of Public Offering Proceeds
On 14 July 2003, Bank Mandiri conducted an IPO of 4,000,000,000 Series B Ordinary Shares, with a par value of
Rp500 (full value) per share sold at a price of Rp675 (full value) per share. The public offering was a divestment
of 20.00% of Bank Mandiri’s shares owned by the Government.
On 14 July 2003, a total of 19,800,000,000 shares of Bank Mandiri’s Series B Ordinary Shares were listed on the
Jakarta Stock Exchange and Surabaya Stock Exchange based on approval letters from the Jakarta Stock
Exchange No. S-1187/JSX. PSJ/07-2003 dated 8 July 2003 and Surabaya Stock Exchange No. JKT- 028/LIST/BES/
VII/2003 dated 10 July 2003.
In compliance with POJK No. 30/POJK.04/2015 on the Realization Report on the Use of Public Offering
Proceeds, Bank Mandiri has reported the Realization of the Use of Public Offering Proceeds for Bank Mandiri
Shelf-Registration Green Bonds I Phase I Year 2023 as follows:
No Realization
Realization Value of Public Offering Plan of Use of
of the Use of Remaining
Results Funds
Types of Public Effective Funds Public
Offerings Date Number of Public Offering
Loan Loan Proceeds
Public Offering Offering Net Results
Expansion* Expansion*
Proceeds Fees
Bank Mandiri
Shelf-Registration 4 July Rp5,000 Rp12.26 Rp4,987.74 Rp4,987.74 Rp4,987.74
1 Rp0
Green Bond I 2023 Billion Billion Billion Billion Billion
Phase I 2023
* Loan included in the category of Green Business Activities (KUBL) as regulated in POJK No.60/2017
On 4 July 2023, Bank Mandiri issued Bank Mandiri All funds obtained from the Public Offering of Green
Shelf-Registration Green Bonds I Phase I Year 2023 Bonds, after deducting emission costs, will be entirely
(“Shelf-Registration Green Bonds I Phase I”) with a used to finance or refinance activities included in the
par value of Rp5,000,000,000,000 consisting of 2 category of Environmental Business Activities (KUBL)
(two) series. as stipulated in the Financial Services Authority
Regulation (POJK) No. 60/POJK.04/2017 on Issuance
Interest on Green Bonds I Phase I is paid quarterly with and Requirements of Green Bond Securities, with
the first interest payment made on 4 October 2023. a portion of at least 70% (seventy percent) used to
The last interest payment and principal repayment finance KUBL.
which is the maturity date of the bonds is 4 July 2026
for series A and 4 July 2028 for series B. The trustee The public offering of both stock and bond securities
of the issuance of Green Bonds I Phase I is PT Bank has been completed and all proceeds from the
Negara Indonesia (Persero) Tbk. public offering have been used and reported in
accordance with applicable regulations.
ANNUAL REPORT 2023 415
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
MATERIAL TRANSACTION INFORMATION
CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH
AFFILIATES/RELATED PARTIES
Affiliate Transactions g. The person identified as referred to in
number 1) letter a) has significant influence
Bank Mandiri and its Subsidiaries conduct over the entity or is a key management
transactions with related parties as defined in PSAK personnel of the entity;
No. 7 concerning “Disclosure of Related Parties” and h. Entities controlled, jointly controlled or
Bapepam and LK Regulation No. KEP-347/BL/2012 significantly influenced by the Government
dated 25 June 2012 on Presentation and Disclosure of i.e. the Minister of Finance or Local
Financial Statements of Issuers or Public Companies Government who are shareholders of the
and Financial Services Authority Regulation No. 42/ entity.
POJK.04/2020 dated 2 July 2020 concerning Affiliate
Transactions and Conflict of Interest Transactions. In Article 1 paragraph (1) of POJK 42/2022, the
description of Affiliation is as follows:
A related party is a person or entity related to a. family relations due to marriage and dependent
the entity that prepares its financial statements to the second degree, both horizontally and
(reporting entity). The related parties are as follows: vertically;
b. relationship between the party and the
1. Person who: employees, directors, or commissioners of that
a. have joint control or control over the party;
reporting entity; c. relationship between 2 (two) companies where
b. have significant influence over the reporting there are 1 (one) or more members of the same
entity; or Board of Directors or Board of Commissioners;
c. is the key management personnel of the d. relationship between the Company and the
reporting entity or the parent entity of the party, whether directly or indirectly, controlling
reporting entity or controlled by such Company;
e. relationship between 2 (two) companies
2. An entity is related to a reporting entity if it controlled, either directly or indirectly, by the
satisfies any of the following: same party; or
a. The reporting entity and entity are members f. relationship between the company and the
of the same business group; major shareholders
b. An entity is an associate or joint venture
entity of the entity; Meanwhile, the definition of Affiliate Transaction
c. Both entities are joint ventures of the same in Article 1 paragraph (3) of POJK 42/2022 is any
third party; activity and/or transaction carried out by a public
d. An entity is a joint venture of a third entity company or controlled company with an Affiliate
and another entity is an associate entity of of a public company or an Affiliate of a member
a third entity; of the board of directors, members of the board
e. The entity is a post-employment benefit of commissioners, major shareholder, or Controller,
plan for employee benefits of one of the including any activity and/or transaction carried out
reporting entities or entities related to the by a public company or controlled company for the
reporting entity; benefit of Affiliates of a public company or Affiliations
f. Entities jointly controlled or controlled by of members of the board of directors, members of
persons identified as referred to in number the board of commissioners, major shareholders, or
1); or Controllers.
416 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
MATERIAL TRANSACTION INFORMATION CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH AFFILIATES/RELATED PARTIES
During 2023, Bank Mandiri has reported Affiliate is one of the conditions for the issuance of Debt
Transactions to OJK by referring to the provisions Securities to be carried out by Bank Mandiri. The
of Article 6 paragraph (2) of POJK 42/2020. The value of the Bond Issuance does not reach
first Affiliate Transaction Reporting describes that 20% of Bank Mandiri’s equity hence it is not a
Bank Mandiri has signed a Subscription Agreement material transaction as stipulated in POJK No. 17/
on 28 March 2023 with Mandiri Securities Pte. Ltd. POJK.04/2020 concerning Material Transactions and
(Mansec), The Hongkong and Shanghai Banking Changes in Business Activities.
Corporation Limited, J.P. Morgan Securities plc,
Citigroup Global Markets Limited, MUFG Securities Mansec is a company indirectly controlled by Bank
Asia Limited Singapore Branch and Standard Mandiri, where 100% of shares in Mansec are owned
Chartered Bank as joint lead managers in relation to by PT Mandiri Sekuritas. 99.99% of shares in PT Mandiri
the issuance of debt securities (notes) denominated Sekuritas are owned by Bank Mandiri. Thereby,
in U.S. Dollar. Mansec is also one of the joint lead managers who
has collaborated with Bank Mandiri for previous
The bond issuance amount was recorded at USD300 bond issuances under the EMTN Program. With the
million with an interest rate of 5,500% and maturing issuance of these Bonds, Bank Mandiri obtains funds
in 2026, which is part of the issuance phase of Bank that will be used for Bank Mandiri’s general purposes.
Mandiri Senior Medium-Term Note (Euro Medium
Term Note or EMTN) program which has a principal The second Bank Mandiri Affiliate Transaction
amount of up to USD4 billion. Reporting to OJK in 2023 describes that Bank
Mandiri has signed an agreement related to the
The Subscription Agreement was signed for Mansec, Management Information System of the Ministry of
as a joint lead manager, to underwrite the issuance State-Owned Enterprises (KBUMN) on 14 June 2023
of bonds. The signing of this Subscription Agreement between Bank Mandiri and 46 other SOEs, as follows:
1. Perum Bulog 24. PT Jasa Marga (Persero) Tbk
2. Perum Damri 25. PT Kereta Api Indonesia (Persero)
3. Perum Jasa Tirta I 26. PT Krakatau Steel (Persero) Tbk
4. Perum Jasa Tirta II 27. PT Len Industri (Persero)
5. Perum Lembaga Kantor Berita Nasional Antara 28. PT Pelabuhan Indonesia (Persero)
6. Perum Lembaga Penyelenggara Pelayanan 29. Perusahaan Perseroan (Persero) PT
Navigasi Penerbangan Indonesia Pelayaranan Nasional Indonesia
7. Perum Percetakan Uang Republik Indonesia 30. PT Pembangunan Perumahan (Persero) Tbk
8. Perum Perhutani 31. PT Perkebunan Nusantara III (Persero)
9. Perum Perumnas 32. PT Pos Indonesia (Persero)
10. Perum Produksi Film Negara 33. PT Reasuransi Indonesia Utama (Persero)
11. PT Adhi Karya (Persero) Tbk 34. PT Semen Indonesia (Persero) Tbk
12. PT Asabri (Persero) 35. PT Taspen (Persero)
13. PT ASDP Indonesia Ferry (Persero) 36. PT Waskita Karya (Persero) Tbk
14. PT Asuransi Jiwasraya (Persero) 37. PT Wijaya Karya (Persero) Tbk
ANNUAL REPORT 2023 417
Page 420
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
MATERIAL TRANSACTION INFORMATION CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH AFFILIATES/RELATED PARTIES
15. PT Aviasi Pariwisata Indonesia (Persero) 38. PT Bank Rakyat Indonesia (Persero) Tbk (BRI)
16. PT Bahana Pembinaan Usaha Indonesia (Persero) 39. PT Bank Negaa Indonesia (Persero) Tbk (BNI)
17. PT Bio Farma (Persero) 40. PT Bank Tabungan Negara (Persero) Tbk
(BTN)
18. PT Biro Klasifikasi Indonesia (Persero) 41. PT Danareksa (Persero)
19. PT Brantas Abipraya (Persero) 42. PT Pertamina (Persero)
20. PT Garuda Indonesia (Persero) Tbk 43. PT Perusahaan Listrik Negara (Persero) (PLN)
21. PT Hutama Karya (Persero) 44. PT Pupuk Indonesia (Persero)
22. PT Mineral Industri Indonesia (Persero) 45. PT Rajawali Nusantara Indonesia (Persero)
23. PT Industri Kereta Api (Persero) 46. PT Telkom Indonesia (Persero) Tbk
The agreement was carried out October 2023 between Bank participation to CCP SBNT, and
in connection with the Ministry Mandiri and BNI and BRI (the other legal and compliance
of SOEs that has built an SOE Parties). impacts that may be caused by
Management Information the planned capital participation
System as part of integrated risk The parties have an affiliate to KPEI in connection with
management using the Anaplan relationship, in this case the State development CCP SBNT.
platform. The parties agreed of the Republic of Indonesia
on the use of the Anaplan represented by the Ministry Transactions are possible to
platform as a data storage of SOEs which is the main make changes and/or updates
medium from each party to the shareholder of the parties. This according to the agreement
Ministry of SOEs. The signing of agreement is carried out in of the parties. The transaction
this agreement was carried out connection with the need for may also be followed up with
in the context of the needs of the parties to obtain a legal other cooperation in the form of
implementing an Integrated Risk opinion from an independent the use of the parties’ resources
Management and Governance legal consultant on the which can be viewed as a series
System within SOEs. planned capital participation of transactions to support a
in KPEI in connection with the purpose of capital participation
The third Bank Mandiri Affiliate development of CCP SBNT. in KPEI.
Transaction Reporting to OJK in
2023 describes that Bank Mandiri In addition, the signing of the In addition to reporting the
has signed an agreement on Joint agreement was also carried three Affiliate Transactions to
Procurement of Legal Consultant out in order to ensure the legal OJK, Bank Mandiri also has other
Services in the framework of a basis for the involvement of Affiliate Transactions during 2023
plan for capital participation banks, especially HIMBARA, with the object of Transactions in
to PT Kliring Penjaminan Efek in the development of CCP the form of Securities. Whether
Indonesia (KPEI) in connection SBNT through the mechanism it’s Bank Mandiri with a number
with the development of a of share participation to KPEI, of affiliated companies or other
Central Counterparty for Over- the legal basis and authority SOEs. These affiliated parties are
the-Counter Interest Rate and of Bank Indonesia (BI) and the described in the table below:
Exchange Rate Derivative Ministry of SOEs to mandate
Transactions (CCP SBNT) on 9 the implementation of capital
418 PT Bank Mandiri (Persero) Tbk
Page 421
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
MATERIAL TRANSACTION INFORMATION CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH AFFILIATES/RELATED PARTIES
Transaction Objects Affiliated Parties Nature of Affiliate Relationships Transaction Value (Rp)
Securities
PT BANK SYARIAH INDONESIA Tbk Bank Mandiri Subsidiary Company 24,786,212,720,000
Transactions
SOEs (controlled by the same party,
Securities PT BANK NEGARA INDONESIA either directly or indirectly, namely
9,191,168,000,000
Transactions (PERSERO) Tbk the Government of the Republic of
Indonesia)
SOEs (controlled by the same party,
Securities PT BANK RAKYAT INDONESIA either directly or indirectly, namely
6,890,656,250,000
Transactions (PERSERO) Tbk the Government of the Republic of
Indonesia)
Securities
PT MANDIRI SEKURITAS Bank Mandiri Subsidiary Company 5,148,801,000,000
Transactions
SOEs (controlled by the same party,
Securities PT BANK TABUNGAN NEGARA either directly or indirectly, namely
4,334,413,520,000
Transactions (PERSERO) Tbk the Government of the Republic of
Indonesia)
Securities PT MANDIRI MANAJEMEN Sub-Subsidiary of Bank Mandiri
4,011,489,000,000
Transactions INVESTASI Company
State-owned subsidiaries (controlled
Securities by the same party, either directly or
PT BAHANA SECURITAS 1,166,946,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
State-owned subsidiaries (controlled
Securities DANAREKSA INVESTMENT by the same party, either directly or
444,987,000,000
Transactions MANAGEMENT indirectly, namely the Government
of the Republic of Indonesia)
Securities
DANA PENSIUN BANK MANDIRI Bank Mandiri Related Parties 434,392,000,000
Transactions
Securities BANK MANDIRI (EUROPE) LTD.
Bank Mandiri Subsidiary Company 299,890,000,000
Transactions LONDON
State-owned subsidiaries (controlled
Securities by the same party, either directly or
PT BAHANA TCW 237,250,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
State-owned subsidiaries (controlled
Securities by the same party, either directly or
PT BRI Asuransi Indonesia 217,000,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
SOEs (controlled by the same party,
Securities either directly or indirectly, namely
PT TASPEN 150,000,000,000
Transactions the Government of the Republic of
Indonesia)
State-owned subsidiaries (controlled
Securities by the same party, either directly or
PT ASURANSI BRI LIFE 129,319,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
Securities
PT BANK MANDIRI TASPEN Bank Mandiri Subsidiary Company 101,665,000,000
Transactions
SOEs (controlled by the same party,
Securities either directly or indirectly, namely
PT MINERAL INDUSTRI INDONESIA 95,000,000,000
Transactions the Government of the Republic of
Indonesia)
Securities KOPERASI KESEHATAN PEGAWAI
Bank Mandiri Related Parties 92,160,000,000
Transactions DAN PENSIUNAN BANK MANDIRI
Securities PT AXA MANDIRI FINANCIAL
Bank Mandiri Subsidiary Company 77,000,000,000
Transactions SERVICES
ANNUAL REPORT 2023 419
Page 422
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
MATERIAL TRANSACTION INFORMATION CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH AFFILIATES/RELATED PARTIES
Transaction Objects Affiliated Parties Nature of Affiliate Relationships Transaction Value (Rp)
SOEs Sub-Subsidiary (controlled by
Securities the same party, either directly or
BNI AM 54,050,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
Securities SOEs (operated by the same party,
PT PEMERINGKAT EFEK INDONESIA 42,000,000,000
Transactions Government RI)
Securities
AXA Mandiri Bank Mandiri Subsidiary Company 39,000,000,000
Transactions
SOEs Subsidiary (controlled by
Securities PT ASURANSI TUGU PRATAMA the same party, either directly or
20,000,000,000
Transactions INDONESIA Tbk indirectly, namely the Government
of the Republic of Indonesia)
SOEs Relation Parties (controlled by
Securities the same party, either directly or
DP Employee of Semen Baturaja 882,000,000
Transactions indirectly, namely the Government
of the Republic of Indonesia)
Transactions with Related Parties
In order to carry out its normal business, Bank Mandiri has significant business transactions with related parties
as follows:
• Related party relations as major shareholders
Government of the Republic of Indonesia through the Ministry.
• Related party relationship due to ownership and/or management
The nature of transactions with related parties includes share participation, issued securities, loans and
subordinated securities, sharia loans and receivables/financing, customer deposits and bank guarantees.
No Related Parties Nature of Relationships
1 Bank Mandiri Pension Fund Bank Mandiri as founder
2 Bank Mandiri Pension Fund 1 Bank Mandiri as founder
3 Bank Mandiri Pension Fund 2 Bank Mandiri as founder
4 Bank Mandiri Pension Fund 3 Bank Mandiri as founder
5 Bank Mandiri Pension Fund 4 Bank Mandiri as founder
Controlled by Bank Mandiri Pension Fund
6 PT Bumi Daya Plaza
(since 19 December 2013)
Controlled by Bank Mandiri Pension Fund
7 PT Pengelola Investama Mandiri
(since 19 December 2013)
Controlled by Bank Mandiri Pension Fund
8 PT Usaha Gedung Mandiri
(since 19 December 2013)
9 PT Estika Daya Mandiri Controlled by Bank Mandiri Pension Fund 1
PT Asuransi Staco Mandiri (formerly PT Asuransi Staco
10 Controlled by Bank Mandiri Pension Fund 2
Jasapratama)
11 PT Mulia Sasmita Bhakti Controlled by Bank Mandiri Pension Fund 3
12 PT Krida Upaya Tunggal Controlled by Bank Mandiri Pension Fund 4
13 PT Wahana Optima Permai Controlled by Bank Mandiri Pension Fund 4
Bank Mandiri Employee and Pension Health
14 Significantly influenced by Bank Mandiri
Cooperative (Mandiri Healthcare)
420 PT Bank Mandiri (Persero) Tbk
Page 423
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
MATERIAL TRANSACTION INFORMATION CONTAINING CONFLICTS OF INTEREST
AND/OR TRANSACTIONS WITH AFFILIATES/RELATED PARTIES
• Related Parties with Government Entities Management relationship
The nature of transactions with related parties of
or key employees of Bank
government entities include current accounts
at other banks, placements in other banks, Mandiri
securities, government bonds, other receivables
- trading transactions, receivables for securities Salaries and benefits, bonuses and allowances,
under agreements to repurchase, derivative bonuses and tantiem, long-term rewards for the
receivables, sharia loans and receivables/ Board of Commissioners, Board of Directors, Audit
financing, consumer finance receivables, Committee and Risk Oversight Committee, Sharia
acceptance receivables, stock participation, Supervisory Board and Senior Executive Vice
customer deposits, deposits from other banks, President and Senior Vice President (Note 49) for the
derivative liabilities, acceptance liabilities, years ended 31 December 2023 and 2022 amounted
securities issued, fund borrowings, loans and to Rp2,030,660 and Rp1,837,516 respectively or 3.77%
subordinated securities, unused loans facilities, and 3.45% of the total consolidated other operating
bank guarantees, ongoing irrevocable letters expenses
of credit and standby letters of credit.
In carrying out its business activities, the Bank Realization of Related Party
also conducts transactions for the purchase or
Transactions
use of services such as telecommunication fees,
electricity expenses and other expenses with Details of transaction balances with related parties
related parties of government entities. as of 31 December 2023 and 2022 are further
described in the Audited Financial Statements note
More complete information about related No. 56 attached to this Annual Report.
parties to government entities is presented in
the Audited Financial Statement note No. 56 as
attached to this Annual Report
ANNUAL REPORT 2023 421
Page 424
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
REVIEW OF MECHANISM POLICY
ON TRANSACTIONS AND COMPLIANCE
WITH RELATED RULES AND REGULATIONS
Bank Mandiri has internal policies related to The policy of providing funds to related parties must
transactions that contain conflicts of interest and/or not conflict with the general procedure for providing
transactions with affiliated parties and transactions applicable funds and must still provide reasonable
with related parties. In a lending transaction that benefits for Bank Mandiri and also the provision must
contains affiliation and related elements, the loan obtain approval from the Board of Commissioners.
transaction must obtain approval from the Board of
Commissioners.
LENDING POLICY FOR
THE BOARD OF COMMISSIONERS
AND BOARD OF DIRECTORS
Bank Mandiri has internal provisions governing the provision of loan to the Board of Commissioners and Directors
that take into account the precautionary principle through a generally accepted lending process, such as the
process of lending to other debtors.
Exceeding the Legal Lending Limit Violation of Legal Lending Limit
Description Loans
(LLL) (LLL)
Board of Commissioners 1,099 Nil Nil
Board of Directors 97,201 Nil Nil
422 PT Bank Mandiri (Persero) Tbk
Page 425
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY
AND THEIR IMPACT ON THE BANK
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
The following are changes in laws and regulations that affect the Bank including the impact of changes and
information on adjustments made by Bank Mandiri to these amendments during 2023:
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
1. Financial Services • Ownership of Risk Management The need for The Bank has
Authority Certificate is determined for members comprehensive fulfilled the
Circular No. 28/ of the Board of Directors, members of implementation of the ownership of Risk
SEOJK.03/2022 the Board of Commissioners, Executive Bank’s risk management, Management
concerning Risk Officers and Officers other than including through support Certificates for
Management Executive Officers at SKMR, SKK and for improving work members of the
Certification for SKAI. competence in the field Board of Directors,
Commercial Bank • Risk Management Certification owned of risk management members of
Human Resources by the Bank is organized by LSP of the through Work Competency the Board of
banking sector registered with OJK. Certification in the field of Commissioners,
• The validity period of the Risk banking risk management Executive Officers
Management Certificate is 3 (three) for the Bank’s human and Officers other
years from the date of issuance and resources. than Executive
can be extended. Officers in SKMR,
• Fulfillment of Risk Management SKK and SKAI.
Certification refreshment program
criteria:
a. Conducted periodically at least 1
(one) time in 1 (one) year;
b. In the field of Bank risk
management; and
c. Recognized by LSP banking sector
ANNUAL REPORT 2023 423
Page 426
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
2. Financial Services • Inherent risk assessment factors It is necessary to regulate Bank Mandiri
Authority are technology, bank products, the provisions of further is required to
Circular No. 29/ organizational characteristics, and implementation in the conduct an
SEOJK.03/2022 track record of cyber incidents. Circular of the Financial inherent risk
concerning • Cybersecurity risk levels are based Services Authority. assessment related
Resilience and on inherent risk assessments and One of the further to cybersecurity
Cybersecurity for cybersecurity maturity levels. provisions of POJKPTI and an assessment
Commercial Banks • The cybersecurity maturity level is SEOJK on resilience of cybersecurity
assessment is carried out annually for and cybersecurity for maturity level.
positions at the end of December, first commercial banks.
conducted for positions at the end
of December 2022 and submitted to
OJK no later than the end of June
2023. The report is part of the Bank’s
IT Implementation Current Condition
Report.
• Scope of cybersecurity maturity level
assessment:
a. Quality of cybersecurity risk
management implementation;
and
b. Quality of application of cyber
resilience processes.
3. Law No. 4 of 2023 • Obligations of Financial Sector To support and realize Bank Mandiri
concerning the Business Actors in implementing TPPU efforts to develop and already has
Development and control strengthen the financial internal provisions
Strengthening of the • Regulations related to bank business sector in Indonesia in line where these
Financial Services activities, bank secrets and minimum with the development of provisions are in
Sector capital adequacy ratio. an increasingly complex accordance with
• Regulation of obligations for and diverse financial the regulations
the formation of a Financial services industry; fast- of the PPSK Law,
Conglomerate Holding Company moving, competitive, and but need to be
• Regulation of the implementation integrated national and adjusted to be
of Financial Sector Technology international economies; in line with these
Innovation (ITSK) in supporting an increasingly advanced provisions.
Economic and Financial Activities financial system; As well
and related ITSK organizers as to strengthen the
• Regulation of the application of regulatory and supervisory
sustainable finance in business framework for financial
activities services institutions,
• Regulation of Consumer protection new regulations and
principles adjustments to various
• Regulation to strengthen the quality regulations in the financial
of human resources in the financial sector are needed.
sector.
424 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
4. Regulation of • Money Market Transaction In order to submit The Bank has fulfilled
Members of Practitioners and LSPs the Report on the the ownership
the Board of (Whistleblowers) are required to Implementation of the and fulfillment
Governors No. prepare and submit reports to Market Code of Ethics of treasury
24/20/PADG/2022 Bank Indonesia (BI) regarding the and the Implementation certificates and
concerning ownership and fulfillment of treasury of Treasury Certification reports on the
Report on the certificates and reports on the online, provisions are application of the
Implementation of implementation of the market code required related to market code of
the Market Code of ethics. the preparation and ethics.
of Ethics and the • The report submitted is in the form of: submission of the Report
Implementation a. List of Directors and Employees on the Implementation of
of Treasury and Ownership of Treasury the Market Code of Ethics
Certification Certificates (for Money Market and the Implementation
transaction practitioners); and of Treasury Certification
b. List of Treasury Certificate Holders which will be the basis
(for Professional Certification and reference for the
Bodies (LSP)) procedures for submitting
• Administrative sanctions: reports by the Rapporteur
a. The whistleblower is a transaction to Bank Indonesia through
practitioner in the Money Market, the Bank Indonesia
namely a written reprimand and Reporting System.
an obligation to pay
b. The whistleblower in the form of
LSP is a written reprimand and/
or excluded from the list of LSPs
recognized by BI.
5. Financial Services • PUJK is required to carry out activities The rapid and dynamic • Bank Mandiri
Authority Regulation to improve Financial Literacy and development of already has
No. 3 of 2023 Inclusion to consumers and/or the innovation and technology provisions
concerning community as an annual program, at in the financial services regarding
Increasing least 1 (one) time in 1 (one) semester. sector needs to improve Financial Literacy
Financial Literacy • The obligation of PUJK in carrying out the implementation of and Financial
and Inclusion Financial Literacy activities is carried financial literacy and Inclusion.
in the Financial out at least 1 (one) time for Financial inclusion activities by • Bank Mandiri
Services Sector for Education activities. utilizing the development is required
Consumers and the • PUJK must compile and submit: of innovation and to prepare
Public a. Financial Literacy report (Plan technology as well as and submit a
and realization report); and financial education Financial Literacy
b. Financial Inclusion report (Plan learning management and Inclusion
and realization report), to the systems. Report
Financial Services Authority,
ANNUAL REPORT 2023 425
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
6. Regulation of • The SOE Board of Directors prepares To optimize the • Bank Mandiri
the Ministry of a plan to carry out the Special implementation of already has
SOEs No. PER-1/ Assignment at least containing guidance and assistance provisions
MBU/03/2023 on studies of technical aspects, legal programs to entrepreneurs related to
Special Assignments aspects, commercial aspects and of economically TJSL, however
and SOE Social financial aspects. underprivileged groups adjustments
and Environmental • SOEs report the implementation of and community need to be
Responsibility Special Assignments to the Minister of development around made in
Programs Finance, Technical Ministers, Ministers State-Owned Enterprises accordance
and Special Assignment givers oriented towards with this
periodically 1 (one) time a year or at achieving sustainable provision.
any time if needed. goals that are integrated, • Bank Mandiri
• The Board of Directors prepares a directed and measurable is required to
SOE CSR Program plan that must at in impact prepare a TJSL
least contain: program plan.
a. Prognosis for the implementation
of the SOE CSR Program in the
previous year
b. Projections of program plans and
budgets for the SOE TJSL Program
c. Setting priorities for sustainable
development goals; and
d. Performance targets
7. Regulation of the • Determination of categories and To support the planned, Bank Mandiri
Ministry of SOEs No. risk classifications of SOEs and integrated, and has made
PER-2/MBU/03/2023 Subsidiaries. sustainable management adjustments to
concerning • SOEs are required to have a of State-Owned internal regulations
Guidelines for Risk Taxonomy for SOEs and SOE Enterprises (SOEs), based on these
Governance Subsidiaries. especially those that provisions.
and Significant • SOEs are required to assess the risk related to the principles
Corporate Activities maturity index. of SOE governance, the
of Bank Mandiri • The Board of Directors must prepare a application of SOE risk
Business Entities Long-Term Plan (RJP) by considering management, assessment
environmental, social, and good of the soundness rating
corporate governance sustainability of SOEs, planning SOE
factors. strategy, guidelines for
• The draft RJP that has been signed significant corporate
by the Board of Directors together activities of SOEs,
with the Board of Commissioners/ implementation of SOE
Supervisory Board is submitted to the information technology,
GMS no later than 90 (ninety) days and SOE reporting, a legal
before the end of the RJP period and breakthrough is needed by
ratification of the RJP no later than combining several related
60 (sixty) days after the receipt of the SOE Ministerial Regulations
complete RJP. into one comprehensive
• The draft GMS that has been Ministerial Regulation.
signed together with the Board of
Commissioners/Supervisory Board
shall be submitted to the GMS no
later than 60 (sixty) days before the
fiscal year begins and the GMS/
Minister shall ratify no later than 30
(thirty) days after the current fiscal
year.
426 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
8. Regulation of the • Procedures for dismissing members of In an effort to realize Bank Mandiri has
Minister of State- the SOEs Board of Directors: a synchronous and made adjustments
Owned Enterprises a. aThe Minister evaluates before harmonious Regulation to internal
of the Republic making a dismissal, and the of the Minister of State- regulations based
of Indonesia No. termination plan is notified in Owned Enterprises to on these provisions
PER-3/MBU/03/2023 advance to the members of the support the planned,
concerning Organs SOEs Board of Directors. integrated, and
and Human b. The decision of dismissal on grounds sustainable management
Resources of State- other than being found guilty of State-Owned
Owned Enterprises by court decision, resigning and Enterprises, especially
permanent incapacity, is taken those relating to the
after the person concerned is given appointment, dismissal,
the opportunity to defend himself. and income of the
c. The setting of layoffs is carried out Board of Directors and
through Ministerial Decisions and Board of Commissioners/
RUPS Decisions. Supervisory Board, Talent
d. During the dismissal process, Management, and
members of the SOEs Board of Supporting Organs of the
Directors must continue to carry out Board of Commissioners/
their duties. Supervisory Board of State-
e. The dismissal of members of the Owned Enterprises, a legal
SOEs Board of Directors can be breakthrough is needed
processed simultaneously with the by combining several
appointment process of members Regulations of the Minister
of the SOEs Board of State-Owned Enterprises
• Procedures for dismissing members of Countries are related to
the SOEs Board of Commissioners: 1 (one) comprehensive
a. The Minister/Deputy Minister can Ministerial Regulation.
evaluate before dismissing, and
the termination plan is notified in
advance to members of the Board
of Commissioners/Supervisory Board
of SOEs.
b. The decision to dismiss on grounds
other than being found guilty by
court decision and resigning, is
taken after the person concerned
is given the opportunity to defend
himself.
c. The determination of the dismissal
of members of the SOEs Board of
Commissioners/Supervisory Board is
carried out by Ministerial Decree.
d. During the dismissal process,
members of the SOEs Board of
Commissioners/Supervisory Board
must continue to carry out their
duties.
• The dismissal of members of the Board
of Commissioners/Supervisory Board
can be processed simultaneously with
the appointment process of members
of the Board of Commissioners/
Supervisory Board of SOEs.
ANNUAL REPORT 2023 427
Page 430
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
9. Center for Financial • Persons/entities conduct transactions The Financial Transaction Bank Mandiri
Transaction for the sale/purchase of virtual Reporting and Analysis has made
Reporting and currency directly or through virtual Center (PPATK) has the adjustments to
Analysis Circular currency intermediaries (peer-to-peer) authority to issue guidelines internal regulations
No. 05 of 2023 over the counter (OTC) which allows for identifying suspicious based on these
concerning for increased anonymity. financial transactions provisions.
Indicators of • There is a flow of funds from the for reporting parties.
Suspicious Financial main office of foreign non-profit The authority of PPATK
Transactions organizations located in high- is intended as a form
Related to Terrorism risk countries of terrorism cases, of PPATK’s support for
Financing to branches of foreign non-profit the implementation of
organizations located in Indonesia Law Number 9 of 2013
and then the funds flow back to local concerning the Prevention
non-profit organizations located in and Eradication of
high-risk areas for acts of terrorism and/ Criminal Acts of Terrorism
or activities of terrorist organizations in Financing (TPPT Law) which
Indonesia. states that one form of
• Transactions carried out by persons/ efforts to prevent criminal
entities included in the watch list acts of terrorism financing
submitted in the suspected terrorism is carried out through
financing information system reporting suspicious
(SIPENDAR) after analysis of indicated financial transactions
financial transactions related to related to terrorism
terrorism financing. financing to PPATK.
• Service users are persons or entities
involved in transactions (financial or
non-financial) related to terrorists or
terrorist groups that are prohibited
under the list of suspected terrorists and
suspected terrorists issued by the United
Nations Security Council 1267
428 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
10. Bank Indonesia • Consumer Protection Principles: One of the main issues • Bank Mandiri
Regulation No. 3 of a. Equality and fair treatment; driving the issuance of the has made
2023 concerning b. Openness and transparency; P2SK Law is the low level adjustments
Bank Indonesia c. Education and literacy; of consumer protection to internal
Consumer d. Responsible business conduct; in the financial sector. provisions
Protection e. Protection of Consumer assets Consumer protection is guided by this
against misuse; essential to increase public provision.
f. Protection of Consumer data and/ confidence in financial • Bank Mandiri
or information; products and services, is required
g. Effective handling and resolution of as well as support the to submit a
complaints; and achievement of financial report related
h. Compliance Enforcement sector stability. to Consumer
• Reports related to Consumer Protection.
Protection, include: The P2SK Law regulates
a. Report on the education various aspects that
implementation plan; have not previously been
b. Education implementation report; specifically regulated
c. Report on the handling and in Bank Indonesia
resolution of complaints regulations, such as Bank
d. User; and Indonesia Consumer
• Other reports related to consumer Protection Number 22/20/
protection. PBI/2020 concerning Bank
Indonesia Consumer
Protection. Therefore, Bank
Indonesia needs to adjust
and reorganize aspects
of consumer protection
that are within the scope
of Bank Indonesia’s
authority, in order to be in
line with and support the
implementation of the law
ANNUAL REPORT 2023 429
Page 432
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
11. Regulation of • Parties (Commercial Banks, issuers and Background: • Bank Mandiri
the Financial Public Companies) can reuse audit 1. Parties who use the makes
Services Authority services after passing the gap period: services of Public adjustments
of the Republic of a. AP acts as an engagement Accountants (AP) and to internal
Indonesia No. 9 of partner, a gap period of 5 (five) Public Accounting provisions
2023 concerning consecutive reporting years. Firms (KAP) need to guided by this
the Use of Public b. AP acts as the person in charge of compile and present provision.
Accountant reviewing the quality control of the quality financial • Bank Mandiri
Services and Public engagement, a gap period of 3 information as a is required to
Accounting Firms in (three) consecutive reporting years. reflection of the submit periodic
Financial Services c. Other engagement partners, the implementation of reports every
Activities gap period of 2 (two) consecutive good governance with year to OJK
reporting years. the implementation regarding the
• Parties other than the above must of external audit appointment of
limit the use of audit services from functions by AP and KAP and
the same AP for a maximum period independent APs and the realization
during the audit of 5 (five) consecutive Public Accountants. of the use of
years, also applies to APs who are 2. There is a need AP and KAP
associated parties and KAP personnel for improvement services.
with positions 1 (one) level below the of provisions in
AP involved in providing audit services. accordance with the
In addition, it can only reuse audit provisions of laws and
services after passing a gap period for regulations and codes
2 (two) consecutive years. of professional ethics
• The party is obliged to submit periodic related to restrictions
reports annually to the OJK on: on audit services by
a. Appointment of AP and KAP no AP and KAP, as well as
later than 10 (ten) working days improvements in AP
after the employment agreement. and KAP administrative
b. Realization of the use of AP and management
KAP services no later than 6 (six)
months after the financial year
ends.
• Online through OJK reporting system
12. Presidential • The national cybersecurity strategy Technological advances Bank Mandiri
Regulation of consists of: have the potential to makes adjustments
the Republic of a. Focus area: trigger cyber attacks to internal
Indonesia No. 47 of 1) Governance; that can cause social provisions guided
2023 concerning 2) Risk management; and economic losses by this provision.
National Cyber 3) Preparedness and endurance; as well as threats to
Security Strategy 4) Strengthening the protection of state sovereignty, so it is
and Cyber Crisis vital information infrastructure; necessary to prepare a
Management 5) National cryptographic national cyber security
independence; and crisis management
6) Increased capability, capacity, strategy.
and quality;
7) Cybersecurity Policy; and
8) International cooperation
b. The national action plan on cyber
security, prepared for a period of 5
(five) years by taking into account:
1) National development plan;
2) The development of science
and technology; and
3) The development of the
strategic environment
430 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
13. Bank Indonesia • The placement of DHE SDA in a Foreign Exchange Export • Bank Mandiri
Regulation No. 7 of Special Account is mandatory for Proceeds (DHE) can be a has internal
2023 concerning exports of at least USD 250,000 or its sustainable source of funds provisions
Foreign Exchange equivalent. for national economic governing DHE
from Export and • DHE SDA that has been included development and support SDA.
Foreign Exchange in the Special Account of foreign the creation of stronger • Bank Mandiri
Import Payment currency DHE SDA, must remain financial markets and is required to
placed at least 30% for at least 3 macroeconomic stability, submit Non-TT
months from placement. in terms of placement Transaction
• BI can provide incentives for DHE through the Indonesian Reports against
SDA included in the Special DHE SDA financial system. Therefore, DPE and DPI.
Account placed in: DHE monitoring is required.
a. Term deposit of conventional In addition, there is Foreign
open market operations in foreign Exchange Import Payment
exchange at BI; and/or (DPI) that needs to be
b. Instruments left by BI. monitored for its use to
• The Bank’s obligations to DPE and support the optimization
DPI: of information on
a. Banks are required to submit a national payment foreign
Non-TT Transaction Report with exchange demand
Export information online to BI no
later than the 5th of the following
month following the PPE month
and/or PPE income month.
b. Banks are required to submit a
Non-TT Transaction Report with
Export information online to BI no
later than the 5th of the following
month after the PPE month and/
or PPI income month
ANNUAL REPORT 2023 431
Page 434
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
14. Financial Services • The Bank stipulates in the Articles of Financial Services Authority • Bank Mandiri
Authority Regulation Association regarding the term of Regulation (POJK) No. makes
No. 17 of 2023 office of members of the Board of 17 of 2023 concerning adjustments
concerning the Directors and members of the Board the Implementation to internal
Implementation of of Commissioners for a maximum of 5 of Governance for provisions
Governance for (five) years for 1 (one) term of office Commercial Banks (POJK guided by this
Commercial Banks. period starting from the effective Governance) was issued provision.
date of appointment of members of in connection with the • Bank Mandiri
the Board of Directors and members increasingly complex has established
of the Board of Commissioners by development of the a committee
the GMS, as well as stipulating other banking industry, so it is under the Board
conditions in fulfilling the positions of necessary to strengthen of Directors.
members of the Board of Directors the application of • The concurrent
and members of the Board of governance principles position of
Commissioners. at the Bank with the the Board of
• The Board of Directors shall establish support of integrated Commissioners
a committee consisting of at least the risk management and at Bank Mandiri
following: compliance to encourage is in accordance
a. Risk management committee; improvement in the with this
b. Credit or financing policy quality of sound bank provision.
committee; management, based • Bank Mandiri has
c. Credit or financing committee; on prudential and implemented
and ethical principles, In anti-money
d. Information technology steering supporting economic laundering,
committee growth and national counter-terrorism
• Former President Director of the Bank stability, increasing the financing,
concerned; and Former members Bank’s competitiveness, and counter-
of the Board of Directors who are encouraging sustainable financing
subordinate to supervisory functions growth, and contributing programs for
or Executive Officers who perform to the implementation of the proliferation
supervisory functions at the Bank social and environmental of weapons of
concerned, at least 6 (six) months responsibility, while taking mass destruction
before becoming Independent into account the interests in carrying out
Commissioners at the Bank of shareholders and its business
concerned. stakeholders. activities.
• Non-Independent Commissioners
who will switch to become
Independent Commissioners at the
Bank concerned must undergo a
waiting period of at least 1 (one)
year.
• Independent Commissioners are
prohibited from holding concurrent
positions as public officials.
• The Board of Commissioners must
report to the Financial Services
Authority no later than 5 (five)
working days since it was found:
a. Violation of the provisions of laws
and regulations in the fields of
finance, banking, and related
to the Bank’s business activities;
and/or
b. Circumstances or expected
circumstances that may
endanger the continuity of the
Bank’s business.
• Banks are required to implement anti-
money laundering, counter-terrorism
financing, and counter-financing
programs for the proliferation of
weapons of mass destruction in
carrying out business activities
432 PT Bank Mandiri (Persero) Tbk
Page 435
CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
CHANGES IN REGULATORY AND THEIR IMPACT ON THE BANK
Subject Regulation in the New Regulation Background to the
Impact on Bank
No Legal Regulations or Significant Regulatory Change from Issuance of Regulations or
Mandiri
Previous Regulation Changes in Regulations
15. Bank Indonesia Bank Indonesia provides KLM for banks The issuance of the Bank Mandiri is
Regulation No. 11 that distribute: PBI was motivated by required to submit
of 2023 concerning a. Loan or Financing to certain sectors Bank Indonesia’s efforts periodic reports
Macroprudential determined by Bank Indonesia to support sustainable related to lending
Liquidity Incentive b. Inclusive Loan or Financing based on economic growth, Bank or financing
Policy (KLM) achievement of the Macroprudential Indonesia establishes to Ultra Micro
Inclusive Financing Ratio (RPIM) and implements Enterprises (UMi).
c. Loan or Financing to Ultra Micro macroprudential policy
Efforts (UMi) through efforts to promote
d. Environmentally sound loans or balanced, quality and
financing; and/or other financing sustainable intermediation,
determined by Bank Indonesia. mitigate and manage
systemic risks, and increase
economic inclusion,
financial inclusion and
sustainable finance.
16. Financial Services • The Bank may assess the Bank’s In connection with the Bank Mandiri
Authority Circular digital maturity level independently enactment of POJK No. 11/ is required to
Letter No. 24/ and/or using third parties. POJK.03/2023 concerning conduct a Digital
SEOJK.03/2023 on • The Bank has internal policies the Implementation of Maturity Level
Assessment of Digital and procedures in conducting Information Technology Assessment of
Maturity Level of assessments that contain at by Commercial Banks, Commercial Banks.
Commercial Banks least the party conducting the hereinafter referred
assessment and the party reviewing to as POJK PTI, it is
the assessment adjusted to the necessary to regulate the
organization and complexity of the implementation provisions
Bank. regarding the assessment
• The Bank conducts its own of the digital maturity level
assessment of the Bank’s digital of commercial banks in the
maturity level periodically, at least Circular of the Financial
1 (one) time in 1 (one) year, as part Services Authority.
of the latest condition report on the
Bank’s IT operations.
• The Bank’s digital maturity level
assessment was first carried out by
the Bank for the position at the end
of December 2023 and the results of
the assessment were submitted to
OJK no later than the end of June
2024
ANNUAL REPORT 2023 433
Page 436
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
CHANGES IN ACCOUNTING POLICIES
AND IMPACT IMPLEMENTED IN 2023
Changes in accounting policies are made in order to comply with applicable PSAK relevant to the operations
of the Bank and Subsidiaries.
Changes in Accounting Policy and Its Impact (Effective 1 January 2023)
No Description of Changes in Quantitative Impact of Changes in Accounting Exposure to
Accounting Policy Policy on Financial Statements Consequences and
Adjustments Made
1, Amendment to PSAK This amendment changes “significant Updating Bank Mandiri’s
1 concerning the accounting policy information” to “material internal accounting
Presentation of Financial accounting policy information” and clarifies that policies in accordance
Statements on Disclosure not all accounting policy information related to with the requirements
of Accounting Policies transactions, events or other material conditions provided by the
is material to the financial statements. amendment
The impact of the application of the new
standard and the aforementioned adjustments
or amendments is not material to the group’s
consolidated financial statements.
2, Amendment to PSAK 16 This amendment clarifies examples of costs that Updating Bank Mandiri’s
on fixed assets on Results can be directly attributed to the acquisition value internal accounting
Before Intensive Use of assets. This amendment adds arrangements policies in accordance
for the recognition of sales proceeds and with the requirements
acquisition costs of items produced when provided by the
bringing fixed assets to the required locations and amendment
conditions in accordance with management’s
intentions in Profit or Loss and the measurement
of acquisition costs of such items by applying
the measurement requirements in PSAK 14:
Inventory.
The impact of the application of the new
standard and the aforementioned adjustments
or amendments is not material to the group’s
consolidated financial statements.
3, Amendment to PSAK 25 The amendment to PSAK 25 introduces the Update Bank Mandiri’s
on Accounting Policy, definition of accounting estimates and clarifies internal accounting
Changes in Accounting estimation techniques and valuation techniques policies in accordance
Estimates and Errors on the are examples of measurement techniques used with the requirements
Definition of Accounting in developing accounting estimates, as well as provided by the annual
Estimates changes in accounting estimates as a result of adjustment.
new information or new developments that do
not constitute error correction.
The impact of the application of the new
standard and the aforementioned adjustments
or amendments is not material to the group’s
consolidated financial statements.
434 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
PERUBAHAN KEBIJAKAN AKUNTANSI DAN
DAMPAKNYA YANG DITERAPKAN DI TAHUN 2023
No Description of Changes in Quantitative Impact of Changes in Accounting Exposure to
Accounting Policy Policy on Financial Statements Consequences and
Adjustments Made
4, Amendment to PSAK 46 on The amendment to PSAK 46 proposes that entities Update Bank Mandiri’s
Income Tax on Deferred recognize tax-deferred assets and liabilities at internal accounting
Tax Related to Assets and the time of their initial recognition, for example policies in accordance
Liabilities Arising from a from lease transactions, to eliminate differences with the requirements
Single Transaction in on-the-ground practices over such and similar provided by the annual
transactions. adjustment.
The impact of the application of the new
standard and the aforementioned adjustments
or amendments is not material to the group’s
consolidated financial statements
5, Changes to PSAK 107 This has an impact on changes in the policy Update Bank Mandiri’s
concerning Ijarah of implementing multi-service Ijarah on lease internal accounting
Accounting contracts that were still valid at the beginning policies in accordance
of the PSAK implementation. The scope of with the requirements
PSAK 107 covers Ijarah contracts both used provided by the annual
in the financial sector and the real sector. The adjustment.
arrangements in this PSAK include Asset Ijarah,
Direct Service Ijarah and Indirect Service
Ijarah. The implementation of PSAK also has
an impact on increasing the profit balance
due to differences in the charging method
from the depreciation method of Ijarah assets
with the straight-line method to the method of
decreasing outstanding Ijarah receivables of
the principal portion.
ANNUAL REPORT 2023 435
Page 438
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
BANK SOUNDNESS RATING
Bank Mandiri conducts a self-assessment of the Bank’s Soundness Rating (TKB) on the Bank’s risk and performance,
guided by OJK Regulation No. 4/POJK.03/2016 on the Soundness Rating Assessment of Commercial Banks.
Bank Mandiri conducts self-assessment of the Soundness Rating based on a risk-based bank rating, with the
final result reflected in the Composite Rating (PK), which includes an assessment of the following factors:
1. Risk Profile
2. Good Corporate Governance (GCG)
3. Earnings
4. Capital
Bank Mandiri Soundness Rating Position 31 December 2023 and 2022 by Individual (Self-Assessment)
Assessment Factors Rating
Per 31 December 2023 Per 31 December 2022
Risk Profile 1 2
Good Corporate Governance (GCG) 1 1
Earnings 1 1
Capital 1 1
Bank Soundness Rating Composite Rating PK-1 PK-1
The results of Bank Mandiri’s Self-Assessment of Individual Soundness Rating as of 31 December 2023 was in
Composite Rank 1 (PK-1). This reflects the Bank’s overall excellent robust condition, which makes it very capable
of dealing with significant negative influences from changes in business conditions and other external factors,
as evidenced by the rating of assessment factors such as risk profile, governance implementation, profitability
aspects, and generally very good capital. If weaknesses are found, then in general these weaknesses can be
resolved in normal business activities.
436 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
BUSINESS CONTINUITY INFORMATION
The Government of Indonesia through the Ministry growth of household consumption of 5.2% in 2023.
of Finance estimates that Indonesia’s growth will still This economic growth is supported by a more
be well maintained supported by improved inflation controlled inflation forecast of 3.3% or in line with
management to ensure that the annual inflation Bank Indonesia’s target, the Rupiah exchange rate
rate in 2024 is expected to be lower than inflation of 14,750/US Dollar, and the 10-year SUN interest rate
in 2023. The impact of the pandemic is expected to of 7.9%.
decrease even though global negative sentiment,
especially related to the impact of the geopolitical Moreover, Bank Indonesia forecasts that Indonesia’s
crisis in Ukraine, is still a challenge for the global economy will continue to improve on the back of
economy and Indonesia. Nevertheless, sustainable increasing private consumption and investment,
infrastructure development will have a positive strong exports and maintained public purchasing
impact on the Indonesian economy gradually in power amidst rising inflation. Various indicators
the medium to long term. In addition, government and results of the latest Bank Indonesia survey,
policies to downstream various commodities are such as consumer confidence, retail sales, and the
expected to increase added value for these Manufacturing Purchasing Managers Index (PMI)
commodities while strengthening the Indonesian indicate the ongoing process of domestic economic
economy. The achievement of the economic recovery. Bank Indonesia estimates economic
target next year is also driven by the effectiveness of growth in 2022 to be biased upwards within BI’s
government expenditure realization. projection range of 4.5-5.3% with estimated growth
in lending/financing of around 10-12% in 2023.
In this regard, as a bank owned by the Government,
Bank Mandiri continues to implement strategic Bank Indonesia also projects the value of Electronic
policies that are in line with government policies Money (EM) transactions in 2023 to grow 25.7% or
as stated in the Annual Government Work Plan, reach Rp508 trillion. Meanwhile, the value of digital
State Budget Plan (RAPBN), and Medium-Term banking transactions is estimated to increase
Development Plan (RPJM). In addition, the Bank’s by 27.2% to reach Rp67,600 trillion in 2023. The
policy adapts to economic developments, the acceleration of payment system digitalization has
banking industry, and the challenges of the encouraged e-commerce transactions to grow
pandemic that have not completely ended. This is rapidly and is projected to grow 17.0% to Rp572
done to ensure that Bank Mandiri and its Subsidiaries trillion in 2023.
can continue business continuity in the future.
In response to the aforementioned conditions,
Management’s Assessment Bank Mandiri continues to assess the Bank’s ability
to continue its business continuity and considers
on Matters with a Significant
that Bank Mandiri has the resources to continue its
Impact on Business Continuity business going forward. Management assessment is
Bank Mandiri views that there are no issues with the carried out by considering various factors, such as
potential to significantly affect the continuity of its analysis of the strength of financial and non-financial
business in the Indonesian banking industry in the conditions. This analysis is reflected in the assessment
coming year. From an external or macroeconomic of the Bank’s soundness.
point of view, the Government targets Indonesia’s
GDP to grow by 5.3% partly driven by the estimated
ANNUAL REPORT 2023 437
Page 440
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
BUSINESS CONTINUITY INFORMATION
Assumptions Used by f. Recognition of the implementation of Good
Corporate Governance (GCG) at Bank Mandiri
Management in Conducting
from various parties in 2023 as:
Assessment • GCG rating by The Indonesian Institute for
Bank Mandiri applies several assumptions as Corporate Directorship (IICD) in the 14th
consideration in assessing business continuity, IICD Corporate Governance Conference
including: and Awards 2023, Bank Mandiri received
a. Stronger economic growth could lead to “The Best Overall” category.
stronger financial system stabilization. • Bank Mandiri has successfully maintained
b. Bank Mandiri’s internal study related to the the title of “The Most Trusted” for 17
Bank’s positioning in the Indonesian banking (seventeen) consecutive times in the
industry through Strength Weakness Opportunity Bank’s participation in the ranking of the
Threats (SWOT) Analysis. Corporate Governance Perception Index
c. Bank Mandiri’s condition is generally excellent (CGPI) program organized by The Institute
with the Bank’s Soundness rating being ranked Indonesian for Corporate Governance
composite 1 (one) which reflects that Bank (IICG).
Mandiri is considered very capable of addressing • In 2023, 3 (three) Entities in the Bank Mandiri
significant negative influences from changes in Financial Conglomeration received
business conditions and other external factors. “The Most Trusted” rating, 5 (five) Entities
d. Bank Mandiri’s capital adequacy is very received the “Trusted” rating, and one Sub-
adequate with core capital of Rp209.72 triliun Subsidiary received “trusted” rating, in the
with a CAR (Bank only) ratio of 21.88% in 2023 2022 Corporate Governance Perception
e. Bank Mandiri is included in the ASEAN Asset Class Index (CGPI) ranking
category in the ASEAN Corporate Governance
Scorecard (ACGS) ranking by the ASEAN
Corporate Governance Scorecard (ACGS) by
the ASEAN Capital Market Forum (ACMF).
438 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
PRIME LENDING RATE
Bank Mandiri disclosed information on Prime Lending Rate (SBDK) as an implementation of OJK Circular No.
9/SEOJK.03/2020 on Transparency and Publication of Conventional Commercial Bank Reports which requires
Commercial Banks’ business activities to conventionally report and publish prime lending rates in Rupiah.
Prime Lending Rate is used as the basis for determining loan interest rates that will be charged by the Bank
to customers. The prime lending rate has not taken into account the estimated risk premium component, the
amount of which depends on the Bank’s assessment of the risk for each debtor or group of debtors. As such,
the amount of credit interest rates charged to debtors is not necessarily the same as prime lending rates.
(in %)
Year Basic Rupiah Lending Rate Based on Business Segment (Effective % per annum)
Consumer Loans
Period Corporate Loans Retail Loans Micro Loans
Mortgages Non-Mortgages
March 2023 8.05% 8.30% 11.30% 7.30% 8.80%
June 2023 8.05% 8.30% 11.30% 7.30% 8.80%
2023
Sep 2023 8.05% 8.30% 11.30% 7.30% 8.80%
Dec 2023 8.05% 8.30% 11.30% 7.30% 8.80%
2022 Dec 2022 8.05% 8.30% 11.30% 7.30% 8.80%
Deposit Interest Rate
The interest rates for Bank Mandiri’s deposit, savings and current demand deposits as of 31 December 2023
are as follows:
Deposit Interest Rate as of 31 December 2023
(in %)
Tier Tenor (month)
1 3 6 12 24
Rupiah Deposits with Monthly Interest and Maturity
< Rp100 million 2.25 2.25 2.50 2.50 2.50
≥ IDR 100 million - < Rp 1 billion 2.25 2.25 2.50 2.50 2.50
≥ IDR 1 billion - < Rp 2 billion 2.25 2.25 2.50 2.50 2.50
≥ IDR 2 billion - < Rp 5 billion 2.25 2.25 2.50 2.50 2.50
≥ IDR 5 billion 2.25 2.25 2.50 2.50 2.50
Rupiah Deposits with Prepaid Interest
< Rp100 million 2.24 2.23 2.46 2.43 2.37
≥ IDR 100 million - < Rp 1 billion 2.24 2.23 2.46 2.43 2.37
≥ IDR 1 billion - < Rp 2 billion 2.24 2.23 2.46 2.43 2.37
≥ IDR 2 billion - < Rp 5 billion 2.24 2.23 2.46 2.43 2.37
≥ IDR 5 billion 2.24 2.23 2.46 2.43 2.37
USD Deposits with Monthly Interest and Maturity
≤ USD100 thousand 0.75 0.75 0.75 0.75 0.75
≥ USD100 thousand - < USD1 million 1.00 1.25 1.25 1.25 1.25
≥ USD1 million - < USD10 million 1.00 1.50 1.50 1.50 1.50
≥ USD10 million 1.00 1.75 1.75 1.75 1.75
USD Deposits with Prepaid Interest
≤ USD100 thousand 0.70 0.69 0.69 0.68 0.66
≥ USD100 thousand - < USD1 million 0.95 1.19 1.18 1.17 1.14
≥ USD1 million - < USD10 million 0.95 1.44 1.43 1.41 1.38
≥ USD10 million 0.95 1.69 1.67 1.65 1.61
ANNUAL REPORT 2023 439
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
PRIME LENDING RATE
Savings Interest Rate as of 31 December 2023
(in %)
Tier Interest
Rupiah Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.10
Rp500 million - < Rp1 billion 0.60
≥ 1 billion 0.60
Business Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.40
Rp50 million – < Rp500 million 0.60
Rp500 million - < Rp1 billion 0.80
≥ 1 billion 1.00
Rupiah Investor Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.10
Rp500 million - < Rp1 billion 0.60
≥ 1 billion 0.60
NOW Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.05
Rp500 million - < Rp1 billion 0.35
≥ 1 billion 0.40
Rupiah Plan Savings/SiMuda RumahKu Plan Savings
Term 1-3 years 1.10
Term 4-9 Years 1.35
Term 10-14 years 1.60
Term ≥ 15 Years 1.85
Payroll Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.05
Rp500 million - < Rp1 billion 0.35
≥ 1 billion 0.40
Business Partner Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.05
Rp500 million - < Rp1 billion 0.35
≥ 1 billion 0.40
Indonesian Labour Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.05
Rp500 million - < Rp1 billion 0.35
≥ 1 billion 0.40
440 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
PRIME LENDING RATE
Tier Interest
Foreign Exchange/USD Premium Forex Savings
≤ USD100 0.00
≥ USD100 ribu - < USD10,000 0.10
≥ USD10,000 - < USD200,000 0.20
≥ USD200,000 0.20
USD Foreign Exchange Business/USD Investor Savings
≤ USD100 0.00
≥ USD100 ribu - < USD10,000 0.08
≥ USD10,000 - < USD200,000 0.20
≥ USD200,000 0.20
USD Plan Savings
< USD100 0.20
≥ USD100 0.20
TabunganKu
Rp0 s/d Rp500,000 0%
Rp500,001 - s/d Rp1,000,000 0.10%
> Rp1,000,000 0.10%
SiMakmur (Branchless Banking Savings / TabBB)
All Tier 0,10%
Student Savings
All Tier 0%
Current Account Interest Rate as of 31 December 2023
(in %)
Tier Interest
Rupiah Regular Current Accounts
0 - < Rp10 juta 0.00
Rp10 juta - < Rp100 juta 0.25
Rp100 juta - < Rp500 juta 1.00
Rp500 juta - < Rp1 Billion 1.25
≥ 1 Billion 1.90
USD Regular Current Accounts
<100,000 USD 0.00
≥ 100,000 USD 0.10
SGD Regular Current Accounts
<1,000 SGD 0.00
≥ 1,000 SGD - < 20,000 SGD 0.15
≥ 20,000 SGD - < 200,000 SGD 0.25
< 200,000 SGD 0.25
CNY Regular Current Accounts
≤ 10,000 CNY 0.00
> 10,000 CNY - 100,000 CNY 0.15
> 100,000 CNY 0.20
Non-USD, SGD, and CNY Regular Current Accounts
AUD 0.00
CHF 0.00
EUR 0.10
GBP 0.10
HKD 0.00
JPY 0.00
ANNUAL REPORT 2023 441
Page 444
MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
TAXATION ASPECT
Publication of Tax Payments
Bank Mandiri strives to comply with the prevailing laws and regulations in Indonesia, including taxation. In
this regard, Bank Mandiri manages tax rights and obligations in a transparent and accountable manner in
accordance with applicable regulations.
Tax Payments
The realization of tax payments in order to participate in developing the country through the fulfillment of tax
payment obligations as of 31 December 2023 is as follows
Description Amount (in full Rupiah)
2023 2022
Income Tax Article 25 10,018,626,986,438 7,780,203,902,516
Income Tax Article 21 2,354,191,405,701 1,917,033,552,183
Income Tax Article 22 23,563,276,960 15,554,348,821
Income Tax Article 23 131,385,090,461 106,474,496,534
Income Tax Article 26 1,611,185,901,195 1,100,726,491,501
Income Tax Article 4 paragraph (2) 4,879,403,643,811 3,377,450,381,824
VAT 2,019,046,891,031 1,410,674,968,272
Regional Tax and Other Taxes 60,438,433,316 93,348,510,886
Total 21,097,841,628,913 15,801,466,652,537
Non-compliance in Tax Payment
As of 31 December 2023, no non-compliance by Bank Mandiri in its obligation to pay taxes (NIL).
442 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
MAXIMUM LIMIT FOR LENDING
AND LARGE EXPOSURES
FOR COMMERCIAL BANKS
Funding to Related Parties
Bank Mandiri has established policies that include limits on funding to related parties in accordance with the
Regulation of the Financial Services Authority of the Republic of Indonesia No. 32/POJK.03/2018 on the Legal
Lending Limit (LLL) and Large Exposures for Commercial Banks as last amended by POJK No. 38/POJK.03/2019.
Related parties in this case are individuals or companies that have a controlling relationship with the Bank,
either directly or indirectly, through ownership, management, and/or financial relationships.
Based on data as of 31 December 2023, Bank Mandiri’s capital for LLL calculation stood at Rp221,330,385
million. Meanwhile, Bank Mandiri’s core capital (Tier 1) for the calculation of LLL of un-Related Parties amounted
to Rp209,069,924 million.
In accordance with the provisions for calculating LLL in POJK No. 32/POJK.03/2019, the value of Bank Mandiri’s
LLL at 31 December 2023 is as follows:
(in Rp Million)
Allowance of Fund
LLL Value
Description LLL Percentage Funding Preparation Against
Limit
LLL
Related Parties LLL 10% of Bank Capital 22,133,039 5,694,033 16,439,006
LLL of Un-Related Parties - 25% of the Bank's Core
52,267,481 34,167,295 18,100,186
Borrowers/Borrower Groups Capital (Tier 1)
LLL of SOEs for development
30% of Bank Capital 66,399,116 - -
purposes
Violations and/or Excesses against LLL for Funding to Bank Mandiri’s Related Parties
List of Largest Debtors Un-Related Parties
Information List of Related Parties Getting Funding (Borrowers)
Leeway LLL Nil Nil
Exceeding LLL Nil Nil
Bank Mandiri states that there is no leeway and/or exceed against LLL for funding to Bank Mandiri’s Related
Parties. The calculation of LLL is carried out by referring to the Regulation of the Financial Services Authority
of the Republic of Indonesia No. 32/POJK.03/2018 on the Legal Lending Limit (LLL) and Large Exposures for
Commercial Banks as last amended by POJK No. 38/POJK.03/2019
ANNUAL REPORT 2023 443
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
MAXIMUM LIMIT FOR LENDING AND LARGE EXPOSURES
FOR COMMERCIAL BANKS
List of Funding to Related Parties by 31 December 2023
(Which is included in the calculation of the Bank’s Related Party LLL)
(in Rp Million)
Per 31 December 2023
No Borrower’s Name Provision of Funds Funding Participation
Rupiah Forex Total Rupiah Forex Total
I. Related Parties - Subsidiaries 4,172,557 828,278 5,000,835 14,560,143 439,488 14,999,631
1 PT Axa Mandiri Financial Services 229 0 229 98,109 0 98,109
2 PT Kustodian Sentral Efek Indonesia 0 0 0 3,000 0 3,000
3 PT Mandiri Sekuritas 771 0 771 640,482 0 640,482
4 Mandiri Tunas Finance (MTF) 2,063,831 0 2,063,831 290,000 0 290,000
5 Bank Syariah Indonesia 54,407 0 54,407 7,442,650 0 7,442,650
6 Bank Mandiri Taspen Pos 0 0 0 1,118,480 0 1,118,480
7 Asuransi Jiwa Inhealth Indonesia 238 0 238 1,320,000 0 1,320,000
8 Mandiri Utama Finance (MUF) 2,052,869 0 2,052,869 255,000 0 255,000
9 Mandiri Capital Indonesia 0 0 0 3,358,400 0 3,358,400
10 Mandiri Europe Ltd, 0 828,278 828,278 0 414,227 414,227
11 Mandiri International Remittance, 0 0 0 0 25,191 25,191
12 PT Mandiri Management Investasi 110 0 110 0 0 0
13 PT Mitra Transaksi Indonesia 102 0 102 0 0 0
14 PT Bapindo Bumi Sekuritas 0 0 0 1,955 0 1,955
15 Djakarta Lyod 0 0 0 32,067 0 32,067
16 Accrelist 0 0 0 0 70 70
II. Related Parties - Individuals 414,660 0 414,660 0 0 0
III. Related Party Companies 278,538 0 278,538 0 0 0
1 Graha Kardia Indonesia 127,944 0 127,944 0 0 0
2 Satya Dharma Kardia 115,700 0 115,700 0 0 0
3 Mata Kardia Indonesia 34,888 0 34,888 0 0 0
4 PT XL Axiata 6 0 6 0 0 0
Total Related Parties Overall 4,865,755 828,278 5,694,033 14,560,143 439,488 14,999,631
444 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
MAXIMUM LIMIT FOR LENDING AND LARGE EXPOSURES
FOR COMMERCIAL BANKS
List of 20 Largest Debtors Based on LLL Report to OJK
Position As of 31 December 2023
(in Rp Million)
Allowance
Bank Mandiri LLL Funding
Inhouse for Funding
No. Group Core Capital Percentage LLL Limit (Recorded
Limit to 25%Core
(Tier 1) (%) Value)
Capital
MINISTRY OF FINANCE
1 209,069,924 Excluded from LLL calculation
GROUP
2 BANK INDONESIA 209,069,924 Excluded from LLL calculation
3 SALIM HOLDING GROUP 209,069,924 25 52,267,481 47,040,733 34,167,295 18,100,186
4 MERDCO GROUP 209,069,924 25 52,267,481 47,040,733 30,030,606 22,236,875
5 JASA MARGA GROUP 209,069,924 25 52,267,481 47,040,733 27,031,729 25,235,752
6 PLN GROUP 209,069,924 25 52,267,481 47,040,733 26,984,119 25,283,362
7 SINAR MAS GROUP 209,069,924 25 52,267,481 47,040,733 26,233,123 26,034,358
8 PERTAMINA GROUP 209,069,924 25 52,267,481 47,040,733 20,549,122 31,718,359
9 ASTRA GROUP 209,069,924 25 52,267,481 47,040,733 19,451,196 32,816,285
PUPUK INDONESIA
10 209,069,924 25 52,267,481 47,040,733 15,977,139 36,290,342
GROUP
11 WILMAR GROUP 209,069,924 25 52,267,481 47,040,733 15,448,477 36,819,004
12 WIJAYA KARYA GROUP 209,069,924 25 52,267,481 47,040,733 15,145,117 37,122,364
DELONG JIANGSU
13 209,069,924 25 52,267,481 47,040,733 13,983,795 38,283,686
GROUP
14 KALLA GROUP 209,069,924 25 52,267,481 47,040,733 13,596,147 38,671,334
PTPN 3 HOLDING
15 209,069,924 25 52,267,481 47,040,733 12,781,756 39,485,725
GROUP
TRIPUTRA HOLDING
16 209,069,924 25 52,267,481 47,040,733 11,253,254 41,014,227
GROUP
17 MUSIM MAS GROUP 209,069,924 25 52,267,481 47,040,733 10,975,254 41,292,227
18 PEGADAIAN GROUP 209,069,924 25 52,267,481 47,040,733 10,959,142 41,308,339
INDONESIA MOROWALI
19 INDUSTRIAL PARK (IMIP 209,069,924 25 52,267,481 47,040,733 10,413,151 41,854,330
GROUP)
20 RAJAWALI GROUP 209,069,924 25 52,267,481 47,040,733 10,386,117 41,881,364
ANNUAL REPORT 2023 445
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
DERIVATIVES AND HEDGING FACILITIES
Derivative receivables are classified as financial difference that occurs indicates the occurrence
assets in the group at fair value through profit or of ineffectiveness of hedging and is directly
loss, while derivative liabilities are classified as recognized as the current year’s consolidated
financial liabilities in the group at fair value through profit or loss.
profit or loss.
2. The effective portion of gains or losses on
Bank Mandiri presents derivative receivables equal derivative contracts intended as a hedge on
to unrealized profits from derivative contracts, cash flows is reported as other comprehensive
net of impairment loss reserves. Meanwhile, the income. The ineffective portion of the hedge
presentation of derivative liabilities is equal to the is reported as the current year’s consolidated
unrealized loss of the derivative contract. profit or loss.
Gains or losses from derivative contracts are 3. Gains or losses from derivative contracts
presented in the consolidated financial statements intended as a hedge on net investments
based on the Bank’s objectives for the transaction, in foreign operations are reported as other
namely to (1) hedge fair value, (2) hedge cash flows, comprehensive income, to the extent that the
(3) hedge net investments in foreign operations and transaction is considered effective as a hedging
(4) trading instruments, as follows: transaction.
1. Gains or losses from derivative contracts that are 4. Gains or losses from derivative contracts that
intended and qualify as hedging instruments are not intended as hedging instruments
at fair value and gains or losses on changes in (or derivative contracts that do not qualify
the fair value of protected assets and liabilities, as hedging instruments) are recognized as
are recognized as mutually write-off gains or consolidated profits or losses in the current year.
losses within the same accounting period. Any
Derivatives Transaction Overview as of 31 December 2023
(in Rp Million)
Fair Value
Transaction Contract Value
Derivative Derivative
(absolute
Receivables Liabilities
equivalent to Rupiah)
Related Parties
Related exchange rates
Futures-buy contracts United States Dollar 229,975 1,777 773
Others 119,107 675 -
Term contract United States Dollar 25,172,445 151,868 3,154
Swap-buy United States Dollar 7,628,299 11,057 47,997
Swap-sell United States Dollar 1,151,762 5,332 903
Related to interest rates
446 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
DERIVATIVES AND HEDGING FACILITIES
Fair Value
Transaction Contract Value
Derivative Derivative
(absolute
Receivables Liabilities
equivalent to Rupiah)
Swap – interest rate Others 3,891,861 27,447 23,577
Total Related Parties 198,156 76,404
Third Parties
Related exchange rates
Futures-buy contracts
17,616,297 905 210,053
United States Dollar
Others 3,177,333 55,679 675
Term contract
3,577,577 30,646 1,961
United States Dollar
Others 1,639,901 763 11,159
Swap-buy
49,802,975 200,109 327,435
United States Dollar
Others 1,803,780 36,196 5,581
Swap-sell
43,657,158 265,592 163,798
United States Dollar
Others 3,647,738 961 37,020
Option-buy
669,770 53,594 -
United States Dollar
Option-sell
669,770 - 30,247
United States Dollar
Related to interest rates
Swap – interest rate
31,506,681 590,710 535,912
United States Dollar
Others 40,387,460 561,435 713,608
Bond forward – buy
130,000 185 -
Others
Total Third Parties 1,796,775 2,037,449
Total 1,994,931 2,113,853
ANNUAL REPORT 2023 447
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
EARNINGS ASSET QUALITY REPORT
AND OTHER INFORMATION
Statements Of Assets’ Quality And Other Information as of 31 December 2023 and 2022
(In Millions of Rupiah)
No. DESCRIPTION 31 December 2023 (Audited)
Current Special Mention Sub Standard Doubtful
I RELATED PARTIES
1 Placements with other banks
a. Rupiah 22 - - -
b. Foreign currencies 966,553 - - -
2 Spot and derivative receivables/forward
a. Rupiah – – – –
b. Foreign currencies – – – –
3 Securities
a. Rupiah 72,010 - - -
b. Foreign currencies - - - -
4 Securities sold with agreement to repurchase (Repo)
a. Rupiah – – – –
b. Foreign currencies – – – –
5 Securities purchased with agreement to resell
a. Rupiah – – – –
b. Foreign currencies – – – –
6 Acceptances receivables 3,017 - - -
7 Loans and financing provided
a. Micro, small and medium loans (UMKM) - - - -
i. Rupiah - - - -
ii. Foreign currencies - - - -
b. Non UMKM 6,486,387 2,282 - -
i. Rupiah 5,718,521 2,282 - -
ii. Foreign currencies 767,866 - - -
c. Restructured loans*) - - - -
i. Rupiah - - - -
ii. Foreign currencies - - - -
8 Investments in shares 14,526,121 - 414,227 25,191
9 Other receivables - - - -
10 Commitments and contingencies
a. Rupiah 687,397 25 - -
b. Foreign currencies - - - -
448 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
EARNINGS ASSET QUALITY REPORT AND OTHER INFORMATION
INDIVIDUAL
31 December 2022 (Audited)
Loss Total Current Special Mention Special Mention Doubtful Loss Total
- 22 250,022 - - - - 250,022
- 966,553 942,939 - - - - 942,939
– – – – – – – –
– – – – – – – –
- 72,010 10,401 - - - - 10,401
- - - - - - - -
– – – – – – – –
– – – – – – – –
– – – – – – – –
– – – – – – – –
- 3,017 2,180 - - - - 2,180
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 6,488,669 3,934,801 558 - - - 3,935,359
- 5,720,803 3,467,776 558 - - - 3,468,334
- 767,866 467,025 - - - - 467,025
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 14,965,539 14,526,122 - 414,227 94,191 - 15,034,540
- - - - - - - -
- 687,422 528,902 153 - - - 529,055
- - - - - - - -
ANNUAL REPORT 2023 449
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
EARNINGS ASSET QUALITY REPORT AND OTHER INFORMATION
No. DESCRIPTION 31 December 2023 (Audited)
Current Special Mention Sub Standard Doubtful
II THIRD PARTIES
1 Placements with other banks
a. Rupiah 26,641,841 - - -
b. Foreign currencies 61,782,892 - - -
2 Spot and derivative receivables/forward
a. Rupiah 1,836,519 - - -
b. Foreign currencies 132,374 - - -
3 Securities
a. Rupiah 190,965,202 - - -
b. Foreign currencies 50,895,465 - - -
4 Securities sold with agreement to repurchase (Repo)
a. Rupiah 27,164,767 - - -
b. Foreign currencies 12,540,968 - - -
5 Securities purchased with agreement to resell (reverse repo)
a. Rupiah 16,205,580 - - -
b. Foreign currencies - - - -
6 Acceptances receivables 14,452,865 7,059 - -
7 Loans and financing provided
a. Micro, small and medium loans (UMKM) 119,540,357 4,266,991 438,406 716,981
i. Rupiah 119,029,329 4,266,991 438,406 716,981
ii. Foreign currencies 511,028 - - -
b. Non UMKM 901,379,800 43,112,073 1,850,904 3,605,579
i. Rupiah 663,887,055 29,263,150 1,850,904 3,093,362
ii. Foreign currencies 237,492,745 13,848,923 - 512,217
c. Restructured loans*) 36,548,105 34,776,121 1,044,617 2,677,760
i. Rupiah 28,421,570 21,387,995 1,044,617 2,165,543
ii. Foreign currencies 8,126,535 13,388,126 - 512,217
8 Investments in shares - - - -
9 Other receivables 25,024,252 245,783 - -
10 Commitments and contingencies
a. Rupiah 234,773,930 1,155,346 4,184 51,879
b. Foreign currencies 120,707,932 5,865,049 - 1,978
III OTHER INFORMATION
1 Value of bank’s assets pledged as collateral:
a. To Bank Indonesia - - - -
b. To others - - - -
2 Repossessed assets**) - - - -
*) Include restructured loans due to Covid-19
**) Repossessed assets are presented net after the allowance for impairment of assets. .
450 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
EARNINGS ASSET QUALITY REPORT AND OTHER INFORMATION
INDIVIDUAL
31 December 2022 (Audited)
Loss Total Current Special Mention Special Mention Doubtful Loss Total
- 26,641,841 17,639,395 - - - - 17,639,395
- 61,782,892 106,048,785 - - - - 106,048,785
- 1,836,519 2,125,393 - - - - 2,125,393
- 132,374 125,323 - - - - 125,323
39,496 191,004,698 214,425,713 - - - - 214,425,713
- 50,895,465 65,643,595 - - - - 65,643,595
- 27,164,767 19,566,295 - - - - 19,566,295
- 12,540,968 6,450,394 - - - - 6,450,394
- 16,205,580 6,312,523 - - - - 6,312,523
- - - - - - - -
- 14,459,924 11,290,400 62,784 2,515 - - 11,355,699
531,957 125,494,692 112,371,501 3,544,994 314,452 466,031 598,054 117,295,032
531,957 124,983,664 112,198,336 3,544,994 314,452 466,031 598,054 117,121,867
- 511,028 173,165 - - - - 173,165
3,855,710 953,804,066 758,339,185 37,004,369 966,062 4,936,004 10,163,040 811,408,660
2,823,353 700,917,824 550,346,412 22,549,653 966,062 4,410,452 7,490,838 585,763,417
1,032,357 252,886,242 207,992,773 14,454,716 - 525,552 2,672,202 225,645,243
3,150,180 78,196,783 54,866,554 32,520,055 642,551 4,546,121 9,541,350 102,116,631
2,123,759 55,143,484 49,509,092 18,092,502 642,551 4,020,670 6,869,229 79,134,044
1,026,421 23,053,299 5,357,462 14,427,553 - 525,451 2,672,121 22,982,587
34,093 34,093 - - - - 34,110 34,110
1,215,601 26,485,636 32,844,347 437,481 12,419 - 1,227,446 34,521,693
36,315 236,021,654 212,868,165 1,590,874 3,945 45,927 192,013 214,700,924
330 126,575,289 124,557,866 5,678,188 333 4,003 379 130,240,769
- - - - - - - -
- - - - - - - -
- - - - - - - -
ANNUAL REPORT 2023 451
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
EARNINGS ASSET QUALITY REPORT AND OTHER INFORMATION
Allowance For Impairment And Asset Quality Assessment
31 December 2023 (Audited)
Allowance for Asset Quality
Allowance for Impairment (CKPN)
Assessment (PPKA)
No POS-POS
Stage 1 Stage 2 Stage 3 Total CKPN General Specific
1 Placements with other banks 12,329 - - 12,329 486,240 -
Spot and derivative
2 - - - - 19,501 -
receivables/forward
3 Securities*) 14,614 - 24,850 39,464 334,859 39,496
Securities sold with agreement
4 - - - - 7,425 -
to repurchase (Repo)
Securities purchased with
5 agreement to resell - - - - 47,804 -
(Reverse Repo)
6 Acceptances receivables 29,916 87,984 - 117,900 144,559 353
Loans and financing
7 11,201,507 9,261,410
provided*) 15,660,142 15,473,730 42,335,379 10,274,065
8 Investments in shares 30 - 44,505 44,535 145,262 108,823
9 Other receivables 55,293 178,637 1,215,609 1,449,539 250,243 1,227,890
Commitments and
10 471,778 476,059 163,893 1,111,730 1,945,864 321,732
contingencies
Total 11,785,467 16,402,822 16,922,587 45,110,876 13,655,822 10,959,704
*) Stage 1 Allowance for Impairment includes allowance for impairment for financial assets
that are measured at fair value through other comprehensive income which booked in equity.
452 PT Bank Mandiri (Persero) Tbk
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CORPORATE ESG COMMITMENTS SOCIAL AND ENVIRONMENTAL Financial
GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
EARNINGS ASSET QUALITY REPORT AND OTHER INFORMATION
31 December 2022 (Audited)
Allowance for Asset Quality Assessment
Allowance for Impairment (CKPN)
(PPKA)
Total Allowance Total Allowance
Total Allowance
for Asset Quality Stage 1 Stage 2 Stage 3 General Specific for Asset Quality
for impairment
Assessment Assessment
486,240 14,946 - - 14,946 639,639 - 639,639
19,501 - - - - 22,471 - 22,471
374,355 27,064 - - 27,064 430,395 - 430,395
7,425 - - - - 7,494 - 7,494
47,804 - - - - 37,517 - 37,517
144,912 35,320 19,314 2,515 57,149 112,926 3,516 116,442
19,535,475 11,601,628 8,746,455 24,428,139
27,370,584 15,303,948 54,276,160 15,681,684
254,085 30 - 80,305 80,335 30 143,340 143,370
1,478,133 81,831 240,594 1,239,865 1,562,290 328,443 1,251,183 1,579,626
2,267,596 488,871 1,326,810 228,819 2,044,500 1,897,225 519,373 2,416,598
24,615,526 12,249,690 28,957,302 16,855,452 58,062,444 12,222,595 17,599,096 29,821,691
ANNUAL REPORT 2023 453
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MAIN Management Company MANAGEMENT DISCUSSION
HIGHLIGHTS Report Profile AND ANALYSIS
HUMAN CAPITAL
MANAGEMENT
In light of the banking industry confronted with the challenges
posed by intensifying business competition and swift information
technology advancements, industry participants must adopt to
change their mindset to remain relevant in the market. To address these
challenges, a strategy is required to ensure the adequacy of quantity
and quality of reliable banking talents. Based on AKHLAK’s Core Values
as a strong fundamental aspect, Bank Mandiri carries out Human Capital
management to create banking talents with global competitiveness to
ensure the creation of a high-performing organization with a maintained
reputation. With the spirit of learning, synergizing, growing and contributing
to Indonesia, Human Capital management at Bank Mandiri is prepared
through a Human Capital strategy that is aligned with the Bank’s strategy to
create a Strategic Business Leader with Always Deliver and Always Ahead
character, in order to realize Bank Mandiri’s aspirations to become an
Undisputed Industry Leader in Indonesia.
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HUMAN CAPITAL
FRAMEWORK
Bank Mandiri is resolute in its which aims to foster business is carried out by designing and
commitment to further develop growth and establish sustainable realizing various programs aimed
the organization through employee productivity. In support at fostering the development of
strengthening Human Resources of the Bank’s business strategy a strong business mindset and a
capacities, in line with the Bank’s achievement, Bank Mandiri proactive but prudent culture.
Corporate Plan and Strategy, human resource management
STRATEGI 3-3-1
In line with the vision and mission of the Corporate Plan 2020-2024, Bank Mandiri Human Capital continues to
focus on developing the best talents through the 3-3-1 strategy, which prioritizes the role of People & Culture.
Strength 1 People
Wholesale Banking & Cultivating Strategic
Value Chain Business Leaders
Strength 2 Aggressive but System
Regional Sector Strengthening Core
Champion Prudent Gesture Banking Svstem
Strength 3 Culture
Liquidity and Financial Nurturing Strong
Institution Business Mindset
Due to the significance of the role that people and culture play in fostering sustainable business growth, Bank
Mandiri implements two main focuses on human capital management programs:
1. People: The Bank focuses on improving the ability to capture business opportunities through productive HR
management.
2. Culture: To be able to realize sustainable business growth, the Bank transforms its business mindset.
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HUMAN CAPITAL FRAMEWORK
ARSITEKTUR HUMAN CAPITAL BANK MANDIRI
8 1
ADIEU ARCHITECT
Retire & Exit Org. Structure
& Capacity
7 2
ACTUALIZE ATTRACT
Talent & Succession Recruitment
EMPLOYEE VALUE
PROPOSITION
PURPOSE
CULTURE ALIGN
AWARD Onboarding
& Employee
Reward
6 Relation
3
ADVANCE
APPRAISE Learning &
Performanc e Development
5 4
1. Employee Value Proposition (EVP) & Culture a. ARCHITECT (Organization Structure and
The Bank Mandiri Human Capital development Capacity) – Organization Development
is founded on the purpose to build the culture Organizational development which
of AKHLAK Mandirian and realize the Bank as a includes organizational structure design and
workplace that provides opportunities to learn, position evaluation, career development,
grow, and synergize in order to benefit both and employee needs planning (capacity
Bank Mandiri and Indonesia (Employee Value planning).
Proposition). b. ATTRACT (Recruitment – Human Resource
Fulfillment)
2. Human Capital Life Cycle A reliable Human Resources fulfillment system
To realize the Employee Value Proposition (EVP), both through internal and external sources,
the “Human Capital Life Cycle” defines the and employee attraction (strategies to
management of all phases of the personnel attract employees).
cycle, which includes the design of organizational c. ALIGN (Onboarding & Employee Relation
structure and capacity, employee recruitment, – Employee Onboarding and Employment
onboarding, appreciation, development, Relations System)
retirement, and exit. The Human Capital Life A friendly system of employee onboarding
Cycle includes: and relations for employees and new
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HUMAN CAPITAL FRAMEWORK
employees. are integrated with more than 9,000
d. ADVANCE (Learning and Development) learning courses both internally and
Training and capability development of externally to provide a better employee
employees to support business needs. learning experience.
e. APPRAISE (Performance – Individual d. Standalone EASy
Performance Management) Systems to support the goal setting
Employee performance appraisal and process, performance management
feedback system that is accountable and and processes in the compensation
transparent. cycle.
f. AWARD (Reward – Reward System (Total e. Mandiri TaMS (Talent Management
Reward)) System)
Competitive and accurate employee Bank Mandiri Talent Management
reward system. is related to talent profile, successor
g. ACTUALIZE (Talent and Succession) pipeline, assessment result and
Quality and timely talent and succession centralized top talent management.
management system. f. Recruitment Platform System
h. ADIEU (Retire and Exit) Recruitment and application tracking
Employee termination system and pension system to accelerate and support the
plan. recruitment process and candidate
tracking.
3. Human Capital Platform
The management of the Human Capital Life • Leadership
Cycle is carried out through the implementation Bank Mandiri Human Capital annually holds
of an operating model supported by a Co-creating Future Mandirian forum,
technological infrastructure and leaders who which is a collaboration forum between
are also responsible for managing Human all Leaders and Human Capital in order
Capital. to align and communicate programs that
require the involvement of all Leaders.
The following is the Human Capital Platform
that supports Bank Mandiri Human Capital • HC Policy & Strategy
management: Each Human Capital policy is listed in
SPSDM in accordance with the Employee
• HC Technology & People Analytic Life Cycle. Human Capital Strategy is
a. Human Capital Information System prepared in alignment with the direction
(HCIS) of the Bank’s strategy and is reviewed
Core human capital system to support annually. The purpose of implementing
administrative processes, databases, the 3-3-1 Human Capital strategy is to
verification and employee payroll increase productivity, increase employee
integrated with the finance system. engagement, in addition to continuing to
b. Mandiri CLiCK nurture and develop new leaders in order
Platform for digitizing personnel to ensure sustainable business growth.
administration processes and
information centers related to Human • HC Operating Model
Capital provisions. Bank Mandiri Human Capital Architecture
c. New Learning Management System is designated as the HC Operating Model
(MY Learn) by the Bank in order to facilitate ongoing
End-to-end digital learning and organizational development and align with
capability development solutions that current business developments.
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MAIN Management Company MANAGEMENT DISCUSSION
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HUMAN CAPITAL STRATEGY
To realize People and Culture as part of the Bank’s strategic focus,
Bank Mandiri has the following Human Capital Strategy:
OUR GOALS
1
Engaged and productive employees
who drive growth, sustainable
business and develop new leaders
HUMAN CAPITAL STRATEGY
3
STRATEGY #1 STRATEGY #2 STRATEGY #3
Accelerated Accelerated Deepening
capacity Capability employee
fulfilment & engagement
Development with AKHLAK
boost & EVP
productivity
MANDATES AS HC
3
#1 FOR #2 FOR #3 FOR
MANDIRI NATION EMPLOYEE
To Support & To Contribute To Create
Enable In Developing Meaningful
Talent For Employee
INDONESIA EXPERIENCE
The purpose of Bank Mandiri Human Capital is to elevate employee engagement and
productivity in order to be able to foster sustainable business growth and develop new leaders.
To achieve this goal, Bank Mandiri Human Capital has 3 Strategies and 3 Mandates.
The 3 strategies are:
1. Strategy #1: Increase productivity
2. Strategy #2: Accelerate capability improvement
3. Strategy #3: Deepen Employee Engagement with AKHLAK & EVP
Below are 3 mandates of Human Capital:
1. For Mandiri: To support and activate the Strategy and Corporate Plan
2. For Our Nation: To contribute to building talent for Indonesia
3. For Our Employee: To create a meaningful Employee Experience.
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ORGANIZATIONAL STRUCTURE OF
BANK MANDIRI HUMAN CAPITAL
MANAGEMENT
Organizational Structure of Directorate of Compliance & HR
COMPLIANCE & HR
hc engagement sr hcbp
Compliance & distribution sr hcbp
hc services
& aml - cft outsourcing & retail supporting
management banking
hc
performance hc strategy sr hcbp
office of mandiri wholesale improvement
& & talent university
the board mgmt banking project
remuneration
Based on the structure, the Directorate of Compliance & HR consists of:
• Compliance & AML – CFT Group that in charge of Anti Money Laundering (AML) System
& Development, AML Advisory, Financial Crime Analysis, AML Reporting & Data Analyst,
Compliance System, Corporate Governance, QA & LEA, IT Compliance, dan Compliance
Officer.
• HC Engagement & Outsource Management that in charge of Industrial Relations,
Outsourcing Management, Outsourcing Operations & Supporting, Alumni & Pensioner
Relations, Employee Special Assignment.
• HC Performance & Remuneration that in charge of Reward Management, Performance
Management, Organization Development, Strategic Workforce Program.
• HC Strategy & Talent Management that in charge of Leadership Development,
Management Development, Emerging Leaders Development, Talent Management, HC
Strategy & Analytics, HC Technology, Culture Activation, dan Talent Exchange.
• HC Services that in charge of Talent Acquisition, HC Information System, HC Operations,
QA & Effectiveness Improvement, Improvement Project.
• Mandiri University that in charge of Learning Ops & Process Improvement, Learning
Budget & Monitoring, MU Branding, Communication & Partnership, Learning Strategy &
Governance, Faculty & Program Management, dan Academies.
• Human Capital Business Partner that includes:
- Distribution & Retail Banking: HCBP Business & Network 1, HCBP Business & Network 2,
HCBP Retail Banking.
- Wholesale Banking: HCBP Institutional Relations, HCBP Commercial Banking, HCBP
Treasury & International Banking, HCBP Subsidiaries, HCBP SAM, HCBP Corporate
Banking.
- Supporting: HCBP Wholesale Risk, HCBP Retail Risk, HCBP Enterprise Risk & Internal
Audit, HCBP Compliance & HC, HCBP Finance & Corporate Transformation, HCBP
Information Technology, HCBP Operations.
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DIVERSITY AND EQUAL OPPORTUNITY
In its human capital management practices, Bank Mandiri consistently demonstrates its commitment to
advancing and developing employees equitably and with diversity, irrespective of their ethnicity, religion,
race, and so forth. This commitment aligns with Bank Mandiri human capital management policy, which
ensures equitable treatment for all employees regardless of ethnicity, religion, race, and so forth.
Bank Mandiri ensures that human capital management is carried out based on competence in order to ensure
that all employees get equal opportunities, both in the aspect of career development and in increasing
competence, providing remuneration, and so forth.
The commitment to equality is shown in the relatively balanced percentage of female employees, which is
52.32% of all employees. Meanwhile, the percentage of women occupying top level management, namely
Assistant Vice President to Director in the 2023 reporting year is around 35.17%.
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HUMAN CAPITAL
MANAGEMENT PROGRAM IN 2023
Bank Mandiri already has a qualified human capital management program in
place, which is being carried out regularly to achieve the Bank’s corporate plan
and strategy. The programs are as follows:
INTERNALIZATION OF CORPORATE CULTURE
Bank Mandiri consistently and continuously implements the AKHLAK Core Values to implement the Mandirian
DNA (m-DNA) framework through Mandirian’s Unique Characteristics as a Way of Working at Bank Mandiri.
Mandirian DNA (m-DNA) is defined as a form of embodiment of AKHLAK’s Core Values, which consists of:
A Trustworthy Uphold the trust given
“Trustworthy” value code of conduct:
• Deliver on agreements and commitments
• Responsible for the duties, decisions and actions performed
• Firmly upholding the moral and ethical values
K Competent Continue to learn and develop capabilities.
“Competent” value code of conduct:
• Improving self-competence to overcome ever-changing challenges
• Helping others learn
• Complete tasks of the highest quality
H Harmonious Care for each other and respect differences.
“Harmonious” value code of conduct:
• Respect everyone regardless of background
• Fond to help others
• Building a favourable work environment
L Loyal Dedicated and to first put the interests of the nation and the country.
“Loyal” value code of conduct:
• Maintaining the good name of fellow employees, leaders, SOEs, and the
Nation
• Willing to sacrifice to achieve greater goals
• Be obedient to the leadership as long as it does not conflict with law
and ethics
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HUMAN CAPITAL MANAGEMENT PROGRAM IN 2023
A Adaptif Continue to innovate & be enthusiastic in enforcing or overcoming change.
“Adaptive” value code of conduct:
• Quickly adjust to perform better
• Constantly make improvements following technological developments
• Act proactively
K Collaborative Build synergistic cooperation.
“Collaborative” value code of conduct:
• Provide opportunities for various parties to contribute
• Open to working together togenerate added value
• Drive the utilization of multiple resources for a common goal
Bank Mandiri Culture of AKHLAK core values, Bank Competent, Harmonious, Loyal,
Implementation Mandiri developed a Mandirian Adaptive, and Collaborative).
Framework: DNA (m-DNA) framework These unique characteristics are
The cultural implementation which is reflected in the unique actualized through Gerakan
framework is illustrated through characteristics of all Bank Bersama Mandirian to realize
the culture framework to facilitate Mandiri employees called Mandirian who always deliver &
Mandirian in understanding and Mandirian DNA (m-DNA). ahead (m-DNA) in realizing Bank
implementing the Main Values m-DNA is a unique characteristic Mandiri’s vision and aspirations.
of AKHLAK. To strengthen the of Mandirian as a manifestation
sustainable implementation of core values (Trustworthy,
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To be able to accelerate the with daily work to deliver an of employees. CNT carries out
implementation of culture impact on the formation of its role by implementing culture
in supporting productivity employee mindset and behavior. through programs hosted both
improvement, Bank Mandiri within work units and across bank-
formed a Culture Network Team Culture Network Team (CNT) is wide, such as events, campaigns,
(CNT) which has a strategic role a strategic partner of Human and cultural programs, to deliver
as an enabler in shaping the Capital that engages all levels management and motivation
Super Happy Super Productive of employees both at the Top messages to employees across
work culture through cultural Management level, Senior all work units.
programs that are embedded Management to the junior level
Board of Directors & SEVP (L1)
CULTURE squad Provide input and direction to the culture squad
leader in determining and implementing work
chief
culture and main behaviors in each work unit.
Regional CEO, Group Head and Relevant Executives
CULTURE squad (L2)
leader As a role model and foster work culture practices in
each work unit.
ROH/RCBDH/RTCH (L3), Department Head, Area
CULTURE squad Head and Relevant Executives (L3)
captain Coordinator in the preparation, implementation and
evaluation of work culture programs in each work
unit.
CULTURE community Culture Squad (L4) & Community Squad (Mandiri
Influencer, Mandiri Writer, Mandiri Movie Creator,
squad squad
Mandiri Dancer)
Take an active role in ensuring that the work culture
program consistently performs in each work unit.
*) Provisions related to Culture Network Team refer to:
• Memorandum No. PPP.HCE/CMD.273/2021 & PPP Letter No. HCE/CMD.141/2021 dated 30 April 2021 on
the adjustment of the organizational structure of the Culture Network Team in order to strengthen work
culture practices in 2021.
• Decree of the Board of Directors No. KEP. DIR/34/2022 dated 23 September 2022 on Appointment and
Determination as Culture Squad.
• Decree of the Board of Directors No. KEP. DIR/33/2022 dated 23 September 2022 on Appointment and
Determination as Culture Squad Captain.
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HUMAN CAPITAL MANAGEMENT PROGRAM IN 2023
FLAGSHIP PROGRAMS
Several bank-wide flagship programs have been implemented during 2023, as follows:
No Program Explanation Purpose
1, Well-being Well-being program covering Improve the implementation of employee
Program Physical, Psychological, Financial, well-being and efforts in maintaining well-
and Workplace aspects that include being during daily work.
3 main pillars, Employee Assistance,
Well-being program, dan Well-being
Campaign
2, AKHLAK Part of a series of activities in Management direction to all relevant
Townhall commemoration of the 3rd employees:
Mandiri Group Anniversary of AKHLAK through a • Optimization of the implementation
townhall meeting from the Board of the role of AKHLAK in improving
of Directors to all employees with employee performance regularly
the theme: "The Role of AKHLAK in • Employee awareness and
Sustainable Company Performance implementation of RWP in the work
Improvement" and "Implementation environment
of Respectful Workplace Policy (RWP)
within the SOE Group"
3, Culture Program Campaign Strategy related Communicate directions or messages that
Campaign to cultural implementation programs are the focus of management related
Multichannel and other HC programs through to work culture such as Mandirian DNA
communication media that utilize characteristics, employee well-being, in a
and integrate, various internal manner that facilitates comprehension and
communication platforms/channels acceptance by the intended employee.
to disseminate messages and values
of independent work culture such
as narratives, presentations, posters,
videos, to interactive podcasts by
considering the context, message
packaging and characteristics of
each channel.
4, Corporate It is part of the internalization of AKHLAK • Establishing an understanding of
Culture Training core values and Mandirian DNA AKHLAK’s core values and how they have
(m-DNA) as unique characteristics implications for accelerating business
to all new hire (ODP) and existing transformation.
employees (SDP) as part of the core • Build an understanding of the unique
module training before employees characteristics of Mandirian DNA
enter the assignment phase. (m-DNA) and how it is established from
the core values of AKHLAK.
• Creating a sense of ownership to the
participants that the core values of
AKHLAK and m-DNA are responsibilities
that must be carried out and can be
reflected in employee behavior.
5, AKHLAK Informal communication forum from To convey motivation and conduct
Blusukan Management to employees about monitoring (pulse check) related to how the
Culture AKHLAK and aspects of well-being implementation of AKHLAK and well-being
programs to support bank-wide initiatives
and create the Mandiri Joint Movement of
“Always Deliver & Always Ahead”.
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No Program Explanation Purpose
6, AKHLAK Culture Discussion forum to the Culture • Aims to get feedback as an area of
Visit Network Team (CNT) in the Region improvement in the implementation of
work unit and Head Office regularly cultural programs
both online and offline • Pulse Check implementation of cultural
programs in work units through CNT
7, Mandiri Best Development program for Bank • Participants can better understand
Employee (MBE) Mandiri's best employees in the form the essence of the implementation of
Immersion of edutainment. AKHLAK’s core values
Learning Class • Participants gain new knowledge and
insights through visits/benchmarking to
make them as Strategic Business Leaders
who Always Deliver and Always Ahead.
8, Best Employee The training program is held for all • Improve the capabilities of candidates
Mandiri (MBE) Mandiri Best Employee as a role who have a strong national outlook and
model in implementing AKHLAK have high integrity, enabling them to
values, as well as having national become role models in their Work Unit
insight as a professional banker • Elevate love and pride for Indonesia
9, Mandirian Programs to support Bank Mandiri's • Increase employee awareness of the
Ber-NYALI Sustainable Finance Action Plan importance of environmental care (eco-
(Mandirian Real (RAKB), particularly to support friendly acts)
Moves for the Sustainable Operations by fostering • Creating sustainable operations of
Environment) Mandirian to care more about the the Bank, particularly related to the
environment (eco-friendly acts) such ecosystem green campaign
as reducing the consumption of
plastic, reducing the consumption
of paper, reducing the Electrical
Energy Consumption, and separating
organic & non-organic waste)
10, Mandiri Innovation incubation program to Creating space for employees to carry
Innovation experiment and foster a culture out activities and fostering a culture
of innovation in order to create a of innovation so as to accelerate the
competitive advantage at Bank innovation process at the Bank
Mandiri
11 Mandiri The development program given To accelerate the career development of
Young Leader to Top Talent level L4 in the form L4 employees to become ready successors
(MYLead) of assignments that stretch and at the next level (L3 level successors)
challenge for 3 years
12 Future ME Development program for active stu- • Increase student knowledge in the
(Mandirian Ex- dents’ level 1 to 4, who have been se- fields of financial management, career
cellence) lected through a selection process, to preparation, and leadership.
accelerate and build careers in the
• Increase knowledge of career
banking industry.
overview at Bank Mandiri.
13 My Digital My Digital Academy is an early en- As a medium to meet the needs of the best
Academy gagement & hiring program for final digital talents to support the Corpo-rate
(MDA) year students and fresh graduates Plan to become The Best Modern Digital
from se-lected universities and Bank as well as a media branding of Bank
faculties, in the form of implementing Mandiri to students from various universities
IT capability de-velopment programs
through innovation bootcamps for 1
(one) month.
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HIGHLIGHTS Report Profile AND ANALYSIS
HUMAN CAPITAL MANAGEMENT PROGRAM IN 2023
RECRUITMENT
Bank Mandiri establishes several stages of employee recruitment, as stated in the following chart:
Bank Mandiri Recruitment Stages
0 1 2
Online Profile Interview
Registration Screening Awal
5 4 3
Medical Final Tes
Test Interview Psikometri
An elimination system is applied at each stage of selection.
The Bank’s employees recruitment is carried out 2. Minimum education of Diploma 4 or Bachelor
through two sources, internally and external degree.
sources. Internal sources are carried out through 3. Have a professional disposition, namely: speak
internal development programs for leadership with respect, well dressed, well mannered, self-
employee levels, while external sources are carried confidence.
out through fresh graduate and experience hire or 4. Minimum Performance Level of PL2 in the last 2
pro hire channels for both leadership and executive years.
employee levels. All employee recruitment is carried 5. Minimum service period of 5 years from the
out by taking into account the needs of the Bank effective date of employment.
and other matters in accordance with the Bank’s 6. HIPO/CR Talent Classification.
regulations. 7. Maximum age of 45 years at the time of initial
selection.
Recruitment Through Internal Sources 8. Minimum Individual Grade of PP2.
Recruitment through internal sources is carried out 9. Not in the process of audit/ investigation due to
by Human Capital Services for the position of “Staff violations of employee discipline.
Development Program (SDP)”. The provisions for 10. Not sanctioned in the last 1 year and not
the implementation of the SDP program are listed currently under sanctions.
in Bank Mandiri’s internal rules with the following 11. Have never participated in the SDP selection
explanation: more than 3 (three) times.
1. Officers and Security Officers with the top priority 12. Have never participated in the SDP selection in
of the Authority Holder Employees (P3K). the previous year.
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Specifically for security officer:
1. Implementing Authority Holder Employees (P3K) Security/Security Supervisor.
2. Minimum Individual Grade of PM1.
Specifically for officers of Branch Sales Staff, Branch Sales Supervisor and Unit
Supervisor:t:
1. Minimum working period of 2 (two) years is calculated from PKWT as Branch Sales Staff, Branch Sales
supervisor and Unit Supervisor.
2. No minimum Individual Grade.
In 2023, the number of employees participating in recruitment from internal sources was 2,959 personnel, an
increase of 42.67% from 2,074 personnel in 2022. This increase was due to the addition of eligible employees
based on the above criteria to follow the development process and a need for leadership employees from
the SDP path in work units.
Description 2023 2022
SDP Recruitment 2,959 2,074
Recruitment through internal sources is carried out through rotation, detasering, promotion, and demotion as
part of the employee career development process. The Bank applies holistic considerations, not only in terms
of promotion but also in terms of capability improvement, authority expansion, individual development, and
remuneration increase.
Rotation is the movement of employees in one work unit or between work units, detasering is the assignment of
employees who are temporary within a certain period of time, promotion is the transfer of employees from one
position to another in one work unit or between work units where the new position has a higher position rank and/
or promotion to the same position and work unit. Meanwhile, demotion is the transfer of employees from higher
positions to lower positions with the aim of coaching and learning employees so as to increase productivity in
managing the Bank’s business and organization.
Number of Bank Mandiri Promotion, Demotion and Rotation Employees
Description 2023 2022
Promotions (MPC and SPC)* 9,210 10,964
Demotion 5 4
Rotation 13,440 13,045
*MPC is a Main Promotion Cycle and SPC is a Secondary Promotion Cycle.
Recruitment Through External Sources
Recruitment through external sources is carried out to fulfill the position of “Officer Development Program
(ODP)”. The provisions for the ODP program implementation are listed in the internal provisions of Bank Mandiri
with the following explanation:
a. Minimum of Bachelor Degree Education Level
b. Candidates from the graduates of universities with the best reputation in Indonesia and overseas set by
Bank Mandiri.
c. Courses:i:
• Economics: Management, Accounting, Development Studies, Finance, Business
• Engineering
• MIPA: mathematics, statistics
• Computer Science, Informatics
• Social: Law, International Relations, Communication Studies
• Other Study Programs needed by the Bank
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d. Maximum age at the time of following the initial selection:
• 26.0 years for Bachelor Degree/equivalent graduates
• 28.0 years for Master Degree graduates
e. Minimum Grade Point Average (GPA):
• Bachelor Degree graduates: 2.75 – 3.00 (4.00 scale)
• Master Degree graduates: 3.20
• Graduates of Overseas Universities: Pass or based on certain standards according to the origin of the
University
d. Unmarried and willing to be unmarried during the program.
e. Have no Criminal record from the Police or a record of misconduct from the previous company.
In 2023, the total recruitment of ODP programs was 640 personnel, a decrease of 14.78% from previous year’s
recruitment of 751 personnel. This decrease was due to a decrease in the need for leadership employees in
Bank Mandiri work units.
Description 2023 2022
Recruited ODP 640 751
The sources of fulfillment of leadership employees to equal employment opportunities. Currently, the
through the ODP program in 2023 came from Jobfair recruitment of employees with disabilities is intended
and campus hiring participated in by Bank Mandiri, for positions of Contact Center staff, Mandiri
the talent referral program, internship program and University staff and IT staff.
the Applicant Tracking System which is organized in
collaboration with third parties. The recruitment process for employees with disabilities
is carried out independently by the relevant work
CPDK (Special Regional Leadership unit and coordinates with Human Capital. One
Candidate) Recruitment of the work units that recruits independently is the
This recruitment is specifically aimed at fresh Mandiri Call 14000 service at the Mandiri Contact
graduate candidates who come from region. Center.
Employees recruited through the CPDK route will
receive coaching and training through a special In addition, the recruitment of employees with
and intensive development program consisting of in- disabilities is also carried out in collaboration with
class and on the job training in order to understand FHCI (Indonesian Human Capital Forum) as a forum
standard operations and business processes in the for managers and practitioners of Human Capital
work unit, ready to carry out roles and duties as Management within SOEs in interacting, learning and
employees in the local area. In 2023, there was no synergizing for their members for the advancement
fulfillment of leadership employees from the CPDK of Human Capital management.
route as the needs have been met from internal
sources through the SDP program and external In 2023, the Bank recruited 18 employees with
sources through the ODP program. disabilities, an increase of 5.88% from 17 in 2022.
The following is the recruitment of Bank Mandiri’s
Recruitment of Disabled Employees employees with disabilities.
Bank Mandiri also has a policy for the recruitment of
employees with disabilities as a form of commitment
Description 2023 2022
Disability Recruitment 18 17
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Internship Recruitment and curriculum. In 2023, 2,804 participants of Kriya
The internship program is intended to provide Mandiri were recorded, of which 817 were Bank
training and develop the competencies of school Mandiri employees. This number increased 96.39%
and university graduates to be ready to enter the from previous year’s 416 participants.
business world. Interns who have good abilities and
competencies will be assigned as pool candidates in The Partnership Internship Program is implemented
the Bank Mandiri recruitment process. Bank Mandiri’s by Bank Mandiri jointly with 2 (two) ministries, namely
internship program, which is a recruitment sourcing the Ministry of State-Owned Enterprises (SOEs) and
consists of 2 (two) types, namely Kriya Mandiri and the Indonesian Human Capital Forum (FHCI) to
the Partnership Internship Program (Certified Student implement the Magenta Internship Program and
Internship Program (PMMB) and the Independent the Ministry of Education, Culture, Research, and
Campus Certified Internship Program (MBKM)). Technology, by implementing the Independent
Campus Certified Internship Program (MBKM). The
Kriya Mandiri is an integrated internship program implementation of the Magenta Internship Program
introduced in 2012 for high school students/ starts in 2023, while MBKM has been implemented
equivalent, Diploma 3 (D3) and Bachelor Degree since 2021. This internship program is intended for
programs with the aim of providing knowledge, students from various Public/Private Universities. This
skills and hands-on experience in the business world, program is a form of implementation of the “SOEs
particularly in the banking industry. The learning for the Country” program. The aim is to support
modules are back office, call center, customer government programs in preparing excellent
service, and tellers. For this type of contact center, and competitive human capital, as well as being
the Bank has a special internship program for the initiator of the creation of links and matches
persons with disabilities with a minimum education between the curriculum and syllabus of universities
of high school graduates. This program is called and the industrial sector. Interns who participate in
Kriya Mandiri Contact Center, where participants this program will gain comprehensive and structured
will take part in 3 (three) stages of the program, work knowledge and skills, particularly in the banking
namely basic, intermediate and advanced. The sector. In 2023, 481 participants were successfully
three stages are carried out comprehensively for recruited, an increase of 30% from previous year’s
3 (three) years according to the prepared syllabus 370 participants.
Internship Program 2023 2022
PMMB - 160
MBKM 152 210
Magenta dan General Internship 329 -
Total 481 370
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EMPLOYEE Employee Career Talent management and
DEVELOPMENT Development succession are focused on
Career development of developing employee talents to
Bank Mandiri employees is be ready to become successors
To support the preparation carried out through the Talent who occupy critical positions
process of employee capabilities Management and Succession within the Bank’s management.
to be globally competitive, Bank program based on the principle
Mandiri has designed several of fair opportunity, namely the Talent management and
sustainable employee talent existence of equal opportunities succession have 5 elements in
development programs for the for every employee to grow Mandiri Propeller which consist
Bank to attain excellent human and develop while still paying of Technical Capability (skill),
resources (HR). Employee attention to the factors of Bank Leadership Capability, Culture,
talent development focuses on Mandiri’s needs, job family of the Learning Agility and Purpose.
employee career development, intended position, ability, level of The framework is used as a basis
and employee competency performance, value rating, talent for talent development to ensure
development. group (talent classification), job that these five aspects are
title, and other requirements. carried out in a balanced and
comprehensive manner.
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The talent management and succession
process is divided into 4 (four) main
processes, as follows:
1. Talent Identification
TC Identification Process
Learning Agility (Talent Classification) based
on performance, Leadership
Characteristics, Ability, Agility and
Engagement.
2. Talent Profiling
Talent assessment process based on
track record, technical capability,
leadership capability and personality
aspects.
Purpose 3. Talent Development
Plan and execute talent
development based on capability
gaps.
4. Strategic Talent Review
Review development progress and
prepare an incumbent succession
plan.
Super Happy, Super Productive,
Sustainable Business
Bank Mandiri Talent Management Process
1 2 3 4
Talent Identification Talent Profiling Talent Development Strategic Talent Review
Identification of TC based on Talent assessment based Develop a plan and running Review the development
Performance, Leadership on Track Record, Technical development talent based on process and prepare a plan
Characteristics, Ability, Agility Aspects Capability, Leadership gap capability incumbent success
as well as Engagement Capability and Personality
High
Potential
(HIPO)
High
Under
Achiever
(UA) Critical
Moderated
Capacity
Resources
(CR)
Limited
Limited Key
Contributor Contributor
(LC) (KC)
Limited Moderated High
Performance (3 tahun terakhir)
Output Output Output
Output Talent Profile & Gap Talent Development Plan & Progress Development Plan
Talent Classification Execution
Competency & Succession Plan
Managers: Talent Employees, Human Capital, Head of Work Units, Field Directors
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Employee Competency Development
Competency development of Bank Mandiri employees is carried out through a corporate university called
Mandiri University using an operating model, referring to the Strategic Learning Process, which is a learning
chain that starts from analyzing business needs and employee competencies to measuring the impact of
learning solutions on business achievement. The Strategic Learning Process is described as follows:
Learning Acquiring
Delivery & Learning Impact
Needs Learning
Deployment Measurement
Diagnosis Solutions
Learning culture, infrastructure, administration, support system
Organizational Learning blue print & Learning program/ Data outcome of
capability roadmaps module learning (survey.
competency questionnaires.
INPUT requirements based observation. interviews.
on business plan & etc
strategy
• Core competency • Decide/choose: make • Program/module Evaluate:
analysis borrow- buy-reuse Campaign • The quality of the
• Development • Analyze program/ • Implement (deliver/ outcome of learning
needs analysis module requirements deploy) by corporate • The learning
teacher (on job &
PROCESS • Training needs • design program/
work place trainer,
solutions
analysis module framework • The learning system
classroom/virtual
• Develop program/ facilitator, coaching, • The performance of
module content employee
consulting,
mentoring)
• Development ISD Toolkit: Trainer’s Toolkit: • Participant’s
needs analysis • Learning requirements • instructional design evaluation ROI
forms form toolkit
• Design window analysis
• Training needs • course structure • Data collection plan
• course structure &
TOOLS analysis forms
lesson plan • facilitator’s guideline • ROI analysis plan
• Learning & evaluation • Teaching slide’s • Monetary
materials Conversion
• Test & pilot course • Cost analysis
• Organizational Learning program/ Outcome of learning Learning evaluation
learning blue print module (L1. L2. L3. L4 return on
(company wide) (blended/non-blended) training investment)
OUTPUT • Learning roadmaps
(proactive)
• Training additional
program (reactive)
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The employee development In the area of technical for each Directorate according
program managed by Mandiri competencies, in addition to to its needs and is prepared
University aims to realize the training and development systematically, starting with
implementation of Bank Mandiri’s programs that have been exploring business needs
Corporate Plan by improving identified based on business (learning needs analysis),
employee competence that needs and individual employees, establishing learning solutions
supports the achievement of since 2022 and continuing in in the form of training
Bank Mandiri’s vision. To be in line 2023, Bank Mandiri has also modules, preparing program
with the implementation of Bank focused on the execution implementation schedules
Mandiri’s strategy, employee of Reskilling, Upskilling & (learning delivery and
competency improvement Redeployment in line with the deployment), to measuring
is carried out through the implementation of Smart Branch, the learning impact. APDP is
development of leadership as well as on building digital prepared by Mandiri University
& managerial and technical capability for all employees. with related work units and HCBP,
competencies, particularly in Employee development in each where the training programs
the fields of wholesale banking, Directorate at Bank Mandiri is in the APDP are top-down
retail banking, risk management, carried out in a planned manner according to organizational
IT and digital banking, as well as to suit business needs, informed needs (Thematic Learning).
other fields including banking early on to all stakeholders, In addition to the top-down
operations, finance, and human resource allocation can be learning program, Bank Mandiri
resources. The development done well, and achievement/ also plans bottom-up employee
of leadership competencies realization can be monitored development according to the
and technical competencies regularly. Specific Personal Learning gap
is carried out by referring to the that has been discussed with its
Leadership Capability Model The employee development superiors through development
(LCM) and Technical Capability plan is outlined in the Annual dialogue. The bottom-up training
Model (TCM). People Development Plan program is prepared through an
(APDP) document specifically Individual Development Plan
(IDP) for each employee.
The employee development flow is described in the following Capability
Development Framework:
Need Analysis Capability Structure Development Strategic People
Management and Plan Implementation Review
Corporate & Technical Competency APDP
(Thematic Learning)
Talent Pool
Business Strategy Capability Model Assessment
Job Analysis Leadership & Blended Learning: IDP Employee
Managerial Educate, Specific Personal Review
Capability Model Engage, Expose, Learning
Key Required Experience
Capabilities
Mandiri University has several academies for each business segment of the Bank, allowing employees in the
work unit that manages each business segment to receive training and development that focuses on the
duties and work responsibilities of each unit. The following academies are available at Bank Mandiri:
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Akademi Segment
Focus on the development of Wholesale Banking, Trade Finance, Treasury, International
Wholesale Banking Academy
Banking and Overseas Unit segments.
Focus on developing the Small Medium Enterprise, Retail Banking, Consumer Deposit,
Retail Banking Academy
Financial Services and Investment Management segments.
Focus on competency development in Business Continuity Management, Credit
OpeRations Academy
Operations, e-Channel Operations, Trade Services Operations and Customer Care.
Focus on developing competencies in Risk Management, Audit and Control Function,
Risk Academy
Compliance and Legal.
Digital Banking and Information Focus on competency development in Digital Banking, Information Technology,
Technology Academy Enterprise Data Management.
Human Capital and Finance Focus on competency development in Finance, Corporate Transformation and
Academy Human Capital.
Leadership and Management
Focus on leadership and managerial development at Bank Mandiri.
Development Academy
Bank Mandiri’s employee competency development program is divided into Leadership Development
Program and Technical Development Program which are prepared based on core competencies in each job
family and capability model. These programs will support employees’ careers and be able to increase agility
to challenges, carry out cultural values and have a goal to jointly build the nation. The explanation of the two
programs is as follows:
a. Leadership Development Program
A series of leadership development programs that are tiered and structured according to leadership
capacity at each employee level. This program is divided into 3 main phases for each level of organizational
leadership, namely Onboarding, Equipping, and Developing. The purpose of onboarding is to equip
employees with leadership capacity when occupying new positions. The purpose of Equipping is to equip
employees with various leadership skills to support their work specifically according to competency gaps.
While the purpose of Developing is to prepare and accelerate employees to the next level of leadership.
Program objectives are aimed at all employees at every level of organizational leadership, from officer
level to Director.
Leadership Pipeline Bank Mandiri
OBOARDING EQUIPPING DEVELOPING
Onboard for Newly Equipping with Pratical Talent AcceleRation
& Promoted People Managerial Skills Which Program to Enhance
Leaders to Perform Refers to Leadership Capabilities for Next Level
Capability Indicator Gaps
MASLP
Leading Functions Mandiri People Manager Strategic Business
Leader for L2 Mandiri Advanced Senior
(Setara Group Head/L2) Executive
Leading for Impact Leaders Program
Strategic Business Graduates MALP
Leading Leaders Mandiri People Manager Scholarship
Leader Program Mandiri Advanced
(Setara DH/L3) Mastery Leading for Result L3 Leaders Program
women Leadership Program
MAFLP
Leading Teams Mandiri People Manager Managerial
Mandiri Advanced
(Setara Team Leader) Fundamental Series Program
First Leaders Program
ODP/SDP
Leading Self Graduates
Officer and staff
(Officer) Scholarship
Development Program
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PROGRAM PENGELOLAAN HUMAN CAPITAL TAHUN 2023
leaders to prepare employees to the next level.
The tiered programs in the leadership development The SESPIBANK curriculum consists of classical
program are as follows: classes, general banking certification tests,
benchmarking, and making papers as final
• Officer Development Program (ODP) evaluation material. After participating in this
An onboarding development path intended for program, participants are expected to develop
fresh graduate candidates or candidates who more advanced banking technical skills, as well
have less than 4 (four) years of work experience. as network with official participants from various
Candidates who pass the recruitment and other banks in Indonesia. In 2023, 1 (one) Bank
selection stage will be determined as prospective Mandiri employee participated in the SESPIBANK
employees and are required to attend an intensive program.
ODP education program for 1 year, consisting
of 3 months of classroom learning, 5 months on • Mandiri People Manager (MPM) Fundamental
the job training, and 3 months probation before A training program for employees at the P3K and
becoming a permanent employee. To meet L4 (officer) levels to equip leadership skills. The
business needs, competency development in curriculum includes the preparation of a SMART
ODP includes aspects of Information Technology work plan, prioritization of tasks based on PDCA,
(IT), Risk Management, wholesale banking, retail performance monitoring, and communication.
banking, and support functions. During 2023, a The duration of the program is 1 day.
total of 640 prospective employees in 21 batches
participated in the ODP development. • Mandiri People Manager (MPM) Advanced
A training program for employees at the L4
• Staff Development Program level (Team Leader and equivalent) to equip
An employee onboarding development program leadership skills to lead the team. The curriculum
promoted from staff level to leadership employee includes building effective work teams,
level. The focus of development includes briefing managing change, planning and guidance,
related to leadership, managerial, and technical managing stakeholders, and developing
skills needed by an officer: self-leadership, business talents. The duration of the program is 1 day.
banking, general banking, IT, risk management,
and culture. The learning program lasts for 3 • Mandiri People Manager (MPM) Mastery
months in class and 3 months On the Job Training A training program for employees at the L3 level
in the placement unit. During 2023, the number (Department Head level and equivalent) with
of employees participating in the SDP was 568 the aim of improving leadership capabilities in
employees with 16 batches. managing, motivating, and improving team
performance. The curriculum includes building
• SESPIBANK Program effective work teams, managing change
The Bank Staff and Leadership College to achieve goals, planning, mentoring and
(SESPIBANK) is a development program in execution, as well as managing energy and
collaboration with the Indonesian Banking prioritizing team goals. During 2023, 66 employees
Development Institute for Bank Mandiri Level L3 have participated in the PM Mastery program.
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• Mandiri Advanced Senior Leaders Program (MASLP)
Mandiri Advanced Senior Leaders Program (MASLP) is a leadership development program that prepares
BOD-1 top talents to be part of long-term transformation at Bank Mandiri, while maintaining business
continuity and ongoing operations. The focus of this program development is Intrapreneurship, strategic
leadership, people focus & digital leadership according to the needs and strategies of the Bank.
Educate Engage Expose
Learning through in-class Learning through collaborative International exposure through
training, reading materials, interaction with coaches, benchmarking to global
business simulation & group mentors and colleagues. companies
coaching (Jul - Aug ‘23)
3-month journey through Journey ± 3 months
1-week ± program
collaborative interactions through mentoring
through global
with coaches, mentors sessions (becoming a
benchmarking sessions
and mentees mentee & mentor)
Educate Engage Expose
Learning through in-class training, Learning through collaborative International exposure through
reading materials, business interaction with coaches, mentors and benchmarking to global
simulation & group coaching (Jul colleagues. companies
- Aug ‘23)
3-month journey through Journey ± 3 months through mentoring 1-week ± program through global
collaborative interactions with sessions (becoming a mentee & benchmarking sessions
coaches, mentors and mentees mentor)
Modul 1 (3-7 Jul ‘23) MASLP participants attend coaching Immersion – Visitation to Ambidex
Strategic Leadership & Digital sessions with IMD Coaches, both in Winning Global Companies
Leadership groups and individually (participants
can add additional individual Benchmarking towards
coaching time). Global company with
Leadership Practices &
superior management, with case
MASLP participants will also take part studies of the dynamics of the
Modul 2 (7-11 Ags ‘23) in further mentoring in the following company’s transformation that
Ambidextrous Leadership, People sessions: can be applied at Bank Mandiri
Focus & Stakeholder Management • Cross-mentoring with Directors
• Participants as Mentors
MASLP is held for ±6 months, consisting of 2 Educate modules, each lasting 5 days. Then between the two modules,
participants cross-mentored with Bank Mandiri’s Board of Directors/SEVPs, and became mentors for MALP (BOD-2)
participants. The Expose stage cannot be carried out in 2023 due to several internal conditions, hence the journey
expose will be held the following year.
Through participation in this program, it is hoped that participants can have strategic leadership skills to ensure
that they are able to lead the organization and create a team that is capable to jointly achieve the vision of Bank
Mandiri. During 2023, 1 (one) MASLP cohort has been held with a total of 23 top L2 talent participants.
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• Mandiri Advanced Leaders Program (MALP)
Mandiri Advanced Leaders Program (MALP) is a leadership development program that prepares BOD-
2 top talents to the next level of leadership. The focus of this program development is Intrapreneurship,
strategic leadership, people focus & digital leadership in accordance with the needs and strategies of
the Bank.
Educate Engage Expose
Learning through classroom Learning through collaborative International exposure through
training, business cases, interaction with coaches, benchmarking to global
coaching, and business mentors and colleagues. companies
simulation
Journey ± 2 months:
interactive virtual sessions, Journey ± 3 months 1-week ± program
assessment & reading through mentoring through global
materials, business sessions (becoming a benchmarking sessions
simulation and group mentee & mentor)
coaching
Educate Engage Expose
Modul 1 MALP participants attend coaching Immersion – Visitation to Ambidex
Create Our Own Game sessions with IMD Coaches, both in Winning Global Companies
• Sustainable Transformation groups and individually (participants
• Strategy & Execution can add additional individual Benchmarking towards
coaching time). Global company with
Leadership Practices &
Modul 2 MALP participants will also take part superior management, with case
Ambidextrous Leadership in follow-up mentoring in the following studies of the dynamics of the
Leading Business Strategy & sessions: company’s transformation that
People • Cross-mentoring with MASLP can be applied at Bank Mandiri
Participants
• Participants as Mentors
MALP is held for ±3 months, consisting of 2 Educate modules, each lasting 5 days. Then between the two modules,
participants mentored with participants of the Mandiri Advanced Senior Leadership Program (top talents L2).
By participating in this program, the participants are expected to have strategic leadership skills that are capable to
lead organizations and teams to achieve the vision. During 2023, 2 (two) MALP cohorts have been held with a total
of 65 top L3 talent participants.
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• Mandiri Advanced First Leaders Program (MAFLP) improve the knowledge and skills of top
Mandiri Advanced First Leaders Program talents employees at the BOD-2 level which
(MAFLP) is a Leadership development program focuses on developing future skills needed in
that prepares BOD-3 top talents (Team Leaders, the Bank’s long-term strategy. In 2023, there
Branch Managers or equivalent) to the next
were 31 L3+ and L3 employees (Department
level of leadership. The focus of this program
Head and equivalent) participating in the
development is People Focus, Digital Mindset,
Strategy & Innovation. During 2023, 5 (five) program.
MAFLP cohorts have been held with a total of -- S2 Scholarship Program Abroad
364 top L4 talent participants. An S2 scholarship program overseas that
aims to increase the exposure, networking
• Mandiri Executive Leaders Program (MAELP) skills and knowledge of participants related
Mandiri Executive Leaders Program (MAELP) to global insights relevant to Bank Mandiri’s
is a leadership development program for needs. In 2023, there were 42 employees
Commissioners, Directors and SEVP levels. that currently studying S2 scholarships in
This program aims to improve leadership and
the Top 15 Universities around the world.
technical capabilities in accordance with
The fields of study taken are Digital Business,
Bank Mandiri’s business needs, as well as
build relationships with other stakeholders. In Advanced Finance, Technology, and
2023, 11 Commissioners and 3 Directors have Enablers (Human Resources & Laws).
participated in this program at various Top
Global Universities. • Women Leadership Program
A special development program For Top Female
• Program Beasiswa Pasca Sarjana (S2) Millennial Talents aimed at enhancing capabilities
A development program for top talents and knowledge in the field of personal and
employees who are selected to attain Professional skills to address challenges specifics
postgraduate formal education both overseas for women. This program is organized through
and domestically. intensive workshops/discussions, coaching, and
-- Mandiri Executive Scholarship for mentoring with women leaders C-level for 3
Postgraduate (MESP) days. In 2023, 30 top L3+ and L3 officers female
A domestic S2 scholarship program to millennial talents participated in the program.
Personal
Development Engagement
Workshop Mentoring Coaching Activites
Sharing & discussion In-depth mentoring (in In-depth mentoring (in Short-class to increase
with C-level female group of 5) dengan group of 5) development engagement & well- being
leaders C-level women leaders plan (career & personal)
Topic: Goal: Goal: Opsional example:
1. Dynamics of women’s Linking workshop 1. Action plan & 1. Golf course
roles in personal & discussions to personal takeaways “what’s 2. Fun cooking class
professional contexts and everyday application next” 3. Fun art class
2. Women & Business levels 2. Frequent check-ups
3. Executive Presence after program end
4. Women Leadership
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• Leadership Managerial Skills Series 2023, 1,004 technical program modules were
The purpose of this program is to equip Leaders carried out with 300.228 participants.
at all levels of the organization with Practical
Managerial skills, referring to the leadership The following are several technical programs as top
capability gap indicator according to the 5 signature training held during 2023:
characteristics of DNA Independence. The skills
trained in this program include productivity, • Strategic Business Leaders (SBL) Program
emotional intelligence, and strategic thinking. To realize Bank Mandiri’s aspiration to become
During 2023, a total of 3,756 employees have an Undisputed Industry Leader, one of the
joined this program. focuses carried out by Bank Mandiri is to
develop Mandirian’s capabilities as strategic
b. Technical Development Program business leaders.
A technical employee competency
improvement program in accordance with The purpose of the Strategic Business Leaders
the managed business segment. This technical program is to equip all L3 Level employees,
capability development program is held particularly Bank Mandiri Leaders at the head
thematically and specifically with the aim of office and regions with the skills and capabilities
increasing the knowledge and skills of employees to be able to lead in implementing the 3-3-
in business units which include wholesale banking, 1 corporate strategy in achieving market
retail banking, risk management, IT and digital dominance by creating own game in their work
banking, as well as other fields, including banking units. During 2023, this program was attended
operations, finance, and human resources. In by 3,904 employees.
1, Strategic 2, Strong 3, Intensive 4, Project 5,Active
Leadership Winning Group Assignment Learning:
Camp Ecosystem Mentoring Online +
Offline
Build participants’ Strengthening the role Build a discussion forum Building capabilities Building capabilities
understanding of of RCEO, Regional between mentors and through real practice through subject matter
Branch Manager profiles Head & Area Head to participants in preparing based on case from experts related to
covering 5 aspects of become an ecosystem branch business RCEO in currently leaderships and technical
strategic business leader driving BM’s success plans and quick win managed branches capability
implementation
HOW? HOW? HOW? HOW? HOW?
Briefing of the president Equip Mentor Group Mentoring Individual Assignment 4+4
director and directors debriefing class for Based on cluster Sharing case study, Leaderships session and
on the expectations of mentors to be able unggulan tiap region branch business plan technical virtual class
the profile of a strategic to act as a learning yang dilaksanakan & quick wins Group based on curriculum
business leader ecosystem in order tiap minggu Assignment Creating of strategic business
to create a winning breakthru by cluster leaders from branch
ecosystem manager program
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• Wholesale RM Coverage Program • Digital Talent Readiness for Future
Wholesale RM Coverage is a program to Digital Talent Readiness for Future is a digital
develop RM Wholesale capabilities to support talent program for Bank Mandiri employees,
the Wholesale Banking business and Value Chain which is attended by a total of 35,379 employees
for employees to be able to provide end to end through 3 programs that improve the digital
transaction solutions to customers, become capabilities of Bank-wide employees as Digital
ecosystem enablers and maintain relationships Leaders, such as:
with customers both at head office and regions -- My Digital Academy
through training programs. As of the end of 2023, -- IT Bootcamp
trainings have been carried out in the Wholesale -- MSJD - Mandirian Ready to Go Digital
RM Coverage program, including the Chartered
Wholesale Banking and Acceleration Program, As of December 2023, the Digital Talent
which was attended by 668 RM/CA Wholesale Readiness for Future Program has been
employees and 9 Wholesale Bankers Club implemented with a total of 71,055
discussion events attended by 5,386 employees participants.
from various work units.
Competencies Development by Program
2023 2022
Development Program
Batch Participants Batch Participants
Leadership Development Program
Officer Development Program 21 640 24 614
Staff Development Program 16 568 11 357
SESPIBANK Program 1 1 2 3
Mandiri People Manager (MPM) Fundamental 2 615 1 15
Mandiri People Manager (MPM) Advance 0 0 2 59
Mandiri People Manager (MPM) Mastery 3 81 3 65
Mandiri Advanced Senior Leaders Program
1 23 1 26
(MASLP)
Mandiri Advanced Leaders Program (MALP) 2 65 2 59
Mandiri Advanced First Leaders Program (MAFLP) 5 364 5 330
Mandiri Executive Leaders Program (MAELP) 5 14 7 8
S2 Program 2 73 2 29
Women Leadership Program 2 280 1 26
Other Leaderships 58 6,259 368 23,803
Technical Development Program 2,718 300,228 - 338,236
E-learning & Podcast 3,369 483,598 - 149,394
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Competency Development Based on Position Level
Bank Mandiri strives to apply the principle of equality in implementing employee competency development
programs, where the Bank provides equal opportunities for its employees in developing their potential. In 2023,
the total number of Bank employees participating in the training was 37,779 employees or 97.1% of the total
active employees, with details of 18,894 male employees (47.9%) and 20,623 female employees (52.1%). Total
active employees participating in the training in 2023 increased 2% from 2022 which was attended by 37,084
employees.
Competency Development by Position Level in 2022-2023
No. Level Total Training
2023 2022
1, Commissioner 12 0
2, Director 12 12
3, SEVP - SVP 158 148
4, VP - AVP 3,965 3,793
5, SM - FAM 13,822 13,294
6, Executive 19,751 20,364
7, Non-Officer 59 87
8, Pension/ Terminate 1,738 1,376
Grand Total 39,517 39,074
Total Days and Hours of Training (Man Hour) by Gender in 2022-2023
Gender Total Training Duration Average Training Hours
Total Trainees
(hours) per Employee
2023 2022 2023 2022 2023 2022
Female 20,623 20,338 2,664,804 2,360,482 124.4 116.1
Male 18,894 18,736 2,674,432 2,270,256 136.6 121.2
Grand Total 39,517 39,074 5,339,236 4,630,738 135.1 118.5
Total Days and Hours of Training (Man Hour) by Gender in 2022-2023
No. Level Total Training Duration Average Training
Total Trainees
(hours) Hours per Employee
2023 2022 2023 2022 2023 2022
1, Commissioner 12 0 1,008 0 77.5 0.0
2, Director 12 12 146 768 12.2 64.0
3, SEVP - Please 158 148 15,558 17,392 90.5 117.5
4, VP - AVP 3,965 3,793 807,516 661,178 202.6 174.3
5, SM - FAM 13,822 13,293 2,553,630 2,153,892 184.2 162.0
6, Executive 19,751 20,364 1,839,932 1,713,998 88.5 84.2
7, Non-Officer 59 87 808 2,640 9.2 30.3
8, Pension/ Terminated 1,738 1,377 120,638 80,870 58.0 58.7
Grand Total 39,517 39,074 5,339,236 4,630,738 135.1 118.5
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OFFICER The General Principles of the 4. Connection
The Bank ensures that
ONBOARDING implementation of employee
onboarding are as follows: employees can maintain
SYSTEM 1. Compliance good and positive
The Bank prepares relationships between
New employees of Bank Mandiri, employees to understand employees
both from the New Hire program the basics of the provisions
(newly joined employees) and and policies applicable at Onboarding for New Hire
the New Promote (Onboarding the Bank. The On Boarding Program is
for New at Level) program must 2. Culture implemented to help New
go through an onboarding The Bank prepares Hire adapt to the new work
system to obtain the knowledge, employees to be able to environment to ensure fast
abilities, and behaviors needed accept and implement the understanding on the conduct
as Bank employees. Bank’s norms including the and work in new unit. The On
Bank’s work culture and core Boarding program is carried out
In order to digitize the onboarding values. since New Hire joined its new
system, the Bank introduced a 3. Clarification unit. The On Boarding Program
more interactive new onboarding The Bank ensures that consists of 2 (two) stages,
process through the application employees understand namely the Pre-Arrival stage
of gamification-based learning and aware on the duties and the Arrival stage. Each of
consisting of 10 learning topics and responsibilities of their these stages consists of 2 (two)
with a duration of 3 months and new job and the expected integrated processes as follows:
can be accessed online. performance results.
Pre-arrival Arrival
Prior to work After work
commencing commencing
Accomodating Assimilating Accelerating
The process to prepare The process where
for employee arrival The process to make employees have
(pre-arrival) to speed employees quickly adapted to their
up employees to catch understand what to environment and
up with their work and expect from their work have been able to
make employees feel and adapt to their innovate and work
accepted by their work environment. more effectively and
environment. productively.
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The objectives of Onboarding for 2. Buddy System 5. Understand the preparation
New Hire are as follows: During Onboarding, New Hire of a New Unit strategic
1. Accelerate the process of will be accompanied by a plan (including Quick Win &
employees’ comprehension Buddy. The Buddy’s role in improvement)
of their work so as to increase implementing the Onboarding
Speed to Productivity, which Program is very important, Stages of Onboarding for New at
begins by providing facilities particularly in introducing the Level program:
and infrastructure that can work environment thereby 1. Onboarding Development
support work explanation on able to speed up the New Hire Dialog
Job Description and Goals. adaptation process. A Buddy 2. Onboarding Briefing
2. Introducing Bank Mandiri must have an adequate 3. Onboarding Learning
Culture in order to gain an understanding related to the 4. Mid-Review
understanding of aligned work unit and Bank Mandiri as 5. Evaluation of Probation
values for employees to its function is to always be able Period
quickly adapt to their work to provide positive and precise
environment (attach to new information to New Hire.
EMPLOYEE
culture). 3. Onboarding Mission
3. Introducing the applicable Checklist COMPETENCE
provisions and systems for The Mission Checklist is DEVELOPMENT
employees to attain risk a guide to onboarding
awareness thereby able to activities to assist New Hire
EVALUATION
measure and manage the in the process of adapting To improve the quality of
risks encountered during to the work environment employee competence
their work. during the Onboarding development programs, Mandiri
4. Building a Resilient implementation. University conducts continuous
Independent spirit with a evaluations of material content,
pattern of Resilient Learners Onboarding for New at Level teacher quality, and learning
who are willing to learn To help new employees adapt methods. The following are the
proactively from various quickly to the environment and stages of evaluation carried
sources (build proactive understand the work, Bank out by Mandiri University on the
learner). Mandiri conducts an Onboarding implementation of employee
for New at Level program. competency development
This program is intended for programs:
The supporting facilities provided employees who join through • Level 1 (L1) is an evaluation to
during Onboarding for New Hire the New Promote program to assess participants’ reactions
are as follows: help talent understand the job to the implementation of
descriptions and goal settings, learning carried out using
Welcome Kit Onboarding introduction on culture and the the Net Promoter Score (NPS)
1. Welcome Kit Onboarding applicable Code of Conducts method, which includes the
The Onboarding Welcome and Business Ethics. suitability of the material,
Kit is a package that the ability of teachers to
contains equipment to The objectives of the Onboarding deliver the material, and
support the performance for New at Level Program are as the availability of learning
and general information follows: facilities.
about Bank Mandiri provided 1. Understand leadership & • Level 2 (L2) is an
to New Hire. The Onboarding bank-wide expectations evaluation to assess the
Welcome Kit is given to 2. Understand specific missions level of understanding of
increase understanding & responsibilities participants during learning
of Bank Mandiri and the 3. Integrity Reminder & using written examination
productivity and work Awareness methods (theory) and
motivation of New Hire. 4. Understand the conditions & practical exams.
objectives of the unit to be led
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• Level 3 (L3) is an evaluation to assess the implementation of learning materials and changes in behaviour
before and after learning with the multirater method, namely asking for opinions/ assessments from
employees, supervisors, colleagues, subordinates of employees who are the training participants. This
evaluation is carried out at least 3 (three) months after learning.
• Level 4 (L4) is an evaluation to assess the impact of learning on the resulting performance. This evaluation
uses the performance assessment method and is carried out at least 3 (three) months after learning period.
During 2023, Bank Mandiri held 6,087 training with various learning media, both face-to-face, virtual classroom
and e-learning with a total of 4,401 training modules attended by 790,101 participants.
For the training conducted in 2023, Bank Mandiri has evaluated the employee competency development
program as summarized in the table below:
Jenis Evaluasi Result
The average level of training participant satisfaction (NPS) reached a value
Level 1, Reaction of +7 5.7 4 from a scale of -100 to +100 and an average evaluation score of
5.5 4 from a scale of 1-6
The average level of comprehension of participants was 85.59, on a scale
Level 2, Learning
of 0-100
The average change in employee behavior after training was felt in their
Level 3, Behavior
performance, with an average evaluation score of 5.05 on a scale of 1-6
EMPLOYEE COMPETENCE DEVELOPMENT COSTS
During 2023, Bank Mandiri realizes employee competency development costs of up to Rp382,832 billion. This
figure is increase from the realization of the 2022 budget of Rp363.745 billion.
The following is competency development costs for Bank Mandiri employees.
Employee Competence Development Cost
Realization of Employee Development Costs (Rp Million)
No. Program
2023 2022 2021
1 Executive Development Program 5.800 3,681 5,800
2 Leadership Development Program 97.204 88,702 97,204
3 Culture Development Program 2.937 3,695 2,937
4 Pre Retirement 1.882 18,115 28,330
5 Strategic & Technical Skill Program 90.524 8,896 1,882
6 Elearning 23.715 240,657 70,941
Total 222.062 363,745 232,023
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KNOWLEDGE MANAGEMENT
Bank Mandiri implements knowledge management to ensure that explicit and tacit knowledge of employees
and organizations can be equally extracted, documented, and distributed. This is done in order to maintain and
increase the competitive advantage of the organization.
Knowledge management activities at Bank Mandiri include a series of continuous activities, as follows:
Acquire Knowledge
Gaining and updating
knowledge activities
Apply Knowledge
Applying knowledge into Store Knowledge
Knowledge
daily works and sharing best Storing knowledge in the
practices in the platforms Management platforms provided by
provided by the Bank. Process the Bank.
Share Knowledge
Sharing knowledge attained among others
through the platforms provided by the Bank
to employees.
Mandirian Learners Community to Currently, the following are several KMPs that
Facilitate Knowledge Management specifically address certain fields:
Activities
The Bank established Mandirian Learners • KMP Smart Branch Knowledge (SBK) Corner
Community as one of the efforts to manage the is a community of general bankers to share
knowledge. Mandirian Learners Community (KMP) is knowledge, experience, and best practices in
a community of practitioners consisting of a group Smart Branch.
of Bank Mandiri employees who have the same
profession, expertise, and interests with the aim of • KMP Legal Warrior is a community of legal
sharing specific knowledge practices so as to build officers and employees of Bank Mandiri with
innovation and create new ideas/knowledge/work legal education backgrounds to discuss legal
practices and/or improve current work practices. knowledge and practice.
The knowledge/work practices generated by
Mandirian Learners Community are then curated, • KMP KOPRA Community Network (KoCoNet) is
stored, and redistributed through the Bank’s platform a community of Bank Mandiri employees who
for adoption by the organization. have an interest in sharing knowledge and
experience related to KOPRA.
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• KMP Data Quality is Bank Mandiri’s data inputer The assessment component is also enhanced
community that has the same interest/concern through the integration of 10 Leadership
regarding efforts to improve data accuracy. Characteristics parameters with 6 AKHLAK Main
Values as a reflection of leaders who apply the core
• KMP Let’s Grow is a community consisting of values of SOEs. The purpose of these improvements
Bank Mandiri’s learning partners and facilitators is to build an objective and transparent assessment
who have an interest in increasing knowledge process based on factual observations in the field
and competencies related to the learning and maintain the integrity of decisions where policy,
process strategy. recommended distribution, fairness and consistency
are the basis for the application of employee
• KMP Mandiri Facilitator Squad is a community performance appraisals.
of Bank Mandiri facilitators who are expected
to improve the knowledge, skills of community
members in carrying out their role as a facilitator. Performance Assessment System
The employee performance assessment system
is based on the achievement of agreed Key
Mandirian Learners Community Performance Indicators (KPI) (Achievement) and
Platform the implementation of competencies/core values
Bank Mandiri uses MY Learn as one of KMP’s (Attitude). The elements of performance assessed
platforms for the community members to be able consist of process and result elements. Process
to connect, and build relationships with each other, indicates how to achieve targets (lead measure)
facilitate community related activities and data and Results indicate the results of employee
management related activities. achievement over targets (log measure).
The results of performance assessment are
EMPLOYEE PERFORMANCE categorized based on 5 (five) ratings, namely:
ASSESSMENTS 1. Excellent Performance, indicates exceptional/
extraordinary performance.
Bank Mandiri conducts employee performance 2. Very Good Performance, indicates satisfactory/
assessments to measure results (Achievement), as excellent performance.
well as the application of culture and leadership 3. Good Performance, indicates good
characteristics in daily work (Attitude). Bank Mandiri performance/ meeting expectations
has implemented 360 Survey as a tool in measuring 4. Requires some improvement, indicates
employee attitude since 2019. The implementation improvements requirements to help improve the
of the 360 Survey covers employees with the position performance.
level of Assistant Vice President (minus 2-BOD) to 5. Under Performance, indicates undeliverable of
Senior Executive Vice President (minus-1 BOD). appropriate/expected performance.
The purpose of this assessment is for all leaders at In 2023, an adjustment to the KPI (Goal Setting)
Bank Mandiri to be assessed through observation mechanism is made, where the Employee Manager
with a broader perspective, as well as attain reliable approves the Individual KPIs that have been sent
input for continuous improvement, both in terms of by employees to the system. The adjustment aims
performance, leadership and decision making. In to ensure that employee individual KPIs have been
an effort to optimize the results of the 360 Survey, discussed and agreed upon jointly by employees
adjustments were made to the format and expansion and employee managers.
of the distribution of the 360 Survey Report. The aim is
to encourage the use of 360 Survey results as part of The performance assessment process of Bank
employee development plans. Mandiri employees consists of 3 (three) stages, as
follows:
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1. Goal Setting 3. Final Assessment
Bank Mandiri employees first set goals at the At the end of the year, a final assessment is
beginning of the year through development conducted in which employees are given
dialogue between employees and Employee the opportunity to conduct a self-assessment
Manager. of their achievements. The results of the self-
2. Mid-Review assessment are further discussed, reviewed,
Mid review is carried out by employees in the and validated by the Employee Manager to be
middle of the year to readjust to the Bank’s further calibrated by the Employee Manager’s
business conditions. Manager. The parties engage in the employee
performance assessment are described in the
following chart.
2
Employee Manager
1 Direct supervisor provides final
scores and initial performance
level.
Employee
Employee carries out a
self-assessment.
Which parties play
a role in individual
assessment
3
4 Matrix Manager
Head of Work Unit as a Mentor for
Employee the system or segment of employee
Manager Manager assigned in the region for several
Employee Manager’s positions. Employee Manager will
Manager provides final receive inputs/ reviews/ comments
performance level by taking and Matrix Manager in determining
into account the normal the employee performance
distribution assessment
With the performance appraisal system, it is expected to encourage employees to improve performance
in the next period. The results of performance assessments are used as one of the factors in determining
compensation, determining talent categories, and promotions.
In 2023, the number of employees participating in the performance assessment reached around 38,000
employees. The results of performance assessments are used as one of the factors in determining compensation,
determining talent categories, promotion and employee development
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EMPLOYEE to position and performance, not return to work after maternity
leave indicates that Bank Mandiri
ENGAGEMENTS based on gender differences.
is an ‘employer of choice’ and
Allowances provides adequate support for
To maintain employees’ Bank Mandiri also provides the development of female
emotional attachment to benefits as an effort to maintain employees.
the Company, Bank Mandiri employee loyalty. Employee
implements various methods, benefits are provided according Pension Plan
one of which is by implementing to the employee’s employment Bank Mandiri’s pension program
an increase in the welfare of all status, level, and type of work. is provided in the form of pension
employees in order to spur the funds and training before
creation of optimal productivity. Maternity Leave retirement.
Improvement of the welfare Provisions
of Bank employees is provided Bank Mandiri provides maternity Bank Mandiri’s pension fund is
materially and non-materially. leave for female employees, managed by the Pension Fund
The following is a description of and a paternity leave for male established by the Bank. Bank
several employee engagement employees by providing their Mandiri’s type of pension fund
improvement programs carried rights in accordance with program is a defined contribution
out by Bank Mandiri. prevailing regulations and laws. program, in addition to a special
Bank Mandiri accepts employees defined benefit pension program
Employee Remuneration to return after the leave period for employees who join the Bank.
The remuneration of Bank Mandiri ends, and employees can attain
employees is determined by to their previous positions. As a form of appreciation to
referring to prevailing regulations. employees who have served,
The amount of remuneration During 2023, a total of 1,633 Bank Mandiri also provides
is adjusted to the applicable employees taking maternity pension program training for
internal regulations and is above leave consisting of 1,007 employees who will enter
the Minimum Wage standard female employees and 603 retirement to maintain welfare
applicable in Bank Mandiri’s male employees. This number and remain productive in
operational area. Nevertheless, decreased by 7.16% from retirement.
Bank Mandiri strives to maintain previous year’s 1,759 employees
employee remuneration to (1,169 female employees and
remain competitive and in line 590 male employees). Various topics related to self-
with the Bank’s remuneration employment, health, and
strategy. Of the employees who took psychology are discussed in this
maternity leave, 100% of seminar. For 2023, the training
Bank Mandiri does not distinguish employees have returned to before retirement is attended
between basic salary and work after the leave ended. In by 31 batches with a total of 379
remuneration between female addition, 100% of employees employees who will retire within
and male at each level of who took maternity leave in the the next 0-1 year. This training is
position. The ratio of basic salary previous year have returned conducted for 2-3 days offline.
and remuneration between to work at Bank Mandiri after
female and male is 1:1. Salaries the leave ended. The high
and facilities are set according percentage of employees who
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Awards e. Mandiri Service Award
One of the ways that the Bank does to enhance Mandiri Service Award (MSA) 2023 is an
employee engagement is by giving appreciation event to select the best Frontliner and
in the form of awards to Bank employees through Branch consisting of 2 (two) main activities,
the Mandiri Employee Award (MEA). This award namely:
event is held regularly every year, with the following 1. National Frontliner Championship (NFC)
awarding categories: is Bank Mandiri’s Frontliner competition
program which is attended by Regular
• Mandatory Award Branches, Smart Branches, Priority Outlets
The highest appreciation given by the with General Banker, Customer Service,
management to Mandiri Best Employee (MBE), Teller, Security, RM Priority Banking, and
namely the award to the best employees for Service Quality Officer categories.
consistency in delivering the best performance, 2. Service Excellence Award is the selection
as well as implementing corporate culture that of Branches (conventional and smart
are being reflected in work behavior in line with branches), Priority Outlets, and Areas
the Core Values of AKHLAK, aim at elevating with the best service value in each
employee motivation and engagement to Region nationally based on survey
continue to make the best contribution. values conducted by externally.
In 2023, the total number of employees For 2023, NFC was held on 15 -17 November
receiving MBE awards were 121 employees and 2023. This national-level competition was
15 employees of subsidiaries. attended by 60 best frontliners from a
total of 17,000 frontliners spread across
• Thematic Award 2,400 branches throughout Indonesia from
An appreciation to the Work Unit/Employees Region I to Region XII. The Frontliners who
who have contributed and have achievements participated in the competition at the
in supporting bank-wide initiatives, including National level were 1 of the best Frontliner
related to the execution of corporate strategies, representatives from each category who
business growth and sustainability, strengthening passed through the Region selection.
the mindset of strong learners, and implementing
corporate culture, with the following details: Through this MSA event, Bank Mandiri hopes
that all Frontliners, Branches, Priority Outlets,
a. Best Strategy Bankwide Areas, and Regions can be motivated
Appreciation to Work Units that have the to strive to be the best and consistently
best performance achievements through provide remarkable customer experience
the implementation of 3-3-1 strategies, 8 to customers.
Strategic Goals, and LUNAR
f. Mandiri Innovation eXperience (MIX)
b. Best Collection & Recovery of The Year MIX is Bank Mandiri’s innovation platform
Appreciation to Mandirian that exceeds the to address future business challenges.
target in billing and in line with applicable Bank Mandiri will give appreciation to this
ethics. innovation.
c. Best Bansos Heroes g. Mandiri Best ESG Stewardship
Appreciation to the Work Unit that has made Appreciation to Work Units that support
the best contribution in the distribution of the achievement of the “Indonesia
Social Assistance to the community. Sustainability Champion” target through
the development of sustainable products,
d. Best Facilitator the implementation of green operations
Awards to Mandirian who are active as and community empowerment.
teachers/trainers.
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LACTATION To enhance employee engagement, Bank
Mandiri provides lactation rooms for female
ROOM employees who are breastfeeding both at the
Head Office and at regional/branch offices.
The lactation room is built with a comfortable
and clean atmosphere, and is equipped
with various facilities and standard needs for
breastfeeding mothers.
ENGAGEMENT SURVEYI Bank Mandiri’s Resignation Rate Trend
2020-2022
The Bank again conducted an engagement Total Total
survey to 28,415 employees, conducted during the Tahun Resignation Employees Percentage
December 2023 period, with a score of 89.65% (an (person) (person)
increase of 1.59% compared to 88.06% in 2022). The 2023 1,044 38,940 2.68%
survey was conducted by independent consultants
2022 1,102 38,176 2.89%
by measuring organization, leadership, career
development, relationships and communication, 2021 1,185 37,840 3.13%
compensation benefits, job suitability, contribution/
opportunity to provide the best and work groups. In 2023, the total number of employees resigning
from the Bank was 2,048 personnel with an employee
turnover rate of 5.26%.
Employee Turnover
Employee Resignation Trend
To measure employee engagement, Bank Mandiri Description 2023 2022 2021
monitors the Resignation Rate regularly every year.
Jumlah karyawan
The measurement is carried out for the Bank to exactly 2,048 1,840 1,998
yang keluar (orang)
analyze and determine the profile of the employee
Jumlah karyawan
who resigned, particularly the reason/background 38,940 38,176 37,840
akhir tahun (orang)
of the employee’s resignation hence the Bank can Persentase turnover
find and design the right employee engagement 5.26% 4.82% 5.28%
(%)
program. Bank Mandiri’s Resignation Rate trend for
2021 – 2023 is presented in the table below:
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INDUSTRIAL RELATIONS CLA is valid for 2 (two) years from the date of
signing and can be extended for a maximum of
The Bank conducts industrial relations based on 1 (one) year provided that the extension is valid
Law No. 13 of 2003 on Manpower as last amended for 1 (one) time only.
by Law No. 6 of 2023 concerning the Stipulation
of Government Regulations in Lieu of Law No. 2 of The first CLA is valid for the 2004-2006 period and
2022 on Job Creation into Law and its implementing the current agreement is the 11th CLA for the
regulations in order to create and build a 2023-2025 period which has been registered
comfortable, transparent, positive and progressive and approved by the Ministry of Manpower of
work environment. To obtain the best results, the Bank the Republic of Indonesia, in line with the Decree
pursues various approaches as follows: of the Director General of Industrial Relations
1. Creating harmonious Industrial Relations that Development and Labor Social Security No.
are well built and managed, with the active role KEP.4/HI.00.01/00.0000.231228008/B/I/2024
of employees, the Bank Employees Union, and dated 10 January 2024.
employee organizations recognized by the Bank.
2. Creating activities that can increase the level of 3. Internal and External Regulations
employee engagement with the Bank through Bank Mandiri strives to adhere and complies
programs that can effectively have an impact with prevailing laws and regulations, both
on changing employee attitudes and work external and internal regulations, including the
behavior and bring positive changes to the Operational Policy (Human Resources) which
Bank’s performance. has been updated and approved on 3 April
2023 and the Human Resources Guideline
The Bank builds good Industrial Relations based on Standard which was last updated in December
the understanding that Bank Mandiri, Employees, 2023
and Employee Unions must respect each other, trust,
and resolve to work together in carrying out their 4. Bipartite Cooperation Institute
respective rights, obligations, and responsibilities The Bipartite Cooperation Institute (LKS) at
with the aim of ensuring business continuity, growing Bank Mandiri was established in 2005 and has
business scale and improving employee welfare. been registered in the South Jakarta Municipal
Manpower and Transmigration Service Office.
To achieve industrial relations as agreed above, the
Bank provides industrial relations facilities, including:
1. Employee Unions Pursuant to the mandate of Law No. 13/2003 and
Bank Mandiri provides freedom for employees to as stated in CLA 2023-2025, Bank Mandiri and the
join employee union organizations. Bank Mandiri Employee Union routinely carry out Bipartite LKS
Employees Union (SPBM) is an employee union as a forum for communication and consultation
formed to establish good relations between on matters related to industrial relations. At the
Bank Mandiri employees and management, forum, Bank Mandiri communicated policies
so as to create harmonious industrial relations. related to Human Capital, as well as several
SPBM was established in 2000 and has been matters that are the focus of the Bank’s business
registered at the Ministry of Manpower and development in line with the set forth vision
Transmigration of the Republic of Indonesia and mission. The Employee Union also had the
No. KEP.804/M/BW/2000 and registered at the opportunity to submit suggestions and inputs for
Ministry of Transmigration of the Republic of improvement, as well as several aspirations of
Indonesia No. 45/V/P/V/2001. Employees to Management.
2. Collective Labor Agreement 5. Complaints Handling
Bank Mandiri already has a Collective Labor To create a favorable work climate, Bank
Agreement (CLA), resulted from the negotiations Mandiri strives to properly manage complaints
between Bank Mandiri and SPBM that contains through an open communication forum in order
the terms of work, rights and obligations of both to create effective employment relations.
parties based on laws and regulations.
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6. Industrial Relations Dispute Resolution • The Learning Experience Design strategy
Settlement of Industrial Relations Disputes aims to build a learning mindset and learning
at Bank Mandiri refers to Law No. 2 of 2004 culture for all employees and also provide a
concerning Settlement of Industrial Relations learning experience that builds employee
Disputes, by prioritizing communication to reach engagement. By having a good learning
an agreement (win-win solution). This is able to mindset, learning culture, and learning
create peace of work for employees, to ensure experience, employees will then take
harmonious industrial relations to be maintained the initiative to build their competencies
which in turn can increase work productivity. independently.
The development and training of Bank Mandiri
employees in principle aims to support the Based on these three strategies, programs
implementation of Bank Mandiri’s corporate and initiatives for employee development
plan and business strategy in a sustainable and training were then developed. Employee
manner. As such, the curriculum and learning development and training programs and
methods are built to achieve organizational initiatives in 2023 are carried out through the
goals, to produce the best leaders that deliver development of leadership and technical
excellent performance, as well as to foster competencies, which among others focus on
a culture of continuous learning in every developing wholesale capability, strategic
employee. business leaders and also building digital talent.
Employee development is carried out in a
To achieve this, three employee development planned manner to suit business needs, informed
and training strategies were established, early on to all stakeholders, resource allocation
namely Capability Enabler, Learning-to-Business can be done well, and achievement/realization
Alignment, and Learning Experience Design. can be monitored regularly.
Untuk mencapai hal tersebut, ditetapkan The employee training and development program
tiga strategi pengembangan dan pelatihan is carried out using a blended learning method
pegawai, yaitu Capability Enabler, Learning-to- that combines structured learning methods
Business Alignment, dan Learning Experience (classroom, virtual learning, e-learning), learning
Design. from others (development dialogue, mentoring),
and experiential learning, among others, through
• The Capability Enabler strategy aims to on-the-job training and job rotation. In 2023, Bank
build existing competency for productivity Mandiri also continued the implementation of
and upcoming competency to anticipate digital learning that began several years ago,
future challenges. including building knowledge management to
• The Learning-to-Business Alignment strategy support specific businesses, among others through
aims to ensure that all development and the community of practice.
training programs held will have a positive
impact on the business, particularly to
achieve business targets according to the
established strategy.
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EMPLOYEE DEVELOPMENT PLAN 2024
The development and training of Bank Mandiri employees in principle aims to
support the implementation of Bank Mandiri’s corporate plan and business strategy
in a sustainable manner. As such, the curriculum and learning methods are built
to support the Bank in achieving organizational goals, producing the best leaders
with excellent performance, as well as fostering a culture of continuous learning in
every employee.
To achieve this, three employee employees and also provide a business needs, informed early
development and training learning experience that builds on to all stakeholders, resource
strategies were established, namely employee engagement. By allocation can be done well, and
Capability Enabler, Learning-to- having a good learning mindset, achievement/realization can be
Business Alignment, and Learning learning culture, and learning monitored regularly.
Experience Design. experience, employees will then
take the initiative to build their The employee training and
The Capability Enabler strategy competencies independently. development program is carried
aims to build existing competency out using a blended learning
for productivity and upcoming Based on these three strategies, method that combines structured
competency to anticipate future programs and initiatives for learning methods (classroom,
challenges. employee development and virtual learning, e-learning),
training were then developed. learning from others (development
The Learning-to-Business Alignment Employee development and dialogue, mentoring), and
aims to ensure that all development training programs and initiatives experiential learning, among
and training programs held will in 2024 will be carried out through others, in the form of on-the-job
deliver a positive impact on the the development of leadership training and job rotation. In 2024,
business, particularly to achieve and technical competencies, Bank Mandiri will also continue the
business targets according to the which among others focus on implementation of digital learning
set forth strategy. developing wholesale capability, that began several years ago,
strategic business leaders and including building knowledge
The Learning Experience Design also building digital talent. management to support specific
aims to build a learning mindset Employee development is carried businesses, including in the form of
and learning culture for all out in a planned manner to suit community of practice.
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HIGHLIGHTS Report Profile AND ANALYSIS
INFORMATION
TECHNOLOGY
In the midst of the financial services industry’s intensive
digitalization, Bank Mandiri has proven to be a strong
industry leader, armed with a unique all-rounder
ecosystem powered by reliable, available, scalable, and
secure information technology. The Bank’s application
of information technology is centered on supporting its
mission of providing reliable and simple digital banking
products that are part of customers’ lives.
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INFORMATION TECHNOLOGY
STRATEGIC PLAN
Bank Mandiri continues to foster digitalization in all business lines and internal
processes of the Bank. As such, the use of technology in a planned and appropriate
manner is one of the keys to the success of Bank Mandiri’s digital transformation.
Bank Mandiri’s Information Technology (IT) provide added value and promote innovation
executes discipline and continuous IT Strategic to all stakeholders in fostering robust and
Plan in line with Bank Mandiri’s Corporate sustainable business growth. The vision is
Plan 2020-2024. The strategy is outlined in the realized in 3 (three) main focuses, namely Fit
IT Strategy & Execution Plan 2020-2024 with For Growth, Drive Digital Transformation and
a vision to become a technology strategic Transform IT.
partner that “Always Deliver, Always Ahead” to
IT Strategy & Execution Plan 2020-2024
VISI IT 2020-2024
Becoming a technology strategic partner that is “Always Deliver, Always Ahead”
to provide added value and enforce innovation to all stakeholders in promoting
sound and sustainable business growth.
MISI IT 2020-2024
A Fit For Growth B Drive Digital C Transform IT
Transformation
Providing reliable, Providing adaptive Build the best
available, technology to and sustainable
scalable & secure drive digital operating model,
technology in transformation & organization, and
accommodating business innovation people capability
business growth to support IT
strategy execution
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HIGHLIGHTS Report Profile AND ANALYSIS
INFORMATION TECHNOLOGY STRATEGIC PLAN
A. Fit For Growth as a digital channel to improve customer
To provide reliable digital services, Bank Mandiri experience for retail segment customers,
provides reliable, available, scalable and transforming branches through Smart
secure technology in accommodating the Branch, and expanding Livin’ ecosystem to
Bank’s business growth through: offline merchants
1. Core banking modernization to ensure 3. Development of IT capabilities to support
features, capacity & scalability can SME & Micro segment business strategies,
optimally support business. such as developing sales tools to accelerate
2. Improvement of IT reliability, availability and credit acquisition and increase productivity
scalability as well as strengthening cyber of Relationship Managers.
security to support the Bank’s services and 4. Improvement of capabilities to support
business. the use of enterprise-wide applications &
3. Implementation of initiatives related to operations that include HR management,
regulatory & compliance to ensure system financial records, risk & fraud monitoring,
readiness to meet the needs of regulators and operations improvement.
and principals.
4. Development and optimization of data C. Transform IT
analytics in supporting the Bank’s services Building fundamental IT aspects consisting of
and business. the best and sustainable operating model,
organization, and people capability to support
B. Drive Digital Transformation IT strategy execution through:
Providing adaptive technology to drive digital 1. Optimization of operating models and
transformation & business innovation through: internal processes to improve operational
1. Wholesale digitalization to foster digital quality & solution delivery.
transformation and business innovation 2. Organizational alignment and capacity
in the wholesale segment, such as the building and IT resource competence to
development of KOPRA as a single access support digitalization and improve the
platform for all customer transaction needs. quality of IT service delivery.
2. Retail digitalization by strengthening 3. Improvement of collaboration and synergy
capabilities and developing IT systems to of Mandiri Group to drive cost efficiency,
optimize banking services that are fast, easy mitigate reputation and operational risks
and user-friendly in every channel, such and share knowledge.
as the development of Livin’ by Mandiri
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IMPLEMENTATION OF INFORMATION
TECHNOLOGY STRATEGIC PLAN 2023
The IT strategic plan for 2023 is outlined in a work 3. Always comply with regulatory and principal
program that is structured to support the strategic initiatives, including the implementation of
direction of IT. This work program is implemented in integrated reporting with PPATK (Center for
strategic areas that are aligned with the focus of IT Financial Transaction Reporting and Analysis),
strategy, as follows: system adjustments for the adoption of the
PDP Law (Personal Data Protection Law) and
A. Fit For Growth the adoption of payment standards (BI Fast,
In line with business development, in 2023 the SWIFT, etc.) on an ongoing basis.
Bank continued its core banking modernization 4. Increased capabilities and utilization of data
initiatives to ensure features, capacity & analytics to support the Bank’s business
scalability can optimally support the business. in a sustainable manner, among others
In addition, to ensure IT reliability, availability, through lead generation and personalized
scalability and security, several initiatives have campaigns in various business segments.
been carried out, including:
1. Providing core system support for various Bank Mandiri also continues to maintain the quality
features in digital lending services, payment of IT support through the adoption of international
systems, card-based services (debit and best practices that are recognized through several
credit) and custodian services. certifications such as:
2. Ensuring the stability of performance, scalability • ISO 9001:2015 untuk Operation and Development
and functionality of IT systems and services both of Data Center, DRC & IT Infrastructure
in the front office, middle office and back office • ISO 20000-1:2018 untuk IT Service Management
through continuous upgrading of applications, • ISO/IEC 27001 untuk Provision and Development
databases and operating systems as well as of Infrastructure and Operational DC & DRC
improvement of application architecture.
Bank Mandiri ISO 9001:2015, ISO 20000-1:2018, dan ISO/IEC 27001 Certification
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IMPLEMENTATION OF INFORMATION TECHNOLOGY STRATEGIC PLAN 2023
B. Drive Digital Transformation 3. SME and Micro Growth Strategy
In 2023, Bank Mandiri continued to foster digital Development of IT capabilities to support
transformation and business innovation through business strategies in the SME & Micro
agile-based development to ensure that it segment in 2023, including the development
can quickly and adaptively deliver features to of customer acquisition tools through digital
provide benefits for customers. The initiative is offerings based on e-channels and end-to-
implemented in the following four areas: end integrated landing pages
1. Wholesale Digitalization 4. Enterprise System dan Operations
KOPRA as a single access platform for Develop enterprise system capabilities on
Wholesale customers is currently equipped an ongoing basis both for HR management,
with the KOPRA Mobile App to approve financial records and fraud prevention.
transactions safely as there is already a Optimization of credit operations is also
biometric login feature. Currently, KOPRA supported by the development of a mobile
can also be used to manage financial platform for the collateral valuation process.
transactions with customer partners
overseas. Moreover, we continue to foster C. Transform IT
digitalization and end-to-end integration In 2023, Bank Mandiri’s IT carried out an
of wholesale credit processes in improving operating model improvement on an ongoing
operational efficiency while strengthening basis to foster development with a fast and
risk management. quality speed-to-market orientation. In addition,
the Bank also continues to focus on building
2. Retail Digitalization internal development capabilities and capacity
In this segment, Bank Mandiri continuously through the Center of Excellence (CoE) and
innovates by strengthening capabilities and agile squad that adopts the Agile Release Train
developing IT systems in optimizing fast, in accommodating multiple releases in one
secure and user-friendly banking services in period.
every channel, such as:
• Development of Livin’ by Mandiri Mandiri Group’s collaboration and synergy
Super Apps and Smart Branch in the IT sector also continues to be improved
transformation to improve customer through the implementation of the Special
experience for retail customers. Interest Group (SIG), which is a thematic forum
• Expanding the digital ecosystem that is technical in nature as a forum for sharing
for offline merchants through the and collaboration between Mandiri Group
development of Livin’ Merchant and with several strategic themes including IT
for online merchants through the security, IT infrastructure and IT project portfolio
development of the Livin’ Sukha 2.0 management.
feature, which is currently collaborating
with various partners.
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GOVERNANCE & PRACTICES RESPONSIBILITY StatementS 2023
INFORMATION TECHNOLOGY
GOVERNANCE
In general, Bank Mandiri’s IT governance is divided into 4 (four) processes, namely Planning,
Development, Operational Management and IT Security, as follows:
IT Governance Coverage
A B C
TI IT IT Operational
Planning Development Management
D IT Security
A. IT Planning C. Operational Management
IT planning includes several IT strategic processes IT Operational Management includes activities
including the preparation and review of IT long- carried out to ensure the operation of Bank
term strategic plans, the preparation of IT project Mandiri’s IT system is well maintained. This
portfolios aligned with the Bank’s strategy, the includes managing system operations,
management of IT standards as a reference managing backup & restore, managing
for IT development and IT strategic research networks, maintaining systems, and managing IT
and studies for optimization of application infrastructure.
utilization, IT infrastructure and adoption of
new technology/business processes that have D. IT Security
competitive value for the bank. IT security processes are attached to
each process end-to-end, from planning,
B. IT Development development, to managing IT operations. IT
IT development governance includes the security governance focuses on a cybersecurity
end-to-end IT development process starting framework consisting of three execution pillars
from the stages of defining needs, design, to (Governance, Protection, and Operations).
testing and deployment. Bank Mandiri adopts Each pillar has the following aspects:
a waterfall and agile System Development Life • Governance: includes, among others,
Cycle (SDLC) development methodology that security awareness, security standards and
is tailored to the readiness of resources and the organizational adequacy.
character of project needs. Bank Mandiri also • Protection: includes, among others, defense
applies the DevSecOps method which is an mechanism, penetration testing dan user
intensive collaboration of each role (product, access management.
development, security, risk management, and • Operation: includes, among others, Security
operation) in the team supported by the use of Operation Center 24x7, threat intelligence,
tools. and vendor security assessment.
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HIGHLIGHTS Report Profile AND ANALYSIS
INFORMATION
TECHNOLOGY SECURITY
The development of digital era and technology adoption makes the customers’
transactions easier and more convenient. However, services digitalization also
carries the threat of information security risks including theft, loss, manipulation
and misuse of data, disclosure of sensitive information and damage or destruction
of unlawfully information that can threaten the confidentiality, integrity, and
availability of information.
To maintain information security, Bank Mandiri has domestic and overseas offices. Routine
developed and implemented an IT security strategy security awareness campaign programs
that complies with regulations (BI & OJK), in line are also carried out in various media,
with international standards (ISO 27001) & best namely newsletters (monthly), posters
practices (NIST Cybersecurity Framework, COBIT (quarterly), podcasts (quarterly), and
Framework, PCI Security Standard). The information phishing drills (quarterly). Some of the topics
security management system strategy is divided of security awareness campaigns include
into three main areas, namely People, Process, and data security protection, maintaining data
Technology as follows: confidentiality, the latest cyber-attack
trends, how to identify and avoid phishing,
1. People and online transaction security.
a. Security Awareness
The Security Awareness Program is carried Moreover, Bank Mandiri continues to
out to foster awareness on information increase customer security awareness with
security in daily behavior which ultimately educational programs through various
becomes the Bank’s culture. Bank Mandiri official Bank channels such as websites,
conducts security awareness certification social media (Instagram, Facebook,
every year to all levels of employees in Twitter), and YouTube.
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INFORMATION TECHNOLOGY SECURITY
Campaign Security Awareness untuk Nasabah
b. Human Resource Development (HR) and online (virtual) training through
Strengthening the people aspect is carried public platforms.
out by continuous skills development
(capacity and capability) on human 2. Process
resources. Bank Mandiri provides training c. Three Lines of Defense (3LoD)
& certification to regularly develop soft Bank Mandiri has implemented a risk
skills and hard skills to all employees, and management mechanism consisting of
vendors/ contractors. three levels of defense:
• 1st line of defense - CISO Office Group,
1. Training & certification for employees: responsible for bank information security
CISM (Certified Information Security through three main functions, namely:
Manager), CISSP (Certified Information - Design, designing security
Systems Security Professional), CRISC architecture and security
(Certified in Risk and Information requirements that are embedded
Systems Control), ISO 27001 Lead from the beginning of development,
Implementer, ISO 27001 Lead Auditor, implementation to system/
CISA (Certified Information Systems application operations.
Auditor), CEH (Certified Ethical Hacker), - Services, developing, reviewing and
CHFI (Computer Hacking Forensic disseminating standard procedures,
Investigator), and product-based awareness programs and risk
knowledge training to deepening and management. IT also implements
expertise on the Bank security system. security controls in the IT planning
2. Training for vendors/contractors: and development process.
Internal training for vendor employees - Operations, conducting 24/7
who work for operational support. monitoring, detecting attack threat
anomalies and handling information
Soft skill development is provided security incidents which include
through training such as leadership identification, protection, detection,
mindset, strategic thinking, creative response and recovery of cyber
thinking, design thinking, problem security incidents.
solving, presentation skill, and
negotiation skill. • 2nd line of defense - Operational Risk
Group, responsible for developing
Training & certification is provided the bank-wide operational risk
through various methods, both onsite management framework.
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INFORMATION TECHNOLOGY SECURITY
• 3rd line of defense – Internal Audit, share information if there is a cyber incident.
responsible for carrying out assurance In responding and handling cyber incidents,
functions on operational activities Bank Mandiri CSIRT implements an incident
in accordance with internal and response plan consisting of the following
regulatory regulations. stages:
• Identification: includes the process of
b. Security Policy & Procedure detecting and receiving cyber incident
Bank Mandiri already has a structure reports.
of information security policies and • Handling & escalation: includes the
procedures based on regulations and process of cyber incident analysis,
International Standards such as POJK No. isolation/containment of affected
11/POJK.03/2022 on the Implementation systems, follow-up destruction/
of Information Technology by Commercial eradication to stop cyber incidents, and
Banks), ISO 27001 (Information Security recovery to restore the entire system to
Management System) and other best normal work as before.
practices. These policies and procedures
are regularly reviewed to be relevant and These stages are carried out in conjunction
up-to-date with international standards with periodic escalation and reporting to
& best practices, as well as technological relevant stakeholders & regulators.
developments. These policies and
procedures are also a reference for the CSIRT conducts regular testing and
Company's Subsidiaries. simulation of cyber incidents to train the
readiness of organizations and employees
c. Security Operation Center (SOC) to respond to incidents. Every cyber event
Bank Mandiri implements optimal best- and incident is managed consistently,
in-class security devices according to effectively and measurably.
the function and application of layered
architecture to secure the Bank's systems SOC proactively follows up on information
and data, as well as identify and block on the development of cyberattacks from
security event anomalies at each layer, the reputable Threat Intelligence Service. In
namely: addition, Bank Mandiri also builds internal
1. Applications accessed by customers, capabilities to conduct threat hunting in
for example: Securing transactions with providing online protection for brands &
a PIN. websites from threats such as phishing,
2. Network, example: Firewall equipped online scams, unauthorized access and
with Intrusion Prevention System (IPS). counterfeit.
3. Endpoint (PC/Laptop), example:
Antimalware. d. Cyber Security Forum
4. Server (Branch Server & Data Center), Bank Mandiri's seriousness in monitoring
example: Antimalware. information security is expressed by the direct
involvement of the Board of Commissioners
and Directors in this topic through the Risk
In dealing with the threat of cyber-attacks, Oversight Committee, Audit Committee
Bank Mandiri has the capability to detect and Integrated Governance Committee
and handle cyber-attacks through the which are carried out regularly. The agenda
Security Operation Center (SOC) which of discussion at the committee meeting
operates for 7x24 hours. SOC together included reporting on ESG initiatives in
with related work units are registered as the quarterly Privacy & Data Security
Bank Mandiri Computer Security Incident aspect, multi-layer defense mechanism,
Response Team (CSIRT) registered with the and fulfillment of Mandiri Group's security
State Cyber and Encryption Agency (BSSN) requirements.
to collaborate, facilitate coordination, and
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INFORMATION TECHNOLOGY SECURITY
e. Cybersecurity Testing b. Social Engineering Exercise
To maintain and evaluate resilience and (Phishing Drill)
cybersecurity, Bank Mandiri periodically The testing activity was by simulating
conducts resilience and cybersecurity tests a social engineering (phishing)
in accordance with applicable regulations, attack via email asking employees
as follows: to divulge sensitive information such
as passwords. This testing activity
1. Based on vulnerability analysis, Bank is carried out using a phishing drill
Mandiri conducts penetration testing tool that can automatically send
for every new application development a simulated phishing e-mail to all
and periodically for internet-facing employees. This activity aims to
and/or very critical applications at assist employees in identifying and
least once a year. Penetration testing reporting if they receive phishing
is carried out by external independent emails in a near-real experience.
parties certified by international
penetration tester standards. c. Adversarial Attack Simulation
Exercise (AASE)
2. Bank Mandiri conducted scenario- Testing activities by simulating
based testing through activities: real-life attacks by reputable
a. Table-top Exercise (Cybersecurity international consultants (external
Drill) independent parties) who use
This testing activity is based on the latest and customized tactics,
discussions where each personnel techniques, and procedures of
from across work units gathers cyberattacks in the real world
and discusses handling and by targeting aspects of people,
countermeasures in the event of a process, technology to test cyber
cyber incident in accordance with resilience. This testing activity is
their respective duties. This testing carried out at least in collaboration
activity is carried out by involving with reputable international
relevant work units, including consultants (external independent
IT units, risk management units, parties) in the preparation of
business continuity units, customer scenarios and the implementation
care units, and corporate secretary of AASE activities to adopt the
units. Examples of scenarios latest cyber-attack tactics,
that have been tested include: techniques, and procedures as well
ransomware attacks, illegal as best practices for conducting
hacking, unauthorized access, tests. Examples of scenarios that
data leakage, e-mail threats, and have been tested include: Getting
others. unauthorized access, theft of
application source code from the
Bank Mandiri collaborates with code repository, disabling defense
reputable international consultants systems; theft of confidential data
(external independent parties) from the Data Center.
in the preparation of scenarios
and the implementation of table- The results of the resilience and
top exercise activities to adopt cybersecurity tests are reported
the latest cyber-attack trends to the Board of Directors and
and best practices for testing regulators in accordance with
implementation. relevant regulations.
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INFORMATION TECHNOLOGY SECURITY
d. Third Party Security Review a. Information Security Architecture
Bank Mandiri is aware of the risk The Bank continuously improves capabilities
of information security threats through investment in every layer of IT
from third parties (supply chain) in security, namely endpoint security, network
collaboration with Bank Mandiri. security, application security, data security
As such, Bank Mandiri routinely and IT infrastructure security. Furthermore,
conducts information security Bank Mandiri also builds anomalous network
reviews implemented by third party & account activity detection capabilities
organizations (people, process, by utilizing AI and machine learning
technology) in accordance with technology.
the scope of their interests and
involvement with Bank Mandiri. b. Endpoint Security
This review is carried out through In supporting endpoint security from all
several methods such as filling out inherent vulnerabilities, Bank Mandiri
questionnaires, interviews, and/or implements Virtual Private Network,
site visits. Network Access Control (NAC), antivirus/
antimalware, Endpoint Detection Response
Furthermore, to measure and evaluate the (EDR), disk encryption, Multi Factor
optimization of the information security process, Authentication (MFA) and others.
Bank Mandiri conducted a series of assessment
activities by the dependent external assessor, c. Network Security
namely the State Cyber and Encryption Agency The use of layered and redundant tools to
(BSSN) related: make the internal network more resilient,
Bank Mandiri implements an Intrusion
a. Cyber Security Maturity (CSM) assessment Prevention System, Anti-DDoS, Antispam,
with maturity level 5 – "Optimal" Virtual Patch and Web Application Firewall.
(highest score). CSM Assessment is an Security devices are placed in the Data
instrument from BSSN to assess the level of Center & Disaster Recovery Center, to
cybersecurity maturity of an organization, maintain service availability and readiness
including the assessment of the maturity of for business continuity (Business Continuity
management and protection of personal Plan).
data confidentiality (data privacy).
d. Application Security
b. Measurement of Incident Handling Maturity Bank Mandiri has adopted the Agile
Level (TMPI) with the result of maturity level 5 Development method to support business
– "Optimise" (highest value). TMPI is a tool to needs quickly. Both methods are equipped
map the level of organizational readiness in with testing stages that use Dynamic
responding to and recovering cybersecurity Application Security Testing (DAST) and
incidents, including detecting and Static Application Security Testing (SAST)
responding if there is an incident of personal techniques. In addition, source code
data leakage due to system security gaps. management also includes security source
code review.
3. Technology
Bank Mandiri conducts multi-layer defense Bank Mandiri also has digital forensic
mechanism starting from securing applications, capabilities that support the security
networks, and systems that use best-in-class incident investigation process to support
technology and are always up-to-date on post-incident recovery, improve security
technological developments relevant to posture and prevent similar incidents.
the latest cybersecurity trends. Bank Mandiri
actively secures technology from various sides,
including:
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e. Data Security Information Security
The implementation of Bank and customer
Management Implementation
data/information security has been
implemented at every stage in the data in 2023
lifecycle, namely when Data-in-Use, Data-
in-Transit and Data-at-Rest. The use of Data Bank Mandiri realizes the important role of resilience
Loss Prevention (DLP) tools can prevent data and cybersecurity in supporting the digitization
leakage both intentional and unintentional, of Bank services to customers. As a continuous
and provide security for personal data. improvement measure in increasing customer trust
and the Bank's reputation, Bank Mandiri implements
f. Infrastructure Security regulation-based information security management,
Bank Mandiri carries out maintenance international standards & best practices. This is
of IT infrastructure security devices by shown by several certifications and accreditation
paying attention to the expiration period achievements, including:
(technology obsolescence) of the system
used. In addition, security measurement • ISO 27001:2013 (Information Security
and strengthening activities are carried Management System) certification for:
out periodically through vulnerability a) Provision of application development and IT
assessment (VA), patching hardening, operation related to Livin’ by Mandiri
and penetration testing. Similarly, security b) Security Operation Centre to manage
in terms of managing access rights and cyber security threats in banking systems &
provisioning user IDs is carried out centrally cyber operations
through Identity Management. Meanwhile, c) Provision of Infrastructure and Operational
the management of access rights with the Data Center and Disaster Recovery Center
highest authority (power user) is carried
out using Privileged Access Management • ISO 17025:2017 Accreditation for CISO Office
(PAM) which is equipped with the Privileged Group Digital Forensics Laboratory granted by
Threat Analytics (PTA) feature to detect and the National Accreditation Committee (KAN)
notify the rules that have been defined.
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IT HR DEVELOPMENT
Enhancing IT HR competencies is needed D. Technical Competency
to deliver IT strategic plans. Particularly for IT The employee technical competency
human resources, the Bank has designed and improvement program includes the latest
implemented a systematic and structured updates on the latest technology, software
employee competency development plan development methods, and a deep
through the Annual People Development Plan understanding of the IT infrastructure used.
(APDP) through five focuses:
E. Leadership
A. Internal IT Challenges Employee leadership competency improvement
Competency improvement programs in the programs that include onboarding, equipping,
digital and IT fields to overcome internal IT and developing (top talent) programs.
challenges, which include training, certification
and deepening/specialization. Among them Throughout 2023, some of the signature IT employee
are aspects of information security, infrastructure development programs include:
maintenance, technology integration, 1. Digital Product Developer: An onboarding
availability and capacity, data quality, program for IT employees aimed at developing
employee development, project management, inhouse development capabilities for the bank’s
and alignment with business. digital solutions. This program is delivered with
classroom and assignment methods
B. Bank-wide Strategies 2. Cyber Security Certification: A certification
The program to support the Bank’s overall program in order to improve understanding and
vision and strategy, includes an in-depth ability for cyber security.
understanding of the company’s vision, targets 3. Data Analytics: A program to improve the ability
and how each part of the IT Division can to analyze and produce data visualizations, to
contribute to achieving it. gain insights to support business growth.
C. Regulatory Training IT HR is also equipped with international certifications
Programs to complement employees’ to create competitive advantages, including
knowledge and understanding related to through certifications in the fields of Cyber Security
regulations, following changes in regulations (CEHv12, CHFI, CIPM), Governance & Architecture
that continue to develop. This training focuses (TOGAF), Infrastructure (CCSP, Cloud Security) and
on understanding current regulations and how Project Management (PMP).
to integrate them into every aspect of work in IT.
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INFORMATION TECHNOLOGY
PLAN 2024
We will continue to accelerate digital transformation by utilizing Information
Technology oriented to the IT Strategic Plan. This is realized by prioritizing feature
development, capacity fulfillment, scalability and flexibility of IT systems, as well as
comprehensive IT security.
In addition, IT will provide support to the Bank’s IT operating model, continue to develop HR
business and operational segments through several capacity and capability, and foster added value
strategic initiatives such as KOPRA, Livin’ by Mandiri, to the Subsidiaries through knowledge sharing,
Smart Branch, Technops as well as regulatory and assistance and coaching on the implementation
principal initiatives. of IT governance on an ongoing basis. Moreover,
as our dedication to continue to deliver solid
The fulfillment of fundamental aspects of IT Information Technology services, we carried out the
becomes very critical to ensure the sustainability construction of the Mandiri Digital Tower Building as
of IT development execution. As such, in 2024 an IT Center located in the Slipi Area, West Jakarta
Bank Mandiri’s IT will continuously improve the and is planned to start operating in 2024.
ANNUAL REPORT 2023 507
Names mentioned 137 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Mandiri (Persero) Tbk
p.4 ×3
unresolved
org
Bank Soundness Rating Group Head
p.6
unresolved
org
Bank Mandiri Human Capital Remunerations
p.7
unresolved
—
Nomination
p.7
unresolved
—
Remuneration Committee
p.7
unresolved
—
ANNUAL RREPORT 2023
p.7
unresolved
org
Bank Only NPL Coverage Ratio
p.15
unresolved
org
Bank Only COVID-
p.15
unresolved
org
Bank QTD
p.18
unresolved
org
Bank Mandiri PLTA Poso
p.25
unresolved
org
Bank Mandiri Europe Limited
p.27
unresolved
org
Bank Syariah Indonesia AXA Mandiri Financial Services Mandiri
p.27
unresolved
org
Bank Indonesia
p.32 ×9
unresolved
org
Bank Mandiri Share Price
p.40
unresolved
org
Bank Mandiri Stock Price Movements For
p.41
unresolved
org
Bank Mandiri Share Price Performance Rp
p.41
unresolved
org
Bank Mandiri Shares Transaction Volume
p.41 ×2
unresolved
org
Bank Mandiri Shares Price
p.41
unresolved
org
Bank Mandiri Shares Market Capitalization
p.41
unresolved
org
Bank Mandiri Euro Medium Term
p.42
unresolved
org
Bank Mandiri Notes
p.42
unresolved
org
Bank Mandiri Shelf-Registration Exchange
p.42
unresolved
org
Bank Mandiri Green
p.42 ×2
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.42
unresolved
org
PT Kustodian Sentral Efek Indonesia. Registration Bonds I
p.42
unresolved
org
PT Bank Green Shelf-Registration Bonds I Phase I
p.42
unresolved
org
Syariah Indonesia Tbk
p.42
unresolved
org
Bank Mandiri Shelf-Registration Bond I
p.42
unresolved
org
PT Kustodian Sentral
p.42
unresolved
org
Bank Mandiri Shelf
p.43 ×3
unresolved
org
Bank Mandiri Shelf AAA
p.43
unresolved
org
Bank Mandiri Medium Term Notes
p.43
unresolved
org
Bank Mandiri CSR Center
p.46
unresolved
org
Bank Mandiri. It
p.47
unresolved
org
PT Berdayakan Usaha Indonesia
p.47
unresolved
org
PT TBS Energi
p.50
unresolved
org
Ministry of Law and Human Rights
p.51
unresolved
org
Directorate General of Immigration
p.51
unresolved
org
Bank Mandiri PERFORMANCE ASSESSMENT
p.58
unresolved
org
Financial Services Authority
p.59 ×3
unresolved
org
Ministry of SOEs
p.59
unresolved
org
Bank Mandiri’s Business
p.59
unresolved
org
Ministry of Finance
p.59 ×2
unresolved
org
Bank Mandiri’s Anti-Fraud Strategy
p.62
unresolved
org
Bank Mandiri’s Annual Historical
p.64
unresolved
org
Rintis & Rekan
p.64
unresolved
org
Bank Soundness Rating Reports
p.64
unresolved
org
Bank Mandiri Services Institution
p.65
unresolved
org
Bank Mandiri’s Board
p.65 ×2
unresolved
org
Bank Mandiri Board
p.65 ×2
unresolved
—
Arif Budimanta
· Commissioner
p.66
unresolved
org
Bank Mandiri CASA
p.73
unresolved
org
Bank Mandiri’s Wholesale
p.73
unresolved
org
Indonesia Stock Exchange
p.74
unresolved
org
Bank Mandiri’s Fee
p.75
unresolved
org
Bank Mandiri’s SFAP
p.76
unresolved
org
Bank Mandiri GOVERNANCE PRACTICES
p.79
unresolved
org
Bank Mandiri’s GCG
p.79
unresolved
org
Bank Mandiri’s TKB
p.80
unresolved
person
Annual GMS
· President Director
p.82 ×4
unresolved
org
Minister of State-Owned Enterprises. Through Mandiri
p.83
unresolved
org
Minister of State-Owned
p.84
unresolved
person
Vice
· President Director
p.86 ×2
unresolved
person
Deputy
· President Director
p.88 ×2
unresolved
—
Rohan Haf
· Director
p.88
unresolved
org
Bank Mandiri Shareholdings
p.92
unresolved
person
Employees Sutjipto
p.92
unresolved
org
Minister of Justice
p.92 ×3
unresolved
org
PT Bank Mandiri Taspen
p.93
unresolved
org
Bank Mantap
p.93
unresolved
org
PT Mandiri Utama Finance
p.93
unresolved
org
PT AXA Mandiri Financial Services
p.93
unresolved
org
PT Asuransi Jiwa Inhealth Indonesia
p.93
unresolved
org
PT Mandiri Capital Indonesia
p.93
unresolved
org
Mandiri International Remittance Sdn. Bhd.
p.93
unresolved
org
PT Mandiri Manajemen Investasi
p.93
unresolved
org
Mandiri Securities Pte Ltd
p.93
unresolved
org
PT FitAja Digital Nusantara
p.93
unresolved
org
Mandiri Investment Management Pte. Ltd.
p.93
unresolved
org
Asia Pacific
· Member
p.94
unresolved
person
Sutjipto
p.96 ×2
unresolved
org
PT Bank Bumi Daya (Persero)
p.97
unresolved
org
PT Bank Ekspor Impor Indonesia (Persero)
p.97
unresolved
org
PT Bank Pembangunan Indonesia (Persero)
p.97
unresolved
org
Bank Mandiri. The Deed
p.97
unresolved
org
Bank Indonesia Governor
p.97
unresolved
person
Utiek R. Abdurachman
· Notaris
p.97
unresolved
org
Bank Mandiri Sustainable Bonds Phase III Year
p.98
unresolved
org
Bank Mandiri Medium Term Notes I
p.98
unresolved
org
Bank Dagang
p.98
unresolved
org
Bank Mandiri. Indonesia.
p.98
unresolved
org
Bank Mandiri. Kopra
p.99
unresolved
org
Bank Mandiri’s Employee Value Proposition
p.104
unresolved
person
Minister of SOEs No. SE
p.105
unresolved
org
Bank Indonesia Certificates
p.106
unresolved
org
Bank Mandiri. Tabungan Simpanan Pelajar
p.109
unresolved
org
Bank Mandiri Branches
p.109
unresolved
org
Mutual Funds Limited
p.112
unresolved
org
Bank Mandiri Group
p.113
unresolved
org
Bank Mandiri. This
p.114 ×2
unresolved
org
Bank Mandiri. Mandiri EDC
p.126
unresolved
org
Bank Mandiri Network. Mandiri E-Commerce Mandiri ATM
p.126
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